-----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, Bz9f49H6q8k17sELbev2Uh/7n5ZYvfsg6fYiXMd9GONQZ8jJESro7TFTeRCR4VoQ aWhpgTZRNkJ2avZ3SZf8Kw== 0000935069-05-000330.txt : 20050225 0000935069-05-000330.hdr.sgml : 20050225 20050225154633 ACCESSION NUMBER: 0000935069-05-000330 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20041231 FILED AS OF DATE: 20050225 DATE AS OF CHANGE: 20050225 EFFECTIVENESS DATE: 20050225 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTENNIAL NEW YORK TAX EXEMPT TRUST CENTRAL INDEX KEY: 0000837278 IRS NUMBER: 133481209 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05584 FILM NUMBER: 05641294 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: 3RD FLOOR CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER NEW YORK TAX EXEMPT CASH RESERVES DATE OF NAME CHANGE: 19900530 N-CSRS 1 rs780_12042ncsr.txt RS780_12042NCSR.TXT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-5584 Centennial New York Tax Exempt Trust (Exact name of registrant as specified in charter) 6803 South Tucson Way, Centennial, Colorado 80112-3924 (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. Two World Financial Center, New York, New York 10281-1008 (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 Date of fiscal year end: June 30 Date of reporting period: July 1, 2004 - December 31, 2004 ITEM 1. REPORTS TO STOCKHOLDERS. FUND EXPENSES - -------------------------------------------------------------------------------- FUND EXPENSES. As a shareholder of the Trust, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and redemption fees, if any; and (2) ongoing costs, including management fees; distribution and service fees; and other Trust expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Trust and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2004. ACTUAL EXPENSES. The "actual" lines of the table provide information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the "actual" line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The "hypothetical" lines of the table provide information about hypothetical account values and hypothetical expenses based on the Trust's actual expense ratio, and an assumed rate of return of 5% per year before expenses, which is not the Trust's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Trust and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the "hypothetical" lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different 5 | CENTENNIAL NEW YORK TAX EXEMPT TRUST FUND EXPENSES - -------------------------------------------------------------------------------- funds. In addition, if these transactional costs were included, your costs would have been higher. - -------------------------------------------------------------------------------- BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT PAID DURING VALUE VALUE 6 MONTHS ENDED (7/1/04) (12/31/04) DECEMBER 31, 2004 - -------------------------------------------------------------------------------- Actual $ 1,000.00 $ 1,003.40 $ 3.88 - -------------------------------------------------------------------------------- Hypothetical 1,000.00 1,021.27 3.91 Hypothetical assumes 5% annual return before expenses. Expenses are equal to the Trust's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). The annualized expense ratio based on the 6-month period ended December 31, 2004 is as follows: EXPENSE RATIO - ------------- 0.77% The expense ratio reflects voluntary waivers or reimbursements of expenses by the Trust's Manager that can be terminated at any time, without advance notice. The "Financial Highlights" table in the Trust's financial statements, included in this report, also shows the gross expense ratio, without such waivers or reimbursements. - -------------------------------------------------------------------------------- 6 | CENTENNIAL NEW YORK TAX EXEMPT TRUST STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited - --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS--101.1% - ------------------------------------------------------------------------------------------------------------- NEW YORK--100.7% Jay Street Development Corp. NYC Facilities Lease RB, Jay Street Project, Series A-3, 1.96% 1 $ 2,700,000 $ 2,700,000 - ------------------------------------------------------------------------------------------------------------- Nassau Cnty., NY IDA RB, Puttable Floating Option Tax Exempt Receipts, Series MT-010, 2.09% 1,3 1,000,000 1,000,000 - ------------------------------------------------------------------------------------------------------------- NYC GOB, Series 1995 F-4, 1.95% 1 1,900,000 1,900,000 - ------------------------------------------------------------------------------------------------------------- NYC HDC MH RB, 90 West Street Project, Series 2004 A, 1.95% 1 4,900,000 4,900,000 - ------------------------------------------------------------------------------------------------------------- NYC HDC MH RB, Gold Street, Series A, 1.95% 1 1,600,000 1,600,000 - ------------------------------------------------------------------------------------------------------------- NYC IDA Civic Facilities RB, Birch Wathen Lenox School Project, 2.05% 1 2,625,000 2,625,000 - ------------------------------------------------------------------------------------------------------------- NYC IDA Civic Facilities RB, Casa Project, 2.04% 1 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------------------------- NYC IDA RB, Super Tek Products, Inc., 2.15% 1 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------------------------- NYC MTAU Revenue BANs, Series CP-1A , 1.85%, 2/2/05 3,000,000 3,000,000 - ------------------------------------------------------------------------------------------------------------- NYC MTAU RRB, Series A, MERLOTS Series 2004 B-16, 2.03% 1,3 1,000,000 1,000,000 - ------------------------------------------------------------------------------------------------------------- NYC MTAU RRB, Series PA-1077, 2.02% 1,3 4,495,000 4,495,000 - ------------------------------------------------------------------------------------------------------------- NYC TFA Future Tax Sec. RB, 3.65%, 2/1/05 1,000,000 1,002,073 - ------------------------------------------------------------------------------------------------------------- NYC TFA Future Tax Sec. RB, Series A, 2% 1 1,100,000 1,100,000 - ------------------------------------------------------------------------------------------------------------- NYC TFA Future Tax Sec. RB, Series C-3, 2% 1 1,100,000 1,100,000 - ------------------------------------------------------------------------------------------------------------- NYC TFA RRB, BNP Paribas STARS Certificate, Series 2003-7, 2.02% 1,3 1,500,000 1,500,000 - ------------------------------------------------------------------------------------------------------------- NYS DA RB, MERLOTS Series 2003 B30, 2.03% 1,3 2,995,000 2,995,000 - ------------------------------------------------------------------------------------------------------------- NYS DA RB, PA-1088, 2.01% 1,3 900,000 900,000 - ------------------------------------------------------------------------------------------------------------- NYS DA RRB, Foundling Charitable Corp., Series 1997, 1.99% 1 1,085,000 1,085,000 - ------------------------------------------------------------------------------------------------------------- NYS GOUN, Series A, 1.80%, 10/7/05 2 2,500,000 2,500,000 - ------------------------------------------------------------------------------------------------------------- NYS GOUN, Series A, 5.70%, 3/15/05 2,000,000 2,034,872 - ------------------------------------------------------------------------------------------------------------- NYS GOUN, Series B, 1.58% 1 1,000,000 1,000,000 - ------------------------------------------------------------------------------------------------------------- NYS HFA MH RB, East 39 Street Housing, Series A, 2.01% 1 1,700,000 1,700,000 - ------------------------------------------------------------------------------------------------------------- NYS HFA RB, 10 Barclay Street, 2004 Series A, 2% 1 1,300,000 1,300,000 - ------------------------------------------------------------------------------------------------------------- NYS HFA RB, Historic Front Street Housing, Series 2003A, 1.99% 1 2,800,000 2,800,000 - ------------------------------------------------------------------------------------------------------------- NYS LGAC RRB, SGMSTR Series 1997 SG99, 2.01% 1,3 1,700,000 1,700,000 - ------------------------------------------------------------------------------------------------------------- NYS UDC RB, SGMSTR Series 2003 SG163, 2.01% 1,3 2,600,000 2,600,000 - ------------------------------------------------------------------------------------------------------------- Southeast NY IDA RB, Unilock NY, Inc. Project, Series 1997, 2.13% 1 1,800,000 1,800,000 - ------------------------------------------------------------------------------------------------------------- Suffolk Cnty., NY IDA RB, Target Rock Corp., Series 1987, 2.15% 1 2,635,000 2,635,000 - ------------------------------------------------------------------------------------------------------------- Syracuse, NY RRB, Airport Improvement, Series A, 2%, 2/1/05 375,000 375,000 - ------------------------------------------------------------------------------------------------------------- Utica, NY SDI GOUN, Series 2004, 4.125%, 6/15/05 560,000 566,213 -------------- 57,913,158 - ------------------------------------------------------------------------------------------------------------- U.S. POSSESSIONS--0.4% PR CMWLTH HTAU RB, Puttable Tax Exempt Receipts, Series 246, 2% 1,3 250,000 250,000
7 | CENTENNIAL NEW YORK TAX EXEMPT TRUST STATEMENT OF INVESTMENTS Unaudited / Continued - --------------------------------------------------------------------------------
VALUE SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $58,163,158) 101.1% $ 58,163,158 - ------------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (1.1) (662,590) -------------------------------- NET ASSETS 100.0% $ 57,500,568 ================================
