-----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, E3p2kWTLrrcVauzgk26eT9+Vaonpx3Imwiw6qwFVJLVb1vvKWqK/Ld+yspvPcpkB m3XWXh9+0BU2YDOhhC85GQ== 0000950123-96-004875.txt : 19960906 0000950123-96-004875.hdr.sgml : 19960906 ACCESSION NUMBER: 0000950123-96-004875 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960905 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: 96626141 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 1 1996 ANNUAL REPORT CENTENNIAL TAX EXEMPT TRUST JUNE 30, 1996 2 DEAR SHAREHOLDER: The twelve months ending June 30, 1996 have been defined by changing beliefs about the direction of the economy which, in turn, has had both positive and negative effects on the securities markets. Toward the end of 1995, most investors expected that the economy would continue to show signs of slowing. In fact, many were convinced that the economy was moving toward recession. Given the prevailing sentiment, it wasn't a surprise when the Federal Reserve lowered interest rates in an effort to prolong the economic expansion. The goal: a slow but steady and sustainable rate of economic growth that would diminish the possibility of recession. The impact of lower interest rates on the stock and all sectors of the bond market was profound. The Dow Jones Industrial Average reached an all time high, while most sectors of the bond market, including municipal bonds, chalked up double digit returns. But in mid-February, the federal government issued a report on job growth that radically altered investor perceptions. Suddenly, investors believed that the economy was heating up and inflation was around the corner. In the weeks that followed, the bond market sold off sharply, as long-term interest rates spiked upward, with the benchmark 30-year Treasury yield moving about seven percent. Since municipal bonds tend to track U.S. Treasury bonds, yields on municipals rose as well. As a result, the bond market, including municipal bonds, weakened between February and June. Though this market environment has created some concerns for most long-term municipal bond investors, rising interest rates are good for investors in short-term municipal securities. Because the portfolio is structured to capture the maximum amount of interest income exempt from federal income taxes, the Trust continues to invest in short-term securities--especially during the current rising rate market. Although shorter-term securities require us to reinvest the proceeds we receive upon maturity more often, in a rising rate environment that means moving into securities issued at higher rates. The Centennial Tax Exempt Trust had a compounded annualized yield of 3.18% for the twelve months ended June 30, 1996. The corresponding yield without compounding was 3.14%. For investors in the 36% federal tax bracket, this is equivalent to a taxable yield for twelve months of 4.97% with compounding and 4.91% without. Its seven-day yields with and without compounding for the twelve-month period ended June 30, 1996 were 2.93% and 2.89%, respectively.1 3 As we move through 1996, the strength of the economy continues to be an uncertainty. However, with higher gasoline and agricultural prices there could be some upward pressure on inflation over the next several months. As such, we continue to look for opportunities to add to the portfolio's yield, while keeping the Trust's average maturity shorter, remaining alert to the possibility that interest rates may move slightly higher or lower in the coming months. We are pleased to be able to maintain a competitive yield, as well as share price stability, in light of the dramatic changes that have taken place during the last twelve months. Thank you for your confidence in Centennial Tax Exempt Trust. We look forward to helping you reach your financial goals in the future. Sincerely, /s/ JAMES C. SWAIN - ------------------------- James C. Swain Chairman--Centennial Tax Exempt Trust /s/ Bridget A. Macaskill - ------------------------- Bridget A. Macaskill President--Centennial Tax Exempt Trust July 22, 1996 An investment in the Trust is neither insured nor guaranteed by the U.S. Government and there can be no assurance that the Trust will be able to maintain a stable net asset value of $1.00 per share. 1. 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. 2 4 STATEMENT OF INVESTMENTS June 30, 1996 Centennial Tax Exempt Trust
Face Value Amount See Note 1 -------- --------- SHORT-TERM TAX-EXEMPT OBLIGATIONS - 100.2% ALABAMA - 0.8% Bessemer, Alabama Industrial Development Revenue Bonds, Big B, Inc. Project, Series A, 3.40%(1) ................................................................. $ 2,450,000 $ 2,450,000 Huntsville, Alabama Finance Authority Multifamily Housing Revenue Refunding Bonds, Series B, 3.25%(1) ................................................................. 7,000,000 7,000,000 Winfield City, Alabama Industrial Development Revenue Bonds, Union Underwear Co., 3.55%(1) ........................................................................... 1,900,000 1,900,000 ----------- 11,350,000 ----------- ARIZONA - 4.8% Arizona Health Facilities Authority Revenue Bonds, Blood Systems, Inc., 3.40%(1) ...... 8,000,000 8,000,000 Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Grand Canyon University Project, 3.40%(1) ................................................ 5,400,000 5,400,000 Phoenix, Arizona Industrial Development Authority Multifamily Housing Revenue Refunding Bonds, Lynwood Apts. Project, 3.35%(1) ................................... 4,675,000 4,675,000 Phoenix, Arizona Industrial Development Authority Multifamily Housing Revenue Refunding Bonds, Paradise Lakes Apts. Project, 1995 Series, 3.55%(1) ............... 22,500,000 22,500,000 Pima County, Arizona Industrial Development Authority Revenue Bonds, Tucson Electric Power Co., Series A, 3.40%(1) ............................................. 6,000,000 6,000,000 Salt River, Arizona Agriculture Improvement Power Authority Revenue Bonds, 3.60%, 10/1/96(2) ......................................................................... 9,431,000 9,431,000 Salt River, Arizona Agriculture Improvement Power Authority Revenue Bonds, 3.60%, 9/10/96(2) ......................................................................... 11,100,000 11,100,000 Tucson, Arizona Industrial Development Authority Revenue Bonds, Geronimo Building Renovation Project, 8%, 12/15/96(2) ................................................ 1,085,000 1,085,000 ----------- 68,191,000 ----------- ARKANSAS - 0.3% Harrison, Arkansas Industrial Development Revenue Refunding Bonds, McKesson Corp. Project, 3.40%(1) ............................................................ 3,940,000 3,940,000 Subiaco, Arkansas Industrial Development Revenue Bonds, Cloves Gear & Products, Inc., 3.75%(1) ..................................................................... 400,000 400,000 ----------- 4,340,000 ----------- CALIFORNIA - 8.9% Anaheim, California Housing Authority Multifamily Housing Revenue Bonds, Bel Page Project, Series A, 3.20%(1) ........................................................ 1,000,000 1,000,000 Anaheim, California Housing Authority Multifamily Housing Revenue Refunding Bonds, Park Vista Apts., Series A, 3.20%(1) ........................................ 2,000,000 2,000,000 California Health Facilities Financing Authority Revenue Bonds, Adventist Health System, Series B, 3%(1) ............................................................ 1,000,000 1,000,000 California Health Facilities Financing Authority Revenue Bonds, Huntington Memorial Hospital, 3.15%(1) ................................................................. 1,200,000 1,200,000
