-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, VdvdXiHZim6X5o48mbUtK2C1WWqu8KarMPRVLkE7GyLz6TOKU0bSw6UlSdF4SrCg 6Bool35DPuZ+OovhyOT99g== 0000837278-95-000004.txt : 19950907 0000837278-95-000004.hdr.sgml : 19950907 ACCESSION NUMBER: 0000837278-95-000004 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950906 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTENNIAL NEW YORK TAX EXEMPT TRUST CENTRAL INDEX KEY: 0000837278 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 133481209 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-05584 FILM NUMBER: 95570319 BUSINESS ADDRESS: STREET 1: 3410 SOUTH GALENA ST CITY: DENVER STATE: CO ZIP: 80231 BUSINESS PHONE: 3036713200 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 1995 ANNUAL REPORT CENTENNIAL NEW YORK TAX EXEMPT TRUST - ------------------------------------------------------------------- June 30, 1995 RS0780.001.0695 DEAR SHAREHOLDER: As the fixed income markets began to rally at the start of the year, rates began to decline. Your Trust's managers have been actively following the dramatic performance of the fixed income markets and, as a result, their strategy allowed the Trust a position among the top 35% of all New York tax-exempt money market funds tracked by IBC/Donoghue.(1) One of the main factors affecting performance this year was the favorable supply and demand relationship. Because there has been relatively short supply and increased demand for municipal bonds, prices have remained high, which consequently put downward pressure on yields in the shorter end of this market. The Trust's compounded annualized yield for the 12 months ended June 30, 1995 was 2.88%. The corresponding yield without compounding was 2.84%. For investors in the 40.86% combined federal and state tax bracket, this is equal to a taxable yield of 4.87% with compounding and 4.80% without compounding.(2) The Trust's seven-day annualized yields with and without compounding for the year ended June 30, 1995 were 2.76% and 2.72%, respectively. With the Federal Reserve's recent rate cut, plus ongoing strong demand, we are optimistic about the market and the domestic economy. And as noted before, the portfolio has been able to maintain a strong yield in the face of both a drop in interest rates and unusually strong demand in our market -- but as this additional demand stabilizes as the year continues, we could again see yields increase. We're pleased to provide an investment that continues to offer tax- exempt income, a stable share price, and complete liquidity.(3) We appreciate the confidence you have placed in Centennial New York Tax Exempt Trust and look forward to helping you continue to meet your financial goals in the future. Sincerely, /s/ Jon S. Fossel Jon S. Fossel President, Centennial New York Tax-Exempt Trust /s/ James C. Swain James C. Swain Chairman, Centennial New York Tax-Exempt Trust July 24, 1995 1. IBC/Donoghue, Inc., an independent fund monitoring service. Ranking for the six months ended June 30, 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. STATEMENT OF INVESTMENTS June 30, 1995 Centennial New York Tax Exempt Trust
FACE AMORTIZED COST AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------ SHORT-TERM TAX-EXEMPT OBLIGATIONS - 97.3% - ------------------------------------------------------------------------------------------ NEW YORK - 97.3% ---------------------------------------------------------------------------------- Albany County, New York General Obligation Revenue Refunding Bonds, South Mall Construction Project, Series A, FGIC Insured, 4.30%, 4/1/96 $1,000,000 $ 1,001,490 ---------------------------------------------------------------------------------- Babylon, New York General Obligation Bonds, Series B, AMBAC Insured, 3.95% (1) 700,000 700,000 ---------------------------------------------------------------------------------- Babylon, New York Industrial Develop- ment Agency Revenue Bonds, J. D'Addario & Co. Project, 3.95% (1) 500,000 500,000 ---------------------------------------------------------------------------------- Buffalo, New York General Obligation Revenue Anticipation Nts., Series A, 5%, 7/12/95 1,500,000 1,500,354 ---------------------------------------------------------------------------------- City of New York Development Corp. Mtg. Revenue Bonds, Columbus Multi- family Project, Series A, 4% (1) 200,000 200,000 ---------------------------------------------------------------------------------- City of New York Housing Development Corp. Mtg. Revenue Bonds, East 96th Street Project, Series A, 3.75% (1) 1,100,000 1,100,000 ---------------------------------------------------------------------------------- City of New York Industrial Develop- ment Agency Revenue Bonds, Columbia Grammar School Project, 3.80% (1) 1,000,000 1,000,000 ---------------------------------------------------------------------------------- City