-----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, B63sMxiw/f7KhpbliSe5neWX67sUPgM0nY5o2Z3sp1fOn+dzgcleNoqswq3tw6Nv LiM8uLR23d6poDCoQEYBQA== 0000837278-96-000002.txt : 19960306 0000837278-96-000002.hdr.sgml : 19960306 ACCESSION NUMBER: 0000837278-96-000002 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960305 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: 96531191 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 CENTENNIAL NEW YORK TAX EXEMPT TRUST S.A.R. 1995 SEMIANNUAL REPORT CENTENNIAL NEW YORK TAX EXEMPT TRUST - ------------------------------------------------------------------------------ December 31, 1995 RS0780.001.0296 DEAR CENTENNIAL NEW YORK TAX EXEMPT TRUST SHAREHOLDER: 1995 was a year marked by declining interest rates, making it a strong period for capital appreciation for many areas of the bond markets. The other side of this appreciation, however, was declining rates, meaning that newly issued bonds were coming to market with lower yields. This factor has been the most important catalyst behind our investment decisions for the past six months. Because we strive to pay the highest current tax-free income consistent with safety of principal, the past year's rate declines caused us to lengthen the average maturity of our portfolio in an effort to take advantage of higher- yielding securities for as long as possible. However, because we had correctly anticipated this trend, we'd begun our move into longer securities at the end of 1994. Longer securities were bid up in the markets as the year progressed, and continued to offer income superior to that of most newer issues, so the portfolio was positioned in the right place at the right time. The Trust's compounded annualized yield for the six months ended December 31, 1995 was 2.97%. The corresponding yield without compounding was 2.93%. For investors in the 36% federal, 7.125% New York State and 3.4% New York City tax brackets, this is equal to a taxable yield of 5.19% with compounding and 5.12% without compounding.(1) Seven-day annualized yields with and without compounding for the Trust for the six months ended December 31, 1995 were 3.36% and 3.31%, respectively. Looking forward, we believe the market will continue to be relatively strong. Without a major shift in policy by the Federal Reserve, we expect to remain focused on buying longer-term securities as much as possible. Our investment policy over the past six months has allowed us to maintain our yield as well as our emphasis on stability of principal, and we expect these favorable conditions to continue.(2) The Trust continues to offer investors income that is free from federal, New York State and New York City income taxes. We appreciate the confidence you have placed in the Centennial New York Tax Exempt Trust and look forward to helping you continue to meet your financial goals in the future. Sincerely, /s/JAMES C. SWAIN James C. Swain Chairman--Centennial New York Tax Exempt Trust /s/BRIDGET A. MACASKILL Bridget A. Macaskill President--Centennial New York Tax Exempt Trust January 22, 1996 1. 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. 2. The Trust is neither insured nor guaranteed by the U.S. government. There is no assurance that the Trust will maintain a stable $1 share price in the future. 2
---------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS December 31, 1995 (Unaudited) Centennial New York Tax Exempt Trust FACE VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS - 99.3% - --------------------------------------------------------------------------------------------------------------------------------- NEW YORK - 95.6% ---------------------------------------------------------------------------------------------------------------------- Albany County, New York General Obligation Revenue Refunding Bonds, South Mall Construction Project, Series A, FGIC Insured, 4.30%, 4/1/96 $2,000,000 $2,001,686 ---------------------------------------------------------------------------------------------------------------------- Babylon, New York General Obligation Bonds, Series B, AMBAC Insured, 4.90%(1) 1,000,000 1,000,000 ---------------------------------------------------------------------------------------------------------------------- Babylon, New York Industrial Development Agency Revenue Bonds, J. D'Addario & Co. Project, 5.05%(1) 500,000 500,000 ---------------------------------------------------------------------------------------------------------------------- Buffalo, New York General Obligation Nts., Series A, 4.20%, 7/16/96 1,800,000 1,807,603 ---------------------------------------------------------------------------------------------------------------------- City of New York Housing Development Corp. Multifamily Mtg. Revenue Bonds, Columbus Project, Series A, 4.75%(1) 500,000 500,000 ---------------------------------------------------------------------------------------------------------------------- City of New York Housing