3 5
STATEMENT OF INVESTMENTS June 30, 1996(Continued) Centennial Tax Exempt Trust Face Value Amount See Note 1 -------- --------- CALIFORNIA (CONTINUED) California Health Facilities Financing Authority Revenue Bonds, Kaiser Permanente Medical Center Project, Series B, 3%(1) ............................................ $ 5,000,000 $ 5,000,000 California Health Facilities Financing Authority Revenue Bonds, Pooled Loan Program, Series B, FGIC Insured, 2.80%(1) ................................................... 500,000 500,000 California Health Facilities Financing Authority Revenue Bonds, Santa Barbara Cottage Project, Series C, 3%(1) ........................................................... 1,400,000 1,400,000 California Health Facilities Financing Authority Revenue Bonds, Scripps Memorial Hospital, Series A, MBIA Insured, 3.05%(1) ......................................... 420,000 420,000 California Health Facilities Financing Authority Revenue Refunding Bonds, Memorial Health Services Project, 3%(1) ..................................................... 3,700,000 3,700,000 California Higher Education Loan Authority Revenue Refunding Bonds, Sr. Lien, Series A-1, 3.50%(1) ............................................................... 6,500,000 6,500,000 California Higher Education Loan Authority Student Loan Revenue Bonds, Series C, 3.50%(1) ........................................................................... 6,800,000 6,800,000 California Higher Education Loan Authority Student Loan Revenue Refunding Bonds, Series 1987A, 3.70%, 5/1/97(2) ..................................................... 13,750,000 13,750,000 California Higher Education Loan Authority Student Loan Revenue Refunding Bonds, Series 1992A-2, 3.70%, 5/1/97(2) ................................................... 14,000,000 14,000,000 California Pollution Control Financing Authority Revenue Bonds, 3.55%, 10/1/96(2) ..... 12,600,000 12,600,401 California Pollution Control Financing Authority Solid Waste Disposal Revenue Bonds, Western Waste Industries, Series A, 3.10%(1) ....................................... 1,400,000 1,400,000 California State General Obligation Bonds, Series A-3, MBIA Insured, 3.60%(1) ......... 500,000 500,000 California Statewide Communities Development Authority Apt. Development Revenue Refunding Bonds, Series 1995A, 3.15%(1) ............................................ 1,560,000 1,560,000 California Statewide Communities Development Corp. Industrial Development Revenue Bonds, Andercraft Project, Series A, 3.25%(1) .............................. 940,000 940,000 Fresno, California Multifamily Housing Revenue Refunding Bonds, Heron Pointe Apts., Series A, 3.20%(1) ................................................................. 3,350,000 3,350,000 Kings County, California Housing Authority Multifamily Revenue Refunding Bonds, Edgewater Isle Apts., Series A, 3.20%(1) ........................................... 3,195,000 3,195,000 Los Angeles County, California Housing Authority Revenue Bonds, Park Sierra Project, 3.15%(1) ........................................................................... 1,500,000 1,500,000 Metropolitan Water District of Southern California Waterworks Revenue Refunding Bonds, Series A, AMBAC Insured, 2.95%(1) ........................................... 1,000,000 1,000,000 Northern California Power Agency Public Power Revenue Refunding Bonds, Geothermal Project 3-A, 3.15%(1) ................................................... 2,800,000 2,800,000 Oceanside, California Multifamily Revenue Refunding Bonds, Lakeridge Apts. Project, 3.50%(1) ........................................................................... 5,000,000 5,000,000 Orange County, California Apt. Development Revenue Refunding Bonds, Series A, 3.15%(1) ........................................................................... 13,050,000 13,050,000 Pittsburg, California Mtg. Obligation Gtd. Revenue Bonds, Series A, 3.45%(1) .......... 5,000,000 5,000,000
4 6 STATEMENT OF INVESTMENTS June 30, 1996(Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 -------- ----------- CALIFORNIA (CONTINUED) Pittsburg, California Multifamily Mtg. Revenue Bonds, Fountain Plaza Project, 3.20%(1) $ 1,500,000 $ 1,500,000 Riverside County, California Housing Authority Multifamily Housing Revenue Bonds, McKinley Project, 3.35%(1) ........................................................ 2,300,000 2,300,000 Sacramento County, California Multifamily Housing Revenue Refunding Bonds, Issue A, 3.813%(1) ................................................................ 3,400,000 3,400,000 Sacramento, California Municipal Utility District Tax-Exempt Commercial Paper, 3.50%, 10/1/96(2) ........................................................................ 500,000 500,029 San Bernardino County, California Housing Authority Multifamily Housing Revenue Refunding Bonds, Arrowview Park Apts. Project, Series A, 3.25%(1) ................. 670,000 670,000 San Francisco, California City & County Redevelopment Agency Multifamily Revenue Refunding Bonds, Fillmore Center Housing Project, Series A-1, 3%(1) ............... 500,000 500,000 San Leandro, California Multifamily Mtg. Revenue Bonds, Parkside Commons Project, Series A, 3.10%(1) ................................................................ 1,000,000 1,000,000 Southern California Public Power Authority Revenue Refunding Bonds, Palo Verde Project, Series B, AMBAC Insured, 3.10%(1) ........................................ 6,400,000 6,400,000 West Covina, California Redevelopment Agency Certificates of Participation, Barranca Project, 3%(1) .................................................................... 1,300,000 1,300,000 ------------ 126,735,430 ------------ COLORADO - 2.1% Arapahoe County, Colorado Multifamily Revenue Refunding Bonds, Hunters Run Rental Housing, 3.45%(1) .......................................................... 25,600,000 25,600,000 Aurora, Colorado Industrial Development Revenue Refunding Bonds, La Quinta Motor Inns, Inc., 3.40%(1) ........................................................ 2,800,000 2,800,000 Wheat Ridge, Colorado Industrial Development Revenue Refunding Bonds, La Quinta Motor Inns, Inc., 3.40%(1) ........................................................ 2,025,000 2,025,000 ------------ 30,425,000 ------------ CONNECTICUT - 0.4% Manshantucket Pequot, Connecticut Industrial Development Revenue Bonds, 3.40%, 9/5/96(2) ......................................................................... 2,500,000 2,500,000 Mashantucket Pequot, Connecticut Industrial Development Revenue Bonds, 3.40%, 10/24/96(2) ....................................................................... 3,500,000 3,500,000 ------------ 6,000,000 ------------ Delaware - 0.4% Sussex County, Delaware Economic Development Revenue Bonds, Route 113 LP Project, 3.55%(1) ................................................................. 6,000,000 6,000,000 ------------ Florida - 9.0% Dade County, Florida Water & Sewer System Revenue Bonds, FGIC Insured, 3.65%(1) ...... 10,000,000 10,000,000 Escambia County, Florida Health Facilities Authority Revenue Refunding Bonds, Florida Convertible Centers Project, Series A, 3.65%(1) ........................... 1,300,000 1,300,000
