-----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, ERclfUjU3rrXbIUCo018OKyTsDWTwh52+A93bbJl4BZQ7i71zhLe4bsrpMXbCgag slCzDvLJph/tPdHQaZvLiA== /in/edgar/work/20000908/0000837278-00-000005/0000837278-00-000005.txt : 20000922 0000837278-00-000005.hdr.sgml : 20000922 ACCESSION NUMBER: 0000837278-00-000005 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000908 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTENNIAL NEW YORK TAX EXEMPT TRUST CENTRAL INDEX KEY: 0000837278 STANDARD INDUSTRIAL CLASSIFICATION: [0000 ] IRS NUMBER: 133481209 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-05584 FILM NUMBER: 718794 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: ENGLEWOOD STATE: CO ZIP: 80112 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 3410 S GALENA ST STREET 2: 3410 S GALENA ST CITY: DENVER STATE: CO ZIP: 80231 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER NEW YORK TAX EXEMPT CASH RESERVES DATE OF NAME CHANGE: 19900530 N-30D 1 0001.txt CENTENNIAL NEW YORK TAX EXEMPT TRUST - AR Annual Report Centennial New York Tax Exempt Trust June 30, 2000 Blank inside front cover James C. Swain Chairman Centennial New York Tax Exempt Trust Bridget A. Macaskill President Centennial New York Tax Exempt Trust Dear Shareholder: For the fiscal year that ended June 30, 2000, a hale and hardy economy--and persistent concern that rapid economic growth might trigger higher inflation--set the tone in the short-term fixed income markets. The Federal Reserve attempted to keep the economy from becoming too robust for its own good by ratcheting up short-term interest rates six times during the year-long period. But even this was not enough to weaken economic growth significantly. For the fourth quarter of 1999 and the first quarter of 2000, the U.S. economy expanded at annualized rates of 7.3% and 5.4%, respectively. The fixed income markets responded to all of this with relative calmness, generally factoring in the interest rate hikes prior to their actual occurrence. Against this steady advance of interest rates, Centennial New York Tax Exempt Trust produced a compounded annual yield of 2.90%. Without compounding, the annual yield was 2.88%. For investors in the 36% tax bracket, this is equivalent to a taxable compounded yield of 4.53% and 4.50% without compounding.(1) As of June 30, 2000, the seven-day annualized yields, with and without compounding, were 3.51% and 3.45%, respectively.(2) Like most professional investors, we generally anticipated the interest rate moves, which led us to shorten the Trust's duration as the fiscal year began. When interest rates rise, bond prices tend to fall, and the effect is more pronounced for longer term issues. Because the Trust seeks to maintain a stable $1.00 share price, we wanted to minimize the devaluing effect of rising rates. There can be no assurance that the Trust will maintain a stable share price, but we are always mindful of the need to protect your principal.(3) We reduced the average maturity of the securities in the portfolio during the reporting period. The shorter average maturity helped to reduce volatility, or price instability, as interest rates jumped to ever-higher levels. The Trust invests in high quality, short-term, tax-exempt securities issued by the State of New York or by its counties and municipalities. We feel the emphasis on quality is particularly important in New York. The state has lagged others in economic growth in recent years, and despite a stable if slow revenue increase, its bonds remain more volatile than those of stronger states. For this reason, we have generally invested the portfolio in AAA-rated notes, insured notes and prerefunded bonds. 1. A portion of the Fund's distributions may be subject to income tax including state and local taxes. Capital gains distributions are taxable as capital gains. For an investor subject to alternative minimum taxes, a portion of the Fund's distributions may increase the investor's tax. Tax rates may be lower depending on individual circumstances. 2. Compounded yields assume reinvestment of dividends. Past performance is not indicative of future results. 3. An investment in money market funds is neither insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although these funds may seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds. 2 Centennial New York Tax Exempt Trust We have also made extensive use of demand notes and commercial paper backed by bank letters of credit. Much of the change in the Trust's duration was achieved by shifting our emphasis between the fixed-rate prerefunded bonds and demand notes. Throughout the year, the portfolio had a fairly large concentration in prerefunded bonds. These are previously issued bonds backed by U.S. Treasury bonds. The municipality that originally issued the bonds issues new debt, then uses the proceeds from the new issue to buy Treasury securities. The Treasuries are placed in escrow to later repay the original bonds. With such solid backing, prerefunded bonds usually receive high credit ratings. After late 1999, we shifted some of the Trust's assets to demand notes backed by commercial banks. Adding them to the portfolio therefore reduced the average maturity of the Fund's holdings, as well as its duration (the shorter a portfolio's duration, the more likely it will be to resist the negative effect of rising interest rates). At the same time, the higher use of demand notes increased the Trust's yield at various points. Due to the demand feature, rates paid on demand notes fluctuate from week to