Dear Centennial California Tax Exempt Trust Shareholder:

We are pleased to provide you with the 1993 semi-annual report for Centennial
California Tax Exempt Trust.

During the six-month period ended December 31, 1993, the Trust's compounded
annualized yield was 1.81%. This equates to 3.14% for investors in the 42.40%
combined effective federal and California state income tax bracket. The
corresponding yield without compounding was 1.79%. The seven-day annualized
yields with and without compounding at December 31, 1993 were 2.03% and
2.01%, respectively.

In general, the municipal bond market has performed very well throughout
1993. The U.S. economy has remained in a slow growth mode; interest rates
have remained in a relatively low range despite occasional periods of
volatility; and investors have sought out investments in the tax-exempt
market in increasing numbers since the passage of the Clinton
Administration's tax package. All of these factors have combined to generate
above-average performance.

Municipal securities with maturities of six to twelve months have frequently
offered a significant advantage, on an after-tax basis, over equivalent
taxable investments. Accordingly, we have maintained a relatively long
average maturity in the Trust's portfolio to generate higher yields.

This strategy left the Trust in a well-protected position when, in late
November and early December, the short-term tax-exempt market experienced a
dramatic influx of investment dollars that temporarily drove rates down to
abnormally low levels. We expect these artificially low rates to persist
through the end of January. At that point, we expect short-term tax-exempt
rates to firm somewhat, as the imbalance between supply and demand eases.
With an average maturity of 68 days, the Trust has been able to provide
attractive yields even during this interim period of artificially low rates,
and will be in an excellent position to capitalize on higher rates in the
first quarter of 1994.

To ensure stability of principal, the Trust's managers continue to emphasize
high quality short-term tax-exempt investments.

We will continue to monitor the interest rate environment on a day-to-day
basis, to seek the best possible position for the Trust. We look forward to
serving your investment needs in the future.



(Signature James C. Swain)
James C. Swain
Chairman--Centennial California      
Tax Exempt Trust



(Signature Jon S. Fossel)
Jon S. Fossel
President--Centennial California      
Tax Exempt Trust

January 21, 1994



Statement of Investments December 31, 1993 (Unaudited)
Centennial California Tax Exempt Trust



									       Face           Market
									      Amount    Value-Note 1
                                                                                     
Municipal Bonds and Notes-99.5%
California-99.5%
Anaheim, California Electric Revenue Anticipation Nts.,
  2.55%, 1/27/94   ....................................................     $2,000,000     2,000,000
California Health Facilities Financing Authority Revenue Bonds:
  Health Dimensions, Inc., Series A, 2.75%, 2/1/94 (2) ................      2,000,000     2,000,000
  Huntington Memorial Hospital, 2.75% (1) .............................        800,000       800,000
  Kaiser Permanente Medical, Series A, 2.70%, 2/15/94 (2) .............      5,915,000     5,914,976
  Scripps Memorial Hospital, Series A, MBIA Insured, 2.75% (1) ........        500,000       500,000
California Pollution Control Financing Authority:
  Revenue Bonds:
    Chevron Chemical Co. Project, 2.85%, 11/15/94 (2) .................      2,275,000     2,275,000
    Chevron USA, Inc. Project, 2.85%, 11/15/94 (2) ....................        500,000       500,000
    San Diego Gas & Electric, 2.90%, 9/1/94 (2) .......................      4,000,000     4,000,000
    Southern California Edison, Series C, 2.35%, 3/9/94 ...............      2,000,000     2,000,000
  Revenue Refunding Bonds, Pacific Gas & Electric Co., Series C:
    2.45%, 1/14/94  ...................................................      2,700,000     2,700,000
    2.50%, 2/18/94  ...................................................      2,000,000     2,000,000
  Solid Waste Disposal Revenue Bonds, Thermal Energy
    Development Project, Series A, 2.25%, 2/10/94 .....................      1,000,000     1,000,000
California State Customer Receipts General Obligation Bonds:
  Series A-3, MBIA Insured, 3.50% (1) .................................        800,000       800,000
  MBIA Insured, 2.85%, 5/1/94 (2)......................................      1,000,000     1,000,000
Costa Mesa, California Certificates of Participation,
  Orange County Performing Arts Center, 3.024% (1) ....................      1,280,000     1,280,000
Fairfield, California Industrial Development Revenue Bonds,
  Herman G. Rowland, 3.024% (1) .......................................      1,150,000     1,150,000
First Nationwide Bank of Sacramento, California Multifamily
  Housing Revenue Bonds, Grantor Trust, Series 1991-1,
  Class K, 2.95% (1) ..................................................      1,000,000     1,000,000
Long Beach, California Memorial Health Services Revenue Bonds:
  Series A, 2.70%, 5/15/94 (2) ........................................      1,000,000     1,000,000
  Series D, 2.70%, 3/1/94 (2) .........................................      2,150,000     2,150,000
Los Angeles, California Multifamily Housing Revenue Refunding
  Nts., Series C, 2.95%, 1/7/94 (2) ...................................      4,000,000     4,000,000
Los Angeles County, California Housing Authority Revenue Bonds,
  Park Sierra Project, 3.15% (1) ......................................      2,000,000     2,000,000
Los Angeles County, California Transportation Commission
  Revenue Bonds, Second Subordinated Sales Tax, 2.50%,
  4/7/94 ..............................................................      2,000,000     2,000,000
Northern California Power Agency Public Power Revenue Bonds,
   11.50%, 7/1/94 (2) .................................................      3,790,000     4,051,061
Ontario, California Multifamily Revenue Bonds, Mortgage
  Residential Park Centre, Series A, 2.90% (1) ........................      2,400,000     2,400,000