5 7 STATEMENT OF INVESTMENTS June 30, 1996(Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 -------- --------- FLORIDA (CONTINUED) Florida Housing Finance Agency Revenue Refunding Bonds, Multifamily Housing Monterey Lake Project, 3.55%(1) ............................................... $ 19,965,000 $ 19,965,000 Florida State Board of Education Capital Outlay Public Education Refunding Bonds, Series A, 3.50%(1) ............................................................ 13,230,000 13,230,000 Florida State Turnpike Authority Revenue Bonds, Series A, FGIC Insured, 3.60%(1) . 15,000,000 15,000,000 Hillsborough County, Florida Industrial Development Authority Pollution Control Revenue Bonds, Tampa Electric Co. Project, 3.49%(1) ........................... 17,975,000 17,975,000 Jacksonville, Florida Electric Authority Revenue Bonds, 3.60%, 9/10/96(2) ........ 20,000,000 20,000,000 Orange County, Florida Housing Finance Authority Revenue Bonds, Smokewood/Sun Project, Series A, 3.35%(1) ................................................... 4,000,000 4,000,000 Orange County, Florida Housing Finance Authority Revenue Refunding Bonds, Monterey Multifamily Housing Project, Series B, 3.70%(1) ...................... 4,890,000 4,890,000 Orlando, Florida Waste Water Systems Revenue Refunding Bonds, Series A, 3.60%, 9/10/96(2) .................................................................... 5,000,000 5,000,000 Putnam County, Florida Development Authority Pollution Control Revenue Refunding Bonds, Seminole Electric Co-op, Series D, 3.50%, 12/15/96(2) .................. 16,765,000 16,765,000 ------------ 128,125,000 ------------ GEORGIA - 4.8% Cobb County, Georgia Housing Authority Multifamily Housing Revenue Refunding Bonds, Terrell Mill Project, 3.55%(1) ......................................... 9,400,000 9,400,000 Floyd County, Georgia Development Authority Pollution Control Revenue Refunding Bonds, Inland-Rome, Inc. Project, 3.55%(1) .................................... 4,735,000 4,735,000 Fulton County, Georgia Development Authority Industrial Revenue Refunding Bonds, Palisades West Ltd. Project, 3.35%(1) ......................................... 2,235,000 2,235,000 Fulton County, Georgia Development Authority Revenue Bonds, Georgia Tech Athletic Assn., Inc., 3.35%(1) ......................................................... 3,000,000 3,000,000 Fulton County, Georgia Development Authority Revenue Bonds, Robert W. Woodruff Arts Project, 3.35%(1) ........................................................ 2,000,000 2,000,000 Fulton County, Georgia Residential Care Facilities Revenue Bonds, Canterbury Court Project, Series A, 3.35%(1) ................................................... 2,160,000 2,160,000 Georgia State General Obligation Bonds, Series 1995B, 3.45%(1) ................... 12,000,000 12,000,000 Newton County, Georgia Industrial Development Authority Revenue Refunding Bonds, John H. Harland Co. Project, 3.35%(1) ......................................... 1,000,000 1,000,000 Roswell, Georgia Housing Authority Multifamily Revenue Bonds, Post Canyon Project, 3.25%(1) ...................................................................... 3,500,000 3,500,000 Roswell, Georgia Housing Authority Multifamily Revenue Refunding Bonds, Oxford Project, 3.40%(1) ............................................................. 23,610,000 23,610,000 Smyrna, Georgia Housing Authority Multifamily Revenue Refunding Bonds, Hills of Post Village Project, 3.25%(1) ................................................ 5,000,000 5,000,000 ------------ 68,640,000 ------------
6 8 STATEMENT OF INVESTMENTS June 30, 1996(Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 -------- --------- ILLINOIS - 10.7% Centralia City, Illinois Industrial Development Revenue Bonds, Consolidated Foods Corp./Hollywood Brands, Inc., 3.40%(1) ............................................. $ 5,500,000 $ 5,500,000 Chicago, Illinois General Obligation Nts., Series B, 3.65%, 10/31/96(2) ............... 25,600,000 25,600,000 Chicago, Illinois O'Hare International Airport Revenue Bonds, American Airlines Project, Series B, 3.70%(1) ........................................................ 9,000,000 9,000,000 Elk Grove Village, Illinois Industrial Development Revenue Bonds, La Quinta Motor Inns, Inc., 3.55%(1) ............................................................... 3,400,000 3,400,000 Illinois Development Finance Authority Revenue Bonds, Residential Brookdale Project, 3.45%(1) .................................................................. 11,000,000 11,000,000 Illinois Educational Facilities Authority Revenue Bonds, National-Louis University, 3.35%(1) ........................................................................... 6,300,000 6,300,000 Illinois Educational Facilities Authority Revenue Bonds, University of Chicago, Prerefunded, 7.10%, 12/1/96 ........................................................ 1,000,000 1,033,737 Illinois Health Facilities Authority Revenue Bonds, Lake Forest Hospital Project, 4.125%(1) .......................................................................... 13,000,000 13,000,000 Illinois Housing Development Authority Homeowner Mtg. Revenue Bonds, Subseries C-1, 3.35%, 9/3/96(2) .............................................................. 4,500,000 4,500,000 Lakemoor Village, Illinois Multifamily Housing Mtg. Revenue Bonds, Lakemoor Apts. Project, 3.90%, 9/1/96(2) .......................................................... 4,780,485 4,780,485 Lakemoor Village, Illinois Multifamily Housing Mtg. Revenue Bonds, Lakemoor Apts. Project, 4.20%, 9/5/96(2) .......................................................... 15,000,000 15,000,000 Oakbrook Terrace, Illinois Multifamily Housing Mtg. Revenue Bonds, 4.25%, 11/1/96(2) .. 35,000,000 35,000,000 Oakbrook Terrace, Illinois Multifamily Housing Mtg. Revenue Bonds, Renaissance Project, Series 1985 A, 4.45%, 11/1/96(2) .......................................... 14,000,000 14,000,000 West Chicago, Illinois Industrial Development Revenue Refunding Bonds, Liquid Container Project, 3.55%(1) ........................................................ 3,810,000 3,810,000 ------------ 151,924,222 ------------ INDIANA - 2.7% Crawfordsville, Indiana Economic Development Revenue Refunding Bonds, Pedcor Investments-Shady Knoll I Apts. Project, 3.50%(1) .................................. 3,450,000 3,450,000 Gary, Indiana Industrial Environmental Improvement Revenue Bonds, U.S. Steel Corp. Project, 3.70%(1) .................................................................. 1,000,000 1,000,000 Hobart, Indiana Economic Development Revenue Refunding Bonds, MMM Invest, Inc. Project, 3.40%(1) .................................................................. 2,010,000 2,010,000 Indiana Health Facilities Finance Authority Revenue Bonds, Cardinal Center Project, 3.60%(1) ........................................................................... 1,860,000 1,860,000 Indiana State Development Finance Authority Economic Development Revenue Bonds, Saroyan Hardwoods, Inc., 3.55%(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 2,725,584
