-----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, FS6Vds8b4LdpR4JP48GUHxUSP9vVoBEzMtzMg814ikJGDNZV5Lf/3vc5Hp85RYEc 0/9P/383p8hZlU1wQ8CnWw== 0000837278-96-000005.txt : 19960910 0000837278-96-000005.hdr.sgml : 19960910 ACCESSION NUMBER: 0000837278-96-000005 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960906 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: 96626759 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 EXEMPT TRUST - A/R [COVER PAGE] 1996 Annual Report CENTENNIAL NEW YORK TAX EXEMPT TRUST - -------------------------------------------------------------------------------- JUNE 30, 1996 RA0780.001.0696 DEAR SHAREHOLDER: The twelve months ended June 30, 1996 have been defined by changing beliefs about the direction of the economy which, in turn, has had both positive and negative effects on the securities markets. Toward the end of 1995, most investors expected that the economy would continue to show signs of slowing. In fact, many were convinced that the economy was moving toward recession. Given the prevailing sentiment, it wasn't a surprise when the Federal Reserve lowered interest rates in an effort to prolong the economic expansion. The goal: a slow but steady and sustainable rate of economic growth that would diminish the possibility of recession. The impact of lower interest rates on the stock and all sectors of the bond market was profound. The Dow Jones Industrial Average reached an all time high, while most sectors of the bond market, including municipal bonds, chalked up double digit returns. But in mid-February, the federal government issued a report on job growth that radically altered investor perceptions. Suddenly, investors believed that the economy was heating up and inflation was around the corner. In the weeks that followed, the bond market sold off sharply, as long-term interest rates spiked upward, with the benchmark 30-year Treasury yield moving above seven percent. Since municipal bonds tend to track U.S. Treasury bonds, yields on municipals rose as well. As a result, the bond market, including municipal bonds, weakened between February and June. Though this market environment has created some concerns for most long-term municipal bond investors, rising interest rates are good for investors in short-term municipal securities. Because the portfolio is structured to capture the maximum amount of interest income exempt from federal income taxes and New York State and New York City income tax, the Trust continues to invest in short-term securities -- especially during the current rising rate market. Although shorter-term securities require us to reinvest the proceeds we receive upon maturity more often, in a rising rate environment that means moving into securities issued at higher rates. The Centennial New York Tax Exempt Trust had a compounded annualized yield of 2.81% for the twelve months ended June 30, 1996. The corresponding yield without compounding was 2.77%. For New York residents in the maximum combined federal, state, and city tax bracket (45.96%), this is equivalent to a taxable yield of 5.20% with compounding and 5.13% without. Its seven-day yields with and without compounding for the period ended June 30, 1996 were 2.64% and 2.61%, respectively.(1) As we move through 1996, the strength of the economy continues to be an uncertainty. However, with higher gasoline and agricultural prices there could be some upward pressure on inflation over the next several months. As such, we continue to look for opportunities to add to the portfolio's yield, while keeping the Trust's average maturity shorter, remaining alert to the possibility that interest rates may move slightly higher or lower in the coming months. We are pleased to be able to maintain a competitive yield, as well as price stability, in light of the dramatic changes that have taken place during the last twelve months. Thank you for your confidence in Centennial New York Tax-Exempt Trust. We look forward to helping you reach 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 President--Centennial New York Tax Exempt Trust July 22, 1996 An investment in the Trust is neither insured nor guaranteed by the U.S. Government and there can be no assurance that the Trust will be able to maintain a stable net asset value of $1.00 per share. 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.
