-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, moHyucqxl8mH8wYgduR+a8x774YYn90SLRtY7Z7l53hJ/yrwaoqo12LP6AWaSwys V9kqR0j9ozQvOvvd0Nrrrg== 0000950146-95-000525.txt : 19950906 0000950146-95-000525.hdr.sgml : 19950906 ACCESSION NUMBER: 0000950146-95-000525 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950905 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: 95570120 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 OPPENHEIMER CENT. TAX EXEMPT TRUST DEAR SHAREHOLDER: As the fixed income markets began to rally at the start of the year, rates began to decline. Your Trust's managers have been actively following the dramatic performance of the fixed income markets and, as a result, their strategy allowed the Trust a position among the top 15% of all tax-exempt money market funds tracked by IBC/Donoghue.(1) One of the main factors affecting performance this year was the favorable supply and demand relationship. Because there has been relatively short supply and increased demand for municipal bonds, prices have remained high, which consequently put downward pressure on yields in the shorter end of this market. The Trust's compounded annualized yield for the 12 months ended June 30, 1995 was 3.20%. The corresponding yield without compounding was 3.15%. For investors in the 36% federal tax bracket, this is equal to a taxable yield of 5.00% with compounding and 4.92% without compounding.(2) The Trust's seven-day annualized yields with and without compounding for the year ended June 30, 1995 were 3.57% and 3.51%, respectively. With the Federal Reserve's recent rate cut, plus ongoing strong demand, we are optimistic about the market and the domestic economy. And as noted before, the portfolio has been able to maintain a strong yield in the face of both a drop in interest rates and unusually strong demand in our market--but as this additional demand stabilizes as the year continues, we could again see yields increase. We're pleased to provide an investment that continues to offer tax-exempt income, a stable share price, and complete liquidity.(3) We appreciate the confidence you have placed in Centennial Tax Exempt Trust and look forward to helping you continue to meet your financial goals in the future. Sincerely, /s/ JON S. FOSSEL Jon S. Fossel President, Centennial Tax Exempt Trust /s/ JAMES C. SWAIN James C. Swain Chairman, Centennial Tax Exempt Trust July 24, 1995 1. IBC/Donoghue, Inc., an independent fund monitoring service. Ranking for the six months ended June 30, 1995. 2. Compounded yields assume reinvestment of dividends. A portion of the Trust's distributions may be subject to federal and state income taxes. For investors subject to the federal and/or state alternative minimum tax, a portion of the Trust's distributions may increase this tax. 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 June 30, 1995 Centennial Tax Exempt Trust
Face Amortized Cost Amount See Note 1 ---------- --------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS--103.3% ALABAMA--0.4% Bessemer, Alabama Industrial Development Revenue Bonds, Big B, Inc. Project, Series A, 4.25% (1) $ 3,150,000 $ 3,150,000 Winfield City, Alabama Industrial Development Revenue Bonds, Union Underwear Co., 4.25% (1) 1,900,000 1,900,000 ------------- 5,050,000 ------------- ALASKA--0.3% Alaska Industrial Development Authority Revenue Bonds, Providence Medical Office Building, 3.65% (1) 3,880,000 3,880,000 ------------- ARIZONA--2.3% Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Grand Canyon University Project, 4.20% (1) 5,500,000 5,500,000 Phoenix, Arizona Industrial Development Authority Multifamily Housing Revenue Refunding Bonds, Paradise Lakes Apts. Project, 1995 Series, 3.40% (2) 18,000,000 18,000,000 Pima County, Arizona Industrial Development Authority Revenue Bonds, Tucson Electric Power Project, Series 1983-A, 3.95% (1) 6,300,000 6,300,000 ------------- 29,800,000 ------------- ARKANSAS--0.4% Harrison, Arkansas Industrial Development Revenue Refunding Bonds, McKesson Corp. Project, 4.15% (1) 3,940,000 3,940,000 Jonesboro, Arkansas Industrial Development Revenue Bonds, Farr Co. Project, 4.25% (1) 645,000 645,000 Subiaco, Arkansas Industrial Development Revenue Bonds, Cloves Gear & Products, Inc., 4.35% (1) 550,000 550,000 ------------- 5,135,000 ------------- CALIFORNIA--7.2% California Health Facilities Financing Authority Revenue Bonds, Adventist Health System, Series B, 3.80% (1) 1,000,000 1,000,000 California Health Facilities Financing Authority Revenue Bonds, Kaiser Permanente Medical Center Project, Series B, 3.90% (1) 3,000,000 3,000,000 California Health Facilities Financing Authority Revenue Refunding Bonds, Memorial Health Services Project, 4% (1) 1,200,000 1,200,000 California Health Facilities Financing Revenue Bonds, Huntington Memorial Hospital, 3.75% (1) 1,900,000 1,900,000 California Health Facilities Financing Revenue Bonds, Pooled Loan Program, Series B, FGIC Insured, 4.05% (1) 500,000 500,000 California Health Facilities Financing Revenue Bonds, Santa Barbara Cottage Project, Series C, 3.80% (1) 6,300,000 6,300,000
2 STATEMENT OF INVESTMENTS (Continued) Centennial Tax Exempt Trust