Statement of Investments (Unaudited) (Continued)
Centennial California Tax Exempt Trust



									       Face           Market
									      Amount    Value-Note 1
                                                                                  
Municipal Bonds and Notes (Continued)
California (Continued)
Orange County, California Local Transportation Authority
  Sales Tax Revenue Bonds, 2.15%, 4/4/94 ..............................   $ 2,000,000    $ 2,000,000
Palm Springs, California Community Redevelopment Agency
  Certificates of Participation, Headquarters Hot, Series 7,
  3.05% (1) ...........................................................       500,000        500,000
Sacramento, California Municipal Utility District Electric Revenue
  Refunding Bonds:
  2.35%, 3/8/94 .......................................................     2,000,000      2,000,000
  2.35%, 3/9/94 .......................................................     2,150,000      2,150,000
San Diego, California Multifamily Housing Revenue Refunding
  Bonds, Coral Park Apartments Project, Series A, 3.75% (1) ...........     2,500,000      2,500,000
San Francisco, California City and County Multifamily Housing
  Authority Revenue Bonds, Winterland Project, Series 85-C,
  3% (1) ..............................................................     1,200,000      1,200,000
San Francisco, California City and County Redevelopment
  Agency Multifamily Revenue Refunding Bonds, Fillmore
  Center Housing, Series A-1, 3% (1) ..................................       500,000        500,000
San Marcos, California Redevelopment Agency Multifamily
  Housing Bonds, San Marcos Retirement Village Project,
  3.55% (1) ...........................................................     2,500,000      2,500,000
Southern California Public Power Authority Subordinated
  Revenue Refunding Bonds, Southern Transmission Project,
  AMBAC Insured, 3.05% (1) ............................................       700,000        700,000
Stockton, California Industrial Development Authority Revenue
  Bonds, Citation Circuit Co., 3.08% (1) ..............................       375,000        375,000
Visalia, California Industrial Development Revenue Bonds,
  Akers West Associates, 3.40% (1) ....................................       650,000        650,000

Total Investments, at Value (Cost $63,596,037) ........................          99.5%    63,596,037
Other Assets Net of Liabilities .......................................            .5        312,807

Net Assets ............................................................         100.0%    63,908,844


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, 1993. A demand feature 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.


		  4




Statement of Assets and Liabilities December 31, 1993 (Unaudited) 
Centennial California Tax Exempt Trust

                                                                           
ASSETS:
Investments, at value (cost $63,596,037) - see 
  accompanying statement. . . . . . . . . . . . . . . . . . . . . . . . . . . $63,596,037 
Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  40,577 
Receivables:
  Shares of beneficial interest sold. . . . . . . . . . . . . . . . . . . . . .   710,185 
  Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   528,262 
Deferred organization costs . . . . . . . . . . . . . . . . . . . . . . . . . .     5,781 
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    12,269 
    Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .64,893,111 

LIABILITIES:
Payables and other liabilities:
  Shares of beneficial interest redeemed. . . . . . . . . . . . . . . . . . . .   901,928 
  Distribution assistance - Note 3. . . . . . . . . . . . . . . . . . . . . . .    32,477 
  Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       413 
  Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    49,449 
    Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   984,267 

NET ASSETS  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $63,908,844 

COMPOSITION OF NET ASSETS:
Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $63,908,809 
Accumulated net realized gain from investment 
  transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          35 

NET ASSETS - Applicable to 63,908,809 shares of 
  beneficial interest outstanding . . . . . . . . . . . . . . . . . . . . . . $63,908,844 

NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE 
  PER SHARE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       $1.00 





See accompanying Notes to Financial Statements.



Statement of Operations For the Six Months Ended December 31, 1993 
  (Unaudited)
Centennial California Tax Exempt Trust

                                                                                    
INVESTMENT INCOME - Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 815,977

EXPENSES:
Management fees - Note 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  157,329
Distribution assistance - Note 3. . . . . . . . . . . . . . . . . . . . . . . . . . . .   63,650
Custodian fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   18,400
Transfer and shareholder servicing agent fees 
  - Note 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   16,908
Shareholder reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   10,228
Legal and auditing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    5,190
Registration and filing fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    2,951
Trustees' fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      920
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    3,669
    Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  279,245
Less assumption of expenses by Centennial Asset 
  Management Corporation - Note 3 . . . . . . . . . . . . . . . . . . . . . . . . . . .  (27,499)

    Net expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  251,746

NET INVESTMENT INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  564,231

NET REALIZED GAIN ON INVESTMENTS. . . . . . . . . . . . . . . . . . . . . . . . . . . .       56

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS. . . . . . . . . . . . . . . . . .$ 564,287







See accompanying Notes to Financial Statements.




