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
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(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
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Date of fiscal year end: June 30
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Date of reporting period: 12/31/2008
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ITEM 1. REPORTS TO STOCKHOLDERS.
December 31, 2008
Centennial Semiannual Report and Management Commentaries
Tax Exempt Trust
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 December 31, 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.
3 | CENTENNIAL TAX EXEMPT TRUST
TRUST EXPENSES Continued
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
ACTUAL JULY 1, 2008 DECEMBER 31, 2008 DECEMBER 31, 2008
- ------ ------------ ----------------- -----------------
$1,000.00 $1,008.40 $3.35
HYPOTHETICAL
(5% return before expenses)
--------- --------- -----
1,000.00 1,021.88 3.37
Expenses are equal to the Trust's annualized expense ratio, multiplied by the
average account value over the period, multiplied by 184/365 (to reflect the
one-half year period). The annualized expense ratio based on the 6-month period
ended December 31, 2008 is as follows:
EXPENSE RATIO
- -------------
0.66%
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.
4 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS December 31, 2008 / Unaudited
PRINCIPAL
AMOUNT VALUE
--------------- ---------------
SHORT-TERM TAX-EXEMPT OBLIGATIONS--99.7%
ALABAMA--2.9%
AL IDAU RB, Well Built Cabinet, Inc. Project, 1.90%(1) $ 205,000 $ 205,000
AL IDAU RB, Whitesell Project, 1.60%(1) 545,000 545,000
Autauga Cnty., AL IDAU RB, Marshall Prattville, 1.45%(1) 2,205,000 2,205,000
Birmingham, AL Special Care Facilities FAU RB, United Cerebral Palsy
Project, 1.75%(1) 1,610,000 1,610,000
Calhoun Cnty., AL ED Council RB, Southern Bag Corp. Ltd.
Expansion Project, Series 1998, 2%(1) 2,500,000 2,500,000
Fairhope, AL AA Airport Improvement RB, Series 2007, 1.30%(1) 8,845,000 8,845,000
Florence, AL IDB IDV RB, Nichols Wire, Inc. Project, Series A, 1.60%(1) 2,375,000 2,375,000
Fultondale, AL IDB RRB, Melsur Corp. Project, Series 2005, 3.50%(1) 1,890,000 1,890,000
Gardendale, AL MH RRB, Ascot Place Apts. Project, 2.05%(1) 1,465,000 1,465,000
Gardendale, AL MH RRB, Meadow Wood Apts. Project, 2.05%(1) 1,484,000 1,484,000
Gardendale, AL MH RRB, Woodbrook Apts. Project, 2.05%(1) 3,200,000 3,200,000
Lee Cnty., AL IDAU RB, LifeSouth Community Blood Centers, Inc. Project, 0.90%(1) 1,480,000 1,480,000
Mobile, AL IDB RB, HighProv LLC Project, Series 2006, 1.30%(1) 6,000,000 6,000,000
Spanish Fort, AL RA RB, MACON Trust Certificates Series 2007-306, 1.30%(1, 2) 4,295,000 4,295,000
Tuscaloosa Cnty., AL BOE RB, Series 97-B, 1.75%(1) 900,000 900,000
Tuscaloosa Cnty., AL IDAU RB, Gulf Opportunity Zone Hunt Refining Project,
Series 2008, 1.15%(1) 10,000,000 10,000,000
Tuscaloosa Cnty., AL IDAU RB, Gulf Opportunity Zone, Hunt Refining Project,
Series 2008C, 1.15%(1) 10,000,000 10,000,000
---------------
58,999,000
---------------
ARIZONA--3.4%
AZ First Matrix Charter School Trust II Pass-Through Certificates,
Series 2005, Cl. A, 1.40%(1, 2) 14,062,000 14,062,000
AZ HFAU Hospital System RB, BNP Paribas STARS Certificate Trust-Series 2007-8,
1.38%(1, 2) 12,430,000 12,430,000
Chandler, AZ IDAU RB, Tri-City Baptist Church Project, Series 2007, 1.75%(1) 5,200,000 5,200,000
Phoenix, AZ IDAU MH RRB, Del Mar Terrace, Series A, 0.89%(1) 11,500,000 11,500,000
Phoenix, AZ IDAU RB, Pilgrim Rest Foundation, Inc. Project, Series A, 1.15%(1) 4,500,000 4,500,000
Phoenix, AZ IDAU Student Hsg. RB, MSTFC Series 2079, 1.27%(1, 2) 16,450,000 16,450,000
Pima Cnty., AZ IDAU RB, Delaware Military Academy, 1.08%(1) 5,000,000 5,000,000
---------------
69,142,000
---------------
F1 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT VALUE
--------------- ---------------
CALIFORNIA--5.2%
CA GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DBE-637, 1.24%(1, 2) $ 21,319,000 $ 21,319,000
CA I&E Development Bank RRB, The Colburn School, Series 2008B, 0.90%(1) 4,500,000 4,500,000
CA RB, SPEARS Deutsche Bank/Lifers Trust-Series DB-477, 1.24%(1, 2) 2,700,000 2,700,000
CA SCDAU MH RRB, PTTR, IAC Project, Series 2680, 1.35%(1, 2) 18,000,000 18,000,000
CA SCDAU RB, MSTFC Series 2008-2742, 1.27%(1, 2) 1,510,000 1,510,000
CA Statewide CDAU RB, Trinity Children & Family Services, 0.55%(1) 3,100,000 3,100,000
Foothill-De Anza, CA Community College District GOUN, MSTFC Series 2006-1844,
1.27%(1, 2) 26,000,000 26,000,000
Glendale, CA Adventist Health RRB, Wells Fargo Stage Trust-Series 2008-62C,
1.22%(1) 16,420,000 16,420,000
Hemet, CA USD COP, School Facilities Project, Series 2006, 1.15%(1) 4,000,000 4,000,000
Irvine, CA USD SPTX Bonds, Austin Trust Certificates-Series BOA 315, 1.03%(1, 2) 1,575,000 1,575,000
Oxnard, CA FAU Water RB, Eclipse Funding Trust Solar Eclipse
Certificates-Series 2006-0085, 1.90%, 6/1/09(2, 3) 3,000,000 3,000,000
San Diego, CA Public Facilities Water RB, PTTR, Series 2595, 1.15%(1, 2) 4,385,000 4,385,000
---------------
106,509,000
---------------
COLORADO--3.2%
Arista Metro District, CO Special Ltd. RB, Broomfield Event Center Parking
Project, Series 2006A, 0.85%(1) 4,980,000 4,980,000
Centerra Metropolitan District No. 1, CO Improvement RRB, Series 2008, 0.85%(1) 14,000,000 14,000,000
CO ECFA RB, Emmanuel School of Religion Project, 1.60%(1) 3,625,000 3,625,000
CO ECFA RB, St. Mary's Academy Project, Series 1999, 0.94%(1) 2,790,000 2,790,000
Commerce City, CO Northern Infrastructure General Improvement District
REF GOUN, Series 2002, 1.25%(1) 800,000 800,000
Denver, CO City & Cnty. MH RRB, Garden Ct Community Project, Series 2008,
1.15%(1) 8,150,000 8,150,000
Denver, CO Urban Renewal Authority Tax Increment RRB, Downtown Denver Project,
Series A-1, 0.85%(1) 3,800,000 3,800,000
Denver, CO Urban Renewal Authority Tax Increment RRB, Downtown Denver Project,
Series C, 0.85%(1) 7,590,000 7,590,000
Denver, CO Urban Renewal Authority Tax Increment RRB, Stapleton Project,
Series A-1, 1.20%(1) 4,000,000 4,000,000
Longmont, CO Harvest Junction Metropolitan District GOLB, Series 2006, 1.20%(1) 2,900,000 2,900,000
Midcities Metro District No. 1, CO RRB, Series 2004A, 1.35%(1) 13,760,000 13,760,000
---------------
66,395,000
---------------
F2 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL
AMOUNT VALUE
--------------- ---------------
DELAWARE--0.7%
DE EDAU RB, Archmere Academy Project, Series 2006, 1.78%(1) $ 2,300,000 $ 2,300,000
DE EDAU RB, Catholic Diocese of Wilmington Project, Series 2002, 1.28%(1) 11,300,000 11,300,000
---------------
13,600,000
---------------
FLORIDA--9.1%
Alachua Cnty., FL HFA MH RB, Santa Fe Apts. II Project, 1.20%(1) 8,500,000 8,500,000
Alachua Cnty., FL IDV RB, Oak Hall Private School Project, Series 2007, 1.32%(1) 3,000,000 3,000,000
Brevard Cnty., FL HFAU HCF RRB, Health First, Inc. Project, 1.10%(1) 1,240,000 1,240,000
Brevard Cnty., FL RB, Holy Trinity Episcopal Academy, Series 1999, 2.10%(1) 3,605,000 3,605,000
Citizens Property Insurance Corp., FL RRB, SGMSTR Series 2008 SG46, 1.25%(1, 2) 12,500,000 12,500,000
Clay Cnty., FL Educational Facilities RB, St. John's Country Day School Project,
Series 2002, 0.85%(1) 2,935,000 2,935,000
Dade Cnty., FL IDAU RB, U.S. Holdings, Inc. Project, Series 1996A, 1.92%(1) 1,200,000 1,200,000
FL Development Finance Corp. IDV RRB, Charlotte Community Project,
Series 2001A3, 1.32%(1) 1,190,000 1,190,000
FL HFC MH Mtg. RB, Mariners Cay Apts., Series 2008 M, 1.20%(1) 2,750,000 2,750,000
Fort Pierce, FL HF RB, New Horizons Project, Series 1997, 1.37%(1) 2,175,000 2,175,000
Highlands Cnty., FL HFAU RB, Adventist Health System Sunbelt, Series 1996-A,
1.35%(1) 3,500,000 3,500,000
Highlands Cnty., FL HFAU RB, Adventist Health System Sunbelt, Series 2005-G,
1.30%(1) 5,000,000 5,000,000
Highlands Cnty., FL HFAU RRB, Adventist Health System Sunbelt, Series 2003A,
1.90%(1) 23,500,000 23,500,000
Jacksonville, FL HFA MH RRB, St. Augustine Apts., 0.85%(1) 3,300,000 3,300,000
Jacksonville, FL IDV RB, University of Florida Health Science Center Project,
Series 1989, 1.15%(1) 2,000,000 2,000,000
Lake Cnty., FL Capital Improvement RB, SPEARS Deutsche Bank/Lifers
Trust-Series DB-492, 1.38%(1, 2) 7,000,000 7,000,000
Lakeland, FL Energy System RRB, Series B, 1.10%(1) 5,400,000 5,400,000
Manatee Cnty., FL RRB, St. Stephen's Upper School Project, Series 2000, 1.20%(1) 5,600,000 5,600,000
