CENTENNIAL NEW YORK TAX EXEMPT TRUST
N-30D, 1995-09-06
Previous: MORGAN STANLEY INSTITUTIONAL FUND INC, 497, 1995-09-06
Next: ALLSTATE LIFE OF NEW YORK VARIABLE ANNUITY ACCOUNT, 497, 1995-09-06



<PAGE>
1995 ANNUAL REPORT







CENTENNIAL
NEW YORK TAX EXEMPT TRUST
- -------------------------------------------------------------------

June 30, 1995








































RS0780.001.0695

<PAGE>
DEAR SHAREHOLDER:

As the fixed income markets began to rally at the start of the
year, rates began to decline.  Your Trust's managers have been
actively following the dramatic performance of the fixed income
markets and, as a result, their strategy allowed the Trust a
position among the top 35% of all New York tax-exempt money market
funds tracked by IBC/Donoghue.(1)

One of the main factors affecting performance this year was the
favorable supply and demand relationship.  Because there has been
relatively short supply and increased demand for municipal bonds,
prices have remained high, which consequently put downward pressure
on yields in the shorter end of this market.

The Trust's compounded annualized yield for the 12 months ended
June 30, 1995 was 2.88%.  The corresponding yield without
compounding was 2.84%.  For investors in the 40.86% combined
federal and state tax bracket, this is equal to a taxable yield of
4.87% with compounding and 4.80% without compounding.(2)

The Trust's seven-day annualized yields with and without
compounding for the year ended June 30, 1995 were 2.76% and 2.72%,
respectively.

With the Federal Reserve's recent rate cut, plus ongoing strong
demand, we are optimistic about the market and the domestic
economy.  And as noted before, the portfolio has been able to
maintain a strong yield in the face of both a drop in interest
rates and unusually strong demand in our market -- but as this
additional demand stabilizes as the year continues, we could again
see yields increase.

We're pleased to provide an investment that continues to offer tax-
exempt income, a stable share price, and complete liquidity.(3)  We
appreciate the confidence you have placed in Centennial New York
Tax Exempt Trust and look forward to helping you continue to meet
your financial goals in the future.


Sincerely,

/s/ Jon S. Fossel
Jon S. Fossel
President, 
Centennial New York Tax-Exempt Trust

/s/ James C. Swain
James C. Swain
Chairman, 
Centennial New York Tax-Exempt Trust

July 24, 1995


1.  IBC/Donoghue, Inc., an independent fund monitoring service. 
Ranking for the six months ended June 30, 1995. 
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.
3.  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.


<PAGE>
     STATEMENT OF INVESTMENTS                                June 30, 1995
     Centennial New York Tax Exempt Trust
                                                                               
