<PAGE>
[Cover Page]
1998 ANNUAL REPORT
CENTENNIAL NEW YORK TAX EXEMPT TRUST
June 30, 1998
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[Blank Inside Cover Page]
<PAGE>
JAMES C. SWAIN
Chairman
Centennial New York
Tax Exempt Trust
BRIDGET A. MACASKILL
President
Centennial New York
Tax Exempt Trust
Dear Shareholder,
In a year of excitement and volatility for stock markets here and abroad,
tax-exempt money market funds, such as Centennial New York Tax Exempt Trust,
generally continued to provide relatively stable returns. True, the supply of
and demand for tax-exempt securities are variable, causing fluctuations in yield
on a month-to-month basis. Nevertheless, the overall pattern of tax-exempt
yields generally tends to track the actions of the Federal Reserve Board, which
raises and lowers short-term interest rates based on its view of inflation.
Because the Fed stayed on the sidelines for the entire fiscal year, tax-exempt
yields remained relatively unchanged.
Two opposing forces have kept the Fed from raising or lowering rates. On one
hand, the U.S. economy continues to grow at a strong pace, with the unemployment
rate at just 4.5% and consumer confidence soaring. On the other hand, the Asian
financial crisis shows no signs of easing, which has weakened global demand for
goods and services. Since the United States is a major exporter to Asia,
slackening demand and devalued currencies in the Far East have created a
dampening effect on inflation. Remarkably, seven years into an economic
expansion, U.S. inflation is now trending below 2%.
For the fiscal year ended June 30, 1998, the Centennial New York Tax Exempt
Trust produced a compounded annual yield of 2.88%. Without compounding, the
corresponding yield was 2.84%. For investors in the combined 40.38% Federal and
New York state income tax bracket, this is equivalent to a taxable yield of
4.83% with compounding, and 4.76% without. On June 30, 1998, the seven-day
annualized yields, with and without compounding, were 2.82% and 2.78%,
respectively.(1) 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.
Generally speaking, securities that mature in several months pay higher yields
than those maturing within days or weeks. The reason is that the issuer needs to
compensate the investor for the risk that future inflation could trigger higher
interest rates, which would create more-attractive investment opportunities.
However, because of today's very low inflationary environment, tax-exempt money
market securities with longer maturities have not offered much extra yield.
The New York economy has been quite strong in the last year or two, bolstered
by thriving financial services, entertainment, tourism and high technology
industries. Investors and issuers assume that there is very little additional
risk in lower-quality credits. As a result, yields on these lower-quality
credits are just marginally higher. We don't believe sacrificing credit quality
for this slight benefit is worthwhile.
3 Centennial New York Tax Exempt Trust
<PAGE>
During the rest of 1998 and beyond, we plan to continue monitoring global events
so that we can position the portfolio accordingly. If the Asian crisis
diminishes and the U.S. economy continues growing, then we would expect the
Federal Reserve Board to raise short-term interest rates to keep inflation in
check. In that event, we would keep the portfolio's maturity fairly short to
allow us to reinvest at higher yields. However, if the U.S. economy should
begin to slow and the Fed appears likely to lower short-term interest rates,
then we would lenghten the portfolio's maturity to lock in higher yields. In
either case, we will continue to invest conservatively, always keeping in
mind your objectives of safety and liquidity.
Thank you for your confidence in Centennial New York Tax Exempt Trust. We look
forward to helping you reach your investment goals, part of our commitment to
you as The Right Way to Invest.
Sincerely,
/S/James C. Swain
James C. Swain
/S/Bridget A. Macaskill
Bridget A. Macaskill
July 22, 1998
1. Compounded yields assume reinvestment of dividends. Past performance is not
indicative of future results.