week, and these notes may at times provide a yield advantage over comparable-quality fixed-rate instruments. As the year wound down, we returned to a preference for fixed-rate instruments, including prerefunded bonds. By late April, fixed-rate short-term securities had in our opinion become very inexpensive, so we were able to acquire 90 to 180 day issues at very attractive prices. In addition, yields on demand notes fell after mid-May to levels below those of fixed-rate securities. By switching to fixed-rate securities, we were able to lock in additional yield, while keeping the increase in average maturity minimal. Going forward, we will continue to be cautious, seeking to keep the Trust's average maturity at relatively low levels until we see definite signs that the Federal Reserve has completed its course of interest rate hikes. As long as our central bank remains committed to a month-to-month approach and is not willing to pronounce the economy "slow and steady," we expect to maintain our wait-and-see investment strategy. Sincerely, /s/James C. Swain /s/Bridget A. Macaskill James C. Swain Bridget A. Macaskill July 24, 2000 3 Centennial New York Tax Exempt Trust
- -------------------------------------------------------------------------------------------------------------------- Statement of Investments June 30, 2000 Principal Value Amount See Note 1 - -------------------------------------------------------------------------------------------------------------------- Short-Term Tax-Exempt Obligations - 96.0% - -------------------------------------------------------------------------------------------------------------------- New York - 93.9% - -------------------------------------------------------------------------------------------------------------------- Babylon, NY IDA RB, J. D'Addario & Co. Project, 4.75% (1) $ 500,000 $ 500,000 - -------------------------------------------------------------------------------------------------------------------- Jefferson Cnty., NY IDA RB, 4.30% (1) 2,500,000 2,499,998 - -------------------------------------------------------------------------------------------------------------------- NYC Health & Hospital Corp. RB, Health Systems, Series A, 4.45% (1) 1,000,000 1,000,000 - -------------------------------------------------------------------------------------------------------------------- NYC IDA Civic Facility RB, Casa Project, 4.90% (1) 1,000,000 1,000,000 - -------------------------------------------------------------------------------------------------------------------- NYC MTAU RB, 4.25%, 8/1/00 (2) 2,500,000 2,500,000 - -------------------------------------------------------------------------------------------------------------------- NYC Water FAU WSS RB, Series 1032, 4.60%, 12/15/00 (2) 2,000,000 2,000,000 - -------------------------------------------------------------------------------------------------------------------- NYC Water FAU WSS RB, Series SGB 26, MBIA Insured, 4.84% (1) 500,000 500,000 - -------------------------------------------------------------------------------------------------------------------- NYS DA COP, Rockefeller University, 4.84% (1) 1,000,000 1,000,000 - -------------------------------------------------------------------------------------------------------------------- NYS DA RB, 4.77% (1) 2,800,000 2,800,000 - -------------------------------------------------------------------------------------------------------------------- NYS DA RB, 4.84% (1) 1,500,000 1,500,000 - -------------------------------------------------------------------------------------------------------------------- NYS DA RRB, Series CMC1B, 4.80% (1) 1,300,000 1,300,000 - -------------------------------------------------------------------------------------------------------------------- NYS Environmental SWD RB, General Electric Project, 4.10%, 7/10/00 (2) 1,300,000 1,300,000 - -------------------------------------------------------------------------------------------------------------------- NYS ERDAUEF RRB, Con Edison Co., Subseries A-3, 4.60% (1) 600,000 600,000 - -------------------------------------------------------------------------------------------------------------------- NYS GOB, 4.25%, 8/1/00 (2) 1,000,000 1,000,000 - -------------------------------------------------------------------------------------------------------------------- NYS GOUN, Series A, 4.40%, 2/8/01 (2) 2,400,000 2,400,000 - -------------------------------------------------------------------------------------------------------------------- NYS LGAC RB, Series SG99, MBIA Insured, 4.82% (1)(2) 1,600,000 1,600,000 - -------------------------------------------------------------------------------------------------------------------- NYS LGAC RB, Series 1040, 4.60%, 10/1/00 (2) 1,500,000 1,500,000 - -------------------------------------------------------------------------------------------------------------------- NYS MAG RB, Series 302, 4.85% (1) 1,500,000 1,500,000 - -------------------------------------------------------------------------------------------------------------------- NYS MCFFA RB, MHESF, Prerefunded, Series B, 7.875%, 8/15/00 (2) 11,625,000 11,904,860 - -------------------------------------------------------------------------------------------------------------------- NYS TBTAU RB, Series SG-41, 4.82% (1) 2,730,000 2,730,000 - -------------------------------------------------------------------------------------------------------------------- NYS Thruway Authority RB, Highway & Bridge Trust Fund, Series 267, FSA Insured, 4.82% (1) 2,225,000 2,225,000 - -------------------------------------------------------------------------------------------------------------------- NYS Urban Empire Development Corp. RB, Series A, 4.84% (1) 2,600,000 2,600,000 - -------------------------------------------------------------------------------------------------------------------- PAUNYNJ RB, 4.15%, 7/13/00 (2) 2,500,000 2,500,000 - -------------------------------------------------------------------------------------------------------------------- Southeast NY IDA RB, Unilock NY, Inc. Project, 4.80% (1) 2,000,000 2,000,000 - -------------------------------------------------------------------------------------------------------------------- TBTAU NY RB, Series T, 7%, 1/1/01 (2) 2,000,000 2,065,922 --------------- 52,525,780 - -------------------------------------------------------------------------------------------------------------------- U.S. Possessions - 2.1% - -------------------------------------------------------------------------------------------------------------------- PR CMWLTH GOB, 4.42% (1) 1,200,000 1,200,000 - -------------------------------------------------------------------------------------------------------------------- Total Investments, at Value 96.0% 53,725,780 - -------------------------------------------------------------------------------------------------------------------- Other Assets Net of Liabilities 4.0 2,237,178 ------ -------------- Net Assets 100.0% $55,962,958 ====== ==============
4 Centennial New York Tax Exempt Trust
- -------------------------------------------------------------------------------------------------------------------- Statement of Investments June 30, 2000 Continued - -------------------------------------------------------------------------------------------------------------------- To simplify the listings of securities, abbreviations are used per the table below: CMWLTH - Commonwealth MCFFA - Medical Care Facilities Finance Agency COP - Certificates of Participation MHESF - Mental Health Services Facilities DA - Dormitory Authority MTAU - Metropolitan Transportation Authority ERDAUEF - Energy Research & Development NYC - New York City Authority Electric Facilities NYS - New York State FAU - Finance Authority PAUNYNJ - Port Authority of New York & New Jersey GOB - General Obligation Bonds RB - Revenue Bonds GOUN - General Obligation Unlimited Nts. RRB - Revenue Refunding Bonds IDA - Industrial Development Agency SWD - Solid Waste Disposal LGAC - Local Government Assistance Corp. TBTAU - Triborough Bridge & Tunnel Authority MAG - Mtg. Agency WSS - Water & Sewer System
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, 2000. This instrument may also have 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. Put obligation redeemable at full face value on the date reported. See accompanying Notes to Financial Statements. 5 Centennial New York Tax Exempt Trust
- ----------------------------------------------------------------------------------------------------------------------------------- Statement of Assets and Liabilities June 30, 2000 - ----------------------------------------------------------------------------------------------------------------------------------- Assets Investments, at value - see accompanying statement $53,725,780 - ----------------------------------------------------------------------------------------------------------------------------------- Cash 971,785 - ----------------------------------------------------------------------------------------------------------------------------------- Receivables and other assets: Shares of beneficial interest sold 1,288,611 Interest 792,049 Other 13,545 ------------ Total assets 56,791,770 - ----------------------------------------------------------------------------------------------------------------------------------- Liabilities Payables and other liabilities: Shares of beneficial interest redeemed 671,939 Dividends 76,803 Shareholder reports 39,133 Service plan fees 26,376 Trustees' compensation 556 Other 14,005 ------------ Total liabilities 828,812 - ----------------------------------------------------------------------------------------------------------------------------------- Net Assets $55,962,958 ============ - ----------------------------------------------------------------------------------------------------------------------------------- Composition of Net Assets Paid-in capital $55,956,473 - ----------------------------------------------------------------------------------------------------------------------------------- Accumulated net realized gain on investment transactions 6,485 - ----------------------------------------------------------------------------------------------------------------------------------- Net assets - applicable to 55,956,473 shares of beneficial interest outstanding $55,962,958 ============ - ----------------------------------------------------------------------------------------------------------------------------------- Net Asset Value, Redemption Price Per Share and Offering Price Per Share $1.00 ======
See accompanying Notes to Financial Statements. 6 Centennial New York Tax Exempt Trust
