-----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, o6XUCvyGpr7S205PMp2Zj6A+OYzdY7LDsdJnj7gPRrBl/gtKXLwSkwBvh+OzbkQ2 VtDNlWUaJIm4V44ynbbYcA== 0000950117-95-000015.txt : 19950223 0000950117-95-000015.hdr.sgml : 19950223 ACCESSION NUMBER: 0000950117-95-000015 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950222 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: 95514115 BUSINESS ADDRESS: STREET 1: 3410 SOUTH GALENA ST CITY: DENVER STATE: CO ZIP: 80231 BUSINESS PHONE: 3036713200 MAIL ADDRESS: STREET 1: 3410 S GALENA ST STREET 2: 3410 S GALENA ST CITY: DENVER STATE: CO ZIP: 80231 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER NEW YORK TAX EXEMPT CASH RESERVES DATE OF NAME CHANGE: 19900530 N-30D 1 CENTENNIAL NEW YORK TAX EXEMPT TRUST S.A.R. Dear Shareholder: It is a pleasure to report that Centennial New York Tax Exempt Trust once again met its objectives well for the year ended December 31, 1994, providing a highly attractive yield exempt from federal income taxes while maintaining principal stability.1 The Trust's compounded annualized yield for the 6 months ended December 31, 1994 was 2.38%. The corresponding yield without compounding was 2.35%. For investors in the 43.89% combined federal and state tax bracket, this is equal to a taxable yield of 4.24% with compounding and 4.19% without compounding.2 Over the last 12 months, short-term interest rates rose dramatically, on the heels of one of the most aggressive efforts to preempt possible inflation in the Federal Reserves 81-year history. Your managers took several steps to capitalize on this rising rate environment steps reflected in the Trusts seven-day compounded annualized yield, which increased from 1.88% at the beginning of the year to 3.83% at December 31. Throughout the year, your managers steadily shortened the Trusts average maturity, reducing it from 64 days on January 1 to 59 days on December 31. With this shorter average maturity, your managers were able to take advantage of attractive opportunities brought to market. Looking ahead, the outlook for the Trust is positive. The Fed is likely to raise short-term interest rates again, and with the adjustments your managers have made over the past several 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. Sincerely, JON S. FOSSEL Jon S. Fossel President, Centennial New York Tax Exempt Trust JAMES C. SWAIN James C. Swain Chairman, Centennial New York Tax Exempt Trust January 23, 1995 1. The Trust is neither insured nor guaranteed by the U.S. Government. There is no assurance that the Trust will maintain a stable $1 share price in the future. 2. 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 December 31, 1994 (Unaudited) Centennial New York Tax Exempt Trust
Market Face Value Amount See Note 1 ------ ---------- SHORT-TERM TAX EXEMPT OBLIGATIONS - 99.9% NEW YORK - 96.1% Babylon, New York Industrial Development Agency Revenue Bonds, J. D'Addario & Co. Project, 5.20%(1)...................................................................................... $ 500,000 $ 500,000 Buffalo, New York General Obligation Revenue Anticipation Notes, Series A, 5%, 7/12/95.......... 1,500,000 1,507,020 City of New York Development Corp. Mtg. Revenue Bonds, Columbus Multifamily Project, Series A, 5.50%(1)...................................................................................... 200,000 200,000 City of New York Housing Development Corp. Mtg. Revenue Bonds, Queenswood Multifamily Project, Series A, 5.50%(1)............................................................................ 200,000 200,000 City of New York Industrial Development Agency Revenue Bonds, Columbia Grammar School Project, 5%(1)......................................................................................... 1,000,000 1,000,000 City of New York Municipal Water Finance Authority, 3.60%, 2/1/95(2)............................ 1,000,000 1,000,000 City of New York Revenue Anticipation Notes, Series B, 4.75%, 6/30/95........................... 2,500,000 2,507,254 City of New York Trust Cultural Resources Revenue Refunding Bonds, American Museum of Natural History, Series B, MBIA Insured, 4.70%(1)..................................................... 100,000 100,000 Erie County, New York General Obligation Revenue Anticipation Notes, 4.75%, 8/15/95............. 1,200,000 1,199,784 Geneva, New York Industrial Development Agency Civic Facility Revenue Bonds, Colleges of the Seneca, Series A, 5.30%(1).................................................................... 945,000 945,000 New York State Dormitory Authority Revenue Bonds, Putters Project, Series 11, FGIC Insured, 5.75%(1)...................................................................................... 