Development Corp. Multifamily Mtg. Revenue Bonds, James Tower Development, Series A, 5.10%(1) 400,000 400,000 ---------------------------------------------------------------------------------------------------------------------- City of New York Industrial Development Agency Civil Facility Revenue Bonds, Columbia Grammar School Project, 4.90%(1) 1,000,000 1,000,000 ---------------------------------------------------------------------------------------------------------------------- City of New York Municipal Water Finance Authority Tax- Exempt Commercial Paper, 3.70%, 3/14/96 2,700,000 2,700,000 ---------------------------------------------------------------------------------------------------------------------- City of New York Trust Cultural Resources Revenue Refunding Bonds, American Museum of Natural History, Series A, MBIA Insured, 4.90%(1) 2,000,000 2,000,000 ---------------------------------------------------------------------------------------------------------------------- Dormitory Authority of the State of New York Revenue Bonds, City University System Consolidated, Escrowed to Maturity, Series A, 7.10%, 7/1/96(2) 1,250,000 1,270,612 ---------------------------------------------------------------------------------------------------------------------- Dormitory Authority of the State of New York Revenue Bonds, Columbia University Putters Dormitory 14C Project, 5.10%(1) 1,000,000 1,000,000 ---------------------------------------------------------------------------------------------------------------------- Dormitory Authority of the State of New York Revenue Bonds, Memorial Sloan Kettering Cancer Center Project, Series D, 3.50%, 2/2/96 1,270,000 1,270,000 ---------------------------------------------------------------------------------------------------------------------- Dormitory Authority of the State of New York Revenue Bonds, Series A, FGIC Insured, 3.29%(1) 1,000,000 1,000,000 ---------------------------------------------------------------------------------------------------------------------- Dormitory Authority of the State of New York Revenue Refunding Bonds, Ellis Hospital Project, MBIA Insured, 3.70%, 8/1/96 1,000,000 1,000,000 ---------------------------------------------------------------------------------------------------------------------- Erie County, New York Revenue Anticipation Nts., 4.50%, 9/20/96 1,000,000 1,004,496 ---------------------------------------------------------------------------------------------------------------------- New York State Energy Research & Development Authority Electric Facilities Revenue Bonds, Long Island Lighting Co., Series A, 3.69%(1) 1,000,000 1,000,000 ---------------------------------------------------------------------------------------------------------------------- New York State Energy Research & Development Authority Electric Facilities Revenue Bonds, Long Island Lighting Co., Series B, 5.05%(1) 1,600,000 1,600,000 ---------------------------------------------------------------------------------------------------------------------- New York State Energy Research & Development Authority Pollution Control Revenue Bonds, New York State Electric & Gas Co., Series B, 3.85%, 10/15/96(2) 1,700,000 1,700,000 ---------------------------------------------------------------------------------------------------------------------- New York State Energy Research & Development Authority Pollution Control Revenue Bonds, Rochester Gas & Electric Co., 3.55%(1) 600,000 600,000
3
---------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (Continued) Centennial New York Tax Exempt Trust FACE VALUE SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------------- NEW YORK (CONTINUED) ---------------------------------------------------------------------------------------------------------------------- New York State Energy Research & Development Authority Pollution Control Revenue Refunding Bonds, Orange/Rockland Utility Project, Series A, AMBAC Insured, 4.90%(1) $1,300,000 $1,300,000 ---------------------------------------------------------------------------------------------------------------------- New York State Environmental Facilities Corp. Solid Waste Disposal Revenue Bonds, General Electric Co. Project, Series A, 3.50%, 2/2/96(2) 1,000,000 1,000,000 ---------------------------------------------------------------------------------------------------------------------- New York State Environmental Facilities Corp. Solid Waste Disposal Revenue Refunding Bonds, General Electric Co. Project, Series A, 3.45%, 2/2/96(2) 2,400,000 2,400,000 ---------------------------------------------------------------------------------------------------------------------- New York State Housing Finance Agency Revenue Bonds, Normandie Court I Project, 4.70%(1) 800,000 800,000 ---------------------------------------------------------------------------------------------------------------------- New York State Medical Care Facilities Finance Agency Revenue Bonds, Mt. Sinai