- ----------------------------------------------------------------------------------------------------------------------------------- Statement of Operations For the Year Ended June 30, 2000 - ----------------------------------------------------------------------------------------------------------------------------------- Investment Income Interest $2,228,141 - ----------------------------------------------------------------------------------------------------------------------------------- Expenses Management fees 305,700 - ----------------------------------------------------------------------------------------------------------------------------------- Service plan fees 120,981 - ----------------------------------------------------------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees 47,237 - ----------------------------------------------------------------------------------------------------------------------------------- Shareholder reports 36,661 - ----------------------------------------------------------------------------------------------------------------------------------- Custodian fees and expenses 23,850 - ----------------------------------------------------------------------------------------------------------------------------------- Trustees' compensation 1,726 - ----------------------------------------------------------------------------------------------------------------------------------- Other 21,684 ----------- Total expenses 557,839 ----------- Less reimbursement of expenses (48,269) Less expenses paid indirectly (12,001) ----------- Net expenses 497,569 - ----------------------------------------------------------------------------------------------------------------------------------- Net Investment Income 1,730,572 - ----------------------------------------------------------------------------------------------------------------------------------- Net Realized Gain on Investments 9,958 - ----------------------------------------------------------------------------------------------------------------------------------- Net Increase in Net Assets Resulting from Operations $1,740,530 ===========
- ----------------------------------------------------------------------------------------------------------------------------------- Statements of Changes in Net Assets Year Ended June 30, 2000 1999 - ----------------------------------------------------------------------------------------------------------------------------------- Operations Net investment income $1,730,572 $1,410,445 - ----------------------------------------------------------------------------------------------------------------------------------- Net realized gain (loss) 9,958 (739) - ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations 1,740,530 1,409,706 - ----------------------------------------------------------------------------------------------------------------------------------- Dividends and/or Distributions to Shareholders (1,730,572) (1,418,059) - ----------------------------------------------------------------------------------------------------------------------------------- Beneficial Interest Transactions Net increase (decrease) in net assets resulting from beneficial interest transactions (5,838,875) 4,993,614 - ----------------------------------------------------------------------------------------------------------------------------------- Net Assets Total increase (decrease) (5,828,917) 4,985,261 - ----------------------------------------------------------------------------------------------------------------------------------- Beginning of period 61,791,875 56,806,614 ------------ ------------ End of period $55,962,958 $61,791,875 ============ ============
See accompanying Notes to Financial Statements. 7 Centennial New York Tax Exempt Trust
- -------------------------------------------------------------------------------------------------------------------- Financial Highlights Year Ended June 30, 2000 1999 1998 1997 1996 - -------------------------------------------------------------------------------------------------------------------- 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 .03 .02 .03 .03 .03 Dividends and/or distributions to shareholders (.03) (.02) (.03) (.03) (.03) - -------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 ====== ====== ====== ====== ====== - -------------------------------------------------------------------------------------------------------------------- Total Return(1) 2.92% 2.42% 2.87% 2.76% 2.79% - -------------------------------------------------------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (in thousands) $55,963 $61,792 $56,807 $48,896 $39,807 - -------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $61,033 $59,345 $53,923 $45,363 $42,351 - -------------------------------------------------------------------------------------------------------------------- Ratios to average net assets:(2) Net investment income 2.84% 2.38% 2.85% 2.73% 2.76% Expenses 0.92% 0.89% 0.89%(3) 0.88%(3) 0.93%(3) Expenses, net of indirect expenses and/or voluntary assumption of expenses 0.82% 0.80% 0.80% 0.80% 0.80%
