-----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, C4PT37sEFqTeu/plfzp+kbitSWGBDXDDwfIOvN+a+bvn4nFJq0L+omemVWlIukPM Lenz8ll5A9HXGDCJv8j0Lg== 0000950130-01-504202.txt : 20010829 0000950130-01-504202.hdr.sgml : 20010829 ACCESSION NUMBER: 0000950130-01-504202 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010630 FILED AS OF DATE: 20010828 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTENNIAL NEW YORK TAX EXEMPT TRUST CENTRAL INDEX KEY: 0000837278 STANDARD INDUSTRIAL CLASSIFICATION: [] 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: 1724461 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: ENGLEWOOD STATE: CO ZIP: 80112 BUSINESS PHONE: 303-768-3200 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 dn30d.txt CENTENNIAL NEW YORK TAX EXEMPT TRUST Dear Shareholder: We are pleased to present this annual report for Centennial New York Tax Exempt Trust. For the 12-month reporting period that ended June 30, 2001, the Trust provided a 3.10% compounded annual yield. Without the effects of com- pounding, the equivalent yield was 3.05%./1/ As of June 30, 2001, the seven- day annualized yields, with and without compounding, were 2.03% and 2.01%, respectively./2/ The once-resilient U.S. economy finally began to reveal cracks in its armor during the 12-month reporting period. Before the period began, the Federal Reserve Board ("the Fed") had raised short-term interest rates six times in late 1999 and early 2000 to avert inflation by slowing economic growth. While inflation remained contained, it soon became apparent that the higher interest rates were slowing the economy more than was desired. Businesses and consumers began spending less freely, and declining corporate earnings led to dramatic across-the-board drops in stock prices. In response, the Fed changed course and in the first six months of 2001 launched an aggressive series of rate cuts to attempt to revive the slumping economy. Despite the economic difficulties felt nationwide, a well-diversified New York economy held up relatively well throughout the period. Bond investors, who worry about inflation's ability to erode the value of cou- pon payments, paid close attention to the movement of interest rates. The expectation of future rate cuts put downward pressure on bond yields, while bond prices, which move in the opposite direction of yields, rose accordingly. Late in the reporting period, however, yields started rising again, as invest- ors worried that the Fed's strategy could result in future inflation. Despite this late move, yields finished the reporting period well below their 12-month high, indicating a much more favorable environment for fixed income invest- ments than that of previous years. In reviewing performance, please remember that past performance cannot guarantee future results. Yields will fluctuate. An investment in the Trust is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Trust seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Trust. 1. A portion of the Trust's distributions may be subject to income tax including state and local taxes. Capital gains distributions are taxable as capital gains. For an investor subject to alternative minimum taxes, a portion of the Trust's distributions may increase the investor's tax. Tax rates may be lower depending on individual circumstances. 2. Compounded yields assume reinvestments of dividends. The Trust's investment strategy, allocations and focus can change over time. Our management of the Trust was tied closely to the movements of interest rates during the period. Early on, we kept the Trust's average maturity positioned toward the short end of its range. This strategy gave us flexibility in manag- ing the portfolio because as holdings matured, we could reinvest the available funds into securities offering higher yields. As the reporting period progressed and rates began falling, however, we sought to lengthen the Trust's average maturity to capture higher yields for as long as possible. For much of the period, the yield curve was inverted, meaning that securities with shorter maturities offered higher yields than longer term bonds. This unusual situation occurs when interest rates are generally expected to fall further. Although in this declining rate environment shorter term secu- rities offered higher yields, we decided to sacrifice some short-term results and invest more of the Trust's assets in longer bonds to generate steadier long-term performance. In fact, our strategy proved successful when interest rates continued to decline and the Trust benefited from having locked in the higher yields. Another strategy we used during the period was to invest in the New York prerefunded market, where we identified a number of attractive opportunities. Prerefunded bonds, which issuers use to refinance their interest expenses, are backed by U.S. Treasury securities and thus carry high credit ratings. Because these bonds offered competitive yields in addition to their federal guarantee, we sought to purchase them whenever appropriate. While selecting securities to add to the portfolio, we continued to exercise caution in reviewing issuers' credit profiles. Although New York's economy gen- erally remained healthy during the period, we recognized that credit problems are more likely to arise during times of economic slowdown, when issuers often have fewer financial resources at their disposal. To maintain a stable share price for Trust shareholders, we invested only in those securities that met our restrictive investment criteria. (Of course, while we strive to maintain a $1 share price, there is no guarantee that this objective will be achieved.) Looking forward, we are taking a "wait-and-see" approach with respect to our management of the Trust. With continued nationwide economic weakness, inflation still under control, and a declining interest rate environment, we believe that money market yields may still have room to fall. 2 Despite New York's relative fiscal strength, the economic environment remains uncertain, so we have structured the portfolio to help allow us flexibility should conditions change unexpectedly. Regardless of economic and market condi- tions, we will continue to scrutinize potential investments to help us select those that we believe are in the best long-term interests of Trust sharehold- ers. Sincerely, James C. Swain /s/ James C. Swain Chairman Centennial New York Tax Exempt Trust July 23, 2001 3 Statement of Investments June 30, 2001 Centennial New York Tax Exempt Trust
Principal Value Amount See Note 1 ---------- ---------- Short-Term Tax-Exempt Obligations--99.0% New York--99.0% Babylon, NY IDA RB, J. D'Addario & Co. Project, 2.75%(/1/)............................................. $ 500,000 $ 500,000 Babylon, NY IDA RR RRB, Ogden Martin Project, FSA Insured, 2.40%(/1/).................................... 3,500,000 3,500,000 Hempstead, NY IDA RRB, Trigen-Nassau Energy, 2.55%(/1/)............................................. 1,000,000 1,000,000 Jay Street Development Corp. NYC Facilities Lease RB, Jay Street Project, Series A-3, 2.40%(/1/)............. 3,500,000 3,500,000 NY MTAU SPO RB, 3.05%, 7/26/01.......................... 3,500,000 3,500,000 NYC GOB, 7.25%, 8/15/01(/2/)............................ 3,500,000 3,517,473 NYC GOB, 8%, 8/1/01(/2/)................................ 3,000,000 3,057,209 NYC HDC MH RB, Monterey Project, Series A, 2.45%(/1/)... 3,400,000 3,400,000 NYC Health & Hospital Corp. RB, Health Systems, Series E, 2.45%(/1/).......................................... 1,000,000 1,000,000 NYC IDA Civic Facility RB, Casa Project, 2.80%(/1/)..... 1,000,000 1,000,000 NYC IDA Civic Facility RB, YMCA Greater NY Project, Prerefunded, 8%, 8/1/01(/2/)........................... 2,520,000 2,581,583 NYC MWFAU WSS RB, Series C, FGIC Insured, 3.15%(/1/).... 100,000 100,000 NYC Water FAU WSS RB, Series SGB 26, MBIA Insured, 2.58%(/1/)............................................. 2,500,000 2,500,000 NYS DA COP, Rockefeller University, 2.58%(/1/).......... 1,000,000 1,000,000 NYS DA RB, 2.58%(/1/)................................... 1,500,000 1,500,000 NYS DA RB, Columbia University, 2.55%, 8/1/01........... 1,350,000 1,350,000 NYS DA RB, Cornell University, Series A, 2.60%(/1/)..... 2,000,000 2,000,000 NYS DA RB, Cornell University, Series B, 3.10%(/1/)..... 400,000 400,000 NYS DA RB, MBIA/IBC Insured, 2.53%(/1/)................. 2,200,000 2,200,000 NYS DA RRB, Series CMC1B, 2.70%(/1/).................... 1,300,000 1,300,000 NYS Electric & Gas RB, 3.15%, 3/15/02(/2/).............. 1,750,000 1,750,000 NYS GOUN, Series A, 3.20%, 2/7/02(/2/).................. 1,000,000 1,000,000 NYS HFA RB, East 39 Street Housing, Series A, 2.50%(/1/)............................................. 2,500,000 2,500,000 NYS HFA RB, Victory Housing, Series A, 2.55%(/1/)....... 3,500,000 3,500,000 NYS LGAC RB, Series SG99, MBIA Insured, 2.51%, 10/1/01(/2/)........................................... 1,600,000 1,600,000 NYS MAG RB, Series 302, MBIA/IBC Insured, 2.63%(/1/).... 1,500,000 1,500,000 NYS MAG RB, Series CMC1, 2.80%(/1/)..................... 2,690,000 2,690,000 NYS PAU GP & RB, Series AA, 6.25%, 1/1/02(/2/).......... 1,200,000 1,242,777 NYS PAU GP & RB, Series W, 6.60%, 1/1/02................ 3,000,000 3,051,406 NYS TBTAU RB, Series SG-41, MBIA Insured, 2.51%(/1/).... 1,000,000 1,000,000 NYS TBTAU RB, Series T, 3.25%, 7/31/01(/2/)(/3/)........ 3,000,000 3,000,000 NYS Thruway Authority RB, Highway & Bridge Trust Fund, Series 267, FSA Insured, 2.60%(/1/).................... 2,225,000 2,225,000 NYS Urban Empire Development Corp. RB, Series A, 2.58%(/1/)............................................. 2,600,000 2,600,000 PAUNYNJ SPO RRB, Versatile Structure-4, 3.20%, 7/10/01.. 2,560,000 2,560,000
4 Statement of Investments June 30, 2001 (Continued) Centennial New York Tax Exempt Trust
Principal Value Amount See Note 1 ---------- ----------- Short-Term Tax-Exempt Obligations (Continued) New York (Continued) Westchester Cnty., NY, IDA RR RRB, Resco Co. Project, Series A, AMBAC Insured, 4.95%, 7/1/01................ $2,500,000 $ 2,500,000 ----------- Total Investments, at Value (Cost $71,625,448).......... 99.0% 71,625,448 ----------- Other Assets Net of Liabilities......................... 1.0 744,797 ---------- ----------- Net Assets.............................................. 100.0% $72,370,245 ========== ===========
To simplify the listings of securities, abbreviations are used per the table below: COP--Certificates of Participation MTAU--Metropolitan Transportation DA--Dormitory Authority Authority MWFAU--Municipal Water Finance FAU--Finance Authority Authority NYC--New York City GP--General Purpose NYS--New York State GOB--General Obligation Bonds PAUNYNJ--Port Authority of New York & GOUN--General Obligation Unlimited New Jersey Nts. PAU--Power Authority HDC--Housing Development Corp. RB--Revenue Bonds HFA--Housing Finance Agency RR--Resource Recovery IDA--Industrial Development Agency RRB--Revenue Refunding Bonds LGAC--Local Government Assistance SPO--Special Obligations Corp. MAG--Mtg. Agency TBTAU--Triborough Bridge & Tunnel MH--Multifamily Housing Authority WSS--Water & Sewer System 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, 2001. This instrument may also have 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 face 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 $3,000,000 or 4.15% of the Trust's net assets as of June 30, 2001. See accompanying Notes to Financial Statements. 5 Statement of Assets and Liabilities June 30, 2001 Centennial New York Tax Exempt Trust ASSETS Investments, at value (cost $71,625,448)--see accompanying statement........................................................ $71,625,448 Cash.............................................................. 346,953 Receivables and other assets: Interest......................................................... 845,236 Shares of beneficial interest sold............................... 98,581 Other............................................................ 7,438 ----------- Total assets.................................................... 72,923,656 ----------- LIABILITIES Payables and other liabilities: Shares of beneficial interest redeemed........................... 428,353 Dividends........................................................ 37,657 Service plan fees................................................ 35,249 Shareholder reports.............................................. 29,072 Trustees' compensation........................................... 10 Other............................................................ 23,070 ----------- Total liabilities............................................... 553,411 ----------- NET ASSETS........................................................ $72,370,245 =========== COMPOSITION OF NET ASSETS Paid-in capital................................................... $72,363,928 Accumulated net realized gain (loss) on investment transactions... 6,317 ----------- NET ASSETS--applicable to 72,363,928 shares of beneficial interest outstanding...................................................... $72,370,245 =========== NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE.... $1.00
See accompanying Notes to Financial Statements. 6 Statement of Operations For the Year Ended June 30, 2001 Centennial New York Tax Exempt Trust INVESTMENT INCOME Interest............................................................ $2,638,651 ---------- EXPENSES Management fees..................................................... 343,365 Service plan fees................................................... 134,265 Transfer and shareholder servicing agent fees....................... 47,698 Shareholder reports................................................. 28,958 Custodian fees and expenses......................................... 23,487 Legal, auditing and other professional fees......................... 9,909 Trustees' compensation.............................................. 2,598 Registration and filing fees........................................ 2,987 Other............................................................... 23,412 ---------- Total expenses.................................................... 616,679 Less reduction to custodian expenses............................. (12,647) Less reduction to excess expenses................................ (55,546) ---------- Net expenses...................................................... 548,486 ---------- NET INVESTMENT INCOME............................................... 2,090,165 ---------- NET REALIZED GAIN (LOSS) ON INVESTMENTS............................. (168) ---------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................ $2,089,997 ==========
Statements of Changes in Net Assets
Year Ended June 30, 2001 2000 ----------- ----------- OPERATIONS Net investment income (loss)........................ $ 2,090,165 $ 1,730,572 Net realized gain (loss)............................ (168) 9,958 ----------- ----------- Net increase (decrease) in net assets resulting from operations......................................... 2,089,997 1,740,530 ----------- ----------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS...... (2,090,165) (1,730,572) ----------- ----------- BENEFICIAL INTEREST TRANSACTIONS Net increase (decrease) in net assets resulting from beneficial interest transactions................... 16,407,455 (5,838,875) ----------- ----------- NET ASSETS Total increase (decrease)........................... 16,407,287 (5,828,917) Beginning of period................................. 55,962,958 61,791,875 ----------- ----------- End of period....................................... $72,370,245 $55,962,958 =========== ===========
See accompanying Notes to Financial Statements. 7 Financial Highlights Centennial New York Tax Exempt Trust
Year Ended June 30, 2001 2000 1999 1998 1997 ------- ------- ------- ------- ------- PER SHARE OPERATING DATA Net asset value, beginning of period.... $1.00 $1.00 $1.00 $1.00 $1.00 Income from investment operations--net investment income and net realized gain...... .03 .03 .02 .03 .03 Dividends and/or distributions to shareholders........... (.03) (.03) (.02) (.03) (.03) ------- ------- ------- ------- ------- Net asset value, end of period................. $1.00 $1.00 $1.00 $1.00 $1.00 ======= ======= ======= ======= ======= TOTAL RETURN(/1/)....... 3.09% 2.92% 2.42% 2.87% 2.76% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands).. $72,370 $55,963 $61,792 $56,807 $48,896 Average net assets (in thousands)............. $68,810 $61,033 $59,345 $53,923 $45,363 Ratios to average net assets:(/2/) Net investment income... 3.04% 2.84% 2.38% 2.85% 2.73% Expenses................ 0.90% 0.92% 0.89% 0.89%(/3/) 0.88%(/3/) Expenses, net of reduction to custodian expenses............... 0.88% 0.82%(/4/) 0.80%(/4/) 0.80%(/4/) 0.80%(/4/) Expenses, net of reduction to excess expenses............... 0.82% N/A N/A N/A N/A
1. Assumes a $1,000 hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns reflect changes in net investment income only. Total returns are not annualized for periods of less than one full year. 2. Annualized for periods of less than one full year. 3. Expense ratio reflects the reduction to custodian expenses. 4. Prior to June 30, 2001, this ratio reflected the combined net effect of reduction to excess and custodian expenses. 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 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. Portfolio securities are valued on the basis of amortized cost, which approximates market value. Federal Taxes. The Trust intends to continue to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income or excise tax provision is required. As of June 30, 2001, the Trust had available for federal income tax purposes an unused capital loss carryover as follows:
Expiring -------- 2009 $848
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. Investment Income. 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. Security Transactions. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. 9 Notes to Financial Statements (Continued) Centennial New York Tax Exempt Trust 2. Shares of Beneficial Interest The Trust has authorized an unlimited number of no par value shares of beneficial interest. Transactions in shares of beneficial interest were as follows:
Year Ended June 30, 2001 Year Ended June 30, 2000 --------------------------- --------------------------- Shares Amount Shares Amount ------------ ------------- ------------ ------------- Sold.................... 222,614,516 $ 222,614,516 235,166,364 $ 235,166,364 Dividends and/or distributions reinvested............. 2,083,633 2,083,633 1,666,312 1,666,312 Redeemed................ (208,290,694) (208,290,694) (242,671,551) (242,671,551) ------------ ------------- ------------ ------------- Net increase (decrease)............. 16,407,455 $ 16,407,455 (5,838,875) $ (5,838,875) ============ ============= ============ =============
3. Fees and Other Transactionswith 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 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. The Manager has voluntarily undertaken to assume any expenses of the Trust in any fiscal year they exceed 0.80% of the Trust's average annual net assets. The Manager reserves the right to amend or terminate that expense assumption at any time. The Trust's management fee for the year ended June 30, 2001, was an annualized rate of 0.50%. 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 an annual maintenance fee for each Trust shareholder account. Service Plan Fees. Under an approved service plan, the Trust may expend up to 0.20% of its average annual net assets annually to reimburse the Manager, 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 financial institutions. During the year ended June 30, 2001, the Trust paid $564 to a broker-dealer affiliated with the Manager as reimbursement for distribution-related expenses. 10 Independent Auditors' Report Centennial New York Tax Exempt Trust To the Shareholders and Board of Trustees of Centennial New York Tax Exempt Trust We have audited the accompanying statement of assets and liabilities of Centen- nial New York Tax Exempt Trust, including the statement of investments, as of June 30, 2001, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. 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 auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the finan- cial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2001, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. 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, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Cen- tennial New York Tax Exempt Trust as of June 30, 2001, the results of its oper- ations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting princi- ples generally accepted in the United States of America. Deloitte & Touche LLP Denver, Colorado July 23, 2001 11 Shareholder Meeting (Unaudited) Centennial New York Tax Exempt Trust On February 23, 2001, a shareholder meeting was held at which all of the nominated Trustees were elected and all proposals were approved by shareholders as described in the Trust's proxy statement for that meeting. The following is a report of the votes cast: Proposal No. 1: The twelve persons named below to serve as Trustee of the Trust until their successors are elected and shall qualify.
Nominee For Withheld Total - ------- ---------- --------- ---------- William L. Armstrong............................ 30,768,942 2,592,533 33,361,475 Robert G. Avis.................................. 30,957,572 2,403,903 33,361,475 George C. Bowen................................. 30,961,043 2,400,432 33,361,475 Edward L. Cameron............................... 30,961,043 2,400,432 33,361,475 Jon S. Fossel................................... 30,961,043 2,400,432 33,361,475 Sam Freedman.................................... 30,961,043 2,400,432 33,361,475 Raymond J. Kalinowski........................... 30,908,101 2,453,374 33,361,475 C. Howard Kast.................................. 30,908,101 2,453,374 33,361,475 Robert M. Kirchner.............................. 30,908,101 2,453,374 33,361,475 Bridget A. Macaskill............................ 30,958,037 2,403,438 33,361,475 F. William Marshall............................. 30,961,043 2,400,432 33,361,475 James C. Swain.................................. 30,961,043 2,400,432 33,361,475
For Against Abstain Total --- ------- ------- ----- Proposal No. 2: Ratification of the selection of Deloitte & Touche LLP as independent auditors for the Trust for the fiscal year beginning July 1, 2000. 31,451,553 520,381 1,389,541 33,361,475 Proposal No. 3: Approval of the elimination of the Trust's fundamental investment restriction on investing in unseasoned issuers. 26,737,648 4,185,588 2,438,239 33,361,475 Proposal No. 4A: Approval of the amendment to the Trust's fundamental investment restriction on investing in debt securities having a maturity greater than one year. 27,345,451 3,630,779 2,385,245 33,361,475
12 Shareholder Meeting (Unaudited) (Continued) Centennial New York Tax Exempt Trust
For Against Abstain Total --- ------- ------- ----- Proposal No. 4B: Approval of the amendment to the Trust's fundamental investment restriction regarding concentration. 27,998,610 2,692,751 2,670,114 33,361,475 Proposal No. 5: Approval of authorizing the Trustees to adopt an Amended and Restated Declaration of Trust. 27,534,558 3,101,599 2,725,318 33,361,475
13 Federal Income Tax Information (Unaudited) Centennial New York Tax Exempt Trust In early 2002 shareholders will receive information regarding all dividends and distributions paid to them by the Trust during calendar year 2001. 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 year ended June 30, 2001, 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 dis- tributions 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. 14 Centennial New York Tax Exempt Trust Officers and Trustees James C. Swain, Trustee, CEO and Chairman of the Board Bridget A. Macaskill, Trustee and President William L. Armstrong, Trustee Robert G. Avis, Trustee George C. Bowen, Trustee Edward L. Cameron, Trustee Jon S. Fossel, Trustee Sam Freedman, Trustee Richard F. Grabish, Trustee C. Howard Kast, Trustee Robert M. Kirchner, Trustee F. William Marshall, Jr., Trustee Michael J. Carbuto, Vice President Andrew J. Donohue, Vice President and Secretary Brian W. Wixted, Treasurer Robert J. Bishop, Assistant Treasurer Scott T. Farrar, Assistant Treasurer Robert G. Zack, Assistant Secretary Investment Advisor and Distributor Centennial Asset Management Corporation Transfer and Shareholder Servicing Agent Shareholder Services, Inc. Custodian of Portfolio Securities Citibank, N.A. Independent Auditors Deloitte & Touche LLP Legal Counsel Myer, Swanson, Adams & Wolf, P.C. For more complete information about Centennial New York Tax Exempt Trust, please refer to the Prospectus. To obtain a copy, call your financial advisor, or contact Centennial Asset Management Corp. at 1.800.525.9310. Please read the prospectus carefully before you invest any money. [GRAPHIC] 2001 Annual Report Centennial New York Tax Exempt Trust June 30, 2001 -----END PRIVACY-ENHANCED MESSAGE-----