[COVER PAGE]
1996 Annual Report
CENTENNIAL
CALIFORNIA TAX EXEMPT TRUST
- --------------------------------------------------------------------------------
JUNE 30, 1996
RA0180.001.0696
<PAGE>
Dear Shareholder:
The twelve months ended June 30, 1996 have been defined by changing beliefs
about the direction of the economy which, in turn, has had both positive and
negative effects on the securities markets.
Toward the end of 1995, most investors expected that the economy would
continue to show signs of slowing. In fact, many were convinced that the economy
was moving toward recession. Given the prevailing sentiment, it wasn't a
surprise when the Federal Reserve lowered interest rates in an effort to prolong
the economic expansion. The goal: a slow but steady and sustainable rate of
economic growth that would diminish the possibility of recession. The impact of
lower interest rates on the stock and all sectors of the bond market was
profound. The Dow Jones Industrial Average reached an all time high, while most
sectors of the bond market, including municipal bonds, chalked up double digit
returns.
But in mid-February, the federal government issued a report on job growth
that radically altered investor perceptions. Suddenly, investors believed that
the economy was heating up and inflation was around the corner. In the weeks
that followed, the bond market sold off sharply, as long-term interest rates
spiked upward, with the benchmark 30-year Treasury yield moving above seven
percent. Since municipal bonds tend to track U.S. Treasury bonds, yields on
municipals rose as well. As a result, the bond market, including municipal
bonds, weakened between February and June.
Though this market environment has created some concerns for most long-term
municipal bond investors, rising interest rates are good for investors in
short-term municipal securities. Because the portfolio is structured to capture
the maximum amount of interest income exempt from federal income taxes and
California state income tax, the Trust continues to invest primarily in
short-term securities -- especially during the current rising rate market.
Although shorter-term securities require us to reinvest the proceeds we receive
upon maturity more often, in a rising rate environment that means moving into
securities issued at higher rates.
The Centennial California Tax Exempt Trust had a compounded annualized
yield of 2.99% for the twelve months ended June 30, 1996. The corresponding
yield without compounding was 2.95%. For California residents in the maximum
combined federal and California tax bracket (46.24%), this is equivalent to a
taxable yield of 5.56% with compounding and 5.49% without. Its seven-day yields
with and without compounding for the period ended June 30, 1996 were 2.70% and
2.67%, respectively.(1)
<PAGE>
As we move through 1996, the strength of the economy continues to be an
uncertainty. However, with higher gasoline and agricultural prices there could
be some upward pressure on inflation over the next several months. As such, we
continue to look for opportunities to add to the portfolio's yield, while
keeping the Trust's average maturity shorter, remaining alert to the possibility
that interest rates may move slightly higher or lower in the coming months.
We are pleased to be able to maintain a competitive yield, as well as share
price stability, in light of the dramatic changes that have taken place during
the last twelve months. Thank you for your confidence in Centennial California
Tax Exempt Trust. We look forward to helping you reach your financial goals in
the future.
Sincerely,
/S/James C. Swain
James C. Swain
Chairman--Centennial California
Tax Exempt Trust
/S/Bridget A. Macaskill
President--Centennial California
Tax Exempt Trust
July 22, 1996
An investment in the Trust is neither insured nor guaranteed by the U.S.
Government and there can be no assurance that the Trust will be able to maintain
a stable net asset value of $1.00 per share.
1. 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.