Miami, FL HFFAU RRB, Jewish Home & Hospital for Aged Project, Series 2005,
0.85%(1) 2,000,000 2,000,000
Miami-Dade Cnty., FL EDLFA RB, Carlos Albizu University Project, 1.25%(1) 2,800,000 2,800,000
Miami-Dade Cnty., FL EDLFA RB, MSTFC Series 2008-2710, 1.27%(1, 2) 7,410,000 7,410,000
Miami-Dade Cnty., FL EDLFA RRB, MSTFC Series 2006-2055, 1.27%(1, 2) 15,200,000 15,200,499
Miami-Dade Cnty., FL IDAU RB, Gulliver Schools Project, Series 2000, 1.22%(1) 9,300,000 9,300,000
Miami-Dade Cnty., FL SPO RB, SPEARS Deutsche Bank/Lifers Trust-Series DBE-538,
1.25%(1, 2) 2,265,000 2,265,000
Miami-Dade, FL IDAU RB, Carrollton School Project, Series 1999, 1.22%(1) 3,000,000 3,000,000
Orange Cnty., FL HF Authority RB, SHCC Services, Inc., Project, Series 1992,
1.22%(1) 1,000,000 1,000,000
F3 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT VALUE
--------------- ---------------
FLORIDA Continued
Orange Cnty., FL HFAU RB, Presbyterian Retirement Communities Project,
Series A, 1.58%(1) $ 5,100,000 $ 5,100,000
Orange Cnty., FL IDAU RB, Independent Blood & Tissue Services of Florida,
Series 2002, 0.85%(1) 5,545,000 5,545,000
Orange Cnty., FL School Board COP, SPEARS Deutsche Bank/Lifers Trust-Series
DBE-553, 1.25%(1, 2) 2,875,000 2,875,000
Palm Beach Cnty., FL HFAU RB, Bethesda Healthcare Systems Project, Series 2001,
1.10%(1) 14,245,000 14,245,000
Palm Beach Cnty., FL RRB, Pine Crest Preparatory School, Series 2008, 1.20%(1) 15,500,000 15,500,000
Pinellas Cnty., FL IDAU RB, Neighborly Care Network Project, Series 2008, 1.25%(1) 2,000,000 2,000,000
University of North Florida Financing Corp. RB, SPEARS Deutsche Bank/Lifers
Trust-Series DBE-594, 1.25%(1, 2) 5,290,000 5,290,000
---------------
187,925,499
---------------
GEORGIA--5.9%
Bibb Cnty., GA DAU RB, Methodist Homes of South Georgia Conference Project,
0.90%(1) 700,000 700,000
Clayton Cnty., GA HA RANs, Southern Regional Medical Center Project,
Series 1998B, 1.27%(1) 8,970,000 8,970,000
Cobb Cnty., GA DAU IDAU RRB, Institute of Nuclear Power Operations Project,
1.27%(1) 7,180,000 7,180,000
De Kalb Cnty., GA DAU RB, Oglethorpe University Project, Series 1995, 1.27%(1) 2,850,000 2,850,000
DeKalb Cnty., GA DAU IDV RB, A.G. Rhodes Home at Wesley Project,
Series 1996, 1.27%(1) 2,350,000 2,350,000
Fayette Cnty., GA DAU RB, Catholic School Properties, Inc. Project, Series 1999,
2.01%(1) 13,250,000 13,250,000
Fulton Cnty., GA DAU RB, Lovett School Project, 0.85%(1) 11,500,000 11,500,000
Fulton Cnty., GA DAU RB, Metro Atlanta YMCA Project, Series 1995, 1.05%(1) 3,890,000 3,890,000
Fulton Cnty., GA DAU RB, Metro Atlanta YMCA Project, Series 1997, 1.78%(1) 12,150,000 12,150,000
Fulton Cnty., GA DAU RB, Piedmont Healthcare, Inc., 0.85%(1) 1,800,000 1,800,000
Fulton Cnty., GA DAU RB, Trinity School, Inc. Project, 1.27%(1) 1,000,000 1,000,000
Fulton Cnty., GA DAU RB, Trinity School, Inc. Project, 1.27%(1) 500,000 500,000
Fulton Cnty., GA DAU RB, Woodard Academy, Inc. Project, 0.85%(1) 4,700,000 4,700,000
Fulton Cnty., GA DAU RRB, GA Tech Facilities Project, Series 2008B, 0.80%(1) 500,000 500,000
GA GOUN, MSTFC Series 2006-1881, 1.95%(1, 4) 11,610,000 11,610,000
GA GOUN, PTTR, Series 3129129, 1.20%(1, 2) 2,205,000 2,205,000
GA GOUN, Series 1996B, 6.25%, 4/1/09 500,000 505,363
Gwinnett Cnty., GA DAU RB, Greater Atlanta Christian Schools, Inc., 0.85%(1) 650,000 650,000
Gwinnett Cnty., GA HA RANs, Gwinnett Hospital System, Inc. Project, Series 2008B,
0.80%(1) 500,000 500,000
F4 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL
AMOUNT VALUE
--------------- ---------------
GEORGIA Continued
Macon-Bibb Cnty., GA HA RANs, Medical Center of Central Georgia, 1.27%(1) $ 1,100,000 $ 1,100,000
Macon/Bibb Cnty., GA HA RANs, Central Georgia Senior Health, Inc., 1.10%(1) 17,540,000 17,540,000
Roswell, GA HAU MH RRB. Wood Crossing Project, 1.78%(1) 2,050,000 2,050,000
Thomasville, GA HA RANs, John D. Archbold Hospital, 0.85%(1) 8,100,000 8,100,000
Turner Cnty., GA DAU IDV RB, McElroy Metal Mill, Inc. Project, Series 2005,
1.85%(1) 3,970,000 3,970,000
Ware Cnty., GA HA RANs, Baptist Village Project, Series 2000, 1.27%(1) 1,100,000 1,100,000
---------------
120,670,363
---------------
HAWAII--0.2%
HI HF&D Corp. MH RB, Lokahi Kau Project, Series 2008, 1.15%(1) 5,200,000 5,200,000
IDAHO--0.3%
Cassia Cnty., ID IDC RB, East Valley Cattle LLC Project, 1.75%(1) 7,000,000 7,000,000
ILLINOIS--3.8%
Chicago, IL Board of Education GOUN, SPEARS Deutsche Bank/Lifers Trust-Series
DBE-653, 1.25%(1, 2) 8,615,000 8,615,000
Chicago, IL O'Hare International Airport RB, SPEARS Deutsche Bank/Lifers
Trust-Series DBE-534, 1.25%(1, 2) 2,280,000 2,280,000
Chicago, IL RB, Boys & Girls Clubs of Chicago Project, Series 2000, 3.30%(1) 600,000 600,000
East Peoria, IL CD RRB, The Kroger Co., Series 2003, 1.35%(1) 3,125,000 3,125,000
Hamilton Memorial Hospital District, IL RB, Hamilton Memorial Hospital Project,
1.35%(1) 18,500,000 18,500,000
IL DFA IDV RB, Knead Dough Baking Co. Project, 2.30%(1) 800,000 800,000
IL DFA RB, Chicago Educational TV Assn., Series 1994A, 0.80%(1) 1,500,000 1,500,000
IL DFA RB, Cown Court Properties Project, Series 2001A, 1.20%(1) 2,075,000 2,075,000
IL DFA RB, Shelby Memorial Hospital Assn., Inc., Series 1999B-1, 0.93%(1) 3,225,000 3,225,000
IL DFA Residential Rental RB, F.C. Harris Pavilion Project, Series 1994, 1.45%(1) 6,450,000 6,450,000
IL EDLFA RB, Field Museum Natural History, Series 1998, 0.75%(1) 1,600,000 1,600,000
IL FAU RB, E. Kinast Project, Series 2005A, 2.30%(1) 700,000 700,000
IL FAU RB, Rush University Medical Center, Series 2008A, 0.95%(1) 3,500,000 3,500,000
IL FAU RRB, Southern IL Healthcare Enterprises, 2008, 0.85%(1) 4,580,000 4,580,000
IL HFAU RB, Revolving Fund Pooled Financing Program, Series 85D, 0.80%(1) 11,900,000 11,900,000
Lake Cnty., IL MH RB, Whispering Oaks Apts. Project, 1.20%(1) 3,250,000 3,250,000
Lake Zurich, IL IDV RB, Rose Road LLC Project, Series 2004, 2.30%(1) 400,000 400,000
Lakemoor, IL MH RB, Lakemoor Apts. Project, Series 1985B, 3.30%(1) 486 486
Southwestern, IL DAU RB, Arizon Cos. Of Illinois, Inc., Project, 2.15%(1) 2,800,000 2,800,000
West Frankfort, IL IDV RRB, The Kroger Co., Series 2004, 1.35%(1) 800,000 800,000
Wheeling, IL Industrial Project RB, V-S Industries, Inc. Project, 1.50%(1) 910,000 910,000
---------------
77,610,486
---------------
F5 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT VALUE
--------------- ---------------
INDIANA--3.5%
Carmel, IN RED District Tax Increment RB, Merchants' Pointe Project,
Series 2001A, 2.05%(1) $ 855,000 $ 855,000
Hammond, IN ED RB, Castle & Co. Project, Series 1994, 2.30%(1) 300,000 300,000
IN DFA ED RB, IVC Industrial Coatings, Inc. Project, 2.30%(1) 1,165,000 1,165,000
IN H&EFA RRB, PTTR, Ascension Health, Series 2842, 1.20%(1, 2) 13,925,000 13,925,000
IN HFFAU Hospital RB, Community Hospitals Project, Series B, 1.20%(1) 2,115,000 2,115,000
IN HFFAU RB, Ascension Health, Series 2003E-6, 1.75%, 5/15/09(3) 7,125,000 7,125,000
IN HFFAU RB, Clark Memorial Hospital Project, Series 2001, 1.15%(1) 7,730,000 7,730,000
Indianapolis, IN ED RB, Visiting Nurse Service Foundation, 1.90%(1) 965,000 965,000
Indianapolis, IN MH RB, Capital Place Apts., Series 2008, 1.10%(1) 16,000,000 16,000,000
Mt. Vernon of Hancock Cnty., IN RB, SPEARS Deutsche Bank/Lifers Trust-Series
DBE-584, 1.25%(1, 2) 9,380,000 9,380,000
St. Joseph Cnty., IN ED RB, Hannah & Friends Project, Series 2007, 1.25%(1) 2,210,000 2,210,000
Valpraiso, IN ED RB, Pines Village Retirement Community Project,
Series 2008, 1.35%(1) 10,595,000 10,595,000
---------------
72,365,000
---------------
IOWA--0.2%
IA Higher Education Loan Authority Private College
Facilities RB, Graceland, 1.20%(1) 2,000,000 2,000,000
Le Mars, IA IDV RB, Feuerhelm Properties LP Project, Series 2000A, 1.75%(1) 1,850,000 1,850,000
---------------
3,850,000
---------------
KENTUCKY--3.1%
Christian Cnty., KY Assn. of Cntys. Leasing Trust RB, Series B, 1.10%(1) 2,000,000 2,000,000
Hancock Cnty., KY Industrial Building RRB, Southwire Co. Project,
Series 1992A, 1.35%(1) 20,000,000 20,000,000
Hancock Cnty., KY SWD RB, NSA Ltd. Project, Series 1998, 1.55%(1) 7,815,000 7,815,000
KY EDFAU Industrial Building RB, Goodwill Industries KY, Inc. Project, 1.13%(1) 8,200,000 8,200,000
Louisville & Jefferson Cnty., KY RRB, Reset Option Certificates II-R Trust-Series
672CE, 1.40%(1, 2) 3,555,000 3,555,000
Montgomery Cnty., KY Industrial Building RB, Connecticut Fineblanking Corp.