1,000,000 1,000,000 New York State Dormitory Authority Revenue Bonds, Series A-CR-101, FGIC Insured, 3.58%(1)....... 1,000,000 1,000,000 New York State Energy Research and Development Authority Electric Facilities Revenue Bonds, Long Island Lighting Co., Series B, 3.40%(1)....................................................... 2,300,000 2,300,000 New York State Energy Research and Development Authority Pollution Control Revenue Bonds, Rochester Gas & Electric Co., 3.55%(1)........................................................ 600,000 600,000 New York State Energy Research and Development Pollution Control Revenue Bonds, New York State Electric and Gas, 3.75%, 2/1/95............................................................... 1,300,000 1,300,000 New York State Environmental Facility Solid Waste Disposal Revenue Bonds, General Electric Co. Project, Series A, 3.50%, 1/25/95(2).......................................................... 1,000,000 1,000,000 New York State Housing Finance Agency Revenue Bonds, Mount Sinai School of Medicine, Series A, 5.50%(1)...................................................................................... 900,000 900,000 New York State Housing Finance Agency Revenue Bonds, Normandie Court I Project, 5.50%(1)........ 100,000 100,000 New York State Job Development Authority Guaranteed Revenue Bonds, 1984 Series E-1 to E-55, 3.75%(1)...................................................................................... 1,060,000 1,060,000 New York State Job Development Authority Guaranteed Revenue Bonds, 1984 Series F-1 to F-17, 3.75%(1)..................................................................................... 450,000 450,000
2 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial New York Tax Exempt Trust
Market Face Value Amount See Note 1 ------ ---------- NEW YORK (CONTINUED) New York State Job Development Authority Guaranteed Revenue Bonds, Series C1 to C30, 3.75%(1)..................................................................................... $775,000 $775,000 New York State Job Development Authority Guaranteed Revenue Bonds, Special Purpose, Series C-1, 3.85%(1)..................................................................................... 65,000 65,000 New York State Medical Care Facilities Finance Agency Revenue Bonds, St. Marys Hospital - Private Insurance Program, Prerefunded, AMBAC Insured, 8.375%, 11/1/95............ 1,000,000 1,047,027 New York State Power Authority Revenue Bonds, 3.60%, 2/6/95.................................... 1,000,000 1,000,000 North Hempstead, New York Solid Waste Management Authority Revenue Refunding Bonds, Series A, 4.85%(1)..................................................................................... 1,800,000 1,800,000 Seneca County, New York Industrial Development Agency Civic Facilities Revenue Bonds, New York Chiropractic College, 4.80%(1)............................................................... 400,000 400,000 Triborough Bridge & Tunnel Authority of New York Revenue Bonds, Series BT-42, 5.45%(1)......... 1,000,000 1,000,000 ----------- 24,956,085 U.S. POSSESSIONS - 3.8% ----------- Puerto Rico Commonwealth Public Improvement Revenue Refunding Bonds, 5.60%(1).................. 1,000,000 1,000,000 ----------- Total Investments, at Value (Cost $25,956,085)................................................. 99.9% 25,956,085 Other Assets Net of Liabilities................................................................ 0.1 18,545 --------- ----------- Net Assets..................................................................................... 100.0% $25,974,630 --------- ----------- --------- -----------
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, 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. 3 STATEMENT OF ASSETS AND LIABILITIES December 31, 1994 (Unaudited) Centennial New York Tax Exempt Trust ASSETS: Investments, at value (cost $25,956,085) - see accompanying statement............................... $25,956,085 Cash................................................................................................. 230,200 Receivables: Interest........................................................................................... 199,619 Shares of beneficial interest sold................................................................. 186,028 Other.............................................................................................. 3,456 ----------- Total assets.................................................................................... 