UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-3104
CENTENNIAL TAX EXEMPT TRUST
(Exact name of registrant as specified in charter)
6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924
(Address of principal executive offices)
(Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
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(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
--------------
Date of fiscal year end: JUNE 30
-------
Date of reporting period: JULY 1, 2003 - DECEMBER 31, 2003
ITEM 1. REPORTS TO STOCKHOLDERS.
STATEMENT OF INVESTMENTS DECEMBER 31, 2003 / UNAUDITED
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
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SHORT-TERM TAX-EXEMPT OBLIGATIONS--98.5%
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ALABAMA--1.4%
Birmingham, AL Waterworks & Sewer Board RB, AAMC Series 2002-21,
MBIA Insured, 1.08%, 1/28/04 1 $10,000,000 $ 10,000,000
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Demopolis, AL IDV Board RB, Del Mesa Farms Project, 1.40% 2 6,400,000 6,400,000
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Hoover, AL BOE Capital Outlay TAN, AAMC Series 2001-16,
MBIA Insured, 1.21% 2 4,950,000 4,950,000
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Sylacauga, AL IDV Board RB, Harrells Fertilizer, Inc., 1.40% 2 3,600,000 3,600,000
---------------
24,950,000
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ALASKA--0.8%
North Slope Borough, AK GOB, Series B, FSA Insured, 1.32% 2 13,400,000 13,400,000
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ARIZONA--3.6%
Phoenix, AZ Civic Improvement Corp. Waste WS
Revenue BAN, Series 2003, 1%, 2/19/04 20,000,000 20,000,000
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Phoenix, AZ Civic Improvement Corp. Waste WS
Revenue BAN, Series 2003-A, 0.95%, 4/1/04 20,000,000 20,000,000
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Phoenix, AZ IDAU MH RRB, Paradise Lakes Apts. Project, Series 1995, 1.25% 2 22,500,000 22,500,000
---------------
62,500,000
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CALIFORNIA--3.5%
CA Department of Water Resources Power Supply RB, Series C-4, 1.25% 2 800,000 800,000
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CA Department of Water Resources Power Supply RB, Series C-7,
FSA Insured, 1.27% 2 10,000,000 10,000,000
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CA Department of Water Resources Power Supply RB, Series C-9, 1.20% 2 20,000,000 20,000,000
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CA M-S-R PPA RRB, San Juan Project, Sub. Lien, Series E, MBIA Insured, 1.20% 2 2,600,000 2,600,000
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CA SCDAU MH RB, Greentree Sr. Apts. Project-P, 1.26% 2 750,000 750,000
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Fremont, CA MH RB, Treetops Apts., Series A, 1.30% 2 1,000,000 1,000,000
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Huntington Park, CA RA MH RB, Casa Rita Apts., Series A, 1.26% 2 300,000 300,000
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Lodi, CA EU REF COP, Series A, MBIA Insured, 1.03% 2 3,400,000 3,400,000
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Los Angeles Cnty., CA MTAU Sales Tax RRB, Second Sr. Series A,
MBIA Insured, 1.20% 2 3,000,000 3,000,000
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Los Angeles, CA USD GOB, AAMC Series 1999-7, MBIA Insured, 1.14% 2,3 1,000,000 1,000,000
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Northern CA Power Agency RRB, Hydroelectric Project 1-A,
MBIA Insured, 1.11% 2 2,400,000 2,400,000
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Orange Cnty., CA HAU MH RB, Lantern Pines Project-CC, 1.15% 2 1,000,000 1,000,000
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Orange Cnty., CA Special FAU Teeter Plan RB, Series D, AMBAC Insured, 1.10% 2 6,300,000 6,300,000
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Orange Cnty., CA Special FAU Teeter Plan RB, Series E, AMBAC Insured, 1.10% 2 1,225,000 1,225,000
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Rancho Mirage, CA Joint Powers FA REF COP, Eisenhower Medical Center,
Series B, MBIA Insured, 1.11% 2 1,100,000 1,100,000
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Sacramento Cnty., CA HAU MH RRB, Bent Tree Apts., Series A, 1.20% 2 3,600,000 3,600,000
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San Diego, CA Water Utility Fund Net System GOB, AAMC Series 1998-10,
FGIC Insured, 1.16% 2,3 2,200,000 2,200,000
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Southern CA PPAU RRB, Palo Verde Project, Series B, AMBAC Insured, 1.03% 2 700,000 700,000
---------------
61,375,000
5 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
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COLORADO--1.2%
Arapahoe Cnty., CO Water & Wastewater Authority RRB, Series A, 1.14% 2 $ 2,500,000 $ 2,500,000
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Castlewood Ranch, CO Metro District GOLB, 1.22%, 1/2/04 1 3,250,000 3,250,000
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Central Platte Valley & Denver Cnty., CO Metro District GOB, Series B,
1.30%, 12/1/04 1 3,000,000 3,000,000