Project, Series 1996, 1.47%(1) 1,800,000 1,800,000
Morgantown, KY SWD Facilities RB, IMCO Recycling, Inc. Project, Series 2004,
1.50%(1) 5,000,000 5,000,000
Oldham Cnty., KY Industrial Building RB, Parts Unlimited, Inc. Project,
Series 2005, 2.65%(1) 1,812,000 1,812,000
Somerset, KY Industrial Building RB, Tibbals Flooring Co. Project, Series 1989,
1.60%(1) 10,000,000 10,000,000
Williamstown, KY League of Cities Funding Trust RB, YMCA of Wichita Project,
Seriex XI 1998, 1.35%(1) 4,000,000 4,000,000
---------------
64,182,000
---------------
F6 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL
AMOUNT VALUE
--------------- ---------------
LOUISIANA--2.4%
LA Local Government Environmental Facilities DAU RB, Hollybrook Cottonseed
Processing, 1.75%(1) $ 1,600,000 $ 1,600,000
LA Local Government Environmental Facilities DAU RB, Hollybrook Enterprises LLC,
1.75%(1) 2,080,000 2,080,000
LA Local Government RB, SPEARS Deutsche Bank/Lifers Trust-Series DBE-656,
1.25%(1, 2) 10,495,000 10,495,000
LA Public FA RB, BB&T Municipal Trust Securities, Series 4000, 1.33%(1, 2) 5,100,000 5,100,000
LA Public FA RB, Blood Center Properties, Inc. Project, Series 2000, 1.65%(1) 900,000 900,000
LA St. Tammany Parish Development District Gulf Opportunity Zone RB, 1077
Properties LLC Project, 1.75%(1) 2,240,000 2,240,000
LA St. Tammany Parish Development District Gulf Opportunity Zone RB, 12/59
Properties LLC Project, 1.75%(1) 3,310,000 3,310,000
LA St. Tammany Parish Development District Gulf Opportunity Zone RB, BCS LLC
Project, 1.75%(1) 3,680,000 3,680,000
St. John Baptist Parish, LA RB, MSTFC Series 2006-2116, 1.40%(1, 2) 19,760,000 19,760,000
---------------
49,165,000
---------------
MAINE--0.2%
Biddeford, ME RB, DK Assoc. LLC & Volk Packaging Corp.
Project, Series 1997, 1.07%(1) 220,000 220,000
Dover-Foxcroft, ME RB, Pleasant River Lumber Co., Series 2002, 1.70%(1) 1,600,000 1,600,000
ME FAU RB, Kents Hill School, Series 2006, 1.25%(1) 2,375,000 2,375,000
---------------
4,195,000
---------------
MARYLAND--4.1%
Baltimore Cnty., MD RB, Maryvale Prep School Facilities, Series 2005A, 1.30%(1) 2,875,000 2,875,000
Baltimore Cnty., MD RRB, Cross Creek Apts. Facilities, Series 2008, 1.18%(1) 4,465,000 4,465,000
Howard Cnty., MD MH RB, Sherwood Crossing Apts., Series 2003, 1.20%(1) 13,910,000 13,910,000
MD Community Development Administration MH RB, Crusader Arms Apts.,
Series 2008D, 0.95%(1) 2,615,000 2,615,000
MD Community Development Administration MH RB, Hopkins Village Apts.,
Series 2008F, 1.20%(1) 3,000,000 3,000,000
MD EDC RB, Goodwill Industries Project, Series 1999, 1.27%(1) 1,975,000 1,975,000
MD EDC RRB, YMCA of Central Maryland, Inc. Project, Series 2003, 1.25%(1) 2,465,000 2,465,000
MD HE&HFA RB, Friends School of Baltimore, Series 2004, 0.85%(1) 2,700,000 2,700,000
MD HE&HFA RB, Woodmont Academy, Series 2008, 1.33%(1) 3,775,000 3,775,000
MD HE&HFA RRB, University of MD Medical System, Series 2008E, 1.22%(1) 10,000,000 10,000,000
MD Health & HEFAU RB, Sheppard Pratt Health, Series 2003B, 1.27%(1) 6,405,000 6,405,000
MD State HE&HFA RB, Villa Julie College, 1.15%(1) 1,615,000 1,615,000
Montgomery Cnty., MD Consolidated Public Improvement GOUN, Series 2002A, 5%,
2/1/09 1,240,000 1,243,316
F7 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT VALUE
--------------- ---------------
MARYLAND Continued
Montgomery Cnty., MD ED RB, Sandy Spring Friends School Facility,
Series 2004, 0.85%(1) $ 3,000,000 $ 3,000,000
Montgomery Cnty., MD Housing Opportunities Commission RRB, Multiple Purpose,
Series 2007C, 1.08%(1) 5,000,000 5,000,000
Prince Georges Cnty., MD SPO Bonds, MSTFC Series 2006-2128, 1.27%(1, 2) 13,710,000 13,710,000
University System of Maryland COP, College Park Business School, Series 2000,
1.30%(1) 5,945,000 5,945,000
---------------
84,698,316
---------------
MASSACHUSETTS--0.9%
MA DFA RB, Newbridge MACON Trust Certificates Series 2007-344, 1.36%(1, 2) 8,000,000 8,000,000
MA DFA RB, Worcester Academy Project, 1.25%(1) 2,500,000 2,500,000
MA GOUN, SGMSTR Series 2008 SG52, 1.25%(1, 2) 4,250,000 4,250,000
MA H&EFA RB, Harvard Vanguard Medical, MACON Trust Certificates Series 2007-310,
1.30%(1, 2) 3,375,000 3,375,000
---------------
18,125,000
---------------
MICHIGAN--0.1%
MI Strategic Fund Ltd. RB, Methodist Children's Home, Series 1995, 1.65%(1) 1,500,000 1,500,000
Oakland Cnty., MI EDC RB, Rose Hill Center, Inc. Project, 3.65%(1) 100,000 100,000
---------------
1,600,000
---------------
MINNESOTA--2.8%
Anoka-Hennepin, MN ISD No. 11 School Building REF GOUN, Series 2002A, 5%, 2/1/09 1,500,000 1,503,445
Becker, MN IDV RB, Plymouth Foam Project, Series 04, 1.65%(1) 1,770,000 1,770,000
Bloomington, MN CD RB, 94th Street Associates Project, Series 1985, 1.30%(1) 3,405,000 3,405,000
Bloomington, MN CD RB, James Avenue Associates Project, Series 1985, 1.30%(1) 3,310,000 3,310,000
East Grand Forks, MN SWD RRB, American Crystal Sugar Co., 1.75%(1) 5,000,000 5,000,000
Eden Prairie, MN MH RRB, Lake Place Apts. Project, Series 1998, 1.23%(1) 565,000 565,000
Eden Prairie, MN MH RRB, Park at City West Apts., Series 2001, 1.34%(1) 300,000 300,000
Jenkins, MN IDV RB, Pequot Tool & Manufacturing, Inc. Project,
Series 2007, 1.45%(1) 1,035,000 1,035,000
Kittson, MN Central ISD No. 2171 School Building GOUN, Series 2008A, 4%, 2/1/09 170,000 170,166
MN GOUN, PTTR, Series 3265, 1.20%(1, 2) 6,000,000 6,000,000
MN RB, Austin Trust Certificates-Series 10001, 1.45%(1, 2) 27,307,000 27,307,000
MN REF GOUN, Series 2003, 5%, 8/1/09 1,000,000 1,018,284
Robbinsdale, MN ISD No. 281 School Building GOUN, Series 2001, 5%, 2/1/09 750,000 751,745
Rochester, MN IDV RRB, Seneca Foods Corp. Project, Series 1992, 1.50%(1) 4,675,000 4,675,000
F8 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL
AMOUNT VALUE
--------------- ---------------
MINNESOTA Continued
West St. Paul Mendota Heights, MN ISD No. 197 REF GOUN, Series 2008B, 3%, 2/1/09 $ 1,890,000 $ 1,890,941
---------------
58,701,581
---------------
MISSISSIPPI--0.7%
MS Business Finance Corp. RB, Hattiesburg Clinic Professional Assn. Project,
1.60%(1) 4,120,000 4,120,000
MS Business Finance Corp. RB, JKW Real Estate LLC Project, 1.75%(1) 2,145,000 2,145,000
Newton, MS IDV RRB, La-Z-Boy Chair Co. Project, Series 1991, 2.10%(1) 5,350,000 5,350,000
Panola Cnty., MS IDV RRB, The Kroger Co., Series 2003, 1.35%(1) 3,250,000 3,250,000
---------------
14,865,000
---------------
MISSOURI--1.0%
Brentwood, MO TXAL Bonds, 8300 Eager Rd. Project, Series 2007 1-A, 1.32%(1, 2) 7,675,000 7,675,000
Jackson Cnty., MO IDA RB, Linda Hall Library Project, 1.52%(1) 6,700,000 6,700,000
St. Charles Cnty., MO IDAU RB, National Cart Project, Series A, 1.65%(1) 960,000 960,000
St. Charles Cnty., MO IDAU RB, Trinity Manufacturing Project, 2.05%(1) 3,300,000 3,300,000
St. Louis Cnty., MO IDAU MH RB, Heatherbrook Gardens Apts., Series 1992, 1.46%(1) 1,765,000 1,765,000
---------------
20,400,000
---------------
NEBRASKA--0.6%
Omaha, NE PP District RB, Eclipse Funding Trust Solar Eclipse
Certificates-Series 2006-0025, 1.15%(1, 2) 12,600,000 12,600,000
NEW HAMPSHIRE--0.2%
NH HFA MH RRB, EQR Board Partnership Manchester Project, 1%(1) 4,625,000 4,625,000
