N-Q 1 rq160_11968nq.txt RQ160_11968NQ.TXT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-3104 Centennial Tax Exempt Trust (Exact name of registrant as specified in charter) 6803 South Tucson Way, Centennial, Colorado 80112-3924 (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. Two World Financial Center, New York, New York 10281-1008 (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: September 30, 2004 ITEM 1. SCHEDULE OF INVESTMENTS. STATEMENT OF INVESTMENTS September 30, 2004 (Unaudited) ================================================================================ Centennial Tax Exempt Trust
Principal Amount Value --------------------------------------------------------------------------------------------------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS--99.3% --------------------------------------------------------------------------------------------------------- ALABAMA--1.2% AL HFA MH RB, Park Rocky Ridge Project, Series 2004B, 1.83% 1 $ 9,980,000 $ 9,980,000 --------------------------------------------------------------------------------------------------------- AL IDAU RB, Well Built Cabinet, Inc. Project, 1.88% 1 545,000 545,000 --------------------------------------------------------------------------------------------------------- Calhoun Cnty., AL ED Council IDV RB, IPC Aerospace Corp. Project, Series 2000, 1.88% 1 2,800,000 2,800,000 --------------------------------------------------------------------------------------------------------- Calhoun Cnty., AL ED Council RB, Southern Bag Corp. Ltd. Expansion Project, Series 1998, 1.93% 1 3,300,000 3,300,000 --------------------------------------------------------------------------------------------------------- Hoover, AL BOE Capital Outlay TANs, AAMC Series 2001-16, 1.75% 1,2 4,950,000 4,950,000 ----------------- 21,575,000 --------------------------------------------------------------------------------------------------------- ALASKA--1.8% North Slope Borough, AK GOB, Series B, 1.77% 1 13,400,000 13,400,000 --------------------------------------------------------------------------------------------------------- Valdez, AK Marine Terminal RRB, BP Pipelines, Inc. Project, 1.74% 1 16,245,000 16,245,000 --------------------------------------------------------------------------------------------------------- Valdez, AK Marine Terminal RRB, BP Pipelines, Inc. Project-A, 1.74% 1 2,000,000 2,000,000 --------------------------------------------------------------------------------------------------------- Valdez, AK Marine Terminal RRB, BP Pipelines, Inc. Project-C, 1.74% 1 1,000,000 1,000,000 ----------------- 32,645,000 --------------------------------------------------------------------------------------------------------- ARIZONA--1.3% Phoenix, AZ IDAU MH RRB, Paradise Lakes Apts. Project, Series 1995, 1.75% 1 22,500,000 22,500,000 --------------------------------------------------------------------------------------------------------- CALIFORNIA--9.3% Alameda/Contra Cost, CA School FAU COP, Capital Improvements Financing Project, Series G, 1.83% 1 740,000 740,000 --------------------------------------------------------------------------------------------------------- Alameda/Contra Cost, CA School FAU COP, Capital Improvements Financing Project, Series H, 1.83% 1 4,720,000 4,720,000 --------------------------------------------------------------------------------------------------------- CA Department of Water Resources Power Supply RB, Series C-14, 1.70% 1 4,500,000 4,500,000 --------------------------------------------------------------------------------------------------------- CA Department of Water Resources Power Supply RB, Series C-2, 1.70% 1 700,000 700,000 --------------------------------------------------------------------------------------------------------- CA Department of Water Resources Power Supply RB, Series C-7, 1.73% 1 45,520,000 45,520,000 --------------------------------------------------------------------------------------------------------- CA Department of Water Resources Power Supply RB, Series C-9, 1.70% 1 6,600,000 6,600,000 --------------------------------------------------------------------------------------------------------- CA Economic Recovery Bonds, Series 2004 C-16, 1.70% 1 5,000,000 5,000,000 --------------------------------------------------------------------------------------------------------- CA GOUN, Series 2003B-4, 1.70% 1 22,200,000 22,199,558 --------------------------------------------------------------------------------------------------------- CA Infrastructure & ED Bank RRB, Independent System Operator Corp. Project, Series 2000C, 1.72% 1 1,800,000 1,800,000 --------------------------------------------------------------------------------------------------------- CA PCFAU RRB, Pacific Gas & Electric, Series C, 1.74% 1 5,000,000 5,000,000 --------------------------------------------------------------------------------------------------------- CA SCDAU MH RB, Las Flores Apt. Project, Series 2004 JJ, 2.09% 1 3,500,000 3,500,000 --------------------------------------------------------------------------------------------------------- Hayward, CA MH RB, Lord Tennyson Apt. Project, Series 2004A, 2.09%, 10/1/04 3 2,655,000 2,655,000 --------------------------------------------------------------------------------------------------------- Lake Elsinore, CA Recreation Authority RB, Public Facilities, Series 2000A, 1.73% 1 13,535,000 13,535,000 --------------------------------------------------------------------------------------------------------- Los Angeles, CA Community RA RB, Baldwin Hills Public Parking Facilities Project, Series 1984, 1.65% 1 16,800,000 16,800,000 --------------------------------------------------------------------------------------------------------- Los Angeles, CA Community RA RB, Skyline at Southpark Apts., Series 1985, 1.73% 1 4,000,000 4,000,000 --------------------------------------------------------------------------------------------------------- Oakland/Alameda Cnty., CA Coliseum Authority Lease RB, Coliseum Project, Series C-2, 1.68% 1 14,000,000 14,000,000 --------------------------------------------------------------------------------------------------------- Orange Cnty., CA Apt. Development RB, Niguel Summit 2, Series B, 1.65% 1 1,290,000 1,290,000 --------------------------------------------------------------------------------------------------------- San Bernardino Cnty., CA MH HAU RRB, Somerset Apts.-A, 1.68% 1 1,500,000 1,500,000 --------------------------------------------------------------------------------------------------------- San Diego, CA Water Utility Fund Net System GOB, AAMC Series 1998-10, 1.71% 1,2 4,350,000 4,350,000 --------------------------------------------------------------------------------------------------------- Santa Clara Cnty., CA El Camino Hospital FAU RB, 1.63% 1 500,000 500,000 --------------------------------------------------------------------------------------------------------- Vallejo, CA COP, Capital Improvement Project, Series 2002, 1.76% 1 5,100,000 5,100,000 ----------------- 164,009,558 --------------------------------------------------------------------------------------------------------- COLORADO--2.7% Arapahoe Cnty., CO Senior MH RB, Centennial East Apt. Project, 2000 Series A-1, Revenue Bond Certificates Trust, Series 2004-13, 1.99% 1,2 3,115,000 3,115,000 --------------------------------------------------------------------------------------------------------- Arapahoe Cnty., CO Water & Wastewater Authority RRB, Series A, 1.72% 1 2,500,000 2,500,000 --------------------------------------------------------------------------------------------------------- Castle Rock, CO MH RB, Castlegate Apt. Project, Revenue Bond Certificates Trust, Series 2004-1, 1.99% 1,2 11,842,000 11,842,000 --------------------------------------------------------------------------------------------------------- Central Platte Valley & Denver Cnty., CO Metro District GOB, Series B, 1.30%, 12/1/04 3 3,000,000 3,000,000 --------------------------------------------------------------------------------------------------------- CO Educational & Cultural FA Public Radio RB, Community Wireless Park City, 1.74% 1 790,000 790,000 --------------------------------------------------------------------------------------------------------- Denver, CO Cty. & Cnty. REF COP, Wellington E. Webb Building, Series 2003C, 1.70% 1 3,915,000 3,915,000 --------------------------------------------------------------------------------------------------------- E-470 Public Highway, CO RRB, Vehicle Registration Fee, 1.71% 1 2,000,000 2,000,000 --------------------------------------------------------------------------------------------------------- Park Creek Metro District, CO RB, Puttable Floating Option Tax Exempt Receipts, Series PT-2321, 1.79% 1,2 5,775,000 5,775,000 --------------------------------------------------------------------------------------------------------- Stapleton Business Center Metro District, CO RB, 1.79% 1 7,550,000 7,550,000 --------------------------------------------------------------------------------------------------------- Superior Metro District No. 1, CO WSS BANs, 1.74% 1 2,000,000 2,000,000 --------------------------------------------------------------------------------------------------------- Superior/McCaslin Interchange Metro District, CO GOB, Series 2004, 1.10%, 11/15/04 3 2,075,000 2,075,000 --------------------------------------------------------------------------------------------------------- Willow Trace Metro District, CO GOLB, Series A, 1.30%, 12/1/04 3 2,295,000 2,295,000 ----------------- 46,857,000 --------------------------------------------------------------------------------------------------------- CONNECTICUT--0.5% CT SPTX Obligation Bonds, Second Lien, Transportation Infrastructure Purpose, Series 2003-2, 1.70% 1 8,300,000 8,300,000 --------------------------------------------------------------------------------------------------------- FLORIDA--7.4% Alachua Cnty., FL HFAU RB, Shands Teaching Hospital & Clinics, Series 03A, 1.76% 1 3,050,000 3,050,000 --------------------------------------------------------------------------------------------------------- Bay Cnty., FL EDLFA RB, Bay Haven Charter Academy, Series 2004, 1.75% 1 11,600,000 11,600,000 --------------------------------------------------------------------------------------------------------- Collier Cnty., FL IDAU RB, Gulf Coast American Blind, Series A, 1.60% 1 2,805,000 2,805,000 --------------------------------------------------------------------------------------------------------- FL Gulf Coast University Financing Corp. Capital Improvement RB, Series 2003, 1.70% 1 46,000,000 46,000,000 --------------------------------------------------------------------------------------------------------- FL TUAU RB, Series A, ETET Series 96C0910, Cl. A, 1.75% 1,2 14,850,000 14,850,000 --------------------------------------------------------------------------------------------------------- Hillsborough Cnty., FL IDAU PC COP, Tampa Electric Co. Project, ETET Series 96C0911, Cl. A, 1.75% 1,2 17,795,000 17,795,000 --------------------------------------------------------------------------------------------------------- Hillsborough Cnty., FL IDAU PC COP, Tampa Electric Co. Project, ETET Series 97C0901, Cl. A, 1.75% 1,2 17,795,000 17,795,000 --------------------------------------------------------------------------------------------------------- Jacksonville, FL HFAU Hospital RB, Baptist Medical Center Project, Series 2003A, 1.76% 1 6,355,000 6,355,000 --------------------------------------------------------------------------------------------------------- Jacksonville, FL Sales Tax RB, MERLOTS Series 2003 B26, 1.74% 1,2 9,990,000 9,990,000 ----------------- 130,240,000 --------------------------------------------------------------------------------------------------------- GEORGIA--5.9% Atlanta, GA TXAL Bonds, Westside Project, 1.69% 1 14,995,000 14,995,000 --------------------------------------------------------------------------------------------------------- Bibb Cnty., GA DAU RB, First Presbyterian Day School, 1.69% 1 2,600,000 2,600,000 --------------------------------------------------------------------------------------------------------- Burke Cnty., GA PC RB, Series 98-B, 1.21%, 10/18/04 25,000,000 25,000,000 --------------------------------------------------------------------------------------------------------- Cherokee Cnty., GA WSS RRB, MERLOTS Series 2003 A14, 1.74% 1,2 7,020,000 7,020,000 --------------------------------------------------------------------------------------------------------- Cobb Cnty., GA DAU RB, Kennesaw St. University Foundation-Parking Facilities, 1.69% 1 10,875,000 10,875,000 --------------------------------------------------------------------------------------------------------- Fulton, GA DAU RB, Woodard Academy, Inc. Project, 1.69% 1 10,200,000 10,200,000 --------------------------------------------------------------------------------------------------------- GA GOB, Series 1995B, ETET Series 96C1004, Cl. A, 1.75% 1,2 11,880,000 11,880,000 --------------------------------------------------------------------------------------------------------- Gainesville, GA RA EDLFA RB, Riverside Military Project, 1.69% 1 3,000,000 3,000,000 --------------------------------------------------------------------------------------------------------- Gainesville, GA RA EDLFA RRB, Riverside Military Project, 1.69% 1 6,250,000 6,250,000 --------------------------------------------------------------------------------------------------------- Greene Cnty., GA HA RANs, Series 2004, 1.75% 1 6,090,000 6,090,000 --------------------------------------------------------------------------------------------------------- Valdosta/Lowndes Cntys., GA HA RB, South Georgia Medical Center Project, Series 1998, 1.70% 1 6,200,000 6,200,000 ----------------- 104,110,000 --------------------------------------------------------------------------------------------------------- ILLINOIS--13.7% Chicago, IL BOE GOUN, AAMC Series 2002-4, 1.75% 1,2 9,225,000 9,225,000 --------------------------------------------------------------------------------------------------------- Chicago, IL GO Tender Nts., Series 2004, 1.05%, 1/13/05 3 5,000,000 5,000,000 --------------------------------------------------------------------------------------------------------- Chicago, IL GOB, AAMC Series 2001-34, 1.75% 1,2 10,975,000 10,975,000 --------------------------------------------------------------------------------------------------------- Chicago, IL GOUN, AAMC Series 1998-3, 1.75% 1,2 8,735,000 8,735,000 --------------------------------------------------------------------------------------------------------- Chicago, IL RB, Lakefront Millennium Parking Facility, ETET Series 981303, Cl. A, 1.75% 1,2 22,495,000 22,495,000 --------------------------------------------------------------------------------------------------------- Crestwood, IL HEAU RB, Trinity Christian College, Series 2003, 1.51% 1 7,480,000 7,480,000 --------------------------------------------------------------------------------------------------------- Crestwood, IL Tax Increment RB, Series 2004, 1.74% 1 14,370,000 14,370,000 --------------------------------------------------------------------------------------------------------- IL Development FAU RB, Jewish Federation of Chicago, Series 1999, 1.70% 1 1,190,000 1,190,000 --------------------------------------------------------------------------------------------------------- IL EDLFA RB, Field Museum Natural History, Series 1998, 1.70% 1 4,500,000 4,500,000 --------------------------------------------------------------------------------------------------------- IL EDLFA RB, Pooled Financing Program, Series 95, 1.17%, 10/18/04 20,000,000 20,000,000 --------------------------------------------------------------------------------------------------------- IL EDLFA RB, Pooled Financing Program, Series 95, 1.19%, 11/3/04 12,000,000 12,000,000 --------------------------------------------------------------------------------------------------------- IL FAU RRB, Search Development Center, Inc. Project, Series 2004, 1.70% 1 5,455,000 5,455,000 --------------------------------------------------------------------------------------------------------- IL HFAU RB, Evanston Hospital Corp., Series 1985-B, 1.20%, 11/15/04 5,000,000 5,000,000 --------------------------------------------------------------------------------------------------------- IL HFAU RB, Evanston Hospital Corp., Series 1990, 1.70%, 2/24/05 8,000,000 8,000,000 --------------------------------------------------------------------------------------------------------- IL HFAU RB, Evanston Hospital Corp., Series 1992, 1.03%, 11/30/04 17,000,000 17,000,000 --------------------------------------------------------------------------------------------------------- IL HFAU RB, Evanston Hospital Corp., Series 1996, 1.40%, 11/12/04 5,000,000 5,000,000 --------------------------------------------------------------------------------------------------------- IL HFAU RB, Evanston Northwestern Corp., Series 1998, 1.03%, 11/1/04 3 50,000,000 50,000,000 --------------------------------------------------------------------------------------------------------- IL HFAU RB, Swedish Covenant Hospital Project, Series 1995, 1.64% 1 10,650,000 10,650,000 --------------------------------------------------------------------------------------------------------- IL IDV FAU RB, Knead Dough Baking Co. Project, 1.90% 1 2,800,000 2,800,000 --------------------------------------------------------------------------------------------------------- IL IDV FAU RB, Knead Dough Baking Co. Project, 1.90% 1 2,580,000 2,580,000 --------------------------------------------------------------------------------------------------------- Lombard, IL RB, Elmhurst Healthcare Project, Series 2004, 1.51% 1 6,482,000 6,482,000 --------------------------------------------------------------------------------------------------------- Macon Cnty., IL RB, Millikin University, Series 1999, 1.68% 1 4,500,000 4,500,000 --------------------------------------------------------------------------------------------------------- Mundelein, IL IDV RRB, Town Line Road, Series 1992, 1.70% 1 3,600,000 3,600,000 --------------------------------------------------------------------------------------------------------- Oak Forest, IL RB, Homewood Pool, Series 1989, 1.51% 1 4,500,000 4,500,000 --------------------------------------------------------------------------------------------------------- West Frankfort, IL IDV RRB, Kroger Co., Series 2004, 1.79% 1 800,000 800,000 ----------------- 242,337,000 --------------------------------------------------------------------------------------------------------- INDIANA--2.6% Goshen, IN ED RB, Goshen College Project, Series 2004, 1.72% 1 3,280,000 3,280,000 --------------------------------------------------------------------------------------------------------- IN Development EDLFA RB, Indianapolis Museum of Art, Series 2004, 1.70% 1 12,000,000 12,000,000 --------------------------------------------------------------------------------------------------------- IN GOB, AAMC Series 2003-15, Single Asset Trust, 1.08%, 10/6/04 2,3 14,200,000 14,200,000 --------------------------------------------------------------------------------------------------------- IN MPA PPS RB, ETET Series 981401, Cl. A, 1.75% 1,2 13,600,000 13,600,000 --------------------------------------------------------------------------------------------------------- Lawrence/Fort Harrison, IN Reuse Authority Tax Increment RB, Harrison Military Base, 1.53% 1 2,725,000 2,725,000 ----------------- 45,805,000 --------------------------------------------------------------------------------------------------------- KANSAS--0.1% Shawnee, KS Industrial RB, Shawnee Village Associates Project, Series 1984, 1.53% 1 2,250,000 2,250,000 --------------------------------------------------------------------------------------------------------- KENTUCKY--1.8% Jackson/Clay/Magoffin Cntys., KY SFM RB, Series 2004A, 1.76% 1 31,875,000 31,875,000 --------------------------------------------------------------------------------------------------------- LOUISIANA--3.6% LA Gas & Fuels Tax Nts., AAMC Series 2002-17, 1.75% 1,2 15,000,000 15,000,000 --------------------------------------------------------------------------------------------------------- LA PFFAU RB, Pennington Medical Foundation Project, 1.70% 1 9,950,000 9,950,000 --------------------------------------------------------------------------------------------------------- New Orleans, LA IDV Board MH RB, Orleans LLC Project, Series 3700, 1.96% 1 29,000,000 29,000,000 --------------------------------------------------------------------------------------------------------- St. James Parish, LA PC RRB, Texaco Project, Series A, 1.20%, 11/9/04 3 10,000,000 10,000,000 ----------------- 63,950,000 --------------------------------------------------------------------------------------------------------- MARYLAND--0.2% MD Health & HEFAU RRB, University of Maryland Medical System, Series 2004A, 1.70% 1 4,000,000 4,000,000 --------------------------------------------------------------------------------------------------------- MICHIGAN--2.3% MI GANs, 1.68% 1 6,850,000 6,850,000 --------------------------------------------------------------------------------------------------------- MI GANs, Series B, 1.68% 1 32,300,000 32,300,000 --------------------------------------------------------------------------------------------------------- MI Job DAU RB, East Lansing Residence Associates Project, 1.38% 1 1,900,000 1,900,000 ----------------- 41,050,000 --------------------------------------------------------------------------------------------------------- MINNESOTA--1.6% Fulda, MN ISD No. 505 GO Aid Anticipation of Indebtness, Series A, 3%, 9/30/05 1,100,000 1,113,459 --------------------------------------------------------------------------------------------------------- Hayfield, MN ISD No. 203 GO Aid Anticipation Certificates of Indebtedness, Series A, 3%, 9/30/05 1,000,000 1,012,740 --------------------------------------------------------------------------------------------------------- MN GOB, ETET Series 20002301, Cl. A, 1.75% 1,2 16,010,000 16,010,000 --------------------------------------------------------------------------------------------------------- Northfield, MN ISD No. 659 GO Aid Anticipation Certificates of Indebtedness, Series C, 3%, 9/26/05 4,950,000 5,011,323 --------------------------------------------------------------------------------------------------------- Park Rapids, MN ISD No. 309 GO Aid Anticipation Certificates of Indebtedness, Series 2004A, 3%, 9/12/05 5,900,000 5,975,713 ----------------- 29,123,235 --------------------------------------------------------------------------------------------------------- MISSOURI--1.3% MO Development Finance Board of Cultural Facilities RB, Center of Creative Arts Project, Series 2004, 1.74% 1 2,000,000 2,000,000 --------------------------------------------------------------------------------------------------------- MO Development Finance Board of Education Facilities RB, Southeast Missouri St. University, Series 2003B, 1.70% 1 20,425,000 20,425,000 ----------------- 22,425,000 --------------------------------------------------------------------------------------------------------- NEVADA--1.8% NV GOLB, SGMSTR Series 1997 SG114, 1.73% 1,2 15,000,000 15,000,000 --------------------------------------------------------------------------------------------------------- Washoe Cnty., NV GOLB, AAMC Series 2001-24, Single Asset Trust, 1.75% 1,2 16,090,000 16,090,000 ----------------- 31,090,000 --------------------------------------------------------------------------------------------------------- NEW MEXICO--2.0% NM Mortgage FAU RB, SFM Program-2004, 1.625% 1 35,000,000 35,000,000 --------------------------------------------------------------------------------------------------------- NEW YORK--0.8% Jay Street Development Corp. NYC Facilities Lease RB, Jay Street Project, Series A-3, 1.69% 1 1,800,000 1,800,000 --------------------------------------------------------------------------------------------------------- NYC IDA Civic Facility RB, Casa Project, 1.72% 1 1,000,000 1,000,000 --------------------------------------------------------------------------------------------------------- NYC MTAU BANs, Series CP-1A, 1.10%, 10/1/04 3 2,000,000 2,000,000 --------------------------------------------------------------------------------------------------------- NYC MTAU RB, Series D-2, 1.69% 1 2,930,000 2,930,000 --------------------------------------------------------------------------------------------------------- NYC MTAU RRB, Series A, MERLOTS Series 2004 B-16, 1.71% 1,2 2,000,000 2,000,000 --------------------------------------------------------------------------------------------------------- NYS DA RRB, Municipal Securities Trust Receipts- CMC1B, 1.70% 1,2 800,000 800,000 --------------------------------------------------------------------------------------------------------- NYS HFA RB, Historic Front Street Housing, Series 2003A, 1.72% 1 3,800,000 3,800,000 --------------------------------------------------------------------------------------------------------- NYS LGAC RB, Series 1993A, 1.68% 1 250,000 250,000 ----------------- 14,580,000 --------------------------------------------------------------------------------------------------------- OHIO--5.1% Columbus, OH Regional AA Capital Funding RB, Municipal Pooled Financing Program, 1.71% 1 6,660,000 6,660,000 --------------------------------------------------------------------------------------------------------- Gallia Cnty., OH IDV Mtg. RRB, Jackson Pike Assn., 1.55%, 12/15/04 3 2,475,000 2,475,000 --------------------------------------------------------------------------------------------------------- Hamilton Cnty., OH HCF RB, Twin Towers & Twin Lakes Project, Series A, 1.54% 1 11,000,000 11,000,000 --------------------------------------------------------------------------------------------------------- Hamilton Cnty., OH Hospital Facilities RB, Children's Hospital & Medical Center, Series 2000, 1.72% 1 1,500,000 1,500,000 --------------------------------------------------------------------------------------------------------- Hamilton Cnty., OH Hospital Facilities RB, Children's Hospital & Medical Center, Series 2002-I, 1.72% 1 5,800,000 5,800,000 --------------------------------------------------------------------------------------------------------- Hamilton Cnty., OH Hospital Facilities RB, Elizabeth Gamble Deaconess Home, Series 2002, 1.64% 1 600,000 600,000 --------------------------------------------------------------------------------------------------------- Hamilton Cnty., OH Hospital Facilities RB, Elizabeth Gamble Deaconess Home, Series 2002, 1.70% 1 7,800,000 7,800,000 --------------------------------------------------------------------------------------------------------- Hamilton Cnty., OH Parking System RB, Series 2001, 1.72% 1 7,960,000 7,960,000 --------------------------------------------------------------------------------------------------------- Madeira, OH ED RRB, Kroger Co., Series 2004, 1.79% 1 2,050,000 2,050,000 --------------------------------------------------------------------------------------------------------- OH Air Quality DAU RB, Ohio Edison Project, Series A, 1.70% 1 3,500,000 3,500,000 --------------------------------------------------------------------------------------------------------- OH Water DAU RB, Series A, 1.72% 1 15,400,000 15,400,000 --------------------------------------------------------------------------------------------------------- OH Water DAU RRB, 1.72% 1 18,585,000 18,585,000 --------------------------------------------------------------------------------------------------------- Scioto Cnty., OH HCF RB, Hill View Retirement Center, 1.55% 1 3,565,000 3,565,000 --------------------------------------------------------------------------------------------------------- Stark Cnty., OH IDV RRB, Kroger Co., Series 2004, 1.79% 1 3,100,000 3,100,000 ----------------- 89,995,000 --------------------------------------------------------------------------------------------------------- PENNSYLVANIA--3.4% Berks Cnty., PA IDAU RB, Visiting Nurse Assn., Inc. Project, Series B, 1.79% 1 690,000 690,000 --------------------------------------------------------------------------------------------------------- Harrisburg, PA School RB, SDI of Harrisburg, Series 2003, 1.69% 1 24,675,000 24,675,000 --------------------------------------------------------------------------------------------------------- Lehigh Cnty., PA IDAU RB, Allentown Airport, 1.79% 1 410,000 410,000 --------------------------------------------------------------------------------------------------------- PA Public School Buildings RB, MERLOTS Series 2003 A42, 1.80% 1,2 3,795,000 3,795,000 --------------------------------------------------------------------------------------------------------- Philadelphia, PA IDAU RB, Friends of Mast School, Inc. Project, 1.74% 1 975,000 975,000 --------------------------------------------------------------------------------------------------------- Philadelphia, PA IDV RB, Girard Estate Aramark Tower Acquisition Project, 1.70% 1 29,600,000 29,600,000 ----------------- 60,145,000 --------------------------------------------------------------------------------------------------------- SOUTH CAROLINA--2.7% Myrtle Beach, SC Hospitality Fee RRB, Series A, AAMC Series 2004-27, 1.33%, 10/20/04 2,3 5,000,000 5,000,000 --------------------------------------------------------------------------------------------------------- Piedmont, SC MPA RRB, Subseries 2004B-1, 1.70% 1 3,500,000 3,500,000 --------------------------------------------------------------------------------------------------------- Piedmont, SC MPA RRB, Subseries 2004B-6, 1.70% 1 21,000,000 21,000,000 --------------------------------------------------------------------------------------------------------- SC Assn. of Governmental Organizations COP, Series 2004, 2.75%, 4/15/05 10,000,000 10,064,653 --------------------------------------------------------------------------------------------------------- SC Jobs EDAU RB, WUREF Development LLC Project, Series A, 1.69% 1 7,700,000 7,700,000 ----------------- 47,264,653 --------------------------------------------------------------------------------------------------------- SOUTH DAKOTA--0.1% Lawrence Cnty., SD PC RRB, Homestake Mining Co., Series 1997B, 1.75% 1 2,500,000 2,500,000 --------------------------------------------------------------------------------------------------------- TENNESSEE--3.1% Chattanooga, TN Education, Housing HF RB, Tuff/Chattanooga Housing Project, 1.69% 1 1,655,000 1,655,000 --------------------------------------------------------------------------------------------------------- Chattanooga, TN IDV Board RB, Tennessee Aquarium Project, Series 2004, 1.70% 1 4,000,000 4,000,000 --------------------------------------------------------------------------------------------------------- Greenville, TN Education & HF Board RRB, Laughlin Memorial Hospital, Inc. Project, Series 2004, 1.69% 1 10,000,000 10,000,000 --------------------------------------------------------------------------------------------------------- Memphis/Shelby, TN IDV Board RB, YMCA Project, Series 2002, 1.70% 1 8,430,000 8,430,000 --------------------------------------------------------------------------------------------------------- Metropolitan Government Nashville & Davidson Cnty., TN Health & Education Board RB, Ascension Health , Series 2001B, 1.65%, 11/15/04 3 14,000,000 14,000,000 --------------------------------------------------------------------------------------------------------- Montgomery Cnty., TN Public Building Authority Pooled Financing Authority RB, Tennessee Cnty. Loan Pool, 1.76% 1 12,715,000 12,715,000 --------------------------------------------------------------------------------------------------------- Springfield, TN IDV Board RRB, Kroger Co., Series 2004, 1.79% 1 4,500,000 4,500,000 ----------------- 55,300,000 --------------------------------------------------------------------------------------------------------- TEXAS--7.5% Hockley Cnty., TX IDV Corp. PC RB, Amoco Project, 1.15%, 11/1/04 3 13,940,000 13,940,000 --------------------------------------------------------------------------------------------------------- Houston, TX WSS RB, SGMSTR Series 1997 SG120, 1.73% 1,2 22,600,000 22,600,000 --------------------------------------------------------------------------------------------------------- Keller, TX ISD GOUN, AAMC Series 2001-26, 1.75% 1,2 3,000,000 3,000,000 --------------------------------------------------------------------------------------------------------- Lamar, TX Consolidated ISD Schoolhouse GOUN, Series 2004, 1.75%, 12/15/04 3 11,500,000 11,500,000 --------------------------------------------------------------------------------------------------------- Mansfield, TX ISD School Building Bond, Series 2003, 1.70% 1 9,600,000 9,600,000 --------------------------------------------------------------------------------------------------------- Mansfield, TX ISD School Building GOUN, MERLOTS Series B11, 1.74% 1,2 14,595,000 14,595,000 --------------------------------------------------------------------------------------------------------- Port of Port Arthur, TX Navigation District PC RRB, Texaco, Inc. Project, Series 1994, 1.74% 1 1,060,000 1,060,000 --------------------------------------------------------------------------------------------------------- Spring Branch, TX ISD Schoolhouse GOLB, Series 2004, 1.75%, 12/15/04 3 15,700,000 15,700,000 --------------------------------------------------------------------------------------------------------- TX TANs & RANs, Series 2004, 3%, 8/31/05 30,000,000 30,373,421 --------------------------------------------------------------------------------------------------------- TX TUAU RB, Dallas Northtollway, SGMSTR Series 1996 SG70, 1.73% 1,2 11,000,000 11,000,000 ----------------- 133,368,421 --------------------------------------------------------------------------------------------------------- UTAH--0.8% Salt Lake City, UT PC RRB, Amoco Project, 0.95%, 10/1/04 3 4,715,000 4,715,000 --------------------------------------------------------------------------------------------------------- Salt Lake Cnty., UT HAU MH RB, Crossroads Apts. Project, 1.71% 1 4,435,000 4,435,000 --------------------------------------------------------------------------------------------------------- Salt Lake Cnty., UT TANs & RANs, Series 2004, 2.50%, 12/30/04 4,650,000 4,663,036 ----------------- 13,813,036 --------------------------------------------------------------------------------------------------------- VIRGINIA--0.6% Clarke Cnty., VA IDAU Hospital Facilities RB, Winchester Medical Center, Inc. Project, Series 2000, 1.70% 1 11,090,000 11,090,000 --------------------------------------------------------------------------------------------------------- WASHINGTON--4.3% Everett, WA Public Facilities District RANs & TANs, 1%, 10/27/04 12,500,000 12,500,000 --------------------------------------------------------------------------------------------------------- Everett, WA Public Facilities District RANs, Series A, 1%, 10/27/04 24,460,000 24,460,000 --------------------------------------------------------------------------------------------------------- King Cnty., WA GOLB, AAMC Series 2001-1, 1.75% 1,2 12,770,000 12,770,000 --------------------------------------------------------------------------------------------------------- Snohomish Cnty., WA Public Utility District No. 001 BANs, Generation System, Series A, 1.68% 1 2,100,000 2,100,000 --------------------------------------------------------------------------------------------------------- Snohomish Cnty., WA Public Utility District No. 001 BANs, Generation System, Series A, 1.68% 1 9,500,000 9,500,000 --------------------------------------------------------------------------------------------------------- WA Energy Northwest Project No. 3 Electric RRB, Series 2003E, 1.70% 1 3,200,000 3,200,000 --------------------------------------------------------------------------------------------------------- WA Housing Finance Commission Nonprofit RRB, Judson Park Project, Series 2004A, 1.69% 1 10,200,000 10,200,000 --------------------------------------------------------------------------------------------------------- WA PPSS RRB, Nuclear Project No. 3, Series 3A-3, 1.68% 1 1,380,000 1,380,000 ----------------- 76,110,000 --------------------------------------------------------------------------------------------------------- WEST VIRGINIA--1.1% Kanawha Cnty., WV IDV RRB, Kroger Co., Series 2004-A, 1.79% 1 4,500,000 4,500,000 --------------------------------------------------------------------------------------------------------- Kanawha Cnty., WV IDV RRB, Kroger Co., Series 2004-B, 1.79% 1 6,850,000 6,850,000 --------------------------------------------------------------------------------------------------------- Marmet, WV CD RRB, Kroger Co., Series 2004, 1.79% 1 3,100,000 3,100,000 --------------------------------------------------------------------------------------------------------- Monogalia Cnty., WV Community Hospital Building Commission RB, Monogalia General Hospital, Series 2002A, 1.72% 1 4,300,000 4,300,000 ----------------- 18,750,000 --------------------------------------------------------------------------------------------------------- WISCONSIN--1.6% Appleton, WI RED Authority RRB, Fox Cities Performing Arts Center, Series 2001B, 1.80% 1 1,000,000 1,000,000 --------------------------------------------------------------------------------------------------------- West Allis, WI RB, State Fairgrounds Park Exposition Center, 1.74% 1 3,555,000 3,555,000 --------------------------------------------------------------------------------------------------------- WI Education & HFAU RB, Divine Savior Healthcare, Series 2002B, 1.72% 1 400,000 400,000 --------------------------------------------------------------------------------------------------------- WI Education & HFAU RB, Southwest Health Center, Inc., 1.72% 1 6,340,000 6,340,000 --------------------------------------------------------------------------------------------------------- WI Education & HFAU RB, Wheaton Franciscan Services, Series B, 1.69% 1 17,750,000 17,750,000 ----------------- 29,045,000 --------------------------------------------------------------------------------------------------------- WYOMING--0.5% Lincoln Cnty., WY PC RRB, Amoco Oil Co. of Indiana Project, 0.95%, 10/1/04 3 9,250,000 9,250,000 --------------------------------------------------------------------------------------------------------- DISTRICT OF COLUMBIA--2.0% District of Columbia GOB, Multimodal, Series 2000A, 1.70% 1 13,825,000 13,825,000 --------------------------------------------------------------------------------------------------------- District of Columbia GOB, Multimodal, Series B, 1.70% 1 21,900,000 21,900,000 ----------------- 35,725,000 --------------------------------------------------------------------------------------------------------- OTHER TERRITORIES--4.5% Class B RB Certificates Trust, Series 2004-1, 2.04% 1,2 3,740,000 3,740,000 --------------------------------------------------------------------------------------------------------- Municipal Securities Pool Trust Receipts, SGMSTR Series P-18, 1.84% 1,2 76,615,000 76,615,000 ----------------- 80,355,000 --------------------------------------------------------------------------------------------------------- U.S. POSSESSIONS--0.1% PR CMWLTH HTAU RB, Puttable Tax Exempt Receipts, Series 246, 1.70% 1,2 1,150,000 1,150,000 --------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $1,757,582,903) 99.3% 1,757,582,903 --------------------------------------------------------------------------------------------------------- Other Assets Net of Liabilities 0.7 12,236,088 ------------------------------------ Net Assets 100.0% $ 1,769,818,991 ==================================== Footnotes to Statement of Investments To simplify the listings of securities, abbreviations are used per the table below: AA Airport Authority AAMC ABN AMRO Munitops Certificates BANs Bond Anticipation Nts. BOE Board of Education CD Commercial Development CMWLTH Commonwealth COP Certificates of Participation DA Dormitory Authority DAU Development Authority ED Economic Development EDAU Economic Development Authority EDLFA Educational Facilities Authority ETET Eagle Tax-Exempt Trust FA Facilities Authority FAU Finance Authority GANs Grant Anticipation Nts. GO General Obligation GOB General Obligation Bonds GOLB General Obligation Ltd. Bonds GOUN General Obligation Unlimited Nts. HA Hospital Authority HAU Housing Authority HCF Health Care Facilities HEAU Higher Education Authority HEFAU Higher Educational Facilities Authority HF Health Facilities HFA Housing Finance Agency/Authority HFAU Health Facilities Authority HTAU Highway & Transportation Authority IDA Industrial Development Agency IDAU Industrial Development Authority IDV Industrial Development ISD Independent School District LGAC Local Government Assistance Corp. MERLOTS Municipal Exempt Receipts Liquidity Option Tender MH Multifamily Housing MPA Municipal Power Agency MTAU Metropolitan Transportation Authority NYC New York City NYS New York State PC Pollution Control PCFAU Pollution Control Finance Authority PFFAU Public Facilities Finance Authority PPS Public Power System PPSS Public Power Supply System 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 SPTX Special Tax TANs Tax Anticipation Nts. TUAU Turnpike Authority TXAL Tax Allocation WSS Water & Sewer System YMCA Young Men's Christian Association 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 September 30, 2004. 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 $407,757,000 or 23.04% of the Trust's net assets as of September 30, 2004. 3. Put obligation redeemable at full principal value on the date reported.
SECURITIES VALUATION. The net asset value of shares of the Trust is normally determined twice each day, at 12:00 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. Portfolio securities are valued on the basis of amortized cost, which approximates market value. ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of 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 September 30, 2004, registrant's principal executive officer and principal financial officer found registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no significant changes in registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. (a) Exhibits attached hereto. (Attach certifications as exhibits)