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CO Educational & Cultural FA Public Radio RB, Community
Wireless Park City, 1.20% 2 790,000 790,000
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Stapleton Business Center Metro District, CO RB, 1.21% 2 7,550,000 7,550,000
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Superior Metro District No. 1, CO WSS BAN, 1.21% 2 2,000,000 2,000,000
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Willow Trace Metro District, CO GOLB, Series A, 1.30%, 12/1/04 1 2,295,000 2,295,000
---------------
21,385,000
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FLORIDA--4.3%
Collier Cnty., FL IDAU RB, Gulf Coast American Blind, Series A, 1.37% 2 2,875,000 2,875,000
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Dade Cnty., FL WSS RB, ETET Series 96C0908, Cl. A, FGIC Insured, 1.30% 2 9,900,000 9,900,000
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FL Gulf Coast University Financing Corp./Capital Improvement RB,
Series 2003, 1.25% 2 2,250,000 2,250,000
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FL TUAU RB, Series A, ETET Series 96C0910, Cl. A, FGIC Insured, 1.30% 2 14,850,000 14,850,000
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Hillsborough Cnty., FL IDAU PC COP, Tampa Electric Co. Project,
ETET Series 96C0911, Cl. A, 1.30% 2 17,795,000 17,795,000
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Hillsborough Cnty., FL IDAU PC COP, Tampa Electric Co. Project,
ETET Series 97C0901, Cl. A, MBIA Insured, 1.30% 2 17,795,000 17,795,000
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Jacksonville, FL Sales Tax RB, MERLOT Series 2003 B26, MBIA Insured, 1.21% 2 9,995,000 9,995,000
---------------
75,460,000
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GEORGIA--7.6%
Atlanta, GA TXAL Bonds, Westside Project, 1.25% 2 14,995,000 14,995,000
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Burke Cnty., GA PC RB, Series 98-A, 0.90%, 2/2/04 12,000,000 12,000,000
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Burke Cnty., GA PC RB, Series 98-B, 0.90%, 1/20/04 11,000,000 11,000,000
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Burke Cnty., GA PC RB, Series 98-B, 0.92%, 1/14/04 25,000,000 25,000,000
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Burke Cnty., GA PC RB, Series 98-B, 0.94%, 1/21/04 25,000,000 25,000,000
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Burke Cnty., GA PC RB, Series 98-B, 1.03%, 1/9/04 20,000,000 20,000,000
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Cherokee Cnty., GA WSS RRB, MERLOT Series 2003 A14, MBIA Insured, 1.21% 2 7,050,000 7,050,000
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GA GOB, Series 1995B, ETET Series 96C1004, Cl. A, 1.30% 2 11,880,000 11,880,000
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Gainsville, GA RA EDLFA RRB, Riverside Military Project, 1.25% 2 6,250,000 6,250,000
---------------
133,175,000
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IDAHO--1.2%
Custer Cnty., ID PC RB, Amoco Standard Oil of Indiana, 1.10%, 4/1/04 1 20,375,000 20,375,000
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ILLINOIS--14.7%
Chicago, IL BOE GOUN, AAMC Series 2002-4, FSA Insured, 1.21% 2 9,225,000 9,225,000
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Chicago, IL GOB, AAMC Series 2002-12, 1.21% 2 10,975,000 10,975,000
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Chicago, IL GOUN, AAMC Series 1998-3, FGIC Insured, 1.21% 2,3 8,735,000 8,735,000
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Chicago, IL RB, Lakefront Millennium Parking Facility, ETET Series 981303,
Cl. A, 1.30% 2 22,495,000 22,495,000
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Crestwood, IL HEAU RB, Trinity Christian College, Series 2003, 1.25% 2 5,000,000 5,000,000
6 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS Continued
IL Development FAU RB, Evanston Northwestern Corp., 1.30% 2 $ 5,000,000 $ 5,000,000
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IL Development FAU SWD RB, Waste Management, Inc. Project, 1.35% 2 9,000,000 9,000,000
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IL EDLFA RB, 0.90%, 1/13/04 19,000,000 19,000,000
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IL EDLFA RB, 0.90%, 1/20/04 11,840,000 11,840,000
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IL EDLFA RB, 0.92%, 1/14/04 30,000,000 30,000,000
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IL EDLFA RB, 0.94%, 1/21/04 12,000,000 12,000,000
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IL EDLFA RB, 1.03%, 1/26/04 15,000,000 15,000,000
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IL HFAU RB, Evanston Hospital Corp., Series 1985-B, 1.20%, 11/15/04 5,000,000 5,000,000
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IL HFAU RB, Evanston Hospital Corp., Series 1992, 0.95%, 1/22/04 17,000,000 17,000,000
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IL HFAU RB, Evanston Hospital Corp., Series 1995, 1%, 3/25/04 10,500,000 10,500,000
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IL HFAU RB, Evanston Hospital Corp., Series 1996, 1.07%, 5/17/04 5,000,000 5,000,000
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IL HFAU RB, Evanston Northwestern Corp., Series 1998, 1%, 2/26/04 50,000,000 50,000,000