NEW JERSEY--0.1%
NJ EDAU RB, Paddock Realty LLC Project, Series 2006, 1.45%(1) 1,205,000 1,205,000
NEW YORK--3.2%
Chautauqua Cnty., NY IDA IDV RB, Red Wing Co., Inc. Project, 2.30%(1, 2) 1,800,000 1,800,000
Erie Cnty., NY IDA Civic Facilities RB, Buffalo Canisius High School, 1.30%(1) 14,450,000 14,450,000
Forest City/New Rochelle, NY RB, Sr. Certificates Beneficial Ownership Trust,
Series 2003, 3.50%(1) 1,050,000 1,050,000
NY Upstate Telecommunications Corp. RB, Series 2005, 1.30%(1) 5,115,000 5,115,000
NYC MWFAU RRB, PTTR, Series 3223, 1.18%(1, 2) 14,330,000 14,330,000
NYC TFA RB, MERLOTS Series 1999B, 1.30%(1, 2) 8,565,000 8,565,000
NYS HFA RB, North End Ave. Housing, Series 2004A, 0.55%(1) 3,750,000 3,750,000
NYS UDC COP, Reset Option Certificates II-R Trust-Series 10011CE, 1.39%(1, 2) 1,500,000 1,500,000
NYS UDC RB, PTTR, Series 2887, 1.18%(1, 2) 1,300,000 1,300,000
Oneida Cnty., NY IDA Civic Facilities RB, Rome Memorial Hospital, Inc. Project,
Series 2005, 1.30%(1) 4,600,000 4,600,000
F9 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT VALUE
--------------- ---------------
NEW YORK Continued
Onondaga Cnty., NY IDA Civic Facilities RB, Syracuse Resch
Corp. Project, Series 2005, 1.30%(1) $ 9,400,000 $ 9,400,000
---------------
65,860,000
---------------
NORTH CAROLINA--1.6%
NC Capital Facilities Finance Agency EDLFA RB, Charlotte Country Day School,
1.20%(1) 9,440,000 9,440,000
NC Capital Facilities Finance Agency EDLFA RB, High Point University Project,
1.25%(1) 4,000,000 4,000,000
NC Capital Facilities Finance Agency EDLFA RRB, Cannon School, Inc. Project,
Series 2002, 1.78%(1) 2,340,000 2,340,000
NC Capital Facilities Finance Agency EDLFA RRB, Guilford College Project, 1.25%(1) 3,940,000 3,940,000
NC Medical Care Commission HCF RRB, University Health System of Eastern Carolina,
Series 2008 B-2, 0.95%(1) 5,200,000 5,200,000
NC Medical Care Commission HCF RRB, University Health System of Eastern Carolina,
Series 2008 B1, 0.68%(1) 4,000,000 4,000,000
NC POAU Facility RRB, Series 2008, 1.25%(1) 3,500,000 3,500,000
---------------
32,420,000
---------------
OHIO--6.0%
Butler Cnty., OH Capital Funding RB, Series A, 1.20%(1) 3,020,000 3,020,000
Columbus, OH Regional AA Capital Funding RB, Municipal Pooled Financing Program,
1.20%(1) 4,110,000 4,110,000
Columbus, OH Regional Airport Authority RB, 0.80%, 1/9/09 10,500,000 10,500,000
Columbus, OH Regional Airport Authority RB, Series 2008A, 1.60%, 1/14/09 5,500,000 5,500,000
Darke Cnty., OH HCF RB, Wayne Hospital Project, Series 2007, 1.75%(1) 46,865,000 46,865,000
Hamilton Cnty., OH Health Care RB, Life Enriching Communities Project, Series B,
1.15%(1) 1,000,000 1,000,000
Lorain Cnty., OH Hospital Facilities RRB, EMH Regional Medical Center Project,
Series 08, 1.25%(1) 3,000,000 3,000,000
Madeira, OH ED RRB, The Kroger Co., Series 2004, 1.35%(1) 2,050,000 2,050,000
Medina Cnty., OH IDV RB, Fire-Dex, Inc. Project, Series 1997, 1.80%(1) 685,000 685,000
Pike Cnty., OH HCF RB, Traditions Healthcare, 1.30%(1) 2,100,000 2,100,000
Rickenbacker, OH POAU Capital Funding RB, Reset Option Certificates II-R
Trust-Series 591CE, 1.40%(1, 2) 5,620,000 5,620,000
Stark Cnty., OH IDV RRB, The Kroger Co., Series 2004, 1.35%(1) 3,100,000 3,100,000
Wood Cnty., OH Hospital Facilities RRB, Wood Cnty. Hospital Assoc. Project,
Series 2008, 1.30%(1) 35,525,000 35,525,000
---------------
123,075,000
---------------
F10 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL
AMOUNT VALUE
--------------- ---------------
OKLAHOMA--0.7%
Cleveland Cnty., OK Home Loan Authority SFM RRB, Series 2006, 0.46%, 1/23/09(3) $ 8,769,000 $ 8,769,000
Oklahoma Cnty., OK FAU IDV RB, Factory Direct Project, Series 2001A, 2.30%(1) 1,000,000 1,000,000
Tulsa, OK IDV RB, SGMSTR Series 2008 SGC-41, Cl., 1.25%(1, 2) 4,390,000 4,390,000
---------------
14,159,000
---------------
OREGON--0.3%
Salem, OR Hospital Facilities Authority RB, Salem Hospital Project, 1.15%,
1/2/09(3) 6,000,000 6,000,000
PENNSYLVANIA--3.1%
Butler Cnty., PA General Authority RRB, SGMSTR Series 2008 5658, Cl. A,
1.25%(1, 2) 5,090,000 5,090,000
Dauphin Cnty., PA General Authority RRB, SDI Pooled Financing Program II,
1.20%(1) 2,900,000 2,900,000
Delaware Cnty., PA Authority RRB, Elwyn, Inc. Project, Series 2005B, 0.90%(1) 3,050,000 3,050,000
Erie Cnty., PA HA HF RRB, St. Mary's Home of Erie Project, Series B, 0.85%(1) 2,100,000 2,100,000
Franklin Cnty., PA IDAU RB, Menno Haven Projects, Series 2008, 1.45%(1) 10,705,000 10,705,000
Horizon HA, PA Senior Health & Housing Facilities RRB, St. Paul Homes Project,
1.30%(1) 9,200,000 9,200,000
Lancaster Cnty., PA HA RRB, Masonic Homes Project, Series A, 0.90%(1) 3,555,000 3,555,000
Montgomery Cnty., PA HE&H Authority RRB, William Penn Charter, 1.08%(1) 4,500,000 4,500,000
Montgomery Cnty., PA IDAU RRB, Lasalle College High School, Series 2007A, 1.08%(1) 5,000,000 5,000,000
PA HEFA RB, AICUP Program, Series 1999-E3, 1.08%(1) 7,600,000 7,600,000
PA HEFA RB, AICUP Program, Series 2002-J2, 1.08%(1) 1,900,000 1,900,000
Quakertown, PA General Authority RB, Pooled Financing Program, Series 1996A,
0.80%(1) 7,615,000 7,615,000
---------------
63,215,000
---------------
SOUTH CAROLINA--0.8%
Beaufort Cnty., SC SDI GOUN, Series 2000B, 5.50%, 1/1/09 1,000,000 1,005,833
Kershaw Cnty., SC SDI GOUN, Series 2000, 7%, 2/1/09 710,000 712,898
Lancaster Cnty., SC SDI REF GOUN, Series 2008, 4%, 3/1/09 1,925,000 1,930,641
Lexington & Richland Cntys., SC SDI No. 005 GOUN, 4%, 3/1/09 200,000 200,413
Lexington Cnty., SC SDI No. 001 GOUN, Series 2007A, 5%, 2/1/09 1,000,000 1,001,785
SC EDLFA RRB, Private Nonprofit Institutions-Newberry College, Series 2008,
1.25%(1) 2,500,000 2,500,000
SC HF&D Authority MH RB, Rental Housing-Brookside Crossing Apts., 1.20%(1) 4,900,000 4,900,000
SC Jobs EDAU RB, Shannon Forest Project, Series 2003, 1.25%(1) 2,420,000 2,420,000
SC Jobs EDAU RB, Supreme Machined Products Co., 1.45%(1) 2,300,000 2,300,000
Sumter Cnty., SC SDI No. 17 REF GOUN, Series 2008, 3%, 3/1/09 590,000 590,890
---------------
17,562,460
---------------
F11 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT VALUE
--------------- ---------------
SOUTH DAKOTA--0.5%
SD H&EFA RRB, Sanford Health & Hospital, Series 2001B, 1.55%(1) $ 2,000,000 $ 2,000,000
SD H&EFA RRB, Sanford Health & Hospital, Series 2001C, 1.30%(1) 7,500,000 7,500,000
---------------
9,500,000
---------------
TENNESSEE--1.5%
Blount Cnty., TN HE&HFB RB, Presbyterian Homes Tenessee Project, 1.27%(1) 1,695,000 1,695,000
Chattanooga, TN HE&HFB RB, McCallie School Project, Series 1998, 1.27%(1) 1,945,000 1,945,000
Dayton, TN IDB EDLFA RB, Bryan College Dorm Project, Series 2006, 1.75%(1) 4,000,000 4,000,000
Dickson Cnty., TN IDB RB, Renaissance Learning Center Project, Series 1997,
0.90%(1) 4,100,000 4,100,000
Greenville, TN H&EFB RRB, Laughlin Memorial Hospital, Inc. Project, Series 2004,
0.85%(1) 500,000 500,000
Hendersonville, TN IDB Educational Facilities RB, Pope John Paul II High School,
1.27%(1) 600,000 600,000
Jackson, TN HE&HFB RB, University School of Jackson Project, 1.75%(1) 1,000,000 1,000,000
Knox Cnty., TN HE&HFB Educational Facilities RB, Webb School Knoxville Project,
