N-Q 1 rq160_35598nq.txt RQ160_35598NQ 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 Date of reporting period: 09/30/2006 ITEM 1. SCHEDULE OF INVESTMENTS. Centennial Tax Exempt Trust STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS--98.4% -------------------------------------------------------------------------------- ALABAMA--4.8% AL IDAU RB, Scientific Utilization Project, Series 1996, 4.25% 1 $ 1,350,000 $ 1,350,000 -------------------------------------------------------------------------------- AL IDAU RB, Well Built Cabinet, Inc. Project, 3.90% 1 410,000 410,000 -------------------------------------------------------------------------------- AL IDAU RB, Whitesell Project, 4.09% 1 1,625,000 1,625,000 -------------------------------------------------------------------------------- Calhoun Cnty., AL ED Council RB, Southern Bag Corp. Ltd. Expansion Project, Series 1998, 3.95% 1 3,000,000 3,000,000 -------------------------------------------------------------------------------- Cullman Cnty., AL Medical Park South Medical Clinic Board RB, P-Floats, Series MT-121, 3.80% 1,2 11,925,000 11,925,000 -------------------------------------------------------------------------------- Cullman Cnty., AL Medical Park South Medical Clinic Board RB, P-Floats, Series MT-200, 3.83% 1 25,995,000 25,995,000 -------------------------------------------------------------------------------- Cullman Cnty., AL SWD Authority RB, Cullman Environmental, Inc. Project, Series 2003-A, 4.09% 1 1,670,000 1,670,000 -------------------------------------------------------------------------------- Florence, AL IDB RB, Nichols Wire, Inc. Project, Series A, 4.09% 1 2,570,000 2,570,000 -------------------------------------------------------------------------------- Hoover, AL MH RB, Royal Oaks Apts. Project, Series 2004, 3.81% 1 5,200,000 5,200,000 -------------------------------------------------------------------------------- Mobile, AL Airport Authority RRB, P-Floats, Series MT-280, 3.81% 1,2 3,905,000 3,905,000 -------------------------------------------------------------------------------- Mobile, AL IDB RB, HighProv LLC Project 2006, 3.85% 1 6,000,000 6,000,000 -------------------------------------------------------------------------------- Mobile, AL Medical Clinic Board RB, Springhill Professional Ltd., Series 1996, 3.79% 1 1,615,000 1,615,000 -------------------------------------------------------------------------------- Montgomery, AL Education Building Authority RB, Faulkner University Campus Housing Project, Series 2004, 3.99% 1 2,910,000 2,910,000 -------------------------------------------------------------------------------- Montgomery, AL IDB RB, Asphalt Contractors, Inc., 4.09% 1 400,000 400,000 -------------------------------------------------------------------------------- Montgomery, AL IDB RB, Bristol Properties LLC Project, Series 2006A, 4.09% 1 4,400,000 4,400,000 -------------------------------------------------------------------------------- University of AL Birmingham Hospital RRB, P-Floats, Series PA-1413, 3.80% 1,2 9,915,000 9,915,000 --------------- 82,890,000 -------------------------------------------------------------------------------- ALASKA--1.2% AK Northern Tobacco Securitization Corp. RRB, P-Floats, Series MT-279, 3.81% 1,2 9,820,000 9,820,000 -------------------------------------------------------------------------------- Anchorage, AK TANs, Series 2006, 4.50%, 12/28/06 11,000,000 11,022,722 --------------- 20,842,722 -------------------------------------------------------------------------------- ARIZONA--2.7% AZ First Matrix Charter School Trust II Pass-Through Certificates, Series 2005-A, 3.94% 1,2 14,755,000 14,755,000 -------------------------------------------------------------------------------- Phoenix, AZ IDAU MH RRB, Paradise Lakes Apts. Project, Series 1995, 3.80% 1 22,500,000 22,500,000 -------------------------------------------------------------------------------- Tempe, AZ IDAU MH RB, P-Floats, Series MT-067, 3.83% 1,2 8,295,000 8,295,000 --------------- 45,550,000 -------------------------------------------------------------------------------- CALIFORNIA--4.8% Alameda, CA Corridor Transporation Authority RB, P-Floats, Series P-51, 3.80% 1,2 615,000 615,000 -------------------------------------------------------------------------------- Alameda, CA Corridor Transporation Authority RRB, P-Floats, Series PZ-61, 3.80% 1,2 845,000 845,000 -------------------------------------------------------------------------------- CA Economic Recovery GOUN, PTTR, Series 452, 3.77% 1,2 1,000,000 1,000,000 1 | CENTENNIAL TAX EXEMPT TRUST Centennial Tax Exempt Trust STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------- CALIFORNIA CONTINUED -------------------------------------------------------------------------------- CA GOUN, P-Floats, Series PZP-010, 3.82% 1,2 $ 16,895,000 $ 16,895,000 -------------------------------------------------------------------------------- CA GOUN, P-Floats, Series PZP-011, 3.84% 1,2 2,525,000 2,525,000 -------------------------------------------------------------------------------- CA P-Floats, Series PZP-005, 3.84% 1,2 22,275,000 22,275,000 -------------------------------------------------------------------------------- CA RB, P-Floats, Series PZP-002, 3.82% 1,2 11,680,000 11,680,000 -------------------------------------------------------------------------------- CA RB, P-Floats, Series PZP-008, 3.82% 1,2 4,790,000 4,790,000 -------------------------------------------------------------------------------- CA RB, P-Floats, Series PZP-009, 3.82% 1,2 690,000 690,000 -------------------------------------------------------------------------------- CA RB, P-Floats, Series PZP-012, 3.82% 1,2 8,015,000 8,015,000 -------------------------------------------------------------------------------- CA RB, Trust Certificates, Series 1999-2, 3.79% 1 7,491,000 7,491,000 -------------------------------------------------------------------------------- San Joaquin Delta Community College District, CA GOUN Municipal Securities Trust Certificates, Cl. A, Series 3020, 3.82% 1,2 