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
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Centennial Tax Exempt Trust
---------------------------
(Exact name of registrant as specified in charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
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(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: 06/30/2008
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ITEM 1. REPORTS TO STOCKHOLDERS.
June 30, 2008
Centennial Annual Report
Tax Exempt Trust and
Management
Commentaries
TRUST EXPENSES
TRUST EXPENSES. As a shareholder of the Trust, you incur ongoing costs,
including management fees; service fees; and other Trust expenses. These
examples are intended to help you understand your ongoing costs (in dollars) of
investing in the Trust and to compare these costs with the ongoing costs of
investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended June 30, 2008.
ACTUAL EXPENSES. The first section of the table provides information about
actual account values and actual expenses. You may use the information in this
section, together with the amount you invested, to estimate the expense that you
paid over the period. Simply divide your account value by $1,000.00 (for
example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply
the result by the number in the first section under the heading entitled
"Expenses Paid During Period" to estimate the expenses you paid on your account
during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The second section of the table
provides information about hypothetical account values and hypothetical expenses
based on the Trust's actual expense ratio, and an assumed rate of return of 5%
per year before expenses, which is not the actual return. The hypothetical
account values and expenses may not be used to estimate the actual ending
account balance or expenses you paid for the period. You may use this
information to compare the ongoing costs of investing in the Trust and other
funds. To do so, compare this 5% hypothetical example with the 5% hypothetical
examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front-end
or contingent deferred sales charges (loads), or a $12.00 fee imposed annually
on accounts valued at less than $500.00 (subject to exceptions described in the
Statement of Additional Information). Therefore, the "hypothetical" section of
the table is useful in comparing ongoing costs only, and will not help you
determine the relative total costs of owning different funds. In addition, if
these transactional costs were included, your costs would have been higher.
5 | CENTENNIAL TAX EXEMPT TRUST
TRUST EXPENSES Continued
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
ACTUAL JANUARY 1, 2008 JUNE 30, 2008 JUNE 30, 2008
- ------ --------------- ------------- --------------
HYPOTHETICAL $1,000.00 $1,008.90 $3.20
(5% return before expenses)
1,000.00 1,021.68 3.22
Expenses are equal to the Trust's annualized expense ratio, multiplied by the
average account value over the period, multiplied by 182/366 (to reflect the
one-half year period). The annualized expense ratio based on the 6-month period
ended June 30, 2008 is as follows:
EXPENSE RATIO
- -------------
0.64%
The expense ratio reflects reduction to custodian fees. The "Financial
Highlights" table in the Trust's financial statements, included in this report,
also show the gross expense ratio, without such waivers or reimbursements and
reduction to custodian expenses, if applicable.
6 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS June 30, 2008
PRINCIPAL
AMOUNT VALUE
----------- --------------
SHORT-TERM TAX-EXEMPT OBLIGATIONS--100.8%
ALABAMA--2.7%
AL IDAU RB, Scientific Utilization Project, Series 1996, 2.16%(1) $ 810,000 $ 810,000
AL IDAU RB, Well Built Cabinet, Inc. Project, 1.81%(1) 220,000 220,000
AL IDAU RB, Whitesell Project, 1.90%(1) 1,085,000 1,085,000
Autauga Cnty., AL IDAU RB, Marshall Prattville, 1.91%(1) 2,205,000 2,205,000
Berry, AL IDAU RB, Berry Wood Products LLC, 2.30%(1) 725,000 725,000
Birmingham, AL Medical Clinic Board RB, University of Alabama
Health Service Facilities, Series 1998, 1.53%(1) 11,525,000 11,525,000
Birmingham, AL Special Care Facilities FAU RB, United Cerebral
Palsy Project, 1.61%(1) 1,610,000 1,610,000
Calhoun Cnty., AL ED Council RB, Southern Bag Corp. Ltd. Expansion
Project, Series 1998, 1.86%(1) 2,500,000 2,500,000
Cullman Cnty., AL SWD Authority RB, Cullman Environmental, Inc.
Project, Series 2003-A, 2.30%(1) 1,440,000 1,440,000
Fairhope, AL AA Airport Improvement RB, Series 2007, 1.86%(1) 8,845,000 8,845,000
Florence, AL IDB IDV RB, Nichols Wire, Inc. Project, Series A,
1.90%(1) 2,535,000 2,535,000
Gardendale, AL MH RRB, Ascot Place Apts., 1.52%(1) 1,465,000 1,465,000
Gardendale, AL MH RRB, Meadow Wood Apts., 1.52%(1) 1,484,000 1,484,000
Gardendale, AL MH RRB, Woodbrook Apts. Project, 1.52%(1) 2,925,000 2,925,000
Hoover, AL MH RB, Royal Oaks Apts. Project, Series 2004, 1.60%(1) 5,200,000 5,200,000
Lee Cnty., AL IDAU RB, LifeSouth Community Blood Centers, Inc.
Project, 1.58%(1) 345,000 345,000
Mobile, AL IDB RB, HighProv LLC Project 2006, 1.86%(1) 6,000,000 6,000,000
Montgomery, AL IDB RB, Asphalt Contractors, Inc., 1.90%(1) 200,000 200,000
Shelby Cnty., AL Economic & IDAU RB, M.D. Henry Co., Inc. Project,
2.55%(1) 625,000 625,000
Spanish Fort, AL RA RB, MACON Trust Certificates Series 2007-306,
1.59%(1, 2) 4,295,000 4,295,000
Tuscaloosa Cnty., AL BOE RB, Series 97-B, 1.61%(1) 900,000 900,000
Tuscaloosa Cnty., AL IDAU RB, Gulf Opportunity Zone Hunt Refining
Project, Series 2007, 1.71%(1) 10,000,000 10,000,000
--------------
66,939,000
ARIZONA--2.7%
AZ First Matrix Charter School Trust II Pass-Through Certificates,
Series 2005, Cl. A, 1.75%(1, 2) 11,681,000 11,681,000
AZ HFAU Hospital System RB, BNP Paribas STARS Certificate Trust-
Series 2007-8, 1.71%(1, 2) 12,450,000 12,450,000
Chandler, AZ IDAU RB, Tri-City Baptist Church Project, Series 2007,
1.63%(1) 5,200,000 5,200,000
Phoenix, AZ Civic Improvement Corp. WS BANs, Series 2007A, 1.60%,
9/4/08 5,000,000 5,000,000
Phoenix, AZ IDAU RB, Pilgrim Rest Foundation, Inc. Project, Series A,
1.80%(1) 4,500,000 4,500,000
Phoenix, AZ IDAU Student Hsg. RB, MSTFC Series 2079, 1.61%(1, 2) 9,745,000 9,745,000
F1 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS Continued
PRINCIPAL
AMOUNT VALUE
----------- --------------
ARIZONA Continued
Pima Cnty., AZ GOUN, P-Floats Series PZ-195, 1.57%(1, 2) $10,720,000 $ 10,720,000
Tempe, AZ IDAU MH RB, P-Floats Series MT-067, 1.69%(1, 2) 8,295,000 8,295,000
--------------
67,591,000
CALIFORNIA--4.5%
CA GOUN, Series DC8035, 1.57%(1, 2) 15,000,000 15,000,000
CA GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DB-363, 1.53%(1, 2) 3,480,000 3,480,000
CA GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DBE-637, 1.62%(1, 2) 20,860,000 20,860,000
CA Northstar Community Housing Corp. RB, MH Project, Series 2006A,
1.55%(1) 3,000,000 3,000,000
CA SCDAU MH RRB, PTTR, IAC Project, Series 2680, 1.65%(1, 2) 18,000,000 18,000,000
CA SCDAU RB, MSTFC Series 2008-2742, 1.61%(1, 2) 5,010,000 5,010,000
Foothill-De Anza, CA Community College District GOUN, Series 1844,
1.61%(1, 2) 26,000,000 26,000,000
Irvine, CA USD SPTX Bonds, Austin Trust Certificates- Series BOA 315,
1.62%(1, 2) 1,575,000 1,575,000
Los Angeles, CA Water & Power RB, ETET Series 2006-0010, Cl. A,
1.56%(1, 2) 6,000,000 6,000,000
Oxnard, CA FAU Water RB, Eclipse Funding Trust Solar Eclipse
Certificates-Series 2006-0085, 1.58%(1, 2) 3,000,000 3,000,000
San Bernardino, CA GOUN, Austin Trust Certificates- Series 2008-1072,
1.56%(1, 2) 3,865,000 3,865,000
San Diego, CA PFFAU Water RB, PTTR, Series 2595, 1.55%(1, 2) 6,445,000 6,445,000
--------------
112,235,000
COLORADO--5.5%
Arista, CO Metro District Special Ltd. RB, Broomfield Event Center
Parking Project, Series 2006A, 1.65%(1) 4,980,000 4,980,000
Aurora, CO Centretech Metropolitan District Improvement REF GOUN,
Series A, 1.55%(1) 3,535,000 3,535,000
Brighton, CO Crossing Metro District No. 4 RB, Series 2004, 1.67%(1) 5,000,000 5,000,000
CO Centerra Metropolitan District No. 1 Improvement RRB, 1.60%(1) 14,000,000 14,000,000
CO ECFA RB, St. Mary's Academy Project, Series 1999, 1.70%(1) 2,895,000 2,895,000
CO Harvest Junction Metropolitan District GOLB, 1.60%(1) 2,600,000 2,600,000
CO HFA ED RB, Certex Co. Project, Series 2007, 1.75%(1) 2,200,000 2,200,000
CO HFA ED RB, YRC LLC Project, Series 2005, 1.75%(1) 1,530,000 1,530,000
CO Park 70 Metropolitan District GOLB, 1.80%, 12/1/08(3) 4,075,000 4,075,000
CO Regional Transportation District Sales Tax RB,
ETET Series 2006-0120, Cl. A, 1.61%(1, 2) 1,510,000 1,510,000
Colorado Springs, CO SPO RB, Heating & Plumbing Engineers Project,
1.75%(1) 2,100,000 2,100,000
Commerce City, CO GOUN, Northern Infrastructure General
Improvement District, Series 2006, 1.55%(1) 9,650,000 9,650,000
F2 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL
AMOUNT VALUE
----------- --------------
COLORADO Continued
Concord Metro District, CO REF GOB, Improvement Projects, Series
2004, 3.50%, 12/1/08(3) $ 2,500,000 $ 2,500,000
Cornerstar Metro District, CO Special RB, Series 2007, 1.63%(1) 6,500,000 6,500,000
Denver, CO Urban Renewal Authority Tax Increment RRB, Downtown
Denver Project, Series A-1, 1.60%(1) 4,000,000 4,000,000
Denver, CO Urban Renewal Authority Tax Increment RRB, Downtown
Denver Project, Series C, 1.60%(1) 8,000,000 8,000,000
Denver, CO Urban Renewal Authority Tax Increment RRB, Stapleton
Project, Series A-1, 1.57%(1) 4,000,000 4,000,000
Ebert Metro District, CO Securitization Trust GOLB,
Series 2004-S1, Cl. A2, 1.67%(1) 8,500,000 8,500,000
Ebert Metro District, CO Securitization Trust RB, Series 2005-S1,
Cl. A2, 1.67%(1, 2) 3,000,000 3,000,000
Jefferson Cnty., CO SDI No. R-001 GOUN, PTTR, Series 2691, 1.63%(1, 2) 5,080,000 5,080,000
Midcities Metro District No. 1, CO RRB, Series 2004A, 1.60%(1) 14,420,000 14,420,000
Parker, CO Automotive Metro District GOLB, Series 2005, 3.50%(1) 4,510,000 4,510,000
Prairie Center Metro District No. 3, CO RB, Austin Trust
Certificates-Series BOA 2007-319, 1.59%(1, 2) 9,810,000 9,810,000
Westminster, CO MH RB, P-Floats Series MT-068, 1.74%(1, 2) 14,670,000 14,670,000
--------------
139,065,000
CONNECTICUT--0.8%
CT RB, Austin Trust Certificates-Series 2008-352, 1.57%(1, 2) 19,870,000 19,870,000
--------------
DELAWARE--0.5%
DE EDAU RB, Catholic Diocese of Wilmington Project, Series 2002,
1.55%(1) 11,300,000 11,300,000
--------------
FLORIDA--5.2%
Brevard Cnty., FL IDV RB, Designers Choice Cabinetry, Series 2006,
1.80%(1) 1,870,000 1,870,000
Brevard Cnty., FL RB, Holy Trinity Episcopal Academy, Series 1999, 1,530,000 1,530,000
1.57%(1)
Clay Cnty., FL DAU Educational Facilities RB, St. John's Country Day
School Project, Series 2002, 1.53%(1) 2,995,000 2,995,000
Collier Cnty., FL IDAU RB, Gulf Coast American Blind, Series A,
1.70%(1) 2,460,000 2,460,000
Coral Gables, FL HFAU Hospital RB, Baptist Health of South Florida,
5%, 8/15/08 1,000,000 1,001,878
Dade Cnty., FL IDAU RB, U.S. Holdings, Inc. Project, Series 1996A,
