<PAGE>
1995 ANNUAL REPORT
CENTENNIAL
CALIFORNIA TAX EXEMPT TRUST
- -------------------------------------------------------------------
June 30, 1995
RA0180.001.0695
<PAGE>
DEAR SHAREHOLDER:
As the fixed income markets began to rally at the start of the
year, rates began to decline. Your Trust's managers have been
actively following the dramatic performance of the fixed income
markets and, as a result, their strategy allowed the Trust a
position among the top 25% of all California tax-exempt money
market funds tracked by IBC/Donoghue.(1)
One of the main factors affecting performance this year was the
favorable supply and demand relationship. Because there has been
relatively short supply and increased demand for municipal bonds,
prices have remained high, which consequently put downward pressure
on yields in the shorter end of this market.
The Trust's compounded annualized yield for the 12 months ended
June 30, 1995 was 3.03%. The corresponding yield without
compounding was 2.99%. For investors in the 42.4% combined federal
and state tax bracket, this is equal to a taxable yield of 5.26%
with compounding and 5.19% without compounding.(2)
The Trust's seven-day annualized yields with and without
compounding for the year ended June 30, 1995 were 3.42% and 3.37%,
respectively.
With the Federal Reserve's recent rate cut, plus ongoing strong
demand, we are optimistic about the market and the domestic
economy. And as noted before, the portfolio has been able to
maintain a strong yield in the face of both a drop in interest
rates and unusually strong demand in our market -- but as this
additional demand stabilizes as the year continues, we could again
see yields increase.
We're pleased to provide an investment that continues to offer tax-
exempt income, a stable share price, and complete liquidity.(3) We
appreciate the confidence you have placed in Centennial California
Tax Exempt Trust and look forward to helping you continue to meet
your financial goals in the future.
Sincerely,
/s/ Jon S. Fossel
Jon S. Fossel
President, Centennial California Tax Exempt Trust
/s/ James C. Swain
James C. Swain
Chairman, Centennial California Tax Exempt Trust
July 24, 1995
1. IBC/Donoghue, Inc., an independent fund monitoring service.
Ranking for the six months ended June 30, 1995.
2. Compounded yields assume reinvestment of dividends. A portion
of the Trust's distributions may be subject to federal and state
income taxes. For investors subject to the federal and/or state
alternative minimum tax, a portion of the Trust's distributions may
increase this tax.
3. The Trust is neither insured nor guaranteed by the U.S.
Government. There is no assurance that the Trust will maintain a
stable $1 share price in the future.
<PAGE>
STATEMENT OF INVESTMENTS
Centennial California Tax Exempt Trust
<TABLE>
<CAPTION>
FACE AMORTIZED COST
AMOUNT SEE NOTE 1
<S> <C> <C>
- ---------------------------------------------------------------------------------------
SHORT-TERM TAX-EXEMPT OBLIGATIONS - 97.0%
- --------------------------------------------------------------------------------------
CALIFORNIA - 97.0%
------------------------------------------------------------------------------
Anaheim, California Housing Authority
Multifamily Housing Revenue Bonds, Bel
Page Project, Series A, Remarketed,
4.05% (1) $1,000,000 $ 1,000,000
----------------------------------------------------------------------------
Anaheim, California Housing Authority
Multifamily Housing Revenue Refunding
Bonds, Park Vista Apts., Series A,
4.10% (1) 3,000,000 3,000,000
----------------------------------------------------------------------------
California Health Facilities Financing
Authority Revenue Refunding Bonds,
Memorial Health Services Project, 4% (1) 3,800,000 3,800,000
----------------------------------------------------------------------------
California Health Facilities Financing
Revenue Bonds, Santa Barbara Cottage
Project, Series C, 3.80% (1) 500,000 500,000
----------------------------------------------------------------------------
California Housing Finance Agency Home
Mtg. Revenue Bonds, Series 1995-E,
FGIC Insured, 4.60%, 2/1/96 (2) 3,500,000 3,500,000
----------------------------------------------------------------------------
California Pollution Control Financing
Authority Revenue Bonds, Chevron USA,
Inc. Project, 4.50%, 5/15/96 (2) 700,000 701,476
----------------------------------------------------------------------------
California Pollution Control Financing
Authority Revenue Bonds, Pacific Gas &
Electric Co. Project, 4.15%, 9/7/95 (2) 5,000,000 5,000,000
----------------------------------------------------------------------------