<PAGE>
<TABLE>
<CAPTION>
=====================================================================
STATEMENT OF INVESTMENTS June 30, 1996
Centennial California Tax Exempt Trust
FACE VALUE
AMOUNT SEE NOTE 1
<S> <C> <C> <C>
======================================================================================================================
SHORT-TERM TAX-EXEMPT OBLIGATIONS - 97.0%
- ----------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 97.0%
-----------------------------------------------------------------------------------------------------------
Anaheim, California Housing Authority Multifamily
Housing Revenue Refunding Bonds, Park Vista Apts.,
Series A, 3.20%(1) $1,000,000 $ 1,000,000
-----------------------------------------------------------------------------------------------------------
Antioch, California Certificates of Participation, Antioch
Development Agency Water Treatment Project,
Prerefunded, MBIA Insured, 7.875%, 7/1/96 4,735,000 4,877,050
-----------------------------------------------------------------------------------------------------------
Brea, California Redevelopment Agency Sub-Tax
Allocation Bonds, Redevelopment Project-Area AB,
Prerefunded:
8.40%, 9/15/96 5,675,000 5,871,423
8.50%, 9/15/96 1,300,000 1,345,278
-----------------------------------------------------------------------------------------------------------
California Economic Development Financing Authority
Industrial Development Revenue Bonds, Inland Empire
Venture, LLC Project, 3.45%(1) 2,000,000 2,000,000
-----------------------------------------------------------------------------------------------------------
California Health Facilities Financing Authority Revenue:
Bonds, Catholic Healthcare Project, Series C, 3%(1) 5,200,000 5,200,000
Bonds, Catholic Healthcare Project, Series C, 3%(1) 2,300,000 2,300,000
Bonds, Huntington Memorial Hospital, 3.15%(1) 700,000 700,000
Bonds, Santa Barbara Cottage Project, Series C, 3%(1) 1,600,000 1,600,000
Refunding Bonds, Memorial Health Services Project, 3%(1) 1,300,000 1,300,000
-----------------------------------------------------------------------------------------------------------
California Housing Finance Agency Home Mtg. Revenue
Bonds, Series 1995-E, FGIC Insured, 3.50%, 2/1/97(2) 5,000,000 5,000,000
-----------------------------------------------------------------------------------------------------------
California Pollution Control Financing Authority:
Revenue Bonds, 3.55%, 10/1/96(2) 4,400,000 4,400,000
Revenue Bonds, Chevron USA, Inc. Project, 3.70%,
5/15/97(2) 2,500,000 2,500,000
Revenue Bonds, Pacific Gas & Electric Co. Project,
Series E, 3.40%, 7/15/96(2) 6,000,000 6,000,000
Revenue Bonds, Southern California Edison Co. Project,
Series A, 3.50%, 7/23/96(2) 1,200,000 1,200,000
Revenue Bonds, Southern California Edison Project,
Series C, 3.30%, 8/7/96(2) 1,050,000 1,050,000
Solid Waste Disposal Revenue Bonds, Western Waste
Industries, Series A, 3.10%(1) 3,100,000 3,100,000
-----------------------------------------------------------------------------------------------------------
California State General Obligation Bonds:
3.55%, 8/29/96(2) 2,000,000 2,000,000
Series A-3, MBIA Insured, 3.60%(1) 3,000,000 3,000,000
-----------------------------------------------------------------------------------------------------------
California Statewide Communities Development Corp.
Industrial Development Revenue Bonds:
Andercraft Project, Series A, 3.25%(1) 500,000 500,000
Propak California Corp., Series B, 3.25%(1) 900,000 900,000
-----------------------------------------------------------------------------------------------------------
Costa Mesa, California Certificates of Participation,
Orange County Performing Arts Center, 3.30%(1) 2,770,000 2,770,000
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
=====================================================================
STATEMENT OF INVESTMENTS (Continued)
Centennial California Tax Exempt Trust
FACE VALUE
AMOUNT SEE NOTE 1
<S> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
-----------------------------------------------------------------------------------------------------------
Covina, California Redevelopment Agency Multifamily
Housing Revenue Refunding Bonds, Shadowhills Apts.,
Inc., Series A, 3.70%(1) $3,000,000 $ 3,000,000
-----------------------------------------------------------------------------------------------------------
Fairfield, California Industrial Development Authority
Revenue Bonds, Herman G. Rowland, 3.40%(1) 1,250,000 1,250,000
-----------------------------------------------------------------------------------------------------------
Huntington Park, California Redevelopment Agency