<TABLE>
<CAPTION>

                                                              FACE          AMORTIZED COST
                                                              AMOUNT        SEE NOTE 1
<S>                                                           <C>           <C>
- ------------------------------------------------------------------------------------------
SHORT-TERM TAX-EXEMPT OBLIGATIONS - 97.3%
- ------------------------------------------------------------------------------------------
NEW YORK - 97.3%
     ----------------------------------------------------------------------------------
    	Albany County, New York General
     Obligation Revenue Refunding Bonds,
     South Mall Construction Project, Series
     A, FGIC Insured, 4.30%, 4/1/96                           $1,000,000    $ 1,001,490
     ----------------------------------------------------------------------------------
    	Babylon, New York General Obligation
     Bonds, Series B, AMBAC Insured, 3.95%           (1)         700,000        700,000
     ----------------------------------------------------------------------------------
     Babylon, New York Industrial Develop-
     ment Agency Revenue Bonds, J. D'Addario
     & Co. Project, 3.95%                            (1)         500,000        500,000
     ----------------------------------------------------------------------------------
	    Buffalo, New York General Obligation
     Revenue Anticipation Nts., Series A,
     5%, 7/12/95                                               1,500,000      1,500,354
     ----------------------------------------------------------------------------------
	    City of New York Development Corp.
     Mtg. Revenue Bonds, Columbus Multi-
     family Project, Series A, 4%                    (1)         200,000        200,000
     ----------------------------------------------------------------------------------
	    City of New York Housing Development
     Corp. Mtg. Revenue Bonds, East 96th
     Street Project, Series A, 3.75%                 (1)       1,100,000      1,100,000
     ----------------------------------------------------------------------------------
	    City of New York Industrial Develop-
     ment Agency Revenue Bonds, Columbia
     Grammar School Project, 3.80%                   (1)       1,000,000      1,000,000
     ----------------------------------------------------------------------------------
	    City of New York Trust Cultural
     Resources Revenue Refunding Bonds,
     American Museum of Natural History,
     Series B, MBIA Insured, 3.95%                   (1)         100,000        100,000
     ----------------------------------------------------------------------------------
	    Dormitory Authority of the State of
     New York Revenue Bonds, Columbia
     University Putters Dormitory 14C
     Project, 4.40%                                  (1)       1,000,000      1,000,000
     ----------------------------------------------------------------------------------
	    Dormitory Authority of the State of
     New York Revenue Bonds, Series A, FGIC
     Insured, 3.26%                                  (1)       1,000,000      1,000,000
     ----------------------------------------------------------------------------------
	    Erie County, New York General Obliga-
     tion Revenue Anticipation Nts.,
     4.75%, 8/15/95                                            1,200,000      1,199,959
     ----------------------------------------------------------------------------------
	    New York State Energy Research &
     Development Authority Electric
     Facilities Revenue Bonds, Long Island
     Lighting Co., Series B, 3.90%                   (1)       2,300,000      2,300,000
     ----------------------------------------------------------------------------------
	    New York State Energy Research &
     Development Authority Pollution
     Control Revenue Bonds, Rochester Gas
     & Electric Co., 3.80%                           (1)         600,000        600,000
     ----------------------------------------------------------------------------------
	    New York State Environmental
     Facilities Corp. Solid Waste Disposal
     Revenue Bonds, General Electric Co.
     Project, Series A, 3.95%, 8/8/95                (2)       1,000,000      1,000,000
     ----------------------------------------------------------------------------------
	    New York State Environmental Facili-
     ties Corp. Solid Waste Disposal Reve-
     nue Refunding Bonds, General Electric
     Co. Project, Series A, 3.95%, 9/8/95            (2)       1,000,000      1,000,000
     ----------------------------------------------------------------------------------
	    New York State Environmental Facili-
     ties Corp. Solid Waste Disposal Reve-
     nue Refunding Bonds, General Electric
     Co. Project, Series A, 4.05%, 8/3/95            (2)         600,000        600,000
     ----------------------------------------------------------------------------------
	    New York State Housing Finance Agency
     Revenue Bonds, Mount Sinai School of
     Medicine, Series A, 4%                          (1)         900,000        900,000
     ----------------------------------------------------------------------------------	
	    New York State Housing Finance Agency
     Revenue Bonds, Normandie Court I
     Project, 3.90%                                  (1)       1,000,000      1,000,000
     ----------------------------------------------------------------------------------
	    New York State Job Development
     Authority Gtd. Revenue Bonds, 1984
     Series E-1 to E-55, 3.60%                       (1)         945,000        945,000
     ----------------------------------------------------------------------------------
	    New York State Job Development
     Authority Gtd. Revenue Bonds, 1984
     Series F-1 to F-17, 3.60%                       (1)         410,000        410,000
     ----------------------------------------------------------------------------------
	    New York State Job Development
     Authority Gtd. Revenue Bonds, Series
     C-1 to C-30, 4.60%                              (1)         725,000        725,000
</TABLE>
                                         3
<PAGE>

     STATEMENT OF INVESTMENTS (CONTINUED)               
     Centennial New York Tax Exempt Trust
<TABLE>
<CAPTION>
                                                              