Face Amortized Cost Amount See Note 1 ---------- --------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) CALIFORNIA (CONTINUED) California Health Facilities Financing Revenue Bonds, Scripps Memorial Hospital, Series A, MBIA Insured, 4.05% (1) $ 500,000 $ 500,000 California Higher Education Loan Authority Student Loan Revenue Refunding Bonds, Series 1987A, 4.35%, 5/1/96 (3) 13,750,000 13,750,804 California Higher Education Loan Authority Student Loan Revenue Refunding Bonds, Series 1992A-2, 4.35%, 5/1/96 (3) 14,000,000 14,000,819 California Housing Finance Agency Home Mtg. Revenue Bonds, Series 1995-E, FGIC Insured, 4.60%, 2/1/96 (3) 4,000,000 4,000,000 California Pollution Control Financing Authority Revenue Bonds, Chevron USA, Inc. Project, 4.50%, 5/15/96 (3) 1,800,000 1,803,797 California Pollution Control Financing Authority Solid Waste Disposal Revenue Bonds, Western Waste Industries, Series A, 4.25% (1) 3,000,000 3,000,000 California State General Obligation Bonds, Series A-3, MBIA Insured, 4.35% (1) 500,000 500,000 California State Revenue Anticipation Wts., Series C, FGIC Insured, 5.75%, 4/25/96 400,000 403,869 California Statewide Communities Development Authority Apt. Development Revenue Refunding Bonds, Series 1995A, 3.75% (1) 1,560,000 1,560,000 Fairfield, California Industrial Development Authority Revenue Bonds, Herman G. Rowland, 4.182% (1) 950,000 950,000 Huntington Park, California Redevelopment Agency Multifamily Housing Revenue Bonds, Casa Rita Apts., Series A, 4.30% (1) 1,500,000 1,500,000 Kern County, California Union High School District Certificates of Participation, Finance Project, 3.85% (1) 1,500,000 1,500,000 Los Angeles County, California Housing Authority Revenue Bonds, Park Sierra Project, 4.05% (1) 2,000,000 2,000,000 Los Angeles County, California Metropolitan Transportation Authority Revenue Anticipation Nts., Series 1995A, Swiss Bank Letter of Credit, 5%, 4/25/96 12,000,000 12,072,352 Oceanside, California Multifamily Revenue Bonds, Lakeridge Apts. Project, CCSB Insured, 4.30% (1) 10,000,000 10,000,000 Ontario, California Multifamily Residential Mtg. Revenue Bonds, Park Centre Project, Series A, 3.80% (1) 2,300,000 2,300,000 Orange County, California Apt. Development Revenue Refunding Bonds, Series A, 4.05% (1) 1,000,000 1,000,000 Orange County, California Municipal Water District Refunding Certificates of Participation, Allen McColloch Project, Series A, 4.45% (1) 1,000,000 1,000,000 Pittsburg, California Mtg. Obligation Gtd. Revenue Bonds, Series A, 4.30% (1) 3,300,000 3,300,000 San Bernardino County, California Housing Authority Multifamily Housing Revenue Refunding Bonds, Arrowview Park Apts. Project, Series A, Federal Home Loan Bank Letter of Credit, 4.55% (1) 1,400,000 1,400,000 San Bernardino County, California Multifamily Housing Authority Revenue Refunding Bonds, Monterey Villas Apts. Project, Series A, 4.25% (1) 600,000 600,000
3 STATEMENT OF INVESTMENTS (Continued) Centennial Tax Exempt Trust
Face Amortized Cost Amount See Note 1 ---------- --------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) CALIFORNIA (CONTINUED) San Diego County, California Regional Transportation Commission Second Senior Sales Tax Revenue Bonds, Series A, FGIC Insured, 4.75%, 4/1/96 $ 800,000 $ 804,407 San Francisco, California City & County Redevelopment Agency Multifamily Revenue Refunding Bonds, Fillmore Center Housing Project, Series A-1, 3.90% (1) 500,000 500,000 Southern California Public Power Authority Sub. Revenue Refunding Bonds, Southern Transmission Project, AMBAC Insured, 3.90% (1) 2,000,000 2,000,000 Visalia, California Certificates of Participation, Visalia Convention Center Expansion Project, 4.70% (1) 400,000 400,000 ------------- 94,746,048 ------------- COLORADO--5.9% Arapahoe County, Colorado Capital Improvement Trust Fund Highway Revenue Bonds, E-470 Project, Series E, 4.45%, 8/31/95 (3) 20,000,000 20,001,447 Arapahoe County, Colorado Capital Improvement Trust Fund Highway Revenue Bonds, E-470 Project, Series G, 4.45%, 8/31/95 (3) 5,015,000 5,015,000 Arapahoe County, Colorado Multifamily Revenue Refunding Bonds, Hunters Run Rental Housing, 4.30% (1) 25,600,000 25,600,000 Aurora, Colorado Industrial Development Revenue Refunding Bonds, La Quinta Motor Inns, 4.25% (1) 3,000,000 3,000,000 Colorado Health Facilities Authority Revenue Bonds, Sisters of Charity Project, Series S, 4.20% (1) 4,400,000 4,400,000 Westminster, Colorado Multifamily Revenue Bonds, Wexford Station Apts., Series A, CCSB Insured, 4.875%, 12/1/95 (3) 17,095,000 17,095,000 Wheat Ridge, Colorado Industrial Development Revenue Refunding Bonds, La Quinta Motor Inns, 4.25% (1) 2,275,000 2,275,000 ------------- 77,386,447 ------------- CONNECTICUT--0.5% Connecticut State Special Assessment Unemployment Compensation Advance Funding Revenue Bonds, Series B, 4.20% (1)(2) 6,100,000 6,100,000 ------------- DELAWARE--0.5% Sussex County, Delaware Economic Development Revenue Bonds, Route 113 LP Project, 3.95% (1) 6,000,000 6,000,000 ------------- FLORIDA--7.3% Dade County, Florida Industrial Development Authority Pollution Control Revenue Refunding Bonds, Florida Power & Light Co. Project, 4.30% (1) 2,235,000 2,235,000 Dade County, Florida School District General Obligation Bonds, Series A, 4.25% (1) 2,000,000 2,000,000 Dade County, Florida School District General Obligation Bonds, Series B, 4.25% (1) 2,000,000 2,000,000
4 STATEMENT OF INVESTMENTS (Continued) Centennial Tax Exempt Trust
Face Amortized Cost Amount See Note 1 ---------- --------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) FLORIDA (CONTINUED) Dade County, Florida School District General Obligation School Improvement Bonds, FGIC Insured, 7%, 8/1/95 $ 2,000,000 $ 2,004,588 Dade County, Florida Water & Sewer System Revenue Bonds, FGIC Insured, 4.20% (1) 14,400,000 14,400,000 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 State Board of Education Public Education Capital Outlay Refunding Bonds, Series A, 4.188% (1) 13,230,000 13,230,000 Hillsborough County, Florida Industrial Development Authority Pollution Control Revenue Bonds, Tampa Electric Co. Project, 5.40% (1) 17,975,000 17,975,000 Jacksonville, Florida Electric Authority Revenue Refunding Bonds, St. John's River Power Park System Project, Series 11, 5%, 10/1/95 2,575,000 2,583,137 Jacksonville, Florida Pollution Control Revenue Bonds, Florida Power & Light Co. Project, 4.05%, 12/4/95 (3) 5,000,000 5,000,000 Jacksonville, Florida Pollution Control Revenue Refunding