1.27%(1) 4,870,000 4,870,000
Nashville & Davidson Cnty., TN IDB RB, Second Harvest Food Bank Project,
Series 2002, 1.90%(1) 1,000,000 1,000,000
Nashville & Davidson Cnty., TN IDV RRB, Trevecca Nazarene University Project,
Series 2003, 0.85%(1) 3,650,000 3,650,000
Nashville & Davidson Cnty., TN RB, Belmont University Project, Series 2005,
0.80%(1) 1,545,000 1,545,000
Nashville & Davidson Cnty., TN RB, Ensworth School Project, Series 2002, 0.85%(1) 1,540,000 1,540,000
Springfield, TN IDB RRB, The Kroger Co., Series 2004, 1.35%(1) 4,500,000 4,500,000
Sumner Cnty., TN HE&HFB RB, Sumner Academy Project, Series 1998, 1.75%(1) 350,000 350,000
---------------
31,295,000
---------------
TEXAS--14.7%
Aledo, TX ISD School Building GOUN, 1.75%, 2/1/09(3) 16,085,000 16,085,000
Arlington, TX ISD School Building REF GOUN, Series 1999, 5%, 1/1/09 6,965,000 6,992,208
Beaumont, TX ISD GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DB-615, 1.25%(1, 2) 6,690,000 6,690,000
Bexar Cnty., TX HFC MH RRB, Vista Meadows Project, Series 2006, 1.30%(1) 6,435,000 6,435,000
Bexar Cnty., TX HFDC Health Care RB, El Centro del Barrio, Series 2007A, 1.30%(1) 14,755,000 14,755,000
Bexar Cnty., TX HFDC Health Care RB, El Centro del Barrio, Series 2007B, 1.30%(1) 2,000,000 2,000,000
Birdville, TX ISD REF GOUN, Series 2003, 5%, 2/15/09 1,600,000 1,605,474
Brazoria Cnty., TX HFDC Hospital RB, Brazosport Memorial Hospital, 1.15%(1) 7,100,000 7,100,000
Brazos River, TX Harbor Navigation District RB, BASF Corp. Project, 3.65%(1) 500,000 500,000
Brazos River, TX IDV Corp. RRB, BASF Corp. Project, 3.50%(1) 4,400,000 4,400,000
Carrollton-Farmers Branch, TX ISD School Building GOUN, Series 2004, 5%, 2/15/09 2,160,000 2,167,827
F12 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL
AMOUNT VALUE
--------------- ---------------
TEXAS Continued
Carrollton-Farmers Branch, TX ISD School Building GOUN, Series 2006, 4.25%,
2/15/09 $ 2,280,000 $ 2,286,414
Conroe, TX ISD GOUN, PTTR, Series 2487, 1.25%(1, 2) 2,250,000 2,250,000
Dallam Cnty., TX IDV Corp. RB, Consolidated Dairy Management LLC Project, 1.75%(1) 2,100,000 2,100,000
Dallam Cnty., TX IDV Corp. RB, Rick & Janice Van Ryn Project, Series 2007, 1.75%(1) 2,600,000 2,600,000
Del Valle, TX Independent School DistUnlimited Tax Refunding Bonds, Series 2005,
3%, 2/1/09 1,000,000 1,001,689
Del Valle, TX ISD GOUN, PTTR, Series 1946, 1.28%(1, 2) 2,990,000 2,990,000
Fort Worth, TX ISD Unlimited Tax Refund & Improvement GOUN, Series 2008, 4%,
2/15/09 2,015,000 2,019,614
Fort Worth, TX ISD Unlimited Tax Refund & Improvement REF GOUN, Series 1999, 5%,
1/1/09 1,355,000 1,360,496
Frisco, TX ISD GOUN, PTTR, Series 2687, 1.28%(1, 2) 5,010,000 5,010,000
Georgetown, TX HFDC Retirement Facilities RRB, Wesleyan Homes, Inc. Project,
1.14%(1) 6,695,000 6,695,000
Harris Cnty., TX ECFA Finance Corp. RRB, Hermann Healthcare System,
Series 2008 D-2, 1.15%(1) 5,000,000 5,000,000
Harris Cnty., TX HFDC Hospital RB, Baylor College of Medicine, Series B, 1.10%(1) 24,500,000 24,500,000
Houston, TX ISD Schoolhouse REF GOLB, Series 1999A, 5%, 1/1/09 6,500,000 6,530,550
Houston, TX Utility System RB, SPEARS Deutsche Bank/Lifers Trust-Series DBE-551,
1.25%(1, 2) 4,150,000 4,150,000
Huntsville, TX ISD REF GOUN, Series 2004, 5%, 2/15/09 1,050,000 1,053,796
Katy, TX ISD GOUN, Series 2000, 1.15%(1) 6,200,000 6,200,000
Killeen, TX ISD REF GOUN, Series 2005, 3%, 2/15/09 500,000 500,499
Lake Travis, TX ISD REF GOUN, Series 2008, 3.50%, 2/15/09 30,000 30,018
Lamar, TX Consolidated ISD Schoolhouse GOUN, Series 1999, 5.10%, 2/15/09 1,000,000 1,004,190
Lamar, TX ISD REF GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DB-512, 1.25%(1, 2) 6,500,000 6,500,000
Longview TX ISD School Building GOUN, PTTR, Series 3059, 1.25%(1, 2) 2,295,000 2,295,000
Lovejoy, TX GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DB-514, 1.25%(1, 2) 3,275,000 3,275,000
Mesquite, TX ISD School Building GOUN, Series 2000, 1.50%(1) 1,925,000 1,946,033
Northeast TX ISD GOUN, Series 2007A, 3.78%, 6/1/09(3) 8,400,000 8,453,916
Northeast TX ISD REF GOUN, Series 2004, 5%, 8/1/09 6,400,000 6,514,418
Northside, TX ISD GOUN, PTTR, Series 2918Z, 1.25%(1, 2) 6,325,000 6,325,000
Raymondville, TX ISD School Building GOUN, Series 1999, 5.20%, 1/1/09 190,000 190,689
Red River, TX Educational FAU RB, Parish Day School Project, Series A, 1%(1) 6,120,000 6,120,000
Red River, TX Educational FAU RB, Parish Episcopal School Project, 1%(1) 4,765,000 4,765,000
F13 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT VALUE
--------------- ---------------
TEXAS Continued
Richardson, TX ISD School Building GOUN, Series 2004, 3.25%, 2/15/09 $ 450,000 $ 450,542
San Antonio, TX Electric & Gas RRB, Series A, 5%, 1/1/09 585,000 592,506
San Antonio, TX Electric & Gas System RB, SPEARS Deutsche Bank/Lifers Trust-Series
DB-602, 1.25%(1, 2) 8,335,000 8,335,000
San Antonio, TX Electric & Gas System RRB, 1997A, 5.60%, 1/1/09 12,705,000 12,727,244
San Antonio, TX Electric & Gas System RRB, Series 1998A, 5.125%, 2/1/09 1,500,000 1,504,336
San Antonio, TX Electric & Gas System RRB, Series 1998A, 5.25%, 1/1/09 3,510,000 3,555,224
San Antonio, TX Water RB, SGMSTR Series SGC-38, Cl. A, 1.25%(1, 2) 13,085,000 13,085,000
Spring, TX ISD REF GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DB-603,
1.25%(1, 2) 3,820,000 3,820,000
Tarrant Cnty., TX Cultural Education Hospital RRB, Valley Baptist Medical Center,
Series 2007, 0.65%(1) 9,150,000 9,150,000
TX Transportation Commission Mobility Fund GOUN, PTTR, Series 2615, 1.20%(1, 2) 2,100,000 2,100,000
TX Transportation Commission Mobility Fund GOUN, Series 2006, 5%, 4/1/09 1,400,000 1,410,010
University of TX RRB, PTTR, Series 2775, 1.20%(1, 2) 5,105,000 5,105,000
University of TX System Board of Regents RRB, Financing System, Series 1999B,
5.75%, 1/1/09 6,770,000 6,942,268
University of TX System Board of Regents RRB, Financing System, Series 2004A, 5%,
8/15/09 4,510,000 4,600,422
University of TX System Board of Regents RRB, Financing System, Series A, 1.57%,
2/5/09 8,000,000 8,000,000
University of TX System Board of Regents RRB, MERLOTS Series 2003 B14, 1.30%(1, 2) 11,210,000 11,210,000
University of TX System Board of Regents RRB, Series A, 0.40%, 2/5/09 14,500,000 14,500,000
Upper Trinity Regional Water District, TX Denton Cnty. Regional Water Supply RB,
1.65%, 2/11/09 3,800,000 3,800,000
---------------
303,285,383
---------------
UTAH--0.8%
Beaver Cnty., UT Environmental Facilities RB, Best Biofuels LLC Project,
Series 2003A, 1.60%(1) 10,985,000 10,985,000
Riverdale, UT RA Tax Increment RB, 1.23%(1) 820,000 820,000
UT Board of Regents RRB, University of UT, 1.15%(1) 3,100,000 3,100,000
Weber Cnty., UT Industrial RB, Enable Industries, Inc., Series 2003, 1.23%(1) 715,000 715,000
---------------
15,620,000
---------------
VIRGINIA--4.4%
Albemarle Cnty., VA IDAU RB, Thomas Jefferson Foundation, Inc., 0.85%(1) 1,215,000 1,215,000
Alexandria, VA IDAU Headquarters Facilities RB, American Society Clinical
Oncology, Series B, 1.40%(1) 25,025,000 25,025,000
F14 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL
AMOUNT VALUE
--------------- ---------------