7 9 STATEMENT OF INVESTMENTS June 30, 1996(Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 -------- ---------- INDIANA (CONTINUED) Marion County, Indiana Hospital Authority Hospital Facility Revenue Bonds, Indianapolis Osteopathic, 3.60%(1) ................................................ $ 3,715,000 $ 3,715,000 Rockport, Indiana Pollution Control Revenue Refunding Bonds, Indiana & Michigan Electric Co. Project, Series A, 3.15%(1) .......................................... 13,000,000 13,000,000 St. Joseph County, Indiana Hospital Authority Special Obligation Bonds, Madison Center, Inc. Project, 3.60%(1) .................................................... 7,020,000 7,020,000 St. Joseph County, Indiana Industrial Educational Facilities Revenue Bonds, Holy Cross College, 3.60%(1) ................................................................. 1,375,000 1,375,000 ----------- 38,305,584 ----------- IOWA - 0.8% Des Moines, Iowa Commercial Development Revenue Bonds, Series A, 3.45%(1) ............ 6,900,000 6,900,000 Mason City, Iowa Industrial Development Revenue Bonds, SuperValu Stores, Inc. Project, 3.45%(1) ................................................................. 4,900,000 4,900,000 ----------- 11,800,000 ----------- KANSAS - 1.0% Kansas City, Kansas Private Activity Revenue Refunding Bonds, Inland Container Corp., 3.55%(1)........................................................................... 5,200,000 5,200,000 Mission, Kansas Multifamily Revenue Bonds, Woodland Village Housing Project, 3.35%(1)........................................................................... 5,900,000 5,900,000 Olathe, Kansas Industrial Revenue Refunding Bonds, William F. Bieber Project, 3.80%(1) 1,800,000 1,800,000 Ottawa, Kansas Industrial Development Revenue Bonds, Laich Industries Project, 3.75%(1)........................................................................... 750,000 750,000 ----------- 13,650,000 ----------- KENTUCKY - 0.5% Jamestown, Kentucky Industrial Building Revenue Bonds, Union Underwear Co., 3.50%(1) .......................................................................... 1,000,000 1,000,000 Trimble County Kentucky Pollution Control Revenue Bonds, Louisville Gas & Electric Co. Project, Series A, 3.60%, 10/1/96(2) .......................................... 5,900,000 5,900,000 ----------- 6,900,000 ----------- LOUISIANA - 2.3% East Baton Rouge Parish, Louisiana Industrial Development Board Revenue Refunding Bonds, La Quinta Motor Inns, Inc., 3.40%(1) ....................................... 2,325,000 2,325,000 Lake Charles, Louisiana Harbor & Terminal District Revenue Bonds, Reynolds Metal Co. Project, 3.40%(1) ............................................................. 7,000,000 7,000,000 Lake Charles, Louisiana Harbor & Terminal District Revenue Bonds, Reynolds Metal Co. Project, 3.80%, 12/1/96(2) .................................................... 4,085,000 4,085,804
8 10 STATEMENT OF INVESTMENTS June 30, 1996(Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 -------- ---------- LOUISIANA (CONTINUED) Louisiana School Health Care Facilities Revenue Bonds, Sisters of Charity, 3.60%, 8/13/96(2) ...................................................................... $ 2,700,000 $ 2,700,000 Plaquemines, Louisiana Port Harbor & Terminal District Facilities Revenue Bonds, Chevron Pipeline Co., 3.90%, 9/1/96(2) .......................................... 2,500,000 2,500,590 St. Charles Parish, Louisiana Industrial Development Revenue Bonds, 3.40%, 7/1/96(2) 14,000,000 14,000,000 ----------- 32,611,394 ----------- MARYLAND - 3.4% Hartford County, Maryland Revenue Refunding Bonds, 1001 Participation Facility Project, 3.65%(1) ............................................................... 2,700,000 2,700,000 Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Carroll General Pooled Loan Program, Series A, 3.35%(1) ......................... 1,375,000 1,375,000 Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, University of Maryland Pooled Loan Program, Series B, 3.65%(1) .................. 1,220,000 1,220,000 Montgomery County, Maryland Multifamily Housing Opportunities Commission Revenue Bonds, Grosvenor House Project, Series A, 3.65%(1) ...................... 19,700,000 19,700,000 Montgomery County, Maryland Multifamily Housing Opportunities Commission Revenue Bonds, Issue A, 3.50%(1) ................................................ 15,800,000 15,800,000 Worcester County, Maryland Revenue Refunding Bonds, White Marlin Mall Project, 3.55%(1) ........................................................................ 8,050,000 8,050,000 ----------- 48,845,000 ----------- MASSACHUSETTS - 1.1% Massachusetts State Commonwealth General Obligation Bonds, Series C, 3.49%(1) ...... 15,400,000 15,400,000 Massachusetts State Industrial Finance Agency Revenue Bonds, Hazen Paper, 3.55%(1) . 250,000 250,000 North Andover Town, Massachusetts Industrial Revenue Bonds, Atlee-Oak Realty Trust of Delaware, Inc., 4.21%(1) ..................................................... 350,000 350,000 ----------- 16,000,000 ----------- MICHIGAN - 0.9% Madison Heights, Michigan Economic Development Revenue Bonds, Red Roof Inns Project, 3.70%(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 Michigan State Underground Storage Tank Financial Assurance Authority Revenue Refunding Bonds, Series I, 3.45%, 8/15/96(2) .................................... 10,000,000 10,000,000 ----------- 12,900,000 ----------- MINNESOTA - 4.7% Anoka, Minnesota Multifamily Housing Revenue Bonds, Walker Plaza, Series B, 3.45%(1) 1,850,000 1,850,000 Austin, Minnesota Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 3.45%(1) .................................................. 4,600,000 4,600,000