                                                              FACE          AMORTIZED COST  
SHORT - TERM TAX-EXEMPT OBLIGATIONS (CONTINUED)               AMOUNT        SEE NOTE 1                     
<S>                                                           <C>           <C>
- ------------------------------------------------------------------------------------------
NEW YORK (CONTINUED)
     ----------------------------------------------------------------------------------
    	New York State Job Development
     Authority Gtd. Revenue Bonds, Special
     Purpose, Series C-1, 3.70%                      (1)      $   60,000    $    60,000
     ----------------------------------------------------------------------------------
	    New York State Local Government
     Assistance Corp. Revenue Bonds,
     Series A, 3.70%                                 (1)       1,300,000      1,300,000
     ----------------------------------------------------------------------------------
	    New York State Medical Care Facilities
     Finance Agency Revenue Bonds, Mt.
     Sinai Hospital Project, Prerefunded,
     Series C, FHA Insured, 8.875%, 1/15/96          (2)       1,000,000      1,044,062
     ----------------------------------------------------------------------------------
	    New York State Medical Care Facilities
     Finance Agency Revenue Bonds, St.
     Mary's Hospital-Private Insurance
     Program, Prerefunded, AMBAC Insured,
     8.375%, 11/1/95                                 (2)       2,700,000      2,784,176
     ----------------------------------------------------------------------------------
	    New York State Power Authority Revenue
     Bonds, 4.05%, 8/1/95                            (2)       1,000,000      1,000,000
     ----------------------------------------------------------------------------------
	    New York State Urban Development Corp.
     Correctional Facilities Revenue Bonds,
     Prerefunded, Series B, 8%, 1/1/96               (2)       1,700,000      1,763,370
     ----------------------------------------------------------------------------------	
	    New York State Urban Development Corp.
     Revenue Refunding Bonds, Prerefunded,
     8%, 1/1/96                                      (2)         800,000        829,629
     ----------------------------------------------------------------------------------
	    North Hempstead, New York Solid Waste
     Management Authority Revenue
     Refunding Bonds, Series A, 3.75%                (1)       1,300,000      1,300,000
     ----------------------------------------------------------------------------------
	    Port Authority of New York & New
     Jersey, 4.05%, 8/25/95                          (2)       1,300,000      1,300,000
     ----------------------------------------------------------------------------------
	    Seneca County, New York Industrial
     Development Agency Civic Facilities
     Revenue Bonds, New York Chiropractic
     College, 4.05%                                  (1)         400,000        400,000
     ----------------------------------------------------------------------------------
	    Suffolk County, New York Industrial
     Development Agency Revenue Bonds,
     Nissequogue Cogen Partners Project,
     4.30%                                           (1)         800,000        800,000
     ----------------------------------------------------------------------------------
	    Triborough Bridge & Tunnel Authority
     of New York Revenue Bonds, Series
     BT-42, 4.05%                                    (1)       1,000,000      1,000,000
     ----------------------------------------------------------------------------------
	    Westchester County, New York Tax
     Anticipation Notes, 1995 Series,
     5%, 12/14/95                                              2,500,000      2,505,502
     ----------------------------------------------------------------------------------
	    TOTAL INVESTMENTS, AT AMORTIZED COST                          97.3%     34,868,542
	    ----------------------------------------------------------------------------------
     OTHER ASSETS NET OF LIABILITIES                                2.7         977,270
                                                               ---------   ------------
	    NET ASSETS                                                   100.0%    $35,845,812
                                                               =========    ============ 
</TABLE>
[FN]
                                                                
        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, 1995.  This instrument may
        also have a demand feature which allows the recovery of principal
        at any time, or at specified intervals not exceeding one year, on
        up to 30 days' notice.  Maturity date shown represents effective
        maturity based on variable rate and, if applicable, demand feature.
        2.  Put obligation redeemable at full face value on the date reported.

        See accompanying Notes to Financial Statements.
                                         4   
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES June 30, 1995
Centennial New York Tax Exempt Trust
<TABLE>
<CAPTION>
<S>                                                              <C> 
ASSETS:
Investments, at amortized cost - see accompanying statement       $34,868,542 
Cash                                                                  420,464
Receivables:
 Shares of beneficial interest sold                                   601,434
 Interest                                                             466,033  
Other                                                                  23,051 
                                                                  -----------  
     Total assets                                                  36,379,524   
                                                                  -----------   
            
LIABILITIES:
Payables and other liabilities:
  Shares of beneficial interest redeemed                              451,156
  Dividends                                                            40,334
  Service plan fees - Note 3                                           16,528
  Transfer and shareholder servicing agens - Note 3                     3,888  
  Trustees' fees                                                          100
  Other                                                                21,706
                                                                  ----------- 
    Total liabilities                                                 533,712
                                                                  -----------
NET ASSETS                                                        $35,845,812
                                                                  =========== 