VIRGINIA Continued
Arlington Cnty., VA IDAU MH RRB, Woodbury Park Apts. Project,
Series 2005A, 1.20%(1) $ 800,000 $ 800,000
Chesterfield Cnty., VA Health Center Community Residential Care Facility RB,
Lucy Corr Village, Series 2008B, 1.25%(1) 2,990,000 2,990,000
Fairfax Cnty., VA IDAU RB, Inova Health System, Series 2008B-1, 1.60%, 5/15/09(3) 4,950,000 4,950,000
Fairfax Cnty., VA IDAU RB, Series 2008C-4, 1.60%, 4/15/09(3) 3,000,000 3,000,000
Fauquier Cnty., VA IDAU RRB, Highland School Project, Series 2008, 1.25%(1) 4,250,000 4,250,000
Henrico Cnty., VA EDAU Residential Care Facilities RB, Westminster Canterbury,
1.25%(1) 3,200,000 3,200,000
Lewistown, VA Commerce Center CDAU SPTX Bonds, MSTFC Series 2006-2115, 1.27%(1, 2) 4,000,000 4,000,000
Lexington, VA IDAU Hospital Facilities RRB, Stonewall Jackson Hospital,
MERLOTS Series E01, 1.30%(1, 2) 16,950,000 16,950,000
Norfolk, VA RED & HAU MH RRB, Archers Green LP, 1.92%(1) 1,890,000 1,890,000
Salem, VA IDAU MH RB, Oak Park Apts. Project, Series 2008, 0.95%(1) 2,745,000 2,745,000
VA Small Business FAU RB, VA Museum of Fine Arts Foundation, 2.03%(1) 20,000,000 20,000,000
---------------
91,015,000
---------------
WASHINGTON--1.0%
King Cnty., WA HAU RB, Summerfield Apts. Project, Series 2005, 1.22%(1) 1,765,000 1,765,000
Port Bellingham, WA IDV Corp. RB, FPE Renewables LLC Project, Series 2005, 1.47%(1) 620,000 620,000
WA EDFAU RRB, Benaroya Research Institute at Virginia Mason, Series 2006C, 1.25%(1) 880,000 880,000
WA Housing Finance Commission MH RB, Heatherwood Apts., 1.55%(1) 3,400,000 3,400,000
WA Housing Finance Commission MH RB, Regency Park Apts., 1.55%(1) 7,805,000 7,805,000
WA Motor Vehicle REF GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DB-388,
1.30%(1, 2) 5,630,000 5,630,000
---------------
20,100,000
---------------
WEST VIRGINIA--0.8%
Kanawha Cnty., WV IDV RRB, The Kroger Co., Series 2004-A, 1.35%(1) 4,500,000 4,500,000
Kanawha Cnty., WV IDV RRB, The Kroger Co., Series 2004-B, 1.35%(1) 6,850,000 6,850,000
Marmet, WV CD RRB, The Kroger Co., Series 2004, 1.35%(1) 3,100,000 3,100,000
WV EDAU IDAU RB, Rubberlite, Inc. Project, Series 1999, 1.95%(1) 2,000,000 2,000,000
---------------
16,450,000
---------------
WISCONSIN--2.1%
Beaver Dam, WI IDV RB, Apache Stainless Equipment Corp.,
Series 1999A, 3.45%(1) 270,000 270,000
Brokaw, WI Sewer & SW RB, Wausau Paper Mills Co. Project, 1.50%(1) 9,500,000 9,500,000
Columbus, WI IDV RB, Maysteel Corp. Project, Series 1994, 1.60%(1) 2,000,000 2,000,000
F15 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT VALUE
--------------- ---------------
WISCONSIN Continued
Kiel, WI IDV RB, Polar Ware Co. Project, Series 2007, 1.83%(1) $ 1,325,000 $ 1,325,000
Kimberly, WI Development RB, Fox Cities YMCA Project, Series 2002, 5.80%(1) 1,400,000 1,400,000
La Crosse, WI IDV RB, GGP, Inc. Project, Series 2007A, 1.45%(1) 1,955,000 1,955,000
Milwaukee, WI IDV RB, R&B Wagner Project, 2.30%(1) 975,000 975,000
New Glarus, WI IDV RB, LSI, Inc. New Glarus Project, Series 2003, 1.73%(1) 1,345,000 1,345,000
Onalaska, WI IDV RB, Empire Screen Printing Project, Series 2006, 1.83%(1) 880,000 880,000
Plymouth, WI IDV RB, Plymouth Foam, Inc. Project, Series 2000, 1.83%(1) 1,000,000 1,000,000
West Bend, WI IDV RB, Jackson Concrete, Inc. Project, 1.83%(1) 1,360,000 1,360,000
WI H&EFA RB, Community Care, Inc., Series 2005, 1.33%(1) 4,245,000 4,245,000
WI H&EFA RB, Group Health Cooperative of South Central Wisconsin, 1.33%(1) 3,300,000 3,300,000
WI H&EFA RB, Lakeland College, Series 2005, 1.23%(1) 4,400,000 4,400,000
WI H&EFA RB, St. Camillus Health Center, Series 2005, 1.30%(1) 2,420,000 2,420,000
WI H&EFA RRB, St. Camillus Health Care Center, Series 2003, 1.45%(1) 820,000 820,000
WI Oneida Tribe of Indians HF RB, Series 2001, 1.20%(1) 6,000,000 6,000,000
---------------
43,195,000
---------------
WYOMING--0.2%
Campbell Cnty., WY IDV RRB, Powder Basin Properties Project, Series 1996, 1.01%(1) 3,505,000 3,505,000
DISTRICT OF COLUMBIA--0.4%
District of Columbia RB, Institute for International Economics,
Series 2000, 1.27%(1) 1,740,000 1,740,000
District of Columbia RB, National Museum Women Arts, 2.10%(1) 2,275,000 2,275,000
District of Columbia RB, Wesley Theological Seminary, Series A, 1.08%(1) 5,000,000 5,000,000
---------------
9,015,000
---------------
U.S. POSSESSIONS--0.6%
Puerto Rico EPAU RRB, SGMSTR Series 2008 SGC57, Cl. A, 1.23%(1, 2) 10,080,000 10,080,000
Puerto Rico HTAU RRB, Reset Option Certificates II-R Trust-Series 10327CE,
1.37%(1, 2) 1,600,000 1,600,000
Puerto Rico Sales Tax Finance Corp. RRB, SPEARS Deutsche Bank/Lifers Trust-Series
DBE-627, 1.20%(1, 2) 800,000 800,000
---------------
12,480,000
---------------
OTHER SECURITIES--2.4%
Austin Trust Certificates-Series BOA 10000, TX Dept. of Housing, Bella Vista
Apts., 1.45%(1, 2) 23,526,000 23,526,000
F16 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL
AMOUNT VALUE
--------------- ---------------
OTHER SECURITIES Continued
Wells Fargo Stage Trust-Series 57C, District of Columbia Georgetown
University, 1.24%(1) $ 24,995,000 $ 24,995,000
---------------
48,521,000
---------------
TOTAL INVESTMENTS, AT VALUE (COST $2,049,901,088) 99.7% 2,049,901,088
OTHER ASSETS NET OF LIABILITIES 0.3 6,661,601
--------------- ---------------
NET ASSETS 100.0% $ 2,056,562,689
=============== ===============
FOOTNOTES TO STATEMENT OF INVESTMENTS
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
AA Airport Authority
BOE Board of Education
CD Commercial Development
CDAU Community Development Authority
COP Certificates of Participation
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
EMH Elmhurst Memorial Hospital
EPAU Electric Power Authority
FA Facilities Authority
FAU Finance Authority
GOLB General Obligation Ltd. 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&H Higher Educational and Health
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
HF&D Housing Finance and Development
HFA Housing Finance Agency
HFAU Health Facilities Authority
HFC Housing Finance Corp.
HFDC Health Facilities Devel. Corp.
HFFAU Health Facilities Finance Authority
HTAU Highway & Transportation Authority
I&E Infrastructure and Economic
IDA Industrial Devel. Agency
IDAU Industrial Development Authority
IDB Industrial Development Board
IDC Industrial Devel. Corp.
IDV Industrial Development
ISD Independent School District
MERLOTS Municipal Exempt Receipts Liquidity Option Tender
MH Multifamily Housing
MSTFC Morgan Stanley & Co., Inc. Trust Floater Certificates
MWFAU Municipal Water Finance Authority
NYC New York City
NYS New York State
POAU Port Authority
PP Professionals PRN, Inc.
PTTR Puttable Tax Exempt Receipts
RA Redevelopment Agency/Authority
RANs Revenue Anticipation Nts.
RB Revenue Bonds
RED Redevelopment
REF Refunding
RRB Revenue Refunding Bonds
SCDAU Statewide Communities Development Authority
SDI School District
SFM Single Family Mtg.
SGMSTR Societe Generale, NY Branch Municipal Security Trust Receipts
SPEARS Short Puttable Exempt Adjustable Receipts
SPO Special Obligations
SPTX Special Tax
SW Solid Waste
SWD Solid Waste Disposal
TFA Transitional Finance Authority
TXAL Tax Allocation
UDC Urban Devel. Corp.