Multifamily Housing Revenue Bonds, Casa Rita Apts.,
Series A, 3.45%(1) 1,500,000 1,500,000
-----------------------------------------------------------------------------------------------------------
Metropolitan Water District of Southern California
Waterworks Revenue Refunding Bonds, Series A,
AMBAC Insured, 2.95%(1) 5,500,000 5,500,000
-----------------------------------------------------------------------------------------------------------
Northern California Power Agency Public Power Revenue
Refunding Bonds, Geothermal Project 3-A, 3.15%(1) 5,700,000 5,700,000
-----------------------------------------------------------------------------------------------------------
Oceanside, California Multifamily Revenue Refunding
Bonds, Lakeridge Apts. Project, 3.50%(1) 5,000,000 5,000,000
-----------------------------------------------------------------------------------------------------------
Ontario, California Multifamily Residential Mtg. Revenue
Bonds, Park Centre Project, Series A, 2.90%(1) 2,400,000 2,400,000
-----------------------------------------------------------------------------------------------------------
Palm Springs, California Community Redevelopment
Agency Certificates of Participation, Headquarters Hotel,
Series 7, 3.30%(1) 400,000 400,000
-----------------------------------------------------------------------------------------------------------
Rancho Mirage, California Redevelopment Agency
Certificates of Participation, 3.25%(1) 5,000,000 5,000,000
-----------------------------------------------------------------------------------------------------------
Riverside County, California Housing Authority
Multifamily Housing Revenue Bonds, McKinley Project,
3.35%(1) 3,500,000 3,500,000
-----------------------------------------------------------------------------------------------------------
Sacramento, California Municipal Utility District Tax-
Exempt Commercial Paper, 3.50%, 10/1/96(2) 5,500,000 5,500,000
-----------------------------------------------------------------------------------------------------------
San Bernardino County, California Housing Authority
Multifamily Housing Revenue Refunding Bonds:
Arrowview Park Apts. Project, Series A, 3.25%(1) 2,380,000 2,380,000
Monterey Villas Apts. Project, Series A, 3.40%(1) 2,125,000 2,125,000
-----------------------------------------------------------------------------------------------------------
San Diego County, California Industrial Development Revenue Refunding
Bonds, San Diego Gas & Electric Co.
Project, 3.50%, 9/9/96(2) 1,500,000 1,500,000
-----------------------------------------------------------------------------------------------------------
San Diego, California Multifamily Housing Revenue
Refunding Bonds, Coral Point Apts. Project, Series A,
3.40%(1) 2,500,000 2,500,000
-----------------------------------------------------------------------------------------------------------
San Marcos, California Redevelopment Agency
Multifamily Housing Bonds, San Marcos Retirement
Village Project, 3.96%(1) 2,500,000 2,500,000
-----------------------------------------------------------------------------------------------------------
Southern California Public Power Authority Revenue
Refunding Bonds, Palo Verde Project, Series B, AMBAC
Insured, 3.10%(1) 1,100,000 1,100,000
-----------------------------------------------------------------------------------------------------------
Visalia, California Industrial Development Revenue Bonds,
Akers West Assn., 3.30%(1) 1,150,000 1,150,000
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
=====================================================================
STATEMENT OF INVESTMENTS (Continued)
Centennial California Tax Exempt Trust
FACE VALUE
AMOUNT SEE NOTE 1
<S> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
-----------------------------------------------------------------------------------------------------------
West & Central Basin California Finance Authority Tax
& Revenue Anticipation Nts., 3.55%, 8/22/96(2) $2,500,000 $ 2,500,000
-----------------------------------------------------------------------------------------------------------
West Covina, California Redevelopment Agency
Certificates of Participation, Barranca Project, 3%(1) 2,200,000 2,200,000
-----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE 97.0% 115,318,751
-----------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 3.0 3,519,411
----------- -------------
NET ASSETS 100.0% $118,838,162
=========== =============
</TABLE>
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, 1996. 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.
2. Put obligation redeemable at full face value on the date
reported.
See accompanying Notes to Financial Statements.