California Pollution Control Financing
Authority Revenue Bonds, Pacific Gas &
Electric Co. Project, Series C,
4.05%, 9/8/95 (2) 4,000,000 4,000,000
----------------------------------------------------------------------------
California Pollution Control Financing
Authority Revenue Bonds, Pacific Gas &
Electric Co. Project, Series E,
4.10%, 7/17/95 (2) 3,000,000 3,000,000
----------------------------------------------------------------------------
California Pollution Control Financing
Authority Revenue Bonds, Southern
California Edison Co. Project, Series
A, 4.10%, 8/21/95 (2) 1,200,000 1,200,000
----------------------------------------------------------------------------
California Pollution Control Finan-
cing Authority Solid Waste Disposal
Revenue Bonds, Western Waste
Industries, Series A, 4.25% (1) 1,500,000 1,500,000
----------------------------------------------------------------------------
California State General Obligation
Bonds, Series A-3, MBIA Insured, 4.35% (1) 3,000,000 3,000,000
----------------------------------------------------------------------------
California State Revenue Anticipation
Wts., Series C, FGIC Insured,
5.75%, 4/25/96 600,000 605,461
---------------------------------------------------------------------------- California Statewide Communities
Development Corp. Industrial
Development Revenue Bonds, Propak
California Corp., Series B, 3.75% (1) 1,000,000 1,000,000
----------------------------------------------------------------------------
Costa Mesa, California Certificates of
Participation, Orange County
Performing Arts Center, 4.182% (1) 2,820,000 2,820,000
----------------------------------------------------------------------------
Covina, California Redevelopment
Agency Multifamily Revenue Refunding
Bonds, Housing-Shadowhills Apts.,
Inc., Series A, CCSB Insured, 4.80% (1) 3,000,000 3,000,000
----------------------------------------------------------------------------
Fairfield, California Industrial
Development Authority Revenue Bonds,
Herman G. Rowland, 4.182% (1) 400,000 400,000
----------------------------------------------------------------------------
Los Angeles County, California
Metropolitan Transportation Authority
Revenue Anticipation Nts., Series
1995A, Swiss Bank Letter of Credit,
5%, 4/25/96 5,000,000 5,030,335
----------------------------------------------------------------------------
Los Angeles, California Convention and
Exhibition Center Authority, Series
1989 A, 4.05% (1) 2,000,000 2,000,000
----------------------------------------------------------------------------
Northern California Public Power
Agency Revenue Bonds, Geothermal
Project No. 3, Prerefunded, Series
84A, 11.50%, 7/1/95 (2) 70,000 70,000
----------------------------------------------------------------------------
Northern California Public Power Agen-
cy Revenue Bonds, Series PW 9, 4.05% (1) 2,855,000 2,855,000
</TABLE>
3
<PAGE>
STATEMENT OF INVESTMENTS (CONTINUED)
Centennial California Tax Exempt Trust
<TABLE>
<CAPTION>
FACE AMORTIZED COST
AMOUNT SEE NOTE 1
<S> <C> <C>
- --------------------------------------------------------------------------------------
SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED)
- --------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
----------------------------------------------------------------------------
Oakland, California Redevelopment
Agency Certificates of Participation,
Prerefunded, 9.25%, 8/1/95 (2) $3,775,000 $ 3,864,211
----------------------------------------------------------------------------
Oakland, California Redevelopment
Agency Refunding Tax Allocation Bonds,
Central District Redevelopment
Project, Prerefunded, 7.50%, 2/1/96 (2) 1,250,000 1,297,010
----------------------------------------------------------------------------
Ontario, California Multifamily
Residential Mtg. Revenue Bonds, Park
Centre Project, Series A, 3.80% (1) 100,000 100,000
----------------------------------------------------------------------------
Orange County, California Municipal
Water District Refunding Certificates
of Participation, Allen McColloch
Project, Series A, 4.45% (1) 3,000,000 3,000,000
----------------------------------------------------------------------------
Palm Springs, California Community
Redevelopment Agency Certificates of
Participation, Headquarters Hotel,
Series 7, 4.55% (1) 400,000 400,000
----------------------------------------------------------------------------
Pittsburg, California Mtg. Obligation
Gtd. Revenue Bonds, Series A, 4.30% (1) 1,700,000 1,700,000
----------------------------------------------------------------------------
Pittsburg, California Multifamily Mtg.
