-----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, M9cXrwkrsdMBMxrJhHMElimr36A808fVyp0rB3YigTe4CGm8VHirb9UTOZqQTvuS Xx8lZYYeMmN//UjC+XTIHw== 0000935069-08-002713.txt : 20081124 0000935069-08-002713.hdr.sgml : 20081124 20081121195653 ACCESSION NUMBER: 0000935069-08-002713 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080930 FILED AS OF DATE: 20081124 DATE AS OF CHANGE: 20081121 EFFECTIVENESS DATE: 20081124 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTENNIAL CALIFORNIA TAX EXEMPT TRUST CENTRAL INDEX KEY: 0000854437 IRS NUMBER: 841121370 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05871 FILM NUMBER: 081208928 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 0000854437 S000004498 CENTENNIAL CALIFORNIA TAX EXEMPT TRUST C000012372 A N-Q 1 rq180_50215nq.txt RQ180_50215NQ 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 811-05871 --------- Centennial California Tax Exempt Trust -------------------------------------- (Exact name of registrant as specified in charter) 6803 South Tucson Way, Centennial, Colorado 80112-3924 ------------------------------------------------------ (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. Two World Financial Center, New York, New York 10281-1008 --------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 -------------- Date of fiscal year end: June 30 ------- Date of reporting period: 09/30/2008 ---------- ITEM 1. SCHEDULE OF INVESTMENTS. Centennial California Tax Exempt Trust STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Value ----------- ------------ SHORT-TERM TAX-EXEMPT OBLIGATIONS--99.2% CALIFORNIA--96.2% Alameda, CA PFAU RRB, Alameda Point Improvement Project, Series 2003A, 7.90%(1) $ 1,000,000 $ 1,000,000 CA ABAG FAU RB, Santa Cruz Montessori School, Series 2007, 8%(1) 600,000 600,000 CA ABAG FAU RB, The Wright Institute, Series 2001, 7.20%(1) 3,000,000 3,000,000 CA ABAG FAU RB, YMCA San Francisco, Series 2004, 7.05%(1) 100,000 100,000 CA Dept. of Water Resources Power Supply RB, Series C-12, 8.80%(1) 850,000 850,000 CA Dept. of Water Resources Power Supply RB, Series C-7, 7.50%(1) 5,500,000 5,500,000 CA EDLFA Pepperdine University RRB, Eclipse Funding Trust Solar Eclipse Certificates-Series 2006-0065, 4.31%(1, 2) 2,200,000 2,200,000 CA GOUN, MSTFC Series 2006-2178, 4.76%(1, 2) 6,091,000 6,091,000 CA GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DBE-637, 4.10%(1, 2) 13,000,000 13,000,000 CA GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DBE-648, 4.12%(1, 2) 3,627,000 3,627,000 CA HFA Home Mtg. RRB, PTTR, Series 3103, 7.52%(1, 2) 5,645,000 5,645,000 CA HFFAU RB, Northern CA Presbyterian Homes, 7.50%(1) 200,000 200,000 CA PCFAU SWD RB, Garden City Sanitation, Series A, 8.55%(1) 2,420,000 2,420,000 CA PCFAU SWD RB, George Borba & Son Dairy Project, 8.58%(1) 3,800,000 3,800,000 CA PCFAU SWD RB, Greenwaste Recovery, Inc. Project, Series 2007A, 8.55%(1) 3,190,000 3,190,000 CA PCFAU SWD RB, Greenwaste Recovery, Inc. Project, Series A, 8.55%(1) 1,680,000 1,680,000 CA PCFAU SWD RB, Marin San Services Project, Series A, 8.55%(1) 1,300,000 1,300,000 CA PCFAU SWD RB, Penas Disposal, Inc. Project, Series A, 8.55%(1) 1,255,000 1,255,000 CA PCFAU SWD RB, Sunset Waste Paper, Inc. Project, 8.55%(1) 2,750,000 2,750,000 CA PCFAU SWD RB, Sunset Waste Paper, Inc. Project, Series A, 8.55%(1) 1,905,000 1,905,000 CA PCFAU SWD RB, Vanderham/J&D Wilson Dairy Project, Series 2004, 8.58%(1) 2,500,000 2,500,000 CA RB, SPEARS Deutsche Bank/Lifers Trust-Series DB-477, 3.72%(1, 2) 3,625,000 3,625,000 CA REF GOUN, P-Floats Series PT-4166, 4.01%(1, 2) 4,960,000 4,960,000 CA SCDAU MH RB, PTTR, IAC Project, Series 2681, 7.96%(1, 2) 500,000 500,000 CA SCDAU MH RRB, PTTR, IAC Project, Series 2680, 7.96%(1,2) 10,000,000 10,000,000 CA SCDAU RB, House Ear Institute Project, Series 2007, 7.97%(1) 7,910,000 7,910,000 Contra Costa Cnty., CA HAU MH RRB, Lakeshore Apts., 7.30%(1) 540,000 540,000
