-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, k2g3UAhcf7RKR3nXmViyuF5IY8ULvzX84paMvrUfUGjk6qtkqqBp15M6N8IPe0bJ FDF6VNp+YFCXAL6LASWpkg== 0000950117-94-000208.txt : 19940906 0000950117-94-000208.hdr.sgml : 19940906 ACCESSION NUMBER: 0000950117-94-000208 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940630 FILED AS OF DATE: 19940902 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTENNIAL NEW YORK TAX EXEMPT TRUST CENTRAL INDEX KEY: 0000837278 STANDARD INDUSTRIAL CLASSIFICATION: 0000 IRS NUMBER: 133481209 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-05584 FILM NUMBER: 94547853 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 1994 ANNUAL REPORT CENTENNIAL NEW YORK TAX EXEMPT TRUST - --------------------------------------------------------------------------- June 30, 1994 RA780.0894.N Dear Centennial New York Tax Exempt Trust Shareholder: We are pleased to provide you with the annual report for Centennial New York Tax Exempt Trust. The Trust's compounded annualized yield for the 12 months ended June 30, 1994 was 1.67%. The corresponding yield without compounding was 1.66%. For investors in the 43.89% combined federal and state tax bracket, this is equal to a taxable yield of 2.98% with compounding and 2.96% without compounding.1 Centennial New York Tax Exempt Trust is managed to seek maximum short-term interest income exempt from federal, New York State, and New York City income taxes for individual investors that is consistent with preservation of capital, by investing in short-term New York municipal securities. Over the last six months, short-term interest rates rose dramatically, reflecting the Federal Reserve Board's preemptive strike against inflation in a strengthening U.S. economy. Your managers took several steps to capitalize on this rising rate environment. Most important, they shortened the Trust's average maturity to 27 days at June 30 from 70 days at December 31, 1993 and did so in a manner intended to provide the Trust with maximum flexibility.2 It is important to emphasize that Centennial New York Tax Exempt Trust generates its return from a portfolio of high-quality short-term securities. While your managers are always alert to opportunities to enhance portfolio income, principal stability is their top priority. Looking ahead, the outlook for the Trust is positive. There are few signs of inflation on the horizon and the Federal Reserve has announced its intent to maintain interest rates at their current ranges at least for the near term. The recent weakness in the U.S. dollar relative to other major currencies may prompt the Fed to raise interest rates faster and higher than economic fundamentals alone might warrant. But with the adjustments your managers have made over the past six months, Centennial New York Tax Exempt Trust is ready to respond to whatever opportunities the future holds in store. We appreciate the confidence you have placed in Centennial New York Tax Exempt Trust, and we look forward to continuing to help you meet your financial goals in the future. JAMES C. SWAIN James C. Swain Chairman -- Centennial New York Tax Exempt Trust JON S. FOSSEL Jon S. Fossel President -- Centennial New York Tax Exempt Trust July 22, 1994 1. Compounded yields assume reinvestment of dividends. 2. The Fund's portfolio is subject to change. Past performance is not indicative of future results. STATEMENT OF INVESTMENTS June 30, 1994 Centennial New York Tax Exempt Trust
FACE MARKET AMOUNT VALUE-NOTE 1 ------- ------------ MUNICIPAL BONDS AND NOTES-99.6% NEW YORK-95.8% City of New York Development Corp. Mtg. Revenue Bonds, Columbus Multifamily Project, Series A, 2.05% (1) ......... $2,500,000 $ 2,500,000 City of New York Housing Development Corp. Mtg. Revenue Bonds: East 96th Street Project, Series A, 2.15% (1) ............. 300,000 300,000 Queenswood Multifamily Project, Series A, 2.05% (1) ....... 200,000 200,000 City of New York Municipal Water Finance Authority Revenue Bonds: Series C, 3% (1) .......................................... 1,000,000 1,000,000 Water and Sewer System Project, Series C, 3% (1) .......... 200,000 200,000 City of New York Trust Cultural Resources Revenue Refunding Bonds: American Museum of Natural History, Series A, MBIA Insured, 2% (1) .................................................... 500,000 500,000 Erie County, New York Water Authority Revenue Bonds, Series A AMBAC Insured, 2% (1) ..................................... 1,000,000 1,000,000 Geneva, New York Industrial Development Agency Civic Facility Revenue Bonds, Colleges of the Seneca, Series A, 2.25% (1) ................................................. 960,000 960,000 Nassau County, New York Industrial Development Agency Revenue Bonds, Cold Spring Harbor Labor Project, 2% (1) .................................................... 1,000,000 1,000,000 Nassau County, New York Revenue Bonds, Series 32, 2.30% (1) ...................................... 1,000,000 1,000,000 New York State Energy Research and Development Authority: Revenue Bonds: Electric and Gas Corp., Series 84A, 2.80% 12/1/94 (2) ... 