9 11 STATEMENT OF INVESTMENTS June 30, 1996(Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 -------- ----------- MINNESOTA (CONTINUED) Blaine, Minnesota Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 3.45%(1) ................................................... $ 4,700,000 $ 4,700,000 Bloomington, Minnesota Port Authority Tax Revenue Refunding Bonds, Mall of America Project, Series C, FSA Insured, 3.45%(1) ................................. 8,700,000 8,700,000 Burnsville, Minnesota Commercial Development Revenue Bonds, SuperValu Stores, Inc. Project, Series 83, 3.85%(1) ................................................ 5,500,000 5,500,000 Dakota County, Minnesota Housing & Redevelopment Multifamily Mtg. Revenue Bonds, Westwood Ridge Rental Housing Project, Series A, 3.45%(1) ................. 4,200,000 4,200,000 Eden Prairie, Minnesota Commercial Development Revenue Refunding Bonds, Lakeview Business Center, 3.45%(1) ............................................... 2,595,000 2,595,000 Eden Prairie, Minnesota Industrial Development Revenue Bonds, SuperValu Stores, Inc. Project, 3.45%(1) ........................................................... 1,000,000 1,000,000 Maplewood, Minnesota Revenue Bonds, 5.115%(1) ....................................... 885,000 885,000 Minneapolis, Minnesota Commercial Development Revenue Refunding Bonds, Minnehaha/Lake Partners Project, 3.45%(1) ........................................ 2,750,000 2,750,000 Minneapolis, Minnesota Community Development Agency Revenue Refunding Bonds, Heart Institute Foundation Project, 3.45%(1) ..................................... 3,000,000 3,000,000 Minnesota State Housing Finance Agency Single Family Mtg. Bonds, Series M, 3.50%, 12/12/96(2) ...................................................................... 2,500,000 2,500,000 New Ulm, Minnesota Hospital Facilities Revenue Bonds, Health Center Systems, 3.55%(1) 2,400,000 2,400,000 North Suburban Hospital District, Minnesota Revenue Bonds, Anoka & Ramsey Counties Hospital Health Center, 3.55%(1) ........................................ 3,300,000 3,300,000 St. Paul, Minnesota Port Authority Parking Revenue Refunding Bonds, City Walking Ramp Project, 3.45%(1) ........................................................... 2,410,000 2,410,000 St. Paul, Minnesota Port Authority Tax Increment Revenue Bonds, Westgate Office & Industrial Center Project, 3.45%(1) .............................................. 5,500,000 5,500,000 Stillwater, Minnesota Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 3.45%(1) ................................................... 5,500,000 5,500,000 University of Minnesota Revenue Bonds, Series G, 3.25%, 8/1/96(2) ................... 2,100,000 2,100,000 Waite Park, Minnesota Housing Revenue Refunding Bonds, Park Meadows Apts Project, 3.45%(1) ................................................................ 3,270,000 3,270,000 ----------- 66,760,000 ----------- MISSOURI - 0.9% St. Charles County, Missouri Industrial Development Revenue Refunding Bonds, Remington Apts. Project, 3.70%(1) ................................................ 12,700,000 12,700,000 MONTANA - 0.1% Great Falls, Montana Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 3.45%(1) ................................................... 1,000,000 1,000,000
10 12 STATEMENT OF INVESTMENTS June 30, 1996(Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 -------- ----------- NEBRASKA - 0.9% Nebraska Investment Finance Authority Single Family Mtg. Revenue Refunding Bonds, Series B, FGIC Insured, 3.35%, 7/15/96(2) ......................................... $ 9,555,000 $ 9,555,000 Norfolk, Nebraska Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 3.45%(1) .................................................... 2,800,000 2,800,000 ----------- 12,355,000 ----------- NEW JERSEY - 0.2% New Jersey Economic Development Authority Manufacturing Facilities Revenue Bonds, VPR Commerce Center Project, 3.70%(1) ...................................... 3,350,000 3,350,000 NEW YORK - 1.8% Babylon, New York General Obligation Bonds, Series B, AMBAC Insured, 3.10%(1) ........ 1,300,000 1,300,000 City of New York Housing Development Corp. Multifamily Mtg. Revenue Bonds, Columbus Project, Series A, 3.10%(1) .............................................. 1,000,000 1,000,000 City of New York Housing Development Corp. Multifamily Mtg. Revenue Bonds, James Tower Development, Series A, 3.20%(1) ............................................. 3,000,000 3,000,000 City of New York Trust Cultural Resources Revenue Refunding Bonds, American Museum of Natural History, Series A, MBIA Insured, 3.10%(1) ....................... 1,900,000 1,900,000 City of New York Trust Cultural Resources Revenue Refunding Bonds, American Museum of Natural History, Series B, MBIA Insured, 3.10%(1) ....................... 1,000,000 1,000,000 City of New York Water Finance Authority Revenue Bonds, 3.65%, 8/1/96(2) ............. 1,100,000 1,100,018 Dormitory Authority of the State of New York Revenue Bonds, Memorial Sloan Kettering Cancer Center Project, Series D, 3.40%, 8/7/96(2) ....................... 495,000 495,000 Franklin County, New York Industrial Development Agency Revenue Refunding Bonds, McAdam Cheese Co. Project, 3.40%(1) ............................................... 800,000 800,000 New York State Energy Research & Development Authority Electric Facilities Revenue Bonds, Long Island Lighting Co., Series B, 3.05%(1) ............................... 1,400,000 1,400,000 New York State Energy Research & Development Authority Pollution Control Revenue Refunding Bonds, Orange/Rockland Utility Project, Series A, AMBAC Insured, 3.10%(1) 2,000,000 2,000,000 New York State Energy Research & Development Authority Pollution Control Revenue Refunding Bonds, Orange/Rockland Utility Project, Series A, FGIC Insured, 3.10%(1) 3,500,000 3,500,000 New York State Housing Finance Agency Revenue Bonds, Normandie Court I Project, 3.05%(1)........................................................................... 200,000 200,000 New York State Local Government Assistance Corp. Revenue Bonds, Series A, 3.10%(1) ... 1,300,000 1,300,000 New York State Medical Care Facilities Finance Agency Revenue Bonds, Lenox Hill Hospital Project, Series A, 3.30%(1) .............................................. 4,900,000 4,900,000 New York State Medical Care Facilities Finance Agency Revenue Bonds, Pooled Equipment Loan Program II-A, 3.20%(1) ............................................. 1,000,000 1,000,000 New York State Power Authority Revenue and General Purpose Bonds, 3.75%, 9/10/96(2) .. 100,000 100,060
11 13 STATEMENT OF INVESTMENTS June 30, 1996 (Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 ----------- ----------- NEW YORK (CONTINUED) North Hempstead, New York Solid Waste Management Authority Revenue Refunding Bonds, Series A, 3.05%(1) .......................................................... $ 100,000 $ 100,000 Triborough Bridge & Tunnel Authority of New York Revenue Bonds, FGIC Insured, 3.05%(1) 400,000 400,000 ----------- 25,495,078 ----------- NORTH CAROLINA - 0.7% North Carolina National Bank Pooled Tax-Exempt Trust Certificates of Participation, Series 1990A, 4.125%(1) ............................................................ 6,530,000 6,530,000 North Carolina National Bank Pooled Tax-Exempt Trust Certificates of Participation, Series 1990B, 4.125%(1) ............................................................ 4,030,000 4,030,000 ----------- 10,560,000 ----------- NORTH DAKOTA - 0.2% Bismarck, North Dakota Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 3.85%(1) ..................................................... 800,000 800,000 Bismarck, North Dakota Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 3.85%(1) ..................................................... 1,500,000 1,500,000 ----------- 2,300,000 ----------- OHIO - 5.1% Cuyahoga County, Ohio Industrial Development Revenue Bonds, Southwest LP, 4.15%, 12/1/96(2) ......................................................................... 2,045,000 2,045,000 Gallia County, Ohio Industrial Development Mtg. Revenue Refunding Bonds, Jackson Pike Assn., 3.60%, 12/15/96(2) ..................................................... 