1.98%(1) 1,200,000 1,200,000
Duval Cnty., FL School Board COP, Reset Option Certificates II-R
Trust-Series 11305, 1.60%(1, 2) 11,450,000 11,450,000
FL Capital Projects FAU RB, Capital Projects Loan Program, Series
1997A, 1.65%(1) 1,030,000 1,030,000
FL Development Finance Corp. IDV RRB, Charlotte Community Project,
Series 2001A3, 1.58%(1) 1,190,000 1,190,000
FL Higher Educational Facilities FAU RRB, Flagler College Project,
Series 2005, 1.53%(1) 5,295,000 5,295,000
F3 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS Continued
PRINCIPAL
AMOUNT VALUE
----------- --------------
FLORIDA Continued
FL Local Government Finance Commission RB, Series A, 1.70%, 9/9/08 $ 3,449,000 $ 3,449,000
Fort Pierce, FL HF RB, New Horizons, 1.63%(1) 2,285,000 2,285,000
Gulfstream Park, FL CDD SPAST RB, Goldman Sachs Pool
Trust-Series 2008-2G, 1.58%(1, 2) 12,060,000 12,060,000
Jacksonville, FL ED Commission RB, Goodwill Industries
North Florida Project, Series 3, 1.57%(1) 3,470,000 3,470,000
Jacksonville, FL EDLFA RB, Edward Waters College Project,
Series 2001, 1.52%(1) 1,455,000 1,455,000
Jacksonville, FL IDV RB, University of Florida Health Science Center
Project 1989, 1.80%(1) 2,100,000 2,100,000
Lake Cnty., FL Capital Improvement RB, SPEARS Deutsche
Bank/Lifers Trust-Series DB-492, 1.60%(1, 2) 7,000,000 7,000,000
Miami-Dade Cnty., FL EDLFA RB, MSTFC Series 2008-27 1.61%(1, 2) 7,410,000 7,410,000
Miami-Dade Cnty., FL EDLFA RRB, MSTFC Series 2006-2055, 1.61%(1, 2) 10,145,000 10,145,000
Miami-Dade Cnty., FL IDAU RB, United Way of Miami-Dade,
Inc. Project, Series 2008, 1.52%(1) 5,000,000 5,000,000
Miami-Dade, FL SPO RB, SPEARS Deutsche Bank/Lifers
Trust-Series DBE-538, 1.58%(1, 2) 2,265,000 2,265,000
Orange Cnty., FL HFAU RB, Presbyterian Retirement
Communities Project, Series A, 1.60%(1) 5,300,000 5,300,000
Orange Cnty., FL IDAU RB, Independent Blood & Tissue
Services of Florida, Series 2002, 1.53%(1) 2,530,000 2,530,000
Orange Cnty., FL IDAU RB, Trinity Preparatory School,
Series 1998, 1.57%(1) 800,000 800,000
Orange Cnty., FL School Board COP, SPEARS Deutsche Bank/Lifers
Trust-Series DBE-553, 1.58%(1, 2) 3,445,000 3,445,000
Palm Beach, FL School Board COP, PTTR, Series 2089, 1.63%(1, 2) 1,445,000 1,445,000
Panama City Beach, FL TXAL Bonds, Eclipse Funding Trust Solar Eclipse
Certificates-Series 2006-0129, 1.58%(1, 2) 8,045,000 8,045,000
Pinellas Cnty., FL EDLFA RRB, Series 1985, 1.40%, 7/8/08 11,700,000 11,700,000
Sarasota Cnty., FL Public Hospital District RRB, Sarasota Memorial
Hospital Project, Series 2007B, 1.52%(1) 3,000,000 3,000,000
Sarasota Cnty., FL RB, Sarasota Family YMCA Project, 1.50%(1) 1,760,000 1,760,000
St. John's, FL Water Management District Land Acquisition RRB,
Series 2005, 3.25%, 7/1/08 500,000 500,000
University Athletic Assoc., Inc., FL Capital Improvement RB,
University of Florida Stadium, 3.30%, 10/1/08(3) 1,450,000 1,449,944
University of North Florida Financing Corp. RB, SPEARS Deutsche Bank/
Lifers Trust-Series DBE-594, 1.58%(1, 2) 5,305,000 5,305,000
-------------
131,940,822
F4 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL
AMOUNT VALUE
----------- --------------
GEORGIA--4.3%
Atlanta, GA Urban Residential FAU MH RB, Parcel 25 Project,
Series A, 1.62%(1) $ 2,310,000 $ 2,310,000
Augusta, GA WSS RRB, PTTR, Series 2621, 1.63%(1) 4,780,000 4,780,000
Bibb Cnty., GA DAU RB, Methodist Homes of South Georgia Conference
Project, 1.58%(1) 800,000 800,000
Clayton, GA HA RANs, Southern Regional Medical Center
Project, Series 1998B, 1.53%(1) 28,075,000 28,075,000
Cobb Cnty., GA HA RANs, Equipment Pool Project, Series 2006, 1.57%(1) 1,100,000 1,100,000
DeKalb Cnty., GA DAU IDV RB, A.G. Rhodes Home, Inc. Project, 1.53%(1) 2,350,000 2,350,000
DeKalb Cnty., GA HAU MH RB, Crow Wood Arbor Assn., 1.52%(1) 1,760,000 1,760,000
DeKalb Cnty., GA HAU MH RRB, Stone Mill Run Apts. Project,
Series 2000, 1.85%(1) 1,310,000 1,310,000
DeKalb, Newton, & Gwinnett Cntys., GA Joint Development RB,
GPC Real Estate Student, 1.52%(1) 3,760,000 3,760,000
Fulton Cnty., GA DAU RB, Lovett School Project, 1.53%(1) 8,000,000 8,000,000
Fulton Cnty., GA DAU RB, Piedmont Healthcare, Inc., 1.53%(1) 1,800,000 1,800,000
Fulton Cnty., GA DAU RB, Trinity School, Inc. Project, 1.53%(1) 1,000,000 1,000,000
GA GOUN, MSTFC Series 1881, 1.20%(1, 4) 11,560,000 11,560,000
GA GOUN, Series 1993C, 5.25%, 7/1/08 740,000 740,000
GA GOUN, Series 1995D, 6.25%, 9/1/08 2,000,000 2,012,356
GA GOUN, Series 1996B, 6.25%, 4/1/09 500,000 516,327
GA GOUN, Series 1997C, 6.25%, 8/1/08 410,000 411,244
GA GOUN, Series 2006D, 4.50%, 7/1/08 500,000 500,000
GA GOUN, Series B, 5%, 7/1/08 1,000,000 1,000,000
GA GOUN, Series B, 5%, 7/1/08 600,000 600,000
GA Private Colleges & Universities Authority RRB, Mercer University
Project, Series 2006A, 1.65%(1) 5,540,000 5,540,000
GA Private Colleges & Universities Authority RRB, Mercer University
Project, Series 2006C, 1.65%(1) 8,750,000 8,750,000
GA REF GOUN, Reset Option Certificates II-R Trust-Series 11491,
1.55%(1) 4,000,000 4,000,000
Gwinnett Cnty., GA HA RANs, Gwinnett Hospital System, Inc. Project,
Series 2008B, 1.50%(1) 9,000,000 9,000,000
Macon-Bibb Cnty., GA HA RANs, Medical Center of Central Georgia,
1.53%(1) 1,100,000 1,100,000
Roswell, GA HAU MH RRB, Azalea Park Apts., 1.57%(1) 4,100,000 4,100,000
Thomasville, GA HA RANs, John D. Archbold Hospital, 1.53%(1) 1,200,000 1,200,000
-------------
108,074,927
IDAHO--0.3%
Cassia Cnty., ID IDC RB, East Valley Cattle LLC Project, 1.75%(1) 7,000,000 7,000,000
Hailey, ID IDC RB, Rocky Mountain Hardware Project, Series 2006,
1.75%(1) 1,210,000 1,210,000
-------------
8,210,000
F5 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS Continued
PRINCIPAL
AMOUNT VALUE
----------- --------------
ILLINOIS--4.8%
Chicago, IL Board of Education GOUN, SPEARS Deutsche Bank/Lifers
Trust-Series DBE-653, 1.58%(1, 2) $ 8,615,000 $ 8,615,000
Chicago, IL O'Hare International Airport RB, SPEARS Deutsche
Bank/Lifers Trust-Series DBE-534, 1.58%(1, 2) 2,285,000 2,285,000
Chicago, IL O'Hare International Airport RRB, PTTR, Series 2500,
1.63%(1, 2) 3,010,000 3,010,000
Chicago, IL O'Hare International Airport RRB, PTTR, Series 2501,
1.63%(1, 2) 1,850,000 1,850,000
Chicago, IL RB, Boys & Girls Clubs of Chicago Project, Series 2000,
3.05%(1) 600,000 600,000
Crestwood, IL Tax Increment RB, Series 2004, 1.61%(1) 14,370,000 14,370,000
East Peoria, IL CDAU RRB, The Kroger Co., Series 2003, 1.65%(1) 3,125,000 3,125,000
Hamilton Memorial Hospital, IL RB, 1.61%(1) 18,500,000 18,500,000
IL DFA IDV RB, Knead Dough Baking Co. Project, 2.55%(1) 800,000 800,000
IL DFA RB, Chicago Educational TV Assn., Series 1994A, 1.80%(1) 1,500,000 1,500,000
IL DFA RB, Foundation for Safety Project, Series 1992, 1.55%(1) 4,750,000 4,750,000
IL DFA RB, Oak Crest Residence Project, Series 2000, 2.30%(1) 2,800,000 2,800,000
IL DFA RB, Shelby Memorial Hospital Assn., Inc., Series 1999B-1,
1.70%(1) 3,325,000 3,325,000
IL FAU IDV RB, E. Kinast Project, Series 2005A, 2.53%(1) 700,000 700,000
IL FAU RB, Sauk Valley Community College Project, Series 2004A,
1.60%(1) 6,725,000 6,725,000
IL HFAU RB, Swedish Covenant Hospital, 1.45%(1) 5,875,000 5,875,000
IL PCFAU RRB, Commonwealth Edison Co., Series 2008 D, 1.50%(1) 8,000,000 8,000,000
IL SDI No. 308 GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DB-651,
1.58%(1, 2) 6,455,000 6,455,000
Lake Zurich, IL IDV RB, Rose Road LLC Project, Series 2004, 2.55%(1) 400,000 400,000
Lakemoor, IL MH RB, Lakemoor Apts. Project, Series 1985B, 1.76%(1) 15,330,486 15,330,486
Schaumburg, IL MH RRB, Treehouse II Apts. Project, 1.80%(1) 5,210,000 5,210,000
West Frankfort, IL IDV RRB, The Kroger Co., Series 2004, 1.65%(1) 800,000 800,000
Wheeling, IL Industrial Project RB, V-S Industries, Inc. Project,
1.95%(1) 1,200,000 1,200,000
Will Cnty., IL Community High SDI No. 210 Lincoln-Way GOUN,
Reset Option Certificates II-R Trust-Series 631, 1.61%(1, 2) 4,355,000 4,355,000
-------------
120,580,486
INDIANA--3.1%
Brownstown District, IN School Building Corp. First Mortgage RB,
Series 1999, 4.55%, 7/1/08 300,000 307,052
Carmel, IN RED District Tax Increment RB, Merchants' Pointe Project,
Series 2001A, 1.64%(1) 590,000 590,000
Hammond, IN ED RB, Castle & Co. Project, Series 1994, 2.55%(1) 300,000 300,000
IN DFA ED RB, IVC Industrial Coatings, Inc. Project, 2.55%(1) 1,465,000 1,465,000
IN EDLFA RB, Indiana Wesleyan University Project, Series B, 1.55%(1) 1,000,000 1,000,000
IN EDLFA RB, University of Evansville Project, Series 2001B, 1.81%(1) 500,000 500,000
IN FAU Highway RRB, P-Floats Series PT-3986, 1.56%(1, 2) 10,035,000 10,035,000
F6 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL
AMOUNT VALUE
----------- --------------
INDIANA Continued
IN FAU RB, Educational Facilities University of Indianapolis
Project, 1.57%(1) $ 6,900,000 $ 6,900,000
IN H&EFA RRB, PTTR, Series 2842, 1.60%(1, 2) 13,645,000 13,645,000
IN HFFAU Hospital RB, Community Hospitals Project, Series B, 1.55%(1) 590,000 590,000
IN HFFAU RB, Ascension Health, Series 2003E-6, 1.75%, 11/15/08(3) 7,125,000 7,125,000
IN HFFAU RB, Clark Memorial Hospital Project, Series 2001, 1.55%(1) 6,840,000 6,840,000
IN HFFAU RRB, Ascension Health, Series 2002F, 5.50%, 11/15/08 500,000 503,576
IN Multi-School Building Corp. RRB, Eclipse Funding Trust Solar
Eclipse Certificates-Series 2007-0026, 1.58%(1, 2) 4,435,000 4,435,000
Indianapolis, IN ED RB, Visiting Nurse Service Foundation, 1.75%(1) 965,000 965,000
Mt. Vernon of Hancock Cnty., IN RB, SPEARS Deutsche Bank/Lifers
Trust-Series DBE-584, 1.58%(1, 2) 9,420,000 9,420,000
St. Joseph Cnty., IN ED RB, Hannah & Friends Project, 1.60%(1) 2,210,000 2,210,000
Valpraiso, IN ED RB, Pines Village Retirement Community Project,
Series 2008, 1.62%(1) 10,595,000 10,595,000
--------------
77,425,628
IOWA--0.1%
Le Mars, IA IDV RB, Feuerhelm Properties LP Project, Series 2000A,
1.75%(1) 1,850,000 1,850,000
--------------
KANSAS--0.1%
Wichita, KS Recreational Facilities RB, YMCA of Wichita Project,
Series XI 1998, 1.60%(1) 3,300,000 3,300,000
--------------
KENTUCKY--2.1%
Bath Cnty., KY Industrial Building RB, Cintas Sales Corp. Project,
Series 1992, 1.81%(1) 420,000 420,000
Christian Cnty., KY Assn. of Cntys. Leasing Trust RB, Series B,
1.70%(1) 2,000,000 2,000,000
Hancock Cnty., KY Industrial Building RRB, Southwire Co. Project,
Series 1992A, 1.65%(1) 10,000,000 10,000,000
Hancock Cnty., KY SWD RB, NSA Ltd. Project, Series 1998, 1.85%(1) 7,815,000 7,815,000
KY TUAU ED Road RRB, Revitalization Project, 5.75%, 7/1/08 1,000,000 1,000,000
Louisville & Jefferson Cnty., KY RB, Eclipse Funding Trust Solar
Eclipse Certificates-Series 2006-0087, 1.58%(1, 2) 8,755,000 8,755,000
Louisville & Jefferson Cnty., KY RRB, Reset Option Certificates II-R
Trust-Series 672CE, 1.59%(1, 2) 3,565,000 3,565,000
Montgomery Cnty., KY Industrial Building RB, Connecticut Fineblanking
Corp. Project, 1.72%(1) 2,000,000 2,000,000
Morgantown, KY SWD Facilities RB, IMCO Recycling, Inc. Project,
Series 2004, 1.80%(1) 5,000,000 5,000,000
Oldham Cnty., KY Industrial Building RB, Parts Unlimited, Inc.