Revenue Bonds, Fountain Plaza Project,
4.05% (1) 1,600,000 1,600,000
----------------------------------------------------------------------------
Sacramento, California Municipal
Utility District Tax-Exempt
Commercial Paper, 4.10%, 8/3/95 (2) 6,000,000 6,000,000
----------------------------------------------------------------------------
San Bernardino County, California
Housing Authority Multifamily Housing
Revenue Refunding Bonds, Arrowview
Park Apts. Project, Series A, Federal
Home Loan Bank Letter of Credit, 4.55% (1) 3,730,000 3,730,000
----------------------------------------------------------------------------
San Bernardino County, California
Multifamily Housing Authority Revenue
Refunding Bonds, Monterey Villas Apts.
Project, Series A, 4.25% (1) 1,525,000 1,525,000
----------------------------------------------------------------------------
San Diego County, California Regional
Transportation Commission Second
Senior Sales Tax Revenue Bonds,
Series A, FGIC Insured, 4.75%, 4/1/96 4,200,000 4,223,138
----------------------------------------------------------------------------
San Diego, California Industrial
Development Revenue Refunding Bonds,
San Diego Gas & Electric Co. Project,
3.10%, 10/12/95 (2) 1,000,000 1,000,000
----------------------------------------------------------------------------
San Diego, California Industrial
Development Revenue Refunding Bonds,
San Diego Gas & Electric Co. Project,
Series B, 3.30%, 11/8/95 (2) 1,500,000 1,500,000
----------------------------------------------------------------------------
San Diego, California Multifamily
Housing Revenue Refunding Bonds, Coral
Point Apts. Project, Series A, 4.30% (1) 2,500,000 2,500,000
----------------------------------------------------------------------------
San Francisco, California City &
County Sewer Revenue Refunding Bonds,
AMBAC Insured, 5.50%, 10/1/95 1,000,000 1,003,418
----------------------------------------------------------------------------
San Leandro, California Multifamily
Mtg. Revenue Bonds, Parkside
Commons Project, Series A, 3.95% (1) 1,000,000 1,000,000
----------------------------------------------------------------------------
San Marcos, California Redevelopment
Agency Multifamily Housing Bonds, San
Marcos Retirement Village Project,
4.73% (1) 2,500,000 2,500,000
----------------------------------------------------------------------------
Southern California Rapid Transit
District Certificates of Partici-
pation, Series BT-10, MBIA Insured,
4.05% (1) 1,000,000 1,000,000
----------------------------------------------------------------------------
Visalia, California Industrial
Development Revenue Bonds, Akers West
Assn., 4.15% (1) 1,150,000 1,150,000
----------------------------------------------------------------------------
West & Central Basin California
Finance Authority Tax & Revenue
Anticipation Nts., 4.10%, 8/3/95 (2) 2,500,000 2,500,000
</TABLE>
4
<PAGE>
STATEMENT OF INVESTMENTS (CONTINUED)
Centennial California Tax Exempt Trust
--------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS, AT AMORTIZED COST 97.0% $89,575,049
----------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 3.0 2,742,786
------- -----------
NET ASSETS 100.0% $92,317,835
======= ===========
</TABLE>
[FN]
1. Floating or variable rate obligation maturing in more than one year.
The interest rate, which is based on specific, or an index of, market
interest rates, is subject to change periodically and is the effective
rate on June 30, 1995. This instrument may also have a demand feature
which allows the recovery of principal at any time, or at specified
intervals not exceeding one year, on up to 30 days' notice. Maturity
date shown represents effective maturity based on variable rate and, if
applicable, demand feature.