FOOTNOTES TO STATEMENT OF INVESTMENTS TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE BELOW: BANs Bond Anticipation Nts. CMWLTH Commonwealth DA Dormitory Authority GOB General Obligation Bonds GOUN General Obligation Unlimited Nts. HDC Housing Development Corp. HFA Housing Finance Agency/Authority HTAU Highway & Transportation Authority IDA Industrial Development Agency LGAC Local Government Assistance Corp. MERLOTS Municipal Exempt Receipts Liquidity Option Tender MH Multifamily Housing MTAU Metropolitan Transportation Authority NYC New York City NYS New York State RB Revenue Bonds RRB Revenue Refunding Bonds SDI School District SGMSTR Societe Generale, NY Branch Municipal Security Trust Receipts TFA Transitional Finance Authority UDC Urban Development Corp. 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, 2004. This instrument has 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 principal value on the date reported. 3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $16,440,000 or 28.59% of the Trust's net assets as of December 31, 2004. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 8 | CENTENNIAL NEW YORK TAX EXEMPT TRUST STATEMENT OF ASSETS AND LIABILITIES Unaudited - --------------------------------------------------------------------------------
December 31, 2004 - -------------------------------------------------------------------------------------------------- ASSETS - -------------------------------------------------------------------------------------------------- Investments, at value (cost $58,163,158)--see accompanying statement of investments $ 58,163,158 - -------------------------------------------------------------------------------------------------- Cash 191,904 - -------------------------------------------------------------------------------------------------- Receivables and other assets: Interest 192,405 Other 4,845 ------------ Total assets 58,552,312 - -------------------------------------------------------------------------------------------------- LIABILITIES - -------------------------------------------------------------------------------------------------- Payables and other liabilities: Shares of beneficial interest redeemed 998,255 Distribution and service plan fees 30,003 Shareholder communications 15,022 Trustees' compensation 3,826 Transfer and shareholder servicing agent fees 2,957 Other 1,681 ------------ Total liabilities 1,051,744 - -------------------------------------------------------------------------------------------------- NET ASSETS $ 57,500,568 ============ - -------------------------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS - -------------------------------------------------------------------------------------------------- Paid-in capital $ 57,485,564 - -------------------------------------------------------------------------------------------------- Accumulated net realized gain on investments 15,004 ------------ NET ASSETS--applicable to 57,414,065 shares of beneficial interest outstanding $ 57,500,568 ============ - -------------------------------------------------------------------------------------------------- NET ASSET VALUE, REDEMPTION PRICE PER SHARE AND OFFERING PRICE PER SHARE $ 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 9 | CENTENNIAL NEW YORK TAX EXEMPT TRUST STATEMENT OF OPERATIONS Unaudited - --------------------------------------------------------------------------------
For the Six Months Ended December 31, 2004 - --------------------------------------------------------------------------------------------------- INVESTMENT INCOME - --------------------------------------------------------------------------------------------------- Interest $ 425,009 - --------------------------------------------------------------------------------------------------- EXPENSES - --------------------------------------------------------------------------------------------------- Management fees 149,007 - --------------------------------------------------------------------------------------------------- Service plan fees 58,443 - --------------------------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees 17,115 - --------------------------------------------------------------------------------------------------- Legal, auditing and other professional fees 11,651 - --------------------------------------------------------------------------------------------------- Shareholder communications 7,025 - --------------------------------------------------------------------------------------------------- Trustees' compensation 2,660 - --------------------------------------------------------------------------------------------------- Custodian fees and expenses 620 - --------------------------------------------------------------------------------------------------- Other 6,989 ------------- Total expenses 253,510 Less reduction to custodian expenses (399) Less payments and waivers of expenses (23,169) ------------- Net expenses 229,942 - --------------------------------------------------------------------------------------------------- NET INVESTMENT INCOME 195,067 - --------------------------------------------------------------------------------------------------- NET REALIZED GAIN ON INVESTMENTS 15,004 - --------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 210,071 =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 10 | CENTENNIAL NEW YORK TAX EXEMPT TRUST STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2004 JUNE 30, (UNAUDITED) 2004 - ---------------------------------------------------------------------------------------------------------- OPERATIONS - ---------------------------------------------------------------------------------------------------------- Net investment income $ 195,067 $ 126,183 - ---------------------------------------------------------------------------------------------------------- Net realized gain 15,004 47,059 ----------------------------- Net increase in net assets resulting from operations 210,071 173,242 - ---------------------------------------------------------------------------------------------------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS - ---------------------------------------------------------------------------------------------------------- Dividends from net investment income (195,067) (126,183) - ---------------------------------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS - ---------------------------------------------------------------------------------------------------------- Net decrease in net assets resulting from beneficial interest transactions (655,685) (9,504,577) - ---------------------------------------------------------------------------------------------------------- NET ASSETS - ---------------------------------------------------------------------------------------------------------- Total decrease (640,681) (9,457,518) - ---------------------------------------------------------------------------------------------------------- Beginning of period 58,141,249 67,598,767 ----------------------------- End of period $ 57,500,568 $ 58,141,249 =============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 11 | CENTENNIAL NEW YORK TAX EXEMPT TRUST FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------- SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2004 JUNE 30, (UNAUDITED) 2004 2003 2002 2001 2000 - ---------------------------------------------------------------------------------------------------------------------------------- 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 -- 1,2 -- 2 .01 .01 .03 .03 - ---------------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income -- 2 -- 2 (.01) (.01) (.03) (.03) Distributions from net realized gain -- -- -- -- 2 -- -- --------------------------------------------------------------------------------- Total dividends and/or distributions to shareholders -- 2 -- 2 (.01) (.01) (.03) (.03) - ---------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ================================================================================= - ---------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN 3 0.34% 0.20% 0.50% 0.96% 3.09% 2.92% - ---------------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ---------------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 57,501 $ 58,141 $ 67,599 $ 68,618 $ 72,370 $ 55,963 - ---------------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 59,278 $ 65,140 $ 72,117 $ 76,925 $ 68,810 $ 61,033 - ---------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 4 Net investment income 0.65% 0.19% 0.50% 0.96% 3.04% 2.84% Total expenses 0.85% 0.86% 0.82% 0.84% 0.90% 0.92% Expenses after payments and waivers and reduction to custodian expenses 0.77% 0.80% 0.80% 0.80% 0.82% 0.82%
1. Per share amounts calculated based on the average shares outstanding during the period. 2. Less than $0.005 per share. 3. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions 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 less than one year. Returns do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the redemption of Trust shares. 4. Annualized for periods of less than one full year. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 12 | CENTENNIAL NEW YORK TAX EXEMPT TRUST NOTES TO FINANCIAL STATEMENTS Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 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 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. The net asset value of shares of the Trust is normally determined twice each day, at 12:00 Noon Eastern time and at 4:00 P.M. Eastern time on each day The New York Stock Exchange (the Exchange) is open for trading. Portfolio securities are valued on the basis of amortized cost, which approximates market value. - -------------------------------------------------------------------------------- SECURITY CREDIT RISK. There are certain risks arising from geographic concentration in any state. Certain revenue or tax related events in a state may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations. - -------------------------------------------------------------------------------- FEDERAL TAXES. The Trust intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders, therefore, no federal income or excise tax provision is required. Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Trust. As of December 31, 2004, the Trust had no capital loss carryforward available for federal income tax purposes. During the year ended June 30, 2004, the Trust did not utilize any capital loss carryforward. - -------------------------------------------------------------------------------- TRUSTEES' COMPENSATION. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Trust. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Trust or in other Oppenheimer funds selected by the Trustee. The Trust purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Trust asset equal to the deferred compensation liability. Such assets are included as a component of "Other" within the asset section of the Statement of 13 | CENTENNIAL NEW YORK TAX EXEMPT TRUST NOTES TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued Assets and Liabilities. Deferral of trustees' fees under the plan will not affect the net assets of the Trust, and will not materially affect the Trust's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance to the Plan. - -------------------------------------------------------------------------------- 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. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually but may be paid at other times to maintain the net asset value per share at $1.00. - -------------------------------------------------------------------------------- CUSTODIAN FEES. Custodian Fees and Expenses in the Statement of Operations may include interest expense incurred by the Trust on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Trust pays interest to its custodian on such cash overdrafts at a rate equal to the Federal Funds Rate plus 0.50%. The Reduction to Custodian Expenses line item, if applicable, represents earnings on cash balances maintained by the Trust during the period. Such interest expense and other custodian fees may be paid with these earnings. - -------------------------------------------------------------------------------- SECURITY TRANSACTIONS. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. - -------------------------------------------------------------------------------- OTHER. The preparation of financial statements in conformity with U.S. 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, 2004 YEAR ENDED JUNE 30, 2004 SHARES AMOUNT SHARES AMOUNT - ------------------------------------------------------------------------------------------------- Sold 82,449,036 $ 82,449,036 172,990,144 $ 172,990,144 Dividends and/or distributions reinvested 191,398 191,398 122,092 122,092 Redeemed (83,296,119) (83,296,119) (182,616,813) (182,616,813) ---------------------------------------------------------- Net decrease (655,685) $ (655,685) (9,504,577) $ (9,504,577) ==========================================================
14 | CENTENNIAL NEW YORK TAX EXEMPT TRUST - -------------------------------------------------------------------------------- 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 at an annual rate of 0.50% of the first $250 million of net assets, 0.475% of the next $250 million of net assets, 0.45% of the next $250 million of net assets, 0.425% of the next $250 million of net assets, and 0.40% of net assets in excess of $1 billion. - -------------------------------------------------------------------------------- ADMINISTRATION SERVICES. The Trust pays the Manager a fee of $1,500 per year for preparing and filing the Trust's tax returns. - -------------------------------------------------------------------------------- TRANSFER AGENT FEES. Shareholder Services, Inc. (SSI) acts as the transfer and shareholder servicing agent for the Trust and for other registered investment companies. The Trust pays SSI a per account fee. For the six months ended December 31, 2004, the Trust paid $16,793 to SSI for services to the Trust. - -------------------------------------------------------------------------------- SERVICE PLAN (12b-1) FEES. The Trust has adopted a service plan. It reimburses Centennial Asset Management Corporation, the Distributor, for a portion of its costs incurred for services provided to accounts that hold shares of the Trust. Reimbursement is made quarterly, or monthly depending on asset size, at an annual rate of up to 0.20% of the average annual net assets of the Trust. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions quarterly for providing personal services and maintenance of accounts of their customers that hold shares of the Trust. Fees incurred by the Trust under the Plan are detailed in the Statement of Operations. - -------------------------------------------------------------------------------- PAYMENTS AND WAIVERS OF EXPENSES. The Manager has voluntarily undertaken to assume certain expenses of the Trust in any fiscal year that exceed 0.80% of the Trust's average annual net assets. Effective July 7, 2003, the Manager has voluntarily undertaken to waive receipt of its management fees to the extent necessary so that the Trust may seek to maintain a positive yield. During the six months ended December 31, 2004, the Manager waived $23,169 of its management fees. The Manager reserves the right to amend or terminate either voluntary expense assumption at any time. SSI has voluntarily agreed to limit transfer and shareholder servicing agent fees to 0.35% of average annual net assets of the Trust. This undertaking may be amended or withdrawn at any time. 15 | CENTENNIAL NEW YORK TAX EXEMPT TRUST PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- The Trust has adopted Portfolio Proxy Voting Policies and Procedures under which the Trust votes proxies relating to