Hospital Project, Prerefunded, Series C, 8.875%, 1/15/96(2) 1,000,000 1,021,701 ---------------------------------------------------------------------------------------------------------------------- New York State Medical Care Facilities Finance Agency Revenue Bonds, Pooled Equipment Loan Program II-A, 5.05%(1) 700,000 700,000 ---------------------------------------------------------------------------------------------------------------------- New York State Power Authority Revenue Bonds, 3.50%, 1/12/96(2) 1,000,000 1,000,000 ---------------------------------------------------------------------------------------------------------------------- New York State Urban Development Corp. Revenue Refunding Bonds, Correctional Facilities Project, Prerefunded, 8%, 1/1/96(2) 800,000 816,000 ---------------------------------------------------------------------------------------------------------------------- North Hempstead, New York Solid Waste Management Authority Revenue Refunding Bonds, Series A, 4.85%(1) 1,700,000 1,700,000 ---------------------------------------------------------------------------------------------------------------------- Port Authority of New York & New Jersey Revenue Bonds, 3.65%, 2/2/96 1,300,000 1,300,000 ---------------------------------------------------------------------------------------------------------------------- Seneca County, New York Industrial Development Agency Civic Facilities Revenue Bonds, New York Chiropractic College, 4.95%(1) 400,000 400,000 ---------------------------------------------------------------------------------------------------------------------- Suffolk County, New York Industrial Development Agency Revenue Bonds, Nissequogue Cogen Partners Project, 5.20%(1) 1,500,000 1,500,000 ---------------------------------------------------------------------------------------------------------------------- Suffolk County, New York Public Improvement Bonds, Series A, 5%, 10/15/96 1,000,000 1,010,328 ---------------------------------------------------------------------------------------------------------------------- Triborough Bridge & Tunnel Authority of New York Revenue Bonds, Series BT-42, 3%(1) 1,000,000 1,000,000 ----------- 39,302,426 - --------------------------------------------------------------------------------------------------------------------------------- U.S. POSSESSIONS - 3.7% ---------------------------------------------------------------------------------------------------------------------- Puerto Rico Industrial, Medical & Environmental Pollution Control Facilities Financing Authority Revenue Bonds, Key Pharmaceuticals, 4.35%, 12/1/96 1,500,000 1,502,664 ---------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE 99.3% 40,805,090 ---------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.7 283,861 ----------- ------------ NET ASSETS 100.0% $41,088,951 =========== ===========
1. Floating or variable rate obligation maturing in more than one year. The interest rate, which is based on specific, or an index of, market interest rates, is subject to change periodically and is the effective rate on December 31, 1995. This instrument may also have a demand feature which allows the recovery of principal at any time, or at specified intervals not exceeding one year, on up to 30 days' notice. Maturity date shown represents effective maturity based on variable rate and, if applicable, demand feature. 2. Put obligation redeemable at full face value on the date reported. See accompanying Notes to Financial Statements. 4
STATEMENT OF ASSETS AND LIABILITIES December 31, 1995(Unaudited) Centennial New York Tax Exempt Trust - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at value - see accompanying statement $40,805,090 ---------------------------------------------------------------------------------------------------- Cash 126,947 ---------------------------------------------------------------------------------------------------- Receivables: Interest 359,134 Shares of beneficial interest sold 180,195 ---------------------------------------------------------------------------------------------------- Other 6,819 ------------ Total assets 41,478,185 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Payables and other liabilities: Shares of beneficial interest redeemed 341,993 Service plan fees 20,063 Shareholder reports 18,757 Transfer and shareholder servicing agent fees 2,098 Dividends 521 Other 5,802 ------------ Total liabilities 389,234 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS $41,088,951 ------------ ------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ COMPOSITION OF Paid-in capital $41,090,767 ---------------------------------------------------------------------------------------------------- NET ASSETS Accumulated net realized loss on investment transactions (1,816) ---------------------------------------------------------------------------------------------------- Net assets - applicable to 41,090,767 shares of beneficial interest outstanding $41,088,951 -------------------- -------------------- - ------------------------------------------------------------------------------------------------------------------------------------ NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE $1.00