of New York Trust Cultural Resources Revenue Refunding Bonds, American Museum of Natural History, Series B, MBIA Insured, 3.95% (1) 100,000 100,000 ---------------------------------------------------------------------------------- Dormitory Authority of the State of New York Revenue Bonds, Columbia University Putters Dormitory 14C Project, 4.40% (1) 1,000,000 1,000,000 ---------------------------------------------------------------------------------- Dormitory Authority of the State of New York Revenue Bonds, Series A, FGIC Insured, 3.26% (1) 1,000,000 1,000,000 ---------------------------------------------------------------------------------- Erie County, New York General Obliga- tion Revenue Anticipation Nts., 4.75%, 8/15/95 1,200,000 1,199,959 ---------------------------------------------------------------------------------- New York State Energy Research & Development Authority Electric Facilities Revenue Bonds, Long Island Lighting Co., Series B, 3.90% (1) 2,300,000 2,300,000 ---------------------------------------------------------------------------------- New York State Energy Research & Development Authority Pollution Control Revenue Bonds, Rochester Gas & Electric Co., 3.80% (1) 600,000 600,000 ---------------------------------------------------------------------------------- New York State Environmental Facilities Corp. Solid Waste Disposal Revenue Bonds, General Electric Co. Project, Series A, 3.95%, 8/8/95 (2) 1,000,000 1,000,000 ---------------------------------------------------------------------------------- New York State Environmental Facili- ties Corp. Solid Waste Disposal Reve- nue Refunding Bonds, General Electric Co. Project, Series A, 3.95%, 9/8/95 (2) 1,000,000 1,000,000 ---------------------------------------------------------------------------------- New York State Environmental Facili- ties Corp. Solid Waste Disposal Reve- nue Refunding Bonds, General Electric Co. Project, Series A, 4.05%, 8/3/95 (2) 600,000 600,000 ---------------------------------------------------------------------------------- New York State Housing Finance Agency Revenue Bonds, Mount Sinai School of Medicine, Series A, 4% (1) 900,000 900,000 ---------------------------------------------------------------------------------- New York State Housing Finance Agency Revenue Bonds, Normandie Court I Project, 3.90% (1) 1,000,000 1,000,000 ---------------------------------------------------------------------------------- New York State Job Development Authority Gtd. Revenue Bonds, 1984 Series E-1 to E-55, 3.60% (1) 945,000 945,000 ---------------------------------------------------------------------------------- New York State Job Development Authority Gtd. Revenue Bonds, 1984 Series F-1 to F-17, 3.60% (1) 410,000 410,000 ---------------------------------------------------------------------------------- New York State Job Development Authority Gtd. Revenue Bonds, Series C-1 to C-30, 4.60% (1) 725,000 725,000
3 STATEMENT OF INVESTMENTS (CONTINUED) Centennial New York Tax Exempt Trust
FACE AMORTIZED COST SHORT - TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------ NEW YORK (CONTINUED) ---------------------------------------------------------------------------------- New York State Job Development Authority Gtd. Revenue Bonds, Special Purpose, Series C-1, 3.70% (1) $ 60,000 $ 60,000 ---------------------------------------------------------------------------------- New York State Local Government Assistance Corp. Revenue Bonds, Series A, 3.70% (1) 1,300,000 1,300,000 ---------------------------------------------------------------------------------- New York State Medical Care Facilities Finance Agency Revenue Bonds, Mt. Sinai Hospital Project, Prerefunded, Series C, FHA Insured, 8.875%, 1/15/96 (2) 1,000,000 1,044,062 ---------------------------------------------------------------------------------- New York State Medical Care Facilities Finance Agency Revenue Bonds, St. Mary's Hospital-Private Insurance Program, Prerefunded, AMBAC Insured, 8.375%, 11/1/95 (2) 2,700,000 2,784,176 ---------------------------------------------------------------------------------- New York State Power Authority Revenue Bonds, 4.05%, 8/1/95 (2) 1,000,000 1,000,000 ---------------------------------------------------------------------------------- New York State Urban Development Corp. Correctional Facilities Revenue Bonds, Prerefunded, Series B, 8%, 1/1/96 (2) 1,700,000 1,763,370 ---------------------------------------------------------------------------------- New York State Urban Development Corp. Revenue Refunding Bonds, Prerefunded, 8%, 1/1/96 (2) 800,000 829,629 ---------------------------------------------------------------------------------- North Hempstead, New York Solid Waste Management Authority Revenue Refunding Bonds, Series A, 3.75% (1) 1,300,000 1,300,000 ---------------------------------------------------------------------------------- Port Authority of New York & New Jersey, 4.05%, 8/25/95 (2) 1,300,000 1,300,000 ---------------------------------------------------------------------------------- Seneca County, New York Industrial Development Agency Civic Facilities Revenue Bonds, New York Chiropractic College, 4.05% (1) 400,000 400,000 ---------------------------------------------------------------------------------- Suffolk County, New York Industrial Development Agency Revenue Bonds, Nissequogue Cogen Partners Project, 4.30% (1) 800,000 800,000 ---------------------------------------------------------------------------------- Triborough Bridge & Tunnel Authority of New York Revenue Bonds, Series BT-42, 4.05% (1) 1,000,000 1,000,000 ---------------------------------------------------------------------------------- Westchester County, New York Tax Anticipation Notes, 1995 Series, 5%, 12/14/95 2,500,000 2,505,502 ---------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT AMORTIZED COST 97.3% 34,868,542 ---------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 2.7 977,270 --------- ------------ NET ASSETS 100.0% $35,845,812 ========= ============
[FN] 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, 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. 4 STATEMENT OF ASSETS AND LIABILITIES June 30, 1995 Centennial New York Tax Exempt Trust
ASSETS: Investments, at amortized cost - see accompanying statement $34,868,542 Cash 420,464 Receivables: Shares of beneficial interest sold 601,434 Interest 466,033 Other 23,051 ----------- Total assets 36,379,524 ----------- LIABILITIES: Payables and other liabilities: Shares of beneficial interest redeemed 451,156 Dividends 40,334 Service plan fees - Note 3 16,528 Transfer and shareholder servicing agens - Note 3 3,888 Trustees' fees 100 Other 21,706 ----------- Total liabilities 533,712 ----------- NET ASSETS $35,845,812 =========== COMPOSITION OF NET ASSETS: Paid-in capital $35,847,135 Accumulated net realized loss from investment transactions (1,323) ----------- Net assets - Applicable to 35,847,135 shares of beneficial interest outstanding $35,845,812 =========== NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE SHARE $1.00
See accompanying Notes to Financial Statements. 5 STATEMENT OF OPERATIONS For the Year Ended June 30, 1995 Centennial New York Tax Exempt Trust
INVESTMENT INCOME - Interest $1,078,023 ---------- EXPENSES: Management fees - Note 3 147,859 Service plan fees - Note 3 57,630 Transfer and shareholder servicing agent fees - Note 3 35,115 Shareholder reports 12,115 Legal and auditing fees 10,657 Custodian fees and expenses 6,194 Registration and filing fees 3,419 Trustees' fees and expenses 2,153 Other 6,713 ---------- Total expenses 281,855 Less assumption of expenses by Centennial Asset Management Corporation - Note 3 (44,890) ---------- Net expenses 236,965 ---------- NET INVESTMENT INCOME 841,058 NET REALIZED LOSS ON INVESTMENTS (171) ---------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 840,887 ==========
See accompanying Notes to Financial Statements. 6 STATEMENTS OF CHANGES IN NET ASSETS Centennial New York Tax Exempt Trust
YEAR ENDED JUNE 30, OPERATIONS: 1995 1994 ---------- ---------- Net investment income $ 841,058 $ 423,262 Net realized gain (loss) on investments (171) 1,817 ----------- ---------- Net increase in net assets resulting from operations 840,887 425,079 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (842,946) (423,702) BENEFICIAL INTEREST TRANSACTIONS: Net increase in net assets resulting from beneficial interest transactions - Note 2 9,328,969 1,523,824 ----------- ----------- NET ASSETS: Total increase 9,326,910 1,525,201 Beginning of year 26,518,902 24,993,701 ----------- ----------- End of year $35,845,812 $26,518,902 =========== ===========
See accompanying Notes to Financial Statements. 7 FINANCIAL HIGHLIGHTS Centennial New York Tax Exempt Trust
YEAR ENDED JUNE 30, 1995 1994 1993 1992 ------- ------- ------- ------ PER SHARE OPERATING DATA: Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 ------- ------- ------- ------ Income from investment operations - net investment income and net realized gain on investments .03 .02 .02 .03 Dividends and distributions to shareholders (.03) (.02) (.02) (.03) ------- ------- ------- ------- Net asset value, end of period $1.00 $1.00 $1.00 $1.00 ======= ======= ======= ======= TOTAL RETURN, AT NET ASSET VALUE (2) 2.85% 1.68% 1.83% 3.11% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $35,846 $26,519 $24,994 $24,103 Average net assets (in thousands) $29,590 $25,419 $24,257 $23,221 Number of shares outstanding at end of period (in thousands) 35,847 26,518 24,994 24,105 Ratios to average net assets: Net investment income 2.84% 1.67% 1.74% 3.00% Expenses, before voluntary assumption by the Manager .95% 1.02% .98% 1.09% Expenses, net of voluntary assumption by the Manager .80% .80% .80% .80%