4,255,000 4,255,000 Greene County, Ohio Industrial Development Revenue Refunding Bonds, SuperValu Holdings, Inc. Project, 3.85%(1) ................................................... 1,000,000 1,000,000 Lucas County, Ohio Industrial Development Revenue Refunding Bonds, H.H. Motel, Inc. Project, 3.40%(1) .................................................................. 3,600,000 3,600,000 Marion County, Ohio Hospital Revenue Bonds, Pooled Lease Program, 3.40%(1) ........... 6,760,000 6,760,000 Marion County, Ohio Hospital Revenue Bonds, Pooled Lease Program, 3.40%(1) ........... 6,810,000 6,810,000 Merchant & Mechanics Tax-Exempt Mtg. Bond Trust Revenue Bonds, 3.20%, 9/1/96(2) ...... 1,000,000 1,000,000 Miami Valley, Ohio Tax-Exempt Mtg. Trust Revenue Bonds, Series 86, 4.88%, 10/15/96(2) ........................................................................ 2,780,000 2,780,000 Ohio State Air Quality Development Authority Pollution Control Revenue Refunding Bonds, Series B, 3.85%, 7/11/96(2) ................................................. 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(2) ................... 33,955,000 33,955,000 Scioto County, Ohio Health Care Facilities Revenue Bonds, Hill View Retirement Center, 3.65%, 12/1/96(2) .......................................................... 2,890,000 2,890,000 Warren County, Ohio Industrial Development Revenue Refunding Bonds, Liquid Container Project, 3.55%(1) ........................................................ 1,670,000 1,670,000 Whitehall, Ohio Industrial Development Revenue Refunding Bonds, First Mtg Continental Commercial, 3.40%, 8/1/96(2) ........................................... 1,490,000 1,490,000 ----------- 72,910,000 -----------
12 14 STATEMENT OF INVESTMENTS June 30, 1996 (Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 ----------- ----------- OKLAHOMA - 0.8% Claremore, Oklahoma Industrial & Redevelopment Authority Revenue Refunding Bonds, Worthington Cylinder Project, 3.40%(1) ................................... $ 2,335,000 $ 2,335,000 Cleveland County, Oklahoma Public Facilities Revenue Bonds, Hunt Development Project, Series A, 3.60%(1) ..................................................... 1,000,000 1,000,000 Mid-West Tax-Exempt Mtg. Board Trust Revenue Bonds, 3.55%(1) ...................... 915,000 915,000 Tulsa, Oklahoma Industrial Authority Revenue Bonds, 3.60%(1) ...................... 6,500,000 6,500,000 ----------- 10,750,000 ----------- OREGON - 0.7% Hillsboro, Oregon Revenue Bonds, Oregon Graduate Institute, 3.45%(1) .............. 6,700,000 6,700,000 Oregon State Economic & Industrial Development Commission Revenue Bonds, Eagel-Picher Industries Project, 4.10%(1) ....................................... 3,600,000 3,600,000 ----------- 10,300,000 ----------- PENNSYLVANIA - 1.6% Commonwealth of Pennsylvania Tax-Exempt Mtg. Bond Trust Certificates, Series A, 3.85% , 11/1/96(2) .............................................................. 3,015,000 3,015,000 Delaware County, Pennsylvania Industrial Development Authority Pollution Control Revenue Refunding Bonds, Philadelphia Electric Project, Series C, FGIC Insured, 3.60%, 8/22/96(2) ............................................................... 14,500,000 14,500,000 Littlestown, Pennsylvania Industrial Development Authority Revenue Refunding Bonds, Hanover House Industries Project, 3.35%(1) ...................................... 3,000,000 3,000,000 Montgomery County, Pennsylvania Higher Education & Health Authority Hospital Revenue Bonds, 3.30%(1) ......................................................... 500,000 500,000 Montgomery County, Pennsylvania Industrial Development Authority Revenue Bonds, Quaker Chemical Corp. Project, 3.80%(1) ......................................... 1,600,000 1,600,000 ----------- 22,615,000 ----------- SOUTH CAROLINA - 4.6% Charleston Center Tax-Exempt Bonds, Grantor Trust No. 2, 3.70%, 11/1/96(2) ........ 4,407,500 4,407,500 Charleston Center Tax-Exempt Bonds, Grantor Trust No. 3, 3.90%, 7/1/96(2) ......... 9,452,500 9,452,500 Charleston Center Tax-Exempt Bonds, Grantor Trust No. 6, 3.50%, 10/1/96(2) ........ 8,075,000 8,075,000 Dorchester County, South Carolina Pollution Control Facilities Revenue Refunding Bonds, The BOC Group, Inc. Project, 3.40%(1) .................................... 3,500,000 3,500,000 South Carolina Jobs & Economic Development Authority Revenue Bonds, Wellman Income Project, 3.55%(1) ........................................................ 1,000,000 1,000,000 South Carolina State Public Service Authority Revenue Bonds, 3.40%, 7/26/96(2)..... 24,695,000 24,695,000 South Carolina State Public Service Authority Revenue Bonds, Series 182, MBIA Insured, 3.44%(1) ............................................................... 15,000,000 15,000,000 ----------- 66,130,000 -----------
13 15 STATEMENT OF INVESTMENTS June 30, 1996 (Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 ----------- ----------- SOUTH DAKOTA - 2.4% Grant County, South Dakota Pollution Control Revenue Refunding Bonds, Otter Tail Power Co. Project, 3.45%(1) ...................................................... $10,400,000 $10,400,000 South Dakota State Health & Educational Bonds, Sioux Valley Hospital Issue, 3.45%(1) 20,100,000 20,100,000 Watertown, South Dakota Industrial Development Revenue Bonds, SuperValu Stores, Inc. Project, 3.85%(1) ........................................................... 3,900,000 3,900,000 ----------- 34,400,000 ----------- TENNESSEE - 2.0% Clarksville, Tennessee Public Building Authority Revenue Bonds, Pooled Financing- Tennessee Municipal Bond Fund, 3.35%(1) .......................................... 11,100,000 11,100,000 Covington, Tennessee Industrial Development Board Revenue Bonds, Charms Co. Project, 3.45%(1) ................................................................ 4,100,000 4,100,000 Dayton, Tennessee Industrial Development Board Revenue Refunding Bonds, La-Z Boy Chair Co. Project, 3.40%(1) ...................................................... 4,350,000 4,350,000 Knox County, Tennessee Industrial Development Board Revenue Bonds, Weisgarber Partners, FGIC Insured, 3.60%(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, 3.50%, 1/15/97(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, 3.50%, 1/15/97(2) .................................................. 700,000 700,000 Metropolitan Government of Nashville & Davidson County, Tennessee Multifamily Housing Revenue Bonds, Arbor Crest Project, Series B, 3.40%(1) ................... 3,550,000 3,550,000 Rutherford County, Tennessee Industrial Development Board Industrial Building Revenue Bonds, Derby Industries, Inc. Project, 3.55%(1) .......................... 1,435,000 1,435,000 ----------- 29,235,000 ----------- TEXAS - 8.9% Angelina & Neches River Authority of Texas Pollution Control Revenue Refunding Bonds, Temple-Inland Forest Project, 3.55%(1) .................................... 7,350,000 7,350,000 Gulf Coast Industrial Development Authority of Texas Marine Terminal Revenue Bonds, Amoco Oil Co. Project, 3.60%, 12/1/96(2) .................................. 3,000,000 3,000,000 Harris County, Texas Custodial Receipts, Series A, 3.45%(1) ........................ 5,000,000 5,000,000 Hockley County, Texas Industrial Development Corp. Pollution Control Revenue Bonds, Amoco Project-Standard Oil Co., 3.30%, 9/1/96(2) ................................. 20,000,000 20,000,000 North Central Texas Health Facility Development Corp. Hospital Revenue Bonds, Baylor Health Project, Series B, 3.60%, 9/10/96(2) ............................... 50,000,000 50,000,000 Plano, Texas Health Facilities Development Corp. Hospital Revenue Bonds, Children's Hospital & Presbyterian Health Care Center, 3.60%, 7/30/96(2) .................... 5,000,000 5,000,000
