<PAGE>
[COVER PAGE]
1997 ANNUAL REPORT
CENTENNIAL
NEW YORK TAX EXEMPT TRUST
- ---------------------------------------------
June 30, 1997
RA0780.001.0697
<PAGE>
DEAR SHAREHOLDER:
The U.S. economy is in the midst of one of its best periods in decades, with
growth in 1997 reaching an annual rate of 4%, up from about 2% in 1995.
Unemployment has fallen to its lowest level since the early 1970s, and inflation
is dormant, despite the strengthening economy.
As a result, interest rates have remained under control. Although 30-year
Treasury rates have risen above 7% several times during the past 12 months,
yields on short-term securities, particularly tax-exempts, remain relatively
low. Still, yields on tax-exempt securities are adequate to offset the effects
of inflation, which is currently running at an annual rate of 2.4%.
For the year ended June 30, 1997, the Centennial New York Tax Exempt Trust had a
compounded annual yield of 2.77%. Without compounding, the corresponding yield
was 2.74%. For investors in the 36% federal tax bracket, these yields are
equivalent to taxable yields of 4.33% with compounding, and 4.28% without
compounding, respectively. The seven-day annualized yields, with and without
compounding, for the year ended June 30, 1997 were 3.11% and 3.07%,
respectively.(1)
The portfolio continues to emphasize the highest quality investments. New York's
economy continues to improve, and tax revenues have been buoyed by the booming
financial services and high technology industries. In addition, New York State
and New York City continue to take positive steps toward dealing with their high
debt levels.
Over two-thirds of the portfolio's securities are typically enhanced by
municipal bond insurance or bank letters of credit. The high quality is
important so that the Centennial New York Tax Exempt Trust can continue to
provide liquidity, as well as safety of principal. However, it is important to
remember that an investment in the Trust is neither insured nor guaranteed by
the U.S. government, and there is no assurance that the Trust will maintain a
stable $1.00 share price in the future.
One of the special challenges of managing a tax-exempt short-term fund is the
inconsistent supply of securities with the appropriate maturity. For instance,
during the latter half of 1996, the Trust received an above-average inflow of
funds, which we sought to put to work. At the same time, we believed that
interest rates were likely to trend down. As a result, we sought to purchase
securities with longer maturities. That's because in a period of falling
interest rates, longer-term paper paying a relatively high yield appreciates in
value. However, longer-term paper was not uniformly available during that
period.
But the concern diminished by December, as we began to view the interest rate
environment differently. Indeed, by January, we began to sell some of our longer
dated paper because our view was that interest rates would rise during the first
quarter of 1997. Having a shorter-maturity portfolio is typically more
appropriate in April, as investors liquidate shares to pay income taxes on their
other investments.
<PAGE>
On March 25, 1997, the Federal Reserve Board raised short-term interest rates by
0.25%, its only action during the fiscal year. As a result of the Fed action,
and the April taxpaying season, the rates for very short-term tax-free
instruments surged, resulting in falling yields. By keeping the portfolio's
average maturity very short, we were able to take advantage of the 1.5
percentage point yield increase that ensued in the tax-exempt marketplace from
mid-April to late May.
However, as the end of the fiscal year approached, we began to extend the
portfolio once again. As of June 30, 1997, the portfolio's average maturity is
48 days, up from 34 days at the beginning of the fiscal year. Due to a somewhat
decelerating economy, we are less concerned about rising inflation and interest
rates than we were a few months ago. As opportunities present themselves, we
will purchase longer-term paper in order to lock in higher yields.
Thank you for your confidence in Centennial New York Tax Exempt Trust. We look
forward to helping you reach your investment goals in the future.
Sincerely,
/S/James C. Swain
James C. Swain
Chairman
Centennial New York Tax Exempt Trust
/S/Bridget A. Macaskill
Bridget A. Macaskill
President
Centennial New York Tax Exempt Trust
July 22, 1997
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. Past performance does not
guarantee future results.