2. Put obligation redeemable at full face value on the date reported.
See accompanying Notes to Financial Statements.
5
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES June 30, 1995
Centennial California Tax Exempt Trust
<TABLE>
<CAPTION>
ASSETS:
<S> <C>
Investments, at amortized cost - see accompanying
statement $89,575,049
Cash 300,214
Receivables:
Shares of beneficial interest sold 3,038,132
Interest 771,260
Other 8,333
-----------
Total assets 93,692,988
-----------
LIABILITIES:
Payables and other liabilities:
Shares of beneficial interest redeemed 1,179,171
Dividends 120,319
Service plan fees - Note 3 41,835
Transfer and shareholder servicing agent
fees - Note 3 2,006
Trustees' fees 90
Other 31,732
-----------
Total liabilities 1,375,153
-----------
NET ASSETS $92,317,835
===========
COMPOSITION OF NET ASSETS:
Paid-in capital $92,329,399
Accumulated net realized loss from investment
transactions (11,564)
-----------
Net assets - Applicable to 92,329,399 shares of
beneficial interest outstanding $92,317,835
===========
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING
PRICE PER SHARE $1.00
=====
</TABLE>
See accompanying Notes to Financial Statements.
6
<PAGE>
STATEMENT OF OPERATIONS For the Year Ended June 30, 1995
Centennial California Tax Exempt Trust
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME - Interest $2,703,820
----------
EXPENSES:
Management fees - Note 3 356,181
Service plan fees - Note 3 141,609
Transfer and shareholder servicing agent
fees - Note 3 33,954
Shareholder reports 13,522
Registration and filing fees 11,940
Custodian fees and expenses 11,612
Legal and auditing fees 10,556
Trustees' fees and expenses 1,981
Other 11,869
----------
Total expenses 593,224
Less assumption of expenses by Centennial Asset
Management Corporation - Note 3 (23,310)
----------
Net expenses 569,914
----------
NET INVESTMENT INCOME 2,133,906
NET REALIZED LOSS ON INVESTMENTS (11,564)
----------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $2,122,342
==========
</TABLE>
See accompanying Notes to Financial Statements.
7
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
Centennial California Tax Exempt Trust
<TABLE>
<CAPTION>
YEAR ENDED JUNE 30,
1995 1994
----------- -----------
OPERATIONS:
<S> <C> <C>
Net investment income $ 2,133,906 $ 1,174,691
Net realized gain (loss) on investments (11,564) 80
----------- -----------
Net increase in net assets resulting
from operations 2,122,342 1,174,771
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS (2,133,965) (1,177,627)
BENEFICIAL INTEREST TRANSACTIONS:
Net increase in net assets resulting from
beneficial interest transactions
- Note 2 31,953,795 2,299,586
----------- -----------
NET ASSETS:
Total increase 31,942,172 2,296,730
Beginning of year 60,375,663 58,078,933
----------- -----------
End of year $92,317,835 $60,375,663
=========== ===========
</TABLE>
See accompanying Notes to Financial Statements.