1,000,000 1,000,000 Long Island Lighting Co., Series B, 2.85%, 11/1/94 (2) .. 900,000 900,000 Rochester Gas and Electric Co., 2.80% (1) ............... 600,000 600,000 Revenue Refunding Bonds, Electric and Gas Corp., Series B, 2.45%, 8/2/94 (2) ....................................... 1,000,000 1,000,000 New York State Environmental Facility Solid Waste Disposal Revenue Bonds, General Electric Co. Project, Series A, 2.50%, 7/11/94 (2) ........................................ 1,000,000 1,000,000 New York State Housing Finance Agency Revenue Bonds: Mount Sinai School of Medicine, Series A, 2.55% (1) ....... 1,000,000 1,000,000 Normandie Court I Project, 2.05% (1) ...................... 1,000,000 1,000,000 New York State Job Development Authority Guaranteed Revenue Bonds: 1984 Series C-1 to C-30, 2.60% (1) ........................ 775,000 775,000 1984 Series E-1 to E-55, 2.60% (1) ........................ 1,460,000 1,460,000 1984 Series F-1 to F-17, 2.60% (1) ........................ 450,000 450,000 Special Purpose, Series C-1, 2.75% (1) .................... 65,000 65,000 New York State Local Government Assistance Corp. Revenue Bonds, Series A, 2.05% (1) ....................................... 1,300,000 1,300,000
3 STATMENT OF INVESTMENTS (Continued) Centennial New York Tax Exempt Trust
FACE MARKET AMOUNT VALUE-NOTE 1 ------- ------------- MUNICIPAL BONDS AND NOTES (CONTINUED) NEW YORK (CONTINUED) New York State Mtg. Agency Revenue Bonds, Series 40B, 3.15%, 9/29/94 (2) ........................................ $2,000,000 $ 2,000,000 North Hempstead, New York Solid Waste Management Authority Revenue Refunding Bonds, Series A, 2.15% (1) .............. 2,000,000 2,000,000 Port Authority of New York and New Jersey Consolidated Revenue Bonds, 2.60%, 7/11/94 (2) ................................. 800,000 800,000 Seneca County, New York Industrial Development Agency Civic Facilities Revenue Bonds, New York Chiropractic College, 2% (1) .................................................... 400,000 400,000 Triborough Bridge and Tunnel Authority of New York Revenue Bonds, Series BT-42, 2.30% (1) ................................... 1,000,000 1,000,000 U.S. POSSESSIONS-3.8% Puerto Rico Industrial Medical and Environmental Pollution Control Facilities Authority Revenue Bonds, Merck & Co., Inc. Series A, 2.70%, 12/1/94 ............................................ 1,000,000 1,000,199 ------------ Total Investments at Value (Cost $26,410,199) ............... 99.6% 26,410,199 Other Assets Net of Liabilities ............................. 0.4 108,703 --------- ------------ Net Assets .................................................. 100.0% $26,518,902 ========= ============ 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, 1994. A demand feature 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. 4 STATEMENT OF ASSETS AND LIABILITIES June 30, 1994 Centennial New York Tax Exempt Trust ASSETS: Investments, at value (cost $26,410,199) - see accompanying statement.............................. $ 26,410,199 Cash............................................................................................... 260,132 Receivables: Interest...................................................................................... 75,099 Shares of beneficial interest sold............................................................ 55,624 Other.............................................................................................. 7,320 ------------- Total assets............................................................................. 26,808,374 ------------- LIABILITIES: Payables and other liabilities: Shares of beneficial interest redeemed........................................................ 228,902 Service plan fees - Note 3.................................................................... 11,129 Dividends..................................................................................... 17,780 Other......................................................................................... 31,661 ------------- Total liabilities........................................................................ 289,472 ------------- NET ASSETS......................................................................................... $ 26,518,902 ------------- ------------- COMPOSITION OF NET ASSETS: Paid-in capital.................................................................................... $ 26,518,166 Accumulated net realized gain from investment transactions......................................... 736 ------------- NET ASSETS - Applicable to 26,518,166 shares of beneficial interest outstanding.................... $ 26,518,902 ------------- ------------- NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE..................................... $ 1.00