1 | Centennial California Tax Exempt Trust Centennial California Tax Exempt Trust STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Value ----------- ------------ SHORT-TERM TAX-EXEMPT OBLIGATIONS CONTINUED CALIFORNIA CONTINUED East Bay, CA MUD WS RRB, Alameda & Contra Costa Cntys., Subseries B, 8.30%(1) $ 3,500,000 $ 3,500,000 Foothill-De Anza, CA Community College District GOUN, MSTFC Series 2006-1844, 4.61%(1, 2) 4,950,000 4,950,000 Foothill/Eastern Corridor Agency, CA Toll Road RB, Sr. Lien, Series A, 7.05%, 1/1/09 5,000,000 5,050,389 Irvine, CA USD SPTX Bonds, Austin Trust Certificates-Series BOA 315, 4.75%(1, 2) 6,000,000 6,000,000 Long Beach, CA FAU Lease RB, Long Beach Museum of Art, Series 1999, 8%(1) 710,000 710,000 Los Angeles, CA Community RA MH RRB, Promenade Towers Project, Series 2000, 7.05%(1) 575,000 575,000 Los Angeles, CA COP, Loyola High School, Series 2005A, 8%(1) 450,000 450,000 Los Angeles, CA COP, Windward School, Series 2007A, 8%(1) 500,000 500,000 Los Angeles, CA MTAU Proposition C Sales Tax RB, Series A, 1.50%, 12/4/08 2,500,000 2,500,000 Los Angeles, CA Municipal Improvement Corp. RB, Series A-1&2, 1.52%, 10/9/08 1,000,000 1,000,000 Los Angeles, CA Municipal Improvement Corp. RB, Series A-1&2, 1.60%, 11/21/08 2,000,000 2,000,000 Los Angeles, CA Municipal Improvement Corp. RB, Series A-1&2, 1.64%, 1/8/09 1,000,000 1,000,000 Los Angeles, CA Municipal Improvement Corp. RB, Series A-1&2, 1.60%, 11/3/08 1,750,000 1,750,000 Los Angeles, CA Wastewater System RB, Reset Option Certificates II-R Trust-Series 10270, 4.59%(1, 2) 1,000,000 1,000,000 Modesto, CA MH RRB, Valley Oak Project, Series 2008A, 7.05%(1) 2,000,000 2,000,000 Northstar Community Housing Corp. CA RB, MH Project, Series 2006A, 8.05%(1) 3,000,000 3,000,000 Orange Cnty., CA Apt. Development RRB, Villas Aliento, Series E, 7.05%(1) 700,000 700,000 Orange Cnty., CA Teeter Plan Obligations, Series 2008A, 1.48%, 10/20/08 5,000,000 5,000,000 Petaluma, CA Community Development Commision MH RB, Oakmont at Petaluma Project, Series 1996A, 8.40%(1) 500,000 500,000 Riverside Cnty., CA Transportation Commission RB, Series A, 1.43%, 1/2/09 1,000,000 1,000,000 Riverside Cnty., CA Transportation Commission RB, Series B, 1.55%, 11/13/08 1,022,000 1,022,000 Riverside, CA Transportation Commission RB, 1.50%, 1/8/09 500,000 500,000 Riverside, CA Transportation Commission RB, Series A, 1.50%, 1/8/09 1,000,000 1,000,000 Roseville, CA Joint Union High SDI COP, Series 2003, 8.15%(1) 1,165,000 1,165,000 Sacramento Cnty., CA HAU MH RB, Reset Option Certificates II-R Trust-Series 10010CE, 5.42%(1, 2) 3,000,000 3,000,000 Sacramento Cnty., CA HAU MH RB, Reset Option Certificates II-R Trust-Series 823CE, 6.04%(1, 2) 1,080,000 1,080,000