[FN] 1. For the period from January 4, 1989 (commencement of operations) to September 30, 1989. 2. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods of less than one full year. Total returns reflect changes in net investment income only. 3. Annualized. FINANCIAL HIGHLIGHTS Centennial New York Tax Exempt Trust
NINE YEAR MONTHS PERIOD ENDED ENDED ENDED JUNE 30, JUNE 30, SEPTEMBER 30, 1991 1990 1989(1) ------- ------- ------- PER SHARE OPERATING DATA: Net asset value, beginning of period $1.00 $1.00 $1.00 ------- ------- ------- Income from investment operations - net investment income and net realized gain on investments .05 .04 .04 Dividends and distributions to shareholders (.05) (.04) (.04) ------- ------- ------- Net asset value, end of period $1.00 $1.00 $1.00 ======= ======= ======= TOTAL RETURN, AT NET ASSET VALUE (2) 4.74% 3.87% 3.84% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $21,439 $9,133 $4,935 Average net assets (in thousands) $16,766 $7,008 $2,084 Number of shares outstanding at end of period (in thousands) 21,443 9,135 4,934 Ratios to average net assets: Net investment income 4.42% 4.98%(3) 5.41%(3) Expenses, before voluntary assumption by the Manager 1.08% 1.48%(3) 2.21%(3) Expenses, net of voluntary assumption by the Manager .72% .96%(3) 1.00%(3)
[FN] 1. For the period from January 4, 1989 (commencement of operations) to September 30, 1989. 2. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods of less than one full year. Total returns reflect changes in net investment income only. 3. Annualized. See accompanying Notes to Financial Statements. 8 NOTES TO FINANCIAL STATEMENTS Centennial New York Tax Exempt Trust 1. SIGNIFICANT ACCOUNTING POLICIES Centennial New York 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 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. 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, 1995 YEAR ENDED JUNE 30, 1994 ------------------------ ------------------------ SHARES AMOUNT SHARES AMOUNT ------ ------ ------ ------ Sold 94,305,152 $ 94,305,152 75,789,053 $ 75,789,053 Dividends and distributions reinvested 798,765 798,765 405,612 405,612 Redeemed (85,774,948) (85,774,948) (74,670,841) (74,670,841) ------------ ------------- ------------ ------------- Net increase 9,328,969 $ 9,328,969 1,523,824 $ 1,523,824 ============ ============= ============ =============
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 most stringent applicable regulatory limit on Trust expenses. 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 service plan, 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. 9 INDEPENDENT AUDITORS' REPORT Centennial New York Tax Exempt Trust The Board of Trustees and Shareholders of Centennial New York Tax Exempt Trust: We have audited the accompanying statement of assets and liabilities, including the statement of investments, of Centennial New York Tax Exempt Trust as of June 30, 1995, the related statement of operations for the year then ended, the statements of changes in net assets for the years ended June 30, 1995 and 1994, and the financial highlights for the period January 4, 1989 (commencement of operations) to June 30, 1995. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned at June 30, 1995 by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements and financial highlights present fairly, in all material respects, the financial position of Centennial New York Tax Exempt Trust at June 30, 1995, the results of its operations, the changes in its net assets, and the financial highlights for the respective stated periods, in conformity with generally accepted accounting principles. DELOITTE & TOUCHE LLP Denver, Colorado July 24, 1995 10 FEDERAL INCOME TAX INFORMATION (Unaudited) Centennial New York Tax Exempt Trust In early 1996, shareholders will receive information regarding all dividends and distributions paid to them by the Trust during calendar year 1995. Regulations of the U.S. Treasury Department require the Trust to report this information to the Internal Revenue Service. None of the dividends paid by the Trust during the fiscal year ended June 30, 1995 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. 11 CENTENNIAL NEW YORK 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 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. 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 material information concerning the Trust, see the Prospectus. Shares of Centennial New York Tax Exempt Trust are not deposits or obligations of any bank, are not guaranteed by any bank, and are not insured by the FDIC or any other agency, and involve investment risks, including possible loss of the principal amount invested. 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 12 -----END PRIVACY-ENHANCED MESSAGE-----