4 Centennial New York Tax Exempt Trust
<PAGE>
<TABLE>
<CAPTION>
===============================================================================================================================
STATEMENT OF INVESTMENTS June 30, 1998
Centennial New York Tax Exempt Trust
FACE VALUE
AMOUNT SEE NOTE 1
<S> <C> <C> <C>
===============================================================================================================================
SHORT-TERM TAX-EXEMPT OBLIGATIONS - 100.8%
- -------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 94.3%
- -------------------------------------------------------------------------------------------------------------------------------
Babylon, NY IDA RB, J. D'Addario & Co. Project, 3.55% 1 $ 500,000 $ 500,000
- -------------------------------------------------------------------------------------------------------------------------------
Buffalo, NY RAN, 4.40%, 8/5/98 1,500,000 1,500,814
- -------------------------------------------------------------------------------------------------------------------------------
Franklin Cnty., NY IDA RAN, McAdam Cheese Co. Project, 3.55% 1 1,900,000 1,900,000
- -------------------------------------------------------------------------------------------------------------------------------
Hempstead, NY IDA RRB, Trigen-Nassau Energy, 3.60% 1 1,000,000 1,000,000
- -------------------------------------------------------------------------------------------------------------------------------
Jefferson Cnty., NY IDA RB, 3.70% 1 2,500,000 2,499,997
- -------------------------------------------------------------------------------------------------------------------------------
Nassau Cnty., NY IDA Civic Facility RB, Winthrop University Hospital Assn.
Proje1t, 4% 1,000,000 1,000,000
- -------------------------------------------------------------------------------------------------------------------------------
Nassau Cnty., NY IDA RB, Cold Spring Harbor Labor Project, 3.95% 1 2,500,000 2,500,000
- -------------------------------------------------------------------------------------------------------------------------------
NY MTAU Transportation Facilities RB, Series SG36, 3.68% 1 2,390,000 2,390,000
- -------------------------------------------------------------------------------------------------------------------------------
NY Municipal Assistance Corp. SPAST Bonds, 3.65%, 8/12/98 2 2,000,000 2,000,000
- -------------------------------------------------------------------------------------------------------------------------------
NYC Municipal Water Bonds, 3.60%, 7/15/98 2 2,000,000 2,000,000
- -------------------------------------------------------------------------------------------------------------------------------
NYC GOB, 3.70%, 7/28/98 2 1,000,000 1,000,000
- -------------------------------------------------------------------------------------------------------------------------------
NYC Trust Cultural Resources RRB, American Museum of Natural History,
Series B, MBIA Insured, 3.25% 1 400,000 400,000
- -------------------------------------------------------------------------------------------------------------------------------
NYS DA COP, Rockefeller University, 3.79% 1 500,000 500,000
- -------------------------------------------------------------------------------------------------------------------------------
NYS DA RB, Cornell University, Series B, 3.85% 1 2,000,000 2,000,000
- -------------------------------------------------------------------------------------------------------------------------------
NYS DA RRB, New York University, Series A, 4%, 7/1/98 2,000,000 2,000,000
- -------------------------------------------------------------------------------------------------------------------------------
NYS DA RB, Sloan Kettering Cancer Center, 3.45%, 7/13/98 2 4,500,000 4,500,000
- -------------------------------------------------------------------------------------------------------------------------------
NYS Environmental Quality GOB:
3.55%, 7/28/98 2 2,000,000 2,000,000
3.70%, 7/28/98 2 1,100,000 1,100,000
- -------------------------------------------------------------------------------------------------------------------------------
NYS Environmental SWD Bonds, General Electric:
3.40%, 7/10/98 2 1,000,000 1,000,000
3.45%, 7/10/98 2 1,000,000 1,000,000
- -------------------------------------------------------------------------------------------------------------------------------