====================================== STATEMENT OF INVESTMENTS June 30, 1996 Centennial New York Tax Exempt Trust FACE VALUE AMOUNT SEE NOTE 1 ====================================================================================================================== SHORT-TERM TAX-EXEMPT OBLIGATIONS - 101.1% - ---------------------------------------------------------------------------------------------------------------------- NEW YORK - 97.3% ----------------------------------------------------------------------------------------------------------- Babylon, New York Industrial Development Agency Revenue Bonds, J. D'Addario & Co. Project, 3.25%(1) $ 500,000 $ 500,000 ----------------------------------------------------------------------------------------------------------- Buffalo, New York General Obligation Revenue Anticipation Nts., Series A, 4.20%, 7/16/96(2) 2,500,000 2,500,798 ----------------------------------------------------------------------------------------------------------- City of New York Housing Development Corp. Multifamily Mtg. Revenue Bonds, Columbus Project, Series A, 3.10%(1) 1,800,000 1,800,000 ----------------------------------------------------------------------------------------------------------- City of New York Industrial Development Agency Civic Facility Revenue Bonds, Columbia Grammar School Project, 3.10%(1) 1,000,000 1,000,000 ----------------------------------------------------------------------------------------------------------- City of New York Trust Cultural Resources Revenue Refunding Bonds, American Museum of Natural History, Series A, MBIA Insured, 3.10%(1) 500,000 500,000 ----------------------------------------------------------------------------------------------------------- City of New York Water Finance Authority Revenue Bonds, 3.65%, 8/1/96(2) 1,900,000 1,900,000 ----------------------------------------------------------------------------------------------------------- Dormitory Authority of the State of New York Revenue: Bonds, City University System, Escrowed to Maturity, Series A, 7.10%, 7/1/96(2) 1,250,000 1,250,000 Bonds, Memorial Sloan Kettering Cancer Center Project, Series D, 3.40%, 8/7/96(2) 700,000 700,000 Bonds, Memorial Sloan Kettering Cancer Center Project, Series D, 3.55%, 8/21/96(2) 1,270,000 1,270,000 Bonds, Series A, FGIC Insured, 3.45%(1) 1,000,000 1,000,000 Refunding Bonds, Ellis Hospital Project, MBIA Insured, 3.70%, 8/1/96(2) 1,000,000 1,000,000 ----------------------------------------------------------------------------------------------------------- Erie County, New York Revenue Anticipation Nts., 4.50%, 9/20/96 1,000,000 1,001,385 ----------------------------------------------------------------------------------------------------------- Franklin County, New York Industrial Development Agency Revenue Refunding Bonds, McAdam Cheese Co. Project, 3.40%(1) 1,700,000 1,700,000 ----------------------------------------------------------------------------------------------------------- Metropolitan Transportation Authority of New York Revenue Bonds, Prerefunded, Series F, AMBAC Insured, 8.375%, 7/1/96 3,350,000 3,417,000 ----------------------------------------------------------------------------------------------------------- Nassau County, New York Industrial Development Agency Revenue Bonds, Cold Spring Harbor Labor Project, 3.45%(1) 1,000,000 1,000,000 ----------------------------------------------------------------------------------------------------------- New York State Energy Research & Development Authority: Electric Facilities Revenue Bonds, Long Island Lighting Co., Series A, 3.05%(1) 1,000,000 1,000,000 Electric Facilities Revenue Bonds, Long Island Lighting Co., Series B, 3.05%(1) 900,000 900,000 Pollution Control Revenue Bonds, New York State Electric & Gas Corp., Series B, 3.85%, 10/15/96(2) 1,700,000 1,700,000 Pollution Control Revenue Bonds, Rochester Gas & Electric Co., 3.45%(1) 600,000 600,000
4
==================================== STATEMENT OF INVESTMENTS (Continued) Centennial New York Tax Exempt Trust FACE VALUE AMOUNT SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------- NEW YORK (CONTINUED) ----------------------------------------------------------------------------------------------------------- New York State Environmental Facilities Corp. Solid Waste Disposal Revenue: Bonds, General Electric Co. Project, Series A, 3.55%, 8/21/96(2) $1,000,000 $ 1,000,000 Refunding Bonds, General Electric Co. Project, Series A, 3.50%, 8/21/96(2) 2,400,000 2,400,000 ----------------------------------------------------------------------------------------------------------- New York State Housing Finance Agency Revenue Bonds: Normandie Court I Project, 3.05%(1) 800,000 800,000 Prerefunded, 7.90%, 11/1/96 1,185,000 1,202,158 ----------------------------------------------------------------------------------------------------------- New York State Local Government Assistance Corp. Revenue Bonds, Series A, 3.10%(1) 600,000 600,000 ----------------------------------------------------------------------------------------------------------- New York State Medical Care Facilities Finance Agency Revenue Bonds: Lenox Hill Hospital Project, Series A, 3.30%(1) 200,000 200,000 Pooled Equipment Loan Program II-A, 3.20%(1) 800,000 800,000 ----------------------------------------------------------------------------------------------------------- New York State Power Authority Revenue & General Purpose Bonds: 3.75%, 9/10/96(2) 900,000 900,000 3.80%, 9/10/96(2) 1,000,000 1,000,000 ----------------------------------------------------------------------------------------------------------- North Hempstead, New York Solid Waste Management Authority Revenue Refunding Bonds, Series A, 3.05%(1) 600,000 600,000 ----------------------------------------------------------------------------------------------------------- Seneca County, New York