26,575,388 ----------- LIABILITIES: Payables and other liabilities: Shares of beneficial interest redeemed............................................................. 551,750 Service plan fees - Note 3......................................................................... 12,204 Dividends.......................................................................................... 115 Other.............................................................................................. 36,689 ----------- Total liabilities............................................................................... 600,758 ----------- NET ASSETS........................................................................................... $25,974,630 ----------- ----------- COMPOSITION OF NET ASSETS: Paid-in capital...................................................................................... $25,975,994 Accumulated net realized gain (loss) from investment transactions.................................... (1,364) ----------- NET ASSETS - Applicable to 25,975,994 shares of beneficial interest outstanding...................... $25,974,630 ----------- ----------- NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE....................................... $1.00
See accompanying Notes to Financial Statements. 4 STATEMENT OF OPERATIONS For the Six Months Ended December 31, 1994 (Unaudited) Centennial New York Tax Exempt Trust INVESTMENT INCOME - Interest............................................................................ $407,070 -------- EXPENSES: Management fees - Note 3................................................................................ 65,865 Service plan fees - Note 3.............................................................................. 26,348 Transfer and shareholder servicing agent fees - Note 3.................................................. 25,157 Shareholder reports..................................................................................... 7,000 Custodian fees and expenses............................................................................. 5,537 Legal and auditing fees................................................................................. 4,709 Trustees' fees and expenses............................................................................. 1,240 Other................................................................................................... 3,626 -------- Total expenses..................................................................................... 139,482 -------- Less assumption of expenses by Centennial Asset Management Corporation - Note 3......................... (34,066) -------- Net expenses............................................................................................ 105,416 NET INVESTMENT INCOME (LOSS)............................................................................ 301,654 NET REALIZED GAIN (LOSS) ON INVESTMENTS................................................................. (213) -------- NET INVESTMENT INCOME (LOSS) AND NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS........ $301,441 -------- --------
See accompanying Notes to Financial Statements. 5 STATEMENTS OF CHANGES IN NET ASSETS Centennial New York Tax Exempt Trust
Six Months Ended December 31, Year Ended 1994 June 30, (Unaudited) 1994 ---------------- ----------- OPERATIONS: Net investment income (loss)............................................. $ 301,654 $ 423,262 Net realized gain (loss) on investments.................................. (213) 1,817 ---------------- ----------- Net increase (decrease) in net assets resulting from operations.......... 301,441 425,079 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS.............................. (303,541) (423,702) BENEFICIAL INTEREST TRANSACTIONS: Net increase (decrease) in net assets resulting from beneficial interest transactions - Note 2.................................................. (542,172) 1,523,824 ---------------- ----------- NET ASSETS: Total increase (decrease)................................................ (544,272) 1,525,201 Beginning of period...................................................... 26,518,902 24,993,701 ---------------- ----------- End of period............................................................ $ 25,974,630 $26,518,902 ---------------- ----------- ---------------- -----------
See accompanying Notes to Financial Statements. 6 FINANCIAL HIGHLIGHTS Centennial New York Tax Exempt Trust
