<PAGE>
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.
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1994 (Unaudited)
Centennial New York Tax Exempt Trust
<TABLE>
<CAPTION>
Market
Face Value
Amount See Note 1
------ ----------
<S> <C> <C>
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
</TABLE>
2
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
Centennial New York Tax Exempt Trust
<TABLE>
<CAPTION>
Market
Face Value
Amount See Note 1
------ ----------
<S> <C> <C>
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
--------- -----------
--------- -----------
</TABLE>
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
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES December 31, 1994 (Unaudited)
Centennial New York Tax Exempt Trust
<TABLE>
<S> <C>
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
</TABLE>
See accompanying Notes to Financial Statements.
4
<PAGE>
STATEMENT OF OPERATIONS For the Six Months Ended December 31, 1994 (Unaudited)
Centennial New York Tax Exempt Trust
<TABLE>
<S> <C>
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
--------
--------
</TABLE>
See accompanying Notes to Financial Statements.
5
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
Centennial New York Tax Exempt Trust
<TABLE>
<CAPTION>
Six Months Ended
December 31, Year Ended
1994 June 30,
(Unaudited) 1994
---------------- -----------
<S> <C> <C>
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
---------------- -----------
---------------- -----------
</TABLE>
See accompanying Notes to Financial Statements.
6
<PAGE>
FINANCIAL HIGHLIGHTS
Centennial New York Tax Exempt Trust
<TABLE>
<CAPTION>
Nine
Months
Six Months Ended Year Ended June 30, Ended
December 31, 1994 ---------------------------------------- June 30,
(Unaudited) 1994 1993 1992 1991 1990
----------------- ------- ------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
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)
</TABLE>
1. Annualized.
See accompanying Notes to Financial Statements.
7
<PAGE>
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:
<TABLE>
<CAPTION>
Six Months Ended Year Ended
December 31, 1994 June 30, 1994
--------------------------- ---------------------------
Shares Amount Shares Amount
----------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
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
----------- ------------ ----------- ------------
----------- ------------ ----------- ------------
</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 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
<PAGE>
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
<PAGE>
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<PAGE>
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<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, 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