See accompanying Notes to Financial Statements. 5 STATEMENT OF OPERATIONS For the Year Ended June 30, 1994 Centennial New York Tax Exempt Trust INVESTMENT INCOME - Interest....................................................................... $ 626,536 ------------- EXPENSES: Management fees - Note 3........................................................................... 127,154 Service plan fees - Note 3......................................................................... 46,156 Transfer and shareholder servicing agent fees - Note 3............................................. 43,215 Custodian fees and expenses........................................................................ 12,257 Shareholder reports................................................................................ 9,562 Legal and auditing fees............................................................................ 7,514 Registration and filing fees....................................................................... 1,364 Trustees' fees and expenses........................................................................ 1,306 Other.............................................................................................. 10,335 ------------- Total expenses........................................................................... 258,863 Less assumption of expenses by Centennial Asset Management Corporation - Note 3.................... (55,589) ------------- Net expenses............................................................................. 203,274 ------------- NET INVESTMENT INCOME.............................................................................. 423,262 NET REALIZED GAIN ON INVESTMENTS................................................................... 1,817 ------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............................................... $ 425,079 ------------- -------------
See accompanying Notes to Financial Statements. 6 STATEMENTS OF CHANGES IN NET ASSETS Centennial New York Tax Exempt Trust
YEAR ENDED JUNE 30, -------------------- 1994 1993 -------- -------- OPERATIONS: Net investment income........................................................................ $ 423,262 $ 421,860 Net realized gain on investments............................................................. 1,817 1,633 ----------- ---------- Net increase in net assets resulting from operations....................................... 425,079 423,493 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS.................................................. (423,702) (421,860) BENEFICIAL INTEREST TRANSACTIONS: Net increase in net assets resulting from beneficial interest transactions - Note 2.......... 1,523,824 889,153 ----------- ---------- NET ASSETS: Total increase............................................................................... 1,525,201 890,786 Beginning of year............................................................................ 24,993,701 24,102,915 ----------- ---------- End of Year.................................................................................. $26,518,902 $24,993,701 ----------- ---------- ----------- ----------
See accompanying Notes to Financial Statements. 7 FINANCIAL HIGHLIGHTS Centennial New York Tax Exempt Trust
NINE MONTHS ENDED PERIOD ENDED YEAR ENDED JUNE 30, JUNE 30, SEPTEMBER 30, --------------------------------------- ----------- ------------ 1994 1993 1992 1991 1990 1989(1) ------- ------- ------- ------- ------- ------ 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 on investments.................................... .02 .02 .03 .05 .04 .04 Dividends and distributions to shareholders...... (.02) (.02) (.03) (.05) (.04) (.04) ------- ------- ------- ------- ------- ------ Net asset value, end of period................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------- ------- ------- ------- ------- ------ ------- ------- ------- ------- ------- ------ RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in (thousands)........ $26,519 $24,994 $24,103 $21,439 $ 9,133 $4,935 Average net assets (in thousands)................ $25,419 $24,257 $23,221 $16,766 $ 7,008 $2,084 Number of shares outstanding at end of period (in thousands)..................................... 26,518 24,994 24,105 21,443 9,135 4,934 Ratios to average net assets: Net investment income............................ 1.67% 1.74% 3.00% 4.42% 4.98%(2) 5.41%(2) Expenses, before voluntary assumption by the Manager........................................ 1.02% .98% 1.09% 1.08% 1.48%(2) 2.21%(2) Expenses, net of voluntary assumption by the Manager........................................ .80% .80% .80% .72% .96%(2) 1.00%(2)