14 16 STATEMENT OF INVESTMENTS June 30, 1996 (Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 ----------- ------------ TEXAS (CONTINUED) Texas Association of School Boards Certificates of Participation, Series A, 4.75%, 8/30/96 ......................................................................... $31,700,000 $ 31,735,065 Travis County, Texas Housing Finance Corp. Multifamily Housing Revenue Bonds, Bent Oaks Apts., 3.50%(1) ............................................................ 4,400,000 4,400,000 ------------ 126,485,065 ------------ UTAH - 1.0% Salt Lake County, Utah Pollution Control Revenue Refunding Bonds, Service Station Holdings BP Oil Co. Project, 3.60%(1) ........................................... 5,200,000 5,200,000 Utah State Housing Finance Agency Multifamily Housing Revenue Refunding Bonds, Candlestick Apts. Project, 3.35%(1) ............................................. 6,400,000 6,400,000 Weber County, Utah Industrial Development Revenue Refunding Bonds, Parker Properties, Inc. Project, 3.40%(1) .............................................. 2,600,000 2,600,000 ------------ 14,200,000 ------------ VERMONT - 0.1% Vermont Industrial Development Authority Revenue Bonds, Sherburne Corp., 4.21%(1) . 1,885,000 1,885,000 VIRGINIA - 0.4% Arlington County, Virginia Revenue Bonds, Ballston Public Parking Project, 3.35%(1) 5,900,000 5,900,000 WASHINGTON - 4.9% Port Longview, Washington Industrial Development Revenue Bonds, Longview Fibre Co. Project, 3.45%(1) ........................................................... 5,000,000 5,000,000 Redmond, Washington Public Corp. Industrial Revenue Refunding Bonds, Genie Industries, Lot 1, 3.50%(1) ..................................................... 1,100,000 1,100,000 Redmond, Washington Public Corp. Industrial Revenue Refunding Bonds, Genie Industries, Lot 2, 3.50%(1) ..................................................... 1,770,000 1,770,000 Seattle, Washington Industrial Development Corp. Revenue Bonds, RICS LP, 3.60%(1) . 5,350,000 5,350,000 Seattle, Washington Municipal Light & Power Revenue Bonds, Prerefunded, 5.875%, 10/1/96 ................................................................. 1,800,000 1,810,061 Washington State General Obligation Bonds, Series 1996-A, 3.40%(1) ................ 41,100,000 41,100,000 Washington State General Obligation Refunding Bonds, Series 1995C, 3.44%(1) ....... 13,850,000 13,850,000 ------------ 69,980,061 ------------ WEST VIRGINIA - 1.8% Beckley, West Virginia Revenue Anticipation Nts., Series A, 3.40%(1) .............. 1,500,000 1,500,000 Grant County, West Virginia Pollution Control Revenue Bonds, Virginia Electric & Power Co. Project, Series 1994, 3.60%, 9/9/96(2) ................................ 19,500,000 19,500,000 Harrison County, West Virginia Industrial Development Revenue Refunding Bonds, Fox Grocery Co. Project, 3.55%(1) ................................................... 4,140,000 4,140,000 ------------ 25,140,000 ------------
15 17 STATEMENT OF INVESTMENTS June 30, 1996 (Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 ----------- --------------- WISCONSIN - 0.7% Wisconsin Housing & Economic Development Authority Home Ownership Revenue Refunding Bonds, Series A, 3.30%, 9/1/96(2) .................................. $ 5,490,000 $ 5,490,000 Wisconsin Housing & Economic Development Authority Home Ownership Revenue Refunding Bonds, Series A, 3.35%, 9/1/96(2) .................................. 4,715,000 4,715,000 --------------- 10,205,000 --------------- WYOMING - 0.2% Uinta County, Wyoming Pollution Control Revenue Bonds, AMOCO Standard Oil Co. of Indiana Project, 3.98%, 12/1/96(2) ........................................... 3,000,000 3,002,646 --------------- DISTRICT OF COLUMBIA - 0.6% District of Columbia General Obligation Bonds, Series A-1, 3.80%(1) ............ 3,100,000 3,100,000 District of Columbia General Obligation Bonds, Series A-3, 3.80%(1) ............ 4,800,000 4,800,000 --------------- 7,900,000 --------------- Total Investments, at Value .................................................... 100.2% 1,428,300,480 Liabilities in Excess of Other Assets .......................................... (0.2) (2,306,506) ---------- --------------- Net Assets ..................................................................... 100.0% $ 1,425,993,974 ========== ===============
1. Floating or variable rate obligation maturing in more than one year. The interest rate, which is based on specific, or an index of, market interest rates, is subject to change periodically and is the effective rate on June 30, 1996. 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. See accompanying Notes to Financial Statements. 16 18 STATEMENT OF ASSETS AND LIABILITIES June 30, 1996 Centennial Tax Exempt Trust ASSETS Investments, at value - see accompanying statement ........... $1,428,300,480 Cash ......................................................... 2,263,510 Receivables: Interest .................................................... 8,687,982 Shares of beneficial interest sold .......................... 6,954,419 Other ....................................................... 91,152 -------------- Total assets ............................................... 1,446,297,543 -------------- LIABILITIES Payables and other liabilities: Shares of beneficial interest redeemed ...................... 18,789,395 Dividends ................................................... 1,141,663 Service plan fees ........................................... 98,402 Transfer and shareholder servicing agent fees ............... 44,709 Other ....................................................... 229,400 -------------- Total liabilities .......................................... 20,303,569 -------------- NET ASSETS ................................................... $1,425,993,974 ============== COMPOSITION OF NET ASSETS Paid-in capital .............................................. $1,425,759,204 Accumulated net realized gain on investment transactions ..... 234,770 -------------- NET ASSETS - applicable to 1,425,775,172 shares of beneficial interest outstanding ....................................... $1,425,993,974 ============== NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE $ 1.00