Project, Series 2005, 1.91%(1) 1,963,000 1,963,000
Somerset, KY Industrial Building RB, Tibbals Flooring Co. Project,
Series 1989, 1.90%(1) 10,000,000 10,000,000
--------------
52,518,000
F7 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS Continued
PRINCIPAL
AMOUNT VALUE
----------- --------------
LOUISIANA--1.6%
LA HFA MH RB, Walmsley Housing Corp. Project, Series 2004, 1.60%(1) $ 2,300,000 $ 2,300,000
LA Local Government Environmental Facilities CDAU RB, Hollybrook
Cottonseed Processing, 1.75%(1) 1,800,000 1,800,000
LA Local Government Environmental Facilities CDAU RB,
Hollybrook Enterprises LLC, 1.75%(1) 2,240,000 2,240,000
LA Local Government RB, SPEARS Deutsche Bank/Lifers Trust-Series
DBE-656, 1.58%(1, 2) 10,495,000 10,495,000
LA Public FA Hospital RRB, Franciscan Missionaries, Series A,
5.50%, 7/1/08 915,000 915,000
LA Public FA RB, Blood Center Properties, Inc. Project, 2.30%(1) 1,000,000 1,000,000
LA Public FA RB, Municipal Trust Securities, Series 4000, 1.63%(1, 2) 4,240,000 4,240,000
LA Public FA RRB, BNP Paribas STARS Certificate Trust-Series
2006-153, 1.63%(1, 2) 2,185,000 2,185,000
Monroe, LA Sales & Use Tax RRB, Series 2007A, 1.62%(1) 2,700,000 2,700,000
St. John Baptist Parish, LA RB, MSTFC Series 2006-2116, 1.61%(1, 2) 12,270,000 12,270,000
--------------
40,145,000
MAINE--0.2%
Biddeford, ME RB, DK Assoc. LLC & Volk Packaging Corp. Project,
1.72%(1) 400,000 400,000
Dover-Foxcroft, ME RB, Pleasant River Lumber Co., Series 2002,
1.91%(1) 1,600,000 1,600,000
ME FAU RB, Kents Hill School, Series 2006, 1.60%(1) 2,375,000 2,375,000
--------------
4,375,000
MARYLAND--2.2%
Baltimore Cnty., MD RB, Maryvale Prep School Facilities, Series
2005A, 1.21%(1) 2,940,000 2,940,000
MD EDC RB, Goodwill Industries Project, Series 1999, 1.53%(1) 2,075,000 2,075,000
MD EDC RRB, YMCA of Central MD, Inc. Project, 1.61%(1) 2,465,000 2,465,000
MD HE&HFA RB, Howard County General Hospital, Series 2008, 1.52%(1) 6,000,000 6,000,000
MD HE&HFA RB, Woodmont Academy, 1.62%(1) 3,775,000 3,775,000
MD HE&HFA RRB, University of MD Medical System, Series 2008E, 1.50%(1) 6,800,000 6,800,000
MD Health & HEFAU RB, Sheppard Pratt Health, Series 2003B, 1.53%(1) 5,000,000 5,000,000
MD Transportation Authority RB, Transportation Facility Projects,
Reset Option Certificates II-R Trust-Series 11436, 1.59%(1, 2) 4,000,000 4,000,000
Montgomery Cnty., MD Consolidated Public Improvement GOUN,
Series 2002A, 5%, 2/1/09 1,240,000 1,262,996
Montgomery Cnty., MD ED RB, Sandy Spring Friends School Facility,
Series 2004, 1.53%(1) 1,000,000 1,000,000
Prince Georges Cnty., MD SPO Bonds, MSTFC Series 2128, 1.61%(1, 2) 13,710,000 13,710,000
University System of Maryland COP, College Park Business School,
Series 2000, 1.21%(1) 5,670,000 5,670,000
--------------
54,697,996
F8 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL
AMOUNT VALUE
----------- --------------
MASSACHUSETTS--2.2%
MA DFA RB, MACON Trust Certificates Series 2007-344, 1.66%(1, 2) $ 8,000,000 $ 8,000,000
MA GOUN, PTTR, Series 2648, 1.61%(1, 2) 1,850,000 1,850,000
MA H&EFA RB, Harvard Vanguard Medical, MACON Trust Certificates
Series 2007-310, 1.59%(1, 2) 3,450,000 3,450,000
MA Health & Education RRB, Wells Fargo Stage Trust-Series
2008-22C, 1.61%(1, 2) 23,000,000 23,000,000
MA REF GOUN, Dexia Credit Local Certificates Trust-Series
2008-042, 1.59%(1, 2) 5,005,000 5,005,000
MA REF GOUN, P-Floats Series PT-2758, 1.57%(1, 2) 4,515,000 4,515,000
University of Massachusetts Building Authority RRB,
Series 3, 1.53%(1) 10,000,000 10,000,000
--------------
55,820,000
MICHIGAN--2.4%
Detroit, MI SDI GOUN, Series DC8032, 1.60%(1, 2) 2,900,000 2,900,000
Detroit, MI Water Supply System RB, Reset Option Certificates II-R
Trust-Series 11224, 1.60%(1, 2) 4,855,000 4,855,000
Lakewood, MI Public Schools GOUN, PTTR, Series 2624Z, 1.63%(1) 5,215,000 5,215,000
MI Comprehensive Transportation RRB, P-Floats Series
PT-2754, 1.56%(1, 2) 3,500,000 3,500,000
MI HEFA RRB, Law School Project, Series A, 1.47%(1) 3,000,000 3,000,000
MI HOFA RB, Healthcare Equipment Loan Program, Series C,
Subseries C-19, 1.61%(1) 1,000,000 1,000,000
MI HOFA RB, Reset Option Certificates II-R Trust-Series
10317CE, 1.61%(1, 2) 16,815,000 16,815,000
MI RRB, Holland Home, Series 1998, 5.75%, 7/1/08 1,000,000 1,021,663
MI Strategic Funding Ltd. RB, Methodist Children's Home, 2.30%(1) 1,900,000 1,900,000
MI Strategic Funding Ltd. RRB, Grand Rapids Christian School,
Series 2008, 1.59%(1) 7,000,000 7,000,000
MI Strategic Funding Ltd. RRB, Spectrum Human Services, Inc.
Project, 1.61%(1) 2,855,000 2,855,000
MI Wayne State University RB, PTTR, Series 2664, 1.63%(1, 2) 1,770,000 1,770,000
Oakland Cnty., MI EDC RB, Highland United Methodist, 1.59%(1) 2,500,000 2,500,000
Oakland Cnty., MI EDC RB, Rose Hill Center, Inc. Project, 3.05%(1) 200,000 200,000
Parchment, MI SDI GOUN, PTTR, Series 2836, 1.63%(1, 2) 4,960,000 4,960,000
--------------
59,491,663
MINNESOTA--2.5%
Anoka-Hennepin, MN ISD No. 11 REF GOUN, Series A, 5%, 2/1/09 1,500,000 1,523,890
Big Lake, MN ISD No. 727 GOUN, AAC, Series 2007A, 4%, 9/16/08 3,400,000 3,401,853
Bloomington, MN CD RB, 94th Street Associates Project,
Series 1985, 1.60%(1) 3,405,000 3,405,000
Bloomington, MN CD RB, James Avenue Associates Project,
Series 1985, 1.60%(1) 3,310,000 3,310,000
Buffalo, MN ISD No. 877 GOUN, AAC, Series A, 4.125%, 8/18/08 3,200,000 3,201,308
Cass Lake, MN ISD No. 115 GOUN, AAC, Series 2007A, 4%, 9/8/08 2,080,000 2,080,940
F9 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS Continued
PRINCIPAL
AMOUNT VALUE
----------- --------------
MINNESOTA Continued
Dakota Cnty., MN Community Development Agency RB, Catholic
Finance Corp., Series 2002, 1.80%(1) $ 1,000,000 $ 1,000,000
East Grand Forks, MN SWD RB, American Crystal Sugar Co. Project,
1.75%(1) 5,000,000 5,000,000
Eden Prairie, MN MH RRB, Lake Place Apts. Project, 1.65%(1) 565,000 565,000
Fridley, MN ISD No. 14 GOUN, Tax Anticipation Certificates of
Indebtedness, Series 2008A, 3%, 3/5/09 2,910,000 2,915,747
Jackson Cnty., MN Central ISD No. 2895 GOUN, AAC, Series 2007A,
4%, 9/8/08 1,585,000 1,585,716
Jenkins, MN IDV RB, Pequot Tool & Manufacturing, Inc. Project,
Series 2007, 1.75%(1) 1,035,000 1,035,000
Kittson, MN Central ISD No. 2171 GOUN, School Building,
Series 2008A, 4%, 2/1/09 170,000 171,152
MN GOUN, Series 2001, 5%, 10/1/08 1,500,000 1,512,044
MN GOUN, Series 2003, 5%, 8/1/08 295,000 295,477
MN REF GOUN, Series 1998, 5%, 7/1/08 315,000 317,469
MN REF GOUN, Series 2004, 5%, 11/1/08 1,300,000 1,312,084
Park Rapids, MN ISD No. 309 GOUN, AAC, Series 2007 A, 4%, 9/23/08 5,225,000 5,228,449
Prior Lake, MN ISD No. 719 GOUN, Series A, 3%, 7/29/08 4,600,000 4,601,047
Robbinsdale, MN ISD No. 281 GOUN, School Building, Series 2001, 5%,
2/1/09 750,000 762,100
Rochester, MN IDV RRB, Seneca Foods Corp. Project, Series 1992,
1.80%(1) 4,675,000 4,675,000
Roseville, MN ISD No. 623 GOUN, AAC, Series A, 4%, 9/30/08 3,000,000 3,002,001
Spring Lake Park, MN ISD No. 016 GOUN, AAC, Series A, 4%, 9/30/08 5,000,000 5,003,378
West St. Paul, MN ISD No. 197 GOUN, Tax Anticpiation Certificates of
Indebtedness, Series 2008A, 3%, 3/19/09 4,500,000 4,515,710
West St. Paul, MN ISD No. 197 REF GOUN, Series 2008B, 3%, 2/1/09 1,890,000 1,896,527
--------------
62,316,892
MISSISSIPPI--1.5%
MS Business Finance Corp. RB, CPS Gulfport ES OPAG LLC Project,
Series A, 1.55%(1) 12,300,000 12,300,000
MS Business Finance Corp. RB, Hattiesburg Clinic Professional Assn.
Project, 1.61%(1) 3,900,000 3,900,000
MS Business Finance Corp. RB, JKW Real Estate LLC Project, 1.62%(1) 2,145,000 2,145,000
MS Development Bank SPO RB, Morgan Keegan Municipal Products, Inc.,
Series 2007H1, 1.80%(1) 10,995,000 10,995,000
Newton, MS IDV RRB, La-Z-Boy Chair Co. Project, Series 1991, 1.57%(1) 5,350,000 5,350,000
Panola Cnty., MS IDV RRB, The Kroger Co., Series 2003, 1.65%(1) 3,250,000 3,250,000
--------------
37,940,000
MISSOURI--1.3%
Brentwood, MO TXAL Bonds, 8300 Eager Rd. Project, Series 1-A,
1.62%(1, 2) 7,675,000 7,675,000
Jackson Cnty., MO IDA RB, Linda Hall Library Project, 1.72%(1) 6,700,000 6,700,000
F10 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL
AMOUNT VALUE
----------- --------------
MISSOURI Continued
St. Charles Cnty., MO IDAU RB, National Cart Project,
Series A, 1.73%(1) $ 960,000 $ 960,000
St. Louis Cnty., MO IDAU MH RB, Heatherbrook Gardens Apts.,
Series 1992, 1.69%(1) 1,765,000 1,765,000
St. Louis, MO Airport RB, Dexia Credit Local Trust
Certificates-Series 2007-004, 1.59%(1, 2) 4,320,000 4,320,000
St. Louis, MO DA Tudor Building RB, Austin Trust
Certificates-Series BOA 2007-309, 1.59%(1, 2) 9,995,000 9,995,000
--------------
31,415,000
MONTANA--0.0%
Billings, MT GOUN, Series 2007A, 4.25%, 7/1/08 175,000 175,000
--------------
NEBRASKA--0.5%
Omaha, NE PP District RB, Eclipse Funding Trust Solar Eclipse
Certificates-Series 2006-0025, 1.58%(1, 2) 12,600,000 12,600,000
--------------
NEVADA--0.2%
NV Housing Division MH RB, Golden Apts. Project, Series 2007,
1.75%(1) 3,500,000 3,500,000
NV Housing Division MH RB, Southwest Village Project, Series 2005,
1.75%(1) 1,000,000 1,000,000
--------------
4,500,000
NEW JERSEY--1.3%
NJ EDAU RB, Paddock Realty LLC Project, Series 2006, 1.75%(1) 1,205,000 1,205,000
NJ EDAU RRB, Dexia Credit Local Certificates Trust-Series 005,
1.65%(1, 2) 10,855,000 10,855,000
NJ Transportation Trust Fund Authority RRB, Dexia Credit Local
Certificates Trust-Series 2008-041, 1.60%(1, 2) 11,110,000 11,110,000
NJ Transportation Trust Fund Authority, Series DC8033, 1.60%(1, 2) 8,445,000 8,445,000
--------------
31,615,000
NEW MEXICO--0.3%
NM FAU SFM RB, Series 2008, 2.46%, 8/1/08(3) 7,900,000 7,900,000
--------------
NEW YORK--3.2%
Erie Cnty., NY IDA Civic Facilities RB, Buffalo Canisius High
School, 1.21%(1) 14,450,000 14,450,000
Nassau Cnty., NY IFA RRB, Series B, 1.70%(1) 5,235,000 5,235,000
NY MTAU RRB, 1.58%(1, 2) 2,665,000 2,665,000
NY TBTAU RRB, PTTR, Series 2763, 1.58%(1, 2) 3,000,000 3,000,000
NY Upstate Telecommunications Corp. RB, Series 2005, 1.21%(1) 5,115,000 5,115,000
NYC MTAU RRB, Puttable Floating Option Tax Exempt Receipts,
Series PA-1077, 1.54%(1, 2) 7,250,000 7,250,000
NYC MWFAU WSS RB, PTTR, Series 2540, 1.58%(1, 2) 1,940,000 1,940,000
NYC MWFAU WSS RB, Reset Option Certificates II-R
Trust-Series 10265, 1.60%(1, 2) 900,000 900,000
NYC RB, Austin Trust Certificates-Series 2008-1074, 1.57%(1, 2) 2,150,000 2,150,000
NYC TFA RRB, MERLOTS Series 2008 D98, 1.61%(1, 2) 900,000 900,000
F11 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENS Continued
PRINCIPAL
AMOUNT VALUE
----------- --------------
NEW YORK Continued
NYS DA RB, MERLOTS Series D201, 1.61%(1, 2) $ 5,250,000 $ 5,250,000
NYS DA RB, Reset Option Certificates II-R Trust-Series 11479,
1.53%(1, 2) 2,380,000 2,380,000
NYS HFA RB, Helena Housing, 1.85%(1) 10,450,000 10,450,000
NYS UDC COP, Reset Option Certificates II-R Trust-Series 10011CE,
1.60%(1, 2) 1,500,000 1,500,000
NYS UDC RB, PTTR, Series 2887, 1.58%(1, 2) 3,500,000 3,500,000
Oneida Cnty., NY IDA Civic Facilities RB, Rome Memorial
Hospital, Inc. Project, Series 2005, 1.21%(1) 4,600,000 4,600,000
Onondaga Cnty., NY IDA Civic Facilities RB, Syracuse Resch
Corp. Project, Series 2005, 1.21%(1) 9,700,000 9,700,000
--------------
80,985,000
NORTH CAROLINA--1.4%
NC Capital Facilities Finance Agency Educational Facilities RB,
Charlotte Country Day School, 1.55%(1) 12,690,000 12,690,000
NC Capital Facilities Finance Agency Educational Facilities RB,
High Point University Project, 1.61%(1) 4,000,000 4,000,000
NC Infrastructure Finance Corp. COP, Reset Option Certificates II-R
Trust-Series 8502, 1.61%(1, 2) 5,260,000 5,260,000
NC Medical Care Community Hospital RB, Randolph Hospital
Series 2007, 1.47%(1) 9,700,000 9,700,000
New Hanover Cnty., NC Hospital RB, New Hanover Regional
Medical Center, Series 2005 B-1, 1.70%(1) 1,280,000 1,280,000
Sampson Cnty., NC COP, Eclipse Funding Trust Solar Eclipse
Certificates-Series 2006-0160, 3.60%, 7/3/08(2, 3) 2,500,000 2,500,000
--------------
35,430,000
OHIO--4.8%
Buckeye, OH TS FAU RB, PTTR, Series 2311, 1.60%(1, 2) 3,995,000 3,995,000
Cuyahoga Cnty., OH Civic Facilities RB, 700 Prospect Corp.