- ------------ (1) For the period from January 3, 1989 (commencement of operations) to September 30, 1989. (2) Annualized. See accompanying Notes to Financial Statements. 8 NOTES TO FINANCIAL STATEMENTS Centennial New York Tax Exempt Trust 1. SIGNIFICANT ACCOUNTING POLICIES Centennial New York Tax Exempt Trust (the Trust) is registered under the Investment Company Act of 1940, as amended, as a non-diversified, open-end management investment company. The Trust's investment advisor is Centennial Asset Management Corporation (the Manager), a subsidiary of Oppenheimer Management Corporation (OMC). The following is a summary of significant accounting policies consistently followed by the Trust. INVESTMENT VALUATION. Portfolio securities are valued on the basis of amortized cost, which approximates market value. FEDERAL INCOME 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 tax provision is required. DISTRIBUTIONS TO SHAREHOLDERS. The Trust intends to declare dividends from net investment income each day the New York Stock Exchange is open for business and pay such dividends monthly. To effect its policy of maintaining a net asset value of $1.00 per share, the Trust may withhold dividends or make distributions of net realized gains. OTHER. Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses on investments are determined on an identified cost basis, which is the same basis used for federal income tax purposes. 2. SHARES OF BENEFICIAL INTEREST The Trust has authorized an unlimited number of no par value shares of beneficial interest. Transactions in shares of beneficial interest were as follows:
Years Ended June 30, ------------------------------------------------------------ 1994 1993 ----------------------------- ----------------------------- SHARES AMOUNT SHARES AMOUNT ------------- -------------- ------------- -------------- Sold............................................... 75,789,053 $ 75,789,053 55,874,424 $ 55,874,424 Dividends and distributions reinvested............. 405,612 405,612 413,652 413,652 Redeemed........................................... (74,670,841) (74,670,841) (55,398,923) (55,398,923) ------------- -------------- ------------- -------------- Net increase.................................. 1,523,824 $ 1,523,824 889,153 $ 889,153 ------------- -------------- ------------- -------------- ------------- -------------- ------------- --------------
9 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 an annual fee of .50% the first $250 million of net assets with a reduction of .025% on each $250 million thereafter, to .40% on net assets in excess of $1 billion. The Manager has agreed to assume Trust expenses (with specified exceptions) in excess of the most stringent applicable regulatory limit on Trust expenses. In addition, the Manager has voluntarily undertaken to assume Trust expenses in excess of .80% of average annual net assets. Shareholder Services, Inc. (SSI), a subsidiary of OMC, is the transfer and shareholder servicing agent for the Trust, and for other registered investment companies. SSI's total costs of providing such services are allocated ratably to these companies. Under an approved service plan, the Trust may expend up to .20% of its net assets annually to reimburse Centennial Asset Management Corporation, as distributor, for costs incurred in connection with the personal service and maintenance of accounts that hold shares of the Trust, including amounts paid to brokers/dealers, banks and other institutions. 10 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, 1994, the related statement of operations for the year then ended, the statements of changes in net assets for the years ended June 30, 1994 and 1993, and the financial highlights for the period January 3, 1989 (commencement of operations) to June 30, 1994. 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 also 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, 1994 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, 1994, 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 Denver, Colorado July 22, 1994 11 FEDERAL INCOME TAX INFORMATION (Unaudited) Centennial New York Tax Exempt Trust In early 1995, shareholders will receive information regarding all dividends and distributions paid to them by the Trust during calendar year 1994. 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, 1994 are eligible for the corporate dividend-received deduction. The dividends were derived from interest on municipal bonds and are not subject to federal income tax. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable. The foregoing information is presented to assist shareholders in reporting distributions received from the Trust to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance. 12 CENTENNIAL NEW YORK TAX EXEMPT TRUST OFFICERS AND TRUSTEES James C. Swain, Chairman and Chief Executive Officer Robert G. Avis, Trustee William A. Baker, Trustee Charles Conrad, Jr., Trustee Jon S. Fossel, Trustee and President Raymond J. Kalinowski, Trustee C. Howard Kast, Trustee Robert M. Kirchner, Trustee Ned M. Steel, Trustee Michael A. Carbuto, Vice President Andrew J. Donohue, Vice President George C. Bowen, Vice President, Secretary and Treasurer Robert J. Bishop, Assistant Treasurer Scott Farrar, Assistant Treasurer Robert G. Zack, Assistant Secretary INVESTMENT ADVISOR AND DISTRIBUTOR Centennial Asset Management Corporation TRANSFER AND SHAREHOLDER SERVICING AGENT Shareholder Services, Inc. CUSTODIAN OF PORTFOLIO SECURITIES Citibank, N.A. INDEPENDENT AUDITORS Deloitte & Touche LEGAL COUNSEL Myer, Swanson & Adams, 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: 1-800-525-7048 (in U.S.) 303-671-3200 (outside U.S.) Or write: Shareholder Services, Inc. P.O. Box 5270 Denver, CO 80217-5270 13 -----END PRIVACY-ENHANCED MESSAGE-----