securities ("portfolio proxies") held by the Trust. A description of the Trust's Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Trust toll-free at 1.800.525.7048, (ii) on the Trust's website at www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In addition, the Trust is required to file new Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Trust's Form N-PX filing is available (i) without charge, upon request, by calling the Trust toll-free at 1.800.525.7048, and (ii) on the SEC's website at www.sec.gov. The Trust files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Trust's Form N-Q filings are available on the SEC's website at http://www.sec.gov. Those forms may be reviewed and copied at the SEC's Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 16 | CENTENNIAL NEW YORK TAX EXEMPT TRUST ITEM 2. CODE OF ETHICS Not applicable to semiannual reports. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT Not applicable to semiannual reports. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES Not applicable to semiannual reports. ITEM 5. NOT APPLICABLE ITEM 6. SCHEDULE OF INVESTMENTS Not applicable ITEM 7. NOT APPLICABLE ITEM 8. NOT APPLICABLE ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The registrant's Board of Trustees has established a Governance Committee, one function of which is to create and oversee the process by which shareholders can submit nominees for positions on the Board. The Governance Committee has not yet adopted a charter, but anticipates that it will do so by the end of this calendar year. The Committee has temporarily adopted the process previously adopted by the Audit Committee regarding shareholder submission of nominees for board positions. Shareholders may submit names of individuals, accompanied by complete and properly supported resumes, for the Governance Committee's consideration by mailing such information to the Committee in care of the Fund. The Committee may consider such persons at such time as it meets to consider possible nominees. The Committee, however, reserves solo discretion to determine the candidates for trustees and independent trustees to recommend to the Board and/or shareholders and may identify candidates other than those submitted by Shareholders. The Committee may, but need not, consider the advice and recommendation of the Manager and its affiliates in selecting nominees. The full Board elects new trustees except for those instances when a shareholder vote is required. Shareholders who desire to communicate with the Board should address correspondence to the Board of Trustees of the registrant, or to an individual Trustee c/o the Secretary of the Fund at 6803 South Tucson Way, Centennial, Colorado 80112 and may submit their correspondence electronically at WWW.OPPENHEIMERFUNDS.COM under the caption "contact us." If your correspondence is intended for a particular Trustee, please indicate the name of the Trustee for whom it is intended. The sender should indicate in the address whether it is intended for the entire board, the Independent Trustees as group, or to an individual Trustee. The Governance Committee will consider if a different process should be recommended to the Board. ITEM 10. CONTROLS AND PROCEDURES (a) Based on their evaluation of registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of December 31, 2004, registrant's principal executive officer and principal financial officer found registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no changes in registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 11. EXHIBITS. (A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT)(NOT APPLICABLE TO SEMIANNUAL REPORTS) (B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS) EX-99.CERT 2 rs780_12042ex99cert.txt RS780_12042EX99CERT.TXT Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, JOHN V. MURPHY, certify that: 1. I have reviewed this report on Form N-CSR of Centennial New York Tax Exempt Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 2/8/05 /s/ John V. Murphy ---------------------------- John V. Murphy Chief Executive Officer Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, BRIAN W. WIXTED, certify that: 1. I have reviewed this report on Form N-CSR of Centennial New York Tax Exempt Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 2/8/05 /s/ Brian W. Wixted ---------------------------- Brian W. Wixted Chief Financial Officer EX-99.906 3 rs780_12042ex906cert.txt RS780_12042EX906CERT.TXT EX-99.906CERT Section 906 Certifications CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 JOHN V. MURPHY, Chief Executive Officer, and BRIAN W. WIXTED, Chief Financial Officer, of Centennial New York Tax Exempt Trust (the "Registrant"), each certify to the best of his or her knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2004 (the "Form N-CSR") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR filed with the Commission. Chief Executive Officer Chief Financial Officer Centennial New York Tax Exempt Trust Centennial New York Tax Exempt Trust /s/ John V. Murphy /s/ Brian W. Wixted - ---------------------------- ---------------------------------- John V. Murphy Brian W. Wixted Date: 2/8/05 Date: 2/8/05 -----END PRIVACY-ENHANCED MESSAGE-----