[COVER PAGE]
1996 Annual Report
CENTENNIAL
NEW YORK TAX EXEMPT TRUST
- --------------------------------------------------------------------------------
JUNE 30, 1996
RA0780.001.0696
<PAGE>
DEAR SHAREHOLDER:
The twelve months ended June 30, 1996 have been defined by changing beliefs
about the direction of the economy which, in turn, has had both positive and
negative effects on the securities markets.
Toward the end of 1995, most investors expected that the economy would
continue to show signs of slowing. In fact, many were convinced that the economy
was moving toward recession. Given the prevailing sentiment, it wasn't a
surprise when the Federal Reserve lowered interest rates in an effort to prolong
the economic expansion. The goal: a slow but steady and sustainable rate of
economic growth that would diminish the possibility of recession. The impact of
lower interest rates on the stock and all sectors of the bond market was
profound. The Dow Jones Industrial Average reached an all time high, while most
sectors of the bond market, including municipal bonds, chalked up double digit
returns.
But in mid-February, the federal government issued a report on job growth
that radically altered investor perceptions. Suddenly, investors believed that
the economy was heating up and inflation was around the corner. In the weeks
that followed, the bond market sold off sharply, as long-term interest rates
spiked upward, with the benchmark 30-year Treasury yield moving above seven
percent. Since municipal bonds tend to track U.S. Treasury bonds, yields on
municipals rose as well. As a result, the bond market, including municipal
bonds, weakened between February and June.
Though this market environment has created some concerns for most long-term
municipal bond investors, rising interest rates are good for investors in
short-term municipal securities. Because the portfolio is structured to capture
the maximum amount of interest income exempt from federal income taxes and New
York State and New York City income tax, the Trust continues to invest in
short-term securities -- especially during the current rising rate market.
Although shorter-term securities require us to reinvest the proceeds we receive
upon maturity more often, in a rising rate environment that means moving into
securities issued at higher rates.
The Centennial New York Tax Exempt Trust had a compounded annualized yield
of 2.81% for the twelve months ended June 30, 1996. The corresponding yield
without compounding was 2.77%. For New York residents in the maximum combined
federal, state, and city tax bracket (45.96%), this is equivalent to a taxable
yield of 5.20% with compounding and 5.13% without. Its seven-day yields with and
without compounding for the period ended June 30, 1996 were 2.64% and 2.61%,
respectively.(1)
<PAGE>
As we move through 1996, the strength of the economy continues to be an
uncertainty. However, with higher gasoline and agricultural prices there could
be some upward pressure on inflation over the next several months. As such, we
continue to look for opportunities to add to the portfolio's yield, while
keeping the Trust's average maturity shorter, remaining alert to the possibility
that interest rates may move slightly higher or lower in the coming months.
We are pleased to be able to maintain a competitive yield, as well as price
stability, in light of the dramatic changes that have taken place during the
last twelve months. Thank you for your confidence in Centennial New York
Tax-Exempt Trust. We look forward to helping you reach your financial goals in
the future.
Sincerely,
/S/James C. Swain
James C. Swain
Chairman--Centennial New York
Tax Exempt Trust
/S/Bridget A. Macaskill
President--Centennial New York
Tax Exempt Trust
July 22, 1996
An investment in the Trust is neither insured nor guaranteed by the U.S.
Government and there can be no assurance that the Trust will be able to maintain
a stable net asset value of $1.00 per share.