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IL RTA RB, MERLOT Series 2003 B15, 1.21% 2 12,975,000 12,975,000
---------------
258,745,000
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INDIANA--7.0%
Dyer, IN HCF RRB, Regency Place, Series A-1, 1.43% 2 2,770,000 2,770,000
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Fort Wayne, IN HCF RRB, Health Quest, Series X-A, 1.43% 2 1,920,000 1,920,000
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IN Bond Bank RB, Advance Funding Program Nts., Series A,
AMBAC Insured, 2%, 1/27/04 66,500,000 66,542,272
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IN GOB, AAMC Series 2003-15, Single Asset Trust, 1.16%, 1/28/04 1 14,200,000 14,200,000
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IN MPA PPS RB, ETET Series 981401, Cl. A, MBIA Insured, 1.30% 2 13,600,000 13,600,000
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Indianapolis, IN AA Sub. RB, 0.92%, 2/2/04 10,000,000 10,000,000
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Indianapolis, IN HCF RRB, Health Quest, Series A, 1.43% 2 2,685,000 2,685,000
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Kokomo, IN ED RB, Village Community Partner IV Project, 1.34% 2 2,640,000 2,640,000
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Lawrence/Fort Harrison, IN Reuse Authority Tax Increment RB,
Harrison Military Base, 1.30% 2 2,835,000 2,835,000
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Merrillville, IN HCF RRB, Southlake, Series A-1, 1.43% 2 2,710,000 2,710,000
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South Bend, IN HCF RRB, Regency Place, Series 1992A, 1.43% 2 2,590,000 2,590,000
---------------
122,492,272
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IOWA--1.5%
IA School Cash Anticipation Program Nts., Series B, FSA Insured,
2.25%, 1/30/04 27,000,000 27,024,820
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LOUISIANA--3.2%
LA Gas & Fuels Tax Nts., AAMC Series 2002-17, 1.21%, 6/1/04 1,3 15,000,000 15,000,000
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Lafayette Parish, LA School Board Sales Tax RB, FGIC Insured, 6%, 4/1/04 2,000,000 2,024,685
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New Orleans, LA IDV Board MH RB, Orleans LLC Project, Series 3700, 1.45% 2 29,000,000 29,000,000
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St. James Parish, LA PC RRB, Texaco Project, Series A, 1.08%, 6/10/04 1 10,000,000 10,000,000
---------------
56,024,685
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MARYLAND--1.6%
MD Health & HEFAU RB, John Hopkins University, Series B, 1.50%, 1/8/04 1,500,000 1,500,000
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Montgomery Cnty., MD Consolidated BAN, Series 2002, 0.90%, 1/21/04 12,000,000 12,000,000
7 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
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MARYLAND Continued
Montgomery Cnty., MD Consolidated BAN, Series 2002, 1.05%, 1/12/04 $15,000,000 $ 15,000,000
---------------
28,500,000
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MASSACHUSETTS--2.8%
MA General Obligation BAN, Series 2003A, 1.75%, 1/15/04 50,000,000 50,015,673
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MICHIGAN--0.8%
MI Grant Anticipation Nts., Series D, 1.08% 2 4,450,000 4,450,000
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MI Job DAU RB, East Lansing Residence Associates Project, 1.15% 2 1,900,000 1,900,000
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St. Clair Cnty., MI ED RRB, MSTFC Series 2000-282X, AMBAC Insured,
1.10%, 8/5/04 1 8,000,000 8,000,000
---------------
14,350,000
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MINNESOTA--0.9%
MN GOB, ETET Series 2000231, Cl. A, 1.30% 2 16,010,000 16,010,000
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MISSISSIPPI--0.2%
Jackson Cnty., MS WS RB, 0.85%, 2/2/04 1 4,220,000 4,220,000
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MISSOURI--0.9%
Boatmens St. Louis, MO Grantor Trust COP, Series 1996A, 1.30%, 12/20/04 1 14,075,000 14,075,000
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MO Health & EDLFA RRB, Cox Health System, Series 1997, 1.32% 2 1,100,000 1,100,000
---------------
15,175,000
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NEVADA--2.9%
Clark Cnty., NV AIC RRB, Series A, 1.07% 2 13,635,000 13,635,000
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NV GOLB, SGMSTR Series 1997 SG114, 1.28% 2 20,350,000 20,350,000
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Washoe Cnty., NV GOLB, AAMC Series 2001-24, Single Asset Trust,
FGIC Insured, 1.21% 2 16,090,000 16,090,000
---------------
50,075,000
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NEW YORK--5.1%
Jay Street Development Corp. NYC Facilities Lease RB, Jay Street Project,
Series A-3, 1.08% 2 600,000 600,000
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NYC GOB, Subseries B7, 1.10% 2 500,000 500,000
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NYC HDC MH RB, Monterey Project, Series A, 1.10% 2 1,300,000 1,300,000
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NYC IDA Civic Facility RB, Casa Project, 1.30% 2 500,000 500,000