NYS ERDAUEF RB, L.I. Lighting Co.:
Series A, 3.55% 1 600,000 600,000
Series B, 3.60% 1 1,000,000 1,000,000
- -------------------------------------------------------------------------------------------------------------------------------
NYS ERDAUPC RB, Niagara Mohawk Corp. Project:
Series A, 3.85% 1 1,300,000 1,300,000
Series B, 3.80%, 10/15/98 1,000,000 1,000,000
- -------------------------------------------------------------------------------------------------------------------------------
NYS ERDAUPC RRB, Niagara Mohawk Power Corp., Series B, 3.80% 1 400,000 400,000
- -------------------------------------------------------------------------------------------------------------------------------
NYS HFA RB, Normandie Court I Project, 3.20% 1 2,300,000 2,299,949
- -------------------------------------------------------------------------------------------------------------------------------
NYS PAU RB, Series SG4, 3.68% 1 1,900,000 1,900,000
- -------------------------------------------------------------------------------------------------------------------------------
NYS TBTAU Beneficial Interest COP, MBIA Insured, 3.65% 1 1,900,000 1,900,000
- -------------------------------------------------------------------------------------------------------------------------------
NYS Urban Empire Development Corp. RB, Series A, 3.63% 1 1,900,000 1,900,000
- -------------------------------------------------------------------------------------------------------------------------------
PAUNYNJ Bonds, 3.45%, 7/13/98 1,045,000 1,045,000
- -------------------------------------------------------------------------------------------------------------------------------
Suffolk Cnty., NY IDA RB, Nissequogue Cogeneration Partnership, 3.40% 1 400,000 400,000
- -------------------------------------------------------------------------------------------------------------------------------
Suffolk Cnty., NY Tax Anticipation Nts., Series RA-1, 4.25%, 8/13/98 5,000,000 5,003,609
- -------------------------------------------------------------------------------------------------------------------------------
Westchester Cnty., NY GOB, 4.60%, 11/15/98 2,000,000 2,008,014
-----------------
53,547,383
- -------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS - 6.5%
- -------------------------------------------------------------------------------------------------------------------------------
PR CMWLTH Tax & RAN, Series A, 4.50%, 7/30/98 2,100,000 2,101,332
- -------------------------------------------------------------------------------------------------------------------------------
PR Industrial, Medical & Environmental PC Facilities FAU RB, Reynolds Metals
Co. Project, 3.80%, 9/1/98 1,600,000 1,600,000
-----------------
3,701,332
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
===============================================================================================================================
STATEMENT OF INVESTMENTS (Continued)
Centennial New York Tax Exempt Trust
VALUE
SEE NOTE 1
<S> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE 100.8% $57,248,715
- -------------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (0.8) (442,101)
-------------- -----------------
NET ASSETS 100.0% $56,806,614
============== ===================
</TABLE>
To simplify the listings of securities, abbreviations are used per the
table below:
<TABLE>
<S> <C>
CMWLTH - Commonwealth NYC - New York City
COP - Certificates of Participation NYS - New York State
DA - Dormitory Authority PAU - Port Authority
ERDAUEF - Energy Research & Development Authority Electric PAUNYNJ - Port Authority of New York &
Facilities New Jersey
ERDAUPC - Energy Research & Development Authority Pollution Control PC - Pollution Control
FAU - Finance Authority RAN - Revenue Anticipation Nts.
GOB - General Obligation Bonds RB - Revenue Bonds
HFA - Housing Finance Agency RRB - Revenue Refunding Bonds
IDA - Industrial Development Agency SPAST - Special Assessment
L.I. - Long Island SWD - Solid Waste Disposal
MTAU - Metropolitan Transportation Authority TBTAU - Triborough Bridge & Tunnel Authority
</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 June 30,
1998. This instrument may also have a demand feature which allows, on up to 30
days' notice, the recovery of principal at any time, or at specified intervals
not exceeding one year.