1. 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>
<TABLE>
<CAPTION>
======================================
STATEMENT OF INVESTMENTS June 30, 1996
Centennial New York Tax Exempt Trust
FACE VALUE
AMOUNT SEE NOTE 1
======================================================================================================================
SHORT-TERM TAX-EXEMPT OBLIGATIONS - 101.1%
<S> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------
NEW YORK - 97.3%
-----------------------------------------------------------------------------------------------------------
Babylon, New York Industrial Development Agency
Revenue Bonds, J. D'Addario & Co. Project, 3.25%(1) $ 500,000 $ 500,000
-----------------------------------------------------------------------------------------------------------
Buffalo, New York General Obligation Revenue
Anticipation Nts., Series A, 4.20%, 7/16/96(2) 2,500,000 2,500,798
-----------------------------------------------------------------------------------------------------------
City of New York Housing Development Corp. Multifamily
Mtg. Revenue Bonds, Columbus Project, Series A, 3.10%(1) 1,800,000 1,800,000
-----------------------------------------------------------------------------------------------------------
City of New York Industrial Development Agency Civic
Facility Revenue Bonds, Columbia Grammar School Project,
3.10%(1) 1,000,000 1,000,000
-----------------------------------------------------------------------------------------------------------
City of New York Trust Cultural Resources Revenue
Refunding Bonds, American Museum of Natural History,
Series A, MBIA Insured, 3.10%(1) 500,000 500,000
-----------------------------------------------------------------------------------------------------------
City of New York Water Finance Authority Revenue
Bonds, 3.65%, 8/1/96(2) 1,900,000 1,900,000
-----------------------------------------------------------------------------------------------------------
Dormitory Authority of the State of New York Revenue:
Bonds, City University System, Escrowed to Maturity,
Series A, 7.10%, 7/1/96(2) 1,250,000 1,250,000
Bonds, Memorial Sloan Kettering Cancer Center Project,
Series D, 3.40%, 8/7/96(2) 700,000 700,000
Bonds, Memorial Sloan Kettering Cancer Center Project,
Series D, 3.55%, 8/21/96(2) 1,270,000 1,270,000
Bonds, Series A, FGIC Insured, 3.45%(1) 1,000,000 1,000,000
Refunding Bonds, Ellis Hospital Project, MBIA Insured,
3.70%, 8/1/96(2) 1,000,000 1,000,000
-----------------------------------------------------------------------------------------------------------
Erie County, New York Revenue Anticipation Nts.,
4.50%, 9/20/96 1,000,000 1,001,385
-----------------------------------------------------------------------------------------------------------
Franklin County, New York Industrial Development
Agency Revenue Refunding Bonds, McAdam Cheese
Co. Project, 3.40%(1) 1,700,000 1,700,000
-----------------------------------------------------------------------------------------------------------
Metropolitan Transportation Authority of New York
Revenue Bonds, Prerefunded, Series F, AMBAC Insured,
8.375%, 7/1/96 3,350,000 3,417,000
-----------------------------------------------------------------------------------------------------------
Nassau County, New York Industrial Development
Agency Revenue Bonds, Cold Spring Harbor Labor
Project, 3.45%(1) 1,000,000 1,000,000
-----------------------------------------------------------------------------------------------------------
New York State Energy Research & Development
Authority:
Electric Facilities Revenue Bonds, Long Island Lighting
Co., Series A, 3.05%(1) 1,000,000 1,000,000
Electric Facilities Revenue Bonds, Long Island Lighting
Co., Series B, 3.05%(1) 900,000 900,000
Pollution Control Revenue Bonds, New York State Electric
& Gas Corp., Series B, 3.85%, 10/15/96(2) 1,700,000 1,700,000
Pollution Control Revenue Bonds, Rochester Gas &
Electric Co., 3.45%(1) 600,000 600,000
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
====================================
STATEMENT OF INVESTMENTS (Continued)
Centennial New York Tax Exempt Trust
FACE VALUE
AMOUNT SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NEW YORK (CONTINUED)
-----------------------------------------------------------------------------------------------------------
New York State Environmental Facilities Corp. Solid
Waste Disposal Revenue:
Bonds, General Electric Co. Project, Series A, 3.55%,
8/21/96(2) $1,000,000 $ 1,000,000
Refunding Bonds, General Electric Co. Project, Series A,
3.50%, 8/21/96(2) 2,400,000 2,400,000
-----------------------------------------------------------------------------------------------------------
New York State Housing Finance Agency Revenue Bonds:
Normandie Court I Project, 3.05%(1) 800,000 800,000
Prerefunded, 7.90%, 11/1/96 1,185,000 1,202,158
-----------------------------------------------------------------------------------------------------------
New York State Local Government Assistance Corp.