Bonds, Florida Power & Light Co. Project, 4.05%, 12/4/95 (3) 10,510,000 10,510,000 Orange County, Florida Housing Finance Authority Revenue Refunding Bonds, Monterey Multifamily Housing Project, Series B, 4.30% (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, 4.30%, 9/15/95 (3) 10,000,000 10,000,000 Putnam County, Florida Development Authority Pollution Control Revenue Refunding Bonds, Seminole Electric Co-op, Series D, 3.40%, 12/15/95 (3) 8,565,000 8,565,000 ------------- 96,867,725 ------------- GEORGIA--3.9% Burke County, Georgia Development Authority Pollution Control Revenue Bonds, Oglethorpe Power Corp., Series A, 3.652% (1) 27,940,000 27,940,000 De Kalb County, Georgia Housing Authority Apts. Development Revenue Refunding Bonds, Winter Peachtree Project, 4.30% (1) 5,000,000 5,000,000 Floyd County, Georgia Development Authority Pollution Control Revenue Refunding Bonds, Inland-Rome, Inc. Project, 4.35% (1) 4,735,000 4,735,000 Georgia State General Obligation Bonds, Series 1995B, 4.30% (1) 12,000,000 12,000,000 Newton County, Georgia Industrial Development Authority Revenue Refunding Bonds, John H. Harland Co. Project, 4.20% (1) 1,000,000 1,000,000 ------------- 50,675,000 ------------- HAWAII--0.2% Hawaii State Department of Budget & Finance Special Purpose Mtg. Revenue Bonds, Kuakini Medical Center Project, FGIC Insured, 4% (1) 2,900,000 2,900,000 -----------
5 STATEMENT OF INVESTMENTS (Continued) Centennial Tax Exempt Trust
Face Amortized Cost Amount See Note 1 ---------- --------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) ILLINOIS--10.8% Centralia City, Illinois Industrial Development Revenue Bonds, Consolidated Foods Corp./Hollywood Brands, Inc., 4.15% (1) $ 5,500,000 $ 5,500,000 Chicago, Illinois General Obligation Tender Nts., Series A, 4.60%, 10/31/95 (3) 15,300,000 15,300,000 Elk Grove Village, Illinois Industrial Development Revenue Bonds, La Quinta Motor Inns, Inc., 3.95% (1) 3,700,000 3,700,000 Illinois Development Finance Authority Pollution Control Revenue Bonds, Diamond Star Motors Co. Project, 4.60% (1) 12,700,000 12,700,000 Illinois Development Finance Authority Pollution Control Revenue Bonds, Illinois Power Co. Project, Series C, 3.90%, 8/3/95 (3) 4,000,000 4,000,000 Illinois Development Finance Authority Revenue Bonds, Latin School of Chicago Project, 3.60% (1) 9,000,000 9,000,000 Illinois Educational Facilities Authority Revenue Bonds, National-Louis University, 4.05% (1) 6,500,000 6,500,000 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 (3) 4,832,000 4,832,000 Lakemoor Village, Illinois Multifamily Housing Mtg. Revenue Bonds, Lakemoor Apts. Project, 5.25%, 3/1/96 (3) 15,000,000 15,000,000 Oakbrook Terrace, Illinois Multifamily Housing Mtg. Revenue Bonds, 5.25%, 3/1/96 (3) 35,000,000 35,033,652 Oakbrook Terrace, Illinois Multifamily Housing Mtg. Revenue Bonds, Renaissance Project, Series 1985A, 4.75%, 4/1/96 (3) 14,000,000 14,000,000 West Chicago, Illinois Industrial Development Revenue Refunding Bonds, Liquid Container Project, 4.25% (1) 3,810,000 3,810,000 ------------- 142,375,652 ------------- INDIANA--4.1% Crawfordsville, Indiana Economic Development Revenue Refunding Bonds, Pedcor Investments-Shady Knoll I Apts. Project, 4.30% (1) 3,475,000 3,475,000 Gary, Indiana Industrial Environmental Improvement Revenue Bonds, U.S. Steel Corp. Project, 3.60% (1) 1,000,000 1,000,000 Hobart, Indiana Economic Development Revenue Refunding Bonds, MMM Invest, Inc. Project, 4.20% (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 12,577,218 Indiana Health Facilities Finance Authority Revenue Bonds, Cardinal Center Project, 4.313% (1) 3,000,000 3,000,000 Indiana State Development Finance Authority Economic Development Revenue Bonds, Saroyan Hardwoods, Inc., 4.35% (1) 2,300,000 2,300,000
6 STATEMENT OF INVESTMENTS (Continued) Centennial Tax Exempt Trust
Face Amortized Cost Amount See Note 1 ---------- --------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) INDIANA (CONTINUED) Indianapolis, Indiana Local Public Improvement Bond Bank Nts., Series F, 5.25%, 7/14/95 $18,850,000 $18,852,606 Indianapolis, Indiana Local Public Improvement Bond Bank Nts., Series G, 5.25%, 7/14/95 2,675,000 2,675,370 Marion County, Indiana Hospital Authority Hospital Facility Revenue Bonds, Indianapolis Osteopathic, 4.313% (1) 4,100,000 4,100,000 St. Joseph County, Indiana Hospital Authority Special Obligation Bonds, Madison Center, Inc. Project, 4.41% (1) 3,000,000 3,000,000 St. Joseph County, Indiana Industrial Educational Facilities Revenue Bonds, Holy Cross College, 4.20% (1) 1,000,000 1,000,000 ------------- 54,200,194 ------------- IOWA--1.8% Des Moines, Iowa Commercial Development Revenue Bonds, Series A, 4.10% ((1)) 6,900,000 6,900,000 Iowa School Corp. Warrant Certificates, Series B, CGIC Insured, 5.75%, 2/1/96 15,000,000 15,107,100 Mason City, Iowa Industrial Development Revenue Bonds, SuperValu Stores, Inc. Project, 4.30% (1) 2,000,000 2,000,000 ------------- 24,007,100 ------------- KANSAS--0.6% Kansas City, Kansas Private Activity Revenue Refunding Bonds, Inland Container Corp., 4.35% (1) 5,200,000 5,200,000 Olathe, Kansas Industrial Revenue Refunding Bonds, William F. Bieber Project, 5.60% (1) 1,925,000 1,925,000 Ottawa, Kansas Industrial Development Revenue Bonds, Laich Industries Project, 4.35% (1) 800,000 800,000 ------------- 7,925,000 ------------- KENTUCKY--0.1% Jamestown, Kentucky Industrial Building Revenue Bonds, Union Underwear Co., 4.25% (1) 1,000,000 1,000,000 ------------- LOUISIANA--0.2% East Baton Rouge Parish, Louisiana Industrial Development Board Revenue Refunding Bonds, La Quinta Motor Inns, Inc., 4.25% (1) 2,625,000 2,625,000 ------------- MARYLAND--4.1% Hartford County, Maryland Revenue Refunding Bonds, 1001 Participation Facility Project, 3.95% (1) 2,850,000 2,850,000 Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Carroll General Pooled Loan Program, Series A, 4.20% (1) 1,555,000 1,555,000
7 STATEMENT OF INVESTMENTS (Continued) Centennial Tax Exempt Trust
Face Amortized Cost Amount See Note 1 ---------- --------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) MARYLAND (CONTINUED) Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, University of Maryland Pooled Loan Program, Series B, 3.95% (1) $ 1,285,000 $ 1,285,000 Montgomery County, Maryland Consolidated Public Improvement General Obligation Bonds, Series A, 5.20%, 10/1/95 5,000,000 5,005,000 Montgomery County, Maryland Multifamily Housing Opportunities Commission Revenue Bonds, Grosvenor House Project, Series A, 3.95% (1) 19,700,000 19,700,000 Montgomery County, Maryland Multifamily Housing Opportunities Commission Revenue Bonds, Issue A, 4.15% (1) 15,800,000 15,800,000 Worcester County, Maryland Revenue Refunding Bonds, White Marlin Mall Project, 3.95% (1) 8,250,000 8,250,000 ------------- 54,445,000 ------------- MASSACHUSETTS--2.7% Massachusetts Bay Transportation Authority Tax-Exempt Commercial Paper, 3.50%, 9/8/95 (3) 12,000,000 12,000,000 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, 4.15%, 6/1/96 (3) 2,750,000 2,750,000 Massachusetts State Housing Finance Agency Single Family Housing Revenue Bonds, Series 35, FGIC Insured, 4.10%, 6/1/96 (3) 5,000,000 5,000,000 Massachusetts State Industrial Finance Agency Revenue Bonds, Hazen Paper, 4.48% (1) 400,000 400,000 North Andover Town, Massachusetts Industrial Revenue Bonds, Atlee-Oak Realty Trust of Delaware, Inc., 4.48% (1) 450,000 450,000 ------------- 36,000,000 ------------- MICHIGAN--4.8% Madison Heights, Michigan Economic Development Revenue Bonds, Red Roof Inns Project, 4.15% (1) 1,000,000 1,000,000 Michigan State Full Faith & Credit General Obligation Nts., 5%, 9/29/95 60,000,000 60,130,222 Michigan State Job Development Authority Revenue Bonds, East Lansing Residence Associates Project, 4% (1) 1,900,000 1,900,000 ------------- 63,030,222 ------------- MINNESOTA--4.6% Anoka, Minnesota Multifamily Housing Revenue Bonds, Walker Plaza, Series B, 4.10% (1) 1,950,000 1,950,000 Austin, Minnesota Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 4.30% (1) 4,600,000 4,600,000 Bloomington, Minnesota Port Authority Tax Revenue Refunding Bonds, Mall of America Project, Series C, FSA Insured, 4.15% (1) 8,300,000 8,300,000
8 STATEMENT OF INVESTMENTS (Continued) Centennial Tax Exempt Trust
Face Amortized Cost Amount See Note 1 ---------- --------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) MINNESOTA (CONTINUED) Burnsville, Minnesota Commercial Development Revenue Bonds, SuperValu Stores, Inc. Project, Series 83, 4.30% (1) $5,500,000 $ 5,500,000 Dakota County, Minnesota Housing & Redevelopment Multifamily Mtg. Revenue Bonds, Westwood Ridge Rental Housing Project, Series A, 4.10% (1) 2,500,000 2,500,000 Eden Prairie, Minnesota Commercial Development Revenue Refunding Bonds, Lakeview Business Center, 4.10% (1) 1,200,000 1,200,000 Eden Prairie, Minnesota Industrial Development Revenue Bonds, SuperValu Stores, Inc. Project, 4.30% (1) 1,000,000 1,000,000 Maplewood, Minnesota Revenue Bonds, 5.58% (1) 1,145,000 1,145,000 Minneapolis, Minnesota Commercial Development Revenue Refunding Bonds, Minnehaha/Lake Partners Project, 4.15% (1) 2,750,000 2,750,000 Minneapolis, Minnesota Housing Development Revenue Refunding Bonds, One Ten Grant Project, 3.645% (1) 3,000,000 3,000,000 New Ulm, Minnesota Hospital Facilities Revenue Bonds, Health Center Systems, 4.25% (1) 2,500,000 2,500,000 North Suburban Hospital District, Minnesota Revenue Bonds, Anoka & Ramsey Counties Hospital Health Center, 4.25% (1) 3,400,000 3,400,000 Southern Minnesota Municipal Power Agency Power Supply Systems Revenue Bonds, Prerefunded, Series A, 9.50%, 1/1/96 (3) 1,700,000 1,775,767 St. Paul, Minnesota Port Authority Parking Revenue Refunding Bonds, City Walking Ramp Project, 4.10%, (1) 2,410,000 2,410,000 St. Paul, Minnesota Port Authority Tax Increment Revenue Bonds, Westgate Office & Industrial Center Project, 4.10% (1) 5,500,000 5,500,000 Stillwater, Minnesota Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 4.30% (1) 5,500,000 5,500,000 Western Minnesota Municipal Power Agency Revenue Refunding Bonds, Prerefunded, Series 1985A, 9.50%, 1/1/96 (3) 7,000,000 7,310,178 ------------- 60,340,945 ------------- MISSOURI--0.5% St. Charles County, Missouri Industrial Development Revenue Refunding Bonds, Remington Apts. Project, 4.30% (1) 6,300,000 6,300,000 ------------- MONTANA--0.1% Great Falls, Montana Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 4.30% (1) 1,000,000 1,000,000 ------------- NEBRASKA--0.6% Nebraska Investment Finance Authority Single Family Mtg. Revenue Refunding Bonds, GNMA Mtg. Series B, FGIC Insured, 4.75%, 7/15/95 (3) 4,765,000 4,765,000
9 STATEMENT OF INVESTMENTS (Continued) Centennial Tax Exempt Trust
Face Amortized Cost Amount See Note 1 ---------- --------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) NEBRASKA (CONTINUED) Norfolk, Nebraska Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 4.30% (1) $ 2,800,000 $ 2,800,000 ------------- 7,565,000 ------------- NEVADA--1.9% Nevada State General Obligation Bonds, Colorado River Commission, 3.85% (1) 25,000,000 25,000,000 ------------- NEW JERSEY--0.7% New Jersey Economic Development Authority Manufacturing Facilities Revenue Bonds, VPR Commerce Center Project, 4.20% (1) 3,750,000 3,750,000 New Jersey State General Obligation Revenue Refunding Bonds, 7.90%, 8/1/95 5,000,000 5,013,189 ------------- 8,763,189 ------------- NEW MEXICO--0.8% Albuquerque, New Mexico Airport Revenue Refunding Bonds, Sub. Lien, AMBAC Insured, 2.55% (1) 11,000,000 11,000,000 ------------- NEW YORK--3.3% Albany County, New York General Obligation Revenue Refunding Bonds, South Mall Construction Project, Series A, FGIC Insured, 4.30%, 4/1/96 1,000,000 1,001,490 Babylon, New York General Obligation Bonds, Series B, AMBAC Insured, 3.95% (1) 700,000 700,000 City of New York Development Corp. Mtg. Revenue Bonds, Columbus Multi- family Project, Series A, 4% (1) 2,700,000 2,700,000 City of New York Housing Development Corp. Mtg. Revenue Bonds, East 96th Street Project, Series A, 3.75% (1) 400,000 400,000 City of New York Housing Development Corp. Mtg. Revenue Bonds, Multifamily- James Tower Development, Series A, 3.85% (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, 3.95% (1) 2,400,000 2,400,000 City of New York Trust Cultural Resources Revenue Refunding Bonds, American Museum of Natural History, Series B, MBIA Insured, 3.95% (1) 900,000 900,000 Erie County, New York General Obligation Revenue Anticipation Nts., 4.75%, 8/15/95 1,800,000 1,799,938 Erie County, New York Water Authority Revenue Bonds, Series A, AMBAC Insured, 4% (1) 1,000,000 1,000,000 New York State Environmental Facilities Corp. Solid Waste Disposal Revenue Refunding Bonds, General Electric Co. Project, Series A, 3.95%, 9/8/95 (3) 800,000 800,000 New York State Job Development Authority Gtd. Revenue Bonds, 1984 Series E-1 to E-55, 3.60% (1) 355,000 355,000
10 STATEMENT OF INVESTMENTS (Continued) Centennial Tax Exempt Trust
Face Amortized Cost Amount See Note 1 ---------- --------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) NEW YORK (CONTINUED) New York State Job Development Authority Gtd. Revenue Bonds, 1984 Series F-1 to F-17, 3.60% (1) $ 160,000 $ 160,000 New York State Job Development Authority Gtd. Revenue Bonds, Series C-1 to C-30, 4.60% (1) 895,000 895,000 New York State Job Development Authority Gtd. Revenue Bonds, Special Purpose, Series C-1, 3.70% (1) 815,000 815,000 New York State Local Government Assistance Corp. Revenue Bonds, Series A, 3.70% (1) 700,000 700,000 New York State Medical Care Facilities Finance Agency Revenue Bonds, Mt. Sinai Hospital Project, Prerefunded, Series C, FHA Insured, 8.875%, 1/15/96 (3) 3,000,000 3,131,324 New York State Medical Care Facilities Finance Agency Revenue Bonds, St. Mary's Hospital-Private Insurance Program, Prerefunded, AMBAC Insured, 8.375%, 11/1/95 (3) 3,300,000 3,401,546 New York State Urban Development Corp. Correctional Facilities Revenue Bonds, Prerefunded, Series B, 8%, 1/1/96 (3) 8,300,000 8,609,396 New York State Urban Development Corp. Revenue Refunding Bonds, Prerefunded, 8%, 1/1/96 (3) 6,500,000 6,723,139 North Hempstead, New York Solid Waste Management Authority Revenue Refunding Bonds, Series A, 3.75% (1) 700,000 700,000 Suffolk County, New York Industrial Development Agency Revenue Bonds, Nissequogue Cogen Partners Project, 4.30% (1) 700,000 700,000 Triborough Bridge & Tunnel Authority of New York Revenue Bonds, FGIC Insured, 3.75% (1) 2,000,000 2,000,000 ------------- 42,891,833 ------------- NORTH CAROLINA--0.9% North Carolina National Bank Pooled Tax-Exempt Trust Certificates of Participation, Series 1990A, 4.50% (1) 8,080,000 8,080,000 North Carolina National Bank Pooled Tax-Exempt Trust Certificates of Participation, Series 1990B, 4.50% (1) 4,500,000 4,500,000 ------------- 12,580,000 ------------- NORTH DAKOTA--0.2% Bismarck, North Dakota Industrial Development Revenue Bonds, SuperValu Stores, Inc. Project, 4.30% (1) 1,500,000 1,500,000 Bismarck, North Dakota Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 4.30% (1) 800,000 800,000 ------------- 2,300,000 ------------- OHIO--5.4% Cuyahoga County, Ohio Industrial Development Revenue Bonds, Southwest LP, 4.70%, 12/1/95 (3) 500,000 500,000
11 STATEMENT OF INVESTMENTS (Continued) Centennial Tax Exempt Trust
Face Amortized Cost Amount See Note 1 ---------- --------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) OHIO (CONTINUED) Gallia County, Ohio Industrial Development Mtg. Revenue Refunding Bonds, Jackson Pike Assn., 3.85%, 12/15/95 (3) $ 1,750,000 $ 1,750,000 Greene County, Ohio Industrial Development Revenue Refunding Bonds, SuperValu Holdings, Inc. Project, 4.30% (1) 1,000,000 1,000,000 Licking County, Ohio Industrial Development Revenue Bonds, Power Industries, Inc. Project, 4.20%, 12/1/95 (3) 315,000 315,000 Lucas County, Ohio Industrial Development Revenue Refunding Bonds, H.H. Motel, Inc. Project, 4.20% (1) 3,905,000 3,905,000 Marion County, Ohio Hospital Revenue Bonds, Pooled Lease Program, 4.20% (1) 6,960,000 6,960,000 Marion County, Ohio Hospital Revenue Bonds, Pooled Lease Program, 4.25%, 11/1/95 (3) 9,150,000 9,150,000 Miami Valley, Ohio Tax-Exempt Mtg. Trust Revenue Bonds, Series 86, 4.88%, 10/15/95 (3) 2,835,000 2,835,000 Ohio State Air Quality Development Authority Pollution Control Revenue Refunding Bonds, Series B, 4.95%, 10/4/95 (3) 4,655,000 4,655,000 Ohio State Water Development Authority Pollution Control Facilities Revenue Refunding Bonds, Duquesne Light Co., Series A, 4.95%, 10/4/95 (3) 33,955,000 33,955,000 Scioto County, Ohio Health Care Facilities Revenue Bonds, Hill View Retirement Center, 4.20%, 12/1/95 (3) 2,895,000 2,895,000 Warren County, Ohio Industrial Development Revenue Refunding Bonds, Liquid Container Project, 4.25% (1) 1,670,000 1,670,000 Whitehall, Ohio Industrial Development Revenue Refunding Bonds, First Mtg. Continental Commercial, 4.70%, 8/1/95 (3) 1,590,000 1,590,000 ------------- 71,180,000 ------------- OKLAHOMA--0.9% Claremore, Oklahoma Industrial & Redevelopment Authority Revenue Refunding Bonds, Worthington Cylinder Project, 4.25% (1) 2,370,000 2,370,000 Cleveland County, Oklahoma Public Facilities Revenue Bonds, Hunt Development Project, Series A, 4.55% (1) 1,000,000 1,000,000 Mid-West Tax-Exempt Mtg. Board Trust Revenue Bonds, 3.85% (1) 1,635,000 1,635,000 Tulsa, Oklahoma Industrial Authority Revenue Bonds, 4.15% (1) 6,500,000 6,500,000 ------------- 11,505,000 ------------- OREGON--2.2% Clackamas County, Oregon Hospital Facility Authority Revenue Bonds, Kaiser Permanente Medical Center Project, 4.20%, 10/1/95 (3) 2,300,000 2,300,000 Hillsboro, Oregon Revenue Bonds, Oregon Graduate Institute, 4.20% (1) 7,000,000 7,000,000 Klamath Falls, Oregon Electric Revenue Bonds, Salt Caves Hydroelectric Project, Series D, 4.40%, 5/1/96(3) 16,000,000 16,000,000
12 STATEMENT OF INVESTMENTS (Continued) Centennial Tax Exempt Trust
Face Amortized Cost Amount See Note 1 ---------- --------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) OREGON (CONTINUED) Oregon State Economic & Industrial Development Commission Revenue Bonds, Eagel-Picher Industries Project, 4.80% (1) $ 3,600,000 $ 3,600,000 ------------- 28,900,000 ------------- PENNSYLVANIA--1.2% Commonwealth of Pennsylvania Tax-Exempt Mtg. Bond Trust Certificates, Series A, 4.50%, 11/1/95 (3) 3,470,000 3,470,000 Littlestown, Pennsylvania Industrial Development Authority Revenue Refunding Bonds, Hanover House Industries Project, 4.20% (1) 3,000,000 3,000,000 Montgomery County, Pennsylvania Industrial Development Authority Revenue Bonds, Quaker Chemical Corp. Project, 3.90% (1) 1,600,000 1,600,000 Philadelphia, Pennsylvania Authority for Industrial Development Revenue Bonds, Commercial Development, 1100 Walnut St. Assn., 3.90% (1) 7,400,000 7,400,000 ------------- 15,470,000 ------------- SOUTH CAROLINA--2.0% Charleston Center Tax-Exempt Bonds, Grantor Trust No. 2, 4.30%, 11/1/95 (3) 4,407,500 4,407,500 Charleston Center Tax-Exempt Bonds, Grantor Trust No. 3, 4.80%, 7/1/95 (3) 9,452,500 9,452,500 Charleston Center Tax-Exempt Bonds, Grantor Trust No. 6, 4.35%, 10/1/95 (3) 8,075,000 8,075,000 Dorchester County, South Carolina Pollution Control Facilities Revenue Refunding Bonds, The BOC Group, Inc. Project, 4.15% (1) 3,500,000 3,500,000 South Carolina Jobs & Economic Development Authority Revenue Bonds, Wellman Income Project, 4.25% (1) 1,000,000 1,000,000 ------------- 26,435,000 ------------- SOUTH DAKOTA--2.7% Grant County, South Dakota Pollution Control Revenue Refunding Bonds, Otter Tail Power Co. Project, 4.15% (1) 10,400,000 10,400,000 South Dakota State Health & Educational Bonds, Sioux Valley Hospital Issue, 4.15% (1) 20,600,000 20,600,000 Watertown, South Dakota Industrial Development Revenue Bonds, SuperValu Stores, Inc. Project, 4.30% (1) 3,900,000 3,900,000 ------------- 34,900,000 ------------- TENNESSEE--2.4% Clarksville, Tennessee Public Building Authority Revenue Bonds, Pooled Financing-Tennessee Municipal Bond Fund, 4.20% (1) 12,000,000 12,000,000 Covington, Tennessee Industrial Development Board, Charms Co. Project, 4.10% (1) 4,100,000 4,100,000 Dayton, Tennessee Industrial Development Board Revenue Refunding Bonds, La-Z Boy Chair Co. Project, 4.15% (1) 4,350,000 4,350,000
13 STATEMENT OF INVESTMENTS (Continued) Centennial Tax Exempt Trust
Face Amortized Cost Amount See Note 1 ---------- --------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) TENNESSEE (CONTINUED) Knox County, Tennessee Industrial Development Board Revenue Bonds, Weisgarber Partners, FGIC Insured, 4.10% (1) $ 3,000,000 $ 3,000,000 Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facilities Board Revenue Bonds, Vanderbilt University Project, Series 1985B, 4.35%, 5/1/96 (3) 2,250,000 2,250,000 Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facilities Board Revenue Bonds, Vanderbilt University Project, Series 85A, 5.10%, 1/15/96 (3) 1,000,000 1,000,000 Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facilities Board Revenue Bonds, Vanderbilt University Project, Series 85A, 5.10%, 1/15/96 (3) 700,000 700,000 Metropolitan Government of Nashville & Davidson County, Tennessee Multifamily Housing Revenue Bonds, Arbor Crest Project, Series B, 4.20% (1) 3,550,000 3,550,000 Rutherford County, Tennessee Industrial Development Board Industrial Building Revenue Bonds, Derby Industries, Inc. Project, 4.35% (1) 1,000,000 1,000,000 ------------- 31,950,000 ------------- TEXAS--9.0% Angelina & Neches River Authority Texas Pollution Control Revenue Refunding Bonds, Temple-Inland Forest Project, 4.35% (1) 7,350,000 7,350,000 Austin, Texas Travis & Williamson Counties Combined Utility Systems Tax-Exempt Commercial Paper, Swiss Bank Insured, 4.20%, 10/5/95 (3) 8,200,000 8,200,000 Harris County, Texas Custodial Receipts, Series A, 3.65% (1) 5,000,000 5,000,000 Hockley County, Texas Industrial Development Corp. Pollution Control Revenue Bonds, Amoco Project-Standard Oil Co., 4.75%, 9/1/95 (3) 20,000,000 20,011,993 Lower Neches Valley Authority Texas Revenue Bonds, Chevron USA, Inc. Project, 4.45%, 8/15/95 (3) 9,400,000 9,400,000 Texas State Tax & Revenue Anticipation Nts., 5%, 8/31/95 60,050,000 60,075,386 Texas Water Resource Finance Authority Revenue Bonds, Series 1989, 7%, 8/15/95 4,455,000 4,469,129 Travis County, Texas Housing Finance Corp. Multifamily Housing Revenue Bonds, Bent Oaks Apts., 4.665% (1) 4,400,000 4,400,000 ------------- 118,906,508 ------------- UTAH--1.3% Intermountain Power Agency of Utah Power Supply Revenue Refunding Bonds, Series E, 3.85%, 6/17/96 (3) 2,100,000 2,100,000 Intermountain Power Agency of Utah Power Supply Revenue Refunding Bonds, Series F, 4.15%, 9/15/95 (3) 5,500,000 5,500,000
14 STATEMENT OF INVESTMENTS (Continued) Centennial Tax Exempt Trust
Face Amortized Cost Amount See Note 1 ---------- --------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) UTAH (CONTINUED) Utah State Housing Finance Agency Multifamily Housing Revenue Refunding Bonds, Candlestick Apts. Project, 4.15% (1) $ 6,400,000 $ 6,400,000 Weber County, Utah Industrial Development Revenue Refunding Bonds, Parker Properties, Inc. Project, 3.90% (1) 2,600,000 2,600,000 ------------- 16,600,000 ------------- VERMONT--0.4% Vermont Educational & Health Buildings Financing Agency Revenue Bonds, Middlebury College Project, Series 1988A, 4.35%, 5/1/96 (3) 3,500,000 3,500,000 Vermont Industrial Development Authority Revenue Bonds, Sherburne Corp., 4.48% (1) 1,885,000 1,885,000 ------------- 5,385,000 ------------- VIRGINIA--0.8% Roanoke, Virginia Industrial Development Authority Hospital Revenue Bonds, Roanoke Memorial Hospital Project, Series A, 4.50% (1) 100,000 100,000 Virginia State Housing Development Authority Commonwealth Mtg. Bonds, Series D, 4.12%, 9/12/95 (3) 4,000,000 4,000,140 Virginia State Housing Development Authority Commonwealth Mtg. Bonds, Series F, 4.12%, 9/12/95 (3) 7,000,000 7,000,244 ------------- 11,100,384 ------------- WASHINGTON--1.4% Port Longview, Washington Industrial Development Revenue Bonds, Longview Fibre Co. Project, 4.10% (1) 2,500,000 2,500,000 Redmond, Washington Public Corp. Industrial Revenue Refunding Bonds, Genie Industries, Lot 1, 4.25% (1) 1,100,000 1,100,000 Redmond, Washington Public Corp. Industrial Revenue Refunding Bonds, Genie Industries, Lot 2, 4.25% (1) 1,770,000 1,770,000 Seattle, Washington Industrial Development Corp. Revenue Bonds, RICS LP, 4.30% (1) 5,700,000 5,700,000 Washington State Housing Finance Commission Non-profit Housing Revenue Bonds, Horizon House Project, 3.80% (1) 4,505,000 4,505,000 Washington State Housing Finance Commission Single Family Program Bonds, FGIC Insured, 4.10%, 6/1/96 (3) 2,500,000 2,500,000 ------------- 18,075,000 ------------- WEST VIRGINIA--1.9% Grant County, West Virginia Pollution Control Revenue Bonds, Virginia Electric & Power Co. Project, Series 1994, 3.80%, 9/13/95 (3) 19,500,000 19,500,000 Harrison County, West Virginia Industrial Development Revenue Refunding Bonds, Fox Grocery Co. Project, 4.25% (1) 4,140,000 4,140,000
15 STATEMENT OF INVESTMENTS (Continued) Centennial Tax Exempt Trust
Face Amortized Cost Amount See Note 1 ---------- --------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) WEST VIRGINIA (CONTINUED) West Virginia School Building Authority Capital Improvement Revenue Bonds, MBIA Insured, 5%, 7/1/95 $1,795,000 $ 1,795,000 ------------- 25,435,000 ------------- Total Investments, at Amortized Cost 103.3% 1,357,731,247 Liabilities in Excess of Other Assets (3.3) (42,810,270) ----- ------------- Net Assets 100.0% $1,314,920,977 ===== =============
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, 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. Maturity date shown represents effective maturity based on variable rate and, if applicable, demand feature. 2. When-issued security to be delivered and settled after June 30, 1995. 3. Put obligation redeemable at full face value on the date reported. See accompanying Notes to Financial Statements. 16 STATEMENT OF ASSETS AND LIABILITIES June 30, 1995 Centennial Tax Exempt Trust
ASSETS: Investments, at amortized cost--see accompanying statement $1,357,731,247 Cash 2,477,832 Receivables: Interest 12,804,526 Shares of beneficial interest sold 33,622,017 Other 279,760 ----------- Total assets 1,406,915,382 ----------- LIABILITIES: Payables and other liabilities: Investments purchased 71,707,195 Shares of beneficial interest redeemed 18,068,864 Dividends 1,906,239 Service plan fees--Note 3 120,368 Transfer and shareholder servicing agent fees--Note 3 23,467 Trustees' fees 1,113 Other 167,159 ----------- Total liabilities 91,994,405 ----------- NET ASSETS $1,314,920,977 =========== COMPOSITION OF NET ASSETS: Paid-in capital $1,314,882,597 Accumulated net realized gain from investment transactions 38,380 ----------- NET ASSETS -- applicable to 1,314,898,565 shares of beneficial interest outstanding $1,314,920,977 =========== NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE $1.00
See accompanying Notes to Financial Statements. 17 STATEMENT OF OPERATIONS For the Year Ended June 30, 1995 Centennial Tax Exempt Trust INVESTMENT INCOME: Interest $43,517,674 EXPENSES: Management fees -- Note 3 5,050,991 Service plan fees -- Note 3 2,246,219 Transfer and shareholder servicing agent fees -- Note 3 579,024 Registration and filing fees 166,390 Shareholder reports 77,337 Legal and auditing fees 42,350 Trustees' fees and expenses 19,421 Custodian fees and expenses 12,774 Other 50,383 ---------- Total expenses 8,244,889 ---------- NET INVESTMENT INCOME 35,272,785 NET REALIZED GAIN ON INVESTMENTS 69,768 ---------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $35,342,553 ==========
See accompanying Notes to Financial Statements. 18 STATEMENTS OF CHANGES IN NET ASSETS Centennial Tax Exempt Trust
Year Ended June 30, -------------------------------- 1995 1994 --------------- -------------- OPERATIONS: Net investment income $ 35,272,785 $ 19,775,488 Net realized gain on investments 69,768 2,423 -------------- -------------- Net increase in net assets resulting from operations 35,342,553 19,777,911 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (35,284,282) (19,846,407) BENEFICIAL INTEREST TRANSACTIONS: Net increase in net assets resulting from beneficial interest transactions--Note 2 275,476,883 58,297,214 -------------- -------------- NET ASSETS Total increase 275,535,154 58,228,718 Beginning of period 1,039,385,823 981,157,105 -------------- -------------- End of period $1,314,920,977 $1,039,385,823 ============== ==============
See accompanying Notes to Financial Statements. 19 FINANCIAL HIGHLIGHTS Centennial Tax Exempt Trust