COMPOSITION OF NET ASSETS:
Paid-in capital                                                   $35,847,135
Accumulated net realized loss from investment 
  transactions                                                         (1,323)
                                                                  -----------
Net assets - Applicable to 35,847,135 shares of                              
  beneficial interest outstanding                                 $35,845,812
                                                                  ===========

NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE               
 SHARE                                                                  $1.00
</TABLE>
See accompanying Notes to Financial Statements.
                                         5
<PAGE>
STATEMENT OF OPERATIONS For the Year Ended June 30, 1995 
Centennial New York Tax Exempt Trust
<TABLE>
<CAPTION>
<S>                                                               <C>
INVESTMENT INCOME - Interest                                      $1,078,023    
                                                                  ----------

EXPENSES:
Management fees - Note 3                                             147,859    
Service plan fees - Note 3                                            57,630
Transfer and shareholder servicing agent fees - Note 3                35,115   
Shareholder reports                                                   12,115  
Legal and auditing fees                                               10,657   
Custodian fees and expenses                                            6,194   
Registration and filing fees                                           3,419
Trustees' fees and expenses                                            2,153  
Other                                                                  6,713 
                                                                  ----------
     Total expenses                                                  281,855
Less assumption of expenses by Centennial Asset 
  Management Corporation - Note 3                                    (44,890) 
                                                                  ----------
     Net expenses                                                    236,965 
                                                                  ----------

NET INVESTMENT INCOME                                                841,058   

NET REALIZED LOSS ON INVESTMENTS                                        (171)
                                                                  ----------

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS              $  840,887 

                                                                  ==========
</TABLE>
See accompanying Notes to Financial Statements.
                                         6
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
Centennial New York Tax Exempt Trust
<TABLE>
<CAPTION>

                                                             YEAR ENDED JUNE 30,            
OPERATIONS:                                                  1995           1994      
                                                          ----------     ---------- 
<S>                                                       <C>            <C>
Net investment income                                     $  841,058     $  423,262  
Net realized gain (loss) on 
  investments                                                   (171)         1,817 
                                                          -----------    ----------

  Net increase in net assets 
    resulting from operations                                840,887        425,079 

DIVIDENDS AND DISTRIBUTIONS TO 
  SHAREHOLDERS                                              (842,946)      (423,702)

BENEFICIAL INTEREST TRANSACTIONS:
Net increase in net assets 
  resulting from beneficial 
  interest transactions 
  - Note 2                                                 9,328,969      1,523,824 
                                                         -----------    -----------

NET ASSETS:
Total increase                                             9,326,910      1,525,201 
Beginning of year                                         26,518,902     24,993,701  
                                                         -----------    -----------
End of year                                              $35,845,812    $26,518,902  
                                                         ===========    =========== 
 
</TABLE>
See accompanying Notes to Financial Statements.
                                         7
<PAGE>
FINANCIAL HIGHLIGHTS
Centennial New York Tax Exempt Trust
<TABLE>
<CAPTION>


                                      YEAR ENDED JUNE 30,
                                      1995       1994        1993       1992                
                                      -------    -------     -------    ------  
<S>                                   <C>        <C>         <C>        <C>                                   
PER SHARE OPERATING DATA:
Net asset value, beginning of 
  period                              $1.00      $1.00       $1.00      $1.00                                                
                                      -------    -------     -------    ------
  Income from investment operations -
  net investment income and net 
  realized gain on investments          .03        .02         .02        .03                          
Dividends and distributions to 
  shareholders                         (.03)      (.02)       (.02)      (.03)                                       
                                      -------    -------     -------    -------
Net asset value, end of period        $1.00      $1.00       $1.00      $1.00                          
                                      =======    =======     =======    =======   

TOTAL RETURN, AT NET
 ASSET VALUE (2)                        2.85%      1.68%       1.83%      3.11%                                        

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 
  thousands)                           $35,846    $26,519     $24,994    $24,103		
Average net assets (in
 thousands)                            $29,590    $25,419     $24,257    $23,221                                            
Number of shares
 outstanding at end of  
 period (in thousands)                  35,847     26,518      24,994     24,105                                  
Ratios to average net assets:
  Net investment income                  2.84%      1.67%       1.74%      3.00%                                  
  Expenses, before voluntary assumption
    by the Manager                        .95%      1.02%        .98%      1.09%                                        
  Expenses, net of voluntary assumption
    by the Manager                        .80%       .80%        .80%       .80%                                        
</TABLE>
[FN]
1. For the period from January 4, 1989 (commencement of operations) to
September 30, 1989.
2. Assumes a 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
are not annualized for periods of less than one full year.  Total returns
reflect changes in net investment income only.
3. Annualized.