4,970,000 4,970,000 --------------- 81,791,000 -------------------------------------------------------------------------------- COLORADO--6.1% Arista, CO Metro District Special Limited RB, Broomfield Event Center, Series A, 3.85% 1 5,100,000 5,100,000 -------------------------------------------------------------------------------- Brighton, CO Crossing Metro District No. 4 RB, Series 2004, 3.89% 1 5,000,000 5,000,000 -------------------------------------------------------------------------------- Central Platte Valley Metro District, CO GOUN, Series A, 3.79% 1 1,790,000 1,790,000 -------------------------------------------------------------------------------- Central Platte Valley Metro District, CO GOUN, Series B, 3.45%, 12/1/06 3 3,000,000 3,000,000 -------------------------------------------------------------------------------- Central Platte Valley Metro District, CO GOUN, Series B, 3.79% 1 585,000 585,000 -------------------------------------------------------------------------------- CO ECFA RB, Emmanuel School of Religion Project, 3.86% 1 3,625,000 3,625,000 -------------------------------------------------------------------------------- CO ECFA RB, St. Marys Academy Project, 3.81% 1 3,000,000 3,000,000 -------------------------------------------------------------------------------- CO HFA ED RB, YRC LLC Project, Series 2005, 3.94% 1 2,105,000 2,105,000 -------------------------------------------------------------------------------- CO MuniMae Trust Pass-Through Certificates, Canterberry Crossing, Series 2002-A, Cl. A, 3.94% 1 12,290,000 12,290,000 -------------------------------------------------------------------------------- Commerce City, CO GOUN, Northern Infrastructure General Improvement District, 3.79% 1 1,500,000 1,500,000 -------------------------------------------------------------------------------- Concord Metro District, CO REF GO, Improvement Projects, Series 2004, 3.50%, 12/1/06 3 2,600,000 2,600,000 -------------------------------------------------------------------------------- E-470 Public Highway Authority, CO RB, CAB, Series 2000 B, 3.541%, 9/1/07 4 3,200,000 3,098,682 -------------------------------------------------------------------------------- Ebert Metro District, CO Securitization Trust GOLB, Series 2004-S1, Cl. A2, 3.89% 1 8,500,000 8,500,000 -------------------------------------------------------------------------------- Ebert Metro District, CO Securitization Trust RB, Series 2005-S1, Cl. A2, 3.89% 1,2 3,000,000 3,000,000 -------------------------------------------------------------------------------- Midcities Metro District No. 1, CO RB, BNP Paribas STARS Certificates Trust, Series 2004-110, 3.81% 1 13,205,000 13,205,000 -------------------------------------------------------------------------------- Midcities Metro District No. 1, CO RRB, Series 2004A, 3.80% 1 14,495,000 14,495,000 -------------------------------------------------------------------------------- Parker, CO Automotive Metro District GOLB, Series 2005, 3.45% 1 4,510,000 4,510,000 -------------------------------------------------------------------------------- Sterling Park, CO RB, Sr. Certificates of Beneficial Ownership Trust, Series 2006-6, 3.99% 1,2 1,820,000 1,820,000 -------------------------------------------------------------------------------- Westminster, CO MH RB, P-Floats, Series MT-068, 3.83% 1,2 14,670,000 14,670,000 --------------- 103,893,682 -------------------------------------------------------------------------------- FLORIDA--1.7% Bay Cnty., FL EDLFA RB, Bay Haven Charter Academy, Series 2004, 3.81% 1 11,415,000 11,415,000 2 | CENTENNIAL TAX EXEMPT TRUST Centennial Tax Exempt Trust STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------- FLORIDA CONTINUED -------------------------------------------------------------------------------- Collier Cnty., FL IDAU RB, Gulf Coast American Blind, Series A, 3.83% 1 $ 2,650,000 $ 2,650,000 -------------------------------------------------------------------------------- FL Sunshine State Governmental Financing Commission RB, Series 1986, 3.86% 1 4,000,000 4,000,000 -------------------------------------------------------------------------------- Hillsborough Cnty., FL IDAU Hospital RB, Series 643CE, 3.79% 1,2 1,670,000 1,670,000 -------------------------------------------------------------------------------- UCF Athletic Assn., FL RB, Roaring Fork Municipal Products LLC, Series 2005-11, Cl. A, 3.82% 1,2 9,475,000 9,475,000 --------------- 29,210,000 -------------------------------------------------------------------------------- GEORGIA--6.0% Atlanta, GA TXAL RB, Atlantic Station Project, Sub. Lien, Series 2006, 3.84% 1 38,300,000 38,300,000 -------------------------------------------------------------------------------- Columbus, GA DAU RB, Jordan Co. Project, Series 2000, 3.95% 1 410,000 410,000 -------------------------------------------------------------------------------- DeKalb Cnty., GA HA RANs, DeKalb Medical Center, Inc. Project, Series 2003 A, 4%, 9/1/07 1,000,000 1,003,514 -------------------------------------------------------------------------------- GA GOB, Series 1995B, ETET Series 96C1004, Cl. A, 3.79% 1,2 11,880,000 11,880,000 -------------------------------------------------------------------------------- GA GOUN, PTTR, Series 1420, 3.78% 1,2 2,140,000 2,140,000 -------------------------------------------------------------------------------- GA Private Colleges & Universities Authority RRB, Mercer University Project, Series 2006A, 3.79% 1 5,540,000 5,540,000 -------------------------------------------------------------------------------- GA Private Colleges & Universities Authority RRB, Mercer University Project, Series 2006C, 3.79% 1 8,750,000 8,750,000 -------------------------------------------------------------------------------- Metro Atlanta, GA Rapid Transit Authority Sales Tax RB, Series 2004-A, 3.55%, 12/1/06 25,000,000 25,000,000 -------------------------------------------------------------------------------- Rockdale Cnty., GA DAU MH RB, Series F3J, 3.83% 1 7,835,000 7,835,000 -------------------------------------------------------------------------------- Turner Cnty., GA DAU IDV RB, McElroy Metal Mill, Inc., 3.96% 1 2,250,000 2,250,000 --------------- 103,108,514 -------------------------------------------------------------------------------- IDAHO--0.5% Cassia Cnty., ID IDC RB, East Valley Cattle LLC Project, 3.89% 1 7,000,000 7,000,000 -------------------------------------------------------------------------------- Hailey, ID IDC RB, Rocky Mountain Hardware Project, Series 2006, 3.94% 1 1,000,000 1,000,000 --------------- 8,000,000 -------------------------------------------------------------------------------- ILLINOIS--11.4% Boone, McHenry & DeKalb Cntys., IL Community SDI No. 100 GOUN, P-Floats, Series PZ-50, 3.81% 1,2 2,730,000 2,730,000 -------------------------------------------------------------------------------- Chicago, IL GOB, AAMC Series 2001-34, 3.79% 1,2 10,975,000 10,975,000 -------------------------------------------------------------------------------- Chicago, IL GOUN, Tender Option Certificates Trust, Series Z-10, 3.81% 1,2 2,955,000 2,955,000 -------------------------------------------------------------------------------- Chicago, IL O'Hare International Airport RB, Passenger Facilities Charge, Series 1996A, 5.375%, 1/1/07 200,000 200,768 -------------------------------------------------------------------------------- Chicago, IL RB, Boys & Girls Clubs Project, 3.90% 1 800,000 800,000 -------------------------------------------------------------------------------- Chicago, IL RB, Lakefront Millennium Parking Facility, ETET Series 981303, Cl. A, 3.79% 1,2 22,495,000 22,495,000 -------------------------------------------------------------------------------- Chicago, IL Wastewater Transmission RRB, P-Floats, Series PZ-118, 3.81% 1,2 2,785,000 2,785,000 -------------------------------------------------------------------------------- Crestwood, IL Tax Increment RB, Series 2003, 3.79% 1 14,370,000 14,370,000 -------------------------------------------------------------------------------- East Peoria, IL CDAU RRB, The Kroger Co., Series 2003, 3.84% 1 3,125,000 3,125,000 3 | CENTENNIAL TAX EXEMPT TRUST Centennial Tax Exempt Trust STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------- ILLINOIS CONTINUED -------------------------------------------------------------------------------- IL DFA IDV RB, REVCOR, Inc. Project, Series 1996, 3.89% 1 $ 655,000 $ 655,000 -------------------------------------------------------------------------------- IL DFA RB, Jewish Federation of Metro Chicago Project, Series 2002, 3.89% 1 7,245,000 7,245,000 -------------------------------------------------------------------------------- IL DFA RB, Oak Crest Residence Project, Series 2000, 3.88% 1 3,000,000 3,000,000 -------------------------------------------------------------------------------- IL FAU RB, Sauk Valley Community College Project, Series 2004A, 3.80% 1 6,725,000 6,725,000 -------------------------------------------------------------------------------- IL HFAU RB, Revolving Fund Pooled Financing Program, Series 85D, 3.80% 1 12,175,000 12,175,000 -------------------------------------------------------------------------------- IL Metro Pier & Exposition Authority RB, P-Floats, Series 2006 Z-14, 3.81% 1,2 1,095,000 1,095,000 -------------------------------------------------------------------------------- IL Metro Pier & Exposition Authority RB, P-Floats, Series PZ-44, 3.81% 1,2 6,605,000 6,605,000 -------------------------------------------------------------------------------- IL Metro Pier & Exposition Authority RB, P-Floats, Series PZ-45, 3.81% 1,2 5,805,000 5,805,000 -------------------------------------------------------------------------------- IL Metro Pier & Exposition Authority RB, P-Floats, Series PZ-83, 3.81% 1,2 5,705,000 5,705,000 -------------------------------------------------------------------------------- IL RB, P-Floats, Series PZP-006, 3.84% 1,2 8,475,000 8,475,000 -------------------------------------------------------------------------------- IL TWY RB, AAMC Series 2006-44, 3.79% 1,2 10,000,000 10,000,000 -------------------------------------------------------------------------------- Lakemoor, IL MH RB, Lakemoor Apts. Project, Series 1985 A, 3.87% 1 26,860,000 26,860,000 -------------------------------------------------------------------------------- Lakemoor, IL MH RB, Lakemoor Apts. Project, Series 1985 B, 3.96% 1 19,335,486 19,335,486 -------------------------------------------------------------------------------- West Frankfort, IL IDV RRB, The Kroger Co., Series 2004, 3.84% 1 800,000 800,000 -------------------------------------------------------------------------------- Will Cnty., IL Community High School District No. 210 Lincoln-Way GOUN, Reset Option Certificates II-R Trust, Series 631, 3.80% 1,2 4,295,000 4,295,000 -------------------------------------------------------------------------------- Will Cnty., IL Community Unit SDI No. 365 GOUN, P-Floats, Series PZ-47, 3.81% 1,2 8,995,000 8,995,000 -------------------------------------------------------------------------------- Will Cnty., IL Community Unit SDI No. 365 GOUN, Tender Option Certificates Trust, Series 2006 Z-10, 3.81% 1,2 2,065,000 2,065,000 -------------------------------------------------------------------------------- Will Cnty., IL Community Unit SDI No. 365 GOUN, Trust Receipts, Series Z-13, 3.81% 1 2,085,000 2,085,000 -------------------------------------------------------------------------------- Will Cnty., IL New Lenox SDI No. 122 GOUN, P-Floats, Series PZ-48, 3.81% 1,2 3,350,000 3,350,000 --------------- 195,706,254 -------------------------------------------------------------------------------- INDIANA--1.5% IN GOB, AAMC Series 2003-15, Single Asset Trust, 3.79% 1,2 8,500,000 8,500,000 -------------------------------------------------------------------------------- IN MPA PPS RB, ETET Series 981401, Cl. A, 3.79% 1,2 13,600,000 13,600,000 -------------------------------------------------------------------------------- Indianapolis, IN Local Public Improvement RB, P-Floats, Series PZ-58, 3.81% 1,2 3,380,000 3,380,000 --------------- 25,480,000 -------------------------------------------------------------------------------- IOWA--0.3% IA FAU SWD RB, Natural Pork Production Project, Series 2005, 3.89% 1 4,600,000 4,600,000 -------------------------------------------------------------------------------- KENTUCKY--2.0% Hancock Cnty., KY SWD RB, NSA Ltd. Project, Series 1998, 4.04% 1 7,815,000 7,815,000 -------------------------------------------------------------------------------- Louisville/Jefferson Cntys., KY Visitors & Convention Commission Tax RRB, Series B, 3.85% 1 8,800,000 8,800,000 -------------------------------------------------------------------------------- Morgantown, KY SWD Facilities RB, IMCO Recycling, Inc. Project, Series 2004, 3.99% 1 5,000,000 5,000,000 -------------------------------------------------------------------------------- Oldham Cnty., KY Industrial Building RB, Parts Unlimited, Inc. Project, Series 2005, 3.98% 1 2,265,000 2,265,000 4 | CENTENNIAL TAX EXEMPT TRUST Centennial Tax Exempt Trust STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------- KENTUCKY CONTINUED Somerset, KY Industrial Building RB, Tibbals Flooring Co. Project, Series 1989, 4.09% 1 $ 10,000,000 $ 10,000,000 --------------- 33,880,000 -------------------------------------------------------------------------------- LOUISIANA--6.0% Jefferson Parish, LA Hospital Service District No. 001 RB, PTTR, Series 522, 3.80% 1 22,000,000 22,000,000 -------------------------------------------------------------------------------- LA HFA MH RB, Walmsley Housing Corp. Project, Series 2004, 3.79% 1 2,400,000 2,400,000 -------------------------------------------------------------------------------- LA Natural Gas Purchasing RB, PTTR, Series 1411Q, 3.80% 1,2 23,650,000 23,650,000 -------------------------------------------------------------------------------- LA Office Facilities Corp. Lease RB, P-Floats, Series MT-196, 3.75% 1,5 6,140,000 6,140,000 -------------------------------------------------------------------------------- LA Public FA MH RB, 3.84% 1 10,500,000 10,500,000 -------------------------------------------------------------------------------- LA Public FA RRB, BNP Paribas STARS Certificate Trust, Series 2006-153, 3.81% 1,2 1,000,000 1,000,000 -------------------------------------------------------------------------------- LA TS Financing Corp. RB, P-Floats, Series PA-1288, 3.81% 1,2 2,000,000 2,000,000 -------------------------------------------------------------------------------- New Orleans, LA Aviation Board RRB, Series 1993 B, 3.85% 1 17,560,000 17,560,000 -------------------------------------------------------------------------------- New Orleans, LA Aviation Board RRB, Series 1993 C, 3.85% 1 1,550,000 1,550,000 -------------------------------------------------------------------------------- New Orleans, LA Aviation Board RRB, Series 1995 A, 3.85% 1 11,550,000 11,550,000 -------------------------------------------------------------------------------- Shreveport, LA Home Mtg. Authority MH RRB, Summer Pointe LLC Project, 3.79% 1 4,220,000 4,220,000 --------------- 102,570,000 -------------------------------------------------------------------------------- MARYLAND--2.0% Baltimore Cnty., MD RB, Golf Systems, Series 2001, 3.79% 1 4,600,000 4,600,000 -------------------------------------------------------------------------------- Baltimore Cnty., MD RB, Loyola Blakefield High School Facilities, Series 1999, 3.79% 1 6,945,000 6,945,000 -------------------------------------------------------------------------------- Baltimore Cnty., MD RB, Prep School Facilities, Series A, 3.79% 1 3,000,000 3,000,000 -------------------------------------------------------------------------------- MD HE&HFA RRB, Edenwald Issue, Series 2006B, 3.77% 1 9,000,000 9,000,000 -------------------------------------------------------------------------------- MD IDV FAU RB, Our Lady of Good Counsel High School Facilities, Series 2005B, 3.79% 1 10,344,000 10,344,000 --------------- 33,889,000 -------------------------------------------------------------------------------- MICHIGAN--2.6% Detroit, MI RANs, 4.50%, 3/1/07 12,800,000 12,839,752 -------------------------------------------------------------------------------- Detroit, MI TANs, 4.50%, 3/1/07 18,900,000 18,958,696 -------------------------------------------------------------------------------- MI Building Authority RRB, MSTFC Series 2006-1478, 3.80% 1,2 3,045,000 3,045,000 -------------------------------------------------------------------------------- MI Building Authority RRB, P-Floats, Series PZ-119, 3.81% 1,2 3,000,000 3,000,000 -------------------------------------------------------------------------------- MI Building Authority RRB, PTTR, Series 1465, 3.81% 1,2 3,200,000 3,200,000 -------------------------------------------------------------------------------- MI Building Authority RRB, PTTR, Series 1481, 3.81% 1,2 4,255,000 4,255,000 --------------- 45,298,448 -------------------------------------------------------------------------------- MINNESOTA--2.6% Big Lake, MN ISD No. 727 Aid Anticipation Certificates, Series 2006B, 4.50%, 9/10/07 2,000,000 2,012,092 -------------------------------------------------------------------------------- Bloomington, MN CD RB, 94th Street Associates Project, Series 1985, 3.79% 1 3,645,000 3,645,000 5 | CENTENNIAL TAX EXEMPT TRUST Centennial Tax Exempt Trust STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------- MINNESOTA CONTINUED -------------------------------------------------------------------------------- Bloomington, MN CD RB, James Avenue Associates Project, Series 1985, 3.79% 1 $ 3,535,000 $ 3,535,000 -------------------------------------------------------------------------------- East Grand Forks, MN SWD RB, American Crystal Sugar Co., Series 05B, 3.89% 1 4,500,000 4,500,000 -------------------------------------------------------------------------------- Ely, MN RB, YMCA Greater St. Paul Project, 3.79% 1 865,000 865,000 -------------------------------------------------------------------------------- Jackson Cnty., MN Central ISD No. 2895 Aid Anticipation Certificates, Series 2006B, 4.50%, 9/10/07 1,700,000 1,711,829 -------------------------------------------------------------------------------- Lake Superior, MN ISD No. 381 Aid Anticipation Certificates, Series 2006B, 4.50%, 8/27/07 2,000,000 2,011,950 -------------------------------------------------------------------------------- Mankato, MN IDV RB, Sacco Family Ltd. Partnership, 3.94% 1 925,000 925,000 -------------------------------------------------------------------------------- MN GOB, ETET Series 20002301, Cl. A, 3.79% 1,2 16,010,000 16,010,000 -------------------------------------------------------------------------------- Park Rapids, MN ISD No. 309 Aid Anticipation Certificates, Series 2006B, 4.50%, 9/7/07 4,630,000 4,657,749 -------------------------------------------------------------------------------- Rochester, MN IDV RRB, Seneca Foods Corp. Project, Series 1992, 3.99% 1 4,675,000 4,675,000 --------------- 44,548,620 -------------------------------------------------------------------------------- MISSISSIPPI--0.2% MS Business Finance Corp. IDV RB, Jimmy Sanders, Inc. Project, 3.90% 1 950,000 950,000 -------------------------------------------------------------------------------- Panola Cnty., MS IDV RRB, The Kroger Co., Series 2003, 3.84% 1 3,250,000 3,250,000 --------------- 4,200,000 -------------------------------------------------------------------------------- MISSOURI--2.3% Jackson Cnty., MO IDA RB, Linda Hall Library Project, 3.86% 1 6,700,000 6,700,000 -------------------------------------------------------------------------------- MO DFB Cultural Facilities RB, Center of Creative Arts Project, Series 2004, 3.79% 1 1,700,000 1,700,000 -------------------------------------------------------------------------------- MO Housing Development Commission SFM RRB, Series 2006A, 4.53% 1 10,000,000 10,000,000 -------------------------------------------------------------------------------- South Pointe/Hunters Ridge, MO RB, Trust Certificates, Series 2005 A, 3.83% 1,2 10,575,000 10,575,000 -------------------------------------------------------------------------------- South Pointe/Hunters Ridge, MO RB, Trust Certificates, Series 2005 B, 3.83% 1,2 8,365,000 8,365,000 -------------------------------------------------------------------------------- St. Louis Cnty., MO IDAU MH RB, Heatherbrook Gardens Apts., Series 1992, 3.89% 1 1,765,000 1,765,000 --------------- 39,105,000 -------------------------------------------------------------------------------- NEBRASKA--0.6% NE Amerwood RB, Certificates Trust, Amberwood Apts., Series 2006A, 3.92% 1,2 10,720,000 10,720,000 -------------------------------------------------------------------------------- NEVADA--1.5% NV GOLB, SGMSTR Series 1997 SG114, 3.77% 1,2 15,000,000 15,000,000 -------------------------------------------------------------------------------- Washoe Cnty., NV GOLB, AAMC Series 2001-24, Single Asset Trust, 3.79% 1,2 11,090,000 11,090,000 --------------- 26,090,000 -------------------------------------------------------------------------------- NEW JERSEY--0.1% NJ EDAU RB, Paddock Realty LLC Project, 3.94% 1 1,300,000 1,300,000 -------------------------------------------------------------------------------- NEW MEXICO--2.7% NM MFA RB, SFM Program, Series 2006, 4.53% 1 27,164,771 27,164,771 6 | CENTENNIAL TAX EXEMPT TRUST Centennial Tax Exempt Trust STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------- NEW MEXICO CONTINUED University of NM RB, System Improvement, Sub. Lien, Series 2001, 3.79% 1 $ 19,515,000 $ 19,515,000 --------------- 46,679,771 -------------------------------------------------------------------------------- NEW YORK--3.1% NY TSASC, Inc. RRB, P-Floats, Series PA-1355, 3.81% 1,2 4,410,000 4,410,000 -------------------------------------------------------------------------------- NY TSASC, Inc. RRB, P-Floats, Series PA-1356, 3.81% 1,2 4,705,000 4,705,000 -------------------------------------------------------------------------------- NY TSASC, Inc. RRB, P-Floats, Series PA-1359, 3.84% 1,2 10,350,000 10,350,000 -------------------------------------------------------------------------------- NY Upstate Telecommunications Corp. RB, Series 2005, 3.79% 1 7,300,000 7,300,000 -------------------------------------------------------------------------------- NYC IDA Civic Facilities RB, Casa Project, 3.83% 1 1,600,000 1,600,000 -------------------------------------------------------------------------------- NYC IDA Civic Facilities RB, Sephardic Community Youth Center Project, Series 2006, 3.79% 1 8,000,000 8,000,000 -------------------------------------------------------------------------------- Oneida Cnty., NY IDA Civic Facilities RB, Rome Memorial Hospital, Inc. Project, Series 2005, 3.79% 1 5,000,000 5,000,000 -------------------------------------------------------------------------------- Onondaga Cnty., NY IDA Civic Facilities RB, Syracuse Resh Corp. Project, Series 2005, 3.79% 1 10,000,000 10,000,000 -------------------------------------------------------------------------------- PAUNYNJ RRB, P-Floats, Series PT-3582, 3.79% 1,2 2,125,000 2,125,000 -------------------------------------------------------------------------------- Westchester Cnty., NY Tobacco Asset Securitization Corp. RRB, P-Floats, Series PA-1338, 3.80% 1,2 400,000 400,000 --------------- 53,890,000 -------------------------------------------------------------------------------- NORTH CAROLINA--0.2% Craven Cnty., NC IF&PCFA RB, Wheatstone Corp. Project, 4.09% 1 1,280,000 1,280,000 -------------------------------------------------------------------------------- Hoke Cnty., NC IF&PCFA RB, Triangle Building Supply, Inc. Project, Series 1997, 4.09% 1 1,375,000 1,375,000 -------------------------------------------------------------------------------- Wake Cnty., NC IF&PCFA RB, Aeroglide Corp. Project, Series 1997, 4.09% 1 900,000 900,000 --------------- 3,555,000 -------------------------------------------------------------------------------- OHIO--0.8% Cleveland, OH SDI RRB, RANs, Series 1997, 5.75%, 6/1/07 1,020,000 1,034,872 -------------------------------------------------------------------------------- East Liverpool, OH Hospital Facilities RB, East Liverpool City Hospital, Series 2006, 3.79% 1 5,765,000 5,765,000 -------------------------------------------------------------------------------- Gallia Cnty., OH IDV Mtg. RRB, Jackson Pike Assn., 3.85%, 12/15/06 3 1,925,000 1,925,000 -------------------------------------------------------------------------------- Madeira, OH ED RRB, The Kroger Co., Series 2004, 3.84% 1 2,050,000 2,050,000 -------------------------------------------------------------------------------- Stark Cnty., OH IDV RRB, The Kroger Co., Series 2004, 3.84% 1 3,100,000 3,100,000 --------------- 13,874,872 -------------------------------------------------------------------------------- PENNSYLVANIA--0.4% Berks Cnty., PA IDAU RB, Visiting Nurse Assn., Inc. Project, Series B, 3.85% 1 620,000 620,000 -------------------------------------------------------------------------------- Harrisburg, PA RB, Haverford Township School, Subseries 2001-A, 3.79% 1 2,195,000 2,195,000 -------------------------------------------------------------------------------- Philadelphia, PA Gas Works RRB, 1975 General Ordinance, 17th Series, 5%, 7/1/07 4,215,000 4,252,690 --------------- 7,067,690 7 | CENTENNIAL TAX EXEMPT TRUST Centennial Tax Exempt Trust STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------- SOUTH CAROLINA--3.5% Hilton Head Island, SC Public Facilities Corp. COP, Beach Preservation Fee Pledge, 4.50%, 8/1/07 $ 2,080,000 $ 2,093,439 -------------------------------------------------------------------------------- Jasper Cnty., SC SDI BANs, Series 2006, 4.25%, 9/7/07 5,000,000 5,029,289 -------------------------------------------------------------------------------- SC Assn. Governmental Organizations TANs, Series 2006, 4.25%, 4/13/07 34,782,000 34,841,104 -------------------------------------------------------------------------------- SC Medical University HA RB, Series 2005-A, 3.79% 1,2 18,230,000 18,230,000 --------------- 60,193,832 -------------------------------------------------------------------------------- SOUTH DAKOTA--0.6% SD H&EFA RRB, Sioux Valley Health & Hospital, Series 2001B, 4.04% 1 2,000,000 2,000,000 -------------------------------------------------------------------------------- SD H&EFA RRB, Sioux Valley Health & Hospital, Series 2001C, 3.79% 1 7,500,000 7,500,000 --------------- 9,500,000 -------------------------------------------------------------------------------- TENNESSEE--4.4% Clarksville, TN Public Building Authority RB, Pooled Financing-Tennessee Municipal Bond Fund, 3.85% 1 7,675,000 7,675,000 -------------------------------------------------------------------------------- Sevier Cnty., TN Public Building Authority RB, Local Government Public Improvement, Series E-2, 3.80% 1 2,475,000 2,475,000 -------------------------------------------------------------------------------- Springfield, TN IDV Board RRB, The Kroger Co., Series 2004, 3.84% 1 4,500,000 4,500,000 -------------------------------------------------------------------------------- TN Energy Acquisition Corp. Gas RB, Goldman Sachs Trust, Series 2006-52G, 3.79% 1,2 10,000,000 10,000,000 -------------------------------------------------------------------------------- TN Tennergy Corp. Gas RB, PTTR, Series 1258Q, 3.80% 1,2 15,000,000 15,000,000 -------------------------------------------------------------------------------- TN Tennergy Corp. RB, BNP Paribas STARS Certificates Trust, Series 2006-001, 3.79% 1,2 36,100,000 36,100,000 --------------- 75,750,000 -------------------------------------------------------------------------------- TEXAS--9.8% Aledo, TX ISD School Building GOUN, 3.62% 1 5,000,000 5,000,000 -------------------------------------------------------------------------------- Bexar Cnty., TX HFC MH RB, Summit Hills Apts. Project, Series A, 3.79% 1 3,500,000 3,500,000 -------------------------------------------------------------------------------- Coppell, TX ISD GOLB, P-Floats, Series PZ-69, 3.81% 1,2 3,635,000 3,635,000 -------------------------------------------------------------------------------- Dallas, TX ISD GOUN, AAMC Series 2006-8, 3.79% 1,2 14,565,000 14,565,000 -------------------------------------------------------------------------------- Frisco, TX ISD GOUN, AAMC Series 2006-56, 3.79% 1,2 6,170,000 6,170,000 -------------------------------------------------------------------------------- Galveston Cnty., TX MH RRB, Village by the Sea Ltd. Apts. Project, 3.79% 1 5,090,000 5,090,000 -------------------------------------------------------------------------------- Harris Cnty., TX HFDC RB, Special Facilities Texas Medical Center Project, 3.89% 1 5,585,000 5,585,000 -------------------------------------------------------------------------------- Harris Cnty./Houston, TX Sports Authority Special RRB, Floating Rate Trust Receipts, Series PZ-65, 3.81% 1 7,700,000 7,700,000 -------------------------------------------------------------------------------- Houston, TX Hotel Occupancy Tax & Special RRB, P-Floats, Series PZ-87, 3.81% 1,2 5,345,000 5,345,000 -------------------------------------------------------------------------------- Houston, TX WSS RB, P-Floats, Series PZ-67, 3.81% 1,2 3,530,000 3,530,000 -------------------------------------------------------------------------------- Houston, TX WSS RB, SGMSTR Series 1997 SG120, 3.77% 1,2 22,600,000 22,600,000 -------------------------------------------------------------------------------- Irving, TX ISD GOUN, AAMC Series 2002-8, 3.79% 1,2 11,390,000 11,390,000 -------------------------------------------------------------------------------- Lamar, TX Consolidated ISD Schoolhouse GOUN, Series 2004, 3.62%, 12/15/06 3 11,375,000 11,375,000 -------------------------------------------------------------------------------- Manor, TX ISD GOUN, Series 2006, 3.768%, 8/1/07 3,5 9,150,000 9,150,000 -------------------------------------------------------------------------------- Northside, TX ISD GOUN, AAMC Series 2006-23, 3.79% 1,2 5,000,000 