- ------------------------------------------------------------------------------------------------------------------------------------
NYC IDA RB, Planned Parenthood, 1.20% 2 1,100,000 1,100,000
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NYC MTAU BAN, Series CP-1A, 1%, 2/6/04 15,400,000 15,400,000
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NYC MWFAU RB, 0.90%, 1/15/04 25,000,000 25,000,000
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NYC MWFAU RB, 0.90%, 1/20/04 22,000,000 22,000,000
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NYC MWFAU WSS RRB, Series F-1, 1.30% 2 400,000 400,000
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NYC TAN, Series 2004 A, 2%, 4/15/04 17,500,000 17,554,216
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NYC Transitional FAU RB, MERLOT Series 2003 B35, 1.17% 2 600,000 600,000
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NYS TBTAU SPO RRB, Series D, FSA Insured, 1.08% 2 5,265,000 5,265,000
---------------
90,219,216
8 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
OHIO--2.7%
Gallia Cnty., OH IDV Mtg. RRB, Jackson Pike Assn., 1.30%, 6/15/04 1 $ 2,475,000 $ 2,475,000
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Hamilton Cnty., OH HCF RB, Twin Towers & Twin Lakes Project,
Series A, 1.29% 2 11,000,000 11,000,000
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OH Air Quality DAU RB, Ohio Edison Project, Series A, 1.12% 2 8,500,000 8,500,000
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OH Water DAU RRB, 1.30% 2 21,700,000 21,700,000
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Scioto Cnty., OH HCF RB, Hill View Retirement Center, 1.30%, 12/1/04 1 3,565,000 3,565,000
---------------
47,240,000
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PENNSYLVANIA--1.3%
Berks Cnty., PA IDAU RB, Visiting Nurse Assn., Inc. Project, Series B, 1.35% 2 690,000 690,000
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Lehigh Cnty., PA IDAU RB, Allentown Airport, 1.25% 2 410,000 410,000
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PA GOUN, ETET Series 946802, Cl. A, 1.30% 2 17,800,000 17,800,000
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PA Public School Buildings RB, MERLOT Series 2003 A42, 1.21% 2 3,800,000 3,800,000
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Philadelphia, PA IDAU RB, Friends of Mast School, Inc. Project, 1.30% 2 975,000 975,000
---------------
23,675,000
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SOUTH CAROLINA--0.7%
SC Jobs EDAU RB, WUREF Development LLC Project, Series A, 1.25% 2 5,075,000 5,075,000
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SC POAU GOB, AAMC Series 1998-7, FSA Insured, 1.25% 2 7,325,000 7,325,000
---------------
12,400,000
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TENNESSEE--0.1%
Chattanooga, TN Health, Education & Housing RB,
Tuff/Chattanooga Housing Project, 1.25% 2 1,655,000 1,655,000
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TEXAS--13.7%
Calhoun Cnty., TX Navigation IDAU Port RB, 1.34% 2 2,400,000 2,400,000
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Gulf Coast, TX IDAU Marine Terminal RB, Amoco Oil Project, 1.10%, 6/1/04 1 4,000,000 4,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Harris Cnty., TX Criminal Justice Center RB, SGMSTR Series 1997 SG96,
FGIC Insured, 1.28% 2 7,475,000 7,475,000
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Harris Cnty., TX TAN, 1.75%, 2/27/04 62,000,000 62,074,900
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Hockley Cnty., TX IDV Corp. PC RB, Amoco Project, 1.05%, 5/1/04 1 13,940,000 13,940,000
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Houston, TX GOB, Series B, 1.05%, 1/22/04 4,000,000 4,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Houston, TX Hotel Occupancy Tax & Parking RB, Sub. Lien, Series A,
0.97%, 1/9/04 22,500,000 22,500,000
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Houston, TX IDV Corp. Air Cargo RB, Aero Houston East, 1.35% 2 5,335,000 5,335,000
- ------------------------------------------------------------------------------------------------------------------------------------
Houston, TX WSS RB, SGMSTR Series 1997 SG120, 1.28% 2 37,600,000 37,600,000
- ------------------------------------------------------------------------------------------------------------------------------------
Keller, TX ISD GOUN, AAMC Series 2001-26, 1.21% 2 3,000,000 3,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
TX TAN & RAN, Series 2003, 2%, 8/31/04 63,000,000 63,357,651
- ------------------------------------------------------------------------------------------------------------------------------------
TX TUAU RB, Dallas Northtollway, SGMSTR Series 1996 SG70, 1.28% 2 15,325,000 15,325,000
---------------
241,007,551
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UTAH--0.3%
Salt Lake City, UT PC RRB, Amoco Project, 1.05%, 4/1/04 1 4,715,000 4,715,000
- ------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA--0.2%
Gloucester Cnty., VA IDAU SWD RB, Waste Management Services-A, 1.35% 2 3,000,000 3,000,000
9 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON--4.7%
Everett Cnty., WA Public Facilities District RAN, Series A, 0.98%, 2/19/04 $24,460,000 $ 24,460,000
- ------------------------------------------------------------------------------------------------------------------------------------
Everett Cnty., WA Public Facilities District TAN & RAN, 0.98%, 2/19/04 12,500,000 12,500,000
- ------------------------------------------------------------------------------------------------------------------------------------
King Cnty., WA GOLB, AAMC Series 2001-1, MBIA Insured, 1.21% 2 12,770,000 12,770,000
- ------------------------------------------------------------------------------------------------------------------------------------
Seattle, WA Light & Power RRB, AAMC Series 2002-12, FSA Insured,
1.10%, 5/5/04 1 9,755,000 9,755,000
- ------------------------------------------------------------------------------------------------------------------------------------
Snohomish Cnty., WA GOLB, MERLOT Series 2003 B33, MBIA Insured, 1.21% 2 4,545,000 4,545,000
- ------------------------------------------------------------------------------------------------------------------------------------
Tacoma, WA Limited Tax BAN, Series 2B, 1.05%, 1/15/04 8,000,000 8,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Tacoma, WA Limited Tax BAN, Series 2B, 1.05%, 1/15/04 5,000,000 5,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
WA GOUN, MERLOT Series 2003 A11, MBIA Insured, 1.21% 2 2,870,000 2,870,000
- ------------------------------------------------------------------------------------------------------------------------------------
WA PPSS RRB, Nuclear Project No. 3, Series 3A-3, 1.07% 2 2,520,000 2,520,000
---------------
82,420,000
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WISCONSIN--1.2%
Franklin, WI Regional SWD Finance Commission RB,
Waste Management, Inc. Project, 1.30% 2 5,200,000 5,200,000
- ------------------------------------------------------------------------------------------------------------------------------------
West Allis, WI RB, State Fair Park Exposition Center, 1.30% 2 3,555,000 3,555,000
- ------------------------------------------------------------------------------------------------------------------------------------
WI Health & EDLFA RB, Wheaton Franciscan Services-B, 1.10% 2 13,000,000 13,000,000
---------------
21,755,000
- ------------------------------------------------------------------------------------------------------------------------------------
WYOMING--2.8%
Lincoln Cnty., WY PC RRB, Amoco Oil Co. of Indiana Project, 1.05%, 4/1/04 1 9,250,000 9,250,000
- ------------------------------------------------------------------------------------------------------------------------------------
Sweetwater Cnty., WY PC RB, Series 88-A, Pacificorp, 0.94%, 2/10/04 27,300,000 27,300,000
- ------------------------------------------------------------------------------------------------------------------------------------
Sweetwater Cnty., WY PC RB, Series 88-A, Pacificorp, 0.95%, 1/14/04 10,000,000 10,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Sweetwater Cnty., WY PC RB, Series 88-A, Pacificorp, 0.99%, 2/10/04 2,300,000 2,300,000
---------------
48,850,000
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA--5.6%
Washington D.C. Metropolitan AA RB, Series 99-A, 0.98%, 1/20/04 15,000,000 15,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Washington D.C. Metropolitan AA RB, Series 99-A, 1.02%, 1/15/04 22,600,000 22,600,000
- ------------------------------------------------------------------------------------------------------------------------------------
Washington D.C. Metropolitan AA RB, Series 99-A, 1.02%, 1/20/04 31,500,000 31,500,000
- ------------------------------------------------------------------------------------------------------------------------------------
Washington D.C. RB, National Academy of Science, Series 99-B, 1%, 1/15/04 11,000,000 11,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Washington D.C. RB, National Academy of Science, Series 99-B, 1%, 1/22/04 5,000,000 5,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Washington D.C. RB, National Academy of Science, Series 99-C, 1%, 1/15/04 5,000,000 5,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Washington D.C. RB, National Academy of Science, Series 99-C, 1%, 1/22/04 9,000,000 9,000,000
---------------
99,100,000
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $1,731,289,217) 98.5% 1,731,289,217
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 1.5 26,777,660
----------------------------------
NET ASSETS 100.0% $1,758,066,877
==================================
10 | CENTENNIAL TAX EXEMPT TRUST
FOOTNOTES TO STATEMENT OF INVESTMENTS
To simplify the listings of securities, abbreviations are used per the table
below:
AA Airport Authority
AAMC ABN AMRO Munitops Certificates
AIC Airports Improvement Corp.
BAN Bond Anticipation Nts.
BOE Board of Education
COP Certificates of Participation
DAU Development Authority
ED Economic Development
EDAU Economic Development Authority
EDLFA Educational Facilities Authority
ETET Eagle Tax-Exempt Trust
EU Electric Utilities
FA Facilities Authority
FAU Finance Authority
GOB General Obligation Bonds
GOLB General Obligation Ltd. Bonds
GOUN General Obligation Unlimited Nts.
HAU Housing Authority
HCF Health Care Facilities
HDC Housing Development Corp.
HEAU Higher Education Authority
HEFAU Higher Educational Facilities Authority
HFAU Health Facilities Authority
IDA Industrial Development Agency
IDAU Industrial Development Authority
IDV Industrial Development
ISD Independent School District
MERLOT Municipal Exempt Receipts Liquidity Option Tender
MH Multifamily Housing
MPA Municipal Power Agency
MSTFC Morgan Stanley & Co., Inc. Trust Floater Certificates
MTAU Metropolitan Transportation Authority
MWFAU Municipal Water Finance Authority
NYC New York City
NYS New York State
PC Pollution Control
POAU Port Authority
PPA Public Power Agency
PPAU Public Power Authority
PPS Public Power System
PPSS Public Power Supply System
RA Redevelopment Agency
RAN Revenue Anticipation Nts.
RB Revenue Bonds
REF Refunding
RRB Revenue Refunding Bonds
RTA Regional Transportation Authority
SCDAU Statewide Communities Development Authority
SGMSTR Societe Generale, NYBranch Municipal Security Trust Receipts
SPO Special Obligations
SWD Solid Waste Disposal
TAN Tax Anticipation Nts.
TBTAU Triborough Bridge & Tunnel Authority
TUAU Turnpike Authority
TXAL Tax Allocation
USD Unified School District
WS Water System
WSS Water & Sewer System
<FN>
1. Put obligation redeemable at full principal value on the date reported.
2. Floating or variable rate obligation maturing in more than one year. The
interest rate, which is based on specific, or an index of, market interest
rates, is subject to change periodically and is the effective rate on December
31, 2003. This instrument has a demand feature which allows, on up to 30 days'
notice, the recovery of principal at any time, or at specified intervals not
exceeding one year.
3. Represents securities sold under Rule 144A, which are exempt from
registration under the Securities Act of 1933, as amended. These securities have
been determined to be liquid under guidelines established by the Board of
Trustees. These securities amount to $26,935,000 or 1.53% of the Trust's net
assets as of December 31, 2003.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
11 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF ASSETS AND LIABILITIES UNAUDITED
- --------------------------------------------------------------------------------
DECEMBER 31, 2003
--------------------------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------------------------
Investments, at value (cost $1,731,289,217)--see accompanying statement $1,731,289,217
--------------------------------------------------------------------------------------------------
Cash 4,653,988
--------------------------------------------------------------------------------------------------
Receivables and other assets:
Shares of beneficial interest sold 36,967,028
Interest 7,046,632
Other 126,831
--------------
Total assets 1,780,083,696
--------------------------------------------------------------------------------------------------
LIABILITIES
--------------------------------------------------------------------------------------------------
Payables and other liabilities:
Shares of beneficial interest redeemed 21,756,817
Service plan fees 138,613
Shareholder reports 55,144
Transfer and shareholder servicing agent fees 49,544
Trustees' compensation 3,015
Other 13,686
--------------
Total liabilities 22,016,819
--------------------------------------------------------------------------------------------------
NET ASSETS $1,758,066,877
==============
--------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
--------------------------------------------------------------------------------------------------
Paid-in capital $1,758,194,497
--------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (127,620)
--------------
NET ASSETS--applicable to 1,758,224,132 shares of beneficial interest outstanding $1,758,066,877
- ---------------------------------------------------------------------------------------------------
NET ASSET VALUE, REDEMPTION PRICE PER SHARE AND OFFERING PRICE PER SHARE $1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
12 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF OPERATIONS UNAUDITED
- --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED DECEMBER 31, 2003
-------------------------------------------------------------------------------
INVESTMENT INCOME
-------------------------------------------------------------------------------
Interest $9,549,169
-------------------------------------------------------------------------------
EXPENSES
-------------------------------------------------------------------------------
Management fees 3,994,416
-------------------------------------------------------------------------------
Service plan fees 1,898,201
-------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees 291,071
-------------------------------------------------------------------------------
Custodian fees and expenses 18,023
-------------------------------------------------------------------------------
Shareholder reports 16,836
-------------------------------------------------------------------------------
Trustees' compensation 7,326
-------------------------------------------------------------------------------
Other 88,789
-----------
Total expenses 6,314,662
Less reduction to custodian expenses (8,265)
-----------
Net expenses 6,306,397
-------------------------------------------------------------------------------
NET INVESTMENT INCOME 3,242,772
-------------------------------------------------------------------------------
NET REALIZED LOSS ON INVESTMENTS (105,612)
-------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $3,137,160
===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
13 | CENTENNIAL TAX EXEMPT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2003 JUNE 30,
(UNAUDITED) 2003
----------------------------------------------------------------------------------------------
OPERATIONS
----------------------------------------------------------------------------------------------