<PAGE>
<TABLE>
<CAPTION>
================================================================================
STATEMENT OF INVESTMENTS JUNE 30, 1997
Centennial New York Tax Exempt Trust
FACE VALUE
AMOUNT SEE NOTE 1
===========================================================================================================================
SHORT-TERM TAX-EXEMPT OBLIGATIONS - 98.6%
- ---------------------------------------------------------------------------------------------------------------------------
NEW YORK - 92.2%
<S> <C> <C> <C>
Averill Park, NY Central School District GOB, FGIC Insured,
5.25%, 5/1/98 $1,715,000 $ 1,733,016
- ----------------------------------------------------------------------------------------------------------------------------
Babylon, NY IDA RB, J. D'Addario & Co. Project, 4.10% (1) 500,000 500,000
- ----------------------------------------------------------------------------------------------------------------------------
Buffalo, NY RAN, Series A, 4.25%, 7/15/97 2,500,000 2,500,642
- ----------------------------------------------------------------------------------------------------------------------------
Franklin Cnty., NY IDA RAN, McAdam Cheese Co. Project, 4.20% (1) 1,900,000 1,900,000
- ----------------------------------------------------------------------------------------------------------------------------
Hempstead Town, NY GOB, AMBAC Insured, 5%, 2/15/98 2,000,000 2,013,030
- ----------------------------------------------------------------------------------------------------------------------------
Monroe Cnty., NY RAN, 4.25%, 12/12/97 2,000,000 2,005,276
- ----------------------------------------------------------------------------------------------------------------------------
NY MTAU Transportation Facilities RB, Series SG36, 4.35% (1) 1,700,000 1,700,000
- ----------------------------------------------------------------------------------------------------------------------------
NY PAU RB, Series SG4, 4.35% (1) 1,900,000 1,900,000
- ----------------------------------------------------------------------------------------------------------------------------
NYC GOB, MBIA Insured, 3.65%, 8/1/97 1,000,000 1,000,000
- ----------------------------------------------------------------------------------------------------------------------------
NYC IDA Civic Facility RB, Columbia Grammar School Project,
4% (1) 1,000,000 1,000,000
- ----------------------------------------------------------------------------------------------------------------------------
NYC IDA RB, Brooklyn Navy Yard Cogeneration,
Series A, 4.20% (1) 2,700,000 2,700,000
- ----------------------------------------------------------------------------------------------------------------------------
NYC Trust Cultural Resources RRB, American Museum
of Natural History:
Series A, MBIA Insured, 4.05% (1) 200,000 199,999
Series B, MBIA Insured, 4.05% (1) 200,000 200,000
- ----------------------------------------------------------------------------------------------------------------------------
NYS DA COP, Rockefeller University, 3.52% (1) 500,000 500,000
- ----------------------------------------------------------------------------------------------------------------------------
NYS Environmental Solid Waste RB, General Electric:
3.80%, 7/9/97 1,000,000 1,000,000
3.85%, 7/9/97 1,000,000 1,000,000
- ----------------------------------------------------------------------------------------------------------------------------
NYS ERDAUEF RB, L.I. Lighting Co.:
Series A, 4.095% (1) 600,000 600,000
Series B, 4.20% (1) 1,600,000 1,600,000
- ----------------------------------------------------------------------------------------------------------------------------
NYS ERDAUPC RB, NYS Electric & Gas Corp., Series B,
3.85%, 10/15/97 (2) 1,700,000 1,700,000
- ----------------------------------------------------------------------------------------------------------------------------
NYS ERDAUPC RB, Rochester Gas & Electric Co., 3.55% (1) 600,000 600,000
- ----------------------------------------------------------------------------------------------------------------------------
NYS ERDAUPC RRB, NYS Electric & Gas Corp. Series B, 4% (1) 300,000 300,000
- ----------------------------------------------------------------------------------------------------------------------------
NYS ERDAUPC RRB, Orange/Rockland Utility Project,
Series A, AMBAC Insured, 4.05% (1) 800,000 800,000
- ----------------------------------------------------------------------------------------------------------------------------
NYS GOB Anticipation Nts., 3.60%, 7/22/97 2,300,000 2,300,000
- ----------------------------------------------------------------------------------------------------------------------------
NYS HFA RB, Normandie Court I Project, 4% (1) 1,000,000 1,000,000
- ----------------------------------------------------------------------------------------------------------------------------
NYS LGAC RB, Series A, 4% (1) 1,900,000 1,900,000
- ----------------------------------------------------------------------------------------------------------------------------
NYS MCFFA RB, Lenox Hill Hospital Project, Series A, 4.10% (1) 400,000 400,000