See accompanying Notes to Financial Statements. 17 19 STATEMENT OF OPERATIONS For the Year Ended June 30, 1996 Centennial Tax Exempt Trust INVESTMENT INCOME -- Interest ........................ $56,570,903 ----------- EXPENSES Management fees - Note 3 ............................. 6,380,737 Service plan fees - Note 3 ........................... 2,929,180 Transfer and shareholder servicing agent fees - Note 3 680,208 Registration and filing fees ......................... 197,697 Custodian fees and expenses .......................... 163,122 Shareholder reports .................................. 130,621 Legal and auditing fees .............................. 38,030 Trustees' fees and expenses .......................... 17,899 Insurance expenses ................................... 17,708 Other ................................................ 1,850 ----------- Total expenses ...................................... 10,557,052 ----------- NET INVESTMENT INCOME ................................ 46,013,851 NET REALIZED GAIN ON INVESTMENTS ..................... 244,254 ----------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . $46,258,105 ===========
============================================================================== STATEMENT OF CHANGES IN NET ASSETS Centennial Tax Exempt Trust
Year Ended June 30, 1996 1995 --------------- --------------- OPERATIONS: Net investment income ....................................... $ 46,013,851 $ 35,272,785 Net realized gain ........................................... 244,254 69,768 --------------- --------------- Net increase in net assets resulting from operations ........ 46,258,105 35,342,553 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS ................. (46,061,715) (35,284,282) BENEFICIAL INTEREST TRANSACTIONS: Net increase in net assets resulting from beneficial interest transactions - Note 2 ..................................... 110,876,607 275,476,883 --------------- --------------- NET ASSETS Total increase .............................................. 111,072,997 275,535,154 Beginning of period ......................................... 1,314,920,977 1,039,385,823 --------------- --------------- End of period ............................................... $ 1,425,993,974 $ 1,314,920,977 =============== ===============
See accompanying Notes to Financial Statements 18 20 FINANCIAL HIGHLIGHTS Centennial Tax Exempt Trust
Year Ended June 30, ----------------------------------------------------- 1996 1995 1994 1993 1992 ---- ---- ---- ---- ---- PER SHARE OPERATING DATA: Net asset value, beginning of period....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00 Income from investment operations - net investment income and net realized gain on investments........................... .03 .03 .02 .02 .03 Dividends and distributions to shareholders............................. (.03) (.03) (.02) (.02) (.03) ------ ------ ------ ------ ----- Net asset value, end of period............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00 ====== ====== ====== ====== ===== TOTAL RETURN, AT NET ASSET VALUE(1)........ 3.16% 3.17% 1.90% 2.19% 3.55% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in millions).... $1,426 $1,315 $1,039 $ 981 $ 917 Average net assets (in millions) $1,473 $1,127 $1,057 $ 977 $ 900 Ratios to average net assets: Net investment income.................... 3.12% 3.13% 1.87% 2.08% 3.40% Expenses................................. 0.72% 0.73% 0.76% 0.76% 0.75%
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. See accompanying Notes to Financial Statements. 19 21 NOTES TO FINANCIAL STATEMENTS 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 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:
Year Ended June 30,1996 Year Ended June 30, 1995 -------------------------------------------------------------------- Shares Amount Shares Amount -------------- -------------- ------------- -------------- Sold 4,357,729,565 $4,357,729,549 3,745,799,353 $3,745,799,210 Dividends and distributions reinvested................. 45,904,203 45,904,203 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..................... (4,292,757,161) (4,292,757,145) (3,534,964,703) (3,534,965,589) -------------- -------------- -------------- -------------- Net increase............... 110,876,607 $ 110,876,607 275,477,779 $ 275,476,883 ============== ============== ============== ==============
20 22 NOTES TO FINANCIAL STATEMENTS (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 0.50% on the first $250 million of average annual net assets with a reduction of 0.025% on each $250 million thereafter to $1.5 billion, 0.35% on the next $500 million of net assets and 0.325% 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 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 0.20% 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 year ended June 30,1996, the Trust paid $11,258 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. 21 23 INDEPENDENT AUDITORS' REPORT Centennial Tax Exempt Trust The Board of Trustees and Shareholders of Centennial Tax Exempt Trust: We have audited the accompanying statement of assets and liabilities, including the statement of investments, of Centennial Tax Exempt Trust as of June 30, 1996, the related statement of operations for the year then ended, the statements of changes in net assets for the years ended June 30, 1996 and 1995, and the financial highlights for the period July 1, 1991 to June 30, 1996. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned at June 30, 1996 by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements and financial highlights present fairly, in all material respects, the financial position of Centennial Tax Exempt Trust at June 30, 1996, the results of its operations, the changes in its net assets, and the financial highlights for the respective stated periods, in conformity with generally accepted accounting principles. DELOITTE & TOUCHE LLP Denver, Colorado July 22, 1996 22 24 FEDERAL INCOME TAX INFORMATION (Unaudited) Centennial Tax Exempt Trust In early 1997, shareholders will receive information regarding all dividends and distributions paid to them by the Trust during calendar year 1996. Regulations of the U.S. Treasury Department require the Trust to report this information to the Internal Revenue Service. None of the dividends paid by the Trust during the fiscal year ended June 30, 1996 are eligible for the corporate dividend-received deduction. The dividends were derived from interest on municipal bonds and are not subject to federal income tax. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable. The foregoing information is presented to assist shareholders in reporting distributions received from the Trust to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance. 23 25 CENTENNIAL TAX EXEMPT TRUST Officers and Trustees James C. Swain, Chairman and Chief Executive Officer Bridget A. Macaskill, Trustee and President Robert G. Avis, Trustee William A. Baker, Trustee Charles Conrad, Jr., Trustee Jon S. Fossel, Trustee Sam Freedman, Trustee Raymond J. Kalinowski, Trustee C. Howard Kast, Trustee Robert M. Kirchner, Trustee Ned M. Steel, Trustee George C. Bowen, Vice President, Treasurer and Assistant Secretary Andrew J. Donohue, Vice President and Secretary Michael A. Carbuto, Vice President Robert J. Bishop, Assistant Treasurer Scott T. 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. 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 [LOGO]Printed on recycled paper. -----END PRIVACY-ENHANCED MESSAGE-----