Industrial Development Agency Civic Facilities Revenue Bonds, New York Chiropractic College, 3.15%(1) 400,000 400,000 ----------------------------------------------------------------------------------------------------------- Suffolk County, New York Industrial Development Agency Revenue Bonds, Nissequogue Cogeneration Partnership, 3.35%(1) 1,500,000 1,500,000 ----------------------------------------------------------------------------------------------------------- Suffolk County, New York Public Improvement Bonds, Series A, 5%, 10/15/96(2) 1,000,000 1,003,801 ----------------------------------------------------------------------------------------------------------- Triborough Bridge & Tunnel Authority of New York Revenue Bonds, FGIC Insured, 3.05%(1) 1,600,000 1,600,000 ------------ 38,745,142 - ---------------------------------------------------------------------------------------------------------------------- U.S. POSSESSIONS - 3.8% ----------------------------------------------------------------------------------------------------------- Puerto Rico Industrial, Medical & Environmental Pollution Control Facilities Financing Authority Revenue Bonds, Key Pharmaceuticals, 3.80%, 12/1/96(2) 1,500,000 1,501,216 ----------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE 101.1% 40,246,358 ----------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (1.1) (439,157) ----------- ------------- NET ASSETS 100.0% $39,807,201 =========== =============
5 ==================================== STATEMENT OF INVESTMENTS (Continued) Centennial New York Tax Exempt Trust - -------------------------------------------------------------------------------- 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, 1996. 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. 2. Put obligation redeemable at full face value on the date reported. See accompanying Notes to Financial Statements. 6
================================================= STATEMENT OF ASSETS AND LIABILITIES June 30, 1996 Centennial New York Tax Exempt Trust ====================================================================================================================== ASSETS Investments, at value - see accompanying statement $40,246,358 -------------------------------------------------------------------------------------------- Cash 181,998 -------------------------------------------------------------------------------------------- Receivables: Interest 450,769 Shares of beneficial interest sold 213,539 -------------------------------------------------------------------------------------------- Other 3,507 ------------ Total assets 41,096,171 ====================================================================================================================== LIABILITIES Payables and other liabilities: Shares of beneficial interest redeemed 1,199,086 Dividends 29,291 Service plan fees 20,598 Transfer and shareholder servicing agent fees 5,383 Other 34,612 ------------ Total liabilities 1,288,970 ====================================================================================================================== NET ASSETS $39,807,201 ============ ====================================================================================================================== COMPOSITION OF Paid-in capital $39,808,919 NET ASSETS -------------------------------------------------------------------------------------------- Accumulated net realized loss on investment transactions (1,718) -------------------------------------------------------------------------------------------- Net assets - applicable to 39,808,919 shares of beneficial interest outstanding $39,807,201 ============ ====================================================================================================================== NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE $1.00 ======
See accompanying Notes to Financial Statements. 7
======================================================== STATEMENT OF OPERATIONS For the Year Ended June 30, 1996 Centennial New York Tax Exempt Trust ====================================================================================================================== INVESTMENT INCOME Interest $ 1,509,140 ====================================================================================================================== EXPENSES Management fees - Note 3 211,940 -------------------------------------------------------------------------------------------- Service plan fees - Note 3 81,880 -------------------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees - Note 3 37,223 -------------------------------------------------------------------------------------------- Shareholder reports 28,298 -------------------------------------------------------------------------------------------- Custodian fees and expenses 11,139 -------------------------------------------------------------------------------------------- Legal and auditing fees 9,789 -------------------------------------------------------------------------------------------- Registration and filing fees 6,616 -------------------------------------------------------------------------------------------- Insurance expenses 3,160 -------------------------------------------------------------------------------------------- Trustees' fees and expenses 1,892 -------------------------------------------------------------------------------------------- Other 1,452 ------------ Total expenses 393,389 ------------ Less expenses paid indirectly - Note 3 (8,728) ------------ Less assumption of expenses by Centennial Asset Management Corporation - Note 3 (45,647) ------------ Net expenses 339,014 ====================================================================================================================== NET INVESTMENT INCOME 1,170,126 ====================================================================================================================== NET REALIZED LOSS ON INVESTMENTS (395) ====================================================================================================================== NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 1,169,731 ============