Nine Months Six Months Ended Year Ended June 30, Ended December 31, 1994 ---------------------------------------- June 30, (Unaudited) 1994 1993 1992 1991 1990 ----------------- ------- ------- ------- ------- -------- 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......................... .01 .02 .02 .03 .05 .04 Dividends and distributions to shareholders........................ (.01) (.02) (.02) (.03) (.05) (.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).......................... $25,975 $26,519 $24,994 $24,103 $21,439 $9,133 Average net assets (in thousands)..... $26,121 $25,419 $24,257 $23,221 $16,766 $7,008 Number of shares outstanding at end of period (in thousands)............... 25,976 26,518 24,994 24,105 21,443 9,135 Ratios to average net assets: Net investment income............... 2.29%(1) 1.67% 1.74% 3.00% 4.42% 4.98%(1) Expenses, before voluntary assumption by the Manager........ 1.06%(1) 1.02% .98% 1.09% 1.08% 1.48%(1) Expenses, net of voluntary assumption by the Manager........ .80%(1) .80% .80% .80% .72% .96%(1)
1. Annualized. See accompanying Notes to Financial Statements. 7 NOTES TO FINANCIAL STATEMENTS (Unaudited) Centennial New York Tax Exempt Trust 1. SIGNIFICANT ACCOUNTING POLICIES Centennial New York Tax Exempt Trust (the Trust) is registered under the Investment Company Act of 1940, as amended, as a non-diversified, open-end management investment company. The Trust's investment 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:
Six Months Ended Year Ended December 31, 1994 June 30, 1994 --------------------------- --------------------------- Shares Amount Shares Amount ----------- ------------ ----------- ------------ Sold....................................... 34,602,286 $ 34,602,286 75,789,053 $ 75,789,053 Dividends and distributions reinvested............................... 312,657 312,657 405,612 405,612 Redeemed................................... (35,457,115) (35,457,115) (74,670,841) (74,670,841) ----------- ------------ ----------- ------------ Net increase (decrease).................. (542,172) $ (542,172) 1,523,824 $ 1,523,824 ----------- ------------ ----------- ------------ ----------- ------------ ----------- ------------
3. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Management fees paid to the Manager were in accordance with the investment advisory agreement with the Trust which provides for an annual fee of .50% on 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. 8 NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) Centennial New York Tax Exempt Trust Shareholder Services, Inc. (SSI), a subsidiary of OMC, is the transfer and shareholder servicing agent for the Trust, and for other registered investment companies. SSI's total costs of providing such services are allocated ratably to these companies. Under an approved service plan, the Trust may expend up to .20% of its net assets annually to reimburse Centennial Asset Management Corporation, as distributor, for costs incurred in connection with the personal service and maintenance of accounts that hold shares of the Trust, including amounts paid to brokers, dealers, banks and other institutions. 9 [THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY] [THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY] CENTENNIAL NEW YORK TAX EXEMPT TRUST Officers and Trustees James C. Swain, Chairman and Chief Executive Officer Robert G. Avis, Trustee William A. Baker, Trustee Charles Conrad, Jr., Trustee Jon S. Fossel, Trustee and President Raymond J. Kalinowski, Trustee C. Howard Kast, Trustee Robert M. Kirchner, Trustee Ned M. Steel, Trustee Michael A. Carbuto, Vice President Andrew J. Donohue, Vice President George C. Bowen, Vice President, Secretary and Treasurer Robert J. Bishop, Assistant Treasurer Scott Farrar, Assistant Treasurer Robert G. Zack, Assistant Secretary Investment Advisor and Distributor Centennial Asset Management Corporation Transfer and Shareholder Servicing Agent Shareholder Services, Inc. Custodian of Portfolio Securities Citibank, N.A. Independent Auditors Deloitte & Touche LLP Legal Counsel Myer, Swanson & Adams, P.C. The financial statements included herein have been taken from the records of the Trust without examination by the independent auditors. This is a copy of a report to shareholders of Centennial New York Tax Exempt Trust. This report must be preceded or accompanied by a Prospectus of Centennial New York Tax Exempt Trust. For material information concerning the Trust, see the Prospectus. For shareholder servicing, call: 1-800-525-7048 (in U.S.) 303-671-3200 (outside U.S.) Or write: Shareholder Services, Inc. P.O. Box 5270 Denver, CO 80217-5270 RS0780.001.0295 ['Recycled' Logo] Printed on recycled paper. 1994 SEMI-ANNUAL REPORT CENTENNIAL NEW YORK TAX EXEMPT TRUST DECEMBER 31, 1994 -----END PRIVACY-ENHANCED MESSAGE-----