8
<PAGE>
FINANCIAL HIGHLIGHTS
Centennial California Tax Exempt Trust
<TABLE>
<CAPTION>
YEAR ENDED JUNE 30,
1995 1994 1993 1992 1991 1990(1)
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
------- ------- ------- ------- ------- -------
Income from investment operations -
net investment income and net
realized gain on investments .03 .02 .02 .03 .04 .003
Dividends and distributions to
to shareholders (.03) (.02) (.02) (.03) (.04) (.003)
------- ------- ------- ------- ------- -------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
======= ======= ======= ======= ======= =======
TOTAL RETURN AT NET ASSET VALUE (2) 3.00% 1.82% 2.00% 3.29% 4.79% N/A
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $92,318 $60,376 $58,079 $48,483 $32,337 $2,018
Average net assets (in thousands) $71,278 $65,520 $56,082 $40,684 $16,150 $1,914
Number of shares outstanding at end
of period (in thousands) 92,329 60,376 58,076 48,484 32,337 2,018
Ratios to average net assets:
Net investment income 2.99% 1.79% 1.90% 3.13% 4.09% 6.29%(3)
Expenses, before voluntary
assumption by the Manager .83% .87% .86% .91% 1.09% 2.53%(3)
Expenses, net of voluntary
assumption by the Manager .80% .80% .80% .80% .84% .90%(3)
</TABLE>
[FN]
1. For the period from June 12, 1990 (commencement of operations)
to June 30, 1990.
2. Assumes a hypothetical initial investment on the business day
before the first day of the fiscal period, with all dividends
reinvested in additional shares on the reinvestment date, and
redemption at the net asset value calculated on the last business
day of the fiscal period. Total returns are not annualized for
periods of less than one full year. Total returns reflect changes
in net investment income only.
3. Annualized.
See accompanying Notes to Financial Statements.
9
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Centennial California Tax Exempt Trust
1. SIGNIFICANT ACCOUNTING POLICIES
Centennial California Tax Exempt Trust (the Trust) is registered under
the Investment Company Act of 1940, as amended, as a non-diversified,
open-end management investment company. The Trust's investment advisor
is Centennial Asset Management Corporation (the Manager), a subsidiary
of Oppenheimer Management Corporation (OMC). The following is a summary
of significant accounting policies consistently followed by the Trust.
INVESTMENT VALUATION. Portfolio securities are valued on the basis of
amortized cost, which approximates market value.
FEDERAL TAXES. The Trust intends to continue to comply with provisions
of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of its taxable income to shareholders.
Therefore, no federal income or excise tax provision is required.
DISTRIBUTIONS TO SHAREHOLDERS. The Trust intends to declare dividends
from net investment income each day the New York Stock Exchange is open
for business and pay such dividends monthly. To effect its policy of
maintaining a net asset value of $1.00 per share, the Trust may withhold
dividends or make distributions of net realized gains.
OTHER. Investment transactions are accounted for on the date the
investments are purchased or sold (trade date). Realized gains and
losses on investments are determined on an identified cost basis, which
is the same basis used for federal income tax purposes.
2. SHARES OF BENEFICIAL INTEREST
The Trust has authorized an unlimited number of no par value shares of
beneficial interest. Transactions in shares of beneficial interest were
as follows:
<TABLE>
<CAPTION>
YEAR ENDED JUNE 30, 1995 YEAR ENDED JUNE 30, 1994
------------------------ ------------------------
Shares Amount Shares Amount
------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold 279,468,671 $ 279,468,671 231,741,608 $ 231,741,608
Dividends and distri-
butions reinvested 2,013,397 2,013,397 1,131,972 1,131,972
Redeemed (249,528,273) (249,528,273) (230,573,994) (230,573,994)
------------- -------------- ------------- --------------
Net increase 31,953,795 $ 31,953,795 2,299,586 $ 2,299,586
============= ============== ============= ==============
</TABLE>
3. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Trust which provides for a fee of
.50% on the first $250 million of average annual net assets with a
reduction of .025% on each $250 million thereafter, to .40% on net
assets in excess of $1 billion. The Manager has agreed to assume Trust
expenses (with specified exceptions) in excess of the regulatory
limitation of the State of California. In addition, the Manager has
voluntarily undertaken to assume Trust expenses in excess of .80% of
average annual net assets.
Shareholder Services, Inc. (SSI), a subsidiary of OMC, is the transfer
and shareholder servicing agent for the Trust, and for other registered
investment companies. SSI's total costs of providing such services are
allocated ratably to these companies.