Year Ended June 30, SIX MONTHS YEAR ENDED ---------------------------------------------------------------------- ENDED JUNE 30, DECEMBER 31 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 ----- ----- ----- ----- ----- ----- ----- ----- ----- ------------ ----------- PER SHARE OPERATING DATA: Net asset value, beginning of period $ 1.00 $ 1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 Income from investment operations--net investment income and net realized gain on investments .03 .02 .02 .03 .04 .05 .05 .04 .04 .02 .05 Dividends and distributions to shareholders (.03) (.02) (.02) (.03) (.04) (.05) (.05) (.04) (.04) (.02) (.05) ----- ---- - ---- ----- ---- ---- ----- ---- ---- ---- ---- Net asset value, end of period $ 1.00 $ 1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ====== ====== ===== ===== ===== ===== ===== ===== ===== ===== ===== TOTAL RETURN, AT NET ASSET VALUE(1) 3.17% 1.90% 2.19% 3.55% 5.09% 5.70% 5.55% 4.35% 3.83% 2.25% 5.00% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in millions) $1,315 $1,039 $ 981 $ 917 $787 $ 575 $ 486 $ 518 $ 459 $ 469 $ 212 Average net assets (in millions) $1,127 $1,057 $ 977 $ 900 $711 $ 561 $ 504 $ 485 $ 522 $ 385 $ 154 Number of shares outstanding at end of period (in millions) 1,315 1,039 981 917 787 575 486 518 459 469 212 Ratios to average net assets: Net investment income 3.13% 1.87% 2.08% 3.40% 4.84% 5.44% 5.45% 4.30% 3.71% 4.34%(2) 4.59% Expenses .73% .76% .76% .75% .77% .79% .78% .78% .79% .82%(2) .82%
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 Centennial Tax Exempt Trust 1. SIGNIFICANT ACCOUNTING POLICIES Centennial Tax Exempt Trust (the Trust) is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Trust's investment advisor is Centennial Asset Management Corporation (the Manager), a subsidiary of Oppenheimer Management Corporation (OMC). The following is a summary of significant accounting policies consistently followed by the Trust. Investment Valuation--Portfolio securities are valued on the basis of amortized cost, which approximates market value. Federal 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. 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, 1995 Year Ended June 30, 1994 ---------------------------- ------------------------------ Shares Amount Shares Amount ------------ ------------ ------------ -------------- Sold 3,745,799,353 $ 3,745,799,210 3,351,917,791 $ 3,351,918,751 Dividends and distributions reinvested 33,490,524 33,490,524 19,299,307 19,299,307 Issued in connection with the acquisition of Oppenheimer Tax-Exempt Cash Reserves-- Note 4 31,152,605 31,152,738 -- -- Redeemed (3,534,964,703) (3,534,965,589) (3,312,920,844) (3,312,920,844) -------------- -------------- -------------- --------------- Net increase 275,477,779 $ 275,476,883 58,296,254 $ 58,297,214 ============== ============= ============== ===============
3. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Management fees paid to the Manager were in accordance with the investment advisory agreement with the Trust which provides for 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, 21 NOTES TO FINANCIAL STATEMENTS (Continued) Centennial Tax Exempt Trust .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 OMC, is the transfer and shareholder servicing agent for the Trust, and for other registered investment companies. SSI's total costs of providing such services are allocated ratably to these companies. Under an approved service plan, the Trust may expend up to .20% of its net assets annually to reimburse Centennial Asset Management Corporation, as distributor, for costs incurred in connection with the personal service and maintenance of accounts that hold shares of the Trust, including amounts paid to brokers, dealers, banks and other institutions. During the year ended June 30, 1995, the Trust paid $13,658 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. - ------------------------------------------------------------------------------- FEDERAL INCOME TAX INFORMATION (Unaudited) Centennial Tax Exempt Trust In early 1996, shareholders will receive information regarding all dividends and distributions paid to them by the Trust during calendar year 1995. 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, 1995 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. 22 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, 1995, the related statement of operations for the year then ended, the statements of changes in net assets for the years ended June 30, 1995 and 1994, and the financial highlights for the period January 1, 1985 to June 30, 1995. 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, 1995 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, 1995, 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 24, 1995 23 CENTENNIAL TAX EXEMPT TRUST Officers and Trustees James C. Swain, Chairman and Chief Executive Officer Robert G. Avis, Trustee William A. Baker, Trustee Charles Conrad, Jr., Trustee Jon S. Fossel, Trustee and President Raymond J. Kalinowski, Trustee C. Howard Kast, Trustee Robert M. Kirchner, Trustee Ned M. Steel, Trustee Michael A. Carbuto, Vice President Andrew J. Donohue, Vice President George C. Bowen, Vice President, Secretary and Treasurer Robert J. Bishop, Assistant Treasurer Scott Farrar, Assistant Treasurer Robert G. Zack, Assistant Secretary Investment Advisor and Distributor Centennial Asset Management Corporation Transfer and Shareholder Servicing Agent Shareholder Services, Inc. Custodian of Portfolio Securities Citibank, N.A. Independent Auditors Deloitte & Touche LLP Legal Counsel Myer, Swanson, Adams & 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 infor- mation concerning the Trust, see the Prospectus. Shares of Centennial Tax Exempt Trust are not deposits or obligations of any bank, are not guaranteed by any bank, and are not insured by the FDIC or any other agency, and involve investment risks, including possible loss of the principal amount invested. For shareholder servicing, call: 1-800-525-7048 (in U.S.) 303-671-3200 (outside U.S.) Or write: Shareholder Services, Inc. P.O. Box 5270 Denver, CO 80217-5270 RA0160.001.0895 (RECYCLED LOGO) Printed on recycled paper. 1995 Annual Report Centennial Tax Exempt Trust JUNE 30, 1995 -----END PRIVACY-ENHANCED MESSAGE-----