5,000,000 8 | CENTENNIAL TAX EXEMPT TRUST Centennial Tax Exempt Trust STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------- TEXAS CONTINUED -------------------------------------------------------------------------------- San Antonio, TX Electric & Gas Systems RB, Jr. Lien, Series 2003, 3.78% 1 $ 10,000,000 $ 10,000,000 -------------------------------------------------------------------------------- TX Affordable Housing Corp. MH RB, Series 2006-1315, 3.84% 1,2 12,547,500 12,547,500 -------------------------------------------------------------------------------- TX Small Business IDC RB, Public Facilities Capital Access, 3.78% 1 1,400,000 1,400,000 -------------------------------------------------------------------------------- TX Student HAU RB, P-Floats, Series PT-3101, 3.83% 1,2 12,670,000 12,670,000 -------------------------------------------------------------------------------- TX TUAU RB, BNP Paribas STARS Certificate Trust, Series 2006-155, 3.81% 1,2 9,910,000 9,910,000 -------------------------------------------------------------------------------- Victoria, TX HFDC RB, Warm Springs Rehabilitation Foundation, Series 1997, 3.83% 1 1,250,000 1,250,000 --------------- 167,412,500 -------------------------------------------------------------------------------- UTAH--1.3% Beaver Cnty., UT Environmental Facilities RB, Best Biofuels LLC Project, Series 2003A, 4.09% 1 10,985,000 10,985,000 -------------------------------------------------------------------------------- Davis Cnty., UT RB, Series 2003, 3.94% 1 2,155,000 2,155,000 -------------------------------------------------------------------------------- Duchesne, UT SDI Building Authority Lease RB, Series 2005, 3.79% 1 900,000 900,000 -------------------------------------------------------------------------------- Riverdale, UT RA Tax Increment RB, 3.84% 1 1,000,000 1,000,000 -------------------------------------------------------------------------------- UT Water Finance Agency RB, Tender Option Series A-16, 3.78% 1 5,000,000 5,000,000 -------------------------------------------------------------------------------- Weber Cnty., UT TANs & RANs, Series 2006, 4.50%, 12/28/06 3,000,000 3,004,954 --------------- 23,044,954 -------------------------------------------------------------------------------- VIRGINIA--0.4% VA TS Financing Corp. RB, P-Floats, Series PA-1383, 3.81% 1,2 6,925,000 6,925,000 -------------------------------------------------------------------------------- WASHINGTON--1.8% Clark Cnty., WA Vancouver SDI No. 037 GOUN, P-Floats, Series PZ-55, 3.81% 1,2 2,765,000 2,765,000 -------------------------------------------------------------------------------- Tacoma, WA WSS RRB, AAMC Series 2006-52, 3.79% 1,2 11,810,000 11,810,000 -------------------------------------------------------------------------------- WA EDFA RB, A&T Mensonides Project, Series 2001-I, 3.94% 1 1,800,000 1,800,000 -------------------------------------------------------------------------------- WA GOUN, PTTR, Series 1449, 3.81% 1,2 4,290,000 4,290,000 -------------------------------------------------------------------------------- WA Motor Vehicle Fuel Tax GOUN, Goldman Sachs Trust, Series 2006-7TPZ, 3.81% 1,2 8,105,000 8,105,000 -------------------------------------------------------------------------------- Yakima Cnty., WA Public Corp. SW RB, George DeRuyter & Son, 3.89% 1 2,500,000 2,500,000 --------------- 31,270,000 -------------------------------------------------------------------------------- WEST VIRGINIA--1.0% Kanawha Cnty., WV IDV RRB, The Kroger Co., Series 2004-A, 3.84% 1 4,500,000 4,500,000 -------------------------------------------------------------------------------- Kanawha Cnty., WV IDV RRB, The Kroger Co., Series 2004-B, 3.84% 1 6,850,000 6,850,000 -------------------------------------------------------------------------------- Marmet, WV CD RRB, The Kroger Co., Series 2004, 3.84% 1 3,100,000 3,100,000 -------------------------------------------------------------------------------- WV HOFA RB, Pooled Financing Project, Series 2000 B-1, 3.82% 1 3,235,000 3,235,000 --------------- 17,685,000 -------------------------------------------------------------------------------- WISCONSIN--3.5% Badger, WI Tobacco Asset Securitization Corp. RB, P-Floats, Series PA 1361, 3.84% 1,2 3,145,000 3,145,000 -------------------------------------------------------------------------------- Columbus, WI IDV RB, Maysteel Corp. Project, Series 1994, 4.09% 1 2,000,000 2,000,000 -------------------------------------------------------------------------------- Janesville, WI IDV RRB, Seneca Foods Corp. Project, Series 2002, 3.99% 1 7,710,000 7,710,000 9 | CENTENNIAL TAX EXEMPT TRUST Centennial Tax Exempt Trust STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------- WISCONSIN CONTINUED -------------------------------------------------------------------------------- La Crosse, WI IDV RB, Fiberpro, Inc. Project, Series 2005, 3.94% 1 $ 2,045,000 $ 2,045,000 -------------------------------------------------------------------------------- Onalaska, WI IDV RB, Empire Screen Printing Project, Series 2006, 3.95% 1 1,000,000 1,000,000 -------------------------------------------------------------------------------- West Bend, WI IDV RB, Jackson Concrete, Inc. Project, 3.95% 1 1,400,000 1,400,000 -------------------------------------------------------------------------------- WI H&EFA RB, Group Health Cooperative of South Central Wisconsin, 3.82% 1 4,000,000 4,000,000 -------------------------------------------------------------------------------- WI H&EFA RB, Lakeland College, Series 2005, 3.82% 1 14,050,000 14,050,000 -------------------------------------------------------------------------------- WI H&EFA RB, P-Floats, Series MT-215, 3.83% 1,2 1,905,000 1,905,000 -------------------------------------------------------------------------------- WI H&EFA RB, Ripon College, 3.82% 1 23,165,000 23,165,000 --------------- 60,420,000 -------------------------------------------------------------------------------- WYOMING--0.2% Campbell Cnty., WY IDV RB, Powder Basin Properties