Under an approved plan of distribution, the Trust may expend up to .20%
of its net assets annually to reimburse Centennial Asset Management
Corporation, as distributor, for costs incurred in connection with the
personal service and maintenance of accounts that hold shares of the
Trust, including amounts paid to brokers, dealers, banks and other
institutions.
10
<PAGE>
INDEPENDENT AUDITORS' REPORT
Centennial California Tax Exempt Trust
The Board of Trustees and Shareholders of
Centennial California Tax Exempt Trust:
We have audited the accompanying statement of assets and liabilities,
including the statement of investments, of Centennial California Tax
Exempt Trust as of June 30, 1995, the related statement of operations
for the year then ended, the statements of changes in net assets for the
years ended June 30, 1995 and 1994, and the financial highlights for the
period June 12, 1990 (commencement of operations) to June 30, 1995.
These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to
express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned at June 30, 1995 by correspondence with
the custodian. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of
Centennial California Tax Exempt Trust at June 30, 1995, the results of
its operations, the changes in its net assets, and the financial
highlights for the respective stated periods, in conformity with
generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Denver, Colorado
July 24, 1995
11
<PAGE>
FEDERAL INCOME TAX INFORMATION (Unaudited)
Centennial California Tax Exempt Trust
In early 1996, shareholders will receive information regarding all
dividends and distributions paid to them by the Trust during calendar
year 1995. Regulations of the U.S. Treasury Department require the
Trust to report this information to the Internal Revenue Service.
None of the dividends paid by the Trust during the fiscal year ended
June 30, 1995 are eligible for the corporate dividend-received
deduction. The dividends were derived from interest on municipal bonds
and are not subject to federal income tax. To the extent a shareholder
is subject to any state or local tax laws, some or all of the dividends
received may be taxable.
The foregoing information is presented to assist shareholders in
reporting distributions received from the Trust to the Internal Revenue
Service. Because of the complexity of the federal regulations which may
affect your individual tax return and the many variations in state and
local tax regulations, we recommend that you consult your tax advisor
for specific guidance.
12
<PAGE>
CENTENNIAL CALIFORNIA TAX EXEMPT TRUST
OFFICERS AND TRUSTEES
James C. Swain, Chairman and Chief Executive Officer
Robert G. Avis, Trustee
William A. Baker, Trustee
Charles Conrad, Jr., Trustee
Jon S. Fossel, Trustee and President
Raymond J. Kalinowski, Trustee
C. Howard Kast, Trustee
Robert M. Kirchner, Trustee
Ned M. Steel, Trustee
Michael A. Carbuto, Vice President
Andrew J. Donohue, Vice President
George C. Bowen, Vice President, Secretary and Treasurer
Robert J. Bishop, Assistant Treasurer
Scott Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
INVESTMENT ADVISOR AND DISTRIBUTOR
Centennial Asset Management Corporation
TRANSFER AND SHAREHOLDER SERVICING AGENT
Shareholder Services, Inc.
CUSTODIAN OF PORTFOLIO SECURITIES
Citibank, N.A.
INDEPENDENT AUDITORS
Deloitte & Touche LLP
LEGAL COUNSEL
Myer, Swanson, Adams & Wolf, P.C.
This is a copy of a report to shareholders of Centennial California Tax
Exempt Trust. This report must be preceded or accompanied by a
Prospectus of Centennial California Tax Exempt Trust. For material
information concerning the Trust, see the Prospectus.
Shares of Centennial California Tax Exempt Trust are not deposits or
obligations of any bank, are not guaranteed by any bank, and are not
insured by the FDIC or any other agency, and involve investment risks,
including possible loss of the principal amount invested.
For shareholder servicing, call:
1-800-525-7048 (in U.S.)
303-671-3200 (outside U.S.)
Or write:
Shareholder Services, Inc.
P.O. Box 5270
Denver, CO 80217-5270
13