Project, 1.61%(1) 2,750,000 2,750,000
Darke Cnty., OH HCF RB, Wayne Hospital Project, Series 2007, 1.59%(1) 46,865,000 46,865,000
Hamilton Cnty., OH Health Care RB, Life Enriching
Communities Project, Series B, 1.57%(1) 1,000,000 1,000,000
Lakewood, OH EDLFA RB, St. Edward High School Project,
Series 2000, 1.59%(1) 2,665,000 2,665,000
Madeira, OH ED RRB, The Kroger Co., Series 2004, 1.65%(1) 2,050,000 2,050,000
Medina Cnty., OH IDV RB, Mode-Fire-Dex, Inc. Project, 1.86%(1) 715,000 715,000
OH Higher Education Facility Commission RB, Higher Education Pooled
Financing 2001 Program, Series A, 2.26%(1) 800,000 800,000
Pike Cnty., OH HCF RB, Traditions Healthcare, 1.61%(1) 2,100,000 2,100,000
Reynoldsburg, OH RB, P-Floats Series PT-4481, 1.55%(1, 2) 9,535,000 9,535,000
Rickenbacker, OH POAU Capital Funding RB, Reset Option
Certificates II-R Trust-Series 591CE, 1.59%(1, 2) 5,620,000 5,620,000
F12 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL
AMOUNT VALUE
----------- --------------
OHIO Continued
Stark Cnty., OH IDV RRB, The Kroger Co., Series 2004, 1.65%(1) $ 3,100,000 $ 3,100,000
Toledo-Lucas Cnty., OH POAU Cultural Facilities RB, Toledo Museum
of Art Project, 1.60%(1) 1,305,000 1,305,000
Washington Cnty., OH Hospital RB, Marietta Area Health Care,
Inc., 1.67%(1) 2,000,000 2,000,000
Wood Cnty., OH Hospital Facilities RRB, Wood Cnty. Hospital Assoc.
Project, Series 2008, 1.60%(1) 35,525,000 35,525,000
--------------
120,025,000
OKLAHOMA--0.6%
Cleveland Cnty., OK Home Loan Authority SFM RRB, Series 2006,
2.85%, 7/25/08(3) 8,769,000 8,769,000
Oklahoma City, OK Water Utility Trust RB, Series A, 1.90%, 7/16/08 1,000,000 1,000,000
Oklahoma Cnty., OK FA IDV RB, Factory Direct Project, Series
2001A, 2.55%(1) 1,000,000 1,000,000
Tulsa, OK Industrial Authority RB, SGMSTR Series SGC-41, Cl. A,
1.58%(1, 2) 4,390,000 4,390,000
--------------
15,159,000
OREGON--0.2%
Eugene, OR EU RRB, ETET Series 2003-0022, Cl. A, 1.61%(1, 2) 5,880,000 5,880,000
--------------
PENNSYLVANIA--3.3%
Beaver Cnty., PA IDAU PC RRB, First Energy Nuclear,
Series A, 1.55%(1) 22,900,000 22,900,000
Butler Cnty., PA General Authority RB, SGMSTR Series 2007 SGB14,
Cl. A, 1.59%(1, 2) 7,280,000 7,280,000
Butler Cnty., PA General Authority RB, SGMSTR Series 2007 SGB72,
Cl. A, 1.70%(1, 2) 3,985,000 3,985,000
Emmaus, PA General Authority RB, 1.47%(1) 3,700,000 3,700,000
Gateway, PA Allegheny SDI REF GOUN, PTTR, Series 2315, 1.61%(1, 2) 2,845,000 2,845,000
PA HEFAU RB, Assn. of Independent Colleges, Series K-1, 3.38%(1) 1,660,000 1,660,000
PA Horizon HA Senior Health & Housing Facilities RRB,
St. Paul Homes Project, 1.21%(1) 9,200,000 9,200,000
PA Public School Building Authority RB, Reset Option Certificates
II-R Trust-Series 11396, 1.61%(1, 2) 7,600,000 7,600,000
PA Public School Building Authority RRB, PTTR, Series 2837,
1.61%(1, 2) 5,000,000 5,000,000
Philadelphia, PA SDI GOUN, SPEARS Deutsche Bank/Lifers Trust-Series
DBE-554, 1.58%(1, 2) 970,000 970,000
Pittsburgh, PA WSS Authority RRB, First Lien, Series B, 1.55%(1) 9,000,000 9,000,000
Shaler, PA Area SDI REF GOUN, Series 2004, 1.50%(1) 3,690,000 3,690,000
Westmoreland Cnty., PA IDA RRB, Greensburg Thermal Project LLC,
Series A, 1.54%(1) 915,000 915,000
Westmoreland Cnty., PA RB, SPEARS Deutsche Bank/Lifers
Trust-Series DB-301, 1.58%(1, 2) 4,930,000 4,930,000
--------------
83,675,000
F13 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS Continued
PRINCIPAL
AMOUNT VALUE
----------- --------------
SOUTH CAROLINA--0.5%
Beaufort Cnty., SC SDI GOUN, Series 2000B, 5.50%, 7/1/08 $ 1,000,000 $ 1,024,024
Kershaw Cnty., SC SDI GOUN, Series 2000, 7%, 2/1/09 710,000 730,099
Lancaster Cnty., SC SDI REF GOUN, 4%, 3/1/09 1,925,000 1,948,234
Lexington & Richland Cntys., SC SDI No. 005 GOUN, 4%, 3/1/09 200,000 201,700
Lexington Cnty., SC SDI No. 001 GOUN, Series 2007A, 5%, 2/1/09 1,000,000 1,012,379
SC Jobs EDAU RB, Boozer Lumber LLC Project, 1.75%(1) 1,220,000 1,220,000
SC Jobs EDAU RB, Shannon Forest Project, 1.61%(1) 2,420,000 2,420,000
SC Jobs EDAU RB, Supreme Machined Products Co., 1.70%(1) 2,300,000 2,300,000
Sumter Cnty., SC SDI No. 17 REF GOUN, 3%, 3/1/09 590,000 593,667
York Cnty., SC Rock Hill SDI No. 003 REF GOUN, PTTR, Series 1881,
1.63%(1, 2) 1,745,000 1,745,000
--------------
13,195,103
SOUTH DAKOTA--0.4%
SD H&EFA RRB, Sanford Health & Hospital, Series 2001B, 1.85%(1) 2,000,000 2,000,000
SD H&EFA RRB, Sanford Health & Hospital, Series 2001C, 1.60%(1) 7,500,000 7,500,000
--------------
9,500,000
TENNESSEE--4.7%
Blount Cnty., TN Public Building Authority RB, Morgan Keegan
Municipal Products, Inc., Series 2008B, 1.65%(1, 2) 6,900,000 6,900,000
Chattanooga, TN HE&HFB RB, McCallie School Project, Series 1998,
1.53%(1) 600,000 600,000
Dickson Cnty., TN IDB RB, Renaissance Learning Center Project,
Series 1997, 1.58%(1) 3,500,000 3,500,000
Franklin Cnty., TN H&EFA RB, University of the South Project,
Series 1998B, 1.65%(1) 5,855,000 5,855,000
Jackson, TN Energy Authority WS RB, 1.59%(1) 10,070,000 10,070,000
Jackson, TN H&EFA HFB RB, University School of Jackson Project,
1.61%(1) 1,200,000 1,200,000
Jackson, TN H&EFA HFB RB, University School of Jackson Project,
1.61%(1) 5,100,000 5,100,000
Jackson, TN H&EFA HFB RB, University School of Jackson Project,
1.61%(1) 3,725,000 3,725,000
Jackson, TN H&EFA HFB RRB, Trinity Christian Academy, 1.61%(1) 2,820,000 2,820,000
Knox Cnty., TN HE&HFB Educational Facilities RB, Webb School
Knoxville Project, 1.53%(1) 5,170,000 5,170,000
Knox Cnty., TN HE&HFB RB, Johnson Bible College, 1.61%(1) 3,650,000 3,650,000
Knox Cnty., TN HE&HFB RB, Episcopal School Knoxville Project,
1.53%(1) 3,200,000 3,200,000
Nashville & Davidson Cnty., TN IDB RB, Donelson Christian Academy,
Series 2003, 1.60%(1) 3,415,000 3,415,000
Nashville & Davidson Cnty., TN IDB RB, Second Harvest Food Bank
Project, Series 2002, 1.62%(1) 1,000,000 1,000,000
Nashville & Davidson Cnty., TN IDV RRB, Trevecca Nazarene Project,
Series 2003, 1.53%(1) 3,450,000 3,450,000
F14 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL
AMOUNT VALUE
----------- --------------
TENNESSEE Continued
Nashville & Davidson Cnty., TN RB, Belmont University Project,
Series 2005, 1.50%(1) $11,975,000 $ 11,975,000
Nashville & Davidson Cnty., TN RB, Fisk University Project,
Series 2000, 1.61%(1) 5,035,000 5,035,000
Nashville & Davidson Cnty., TN RB, Nashville Christian School
Project, 1.57%(1) 1,805,000 1,805,000
Nashville & Davidson Cnty., TN RRB, Belmont University Project,
Series 1997, 1.53%(1) 10,300,000 10,300,000
Shelby Cnty., TN HE&HFB MH RRB, Wynride III Apts. Project,
Series 2005, 2.05%(1) 4,760,000 4,760,000
Shelby Cnty., TN HE&HFB RB, Kings Daughter & Sons Project, 1.61%(1) 7,845,000 7,845,000
Springfield, TN H&EFA Hospital RB, Northcrest Medical Center-A,
1.61%(1) 5,000,000 5,000,000
Springfield, TN IDB RB, Nashville Wire Products Manufacturing,
Series 1994, 1.75%(1) 600,000 600,000
Springfield, TN IDB RRB, The Kroger Co., Series 2004, 1.65%(1) 4,500,000 4,500,000
Sullivan Cnty., TN HE&HFB RRB, Wellmont Health Systems Project,
Series 2005, 1.50%(1) 5,700,000 5,700,000
Sumner Cnty., TN HE&HFB RB, Sumner Academy Project,
Series 1998, 1.95%(1) 350,000 350,000
--------------
117,525,000
TEXAS--16.8%
Aledo, TX ISD School Building GOUN, 3.75%(1) 4,900,000 4,900,000
Arlington, TX ISD School Building REF GOUN, Series 1999, 5%, 7/1/08 6,965,000 7,103,458
Austin, TX HFC MH RRB, Stassney Woods Apts., Series 2004A, 1.55%(1) 1,100,000 1,100,000
Austin, TX Water & Wastewater System RRB, P-Floats Series PZ-157,
1.58%(1, 2) 8,450,000 8,450,000
Beaumont, TX GOUN, SPEARS Deutsche Bank/Lifers
Trust-Series DB-615, 1.58%(1, 2) 6,690,000 6,690,000
Bexar Cnty., TX HFDC Health Care RB, El Centro del Barrio,
Series 2007A, 1.62%(1) 14,755,000 14,755,000
Bexar Cnty., TX HFDC Health Care RB, El Centro del Barrio,
Series 2007B, 1.62%(1) 2,000,000 2,000,000
Birdville, TX ISD REF GOUN, 5%, 2/15/09 1,600,000 1,627,857
Brazos River, TX Harbor Navigation District RB, BASF Corp. Project,
2.10%(1) 500,000 500,000
Brazos, TX IDV Corp. RRB, BASF Corp. Project, 2.10%(1) 4,400,000 4,400,000
Brownsville, TX Utility System RRB, PTTR, Series 1132, 1.63%(1) 7,370,000 7,370,000
Cameron Cnty., TX GOLB, PTTR, Series 1028, 1.63%(1, 2) 5,595,000 5,595,000
Carrollton-Farmers Branch, TX ISD GOUN, Series 2006, 4.25%, 2/15/09 2,280,000 2,312,642
Carrollton-Farmers Branch, TX ISD School Building GOUN,
Series 2004, 5%, 2/15/09 2,160,000 2,199,829
Clear Creek, TX ISD REF GOUN, PTTR, Series 2746, 1.63%(1, 2) 3,555,000 3,555,000
F15 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS Continued
PRINCIPAL
AMOUNT VALUE
----------- --------------
TEXAS Continued
Conroe, TX ISD GOUN, PTTR, Series 2487, 1.63%(1, 2) $ 2,250,000 $ 2,250,000
Corpus Christi, TX REF GOLB, 5%, 3/1/09 2,000,000 2,039,483
Cypress-Fairbanks, TX ISD REF GOUN, MERLOTS Series 2008 D155,
1.61%(1, 2) 6,000,000 6,000,000
Cypress-Fairbanks, TX ISD REF GOUN, Series 2005, 5%, 8/15/08(3) 2,385,000 2,393,665
Dallam Cnty., TX IDV Corp. ED RB, Rick & Janice Van Ryn Project,
Series 2007, 1.75%(1) 2,600,000 2,600,000
Dallam Cnty., TX IDV Corp. RB, Consolidated Dairy Management LLC
Project, 1.75%(1) 2,100,000 2,100,000
Del Valle, TX ISD GOUN, PTTR, Series 1946, 1.63%(1, 2) 2,995,000 2,995,000
Denton, TX ISD GOUN, PTTR, Series 2603, 1.63%(1, 2) 3,700,000 3,700,000
Fort Bend Cnty., TX GOLB, SPEARS Deutsche Bank/Lifers
Trust-Series DBE-556, 1.58%(1, 2) 1,120,000 1,120,000
Fort Bend, TX ISD REF GOUN, Wells Fargo Stage
Trust-Series 2008-25C, 1.58%(1, 2) 9,905,000 9,905,000
Fort Bend, TX ISD School Building GOUN, Series 2000, 7%, 8/15/08 500,000 503,146
Fort Worth, TX ISD Unlimited Tax Refund & Improvement GOUN,
Series 2008, 4%, 2/15/09 2,015,000 2,038,480
Fort Worth, TX ISD Unlimited Tax Refund & Improvement REF GOUN,
Series 1999, 5%, 7/1/08 1,355,000 1,382,968
Frisco, TX ISD GOUN, PTTR, Series 2687, 1.63%(1, 2) 5,780,000 5,780,000
Harris Cnty., TX HFDC Hospital RRB, Baylor College of Medicine,
Series A, 1.50%(1) 6,400,000 6,400,000
Houston, TX GOLB, SPEARS Deutsche Bank/Lifers Trust-Series DB-611,
1.58%(1, 2) 4,160,000 4,160,000
Houston, TX ISD GOUN, PTTR, Series 1189, 1.63%(1, 2) 1,495,000 1,495,000
Houston, TX ISD REF GOUN, PTTR, Series 2802, 1.63%(1, 2) 7,775,000 7,775,000
Houston, TX ISD Schoolhouse REF GOLB, Series 1999A, 5%, 7/1/08 1,500,000 1,527,660
Houston, TX Utility System RB, SPEARS Deutsche Bank/Lifers
Trust-Series DBE-551, 1.58%(1, 2) 4,570,000 4,570,000
Houston, TX Utility System RRB, PTTR, Series 2502, 1.63%(1, 2) 2,330,000 2,330,000
Houston, TX WSS RRB, Reset Option Certificates II-R Trust-Series 787,
1.61%(1, 2) 3,635,000 3,635,000
Humble, TX ISD GOUN, School Building, Series 2003, 1.60%(1) 1,515,000 1,515,000
Huntsville, TX ISD REF GOUN, 5%, 2/15/09 1,050,000 1,069,317
Hurst Euless Bedford, TX ISD School Building REF GOUN, Series
1998, 4.90%, 7/1/08 980,000 983,393
Hutto, TX ISD GOUN, UBS Municipal Custodial Residual & Variable
Securities, Series 1001, 1.61%(1, 2) 1,000,000 1,000,000
Katy, TX ISD GOUN, PTTR, Series 2942, 1.63%(1, 2) 3,000,000 3,000,000
Keller, TX ISD GOUN, PTTR, Series 2616, 1.63%(1, 2) 3,550,000 3,550,000
Killeen, TX ISD REF GOUN, Series 2005, 3%, 2/15/09 500,000 502,540