6
<PAGE>
<TABLE>
<CAPTION>
======================================================
STATEMENT OF ASSETS AND LIABILITIES June 30, 1996
Centennial California Tax Exempt Trust
====================================================================================================================
<S> <C> <C>
ASSETS Investments, at value - see accompanying statement $115,318,751
------------------------------------------------------------------------------------------
Cash 220,987
------------------------------------------------------------------------------------------
Receivables:
Shares of beneficial interest sold 7,471,206
Interest 860,137
------------------------------------------------------------------------------------------
Other 6,927
-------------
Total assets 123,878,008
====================================================================================================================
LIABILITIES Payables and other liabilities:
Shares of beneficial interest redeemed 4,857,325
Dividends 84,721
Service plan fees 57,600
Transfer and shareholder servicing agent fees 2,094
Other 38,106
-------------
Total liabilities 5,039,846
====================================================================================================================
NET ASSETS $118,838,162
=============
====================================================================================================================
COMPOSITION OF Paid-in capital $118,836,535
NET ASSETS ------------------------------------------------------------------------------------------
Accumulated net realized gain on investment transactions 1,627
------------------------------------------------------------------------------------------
Net assets - applicable to 118,836,535 shares of beneficial
interest outstanding $118,838,162
=============
====================================================================================================================
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE $1.00
======
</TABLE>
See accompanying Notes to Financial Statements.
7
<PAGE>
<TABLE>
<CAPTION>
========================================================
STATEMENT OF OPERATIONS For the Year Ended June 30, 1996
Centennial California Tax Exempt Trust
====================================================================================================================
<S> <C> <C>
INVESTMENT INCOME Interest $ 4,203,370
====================================================================================================================
EXPENSES Management fees - Note 3 565,052
------------------------------------------------------------------------------------------
Service plan fees - Note 3 221,344
------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees - Note 3 41,752
------------------------------------------------------------------------------------------
Shareholder reports 24,347
------------------------------------------------------------------------------------------
Registration and filing fees 19,916
------------------------------------------------------------------------------------------
Custodian fees and expenses 15,873
------------------------------------------------------------------------------------------
Legal and auditing fees 10,989
------------------------------------------------------------------------------------------
Insurance expenses 3,571
------------------------------------------------------------------------------------------
Trustees' fees and expenses 1,882
------------------------------------------------------------------------------------------
Other 502
-------------
Total expenses 905,228
-------------
Less assumption of expenses by Centennial Asset
Management Corp. - Note 3 (16,016)
-------------
Net expenses 889,212
====================================================================================================================
NET INVESTMENT INCOME 3,314,158
====================================================================================================================
NET REALIZED GAIN ON INVESTMENTS 13,191
====================================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 3,327,349
=============
</TABLE>
<TABLE>
<CAPTION>
===================================
STATEMENTS OF CHANGES IN NET ASSETS
YEAR ENDED JUNE 30,
1996 1995
<S> <C> <C> <C>
====================================================================================================================
OPERATIONS Net investment income $ 3,314,158 $ 2,133,906
------------------------------------------------------------------------------------------
Net realized gain (loss) 13,191 (11,564)
----------------------------------
Net increase in net assets resulting
from operations 3,327,349 2,122,342
====================================================================================================================
DIVIDENDS AND
DISTRIBUTIONS
TO SHAREHOLDERS (3,314,158) (2,133,965)
====================================================================================================================
BENEFICIAL INTEREST Net increase in net assets resulting from
TRANSACTIONS beneficial interest transactions - Note 2 26,507,136 31,953,795
====================================================================================================================
NET ASSETS Total increase 26,520,327 31,942,172
------------------------------------------------------------------------------------------
Beginning of period 92,317,835 60,375,663
----------------------------------
End of period $118,838,162 $ 92,317,835
==================================
</TABLE>
See accompanying Notes to Financial Statements.