Revenue Bonds, Series A, 3.10%(1) 600,000 600,000
-----------------------------------------------------------------------------------------------------------
New York State Medical Care Facilities Finance Agency
Revenue Bonds:
Lenox Hill Hospital Project, Series A, 3.30%(1) 200,000 200,000
Pooled Equipment Loan Program II-A, 3.20%(1) 800,000 800,000
-----------------------------------------------------------------------------------------------------------
New York State Power Authority Revenue & General
Purpose Bonds:
3.75%, 9/10/96(2) 900,000 900,000
3.80%, 9/10/96(2) 1,000,000 1,000,000
-----------------------------------------------------------------------------------------------------------
North Hempstead, New York Solid Waste Management
Authority Revenue Refunding Bonds, Series A, 3.05%(1) 600,000 600,000
-----------------------------------------------------------------------------------------------------------
Seneca County, New York Industrial Development Agency
Civic Facilities Revenue Bonds, New York Chiropractic
College, 3.15%(1) 400,000 400,000
-----------------------------------------------------------------------------------------------------------
Suffolk County, New York Industrial Development Agency
Revenue Bonds, Nissequogue Cogeneration Partnership,
3.35%(1) 1,500,000 1,500,000
-----------------------------------------------------------------------------------------------------------
Suffolk County, New York Public Improvement Bonds,
Series A, 5%, 10/15/96(2) 1,000,000 1,003,801
-----------------------------------------------------------------------------------------------------------
Triborough Bridge & Tunnel Authority of New York
Revenue Bonds, FGIC Insured, 3.05%(1) 1,600,000 1,600,000
------------
38,745,142
- ----------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS - 3.8%
-----------------------------------------------------------------------------------------------------------
Puerto Rico Industrial, Medical & Environmental Pollution
Control Facilities Financing Authority Revenue Bonds,
Key Pharmaceuticals, 3.80%, 12/1/96(2) 1,500,000 1,501,216
-----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE 101.1% 40,246,358
-----------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (1.1) (439,157)
----------- -------------
NET ASSETS 100.0% $39,807,201
=========== =============
</TABLE>
5
<PAGE>
====================================
STATEMENT OF INVESTMENTS (Continued)
Centennial New York Tax Exempt Trust
- --------------------------------------------------------------------------------
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, 1996. 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.
2. Put obligation redeemable at full face value on the date
reported.
See accompanying Notes to Financial Statements.
6
<PAGE>
<TABLE>
<CAPTION>
=================================================
STATEMENT OF ASSETS AND LIABILITIES June 30, 1996
Centennial New York Tax Exempt Trust
======================================================================================================================
<S> <C> <C>
ASSETS Investments, at value - see accompanying statement $40,246,358
--------------------------------------------------------------------------------------------
Cash 181,998
--------------------------------------------------------------------------------------------
Receivables:
Interest 450,769
Shares of beneficial interest sold 213,539
--------------------------------------------------------------------------------------------
Other 3,507
------------
Total assets 41,096,171
======================================================================================================================
LIABILITIES Payables and other liabilities:
Shares of beneficial interest redeemed 1,199,086
Dividends 29,291
Service plan fees 20,598
Transfer and shareholder servicing agent fees 5,383
Other 34,612
------------
Total liabilities 1,288,970
======================================================================================================================
NET ASSETS $39,807,201
============
======================================================================================================================
COMPOSITION OF Paid-in capital $39,808,919
NET ASSETS --------------------------------------------------------------------------------------------
Accumulated net realized loss on investment transactions (1,718)
--------------------------------------------------------------------------------------------
Net assets - applicable to 39,808,919 shares of beneficial
interest outstanding $39,807,201
============
======================================================================================================================
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE $1.00
======
</TABLE>
See accompanying Notes to Financial Statements.
7
<PAGE>
<TABLE>
<CAPTION>
========================================================
STATEMENT OF OPERATIONS For the Year Ended June 30, 1996
Centennial New York Tax Exempt Trust
======================================================================================================================
<S> <C> <C>
INVESTMENT INCOME Interest $ 1,509,140
======================================================================================================================
EXPENSES Management fees - Note 3 211,940
--------------------------------------------------------------------------------------------
Service plan fees - Note 3 81,880
--------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees - Note 3 37,223
--------------------------------------------------------------------------------------------
Shareholder reports 28,298
--------------------------------------------------------------------------------------------
Custodian fees and expenses 11,139
--------------------------------------------------------------------------------------------
Legal and auditing fees 9,789
--------------------------------------------------------------------------------------------
Registration and filing fees 6,616
--------------------------------------------------------------------------------------------
Insurance expenses 3,160
--------------------------------------------------------------------------------------------
Trustees' fees and expenses 1,892
--------------------------------------------------------------------------------------------
Other 1,452
------------
Total expenses 393,389
------------
Less expenses paid indirectly - Note 3 (8,728)
------------
Less assumption of expenses by Centennial Asset
Management Corporation - Note 3 (45,647)
------------
Net expenses 339,014
======================================================================================================================
NET INVESTMENT INCOME 1,170,126
======================================================================================================================
NET REALIZED LOSS ON INVESTMENTS (395)
======================================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 1,169,731
============
</TABLE>
<TABLE>
<CAPTION>
===================================
STATEMENTS OF CHANGES IN NET ASSETS
YEAR ENDED JUNE 30,
1996 1995
======================================================================================================================
<S> <C> <C>
OPERATIONS Net investment income $ 1,170,126 $841,058
---------------------------------------------------------------------------------------------
Net realized loss (395) (171)
-----------------------------
Net increase in net assets resulting from operations 1,169,731 840,887
======================================================================================================================
DIVIDENDS AND
DISTRIBUTIONS
TO SHAREHOLDERS (1,170,126) (842,946)
======================================================================================================================
BENEFICIAL INTEREST Net increase in net assets resulting from
TRANSACTIONS beneficial interest transactions - Note 2 3,961,784 9,328,969
======================================================================================================================
NET ASSETS Total increase 3,961,389 9,326,910
--------------------------------------------------------------------------------------------
Beginning of period 35,845,812 26,518,902
-----------------------------
End of period $39,807,201 $35,845,812
=============================
</TABLE>
See accompanying Notes to Financial Statements.