Project, Series 1996, 3.94% 1 4,140,000 4,140,000 -------------------------------------------------------------------------------- DISTRICT OF COLUMBIA--0.6% Washington DC WSS RB, AAMC Series 2005-24, 3.79% 1,2 10,345,000 10,345,000 -------------------------------------------------------------------------------- OTHER TERRITORIES--3.2% Class B RB Certificates Trust, Series 2002-1, 3.99% 1,2 5,000,000 5,000,000 -------------------------------------------------------------------------------- MSTFC RB, Series 2006-1481P, 3.89% 1,2 3,360,000 3,360,000 -------------------------------------------------------------------------------- Municipal Securities Pool Trust, SGMSTR Series P-18, 3.87% 1,2 7,770,000 7,770,000 -------------------------------------------------------------------------------- P-Floats, Series PZP-001, 3.84% 1,2 9,560,000 9,560,000 -------------------------------------------------------------------------------- P-Floats, Series PZP-015, 3.84% 1,2 10,000,000 10,000,000 -------------------------------------------------------------------------------- SunAmerica Trust Series 2001-2 Certificates, Cl. A, Series 2002-2, 3.89% 1,2 19,600,000 19,600,000 --------------- 55,290,000 -------------------------------------------------------------------------------- U.S. POSSESSIONS--0.0% PR CMWLTH Public Finance Corp. RRB, Reset Option Certificates II-R Trust, Series 415CE, 3.79% 1,2 500,000 500,000 -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $1,690,216,859) 98.4% 1,690,216,859 -------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 1.6 27,427,053 ------------------------------- Net Assets 100.0% $1,717,643,912 =============================== FOOTNOTES TO STATEMENT OF INVESTMENTS TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE BELOW: AAMC ABN AMRO Munitops Certificates BANs Bond Anticipation Nts. CAB Capital Appreciation Bond CD Commercial Development CDAU Community Development Authority CMWLTH Commonwealth COP Certificates of Participation DAU Development Authority DFA Development Finance Authority DFB Development Finance Board ECFA Educational and Cultural Facilities Authority ED Economic Development EDAU Economic Development Authority EDFA Economic Development Finance Authority EDLFA Educational Facilities Authority 10 | CENTENNIAL TAX EXEMPT TRUST Centennial Tax Exempt Trust STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED -------------------------------------------------------------------------------- ETET Eagle Tax-Exempt Trust FA Facilities Authority FAU Finance Authority GO General Obligation GOB General Obligation Bonds GOLB General Obligation Ltd. Bonds GOUN General Obligation Unlimited Nts. H&EFA Health and Educational Facilities Authority HA Hospital Authority HAU Housing Authority HE&HFA Higher Education and Health Facilities Authority HFAU Health Facilities Authority HFA Housing Finance Agency/Authority HFC Housing Finance Corp. HFDC Health Facilities Development Corp. HOFA Hospital Finance Agency/Authority IDA Industrial Development Agency IDAU Industrial Development Authority IDB Industrial Development Board IDC Industrial Development Corporation IDV Industrial Development IF&PCFA Industrial Facilities & Pollution Control Financing Authority IFPCFA Industrial Facilities and Pollution Control Financing Authority ISD Independent School District MFA Mortgage Finance Authority MH Multifamily Housing MPA Municipal Power Agency MSTFC Morgan Stanley & Co., Inc. Trust Floater Certificates NYC New York City P-Floats Puttable Floating Option Tax Exempt Receipts PAUNYNJ Port Authority of New York & New Jersey PPS Public Power System PTTR Puttable Tax Exempt Receipts RA Redevelopment Agency/Authority RANs Revenue Anticipation Nts. RB Revenue Bonds REF Refunding RRB Revenue Refunding Bonds SDI School District SFM Single Family Mtg. SGMSTR Societe Generale, NY Branch Municipal Security Trust Receipts SW Solid Waste SWD Solid Waste Disposal TANs Tax Anticipation Nts. TS Tobacco Settlement TUAU Turnpike Authority TWY Thruway/Tollway Authority/Agency TXAL Tax Allocation WSS Water & Sewer System YMCA Young Men's Christian Assoc. 1. Floating or variable rate obligation maturing in more than one year. The interest rate, which is based on specific, or an index of, market interest rates, is subject to change periodically and is the effective rate on September 30, 2006. 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 $727,052,500 or 42.33% of the Trust's net assets as of September 30, 2006. 3. Put obligation redeemable at full principal value on the date reported. 4. Zero coupon bond reflects effective yield on the date of purchase. 11 | CENTENNIAL TAX EXEMPT TRUST Centennial Tax Exempt Trust STATEMENT OF INVESTMENTS SEPTEMBER 30, 2006 / UNAUDITED -------------------------------------------------------------------------------- 5. Illiquid security. The aggregate value of illiquid securities as of September 30, 2006 was $15,290,000, which represents 0.89% of the Trust's net assets. See accompanying Notes. NOTES TO FINANCIAL STATEMENTS 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. ILLIQUID SECURITIES As of September 30, 2006, investments in securities included issues that are illiquid. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Trust will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with the applicable footnote on the Statement of Investments. RECENT ACCOUNTING PRONOUNCEMENT In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of September 30, 2006, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. 12 | CENTENNIAL TAX EXEMPT TRUST ITEM 2. CONTROLS AND PROCEDURES. (a) 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 08/31/2006, 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 the 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 the 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. Exhibits 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: 11/15/2006 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: 11/15/2006 By: /S/ BRIAN W. WIXTED ---------------------------- Brian W. Wixted Principal Financial Officer Date: 11/15/2006