Statements of Changes in Net Assets
Centennial California Tax Exempt Trust



												     
								 Six Months Ended         Year Ended 
								December 31, 1993           June 30, 
								   (Unaudited)               1993    
                                                                                   
OPERATIONS: 
Net investment income . . . . . . . . . . . . . . . . . . . . .    $   564,231           $ 1,066,789 
Net realized gain on investments. . . . . . . . . . . . . . . .             56                 4,381 
Net increase in net assets resulting 
   from operations. . . . . . . . . . . . . . . . . . . . . . .        564,287             1,071,170 

DIVIDENDS AND DISTRIBUTIONS TO 
SHAREHOLDERS  . . . . . . . . . . . . . . . . . . . . . . . .         (567,167)           (1,066,789)

BENEFICIAL INTEREST TRANSACTIONS:
Net increase in net assets resulting 
   from beneficial interest 
   transactions - Note 2. . . . . . . . . . . . . . . . . . . .      5,832,791             9,591,873 


NET ASSETS:
Total increase  . . . . . . . . . . . . . . . . . . . . . . . .      5,829,911             9,596,254 
Beginning of period . . . . . . . . . . . . . . . . . . . . . .     58,078,933            48,482,679 
End of period . . . . . . . . . . . . . . . . . . . . . . . . .    $63,908,844           $58,078,933 





See accompanying Notes to Financial Statements.




Financial Highlights
Centennial California Tax Exempt Trust



						      Six Months Ended 
						      December 31, 1993          Year Ended June 30,     
							 (Unaudited)   1993      1992     1991    1990(1)
                                                                                         
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. . . . . . . . . . . . . . . . . . . .     .01         .02       .03      .04    .003   
Dividends and distributions to shareholders . . . . . .    (.01)       (.02)     (.03)    (.04)  (.003)  
Net asset value, end of period. . . . . . . . . . . . .   $1.00       $1.00     $1.00    $1.00   $1.00   
  
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands). . . . . . . . $63,909     $58,079   $48,483  $32,337  $2,018   
Average net assets (in thousands) . . . . . . . . . . . $62,746     $56,082   $40,684  $16,150  $1,914   
Number of shares outstanding at end of period
  (in thousands). . . . . . . . . . . . . . . . . . . .  63,909      58,076    48,484   32,337   2,018   
Ratios to average net assets:
  Net investment income . . . . . . . . . . . . . . . .    1.79%(2)    1.90%     3.13%    4.09%   6.29%(2)
Expenses, before voluntary assumption by the Manager. .     .88%(2)     .86%      .91%    1.09%   2.53%(2)
  Expenses, net of voluntary assumption by the Manager.     .80%(2)     .80%      .80%     .84%    .90%(2)


1.  For the period from June 12, 1990 (commencement of operations) to June 30, 1990. 
2.  Annualized.










See accompanying Notes to Financial Statements.





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 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 Income 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 tax provision is required.

Organization Costs - The Manager advanced $18,743 for organization and start-up
costs of the Trust.  Such expenses are being amortized over a five-year period 
from the date operations commenced.  In the event that all or part of the
Manager's initial investment in shares of the Trust is withdrawn during the
amortization period, the redemption proceeds will be reduced to reimburse the
Trust for any unamortized expenses, in the same ratio as the number of shares
redeemed bears to the number of initial shares outstanding at the time of
such redemption.

Distributions to Shareholders - The Trust intends to declare dividends from net
investment income each regular business day 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.












Notes to Financial Statements (Unaudited) (continued)
Centennial California Tax Exempt Trust



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                          Year Ended  
			       December 31, 1993                        June 30, 1993
			    Shares          Amount           Shares           Amount
                                                            
Sold. . . . . . . . .  110,977,464    $110,977,464      193,288,887     $193,288,887
Dividends and  
distributions 
reinvested. . . . . .      586,885         586,885        1,045,494        1,045,494 
Redeemed. . . . . . . (105,731,558)   (105,731,558)    (184,742,508)    (184,742,508)
 Net increase            5,832,791    $  5,832,791        9,591,873     $  9,591,873 



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 an annual fee of .50% on
the first $250 million of 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 amounts paid to brokers, dealers, banks and other
institutions for costs incurred in distributing shares of the Trust. 





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
Lynn M. Coluccy, 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

Legal Counsel
Myer, Swanson & Adams, 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:
1-800-525-7048 (in U.S.)
303-671-3200 (outside U.S.)

Or write:
Shareholder Services, Inc.
P.O. Box 5270
Denver, CO 80217-5270