8
<PAGE>
<TABLE>
<CAPTION>
================================================================================
FINANCIAL HIGHLIGHTS
Centennial California Tax Exempt Trust
Year Ended June 30,
1996 1995 1994 1993 1992
<S> <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
- --------------------------------------------------------------------------------------------------------------------------
Income from investment operations -
net investment income and
net realized gain on investments .03 .03 .02 .02 .03
Dividends and distributions to shareholders (.03) (.03) (.02) (.02) (.03)
- --------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
======================================================================
==========================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(1) 2.97% 3.00% 1.82% 2.00% 3.29%
==========================================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $118,838 $92,318 $60,376 $58,079 $48,483
- --------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $112,911 $71,278 $65,520 $56,082 $40,684
- --------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 2.94% 2.99% 1.79% 1.90% 3.13%
Expenses, before voluntary assumption
by the Manager 0.80% 0.83% 0.87% 0.86% 0.91%
Expenses, net of voluntary assumption
by the Manager 0.79% 0.80% 0.80% 0.80% 0.80%
</TABLE>
1. 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 reflect
changes in net investment income only.
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 objective is to seek the
maximum current interest income exempt from Federal and California personal
income taxes for individual investors as is consistent with preservation of
capital. The Trust's investment advisor is Centennial Asset Management
Corporation (the Manager), a subsidiary of OppenheimerFunds, Inc. (OFI). The
following is a summary of significant accounting policies consistently followed
by the Trust.
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. The Trust concentrates its investments in California and,
therefore, may have more credit risks related to the economic conditions of
California than a portfolio with a broader geographical diversification.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
2. SHARES OF BENEFICIAL INTEREST
The Trust has authorized an unlimited number of no par value shares of
beneficial interest. Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
YEAR ENDED JUNE 30, 1996 YEAR ENDED JUNE 30, 1995
------------------------ ------------------------
SHARES Amount Shares Amount
<S> <C> <C> <C> <C>
Sold 397,706,144 $397,706,144 279,468,671 $279,468,671
Dividends and distributions reinvested 3,281,812 3,281,812 2,013,397 2,013,397
Redeemed (374,480,820) (374,480,820) (249,528,273) (249,528,273)
------------- ------------- ------------- -------------
Net increase 26,507,136 $ 26,507,136 31,953,795 $ 31,953,795
============= ============= ============= =============
</TABLE>
10
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
Centennial California Tax Exempt Trust
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 0.50% on the first
$250 million of average annual net assets with a reduction of 0.025% on each
$250 million thereafter, to 0.40% 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 0.80%
of average annual net assets.
Shareholder Services, Inc. (SSI), a subsidiary of OFI, 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 0.20% 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.
11
<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, 1996, the related statement of operations for the year then ended, the
statements of changes in net assets for the years ended June 30, 1996 and 1995,
and the financial highlights for the period July 1, 1991 to June 30, 1996. 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,
1996 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, 1996, 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 22, 1996
12
<PAGE>
FEDERAL INCOME TAX INFORMATION (Unaudited)
Centennial California Tax Exempt Trust
In early 1997, shareholders will receive information regarding all dividends and
distributions paid to them by the Trust during calendar year 1996. 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,
1996 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.
13
<PAGE>
CENTENNIAL CALIFORNIA TAX EXEMPT TRUST
OFFICERS AND TRUSTEES
James C. Swain, Chairman and Chief Executive Officer
Bridget A. Macaskill, Trustee and President
Robert G. Avis, Trustee
William A. Baker, Trustee
Charles Conrad, Jr., Trustee
Jon S. Fossel, Trustee
Sam Freedman, Trustee
Raymond J. Kalinowski, Trustee
C. Howard Kast, Trustee
Robert M. Kirchner, Trustee
Ned M. Steel, Trustee
George C. Bowen, Vice President, Treasurer and Assistant Secretary
Andrew J. Donohue, Vice President and Secretary
Michael A. Carbuto, Vice President
Robert J. Bishop, Assistant Treasurer
Scott T. 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.
For shareholder servicing, call:
1-800-525-9310 (in U.S.)
303-671-3200 (outside U.S.)
Or write:
Shareholder Services, Inc.
P.O. Box 5143
Denver, CO 80217-5143
14