2 | Centennial California Tax Exempt Trust Centennial California Tax Exempt Trust STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Value ----------- ------------ SHORT-TERM TAX-EXEMPT OBLIGATIONS CONTINUED CALIFORNIA CONTINUED Sacramento, CA MUD RB, Series J, 1.47%, 12/1/08 $ 4,000,000 $ 4,000,000 San Diego Cnty., CA COP, Friends of Chabad Lubavitch Project, 7.05%(1) 845,000 845,000 San Diego, CA Public Facilities Water RB, PTTR, Series 2595, 5.25%(1, 2) 1,800,000 1,800,000 San Francisco City & Cnty., CA PUC RB, Wastewater, 1.50%, 11/10/08 2,500,000 2,500,000 San Francisco City & Cnty., CA PUC RB, Wastewater, 1.50%, 12/11/08 2,000,000 2,000,000 San Francisco City & Cnty., CA RA RB, CFD No. 4 Mission Bay North, 8%(1) 650,000 650,000 San Joaquin, CA Transportation Authority Sales Tax RB, 1.45%, 11/10/08 2,500,000 2,500,000 Turlock, CA Irrigation District RB, Series A, 1.45%, 10/8/08 1,000,000 1,000,000 Upland, CA HAU MH RRB, Upland Village Green Project Series 2002, 7.05%(1) 3,370,000 3,370,000 Vacaville, CA MH Mtg. RB, Quail Run Project, Series 1988A, 7.50%(1) 700,000 700,000 Vacaville, CA USD GOUN, Eclipse Funding Trust Solar Eclipse Certificates-Series 2007-0079, 4.40%(1, 2) 10,285,000 10,285,000 Venture Cnty., CA PFAU Lease RB, 1.65%, 10/3/08 2,500,000 2,500,000 Victorville, CA Joint Powers FAU Lease RRB, CoGeneration Facilities, Series 2007A, 7.88%(1) 11,000,000 11,000,000 Walnut Creek, CA MH RB, Creekside Drive, Series 1985, 7.05%(1) 1,285,000 1,285,000 Yosemite, CA Community College District GOUN, Reset Option Certificates II-R Trust-Series 12225, 4.95%(1, 2) 1,500,000 1,500,000 ------------ 187,035,389 ------------ U.S. POSSESSIONS--3.0% Puerto Rico EPAU RRB, Dexia Credit Local Certificates Trust-Series 2008-013, 4.65%(1, 2) 2,495,000 2,495,000 Puerto Rico EPAU RRB, Municipal Trust Securities, Series 2006, 4.14%(1, 2) 2,000,000 2,000,000 Puerto Rico Sales Tax Finance Corp. RRB, SPEARS Deutsche Bank/Lifers Trust-Series DBE-627, 4.03%(1, 2) 1,295,000 1,295,000 ------------ 5,790,000 ------------ TOTAL INVESTMENTS, AT VALUE (COST $192,825,389) 99.2% 192,825,389 OTHER ASSETS NET OF LIABILITIES 0.8 1,479,970 ----------- ------------ Net Assets 100.0% $194,305,359 =========== ============
Footnotes to Statement of Investments 3 | Centennial California Tax Exempt Trust Centennial California Tax Exempt Trust STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE BELOW: ABAG Association of Bay Area Governments CFD Community Facilities District COP Certificates of Participation EDLFA Educational Facilities Authority EPAU Electric Power Authority FAU Finance Authority GOUN General Obligation Unlimited Nts. HAU Housing Authority HFA Housing Finance Agency/Authority HFFAU Health Facilities Finance Authority MH Multifamily Housing MSTFC Morgan Stanley & Co., Inc. Trust Floater Certificates MTAU Metropolitan Transportation Authority MUD Municipal Utility District P-Floats Puttable Floating Option Tax Exempt Receipts PCFAU Pollution Control Finance Authority PFAU Public Finance Authority PTTR Puttable Tax Exempt Receipts PUC Public Utilities Commission RA Redevelopment Agency/Authority RB Revenue Bonds REF Refunding RRB Revenue Refunding Bonds SCDAU Statewide Communities Development Authority SDI School District SPEARS Short Puttable Exempt Adjustable Receipts SPTX Special Tax SWD Solid Waste Disposal USD Unified School District WS Water 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, 2008. 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 $85,053,000 or 43.77% of the Trust's net assets as of September 30, 2008. VALUATION INPUTS Various data inputs are used in determining the value of each of the Trust's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobervable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Trust's investments was determined based on the following inputs as of September 30, 2008:
INVESTMENTS IN OTHER FINANCIAL VALUATION DESCRIPTION SECURITIES INSTRUMENTS* - -------------------------------------------- -------------- --------------- Level 1--Quoted Prices $ -- $-- Level 2--Other Significant Observable Inputs 192,825,389 -- Level 3--Significant Unobservable Inputs -- -- ------------ --- Total $192,825,389 $-- ============ ===
4 | Centennial California Tax Exempt Trust Centennial California Tax Exempt Trust STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited * Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Trust at that date. Options and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE TRUST'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The net asset value of shares of the Trust is normally determined twice each day, at 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. Securities are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures approved by the Trust's Board of Trustees. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Trust is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1", inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3". The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Trust's investments under these levels of classification is included following the Statement of Investments. "Money market-type" instruments are typically designated as Level 2. In the absence of a readily available quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Trust's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. CONCENTRATION RISK. There are certain risks arising from geographic concentration in any state. Certain economic, regulatory or political developments occurring in the state may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations. 5 | Centennial California Tax Exempt Trust Centennial California Tax Exempt Trust STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited RECENT ACCOUNTING PRONOUNCEMENT In March 2008, the Financial Accounting Standards Board ("FASB") issued Statement on Financial Accounting Standards ("SFAS") No. 161, DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Trust uses derivative instruments, how these activities are accounted for, and their effect on the Trust's financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Trust's financial statements and related disclosures. 6 | Centennial California 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 09/30/2008, 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 California Tax Exempt Trust By: /s/ John V. Murphy --------------------------------- John V. Murphy Principal Executive Officer Date: 11/11/2008 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: 11/11/2008 By: /s/ Brian W. Wixted --------------------------------- Brian W. Wixted Principal Financial Officer Date: 11/11/2008 EX-99.CERT 2 rq180_50215cert302.txt RQ180_50215CERT302 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, John V. Murphy, certify that: 1. I have reviewed this report on Form N-Q of Centennial California Tax Exempt Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ John V. Murphy - ------------------------------------- John V. Murphy Principal Executive Officer Date: 11/11/2008 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: 1. I have reviewed this report on Form N-Q of Centennial California Tax Exempt Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ Brian W. Wixted - ------------------------------------- Brian W. Wixted Principal Financial Officer Date: 11/11/2008 -----END PRIVACY-ENHANCED MESSAGE-----