Klein, TX ISD Schoolhouse GOUN, Series 2007, 5.50%, 8/1/08 2,300,000 2,305,378
F16 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL
AMOUNT VALUE
----------- --------------
TEXAS Continued
Lake Travis, TX ISD REF GOUN, Series 2008, 3.50%, 2/15/09 $ 30,000 $ 30,091
Lamar, TX Consolidated ISD Schoolhouse GOUN, Series 1999, 5.10%,
2/15/09 1,000,000 1,021,320
Lamar, TX Consolidated ISD Schoolhouse GOUN, Series 2004, 3.75%,
12/15/08 (3) 10,905,000 10,905,000
Lamar, TX ISD REF GOUN, SPEARS Deutsche Bank/Lifers Trust-Series
DB-512, 1.58%(1, 2) 6,500,000 6,500,000
Leander, TX ISD REF GOUN, ETET Series 2008-0001, 1.53%(1, 2) 3,395,000 3,395,000
Leander, TX ISD REF GOUN, MERLOTS Series D195, 1.61%(1, 2) 7,205,000 7,205,000
Lovejoy, TX GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DB-514,
1.58%(1, 2) 3,275,000 3,275,000
Mansfield, TX ISD School Building GOUN, Series 1996, 1.60%(1) 2,065,000 2,065,000
Mesquite, TX ISD GOUN, 3.65%(1) 2,000,000 2,014,047
Northeast TX ISD GOUN, Dexia Credit Local Certificates
Trust-Series 2008-002, 1.60%(1, 2) 5,745,000 5,745,000
Northeast TX ISD GOUN, P-Floats Series PT-3957, 1.65%(1, 2) 17,280,000 17,280,000
Northside, TX ISD GORB, Series 2006A, 3.75%, 8/1/08(3) 5,000,000 5,000,000
Northside, TX ISD GOUN, PTTR, Series 2918Z, 1.63%(1, 2) 3,560,000 3,560,000
Northside, TX ISD REF GOUN, MERLOTS Series 2008 D90, 1.61%(1, 2) 4,100,000 4,100,000
Northwest TX ISD GOUN, Reset Option Certificates I I-R
Trust-Series 11220, 1.55%(1, 2) 3,590,000 3,590,000
Nueces River Authority, TX Water Supply RRB, PTTR, Series 1412,
1.63%(1, 2) 940,000 940,000
Panhandle, TX ISD GOUN, PTTR, Series 2073, 1.63%(1, 2) 2,000,000 2,000,000
Raymondville, TX ISD School Building GOUN, Series 1999, 5.20%, 7/1/08 190,000 193,508
Red River, TX Educational FAU RB, Parish Day School Project, Series
A, 1.60%(1) 6,255,000 6,255,000
Red River, TX Educational FAU RB, Parish Episcopal School Project,
1.60%(1) 4,885,000 4,885,000
Richardson, TX ISD GOUN, 3.25%, 2/15/09 450,000 452,758
San Antonio, TX Electric & Gas RRB, Series A, 5%, 7/1/08 585,000 602,334
San Antonio, TX Electric & Gas System RB, PTTR, Series 2503,
1.60%(1, 2) 3,700,000 3,700,000
San Antonio, TX Electric & Gas System RRB, Series 1998A, 5.25%,
7/1/08 3,510,000 3,615,318
San Antonio, TX Electric & Gas System RB, SPEARS Deutsche Bank/Lifers
Trust-Series DB-602, 1.58%(1, 2) 8,370,000 8,370,000
San Antonio, TX Water RB, SGMSTR, Series SGC-38, Cl. A, 1.58%(1, 2) 13,085,000 13,085,000
Southmost College, TX District GOLB, Eclipse Funding Trust Solar
Eclipse Certificates-Series 2006-0061, 1.55%(1) 10,760,000 10,760,000
Southwest TX ISD GOUN, SPEARS Deutsche Bank/Lifers
Trust-Series DB-569, 1.58%(1, 2) 1,700,000 1,700,000
Spring Branch, TX ISD GOLB, Reset Option Certificates II-R
Trust-Series 9211, 1.55%(1, 2) 3,760,000 3,760,000
Spring, TX ISD REF GOUN, SPEARS Deutsche Bank/Lifers
Trust-Series DB-603, 1.58%(1, 2) 3,830,000 3,830,000
Spring, TX ISD Schoolhouse GOUN, Series 2005-A, 3.72%, 8/15/08(3) 1,000,000 1,000,066
F17 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS Continued
PRINCIPAL
AMOUNT VALUE
----------- --------------
TEXAS Continued
Texas State University System RRB, Austin Trust Certificates-Series
2008-3023, 1.60%(1, 2) $ 5,605,000 $ 5,605,000
TX Dept. of Hsg. & Community Affairs MH RB, MERLOTS Series C41,
1.96%(1, 2) 8,000,000 8,000,000
TX ISD GOUN, Wells Fargo Stage Trust-Series 2008-19C, 1.58%(1, 2) 14,555,000 14,555,000
TX PFAU REF GOUN, Series 2003, 5%, 10/1/08 500,000 503,848
TX PFAU REF GOUN, Series C, 6%, 10/1/08 1,500,000 1,513,954
TX RANs & TANs, Series 2007, 4.50%, 8/28/08 50,500,000 50,586,230
TX REF GOUN, Series 92A, 6%, 10/1/08 1,000,000 1,010,431
TX RRB, Municipal Trust Securities, Series 08-0025, 1.55%(1, 2) 5,110,000 5,110,000
TX RRB, Municipal Trust Securities, Series 08-0026, 1.55%(1, 2) 5,395,000 5,395,000
TX Transportation Commission Mobility Fund GOUN, 5%, 4/1/09 1,400,000 1,430,475
TX Transportation Commission Mobility Fund GOUN, PTTR,
Series 2481, 1.60%(1, 2) 2,190,000 2,190,000
TX Transportation Commission Mobility Fund GOUN, PTTR,
Series 2510, 1.60%(1, 2) 3,800,000 3,800,000
TX Transportation Commission Mobility Fund GOUN, PTTR,
Series 2615, 1.60%(1, 2) 2,800,000 2,800,000
University of Texas RRB, Austin Trust Certificates-Series 2007-193,
1.60%(1, 2) 5,000,000 5,000,000
University of Texas RRB, PTTR, Series 2775, 1.60%(1, 2) 5,105,000 5,105,000
University of Texas System Board of Regents Revenue Financing System
RB, Series 2006B, 4%, 8/15/08 1,000,000 1,002,661
University of Texas System Board of Regents Revenue Financing System
RRB, Series 1998D, 5.125%, 7/1/08 5,270,000 5,291,223
-------------
422,918,080
UTAH--1.5%
Beaver Cnty., UT Environmental Facilities RB, Best Biofuels LLC
Project, Series 2003A, 1.90%(1) 10,985,000 10,985,000
Intermountain Power Agency, UT Power Supply RRB, Series 2003A, 5%,
7/1/08 1,000,000 1,000,000
Riverdale, UT RA Tax Increment RB, 1.65%(1) 820,000 820,000
St. George, UT Electric RB, PTTR, Series 2717, 1.63%(1, 2) 5,405,000 5,405,000
UT Transit Authority RB, Wells Fargo Stage Trust-Series 2008-17C,
1.58%(1, 2) 19,930,000 19,930,000
Weber Cnty., UT Industrial RB, Enable Industries, Inc., Series 2003,
1.65%(1) 810,000 810,000
-------------
38,950,000
VIRGINIA--1.6%
Alexandria, VA IDAU Headquarters Facilities RB, American Society
Clinical Oncology, Series B, 1.60%(1) 10,000,000 10,000,000
Chesapeake Bay, VA Bridge & Tunnel District RRB, Series A, 1.61%(1) 6,250,000 6,250,000
Chesterfield Cnty., VA Health Center Community Residential Care
Facility RB, Lucy Corr Village, Series 2008B, 1.61%(1) 3,150,000 3,150,000
F18 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL
AMOUNT VALUE
----------- --------------
VIRGINIA Continued
Fairfax Cnty., VA IDAU RB, Inova Health System, Series 2008B-1,
1.60%, 11/15/08(3) $ 4,950,000 $ 4,950,000
Fairfax Cnty., VA IDAU RB, Series 2008C-4, 1.60%, 10/15/08(3) 3,000,000 3,000,000
Henrico Cnty., VA EDAU Residential Care Facilities RB, Westminster
Canterbury, 1.61%(1) 3,200,000 3,200,000
Henrico Cnty., VA Municipal Trust Securities, Series 2041, 1.61%(1, 2) 4,450,000 4,450,000
Lewistown, VA Commerce Center CDAU SPTX Bonds, MSTFC
Series 2006-2115, 1.61%(1, 2) 4,000,000 4,000,000
Norfolk, VA RED & HAU MH RRB, Archers Green LP, 1.98%(1) 1,890,000 1,890,000
VA Small Business FAU IDV RB, McElroy Metal Project, 1.85%(1) 370,000 370,000
--------------
41,260,000
WASHINGTON--1.3%
Central Puget Sound, WA RTA Sales & Use Tax RB, PTTR,
Series 2625Z, 1.63%(1) 1,675,000 1,675,000
King Cnty., WA HAU RB, Summerfield Apts. Project,
Series 2005, 1.82%(1) 1,845,000 1,845,000
Port Bellingham, WA IDV Corp. RB, FPE Renewables LLC Project,
Series 2005, 1.65%(1) 705,000 705,000
Port Seattle, WA RRB, Eclipse Funding Trust Solar Eclipse
Certificates-Series 2006-0063, 1.56%(1, 2) 14,000,000 14,000,000
WA EDFAU RRB, Benaroya Research Institute at Virginia Mason,
Series 2006C, 1.60%(1) 880,000 880,000
WA GOUN, PTTR, Series 2650Z, 1.63%(1, 2) 1,000,000 1,000,000
WA GOUN, PTTR, Series 593A, 1.63%(1, 2) 1,000,000 1,000,000
WA GOUN, Reset Option Certificates II-R Trust-Series
11298, 1.60%(1, 2) 1,830,000 1,830,000
WA HCF Authority RRB, Virginia Mason Medical Center,
Series 1997A, 6%, 8/15/08 1,000,000 1,002,751
WA HCF Authority RRB, Highline Medical Center, 1.55%(1) 3,000,000 3,000,000
WA REF GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DB-388,
1.57%(1, 2) 5,630,000 5,630,000
--------------
32,567,751
WEST VIRGINIA--0.7%
Kanawha Cnty., WV IDV RRB, The Kroger Co., Series 2004-A, 1.65%(1) 4,500,000 4,500,000
Kanawha Cnty., WV IDV RRB, The Kroger Co., Series 2004-B, 1.65%(1) 6,850,000 6,850,000
Marmet, WV CD RRB, The Kroger Co., Series 2004, 1.65%(1) 3,100,000 3,100,000
WV EDAU IDAU RB, Rubberlite, Inc. Project, Series 1999, 2.55%(1) 2,200,000 2,200,000
--------------
16,650,000
WISCONSIN--2.8%
Beaver Dam, WI IDV RB, Apache Stainless Equipment Corp.,
Series 1999A, 3.05%(1) 395,000 395,000
Brokaw, WI Sewer & SW RB, Wasau Paper Mills Co. Project, 1.80%(1) 9,500,000 9,500,000
Columbus, WI IDV RB, Maysteel Corp. Project, Series 1994, 1.90%(1) 2,000,000 2,000,000
F19 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS Continued
PRINCIPAL
AMOUNT VALUE
----------- --------------
WISCONSIN Continued
Kiel, WI IDV RB, Polar Ware Co. Project, Series 2007, 2.13%(1) $ 1,325,000 $ 1,325,000
Kimberly, WI Development RB, Fox Cities YMCA Project,
Series 2002, 2.30%(1) 1,400,000 1,400,000
La Crosse, WI IDV RB, Fiberpro, Inc. Project, Series 2005, 1.75%(1) 1,940,000 1,940,000
La Crosse, WI IDV RB, GGP, Inc. Project, Series 2007A, 1.75%(1) 2,050,000 2,050,000
Milwaukee, WI IDV RB, Goodwill Industries, 1.55%(1) 3,615,000 3,615,000
Milwaukee, WI IDV RB, R&B Wagner Project, 2.55%(1) 1,060,000 1,060,000
New Glarus, WI IDV RB, New Glarus Project, 2.03%(1) 1,415,000 1,415,000
Onalaska, WI IDV RB, Empire Screen Printing Project,
Series 2006, 2.13%(1) 940,000 940,000
Plymouth, WI IDV RB, Plymouth Foam, Inc. Project, 2.13%(1) 1,000,000 1,000,000
West Bend, WI IDV RB, Jackson Concrete, Inc. Project, 2.13%(1) 1,400,000 1,400,000
WI H&EFA RB, Community Care, Inc., Series 2005, 1.62%(1) 4,250,000 4,250,000
WI H&EFA RB, Group Health Cooperative of South Central Wisconsin,
1.62%(1) 3,600,000 3,600,000
WI H&EFA RB, Ripon College, Series 2006, 1.62%(1) 23,165,000 23,165,000
WI H&EFA RB, St. Camillus Health Center, Series 2005, 1.65%(1) 2,460,000 2,460,000
WI H&EFA RRB, St. Camillus Health Care Center, Series 2003, 1.70%(1) 820,000 820,000
WI Public Power, Inc. PPSS RRB, PTTR, Series 2872, 1.63%(1, 2) 8,700,000 8,700,000
--------------
71,035,000
WYOMING--0.1%
Campbell Cnty., WY IDV RRB, Powder Basin Properties Project,
Series 1996, 1.80%(1) 3,505,000 3,505,000
DISTRICT OF COLUMBIA--0.7%
District of Columbia HFA Single Family RRB, 2.57%, 7/25/08(3) 5,000,000 5,000,000
District of Columbia RB, National Museum Women Arts, 1.57%(1) 1,275,000 1,275,000
District of Columbia RB, Resources for the Future, Inc., 1.57%(1) 4,810,000 4,810,000
District of Columbia University RB, American University, Series 2003,
1.55%(1) 7,400,000 7,400,000
--------------
18,485,000
U.S. POSSESSIONS--0.1%
Puerto Rico CMWLTH HTAU RRB, Reset Option Certificates II-R
Trust-Series 10327CE, 1.58%(1, 2) 2,800,000 2,800,000
Puerto Rico Sales Tax Finance Corp. RRB, SPEARS Deutsche Bank/Lifers
Trust-Series DBE-627A, 1.55%(1, 2) 800,000 800,000
--------------
3,600,000
F20 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL
AMOUNT VALUE
----------- --------------
OTHER SECURITIES--3.2%
Freddie Mac, Multifamily Certificates, Series M010, 2.55%(1) $45,289,604 $ 45,289,604
P-Floats Series PT-4314, 1.56%(1, 2) 21,460,000 21,460,000
P-Floats Series PZ-270, 1.57%(1, 2) 6,275,000 6,275,000
PAUNYNJ RRB, PTTR, Series 2929Z, 1.58%(1, 2) 4,995,000 4,995,000
PAUNYNJ RRB, PTTR, Series 2945, 1.78%(1, 2) 2,500,000 2,500,000
--------------
80,519,604
--------------
Total Short-Term Tax-Exempt Obligations (Cost $2,534,755,952) 2,534,755,952
TOTAL INVESTMENTS, AT VALUE (COST $ 2,534,755,952) 100.8% 2,534,755,952
LIABILITIES IN EXCESS OF OTHER ASSETS (0.8) (19,797,552)
----------- --------------
NET ASSETS 100.0% $2,514,958,400
=========== ==============
INDUSTRY CLASSIFICATIONS ARE UNAUDITED.