Net investment income $ 3,242,772 $ 12,882,236
----------------------------------------------------------------------------------------------
Net realized gain (loss) (105,612) 32,171
-------------------------------------
Net increase in net assets resulting from operations 3,137,160 12,914,407
----------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
----------------------------------------------------------------------------------------------
Dividends from net investment income (3,242,772) (12,882,236)
----------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
beneficial interest transactions (118,418,141) 53,057,495
----------------------------------------------------------------------------------------------
NET ASSETS
----------------------------------------------------------------------------------------------
Total increase (decrease) (118,523,753) 53,089,666
----------------------------------------------------------------------------------------------
Beginning of period 1,876,590,630 1,823,500,964
-------------------------------------
End of period $1,758,066,877 $1,876,590,630
=====================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
14 | CENTENNIAL TAX EXEMPT TRUST
FINANCIAL HIGHLIGHTS
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2003 JUNE 30,
(UNAUDITED) 2003 2002 2001 2000 1999
------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $ 1.00 $ 1.00
------------------------------------------------------------------------------------------------------------
Income from investment operations--net
investment income and net realized gain -- 1 .01 .01 .03 .03 .03
Dividends to shareholders -- 1 (.01) (.01) (.03) (.03) (.03)
------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
================================================================
------------------------------------------------------------------------------------------------------------
TOTAL RETURN 2 0.17% 0.69% 1.17% 3.26% 3.01% 2.61%
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $1,758 $1,877 $1,824 $1,822 $1,692 $1,749
------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $1,888 $1,882 $1,904 $1,779 $1,737 $1,896
------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 0.34% 0.68% 1.16% 3.21% 2.94% 2.58%
Total expenses 0.66% 0.66% 0.69% 0.70% 0.72% 0.69%
Expenses after expense reimbursement
or fee waiver and reduction to
custodian expenses N/A 4 N/A 4 N/A 4 0.69% N/A 4 N/A 4
<FN>
1. Less than $0.005 per share.
2. Assumes an 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 less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on Trust distributions or the redemption of Trust shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
15 | CENTENNIAL TAX EXEMPT TRUST
NOTES TO FINANCIAL STATEMENTS UNAUDITED
- --------------------------------------------------------------------------------
-------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Centennial Tax Exempt Trust (the Trust) is registered under the Investment
Company Act of 1940, as amended, as an open-end management investment company.
The Trust's investment objective is to seek the maximum short-term interest
income exempt from federal income taxes that is consistent with low capital
risk and the maintenance of liquidity. The Trust's investment 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.
-------------------------------------------------------------------------------
SECURITIES VALUATION. Portfolio securities are valued on the basis of amortized
cost, which approximates market value.
-------------------------------------------------------------------------------
FEDERAL TAXES. The Trust intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders, therefore, no federal income or excise tax provision is
required.
As of December 31, 2003, the Trust had available for federal income tax
purposes an estimated unused capital loss carryforward of $127,620 expiring by
2012. This estimated capital loss carryforward represents carryforward as of
the end of the last fiscal year, increased for losses deferred under tax
accounting rules to the current fiscal year and is increased or decreased by
capital losses or gains realized in the first six months of the current fiscal
year. During the six months ended December 31, 2003 and the year ended June 30,
2003, the Trust used $0 and $32,171, respectively, of carryforward to offset
capital gains realized.
As of June 30, 2003, the Trust had available for federal income tax purposes
unused capital loss carryforwards as follows:
EXPIRING
----------------------
2008 $22,008
-------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Board of Trustees has adopted a deferred
compensation plan for independent trustees that enables trustees to elect to
defer receipt of all or a portion of the annual compensation they are entitled
to receive from the Trust. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of the Trust or are
invested in other Oppenheimer funds selected by the Trustee. Deferral of
trustees' fees under the plan will not affect the net assets of the Trust, and
will not materially affect the Trust's assets, liabilities or net investment
income per share. Amounts will be deferred until distributed in accordance to
the Plan.
-------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date. Income distributions, if any, are
declared daily and paid monthly. Capital gain distributions, if any, are
declared and paid annually.
16 | CENTENNIAL TAX EXEMPT TRUST
-------------------------------------------------------------------------------
EXPENSE OFFSET ARRANGEMENT. The reduction of custodian fees, if applicable,
represents earnings on cash balances maintained by the Trust.
-------------------------------------------------------------------------------
SECURITY TRANSACTIONS. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
-------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of income and
expenses during the reporting period. Actual results could differ from those
estimates.
-------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Trust has authorized an unlimited number of no par value shares of
beneficial interest. Transactions in shares of beneficial interest were as
follows:
SIX MONTHS ENDED DECEMBER 31, 2003 YEAR ENDED JUNE 30, 2003
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------
Sold 2,460,932,283 $ 2,460,932,283 4,883,642,642 $ 4,883,642,642
Dividends and/or
distributions reinvested 3,435,046 3,435,046 12,855,713 12,855,713
Redeemed (2,582,785,470) (2,582,785,470) (4,843,440,860) (4,843,440,860)
- ---------------------------------------------------------------------------------------------------
Net increase (decrease) (118,418,141) $ (118,418,141) 53,057,495 $ 53,057,495
=====================================================================
-------------------------------------------------------------------------------
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with
the investment advisory agreement with the Trust which provides for a fee at an
annual rate of 0.50% of the first $250 million of the Trust's net assets;
0.475% of the next $250 million; 0.45% of the next $250 million; 0.425% of the
next $250 million; 0.40% of the next $250 million; 0.375% of the next $250
million; 0.35% of the next $500 million; and 0.325% of net assets in excess of
$2 billion. Under the agreement, when the value of the Trust's net assets is
less than $1.5 billion, the annual fee payable to the Manager shall be reduced
by $100,000 based on average net assets computed daily and paid monthly at the
annual rates, however, the annual fee cannot be less than $0.
-------------------------------------------------------------------------------
TRANSFER AGENT FEES. Shareholder Services, Inc. (SSI) acts as the transfer and
shareholder servicing agent for the Trust and for other registered investment
companies. The Trust pays SSI a per account fee. For the six months ended
December 31, 2003, the Trust paid $287,696 to SSI for services to the Trust.
SSI has voluntarily agreed to limit transfer and shareholder servicing agent
fees up to an annual rate of 0.35% of average net assets of the Trust. This
undertaking may be amended or withdrawn at any time.
17 | CENTENNIAL TAX EXEMPT TRUST
NOTES TO FINANCIAL STATEMENTS UNAUDITED / CONTINUED
- --------------------------------------------------------------------------------
-------------------------------------------------------------------------------
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
SERVICE PLAN (12B-1) FEES. The Trust has adopted a service plan. It reimburses
Centennial Asset Management Corporation, the Distributor, for a portion of its
costs incurred for services provided to accounts that hold shares of the Trust.
Reimbursement is made quarterly at an annual rate up to 0.20% of the average
annual net assets of the Trust. Fees incurred by the Trust under the plan are
detailed in the Statement of Operations.
PORTFOLIO PROXY VOTING
POLICIES AND PROCEDURES UNAUDITED
- --------------------------------------------------------------------------------
-------------------------------------------------------------------------------
The Trust has adopted Portfolio Proxy Voting Policies and Procedures under
which the Trust votes proxies relating to securities ("portfolio proxies") held
by the Trust. A description of the Trust's Portfolio Proxy Voting Policies and
Procedures is available (i) without charge, upon request, by calling the Trust
toll-free at 1.800.225.5677, (ii) on the Trust's website at
www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In
addition, the Trust will be required to file new Form N-PX, with its complete
proxy voting record for the 12 months ended June 30th, no later than August
31st of each year. The first such filing is due no later than August 31, 2004,
for the twelve months ended June 30, 2004. Once filed, the Trust's Form N-PX
filing will be available (i) without charge, upon request, by calling the Trust
toll-free at 1.800.225.5677, and (ii) on the SEC's website at www.sec.gov.
18 | CENTENNIAL TAX EXEMPT TRUST
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics that applies to the
registrant's principal executive officer, principal financial officer, principal
accounting officer or controller or persons performing similar functions.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of the Trust has determined that Edward L.
Cameron, the Chairman of the Board's Audit Committee, and George C. Bowen, a
member of the Board's Audit Committee, possess the technical attributes
identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as "audit
committee financial experts," and has designated Messrs. Cameron and Bowen as
the Audit Committee's financial experts. Messrs. Cameron and Bowen are
"independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable to semiannual reports.
ITEM 5. NOT APPLICABLE
ITEM 6. RESERVED
ITEM 7. NOT APPLICABLE
ITEM 8. NOT APPLICABLE
Item 9. Submission of Matters to a Vote of Security Holders
Not applicable for fiscal periods ending December 31, 2003.
ITEM 10. CONTROLS AND PROCEDURES
(a) Based on their evaluation of registrant's disclosure controls and
procedures (as defined in rule 30a-2(c) under the Investment Company
Act of 1940 (17 CFR 270.30a-2(c)) as of December 31, 2003, registrant's
principal executive officer and principal financial officer found
registrant's disclosure controls and procedures to provide reasonable
assurances that information required to be disclosed by registrant in
the reports that it files under the Securities Exchange Act of 1934 (a)
is accumulated and communicated to registrant's management, including
its principal executive officer and principal financial officer, to
allow timely decisions regarding required disclosure, and (b) is
recorded, processed, summarized and reported, within the time periods
specified in the rules and forms adopted by the U.S. Securities and
Exchange Commission.
(b) There have been no significant changes in registrant's internal
controls over financial reporting that occurred during the registrant's
last fiscal half-year that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 11. EXHIBITS.