1. Assumes a $1,000 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. Total returns are not annualized for periods of less than one full year. 2. Annualized for periods of less than one full year. 3. Expense ratio has not been grossed up to reflect the effect of expenses paid indirectly. See accompanying Notes to Financial Statements. 8 Centennial New York Tax Exempt Trust NOTES TO FINANCIAL STATEMENTS 1. SIGNIFICANT ACCOUNTING POLICIES Centennial New York Tax Exempt Trust (the Trust) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust's investment objective is to seek the maximum current income exempt from federal, New York State and New York City income taxes for individual investors as is consistent with the 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. SECURITIES VALUATION Portfolio securities are valued on the basis of amortized cost, which approximates market value. NON-DIVERSIFICATION RISK The Trust is "non-diversified" and can invest in the securities of a single issuer. To the extent the Trust invests a relatively high percentage of its assets in the obligations of a single issuer or a limited number of issuers, the Trust is subject to additional risk of loss if those obligations lose market value or the borrower or issuer of those obligations defaults. 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. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. EXPENSE OFFSET ARRANGEMENTS Expenses paid indirectly represent a reduction of custodian fees for earnings on cash balances maintained by the Trust. OTHER Investment transactions are accounted for as of 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. There are certain risks arising from geographic concentration in any state. Certain revenue or tax related event in a state may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations. 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:
YEAR ENDED JUNE 30, 2000 YEAR ENDED JUNE 30, 1999 SHARES AMOUNT SHARES AMOUNT ----------------------------------- ----------------------------------- Sold 235,166,364 $ 235,166,364 194,238,424 $ 194,238,424 Dividends and/or distributions reinvested 1,666,312 1,666,312 1,385,354 1,385,354 Redeemed (242,671,551) (242,671,551) (190,630,164) (190,630,164) ------------- -------------- ------------- -------------- Net increase (decrease) (5,838,875) $ (5,838,875) 4,993,614 $ 4,993,614 ============= ============== ============= ==============
9 Centennial New York Tax Exempt Trust NOTES TO FINANCIAL STATEMENTS Continued 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES MANAGEMENT FEES 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% of the first $250 million of average annual net assets, 0.475% of the next $250 million, 0.45% of the next $250 million, 0.425% of the next $250 million and 0.40% of net assets in excess of $1 billion. The Manager has voluntarily undertaken to assume any expenses of the Trust in any fiscal year they exceed 0.80% of the Trust's average annual net assets. The Manager reserves the right to amend or terminate that expense assumption at any time. The Trust's management fee for the year ended June 30, 2000 was an annualized rate of 0.50%, before any waiver by the Manager if applicable. TRANSFER AGENT Shareholder Services, Inc. (SSI) acts as the transfer and shareholder servicing agent for the Trust and for other registered investment companies on an "at-cost" basis. SERVICE PLAN FEES Under an approved service plan, the Trust may expend up to 0.20% of its average annual net assets annually to reimburse the Manager, 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 financial institutions. 10 Centennial New York Tax Exempt Trust INDEPENDENT AUDITORS' REPORT To the Board of Trustees and Shareholders of Centennial New York Tax Exempt Trust: We have audited the accompanying statement of assets and liabilities of Centennial New York Tax Exempt Trust, including the statement of investments, as of June 30, 2000, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. 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 auditing standards generally accepted in the United States of America. 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 as of June 30, 2000, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. 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, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Centennial New York Tax Exempt Trust as of June 30, 2000, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. DELOITTE & TOUCHE LLP Denver, Colorado July 24, 2000 11 Centennial New York Tax Exempt Trust FEDERAL INCOME TAX INFORMATION (Unaudited) In early 2001 shareholders will receive information regarding all dividends and distributions paid to them by the Trust during calendar year 2000. 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 year ended June 30, 2000 are eligible for the corporate dividend-received deduction. The dividends were derived from interest on municipal bonds and are not subject to federal income tax. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable. The foregoing information is presented to assist shareholders in reporting distributions received from the Trust to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance. 12 Centennial New York Tax Exempt Trust CENTENNIAL NEW YORK TAX EXEMPT TRUST OFFICERS AND TRUSTEES James C. Swain, Trustee and Chairman of the Board Bridget A. Macaskill, Trustee and President Robert G. Avis, Trustee William A. Baker, Trustee Sam Freedman, Trustee Raymond J. Kalinowski, Trustee C. Howard Kast, Trustee Robert M. Kirchner, Trustee Ned M. Steel, Trustee Michael J. Carbuto, Vice President Andrew J. Donohue, Vice President and Secretary Brian W. Wixted, Treasurer Andrew J. Donohue, Vice President and Secretary 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 New York Tax Exempt Trust. This report must be preceded or accompanied by a Prospectus of Centennial New York Tax Exempt Trust. For other material information concerning the Trust, see the Prospectus. For shareholder servicing, call: 1-800-525-9310 (in U.S.) 303-768-3200 (outside U.S.) Or write: Shareholder Services, Inc. P.O. Box 5143 Denver, CO 80217-5143 13 Centennial New York Tax Exempt Trust Blank Page 14 Centennial New York Tax Exempt Trust RA0780.001.0600 15 Centennial New York Tax Exempt Trust -----END PRIVACY-ENHANCED MESSAGE-----