FOOTNOTES TO STATEMENT OF INVESTMENTS
To simplify the listings of securities, abbreviations are used per the table
below:
AA Airport Authority
AAC Aid Anticipation Certificates
BANs Bond Anticipation Nts.
BOE Board of Education
CD Commercial Development
CDAU Community Development Authority
CDD Community Development District
CMWLTH Commonwealth
COP Certificates of Participation
DA Dormitory Authority
DAU Development Authority
DFA Development Finance Authority
ECFA Educational and Cultural Facilities Authority
ED Economic Development
EDAU Economic Development Authority
EDC Economic Devel. Corp.
EDFAU Economic Development Finance 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
GORB General Obligation Refunding Bonds
GOUN General Obligation Unlimited Nts.
H&EFA Health and Educational Facilities Authority
H&EFB Health and Educational Facilities Board
HA Hospital Authority
HAU Housing Authority
HCF Health Care Facilities
HE&HFA Higher Education and Health Facilities Authority
HE&HFB Health Educational and Housing Facility Board
HEFA Higher Education Facilities Authority
HEFAU Higher Educational Facilities Authority
HF Health Facilities
HFA Housing Finance Agency
HFB Housing Facilities Board
HFAU Health Facilities Authority
HFC Housing Finance Corp.
HFDC Health Facilities Devel. Corp.
HFFAU Health Facilities Finance Authority
HOFA Hospital Finance Agency/Authority
HTAU Highway & Transportation Authority
IDA Industrial Devel. Agency
IDAU Industrial Development Authority
IDB Industrial Development Board
IDC Industrial Devel. Corp.
IDV Industrial Development
IFA Interim Finance Authority
ISD Independent School District
MERLOTS Municipal Exempt Receipts Liquidity Option Tender
MH Multifamily Housing
F21 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS Continued
FOOTNOTES TO STATEMENT OF INVESTMENTS Continued
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
P-Floats Puttable Floating Option Tax Exempt Receipts
PAUNYNJ Port Authority of New York & New Jersey
PC Pollution Control
PCFAU Pollution Control Finance Authority
PFAU Public Finance Authority
PFFAU Public Facilities Finance Authority
POAU Port Authority
PP Professionals PRN, Inc.
PPSS Public Power Supply System
PTTR Puttable Tax Exempt Receipts
RA Redevelopment Agency/Authority
RANs Revenue Anticipation Nts.
RB Revenue Bonds
RED Redevelopment
REF Refunding
RRB Revenue Refunding Bonds
RTA Regional Transportation Authority/Agency
SCDAU Statewide Communities Development Authority
SDI School District
SFM Single Family Mtg.
SGMSTR Societe Generale, NY Branch Municipal
Security Trust Receipts
SPAST Special Assessment
SPEARS Short Puttable Exempt Adustable Receipts
SPO Special Obligations
SPTX Special Tax
SW Solid Waste
SWD Solid Waste Disposal
TANs Tax Anticipation Nts.
TBTAU Triborough Bridge & Tunnel Authority
TFA Transitional Finance Authority
TS Tobacco Settlement
TUAU Turnpike Authority
TXAL Tax Allocation
UDC Urban Devel. Corp.
USD Unified School District
WS Water System
WSS Water & Sewer System
YMCA Young Men's Christian Assoc.
(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, 2008. 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.
(2.) 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 $1,009,671,000 or 40.15% of the
Trust's net assets as of June 30, 2008.
(3.) Put obligation redeemable at full principal value on the date reported.
(4.) Illiquid security. The aggregate value of illiquid securities as of June
30, 2008 was $11,560,000, which represents 0.46% of the Trust's net assets.
See Note 4 of accompanying Notes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F22 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF ASSETS AND LIABILITIES June 30, 2008
ASSETS
Investments, at value (cost $2,534,755,952)--see accompanying
statement of investments $ 2,534,755,952
Receivables and other assets:
Interest 11,325,322
Investments sold on a when-issued or delayed delivery basis 8,000,000
Shares of beneficial interest sold 18,283
Other 143,254
---------------
Total assets 2,554,242,811
LIABILITIES
Bank overdraft 35,359,042
Payables and other liabilities:
Investments purchased 2,858,024
Dividends 654,784
Distribution and service plan fees 129,225
Shareholder communications 95,686
Shares of beneficial interest redeemed 53,183
Transfer and shareholder servicing agent fees 35,221
Trustees'compensation 10,066
Other 89,180
---------------
Total liabilities 39,284,411
NET ASSETS $ 2,514,958,400
===============
COMPOSITION OF NET ASSETS
Paid-in capital $ 2,514,766,534
Accumulated net investment loss (27,138)
Accumulated net realized gain on investments 219,004
---------------
NET ASSETS--applicable to 2,514,795,582 shares of
beneficial interest outstanding $ 2,514,958,400
===============
NET ASSET VALUE, REDEMPTION PRICE PER SHARE
AND OFFERING PRICE PER SHARE $1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F23 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF OPERATIONS For the Year Ended June 30, 2008
INVESTMENT INCOME
Interest $ 60,754,641
EXPENSES
Management fees 8,423,806
Service plan fees 4,082,387
Transfer and shareholder servicing agent fees 464,622
Shareholder communications 141,299
Custodian fees and expenses 37,698
Trustees' compensation 14,775
Administration service fees 1,500
Other 259,328
---------------
Total expenses 13,425,415
Less reduction to custodian expenses (870)
---------------
Net expenses 13,424,545
NET INVESTMENT INCOME 47,330,096
NET REALIZED GAIN ON INVESTMENTS 226,633
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 47,556,729
===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F24 | CENTENNIAL TAX EXEMPT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
YEAR ENDED JUNE 30, 2008 2007
- --------------------------------------------- -------------- --------------
OPERATIONS
Net investment income $ 47,330,096 $ 53,632,623
Net realized gain 226,633 342,169
-------------- --------------
Net increase in net assets resulting from
operations 47,556,729 53,974,792
DIVIDENDS AND/OR DISTRIBUTIONS
TO SHAREHOLDERS
Dividends from net investment income (47,357,234) (53,632,623)
Distributions from net realized gain (336,019) (281,265)
BENEFICIAL INTEREST TRANSACTIONS
Net increase (decrease) in net assets
resulting from beneficial
interest transactions 814,218,151 (9,550,358)
NET ASSETS
Total increase (decrease) 814,081,627 (9,489,454)
Beginning of period 1,700,876,773 1,710,366,227
-------------- --------------
End of period (including accumulated net
investment loss of $27,138 for the
year ended June 30, 2008) $2,514,958,400 $1,700,876,773
============== ==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F25 | CENTENNIAL TAX EXEMPT TRUST
FINANCIAL HIGHLIGHTS
YEAR ENDED JUNE 30, 2008 2007 2006 2005 2004
- ------------------- ------ ------ ------ ------ ------
PER SHARE OPERATING DATA
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income from investment operations--net
investment income and net realized gain .02(1) .03(1) .02(1) .01(1) --(2)
Dividends and/or distributions to shareholders:
Dividends from net investment income (.02) (.03) (.02) (.01) --(2)
Distributions from net realized gain --(2) --(2) -- -- --
Total dividends and/or distributions to
shareholders (.02) (.03) (.02) (.01) --(2)
------ ------ ------ ------ ------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ======
TOTAL RETURN(3) 2.44% 3.09% 2.44% 1.21% 0.35%
====== ====== ====== ====== ======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $2,515 $1,701 $1,710 $1,701 $1,778
Average net assets (in millions) $2,040 $1,764 $1,701 $1,797 $1,851
Ratios to average net assets:(4)
Net investment income 2.32% 3.04% 2.40% 1.20% 0.35%
Total expenses 0.66% 0.67% 0.68% 0.67% 0.67%
Expenses after payments, waivers and/or
reimbursements and reduction to custodian
expenses 0.66% 0.67% 0.68% 0.65% 0.67%
(1.) Per share amounts calculated based on the average shares outstanding during
the period.
(2.) Less than $0.005 per share.
(3.) Assumes an investment on the business day before the first day of the
fiscal period, with all dividends and distributions 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.
(4.) Annualized for periods less than one full year.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F26 | CENTENNIAL TAX EXEMPT TRUST
NOTES TO FINANCIAL STATEMENTS
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 adviser 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. The net asset value of shares of the Trust is normally
determined twice each day, at Noon Eastern time and at 4:00 P.M. Eastern time on
each day the New York Stock Exchange (the "Exchange") is open for trading.
Securities are valued at cost adjusted by the amortization of discount or
premium to maturity (amortized cost), which approximates market value. If
amortized cost is determined not to approximate market value, the fair value of
the portfolio securities will be determined under procedures approved by the
Trust's Board of Trustees.
SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Trust may purchase
securities on a "when-issued" basis, and may purchase or sell securities on a
"delayed delivery" basis. "When-issued" or "delayed delivery" refers to
securities whose terms and indenture are available and for which a market
exists, but which are not available for immediate delivery. Delivery and payment
for securities that have been purchased by the Trust on a when-issued basis
normally takes place within six months and possibly as long as two years or more
after the trade date. During this period, such securities do not earn interest,
are subject to market fluctuation and may increase or decrease in value prior to
their delivery. The purchase of securities on a when-issued basis may increase
the volatility of the Trust's net asset value to the extent the Trust executes
such transactions while remaining substantially fully invested. When the Trust
engages in when-issued or delayed delivery transactions, it relies on the buyer
or seller, as the case may be, to complete the transaction. Their failure to do
so may cause the Trust to lose the opportunity to obtain or dispose of the
security at a price and yield it considers advantageous. The Trust maintains
internally designated assets with a market value equal to or greater than the
amount of its purchase commitments. The Trust may also sell securities that it
purchased on a when-issued basis or forward commitment prior to settlement of
the original purchase.
As of June 30, 2008, the Trust had purchased securities issued on a when-issued
or delayed delivery basis and sold securities issued on a delayed delivery basis
as follows:
WHEN-ISSUED
OR DELAYED
DELIVERY BASIS
TRANSACTIONS
--------------
Sold securities $8,000,000
F27 | CENTENNIAL TAX EXEMPT TRUST
NOTES TO FINANCIAL STATEMENTS Continued
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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 to shareholders.
Therefore, no federal income or excise tax provision is required. The Trust
files income tax returns in U.S. federal and applicable state jurisdictions. The
statute of limitations on the Trust's tax return filings generally remain open
for the three preceding fiscal reporting period ends.
The tax components of capital shown in the following table represent
distribution requirements the Trust must satisfy under the income tax
regulations, losses the Trust may be able to offset against income and gains
realized in future years for federal income tax purposes.
UNDISTRIBUTED NET UNDISTRIBUTED ACCUMULATED LOSS
INVESTMENT INCOME LONG-TERM GAINS CARRYFORWARD(1,2)
- ----------------- --------------- -----------------
$835,690 $48,355 $--
(1.) During the fiscal year ended June 30, 2008, the Trust did not utilize any
capital loss carryforwards.
(2.) During the fiscal year ended June 30, 2007, the Trust did not utilize any
capital loss carryforwards.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Trust.
The tax character of distributions paid during the years ended June 30, 2008 and
June 30, 2007 was as follows:
YEAR ENDED YEAR ENDED
JUNE 30, 2008 JUNE 30, 2007
------------- -------------
Distributions paid from:
Ordinary income $ 39,532 $ --
Exempt-interest dividends 47,357,234 53,632,623
Long-term capital gain 296,487 281,265
----------- -----------
Total $47,693,253 $53,913,888
=========== ===========
TRUSTEES' COMPENSATION. The Board of Trustees has adopted a compensation
deferral 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. For purposes of determining the amount owed to the
Trustee under the plan, deferred amounts are treated as though equal dollar
amounts had been invested in shares of the Trust or in other Oppenheimer funds
selected by the Trustee. The Trust purchases shares of the funds selected for
deferral by the Trustee in amounts equal to his or her deemed investment,
resulting in a Trust asset equal to the deferred compensation liability. Such
assets
F28 | CENTENNIAL TAX EXEMPT TRUST
are included as a component of "Other" within the asset section of
the Statement of Assets and Liabilities. 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 compensation deferral plan.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and
distributions to shareholders, which are determined in accordance
with income tax regulations and may differ from U.S. generally
accepted accounting principles, 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
but may be paid at other times to maintain the net asset value per
share at $1.00.
INVESTMENT INCOME. Interest income is recognized on an accrual basis. Discount
and premium, which are included in interest income on the Statement of
Operations, are amortized or accreted daily.
CUSTODIAN FEES. "Custodian fees and expenses" in the Statement of
Operations may include interest expense incurred by the Trust on any
cash overdrafts of its custodian account during the period. Such cash
overdrafts may result from the effects of failed trades in portfolio
securities and from cash outflows resulting from unanticipated
shareholder redemption activity. The Trust pays interest to its
custodian on such cash overdrafts, to the extent they are not offset
by positive cash balances maintained by the Trust, at a rate equal to
the Federal Funds Rate plus 0.50%. The "Reduction to custodian
expenses" line item, if applicable, represents earnings on cash
balances maintained by the Trust during the period. Such interest
expense and other custodian fees may be paid with these earnings.
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.