- ----------------------------------------------------------------------------------------------------------------------------
NYS MCFFA, Mental Health Services, Series A, 8.875%, 8/15/97 (2) 5,200,000 5,335,413
- ----------------------------------------------------------------------------------------------------------------------------
NYS TBTAU Beneficial Interest COP, MBIA Insured, 3.80%,
7/15/97 (2) 1,900,000 1,900,000
- ----------------------------------------------------------------------------------------------------------------------------
NYS TBTAU COP, Series A, 4.25% (1) 1,900,000 1,900,000
- ----------------------------------------------------------------------------------------------------------------------------
PAUNYNJ RB, 3.70%, 8/1/97 1,005,000 1,005,000
- ----------------------------------------------------------------------------------------------------------------------------
PAUNYNJ Special Obligation RRB, Versatile Structure
Obligation, Series 2, 4% (1) 700,000 700,000
- ----------------------------------------------------------------------------------------------------------------------------
Suffolk Cnty., NY IDA RB, Nissequogue Cogeneration
Partnership, 4.15% (1) 1,200,000 1,200,000
------------
45,092,376
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
============================================================================================================================
STATEMENT OF INVESTMENTS (CONTINUED)
Centennial New York Tax Exempt Trust
FACE VALUE
AMOUNT SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS - 6.4%
<S> <C> <C> <C>
PR Industrial, Medical & Environmental PC Facilities FAU RB:
Key Pharmaceuticals, 3.75%, 12/1/97 (2) $1,500,000 $ 1,500,000
Reynolds Metals Co. Project, 3.80%, 9/1/97 (2) 1,600,000 1,600,359
------------
3,100,359
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE 98.6% 48,192,735
- ----------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 1.4 703,201
------ ------------
NET ASSETS 100.0% $48,895,936
====== ============
</TABLE>
To simplify the listing of securities abbreviations are used per the table
below:
COP - Certificates of Participation
DA - Dormitory Authority
ERDAUEF - Energy Research & Development Authority Electric Facilities
ERDAUPC - Energy Research & Development Authority Pollution Control
FAU - Finance Authority
GOB - General Obligation Bonds
HFA - Housing Finance Agency
IDA - Industrial Development Agency
LGAC - Local Government Assistance Corp.
L.I. - Long Island
MCFFA - Medical Care Facilities Finance Agency
MTAU - Metropolitan Transportation Authority
NYC - New York City
NYS - New York State
PAUNYNJ - Port Authority of New York & New Jersey
PAU - Power Authority
PC - Pollution Control
RAN - Revenue Anticipation Notes
RB - Revenue Bonds
RRB - Revenue Refunding Bonds
TBTAU - Triborough Bridge & Tunnel Authority
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,
1997. 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.
5
<PAGE>
<TABLE>
<CAPTION>
================================================================================
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1997
Centennial New York Tax Exempt Trust
=============================================================================================================================
ASSETS
<S> <C>
Investments, at value - see accompanying statement $48,192,735
- -----------------------------------------------------------------------------------------------------------------------------
Cash 23,424
- -----------------------------------------------------------------------------------------------------------------------------
Receivables:
Shares of beneficial interest sold 1,045,625
Interest 579,090
- -----------------------------------------------------------------------------------------------------------------------------
Other 4,485
------------
Total assets 49,845,359
=============================================================================================================================
LIABILITIES
Payables and other liabilities:
Shares of beneficial interest redeemed 854,294
Dividends 44,750
Service plan fees 23,182
Shareholder reports 10,760
Transfer and shareholder servicing agent fees 4,900
Other 11,537
------------
Total liabilities 949,423
=============================================================================================================================
NET ASSETS $48,895,936
============
=============================================================================================================================
COMPOSITION OF NET ASSETS
Paid-in capital $48,897,826
- -----------------------------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investment transactions (1,890)
- -----------------------------------------------------------------------------------------------------------------------------
Net assets - applicable to 48,897,826 shares of beneficial interest outstanding $48,895,936
============
=============================================================================================================================
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE $1.00
======
</TABLE>
See accompanying Notes to Financial Statements.