USD Unified School District
YMCA Young Men's Christian Assoc.
F17 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS Unaudited / Continued
FOOTNOTES TO STATEMENT OF INVESTMENTS Continued
(1.) Floating or variable rate obligation maturing in more than one year. The
interest rate, which is based on specific, or an index of, market interest
rates, is subject to change periodically and is the effective rate on
December 31, 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 $524,819,499 or 25.52% of the
Trust's net assets as of December 31, 2008.
(3.) Put obligation redeemable at full principal value on the date reported.
(4.) Illiquid security. The aggregate value of illiquid securities as of
December 31, 2008 was $11,610,000, which represents 0.56% of the Trust's
net assets. See Note 4 of accompanying Notes.
VALUATION INPUTS
Various data inputs are used in determining the value of each of the Trust's
investments as of the reporting period end. These data inputs are categorized in
the following hierarchy under applicable financial accounting standards:
1) Level 1--quoted prices in active markets for identical assets or
liabilities (including securities actively traded on a securities exchange)
2) Level 2--inputs other than quoted prices that are observable for the
asset (such as quoted prices for similar assets and market corroborated
inputs such as interest rates, prepayment speeds, credit risks, etc.)
3) Level 3--unobervable inputs (including the Manager's own judgments about
assumptions that market participants would use in pricing the asset).
The market value of the Trust's investments was determined based on the
following inputs as of December 31, 2008:
INVESTMENTS IN OTHER FINANCIAL
VALUATION DESCRIPTION SECURITIES INSTRUMENTS*
- --------------------- -------------- ---------------
Level 1--Quoted Prices $ -- $--
Level 2--Other Significant Observable Inputs 2,049,901,088 --
Level 3--Significant Unobservable Inputs -- --
-------------- ---
Total $2,049,901,088 $--
============== ===
* Other financial instruments include options written, currency contracts,
futures, forwards and swap contracts. Currency contracts and forwards are
reported at their unrealized appreciation/depreciation at measurement date,
which represents the change in the contract's value from trade date.
Futures are reported at their variation margin at measurement date, which
represents the amount due to/from the Trust at that date. Options written
and swaps are reported at their market value at measurement date.
SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN
DETERMINING VALUE OF THE TRUST'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE
VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F18 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF ASSETS AND LIABILITIES Unaudited
December 31, 2008
- -----------------
ASSETS
Investments, at value (cost $2,049,901,088)--see accompanying statement of investments $2,049,901,088
Cash 423,176
Receivables and other assets:
Interest 6,483,107
Shares of beneficial interest sold 748
Other 460,810
--------------
Total assets 2,057,268,929
==============
LIABILITIES
Payables and other liabilities:
Shares of beneficial interest redeemed 596,788
Transfer and shareholder servicing agent fees 40,089
Distribution and service plan fees 24,496
Shareholder communications 12,000
Trustees' compensation 4,953
Investments purchased 500
Other 27,414
--------------
Total liabilities 706,240
--------------
NET ASSETS $2,056,562,689
==============
COMPOSITION OF NET ASSETS
Paid-in capital $2,056,491,635
Accumulated net realized gain on investments 71,054
--------------
NET ASSETS--applicable to 2,056,520,683 shares of beneficial interest outstanding $2,056,562,689
==============
NET ASSET VALUE, REDEMPTION PRICE PER SHARE AND OFFERING PRICE PER SHARE $ 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F19 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF OPERATIONS Unaudited
For the Six Months Ended December 31, 2008
- ------------------------------------------
INVESTMENT INCOME
Interest $ 25,671,169
EXPENSES
Management fees 4,579,356
Service plan fees 2,154,568
Insurance expense 313,104
Transfer and shareholder servicing agent fees 236,219
Legal, auditing and other professional fees 10,475
Trustees' compensation 8,516
Custodian fees and expenses 6,654
Other 141,686
--------------
Total expenses 7,450,578
--------------
NET INVESTMENT INCOME 18,220,591
NET REALIZED GAIN ON INVESTMENTS 358,654
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 18,579,245
==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F20 | CENTENNIAL TAX EXEMPT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2008 JUNE 30,
(UNAUDITED) 2008
----------------- --------------
OPERATIONS
Net investment income $ 18,220,591 $47,330,096
Net realized gain 358,654 226,633
-------------- --------------
Net increase in net assets resulting from operations 18,579,245 47,556,729
============== ==============
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (18,193,453) (47,357,234)
Distributions from net realized gain (506,604) (336,019)
BENEFICIAL INTEREST TRANSACTIONS
Net increase (decrease) in net assets resulting from
beneficial interest transactions (458,274,899) 814,218,151
NET ASSETS
Total increase (decrease) (458,395,711) 814,081,627
Beginning of period 2,514,958,400 1,700,876,773
-------------- --------------
End of period (including accumulated net investment loss of
$27,138 for the period ended June 30, 2008) $2,056,562,689 $2,514,958,400
============== ==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F21 | CENTENNIAL TAX EXEMPT TRUST
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED
DECEMBER 31, YEAR ENDED JUNE 30,
2008 --------------------
(UNAUDITED) 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 $ 1.00
Income from investment operations-net
investment income and net realized gain .01(1) .02(1) .03(1) .02(1) .01(1) --(2)
Dividends and/or distributions to shareholders:
Dividends from net investment income (.01) (.02) (.03) (.02) (.01) --(2)
Distributions from net realized gain --(2) --(2) --(2) -- -- --
------ ------ ------ ------ ------ ------
Total dividends and/or distributions
to shareholders (.01) (.02) (.03) (.02) (.01) --(2)
------ ------ ------ ------ ------ ------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
TOTAL RETURN(3) 0.84% 2.44% 3.09% 2.44% 1.21% 0.35%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $2,057 $2,515 $1,701 $1,710 $1,701 $1,778
Average net assets (in millions) $2,244 $2,040 $1,764 $1,701 $1,797 $1,851
Ratios to average net assets:(4)
Net investment income 1.61% 2.32% 3.04% 2.40% 1.20% 0.35%
Total expenses 0.66% 0.66%(5) 0.67%(5) 0.68% 0.67%(5,6) 0.67%(5)
(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.
(5.) Reduction to custodian expenses less than 0.005%.
(6.) Voluntary waiver and/or reimbursement of management fees less than 0.005%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F22 | CENTENNIAL TAX EXEMPT TRUST
NOTES TO FINANCIAL STATEMENTS Unaudited
1. SIGNIFICANT ACCOUNTING POLICIES
Centennial Tax Exempt Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended, as an open-end management investment company.
The Trust's investment objective is to seek the maximum short-term interest
income exempt from federal income taxes that is consistent with low capital risk
and the maintenance of liquidity. The Trust's investment advisor is Centennial
Asset Management Corporation (the "Manager"), a subsidiary of OppenheimerFunds,
Inc. ("OFI").
The following is a summary of significant accounting policies consistently
followed by the Trust.
SECURITIES VALUATION. 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.
Effective for fiscal periods beginning after November 15, 2007, FASB
Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS,
establishes a hierarchy for measuring fair value of assets and liabilities. As
required by the standard, each investment asset or liability of the Trust is
assigned a level at measurement date based on the significance and source of the
inputs to its valuation. Quoted prices in active markets for identical
securities are classified as "Level 1", inputs other than quoted prices for an
asset that are observable are classified as "Level 2" and unobservable inputs,
including the Manager's judgment about the assumptions that a market participant
would use in pricing an asset or liability are classified as "Level 3". The
inputs used for valuing securities are not necessarily an indication of the
risks associated with investing in those securities. A table summarizing the
Trust's investments under these levels of classification is included following
the Statement of Investments.
"Money market-type" instruments are typically designated as Level 2.
In the absence of a readily available quoted market price, including for
securities whose values have been materially affected by what the Manager
identifies as a significant event occurring before the Trust's assets are valued
but after the close of the securities' respective exchanges, the Manager, acting
through its internal valuation committee, in good faith determines the fair
valuation of that asset using consistently applied procedures under the
supervision of the Board of Trustees (which reviews those fair valuations by the
Manager). Those procedures include certain standardized methodologies to fair
value securities. Such methodologies include, but are not limited to, pricing
securities initially at cost and subsequently adjusting the value based on:
changes in company specific fundamentals, changes in an appropriate securities
index, or changes in the value of similar securities which may be adjusted for
any discounts related to resale restrictions. When possible, such methodologies
use observable market inputs such as quoted prices of similar securities,
observable interest
F23 | CENTENNIAL TAX EXEMPT TRUST
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
1. SIGNIFICANT ACCOUNTING POLICIES Continued
rates, currency rates and yield curves. The methodologies used for valuing
securities are not necessarily an indication of the risks associated with
investing in those securities.
Fair valued securities may be classified as "Level 3" if the valuation
primarily reflects the Manager's own assumptions about the inputs that market
participants would use in valuing such securities.
There have been no significant changes to the fair valuation methodologies
during the period.
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.
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.
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 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.
F24 | CENTENNIAL TAX EXEMPT TRUST
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.
2. SHARES OF BENEFICIAL INTEREST
The Trust has authorized an unlimited number of no par value shares of
beneficial interest. Transactions in shares of beneficial interest were as
follows:
SIX MONTHS ENDED
DECEMBER 31, 2008 YEAR ENDED JUNE 30, 2008
--------------------------------- --------------------------------
SHARES AMOUNT SHARES AMOUNT
-------------- --------------- -------------- ---------------
Sold 3,952,622,889 $ 3,952,622,889 7,247,964,441 $ 7,247,964,441
Dividends and/or distributions reinvested 18,518,965 18,518,965 47,100,245 47,100,245
Redeemed (4,429,416,753) (4,429,416,753) (6,480,846,535) (6,480,846,535)
-------------- --------------- -------------- ---------------
Net increase (decrease) (458,274,899) $ (458,274,899) 814,218,151 $ 814,218,151
============== =============== ============== ===============
F25 | CENTENNIAL TAX EXEMPT TRUST
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
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
Over $2 billion 0.325
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 six months ended December 31, 2008, the Trust paid $231,351 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.