INDEMNIFICATIONS. The Trust's organizational documents provide
current and former trustees and officers with a limited
indemnification against liabilities arising in connection with the
performance of their duties to the Trust. In the normal course of
business, the Trust may also enter into contracts that provide
general indemnifications. The Trust's maximum exposure under these
arrangements is unknown as this would be dependent on future claims
that may be made against the Trust. The risk of material loss from
such claims is considered remote.
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 increases and decreases in net
assets from operations during the reporting period. Actual results
could differ from those estimates.
F29 | CENTENNIAL TAX EXEMPT TRUST
NOTES TO FINANCIAL STATEMENTS Continued
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, 2008 YEAR ENDED JUNE 30, 2007
-------------------------------- -----------------------------------
SHARES AMOUNT SHARES AMOUNT
-------------- --------------- -------------- -----------------
Sold 7,247,964,441 $ 7,247,964,441 5,228,156,425 $ 5,228,156,425
Dividends and/or
distributions reinvested 47,100,245 47,100,245 53,788,375 53,788,375
Redeemed (6,480,846,535) (6,480,846,535) (5,291,495,158) (5,291,495,158)
-------------- --------------- -------------- -----------------
Net increase (decrease) 814,218,151 814,218,151 (9,550,358) $ (9,550,358)
============== =============== ============== =================
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Under the investment advisory agreement, the Trust
pays the Manager a management fee based on the daily net assets of
the Trust at an annual rate as shown in the following table:
FEE SCHEDULE
- ------------------
Up to $250 million 0.500%
Next $250 million 0.475
Next $250 million 0.450
Next $250 million 0.425
Next $250 million 0.400
Next $250 million 0.375
Next $500 million 0.350
Next $2 billion 0.325
ADMINISTRATION SERVICE FEES. The Trust pays the Manager a fee of
$1,500 per year for preparing and filing the Trust's tax returns.
TRANSFER AGENT FEES. Shareholder Services, Inc. ("SSI") acts as the
transfer and shareholder servicing agent for the Trust. The Trust
pays SSI a per account fee. For the year ended June 30, 2008, the
Trust paid $469,711 to SSI for services to the Trust.
SERVICE PLAN (12B-1) FEES. The Trust has adopted a Service Plan (the
"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 periodically depending on asset size, at an annual rate of up to
0.20% of the average annual net assets of the Trust. The Distributor
currently uses all of those fees (together with significant amounts
from the Manager's own resources) to pay dealers, brokers, banks and
other financial institutions periodically for providing personal
service and maintenance of accounts of their customers that hold
shares of the Trust. Fees incurred by the Trust under the Plan are
detailed in the Statement of Operations.
WAIVERS AND REIMBURSEMENTS OF EXPENSES. Under the investment advisory
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.
F30 | CENTENNIAL TAX EXEMPT TRUST
SSI has voluntarily agreed to limit transfer and shareholder
servicing agent fees to 0.35% of average annual net assets of the
Trust. This undertaking may be amended or withdrawn at any time.
4. ILLIQUID SECURITIES
As of June 30, 2008, investments in securities included issues that
are illiquid. Investments may be illiquid because they do not have an
active trading market, making it difficult to value them or dispose
of them promptly at an acceptable price. The Trust will not invest
more than 10% of its net assets (determined at the time of purchase
and reviewed periodically) in illiquid securities. Securities that
are illiquid are marked with an applicable footnote on the Statement
of Investments.
5. RECENT ACCOUNTING PRONOUNCEMENTS
In September 2006, the Financial Accounting Standards Board ("FASB")
issued Statement of Financial Accounting Standards ("SFAS") No. 157,
FAIR VALUE MEASUREMENTS. This standard establishes a single
authoritative definition of fair value, sets out a framework for
measuring fair value and expands disclosures about fair value
measurements. SFAS No. 157 applies to fair value measurements already
required or permitted by existing standards. SFAS No. 157 is
effective for financial statements issued for fiscal years beginning
after November 15, 2007, and interim periods within those fiscal
years. As of June 30, 2008, the Manager does not believe the adoption
of SFAS No. 157 will materially impact the financial statement
amounts; however, additional disclosures may be required about the
inputs used to develop the measurements and the effect of certain of
the measurements on changes in net assets for the period.
In March 2008, FASB issued SFAS No. 161, DISCLOSURES ABOUT
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. This standard requires
enhanced disclosures about derivative and hedging activities,
including qualitative disclosures about how and why the Trust uses
derivative instruments, how these activities are accounted for, and
their effect on the Trust's financial position, financial performance
and cash flows. SFAS No. 161 is effective for financial statements
issued for fiscal years beginning after November 15, 2008 and interim
periods within those fiscal years. At this time, management is
evaluating the implications of SFAS No. 161 and its impact on the
Trust's financial statements and related disclosures.
F31 | CENTENNIAL TAX EXEMPT TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF CENTENNIAL TAX EXEMPT
TRUST: We have audited the accompanying statement of assets and
liabilities of Centennial Tax Exempt Trust (the "Trust"), including
the statement of investments, as of June 30, 2008, and the related
statement of operations for the year then ended, the statements of
changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the five years in the
period then ended. 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 the standards of the
Public Company Accounting Oversight Board (United States). 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. The Trust is
not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included
consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the Trust's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. Our
procedures included confirmation of securities owned as of June 30,
2008, by correspondence with the custodian and brokers; where replies
were not received from brokers, we performed other auditing
procedures. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of the Trust as of June 30, 2008,
the results of its operations for the year then ended, the changes in
its net assets for each of the two years in the period then ended,
and the financial highlights for each of the five years in the period
then ended, in conformity with accounting principles generally
accepted in the United States of America.
DELOITTE & TOUCHE LLP
Denver, Colorado
August 8, 2008
F32 | CENTENNIAL TAX EXEMPT TRUST
FEDERAL INCOME TAX INFORMATION Unaudited
In early 2008, if applicable, shareholders of record received
information regarding all taxable dividends and distributions paid to
them by the Trust during calendar year 2007. Regulations of the U.S.
Treasury Department require the Trust to report this information to
the Internal Revenue Service.
Recent tax legislation allows a regulated investment company to
designate distributions not designated as capital gain distributions,
as either interest related dividends or short-term capital gain
dividends, both of which are exempt from the U.S. withholding tax
applicable to non U.S. taxpayers. For the fiscal year ended June 30,
2008, $174,876 or 100% of the short-term capital gain distribution
paid and to be paid by the Trust qualifies as a short-term capital
gain dividend.
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.
7 | CENTENNIAL TAX EXEMPT TRUST
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
UPDATES TO STATEMENTS OF INVESTMENTS 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
1.800.525.7048, (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 is required to file 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 Trust's voting
record is available (i) without charge, upon request, by calling the
Trust toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing
on the SEC's website at www.sec.gov.
The Trust files its complete schedule of portfolio holdings with
the SEC for the first quarter and the third quarter of each fiscal
year on Form N-Q. The Trusts Form N-Q filings are available on the
SEC's website at http://www.sec.gov. Those forms may be reviewed and
copied at the SEC's Public Reference Room in Washington, D.C.
Information on the operation of the Public Reference Room may be
obtained by calling 1-800-SEC-0330.
8 | CENTENNIAL TAX EXEMPT TRUST
TRUSTEES AND OFFICERS Unaudited
PRINCIPAL OCCUPATION(S) DURING THE PAST 5
YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS HELD;
NAME, POSITION(S) HELD WITH THE NUMBER OF PORTFOLIOS IN THE TRUST COMPLEX
TRUST, LENGTH OF SERVICE, AGE CURRENTLY OVERSEEN
- ------------------------------- ----------------------------------------------
INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW
TRUSTEES IS 6803 S. TUCSON WAY, CENTENNIAL, COLORADO
80112-3924. EACH TRUSTEE SERVES FOR AN
INDEFINITE TERM, OR UNTIL HIS OR HER
RESIGNATION, RETIREMENT, DEATH OR REMOVAL.
WILLIAM L. ARMSTRONG, President, Colorado Christian University
Chairman of the Board (since 2006); Chairman, Cherry Creek Mortgage
of Trustees (since 2003), Company (since 1991), Chairman, Centennial
Trustee (since 2000) State Mortgage Company (since 1994), Chairman,
Age: 71 The El Paso Mortgage Company (since 1993);
Chairman, Ambassador Media Corporation (since
1984); Chairman, Broadway Ventures (since
1984); Director of Helmerich & Payne, Inc.
(oil and gas drilling/production company)
(since 1992), Campus Crusade for Christ
(non-profit) (since 1991); Former Director,
The Lynde and Harry Bradley Foundation, Inc.
(non-profit organization) (2002-2006); former
Chairman of: Transland Financial Services,
Inc. (private mortgage banking company)
(1997-2003), Great Frontier Insurance
(1995-2000), Frontier Real Estate, Inc.
(residential real estate brokerage) (1994-
2000) and Frontier Title (title insurance
agency) (1995-2000); former Director of the
following: UNUMProvident (insurance company)
(1991-2004), Storage Technology Corporation
(computer equipment company) (1991-2003) and
International Family Entertainment (television
channel) (1992-1997); U.S. Senator (January
1979-January 1991). Oversees 39 portfolios in
the OppenheimerFunds complex.
GEORGE C. BOWEN, Assistant Secretary and Director of the
Trustee (since 1998) Manager (December 1991-April 1999); President,
Age: 71 Treasurer and Director of Centennial Capital
Corporation (June 1989-April 1999); Chief
Executive Officer and Director of MultiSource
Services, Inc. (March 1996-April 1999); Mr.
Bowen held several positions with
OppenheimerFunds, Inc. and with subsidiary or
affiliated companies of OppenheimerFunds, Inc.
(September 1987-April 1999). Oversees 39
portfolios in the OppenheimerFunds complex.
EDWARD L. CAMERON, Member of The Life Guard of Mount Vernon
Trustee (since 2000) (George Washington historical site) (June 2000
Age: 69 - June 2006); Partner of
PricewaterhouseCoopers LLP (accounting firm)
(July 1974-June 1999); Chairman of Price
Waterhouse LLP Global Investment Management
Industry Services Group (financial services
firm) (July 1994-June 1998). Oversees 39
portfolios in the OppenheimerFunds complex.
JON S. FOSSEL, Director of UNUMProvident (insurance company)
Trustee (since 1990) (since June 2002); Director of Northwestern
Age: 66 Energy Corp. (public utility corporation)
(since November 2004); Director of P.R.
Pharmaceuticals (October 1999-October 2003);
Director of Rocky Mountain Elk Foundation
(non-profit organization) (February 1998-
February 2003 and February 2005-February
2007); Chairman and Director (until October
1996) and President and Chief Executive
Officer (until October 1995) of
OppenheimerFunds, Inc.; President, Chief
Executive Officer and Director of the
following: Oppenheimer Acquisition Corp.
("OAC") (parent holding company of
OppenheimerFunds, Inc.), Shareholders
Services, Inc. and Shareholder Financial
Services, Inc. (until October 1995). Oversees
39 portfolios in the OppenheimerFunds complex.
SAM FREEDMAN, Director of Colorado UpLIFT (charitable
Trustee (since 1996) organization) (since September 1984). Mr.
Age: 67 Freedman held several positions with
OppenheimerFunds, Inc. and with subsidiary
or affiliated companies of OppenheimerFunds,
Inc. (until October 1994). Oversees 39
portfolios in the OppenheimerFunds complex.
9 | CENTENNIAL TAX EXEMPT TRUST
TRUSTEES AND OFFICERS Unaudited / Continued
RICHARD F. GRABISH, Formerly Senior Vice President and Assistant
Trustee (since 2001) Director of Sales and Marketing (March
Age: 59 1997-December 2007), Director (March
1987-December 2007) and Manager of Private
Client Services (June 1985-June 2005) of A.G.
Edwards & Sons, Inc. (broker/dealer and
investment firm); Chairman and Chief Executive
Officer of A.G. Edwards Trust Company, FSB
(March 2001-December 2007); President and Vice
Chairman of A.G. Edwards Trust Company, FSB
(investment adviser) (April 1987-March 2001);
President of A.G. Edwards Trust Company, FSB
(investment adviser) (June 2005-December
2007). Oversees 17 portfolios in the
OppenheimerFunds complex.
BEVERLY L. HAMILTON, Trustee of Monterey Institute for
Trustee (since 2002) International Studies (educational
Age: 61 organization) (since February 2000); Board
Member of Middlebury College (educational
organization) (since December 2005); Director
of The California Endowment (philanthropic
organization) (since April 2002); Director
(February 2002-2005) and Chairman of Trustees
(2006-2007) of the Community Hospital of
Monterey Peninsula; Director (October
1991-2005) and Vice Chairman (since 2006) of
American Funds' Emerging Markets Growth Fund,
Inc. (mutual fund); President of ARCO
Investment Management Company (February
1991-April 2000); Member of the investment
committees of The Rockefeller Foundation
(2001-2006) and The University of Michigan
(since 2000); Advisor at Credit Suisse First
Boston's Sprout venture capital unit (venture
capital fund) (1994-January 2005); Trustee of
MassMutual Institutional Funds (investment
company) (1996-June 2004); Trustee of MML
Series Investment Fund (investment company)
(April 1989-June 2004); Member of the
investment committee of Hartford Hospital
(2000-2003); and Advisor to Unilever (Holland)
pension fund (2000-2003). Oversees 39
portfolios in the OppenheimerFunds complex.
ROBERT J. MALONE, Board of Directors of Opera Colorado
Trustee (since 2002) Foundation (non-profit organization) (since
Age: 63 March 2008); Director of Jones Knowledge, Inc.
(since 2006); Director of Jones International
University (educational organization) (since
August 2005); Chairman, Chief Executive
Officer and Director of Steele Street Bank &
Trust (commercial banking) (since August
2003); Director of Colorado UpLIFT (chari-
table organization) (since 1986); Trustee of
the Gallagher Family Foundation (non-profit
organization) (since 2000); Former Chairman of
U.S. Bank-Colorado (subsidiary of U.S. Bancorp
and formerly Colorado National Bank) (July
1996-April 1999); Director of Commercial
Assets, Inc. (real estate investment trust)
(1993-2000); Director of Jones Knowledge, Inc.
(2001-July 2004); and Director of U.S.
Exploration, Inc. (oil and gas exploration)
(1997-February 2004). Oversees 39 portfolios
in the OppenheimerFunds complex.
F. WILLIAM MARSHALL, JR., Trustee of MassMutual Select Funds (formerly
Trustee (since 2000) MassMutual Institutional Funds) (investment
Age: 66 company) (since 1996) and MML Series
Investment Fund (investment company) (since
1996); Trustee of Worcester Polytech Institute
(since 1985); Chairman (since 1994) of the
Investment Committee of the Worcester Polytech
Institute (private university); President and
Treasurer of the SIS Funds (private charitable
fund) (since January 1999); Chairman of SIS &
Family Bank, F.S.B. (formerly SIS Bank)
(commercial bank) (January 1999-July 1999);
and Executive Vice President of Peoples
Heritage Financial Group, Inc. (commercial
bank) (January 1999-July 1999). Oversees 41
portfolios in the OppenheimerFunds complex.