6
<PAGE>
<TABLE>
<CAPTION>
================================================================================
STATEMENT OF OPERATIONS FOR THE YEAR ENDED JUNE 30, 1997
Centennial New York Tax Exempt Trust
=============================================================================================================================
<S> <C>
INVESTMENT INCOME - Interest $1,603,539
=============================================================================================================================
EXPENSES
Management fees - Note 3 226,414
- -----------------------------------------------------------------------------------------------------------------------------
Service plan fees - Note 3 87,996
- -----------------------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees - Note 3 39,640
- -----------------------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 14,296
- -----------------------------------------------------------------------------------------------------------------------------
Legal and auditing fees 10,417
- -----------------------------------------------------------------------------------------------------------------------------
Shareholder reports 7,853
- -----------------------------------------------------------------------------------------------------------------------------
Registration and filing fees 5,018
- -----------------------------------------------------------------------------------------------------------------------------
Trustees' fees and expenses 2,800
- -----------------------------------------------------------------------------------------------------------------------------
Insurance expenses 2,512
- -----------------------------------------------------------------------------------------------------------------------------
Other 838
-----------
Total expenses 397,784
-----------
Less expenses paid indirectly - Note 3 (9,838)
Less assumption of expenses by Centennial Asset Management Corp. - Note 3 (24,124)
-----------
Net expenses 363,822
=============================================================================================================================
NET INVESTMENT INCOME 1,239,717
=============================================================================================================================
NET REALIZED LOSS ON INVESTMENTS (172)
=============================================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $1,239,545
===========
</TABLE>
<TABLE>
<CAPTION>
================================================================================
STATEMENTS OF CHANGES IN NET ASSETS
YEAR ENDED JUNE 30,
1997 1996
=============================================================================================================================
OPERATIONS
<S> <C> <C>
Net investment income $ 1,239,717 $ 1,170,126
- -----------------------------------------------------------------------------------------------------------------------------
Net realized loss (172) (395)
- -----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 1,239,545 1,169,731
=============================================================================================================================
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (1,239,717) (1,170,126)
=============================================================================================================================
BENEFICIAL INTEREST TRANSACTIONS
Net increase in net assets resulting from
beneficial interest transactions - Note 2 9,088,907 3,961,784
=============================================================================================================================
NET ASSETS
Total increase 9,088,735 3,961,389
- -----------------------------------------------------------------------------------------------------------------------------
Beginning of period 39,807,201 35,845,812
---------------------------------
End of period $48,895,936 $39,807,201
=================================
</TABLE>
See accompanying Notes to Financial Statements.
7
<PAGE>
<TABLE>
<CAPTION>
================================================================================
FINANCIAL HIGHLIGHTS
Centennial New York Tax Exempt Trust
Year Ended June 30,
1997 1996 1995 1994 1993
==============================================================================================================================
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 .03 .03 .03 .02 .02
Dividends and distributions to shareholders (.03) (.03) (.03) (.02) (.02)
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
=====================================================================
==============================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(1) 2.76% 2.79% 2.85% 1.68% 1.83%
==============================================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $48,896 $39,807 $35,846 $26,519 $24,994
- ------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $45,363 $42,351 $29,590 $25,419 $24,257
- ------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 2.73% 2.76% 2.84% 1.67% 1.74%
Expenses, before voluntary assumption
by the Manager (2) 0.88% 0.93% 0.95% 1.02% 0.98%
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 Trust. Prior year expense ratios have not been
adjusted.
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 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 adviser 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, 1997 YEAR ENDED JUNE 30, 1996
-------------------------------- ---------------------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
Sold 144,009,060 $ 144,009,060 123,079,408 $ 123,079,408
Dividends and distributions
reinvested 1,193,252 1,193,252 1,153,820 1,153,820
Redeemed (136,113,405) (136,113,405) (120,271,444) (120,271,444)
------------- -------------- ------------- --------------
Net increase 9,088,907 $ 9,088,907 3,961,784 $ 3,961,784
============= ============== ============= ==============
</TABLE>
9
<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% of the first
$250 million of net assets; 0.475% of the next $250 million of net assets; 0.45%
of the next $250 million; 0.425% of the next $250 million and 0.40% of net
assets in excess of $1 billion. 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
cash balances maintained by the Trust.
Under an approved service plan, the Trust may expend up to 0.20% of its net
assets annually to reimburse the Manager, as distributor, for costs incurred in
connection with the personal service and maintenance of accounts that hold
shares of the Trust, including amounts paid to brokers, dealers, banks and other
institutions.
10
<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, 1997, the related statement of operations for the year then ended, the
statements of changes in net assets for the years ended June 30, 1997 and 1996,
and the financial highlights for the period July 1, 1992 to June 30, 1997. 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,
1997 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, 1997, 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, 1997
11
<PAGE>
FEDERAL INCOME TAX INFORMATION (Unaudited)
Centennial New York Tax Exempt Trust
In early 1998, shareholders will receive information regarding all dividends and
distributions paid to them by the Trust during calendar year 1997. 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,
1997 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 adviser for specific guidance.
12
<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 ADVISER 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.)
303-768-3200 (outside U.S.)
Or write:
Shareholder Services, Inc.
P.O. Box 5143
Denver, CO 80217-5143
13