8
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Centennial New York Tax Exempt Trust
Year Ended June 30,
1996 1995 1994 1993 1992
================================================================================
PER SHARE OPERATING DATA:
<S> <C> <C> <C> <C> <C>
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 on investments .03 .03 .02 .02 .03
Dividends and distributions to shareholders (.03) (.03) (.02) (.02) (.03)
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
======================================================================
================================================================================
TOTAL RETURN, AT NET ASSET VALUE(1) 2.79% 2.85% 1.68% 1.83% 3.11%
- ----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $39,807 $35,846 $26,519 $24,994 $24,103
- ----------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $42,351 $29,590 $25,419 $24,257 $23,221
- ----------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 2.76% 2.84% 1.67% 1.74% 3.00%
Expenses, before voluntary assumption by the
Manager(2) 0.93% 0.95% 1.02% 0.98% 1.09%
Expenses, net of voluntary assumption by the
Manager 0.80% 0.80% 0.80% 0.80% 0.80%
</TABLE>
1. 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 reflect
changes in net investment income only.
2. Beginning in fiscal 1995, the expense ratio reflects the effect of gross
expenses paid indirectly by the Fund. Prior year expense ratios have not been
adjusted.
See accompanying Notes to Financial Statements.
9
<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 objective is to seek the
maximum current income exempt from Federal, New York State and New York City
income taxes for individual investors that is consistent with 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.
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. The Trust concentrates its investments in New York and,
therefore, may have more credit risks related to the economic conditions of New
York than a portfolio with a broader geographical diversification.
The preparation of financial statements in conformity with generally accepted
accounting principles 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.
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, 1996 YEAR ENDED JUNE 30, 1995
----------------------------------- ---------------------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
Sold 123,079,408 $ 123,079,408 94,305,152 $ 94,305,152
Dividends and distributions
reinvested 1,153,820 1,153,820 798,765 798,765
Redeemed (120,271,444) (120,271,444) (85,774,948) (85,774,948)
------------- -------------- ------------ -------------
Net increase 3,961,784 $ 3,961,784 9,328,969 $ 9,328,969
============= ============== ============ =============
</TABLE>
10
<PAGE>
NOTES TO FINANCIAL STATEMENTS (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 a fee of 0.50% on the first
$250 million of average annual net assets with a reduction of 0.025% on each
$250 million thereafter, to 0.40% 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 0.80% of average annual net assets.
Shareholder Services, Inc. (SSI), a subsidiary of OFI, 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.
Expenses paid indirectly represent a reduction of custodian fees for earnings on
cost balances maintained by the Fund.
Under an approved service plan, the Trust may expend up to 0.20% 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.
11
<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, 1996, the related statement of operations for the year then ended, the
statements of changes in net assets for the years ended June 30, 1996 and 1995,
and the financial highlights for the period July 1, 1991 to June 30, 1996. 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,
1996 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, 1996, 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 22, 1996
12
<PAGE>
FEDERAL INCOME TAX INFORMATION (Unaudited)
Centennial New York Tax Exempt Trust
In early 1997, shareholders will receive information regarding all dividends and
distributions paid to them by the Trust during calendar year 1996. 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,
1996 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.
13
<PAGE>
CENTENNIAL NEW YORK TAX EXEMPT TRUST
OFFICERS AND TRUSTEES
James C. Swain, Chairman and Chief Executive Officer
Bridget A. Macaskill, Trustee and President
Robert G. Avis, Trustee
William A. Baker, Trustee
Charles Conrad, Jr., Trustee
Jon S. Fossel, Trustee
Sam Freedman, Trustee
Raymond J. Kalinowski, Trustee
C. Howard Kast, Trustee
Robert M. Kirchner, Trustee
Ned M. Steel, Trustee
George C. Bowen, Vice President, Treasurer and Assistant Secretary
Andrew J. Donohue, Vice President and Secretary
Michael A. Carbuto, Vice President
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.
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:
1-800-525-9310 (in U.S.)
303-671-3200 (outside U.S.)
Or write:
Shareholder Services, Inc.
P.O. Box 5143
Denver, CO 80217-5143
14