FINANCIAL HIGHLIGHTS
Centennial New York Tax Exempt Trust
<TABLE>
<CAPTION>
                        
                                                   NINE
                                       YEAR        MONTHS       PERIOD   
                                       ENDED       ENDED        ENDED
                                       JUNE 30,    JUNE 30,     SEPTEMBER 30,
                                       1991        1990         1989(1)
                                       -------     -------      -------
<S>                                    <C>         <C>          <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of 
  period                               $1.00       $1.00        $1.00 
                                       -------     -------      -------
  Income from investment operations -
  net investment income and net 
  realized gain on investments           .05         .04          .04 
Dividends and distributions to 
  shareholders                          (.05)       (.04)        (.04)
                                       -------     -------      -------
Net asset value, end of period         $1.00       $1.00        $1.00 
                                       =======     =======      =======

TOTAL RETURN, AT NET
 ASSET VALUE (2)                        4.74%       3.87%        3.84%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 
  thousands)                            $21,439     $9,133       $4,935
Average net assets
 (in thousands)                         $16,766     $7,008       $2,084
Number of shares
 outstanding at end of  
 period (in thousands)                   21,443      9,135        4,934
Ratios to average net assets:
  Net investment income                   4.42%       4.98%(3)     5.41%(3)
  Expenses, before voluntary assumption
    by the Manager                        1.08%       1.48%(3)     2.21%(3)
  Expenses, net of voluntary assumption
    by the Manager                         .72%        .96%(3)     1.00%(3)
</TABLE>
[FN]
1. For the period from January 4, 1989 (commencement of operations) to
September 30, 1989.
2. Assumes a 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 are not annualized for periods of less than one full year.
Total returns reflect changes in net investment income only.
    
3. Annualized.

See accompanying Notes to Financial Statements.
                                         8
<PAGE>
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 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.

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:
<TABLE>
<CAPTION>
                                                         
                                      YEAR ENDED JUNE 30, 1995    YEAR ENDED JUNE 30, 1994
                                      ------------------------    ------------------------ 
                                      SHARES       AMOUNT         SHARES        AMOUNT
                                      ------       ------         ------        ------
<S>                                   <C>          <C>            <C>           <C>
Sold                                  94,305,152   $ 94,305,152    75,789,053   $ 75,789,053 
Dividends and distributions
  reinvested                             798,765        798,765       405,612                405,612 
Redeemed                             (85,774,948)   (85,774,948)  (74,670,841)   (74,670,841)
                                     ------------  -------------  ------------  -------------
 Net increase                          9,328,969   $  9,328,969     1,523,824   $  1,523,824 
                                     ============  =============  ============  ============= 
</TABLE>
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 a fee of .50% on the
first $250 million of average annual 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.
                                         9
<PAGE>
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, 1995, the related statement of operations for the year
then ended, the statements of changes in net assets for the years ended June
30, 1995 and 1994, and the financial highlights for the period January 4,
1989 (commencement of operations) to June 30, 1995.  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 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, 1995 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, 1995, 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 LLP

Denver, Colorado
July 24, 1995
                                        10 
<PAGE>

FEDERAL INCOME TAX INFORMATION (Unaudited)
Centennial New York Tax Exempt Trust


In early 1996, shareholders will receive information regarding all dividends
and distributions paid to them by the Trust during calendar year 1995. 
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,
1995 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.
                                        11
<PAGE>
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 & Wolf, 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.

Shares of Centennial New York Tax Exempt Trust are not deposits or
obligations of any bank, are not guaranteed by any bank, and are not insured
by the FDIC or any other agency, and involve investment risks, including
possible loss of the principal amount invested.


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
                                        12



© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission