-----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, PCocSDvnanhruS3DgMGCNb+je2Xdr7On2wZo5DJbtV1jL/aTa84uGV/LGtbpbe8X YmHPCtlkm7EB6VXYm1LPbg== 0000950146-94-000041.txt : 19940310 0000950146-94-000041.hdr.sgml : 19940310 ACCESSION NUMBER: 0000950146-94-000041 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940309 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTENNIAL NEW YORK TAX EXEMPT TRUST CENTRAL INDEX KEY: 0000837278 STANDARD INDUSTRIAL CLASSIFICATION: FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 40 SEC FILE NUMBER: 811-05584 FILM NUMBER: 94515197 BUSINESS ADDRESS: STREET 1: 3410 SOUTH GALENA ST CITY: DENVER STATE: CO ZIP: 80231 BUSINESS PHONE: 3036713200 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER NEW YORK TAX EXEMPT CASH RESERVES DATE OF NAME CHANGE: 19900530 N-30D 1 CENTENNIAL NY TAX EXEMPT TRUST SEMIANNUAL REPORT Dear Centennial New York Tax Exempt Trust Shareholder: We are pleased to provide you with the 1993 semi-annual report for Centennial New York Tax Exempt Trust. During the six-month period ended December 31, 1993, the Trust's compounded annualized yield was 1.67%. This equates to 2.98% for investors in the 43.89% combined effective federal, New York State and New York City income tax bracket. The corresponding yield without compounding was 1.65%. The seven-day annualized yields with and without compounding at December 31, 1993 were 1.88% and 1.86%, respectively. In general, the municipal bond market has performed very well throughout 1993. The U.S. economy has remained in a slow growth mode; interest rates have remained in a relatively low range despite occasional periods of volatility; and investors have sought out investments in the tax-exempt market in increasing numbers since the passage of the Clinton Administration's tax package. All of these factors have combined to generate above-average performance. Municipal securities with maturities of six to twelve months have frequently offered a significant advantage, on an after-tax basis, over equivalent taxable investments. Accordingly, we have maintained a relatively long average maturity in the Trust's portfolio to generate higher yields. This strategy left the Trust in a well-protected position when, in late November and early December, the short-term tax-exempt market experienced a dramatic influx of investment dollars that temporarily drove rates down to abnormally low levels. We expect these artificially low rates to persist through the end of January. At that point, we expect short-term tax-exempt rates to firm somewhat, as the imbalance between supply and demand eases. With an average maturity of 70 days, the Trust has been able to provide attractive yields even during this interim period of artificially low rates, and will be in an excellent position to capitalize on higher rates in the first quarter of 1994. To ensure stability of principal, the Trust's managers continue to emphasize high quality short-term tax-exempt investments. We will continue to monitor the interest rate environment on a day-to-day basis, to seek the best possible position for the Trust. We look forward to serving your investment needs in the future. (Signature James C. Swain) James C. Swain Chairman--Centennial New York Tax Exempt Trust (Signature Jon S. Fossel) Jon S. Fossel President--Centennial New York Tax Exempt Trust January 21, 1994 Statement of Investments December 31, 1993 (Unaudited) Centennial New York Tax Exempt Trust
Face Market Amount Value-Note 1 Municipal Bonds and Notes-99.2% New York-99.2% City of New York Tax Anticipation Nts., 3.50%, 6/30/94 ............ $ 1,000,000 $ 1,002,783 Dormitory Authority of the State of New York: Pooled Short-Term Revenue Nts., Series A, 2.30%, 2/18/94 (2) ................................................... 823,000 823,000 Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series C, 2.40%, 3/9/94 ....................................... 1,000,000 1,000,000 Geneva, New York Industrial Development Agency Civic Facility Revenue Bonds, 2.90% (1) ......................... 1,000,000 1,000,000 New York City Housing Develpment Corp.: Multifamily Mortgage Revenue Bonds, Queenswood, Series A, 3.05% (1) ............................... 700,000 700,000 Special Obligation Revenue Bonds, East 96th Street Project, Series A, 2.08% (1) ........................................... 1,000,000 1,000,000 New York City Municipal Water Finance Authority Water and Sewer System Revenue Anticipation Nts., Series A, 2.75%, 4/15/94 .................................................. 1,000,000 999,914 New York City Trust Cultural Resources Revenue Bonds, American Museum of Natural History, Series B, MBIA Insured, 2.09% (1) ....................................................... 700,000 700,000 New York State Energy Research and Development Authority: Electric Facilities Revenue Bonds, 2.85%, 11/1/94 (2) ........... 900,000 900,000 Pollution Control Revenue Bonds: Annual Tender, Electric & Gas Corp.: 2.50%, 3/15/94 (2) .......................................... 1,000,000 999,056 Series 84A, 2.80%, 12/1/94 (2) .............................. 1,000,000 1,000,000 Lilco Project, Series A, 2.50%, 3/1/94 (2) .................... 1,150,000 1,149,897 Rochester Gas & Electric Corp., 2.55% (1) ..................... 600,000 600,000 New York State Enviromental Facility Corp. Solid Waste Disposal Revenue Bonds, General Electric Co. Project, Series A, 2.45%, 1/25/94 (2) .................................... 1,000,000 1,000,000 New York State Housing Finance Agency Revenue Bonds: Mount Sinai Hospital School of Medicine, Series A, 2.50% (1) .... 700,000 700,000 Normandie Court I Project, 3.05% (1)............................. 800,000 800,000 New York State Job Development Authority State Guaranteed Bonds: Series 1984, E-1 to E-55, 2.85% (1).............................. 820,000 820,000 Series 1984, F-1 to F-17, 2.85% (1) ............................. 500,000 500,000 Special Purpose, Series C-1, 2.85% (1) .......................... 820,000 820,000 3 Statement of Investments (Unaudited) (Continued) Centennial New York Tax Exempt Trust Face Market Amount Value-Note 1 Municipal Bonds and Notes (Continued) New York (Continued) New York State Mortgage Agency Revenue Refunding Bonds, Homeowner Mortgage, Series 30-A, 2.75%, 3/1/94 (2) .............. $ 1,600,000 $ 1,600,000 New York State Power Authority Revenue and General Purpose Bonds, 2.25%, 3/1/94 (2) ........................................ 2,000,000 2,000,078 Port Authority of New York and New Jersey Consolidated Revenue Bonds, 2.60%, 2/18/94 ................................... 625,000 625,000 Seneca County, New York Industrial Development Agency Civic Facilities Revenue Bonds, New York Chiropractic College, 2.95% (1)............................................... 100,000 100,000 Triborough Bridge and Tunnel Authority of New York Revenue Bonds, Tender Option Custody Receipt, Series BT-42, 3% (1) ............................................ 1,000,000 1,000,000 Total Investments, at Value (Cost $21,839,728) .................... 99.2% 21,839,728 Other Assets Net of Liabilities ................................... .8 170,634 Net Assets ........................................................ 100.0% $ 22,010,362 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, 1993. 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 December 31, 1993 (Unaudited) Centennial New York Tax Exempt Trust ASSETS: Investments, at value (cost $21,839,728) - see accompanying statement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $21,839,728 Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,705 Receivables: Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125,899 Shares of beneficial interest sold. . . . . . . . . . . . . . . . . . . . . . . . 119,200 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,304 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,193,836 LIABILITIES: Payables and other liabilities: Shares of beneficial interest redeemed. . . . . . . . . . . . . . . . . . . . . . 157,094 Distribution assistance - Note 3. . . . . . . . . . . . . . . . . . . . . . . . . 10,847 Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,379 Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183,474 NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $22,010,362 COMPOSITION OF NET ASSETS: Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $22,010,673 Accumulated net realized loss from investment transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (311) NET ASSETS - Applicable to 22,010,673 shares of beneficial interest outstanding . . . . . . . . . . . . . . . . . . . . . . . . . $22,010,362 NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.00
See accompanying Notes to Financial Statements. 5 Statement of Operations For the Six Months Ended December 31, 1993 (Unaudited) Centennial New York Tax Exempt Trust INVESTMENT INCOME - Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . $308,748 EXPENSES: Management fees - Note 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,021 Distribution assistance - Note 3. . . . . . . . . . . . . . . . . . . . . . . . . . 23,084 Transfer and shareholder servicing agent fees - Note 3. . . . . . . . . . . . . . . 18,178 Custodian fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,569 Shareholder reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,839 Legal and auditing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,024 Trustees' fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 798 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,259 Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,772 Less assumption of expenses by Centennial Asset Management Corporation - Note 3 . . . . . . . . . . . . . . . . . . . . . . . . . (18,924) Net expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,848 NET INVESTMENT INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207,900 NET REALIZED GAIN ON INVESTMENTS. . . . . . . . . . . . . . . . . . . . . . . . . . 770 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS. . . . . . . . . . . . . . . . $208,670
See accompanying Notes to Financial Statements. 6 Statements of Changes in Net Assets Centennial New York Tax Exempt Trust
Six Months Ended Year Ended December 31, 1993 June 30, (Unaudited) 1993 OPERATIONS: Net investment income . . . . . . . . . . . . . . $ 207,900 $ 421,860 Net realized gain on investments. . . . . . . . . 770 1,633 Net increase in net assets resulting from operations . . . . . . . . . . 208,670 423,493 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. . . . . . . . . . . . . . . . . . (208,340) (421,860) BENEFICIAL INTEREST TRANSACTIONS: Net increase (decrease) in net assets resulting from beneficial interest transactions - Note 2 . . . . . . . . (2,983,669) 889,153 NET ASSETS: Total increase (decrease) . . . . . . . . . . . . (2,983,339) 890,786 Beginning of period . . . . . . . . . . . . . . . 24,993,701 24,102,915 End of period . . . . . . . . . . . . . . . . . . $22,010,362 $ 24,993,701
See accompanying Notes to Financial Statements. 7 Financial Highlights Centennial New York Tax Exempt Trust
Nine Months Period Six Months Ended Ended Ended December 31, 1993 Year Ended June 30, June 30, September 30, (Unaudited) 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. . . . . . . . . . .01 .02 .03 .05 .04 .04 Dividends and distributions to shareholders . . . . . . . . . . . . . . . . . (.01) (.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). . . . . $22,010 $24,994 $24,103 $21,439 $9,133 $4,935 Average net assets (in thousands) . . . . . . . . $25,003 $24,257 $23,221 $16,766 $7,008 $2,084 Number of shares outstanding at end of period (in thousands). . . . . . . . . . . . . . . . . 22,011 24,994 24,105 21,443 9,135 4,934 Ratios to average net assets: Net investment income . . . . . . . . . . . . . 1.65%(2) 1.74% 3.00% 4.42% 4.98%(2) 5.41%(2) Expenses, before voluntary assumption by the Manager. . . . . . . . . . . . . . . . .95%(2) .98% 1.09% 1.08% 1.48%(2) 2.21%(2) Expenses, net of voluntary assumption by the Manager. . . . . . . . . . . . . . . . .80%(2) .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 (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 regular business day 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 December 31, 1993 Year Ended June 30, 1993 Shares Amount Shares Amount Sold. . . . . . . . . . . . . . . . . 35,456,994 $ 35,456,994 55,874,424 $ 55,874,424 Dividends and distributions reinvested. . . . . . . . . . . . . 212,932 212,932 413,652 413,652 Redeemed. . . . . . . . . . . . . . . (38,653,595) (38,653,595) (55,398,923) (55,398,923) Net increase (decrease) . . . . . . (2,983,669) $ (2,983,669) 889,153 $ 889,153
9 Notes to Financial Statements (Unaudited) (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% 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. 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 plan of distribution, the Trust may expend up to .20% of its net assets annually to reimburse Centennial Asset Management Corporation, as distributor, for amounts paid to brokers, dealers, banks and other institutions for costs incurred in distributing shares of the Trust. During the six months ended December 31, 1993, the Trust paid $80 to a broker/dealer affiliated with the Manager as reimbursement for distribution-related expenses. 10 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 Lynn M. Coluccy, 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. 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 11 -----END PRIVACY-ENHANCED MESSAGE-----