See accompanying Notes to Financial Statements. 5
STATEMENT OF OPERATIONS For the Six Months Ended December 31, 1995 (Unaudited) Centennial New York Tax Exempt Trust - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME Interest $767,844 - ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees - Note 3 102,966 ---------------------------------------------------------------------------------------------------- Service plan fees - Note 3 39,235 ---------------------------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees - Note 3 17,759 ---------------------------------------------------------------------------------------------------- Shareholder reports 10,787 ---------------------------------------------------------------------------------------------------- Registration and filing fees 5,296 ---------------------------------------------------------------------------------------------------- Legal and auditing fees 4,736 ---------------------------------------------------------------------------------------------------- Custodian fees and expenses 1,927 ---------------------------------------------------------------------------------------------------- Insurance expenses 1,494 ---------------------------------------------------------------------------------------------------- Trustees' fees and expenses 770 ---------------------------------------------------------------------------------------------------- Other 2,238 --------- Total expenses 187,208 --------- Less assumption of expenses by Centennial Asset Management Corporation - Note 3 (22,875) --------- Net expenses 164,333 - ------------------------------------------------------------------------------------------------------------------------------------ NET INVESTMENT INCOME 603,511 - ------------------------------------------------------------------------------------------------------------------------------------ NET REALIZED LOSS ON INVESTMENTS (493) - ------------------------------------------------------------------------------------------------------------------------------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $603,018 --------- ---------
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STATEMENTS OF CHANGES IN NET ASSETS Centennial New York Tax Exempt Trust SIX MONTHS ENDED YEAR ENDED DECEMBER 31, 1995 JUNE 30, (UNAUDITED) 1995 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 603,511 $ 841,058 ---------------------------------------------------------------------------------------------------- Net realized loss (493) (171) -------------------------------- Net increase in net assets resulting from operations 603,018 840,887 - ------------------------------------------------------------------------------------------------------------------------------------ DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (603,511) (842,946) - ------------------------------------------------------------------------------------------------------------------------------------ BENEFICIAL INTEREST Net increase in net assets resulting from TRANSACTIONS beneficial interest transactions - Note 2 5,243,632 9,328,969 - ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS Total increase 5,243,139 9,326,910 ---------------------------------------------------------------------------------------------------- Beginning of period 35,845,812 26,518,902 -------------------------------- End of period $41,088,951 $35,845,812 -------------------------------- --------------------------------
See accompanying Notes to Financial Statements. 6
FINANCIAL HIGHLIGHTS Centennial New York Tax Exempt Trust Six Months Ended December 31, Year Ended June 30, 1995 (Unaudited) 1995 1994 1993 1992 1991 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA: Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - ------------------------------------------------------------------------------------------------------------------------------------ Income from investment operations - net investment income and net realized gain .01 .03 .02 .02 .03 .05 Dividends and distributions to shareholders (.01) (.03) (.02) (.02) (.03) (.05) - ---------------------------------------------------------------===================================================================== Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ===================================================================== - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE(1) 1.48% 2.85% 1.68% 1.83% 3.11% 4.74% - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $41,089 $35,846 $26,519 $24,994 $24,103 $21,439 - ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $40,881 $29,590 $25,419 $24,257 $23,221 $16,766 - ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: Net investment income 2.93%(2) 2.84% 1.67% 1.74% 3.00% 4.42% Expenses, before voluntary assumption by the Manager 0.91%(2) 0.95% 1.02% 0.98% 1.09% 1.08% Expenses, net of voluntary assumption by the Manager 0.80%(2) 0.80% 0.80% 0.80% 0.80% 0.72%
1. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends reinvested in additional shares on the reinvestment date, and redemption at the net asset value calcu- lated on the last business day of the fiscal period. Total returns are not annualized for periods of less than one full year. Total returns reflect changes in net investment income only. 2. Annualized. See accompanying Notes to Financial Statements. 7 NOTES TO FINANCIAL STATEMENTS (Unaudited) 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 objective is to seek the maximum current income exempt from Federal, New York State and New York City income taxes for individual investors that is consistent with preservation of capital. The Trust's investment advisor is Centennial Asset Management Corporation (the Manager), a subsidiary of OppenheimerFunds, Inc. (OFI). The following is a summary of significant accounting policies consistently followed by the Trust. INVESTMENT VALUATION. Portfolio securities are valued on the basis of amortized cost, which approximates market value. FEDERAL TAXES. The Trust intends to continue to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income or excise tax provision is required. DISTRIBUTIONS TO SHAREHOLDERS. The Trust intends to declare dividends from net investment income each day the New York Stock Exchange is open for business and pay such dividends monthly. To effect its policy of maintaining a net asset value of $1.00 per share, the Trust may withhold dividends or make distributions of net realized gains. OTHER. Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses on investments are determined on an identified cost basis, which is the same basis used for federal income tax purposes. The Trust concentrates its investments in New York and, therefore, may have more credit risks related to the economic conditions of New York than a portfolio with a broader geographical diversification. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. 2. SHARES OF BENEFICIAL INTEREST The Trust has authorized an unlimited number of no par value shares of beneficial interest. Transactions in shares of beneficial interest were as follows:
SIX MONTHS ENDED DECEMBER 31, 1995 YEAR ENDED JUNE 30, 1995 --------------------------------------- ---------------------------------- SHARES AMOUNT SHARES AMOUNT Sold 56,405,649 $ 56,405,649 94,305,152 $ 94,305,152 Dividends and distributions 629,447 629,447 798,765 798,765 reinvested Redeemed (51,791,464) (51,791,464) (85,774,948) (85,774,948) --------------------------------------- ---------------------------------- Net increase 5,243,632 $ 5,243,632 9,328,969 $ 9,328,969 ======================================= ==================================
8 NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) Centennial New York Tax Exempt Trust 3. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Management fees paid to the Manager were in accordance with the investment advisory agreement with the Trust which provides for a fee of .50% on the first $250 million of average annual net assets with a reduction of .025% on each $250 million thereafter, to .40% on net assets in excess of $1 billion. The Manager has agreed to assume Trust expenses (with specified exceptions) in excess of the 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 OFI, is the transfer and shareholder servicing agent for the Trust, and for other registered investment companies. SSI's total costs of providing such services are allocated ratably to these companies. Under an approved 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 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 Raymond J. Kalinowski, Trustee C. Howard Kast, Trustee Robert M. Kirchner, Trustee Bridget A. Macaskill, Trustee and President Ned M. Steel, Trustee Michael A. Carbuto, Vice President Andrew J. Donohue, Vice President George C. Bowen, Vice President, Secretary and Treasurer Robert J. Bishop, Assistant Treasurer Scott Farrar, Assistant Treasurer Robert G. Zack, Assistant Secretary INVESTMENT ADVISOR AND DISTRIBUTOR Centennial Asset Management Corporation TRANSFER AND SHAREHOLDER SERVICING AGENT Shareholder Services, Inc. CUSTODIAN OF PORTFOLIO SECURITIES Citibank, N.A. INDEPENDENT AUDITORS Deloitte & Touche LLP LEGAL COUNSEL Myer, Swanson, Adams & Wolf, P.C. The financial statements included herein have been taken from records of the Trust without examination by the independent auditors. 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. For shareholder servicing, call: 1-800-525-9310 (in U.S.) 303-671-3200 (outside U.S.) Or write: Shareholder Services, Inc. P.O. Box 5143 Denver, CO 80217-5143 10 -----END PRIVACY-ENHANCED MESSAGE-----