=================================== STATEMENTS OF CHANGES IN NET ASSETS YEAR ENDED JUNE 30, 1996 1995 ====================================================================================================================== OPERATIONS Net investment income $ 1,170,126 $841,058 --------------------------------------------------------------------------------------------- Net realized loss (395) (171) ----------------------------- Net increase in net assets resulting from operations 1,169,731 840,887 ====================================================================================================================== DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (1,170,126) (842,946) ====================================================================================================================== BENEFICIAL INTEREST Net increase in net assets resulting from TRANSACTIONS beneficial interest transactions - Note 2 3,961,784 9,328,969 ====================================================================================================================== NET ASSETS Total increase 3,961,389 9,326,910 -------------------------------------------------------------------------------------------- Beginning of period 35,845,812 26,518,902 ----------------------------- End of period $39,807,201 $35,845,812 =============================
See accompanying Notes to Financial Statements. 8 FINANCIAL HIGHLIGHTS
Centennial New York Tax Exempt Trust Year Ended June 30, 1996 1995 1994 1993 1992 ================================================================================ 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 .03 .03 .02 .02 .03 Dividends and distributions to shareholders (.03) (.03) (.02) (.02) (.03) - ---------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 ====================================================================== ================================================================================ TOTAL RETURN, AT NET ASSET VALUE(1) 2.79% 2.85% 1.68% 1.83% 3.11% - ---------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $39,807 $35,846 $26,519 $24,994 $24,103 - ---------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $42,351 $29,590 $25,419 $24,257 $23,221 - ---------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: Net investment income 2.76% 2.84% 1.67% 1.74% 3.00% Expenses, before voluntary assumption by the Manager(2) 0.93% 0.95% 1.02% 0.98% 1.09% Expenses, net of voluntary assumption by the Manager 0.80% 0.80% 0.80% 0.80% 0.80%
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 calculated on the last business day of the fiscal period. Total returns reflect changes in net investment income only. 2. Beginning in fiscal 1995, the expense ratio reflects the effect of gross expenses paid indirectly by the Fund. Prior year expense ratios have not been adjusted. See accompanying Notes to Financial Statements. 9 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 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:
YEAR ENDED JUNE 30, 1996 YEAR ENDED JUNE 30, 1995 ----------------------------------- --------------------------------- SHARES AMOUNT SHARES AMOUNT Sold 123,079,408 $ 123,079,408 94,305,152 $ 94,305,152 Dividends and distributions reinvested 1,153,820 1,153,820 798,765 798,765 Redeemed (120,271,444) (120,271,444) (85,774,948) (85,774,948) ------------- -------------- ------------ ------------- Net increase 3,961,784 $ 3,961,784 9,328,969 $ 9,328,969 ============= ============== ============ =============
10 NOTES TO FINANCIAL STATEMENTS (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 0.50% on the first $250 million of average annual net assets with a reduction of 0.025% on each $250 million thereafter, to 0.40% 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 0.80% 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. Expenses paid indirectly represent a reduction of custodian fees for earnings on cost balances maintained by the Fund. Under an approved service plan, the Trust may expend up to 0.20% 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. 11 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, 1996, the related statement of operations for the year then ended, the statements of changes in net assets for the years ended June 30, 1996 and 1995, and the financial highlights for the period July 1, 1991 to June 30, 1996. 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, 1996 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, 1996, 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 22, 1996 12 FEDERAL INCOME TAX INFORMATION (Unaudited) Centennial New York Tax Exempt Trust In early 1997, shareholders will receive information regarding all dividends and distributions paid to them by the Trust during calendar year 1996. 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, 1996 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. 13 CENTENNIAL NEW YORK TAX EXEMPT TRUST OFFICERS AND TRUSTEES James C. Swain, Chairman and Chief Executive Officer Bridget A. Macaskill, Trustee and President Robert G. Avis, Trustee William A. Baker, Trustee Charles Conrad, Jr., Trustee Jon S. Fossel, Trustee Sam Freedman, Trustee Raymond J. Kalinowski, Trustee C. Howard Kast, Trustee Robert M. Kirchner, Trustee Ned M. Steel, Trustee George C. Bowen, Vice President, Treasurer and Assistant Secretary Andrew J. Donohue, Vice President and Secretary Michael A. Carbuto, Vice President 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 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 14 -----END PRIVACY-ENHANCED MESSAGE-----