The Manager has voluntarily undertaken to waive fees to the extent
necessary to assist the Trust in attempting to maintain a positive yield. There
is no guarantee that the Trust will maintain a positive yield. That undertaking
may be amended or withdrawn at any time.
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 December 31, 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
F26 | CENTENNIAL TAX EXEMPT TRUST
reviewed periodically) in illiquid securities. Securities that are illiquid are
marked with an applicable footnote on the Statement of Investments.
5. TEMPORARY GUARANTEE PROGRAM FOR MONEY MARKET FUNDS
The Trust's Board of Trustees has elected for the Trust to participate in the
Temporary Guarantee Program for Money Market Funds (the "Program") established
by the U.S. Treasury Department. The Treasury Department has accepted the
Trust's application to participate in the Program and entered into a Guarantee
Agreement with the Trust dated as of September 19, 2008. The Trust has also
notified the Treasury Department of its intent to continue its participation in
the Program through April 30, 2009.
Under the Program, shareholders of the Trust as of the close of business on
September 19, 2008 may be guaranteed against loss in the event that the Trust's
net asset value falls below $0.995. The Program applies only to shareholders of
record as of the close of business on September 19, 2008. The number of shares
covered by the Program will be the lesser of (a) the number of shares of the
Trust owned by the shareholder on September 19, 2008 or (b) the number of shares
owned by the shareholder on the date the Trust's net asset value falls below
$0.995. If the number of shares of the Trust a shareholder holds after September
19, 2008 fluctuates during the Program period due to purchases or redemptions of
shares, any shares in excess of the amount held as of the close of business on
September 19, 2008 will not be covered.
The Trust has paid a fee to participate in the Program's initial term in
the amount equal to 0.01% of the Trust's net assets as of the close of business
on September 19, 2008. The Trust has paid an additional fee to continue its
participation in the Program through April 30, 2009 in the amount of 0.015% of
the Trust's net assets as of the close of business on September 19, 2008. Fees
paid by the Trust to participate in the Program are shown as insurance expense
on the Statement of Operations. Participation in any further extension of the
Program would require payment of an additional fee.
6. RECENT ACCOUNTING PRONOUNCEMENT
In March 2008, the Financial Accounting Standards Board ("FASB") issued
Statement on Financial Accounting Standards ("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 and interim periods beginning after
November 15, 2008. At this time, management is evaluating the implications of
SFAS No. 161 and its impact on the Trust's financial statements and related
disclosures.
F27 | CENTENNIAL TAX EXEMPT TRUST
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
7. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
At a meeting held on August 20, 2008, the Board of Trustees of the Trust
appointed KPMG LLP as the independent registered public accounting firm to the
Trust for fiscal year 2009, replacing the firm of Deloitte & Touche LLP,
effective at the conclusion of the fiscal 2008 audit. During the two most recent
fiscal years the audit reports of Deloitte & Touche LLP contained no adverse
opinion or disclaimer of opinion and were not qualified or modified as to
uncertainty, audit scope or accounting principles. Further, there were no
disagreements between the Trust and Deloitte & Touche LLP on accounting
principles, financial statement disclosure or audit scope, which if not resolved
to the satisfaction of Deloitte & Touche LLP would have caused it to make
reference to the disagreements in connection with its reports.
8. SUBSEQUENT EVENT
The remaining shareholders of the Trust redeemed their shares on February 13,
2009. Following that redemption, the Trust commenced winding down its
operations.
F28 | CENTENNIAL TAX EXEMPT TRUST
BOARD APPROVAL OF THE FUND'S INVESTMENT ADVISORY AGREEMENT Unaudited
Each year, the Board of Trustees (the "Board"), including a majority of the
independent Trustees, is required to determine whether to renew Centennial Tax
Exempt Trust's (the "Fund") investment advisory agreement (the "Agreement"). The
Investment Company Act of 1940, as amended, requires that the Board request and
evaluate, and that the Manager provide, such information as may be reasonably
necessary to evaluate the terms of the Agreement. The Board employs an
independent consultant to prepare a report that provides information, including
comparative information, the Board requests for that purpose. In addition, the
Board receives information throughout the year regarding Fund services, fees,
expenses and performance.
The Manager and the independent consultant provided information to the
Board on the following factors: (i) the nature, quality and extent of the
Manager's services, (ii) the investment performance of the Fund and the Manager,
(iii) the fees and expenses of the Fund, including comparative expense
information, (iv) the profitability of the Manager and its affiliates, including
an analysis of the cost of providing services, (v) whether economies of scale
are realized as the Fund grows and whether fee levels reflect these economies of
scale for Fund investors and (vi) other benefits to the Manager from its
relationship with the Fund. The Board was aware that there are alternatives to
retaining the Manager.
Outlined below is a summary of the principal information considered by the
Board as well as the Board's conclusions.
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered information
about the nature, quality and extent of the services provided to the Fund and
information regarding the Manager's key personnel who provide such services. The
Manager's duties include providing the Fund with the services of the portfolio
manager and the Manager's investment team, who provide research, analysis and
other advisory services in regard to the Fund's investments; securities trading
services; oversight of third party service providers; monitoring compliance with
applicable Fund policies and procedures and adherence to the Fund's investment
restrictions. The Manager is responsible for providing certain administrative
services to the Fund as well. Those services include providing and supervising
all administrative and clerical personnel who are necessary in order to provide
effective corporate administration for the Fund; compiling and maintaining
records with respect to the Fund's operations; preparing and filing reports
required by the Securities and Exchange Commission; preparing periodic reports
regarding the operations of the Fund for its shareholders; preparing proxy
materials for shareholder meetings; and preparing the registration statements
required by Federal and state securities laws for the sale of the Fund's shares.
The Manager also provides the Fund with office space, facilities and equipment.
5 | CENTENNIAL TAX EXEMPT TRUST
BOARD APPROVAL OF THE FUND'S INVESTMENT ADVISORY AGREEMENT Unaudited / Continued
The Board also considered the quality of the services provided and the
quality of the Manager's resources that are available to the Fund. The Board
took account of the fact that the Manager has had over forty years of experience
as an investment adviser and that its assets under management rank it among the
top mutual fund managers in the United States. The Board evaluated the Manager's
advisory, administrative, accounting, legal and compliance services, and
information the Board has received regarding the experience and professional
qualifications of the Manager's key personnel and the size and functions of its
staff. In its evaluation of the quality of the portfolio management services
provided, the Board considered the experience of Carol Wolf, the portfolio
manager for the Fund, and the Manager's investment team and analysts. The Board
members also considered the totality of their experiences with the Manager as
Directors or Trustees of the Fund and other funds advised by the Manager. The
Board considered information regarding the quality of services provided by
affiliates of the Manager, which its members have become knowledgeable about in
connection with the renewal of the Fund's service agreements. The Board
concluded in light of the Manager's experience, reputation, personnel,
operations and resources, the Fund benefits from the services provided under the
Agreement.
INVESTMENT PERFORMANCE OF THE MANAGER AND THE FUND. Throughout the year,
the Manager provided information on the investment performance of the Fund and
the Manager, including comparative performance information. The Board also
reviewed information, prepared by the Manager and by the independent consultant,
comparing the Fund's historical performance to relevant market indices and to
the performance of other retail front-end load and no-load tax-exempt money
market funds advised by other investment advisers. The Board considered that the
Fund performed competitively vis-a-vis its performance universe median during
the one-, three-, five- and ten-year periods. The Board considered the Manager's
assertion that in the ten-year period the difference between the best and the
worst performer was only 0.9% and that the gross performance of the Fund
compared favorably to its peers.
COSTS OF SERVICES BY THE MANAGER. The Board reviewed the fees paid to the
Manager and the other expenses borne by the Fund. The Board also considered the
comparability of the fees charged and the services provided to the Fund to the
fees and services for other clients or accounts advised by the Manager. The
independent consultant provided comparative data in regard to the fees and
expenses of the Fund and tax-exempt money market funds with comparable asset
levels and distribution features. The Board considered that the Fund's actual
management fees and total expenses were higher than its expense group median.
6 | CENTENNIAL TAX EXEMPT TRUST
ECONOMIES OF SCALE AND PROFITS REALIZED BY THE MANAGER. The Board
considered information regarding the Manager's costs in serving as the Fund's
investment adviser, including the costs associated with the personnel and
systems necessary to manage the Fund, and information regarding the Manager's
profitability from its relationship with the Fund. The Board reviewed whether
the Manager may realize economies of scale in managing and supporting the Fund.
The Board noted that the Fund currently has management fee breakpoints, which
are intended to share with Fund shareholders economies of scale that may exist
as the Fund's assets grow.
OTHER BENEFITS TO THE MANAGER. In addition to considering the profits
realized by the Manager, the Board considered information that was provided
regarding the direct and indirect benefits the Manager receives as a result of
its relationship with the Fund, including compensation paid to the Manager's
affiliates. The Board also considered that the Manager must be able to pay and
retain experienced professional personnel at competitive rates to provide
quality services to the Fund and that maintaining the financial viability of the
Manager is important in order for the Manager to continue to provide significant
services to the Fund and its shareholders.
CONCLUSIONS. These factors were also considered by the independent Trustees
meeting separately from the full Board, assisted by experienced counsel to the
Fund and to the independent Trustees. Fund counsel and the independent Trustees'
counsel are independent of the Manager within the meaning and intent of the
Securities and Exchange Commission Rules.
Based on its review of the information it received and its evaluations
described above, the Board, including a majority of the independent Trustees,
decided to continue the Agreement for another year. In arriving at this
decision, the Board did not single out any factor or factors as being more
important than others, but considered all of the above information, and
considered the terms and conditions of the Agreement, including the management
fee, in light of all of the surrounding circumstances.
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
Trust's 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
ITEM 2. CODE OF ETHICS.
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to semiannual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
a) Not applicable.
b) 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 12/31/2008, 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) Not applicable to semiannual reports.
(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: 02/11/2009
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: 02/11/2009
By: /s/ Brian W. Wixted
----------------------------
Brian W. Wixted
Principal Financial Officer
Date: 02/11/2009