-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WiOnZ9ZpiJts4SmnUpDl3uqRAo3OkLlSstTQxGfGvwJtZJwXTXjXkc9sLRPJn6yY 0wdxnzjc6JRVvpKAWT14cA== 0000854437-96-000003.txt : 19960305 0000854437-96-000003.hdr.sgml : 19960305 ACCESSION NUMBER: 0000854437-96-000003 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960304 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTENNIAL CALIFORNIA TAX EXEMPT TRUST CENTRAL INDEX KEY: 0000854437 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 841121370 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-05871 FILM NUMBER: 96530482 BUSINESS ADDRESS: STREET 1: 3410 SOUTH GALENA ST CITY: DENVER STATE: CO ZIP: 80231 BUSINESS PHONE: 3036713200 MAIL ADDRESS: STREET 1: 3410 S GALENA STREET STREET 2: 3410 S GALENA STREET CITY: DENVER STATE: CO ZIP: 80231 N-30D 1 CENTENNIAL CALIFORNIA TAX EXEMPT TRUST S.A.R. 1995 SEMIANNUAL REPORT CENTENNIAL CALIFORNIA TAX EXEMPT TRUST - ------------------------------------------------------------------------------ December 31, 1995 RS0180.001.0296 DEAR CENTENNIAL CALIFORNIA TAX EXEMPT TRUST SHAREHOLDER: 1995 was a year marked by declining interest rates, making it a strong period for capital appreciation for many areas of the bond markets. The other side of this appreciation, however, was declining rates, meaning that newly issued bonds were coming to market with lower yields. This factor has been the most important catalyst behind our investment decisions for the past six months. Because we strive to pay the highest current tax-free income consistent with safety of principal, the past year's rate declines caused us to lengthen the average maturity of our portfolio in an effort to take advantage of higher- yielding securities for as long as possible. However, because we had correctly anticipated this trend, we'd begun our move into longer securities at the end of 1994. Longer securities were bid up in the markets as the year progressed, and continued to offer income superior to that of most newer issues, so the portfolio was positioned in the right place at the right time. In fact, the Trust was among the top 35% of all California tax exempt money market funds tracked by IBC/Donoghue for the period.(1) The Trust's compounded annualized yield for the six months ended December 31, 1995 was 3.16%. The corresponding yield without compounding was 3.11%. For investors in the 36% federal and 10% California tax brackets, this is equal to a taxable yield of 5.49% with compounding and 5.40% without compounding.(2) Seven-day annualized yields with and without compounding for the Trust for the six months ended December 31, 1995 were 3.49% and 3.43%, respectively. Looking forward, we believe the market will continue to be relatively strong. Without a major shift in policy by the Federal Reserve, we expect to remain focused on buying longer-term securities as much as possible. Our investment policy over the past six months has allowed us to maintain our yield as well as our emphasis on stability of principal, and we expect these favorable conditions to continue.(3) The Trust continues to offer investors income that is free from federal and California state income taxes. We appreciate the confidence you have placed in the Centennial California Tax Exempt Trust and look forward to helping you continue to meet your financial goals in the future. Sincerely, /s/JAMES C. SWAIN James C. Swain Chairman--Centennial California Tax Exempt Trust /s/BRIDGET A. MACASKILL Bridget A. Macaskill President--Centennial California Tax Exempt Trust January 22, 1996 1. IBC/Donoghue, Inc., an independent fund monitoring service. Ranking of 34 funds for the six months ended December 31, 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. 2
--------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS December 31, 1995 (Unaudited) Centennial California Tax Exempt Trust FACE VALUE AMOUNT SEE NOTE 1 ================================================================================================================================= SHORT-TERM TAX-EXEMPT OBLIGATIONS - 97.9% - --------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA - 97.9% ---------------------------------------------------------------------------------------------------------------------- Anaheim, California Housing Authority Multifamily Housing Revenue Bonds, Bel Page Project, Series A, Remarketed, 5.10%(1) $1,000,000 $1,000,000 ---------------------------------------------------------------------------------------------------------------------- Anaheim, California Housing Authority Multifamily Housing Revenue Refunding Bonds, Park Vista Apts., Series A, 5.35%(1) 3,000,000 3,000,000 ---------------------------------------------------------------------------------------------------------------------- Antioch, California Certificates of Participation, Antioch Development Agency Water Treatment Project, Prerefunded, MBIA Insured, 7.875%, 7/1/96(2) 4,735,000 4,966,200 ---------------------------------------------------------------------------------------------------------------------- Brea, California Redevelopment Agency Sub-Tax Allocation Bonds, Redevelopment Project-Area AB, Prerefunded, 8.40%, 9/15/96(2) 5,675,000 6,002,050 ---------------------------------------------------------------------------------------------------------------------- Brea, California Redevelopment Agency Sub-Tax Allocation Bonds, Redevelopment Project-Area AB, Prerefunded, 8.50%, 9/15/96 1,300,000 1,375,880 ---------------------------------------------------------------------------------------------------------------------- California Economic Development Financing Authority Industrial Development Revenue Bonds, Inland Empire Venture, LLC Project, 3.955%(1) 2,000,000 2,000,000 ---------------------------------------------------------------------------------------------------------------------- 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) 2,500,000 2,504,477 ---------------------------------------------------------------------------------------------------------------------- California Pollution Control Financing Authority Revenue Bonds, Pacific Gas & Electric Co. Project, Series C, 3.60%, 3/8/96(2) 4,000,000 4,000,000 ---------------------------------------------------------------------------------------------------------------------- California Pollution Control Financing Authority Revenue Bonds, Pacific Gas & Electric Co. Project, Series E, 3.50%, 2/15/96(2) 5,000,000 5,000,000 ---------------------------------------------------------------------------------------------------------------------- California Pollution Control Financing Authority Revenue Bonds, Southern California Edison Co. Project, Series A, 3.655%, 2/15/96(2) 1,200,000 1,200,000 ---------------------------------------------------------------------------------------------------------------------- California Pollution Control Financing Authority Solid Waste Disposal Revenue Bonds, Western Waste Industries, Series A, 5.20%(1) 4,500,000 4,500,000 ---------------------------------------------------------------------------------------------------------------------- California State General Obligation Bonds, Series A-3, MBIA Insured, 5.35%(1) 3,000,000 3,000,000 ---------------------------------------------------------------------------------------------------------------------- California State Revenue Anticipation Wts., Series C, FGIC Insured, 5.75%, 4/25/96 900,000 905,308 ---------------------------------------------------------------------------------------------------------------------- California Statewide Communities Development Corp. Industrial Development Revenue Bonds, Propak California Corp., Series B, 4.90%(1) 900,000 900,000 ---------------------------------------------------------------------------------------------------------------------- Costa Mesa, California Certificates of Participation, Orange County Performing Arts Center, 5.40%(1) 2,795,000 2,795,000 ---------------------------------------------------------------------------------------------------------------------- Covina, California Redevelopment Agency Multifamily Revenue Refunding Bonds, Housing-Shadowhills Apts., Inc., Series A, 5.90%(1) 3,000,000 3,000,000 ---------------------------------------------------------------------------------------------------------------------- Fairfield, California Industrial Development Authority Revenue Bonds, Herman G. Rowland, 5.40%(1) 1,350,000 1,350,000 ---------------------------------------------------------------------------------------------------------------------- Los Angeles County, California Certificates of Participation, Van Nuys Courthouse Project, Prerefunded, 9%, 6/1/96(2) 2,000,000 2,082,366
3
---------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (Continued) Centennial California Tax Exempt Trust FACE VALUE SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA (CONTINUED) ---------------------------------------------------------------------------------------------------------------------- Los Angeles County, California Convention & Exhibition Center Authority Certificates of Participation, Series 1989-A, 3.75%(1) $2,000,000 $ 2,000,000 ---------------------------------------------------------------------------------------------------------------------- Los Angeles County, California Housing Authority Revenue Bonds, Park Sierra Project, 5.30%(1) 2,000,000 2,000,000 ---------------------------------------------------------------------------------------------------------------------- Los Angeles County, California Metropolitan Transportation Authority Revenue Anticipation Nts., Series 1995A, 5%, 4/25/96 9,400,000 9,426,505 ---------------------------------------------------------------------------------------------------------------------- Northern California Power Agency Public Power Revenue Bonds, Hydro- electric Project No. 1, Prerefunded, Series A, 8%, 7/1/96(2) 2,000,000 2,082,849 ---------------------------------------------------------------------------------------------------------------------- Northern California Power Agency Public Power Revenue Refunding Bonds, Hydroelectric Project No. 1, Prerefunded, Series A, 8%, 7/1/96(2) 1,000,000 1,040,610 ---------------------------------------------------------------------------------------------------------------------- Oakland, California Redevelopment Agency Refunding Tax Allocation Bonds, Central District Redevelopment Project, Prerefunded, AMBAC Insured, 7.50%, 2/1/96(2) 1,250,000 1,278,174 ---------------------------------------------------------------------------------------------------------------------- Oceanside, California Multifamily Revenue Bonds, Lakeridge Apts. Project, 5.45%(1) 1,800,000 1,800,000 ---------------------------------------------------------------------------------------------------------------------- Palm Springs, California Community Redevelopment Agency Certificates of Participation, Headquarters Hotel, Series 7, 4.80%(1) 400,000 400,000 ---------------------------------------------------------------------------------------------------------------------- Pittsburg, California Mtg. Obligation Gtd. Revenue Bonds, Series A, 4.05%(1) 3,000,000 3,000,000 ---------------------------------------------------------------------------------------------------------------------- Sacramento, California Municipal Utility District Tax-Exempt Commercial Paper, 3.50%, 1/19/96(2) 6,000,000 6,000,000 ---------------------------------------------------------------------------------------------------------------------- San Bernardino County, California Housing Authority Multifamily Housing Revenue Refunding Bonds, Arrowview Park Apts. Project, Series A, 5.40%(1) 4,130,000 4,130,000 ---------------------------------------------------------------------------------------------------------------------- San Diego County, California Industrial Development Revenue Refunding Bonds, San Diego Gas & Electric Co. Project, 3.35%, 3/8/96 1,500,000 1,500,000 ---------------------------------------------------------------------------------------------------------------------- San Diego County, California Regional Transportation Commission Second Senior Sales Tax Revenue Bonds, Series A, FGIC Insured, 4.75%, 4/1/96 5,000,000 5,009,404 ---------------------------------------------------------------------------------------------------------------------- San Diego, California Multifamily Housing Revenue Refunding Bonds, Coral Point Apts. Project, Series A, 5.40% 2,500,000 2,500,000 ---------------------------------------------------------------------------------------------------------------------- San Marcos, California Redevelopment Agency Multifamily Housing Bonds, San Marcos Retirement Village Project, 4.187%(1) 2,500,000 2,500,000 ---------------------------------------------------------------------------------------------------------------------- Visalia, California Industrial Development Revenue Bonds, Akers West Assn., 5.25%(1) 1,150,000 1,150,000 ---------------------------------------------------------------------------------------------------------------------- West & Central Basin California Finance Authority Tax & Revenue Anticipation Nts., 3.45%, 1/22/96(2) 2,500,000 2,500,000 ---------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE 97.9% 101,398,823 ---------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 2.1 2,144,779 ------------- ------------- NET ASSETS 100.0% $103,543,602 ============= =============
4 --------------------------------------------------------------------- STATEMENT OF INVESTMENTS (Continued) Centennial California Tax Exempt Trust - -------------------------------------------------------------------------------- 1. Floating or variable rate obligation maturing in more than one year. The interest rate, which is based on specific, or an index of, market interest rates, is subject to change periodically and is the effective rate on December 31, 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
STATEMENT OF ASSETS AND LIABILITIES December 31, 1995(Unaudited) Centennial California Tax Exempt Trust ================================================================================================================================== ASSETS Investments, at value - see accompanying statement $101,398,823 -------------------------------------------------------------------------------------------------- Cash 148,730 -------------------------------------------------------------------------------------------------- Receivables: Shares of beneficial interest sold 1,805,958 Interest 1,331,500 -------------------------------------------------------------------------------------------------- Other 13,443 ----------------- Total assets 104,698,454 ================================================================================================================================== LIABILITIES Payables and other liabilities: Shares of beneficial interest redeemed 1,072,525 Service plan fees 51,333 Dividends 846 Transfer and shareholder servicing agent fees 844 Other 29,304 ----------------- Total liabilities 1,154,852 ================================================================================================================================== NET ASSETS $103,543,602 ----------------- ----------------- ================================================================================================================================== COMPOSITION OF Paid-in capital $103,541,404 NET ASSETS -------------------------------------------------------------------------------------------------- Accumulated net realized gain on investment transactions 2,198 -------------------------------------------------------------------------------------------------- Net assets - applicable to 103,541,404 shares of beneficial interest outstanding $103,543,602 ----------------- ----------------- ================================================================================================================================== NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE $1.00
See accompanying Notes to Financial Statements. 6
STATEMENT OF OPERATIONS For the Six Months Ended December 31, 1995 (Unaudited) Centennial California Tax Exempt Trust ================================================================================================================================== INVESTMENT INCOME Interest $2,059,051 ================================================================================================================================== EXPENSES Management fees - Note 3 264,202 -------------------------------------------------------------------------------------------------- Service plan fees - Note 3 104,903 -------------------------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees - Note 3 17,859 -------------------------------------------------------------------------------------------------- Shareholder reports 11,078 -------------------------------------------------------------------------------------------------- Custodian fees and expenses 8,313 -------------------------------------------------------------------------------------------------- Legal and auditing fees 5,004 -------------------------------------------------------------------------------------------------- Registration and filing fees 2,921 -------------------------------------------------------------------------------------------------- Insurance expenses 1,549 -------------------------------------------------------------------------------------------------- Trustees' fees and expenses 759 -------------------------------------------------------------------------------------------------- Other 192 ----------- Total expenses 416,780 ================================================================================================================================== NET INVESTMENT INCOME 1,642,271 ================================================================================================================================== NET REALIZED GAIN ON INVESTMENTS 13,762 ================================================================================================================================== NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $1,656,033 ----------- -----------
================================================================================
STATEMENTS OF CHANGES IN NET ASSETS SIX MONTHS ENDED YEAR ENDED DECEMBER 31, 1995 JUNE 30, (UNAUDITED) 1995 ================================================================================================================================== OPERATIONS Net investment income $ 1,642,271 $ 2,133,906 -------------------------------------------------------------------------------------------------- Net realized gain (loss) 13,762 (11,564) ------------------------------ Net increase in net assets resulting from operations 1,656,033 2,122,342 ================================================================================================================================== DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (1,642,271) (2,133,965) ================================================================================================================================== BENEFICIAL INTEREST Net increase in net assets resulting from TRANSACTIONS beneficial interest transactions - Note 2 11,212,005 31,953,795 ================================================================================================================================== NET ASSETS Total increase 11,225,767 31,942,172 -------------------------------------------------------------------------------------------------- Beginning of period 92,317,835 60,375,663 ------------------------------ End of period $103,543,602 $92,317,835 ------------------------------ ------------------------------
See accompanying Notes to Financial Statements. 7
FINANCIAL HIGHLIGHTS Centennial California Tax Exempt Trust Six Months Ended December 31, Year Ended June 30, 1995 -------------------------------------------------------------------- (Unaudited) 1995 1994 1993 1992 1991 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ 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 .02 .03 .02 .02 .03 .04 Dividends and distributions to shareholders (.02) (.03) (.02) (.02) (.03) (.04) - -------------------------------------------------=================================================================================== Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 =================================================================================== - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE(1) 1.57% 3.00% 1.82% 2.00% 3.29% 4.79% - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $103,544 $92,318 $60,376 $58,079 $48,483 $32,337 - ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $104,836 $71,278 $65,520 $56,082 $40,684 $16,150 - ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: Net investment income 3.11%(2) 2.99% 1.79% 1.90% 3.13% 4.09% Expenses, before voluntary assumption by the Manager N/A 0.83% 0.87% 0.86% 0.91% 1.09% Expenses, net of voluntary assumption by the Manager 0.79%(2) 0.80% 0.80% 0.80% 0.80% 0.84%
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 calcu- lated 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. 2. Annualized. See accompanying Notes to Financial Statements. 8 NOTES TO FINANCIAL STATEMENTS (Unaudited) 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 in 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:
SIX MONTHS ENDED DECEMBER 31, 1995 YEAR ENDED JUNE 30, 1995 ------------------------------------ ------------------------------------- SHARES AMOUNT SHARES AMOUNT Sold 180,835,498 $ 180,835,498 279,468,671 $ 279,468,671 Dividends and distributions 1,729,328 1,729,328 2,013,397 2,013,397 reinvested Redeemed (171,352,821) (171,352,821) (249,528,273) (249,528,273) ------------------------------------ ------------------------------------- Net increase 11,212,005 $ 11,212,005 31,953,795 $ 31,953,795 ==================================== =====================================
9 NOTES TO FINANCIAL STATEMENTS (Unaudited)(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 .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 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 .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. During the six months ended December 31, 1995, the Trust paid $455 to a broker/dealer affiliated with the Manager as reimbursement for distribution-related expenses. 10 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 Raymond J. Kalinowski, Trustee C. Howard Kast, Trustee Robert M. Kirchner, Trustee Bridget A. Macaskill, Trustee and President 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. The financial statements included herein have been taken from the records of the Trust without examination by the independent auditors. 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 11 -----END PRIVACY-ENHANCED MESSAGE-----