10 | CENTENNIAL TAX EXEMPT TRUST
INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IS TWO WORLD
AND OFFICER FINANCIAL CENTER, 225 LIBERTY STREET, 11TH
FLOOR, NEW YORK, NEW YORK 10281-1008. MR.
MURPHY SERVES AS A TRUSTEE FOR AN INDEFINITE
TERM, OR UNTIL HIS RESIGNATION, RETIREMENT,
DEATH OR REMOVAL AND AS AN OFFICER FOR AN
INDEFINITE TERM, OR UNTIL HIS RESIGNATION,
RETIREMENT, DEATH OR REMOVAL. MR. MURPHY IS AN
INTERESTED TRUSTEE DUE TO HIS POSITIONS WITH
OPPENHEIMERFUNDS, INC. AND ITS AFFILIATES.
JOHN V. MURPHY, Chairman, Chief Executive Officer and Director
Trustee, President and of OppenheimerFunds, Inc. (since June 2001);
Principal Executive Officer President of OppenheimerFunds, Inc. (September
(since 2001) 2000-February 2007); President and director
Age: 59 or trustee of other Oppenheimer funds;
President and Director of Oppenheimer
Acquisition Corp. ("OAC") (the Manager's
parent holding company) and of Oppenheimer
Partnership Holdings, Inc. (holding company
subsidiary of OppenheimerFunds, Inc.) (since
July 2001); Director of OppenheimerFunds
Distributor, Inc. (subsidiary of
OppenheimerFunds, Inc.) November 2001-December
2006); Chairman and Director of Shareholder
Services, Inc. and of Shareholder Financial
Services, Inc. (transfer agent subsidiaries of
OppenheimerFunds, Inc.) (since July 2001);
President and Director of OppenheimerFunds
Legacy Program (charitable trust program
established by OppenheimerFunds, Inc.) (since
July 2001); Director of the following
investment advisory subsidiaries of
OppenheimerFunds, Inc.: the Manager, OFI
Institutional Asset Management, Inc., Trinity
Investment Management Corporation and Tremont
Capital Management, Inc. (since November
2001), HarbourView Asset Management
Corporation and OFI Private Investments, Inc.
(since July 2001); President (since November
2001) and Director (since July 2001) of
Oppenheimer Real Asset Management, Inc.;
Executive Vice President of Massachusetts
Mutual Life Insurance Company (OAC's parent
company) (since February 1997); Director of
DLB Acquisition Corporation (holding company
parent of Babson Capital Management LLC)
(since June 1995); Chairman (since October
2007) and Member of the Investment Company
Institute's Board of Governors (since October
2003). Oversees 103 portfolios in the
OppenheimerFunds complex.
OTHER OFFICERS OF THE ADDRESSES OF THE OFFICERS IN THE CHART
THE TRUST BELOW ARE AS FOLLOWS: FOR MR. ZACK AND MS.
BLOOMBERG, TWO WORLD FINANCIAL CENTER, 225
LIBERTY STREET, NEW YORK, NEW YORK 10281-1008,
FOR MESSRS. VANDEHEY, WIXTED, PETERSEN,
SZILAGYI AND MSS. WOLF AND IVES, 6803 S.
TUCSON WAY, CENTENNIAL, COLORADO 80112-3924.
EACH OFFICER SERVES FOR AN INDEFINITE TERM OR
UNTIL HIS OR HER RESIGNATION, RETIREMENT,
DEATH OR REMOVAL.
CAROL WOLF, Senior Vice President of OppenheimerFunds,
Vice President and Portfolio Inc. (since June 2000) and of HarbourView
Manager (since 2008) Asset Management Corporation (since June
Age: 56 2003). A portfolio manager and officer of 9
portfolios in the OppenheimerFunds complex.
MARK S. VANDEHEY, Senior Vice President and Chief Compliance
Vice President and Chief Officer of OppenheimerFunds, Inc. (since March
Compliance Officer 2004); Chief Compliance Officer of
(since 2004) OppenheimerFunds Distributor, Inc., and
Age: 57 Shareholder Services, Inc. (since March 2004);
Vice President of the Manager,
OppenheimerFunds Distributor, Inc., and
Shareholder Services, Inc. (since June 1983);
Former Vice President and Director of Internal
Audit of OppenheimerFunds, Inc. (1997-February
2004). An officer of 103 portfolios in the
Oppenheimer funds complex.
BRIAN W. WIXTED, Senior Vice President and Treasurer of
Treasurer and Principal OppenheimerFunds, Inc. (since March 1999);
Financial & Accounting Treasurer of the following: Shareholder
Officer (since 1999) Services, Inc., HarbourView Asset Management
Age: 48 Corporation, Shareholder Financial Services,
Inc., Oppenheimer Real Asset Management, Inc.
and Oppenheimer Partnership Holdings, Inc.
(since March 1999), OFI Private Investments,
Inc. (since March 2000), OppenheimerFunds
International Ltd. and OppenheimerFunds plc
(since May 2000), OFI Institutional
11 | CENTENNIAL TAX EXEMPT TRUST
TRUSTEES AND OFFICERS Unaudited / Continued
BRIAN W. WIXTED, Asset Management, Inc. (since November 2000),
Continued and OppenheimerFunds Legacy Program
(charitable trust program established by the
Manager) (since June 2003); Treasurer and
Chief Financial Officer of OFI Trust Company
(trust company subsidiary of
OppenheimerFunds, Inc.) (since May 2000);
Assistant Treasurer of OAC (since March 1999);
and Assistant Treasurer of the Manager and
Distributor (March 1999-October 2003) and
OppenheimerFunds Legacy Program (April
2000-June 2003). An officer of 103 portfolios
in the OppenheimerFunds complex.
BRIAN S. PETERSEN, Vice President of OppenheimerFunds, Inc.
Assistant Treasurer (since February 2007); Assistant Vice
(since 2004) President (August 2002-February 2007);
Age: 37 Manager/Financial Product Accounting of
OppenheimerFunds, Inc. (November 1998-July
2002). An officer of 103 portfolios in the
OppenheimerFunds complex.
BRIAN C. SZILAGYI, Assistant Vice President of OppenheimerFunds,
Assistant Treasurer Inc. (since July 2004); Director of Financial
(since 2005) Reporting and Compliance of First Data
Age: 38 Corporation (April 2003-July 2004); Manager of
Compliance of Berger Financial Group LLC (May
2001-March 2003). An officer of 103 portfolios
in the OppenheimerFunds complex.
ROBERT G. ZACK, Executive Vice President (since January 2004)
Vice President and Secretary and General Counsel (since March 2002) of
(since 2001) OppenheimerFunds, Inc.; General Counsel of the
Age: 60 Manager and Distributor (since December 2001);
General Counsel and Director of
OppenheimerFunds Distributor, Inc. (since
December 2001); Senior Vice President, General
Counsel and Director of the Transfer Agent,
Shareholder Financial Services, Inc., OFI
Private Investments, Inc. and OFI Trust
Company (since November 2001); Senior Vice
President and General Counsel of HarbourView
Asset Management Corporation (since December
2001); Secretary and General Counsel of OAC
(since November 2001); Assistant Secretary
(since September 1997) and Director (since
November 2001) of OppenheimerFunds
International Ltd. and OppenheimerFunds plc;
Vice President and Director of Oppenheimer
Partnership Holdings, Inc. (since December
2002); Director of Oppenheimer Real Asset
Management, Inc. (since November 2001); Vice
President of OppenheimerFunds Legacy Program
(since June 2003); Senior Vice President and
General Counsel of OFI Institutional Asset
Management, Inc. (since November 2001);
Director of OppenheimerFunds (Asia) Limited
(since December 2003); Senior Vice President
(May 1985-December 2003). An officer of 103
portfolios in the OppenheimerFunds complex.
LISA I. BLOOMBERG, Vice President (since May 2004) and Deputy
Assistant Secretary General Counsel (since May 2008) of
(since 2004) OppenheimerFunds, Inc.; Associate Counsel (May
Age: 40 2004-May 2008) of OppenheimerFunds Inc.; First
Vice President (April 2001-April 2004),
Associate General Counsel (December 2000-April
2004) of UBS Financial Services, Inc. An
officer of 103 portfolios in the
OppenheimerFunds complex.
KATHLEEN T. IVES, Vice President (since June 1998), Deputy
Assistant Secretary General Counsel (since May 2008) and Assistant
(since 2001) Secretary (since October 2003); Senior Counsel
Age: 42 (October 2003-May 2008) of OppenheimerFunds,
Inc.; Vice President (since 1999) and
Assistant Secretary (since October 2003) of
the Distributor; Assistant Secretary of the
Manager (since October 2003); Vice President
and Assistant Secretary of Shareholder
Services, Inc. (since 1999); Assistant
Secretary of OppenheimerFunds Legacy Program
and Shareholder Financial Services, Inc.
(since December 2001); Senior General Counsel
of OppenheimerFunds, Inc. (October 2003-May
2008). An officer of 103 portfolios in the
OppenheimerFunds complex.
THE TRUST'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION
ABOUT THE TRUST'S TRUSTEES AND OFFICERS AND IS AVAILABLE WITHOUT CHARGE UPON
REQUEST.
12 | 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 registrant has determined that George C. Bowen,
the Chairman of the Board's Audit Committee, and Edward L. Cameron, a member of
the Board's Audit Committee, are audit committee financial experts and that
Messrs. Cameron and Bowen are "independent" for purposes of this Item 3.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees
The principal accountant for the audit of the registrant's annual financial
statements billed $23,675 in fiscal 2008 and $20,700 in fiscal 2007.
(b) Audit-Related Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years.
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years to the
registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
(c) Tax Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees to the registrant during the last two fiscal
years.
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees to the registrant during the last two fiscal
years to the registrant's investment adviser or any entity controlling,
controlled by, or under common control with the adviser that provides ongoing
services to the registrant.
(d) All Other Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years.
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees in fiscal 2008 and $12,000 in fiscal 2007 to the
registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
Such fees would include professional services for the 22c-2 program.
(e) (1) During its regularly scheduled periodic meetings, the registrant's
audit committee will pre-approve all audit, audit-related, tax and other
services to be provided by the principal accountants of the registrant.
The audit committee has delegated pre-approval authority to its Chairman
for any subsequent new engagements that arise between regularly scheduled
meeting dates provided that any fees such pre-approved are presented to the
audit committee at its next regularly scheduled meeting.
Under applicable laws, pre-approval of non-audit services maybe waived
provided that: 1) the aggregate amount of all such services provided
constitutes no more than five percent of the total amount of fees paid by
the registrant to it principal accountant during the fiscal year in which
services are provided 2) such services were not recognized by the
registrant at the time of engagement as non-audit services and 3) such
services are promptly brought to the attention of the audit committee of
the registrant and approved prior to the completion of the audit.
(2) 100%
(f) Not applicable as less than 50%.
(g) The principal accountant for the audit of the registrant's annual financial
statements billed no such fees in fiscal 2008 and $12,000 in fiscal 2007 to
the registrant and the registrant's investment adviser or any entity
controlling, controlled by, or under common control with the adviser that
provides ongoing services to the registrant related to non-audit fees.
Those billings did not include any prohibited non-audit services as defined
by the Securities Exchange Act of 1934.
(h) The registrant's audit committee of the board of trustees has considered
whether the provision of non-audit services that were rendered to the
registrant's investment adviser, and any entity controlling, controlled by,
or under common control with the investment adviser that provides ongoing
services to the registrant that were not pre-approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining
the principal accountant's independence. No such services were rendered.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
THE FUND'S GOVERNANCE COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF
DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS
1. The Fund's Governance Committee (the "Committee") will evaluate potential
Board candidates to assess their qualifications. The Committee shall have
the authority, upon approval of the Board, to retain an executive search
firm to assist in this effort. The Committee may consider recommendations
by business and personal contacts of current Board members and by executive
search firms which the Committee may engage from time to time and may also
consider shareholder recommendations. The Committee may consider the advice
and recommendation of the Funds' investment manager and its affiliates in
making the selection.
2. The Committee shall screen candidates for Board membership. The Committee
has not established specific qualifications that it believes must be met by
a trustee nominee. In evaluating trustee nominees, the Committee considers,
among other things, an individual's background, skills, and experience;
whether the individual is an "interested person" as defined in the
Investment Company Act of 1940; and whether the individual would be deemed
an "audit committee financial expert" within the meaning of applicable SEC
rules. The Committee also considers whether the individual's background,
skills, and experience will complement the background, skills, and
experience of other nominees and will contribute to the Board. There are no
differences in the manner in which the Committee evaluates nominees for
trustees based on whether the nominee is recommended by a shareholder.
3. The Committee may consider nominations from shareholders for the Board at
such times as the Committee meets to consider new nominees for the Board.
The Committee shall have the sole discretion to determine the candidates to
present to the
Board and, in such cases where required, to shareholders. Recommendations
for trustee nominees should, at a minimum, be accompanied by the following:
- the name, address, and business, educational, and/or other pertinent
background of the person being recommended;
- a statement concerning whether the person is an "interested person" as
defined in the Investment Company Act of 1940;
- any other information that the Funds would be required to include in a
proxy statement concerning the person if he or she was nominated; and
- the name and address of the person submitting the recommendation and,
if that person is a shareholder, the period for which that person held
Fund shares.
The recommendation also can include any additional information which the
person submitting it believes would assist the Committee in evaluating the
recommendation.
4. Shareholders should note that a person who owns securities issued by
Massachusetts Mutual Life Insurance Company (the parent company of the
Funds' investment adviser) would be deemed an "interested person" under the
Investment Company Act of 1940. In addition, certain other relationships
with Massachusetts Mutual Life Insurance Company or its subsidiaries, with
registered broker-dealers, or with the Funds' outside legal counsel may
cause a person to be deemed an "interested person."
5. Before the Committee decides to nominate an individual as a trustee,
Committee members and other directors customarily interview the individual
in person. In addition, the individual customarily is asked to complete a
detailed questionnaire which is designed to elicit information which must
be disclosed under SEC and stock exchange rules and to determine whether
the individual is subject to any statutory disqualification from serving as
a trustee of a registered investment company.
ITEM 11. CONTROLS AND PROCEDURES.
Based on their evaluation of the registrant's disclosure controls and procedures
(as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR
270.30a-3(c)) as of 06/30/2008, the registrant's principal executive officer and
principal financial officer found the registrant's disclosure controls and
procedures to provide reasonable assurances that information required to be
disclosed by the 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.
There have been no changes in the registrant's internal controls over financial
reporting that occurred during the registrant's second fiscal quarter of the
period covered by this report that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over financial
reporting.
ITEM 12. EXHIBITS.
(a) (1) Exhibit attached hereto.
(2) Exhibits attached hereto.
(3) Not applicable.
(b) Exhibit attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Centennial Tax Exempt Trust
By: /s/ John V. Murphy
---------------------------
John V. Murphy
Principal Executive Officer
Date: 08/07/2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ John V. Murphy
---------------------------
John V. Murphy
Principal Executive Officer
Date: 08/07/2008
By: /s/ Brian W. Wixted
---------------------------
Brian W. Wixted
Principal Financial Officer
Date: 08/07/2008