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, 1998
Centennial New York Tax Exempt Trust
<S> <C>
=============================================================================================================================
ASSETS
Investments, at value $57,248,715
- -----------------------------------------------------------------------------------------------------------------------------
Cash 271,626
- -----------------------------------------------------------------------------------------------------------------------------
Receivables:
Interest 658,797
Shares of beneficial interest sold 178,555
- -----------------------------------------------------------------------------------------------------------------------------
Receivable from manager 7,614
- -----------------------------------------------------------------------------------------------------------------------------
Other 2,926
---------------------
Total assets 58,368,233
=============================================================================================================================
LIABILITIES
Payables and other liabilities:
Shares of beneficial interest redeemed 1,441,341
Dividends 52,618
Service plan fees 26,179
Transfer and shareholder servicing agent fees 9,559
Other 31,922
---------------------
Total liabilities 1,561,619
=============================================================================================================================
NET ASSETS $56,806,614
=====================
=============================================================================================================================
COMPOSITION OF NET ASSETS
Paid-in capital $56,801,734
- -----------------------------------------------------------------------------------------------------------------------------
Undistributed net investment income 7,614
- -----------------------------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investment transactions (2,734)
- -----------------------------------------------------------------------------------------------------------------------------
Net assets - applicable to 56,801,734 shares of beneficial
interest outstanding $56,806,614
=====================
=============================================================================================================================
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, 1998
Centennial New York Tax Exempt Trust
<S> <C>
=============================================================================================================================
INVESTMENT INCOME-Interest $1,967,417
=============================================================================================================================
EXPENSES
Management fees - Note 3 269,488
- -----------------------------------------------------------------------------------------------------------------------------
Service plan fees - Note 3 105,278
- -----------------------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees - Note 3 48,387
- -----------------------------------------------------------------------------------------------------------------------------
Shareholder reports 21,567
- -----------------------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 15,194
- -----------------------------------------------------------------------------------------------------------------------------
Legal, auditing and other professional fees 9,896
- -----------------------------------------------------------------------------------------------------------------------------
Registration and filing fees 5,630
- -----------------------------------------------------------------------------------------------------------------------------
Trustees' fees and expenses 2,000
- -----------------------------------------------------------------------------------------------------------------------------
Other 2,569
---------------------
Total expenses 480,009
Less expenses paid indirectly - Note 3 (8,082)
Less assumption of expenses by Centennial Asset Management
Corporation - Note 3 (40,542)
---------------------
Net expenses 431,385
=============================================================================================================================
NET INVESTMENT INCOME 1,536,032
=============================================================================================================================
NET REALIZED LOSS ON INVESTMENTS (844)
=============================================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $1,535,188
=====================
</TABLE>
<TABLE>
<CAPTION>
=============================================================================================================================
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended June 30,
1998 1997
<S> <C> <C>
=============================================================================================================================
OPERATIONS
Net investment income $1,536,032 $1,239,717
- -----------------------------------------------------------------------------------------------------------------------------
Net realized loss (844) (172)
------------------------------------------
Net increase in net assets resulting from operations 1,535,188 1,239,545
=============================================================================================================================
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (1,528,418) (1,239,717)
=============================================================================================================================
BENEFICIAL INTEREST TRANSACTIONS
Net increase in net assets resulting from
beneficial interest transactions - Note 2 7,903,908 9,088,907
=============================================================================================================================
NET ASSETS
Total increase 7,910,678 9,088,735
- -----------------------------------------------------------------------------------------------------------------------------
Beginning of period 48,895,936 39,807,201
------------------------------------------
End of period $56,806,614 $48,895,936
==========================================
</TABLE>
See accompanying Notes to Financial Statements.
8
<PAGE>
<TABLE>
<CAPTION>
=============================================================================================================================
FINANCIAL HIGHLIGHTS
Centennial New York Tax Exempt Trust
Year Ended June 30,
1998 1997 1996 1995 1994
<S> <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
- ----------------------------------------------------------------------------------------------------------------------------
Income from investment operations - net
investment income and net realized gain .03 .03 .03 .03 .02
Dividends and distributions to shareholders (.03) (.03) (.03) (.03) (.02)
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
==========================================================================
============================================================================================================================
TOTAL RETURN(1) 2.87% 2.76% 2.79% 2.85% 1.68%
============================================================================================================================
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $56,807 $48,896 $39,807 $35,846 $26,519
- ----------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $53,923 $45,363 $42,351 $29,590 $25,419
- ----------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 2.85% 2.73% 2.76% 2.84% 1.67%
Expenses, before voluntary assumption by the Manager (2) 0.89% 0.88% 0.93% 0.95% 1.02%
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.
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, 1998 Year Ended June 30, 1997
Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Sold 189,493,444 $189,493,444 144,009,060 $ 144,009,060
Dividends and distributions reinvested 1,477,555 1,477,555 1,193,252 1,193,252
Redeemed (183,067,091) (183,067,091) (136,113,405) (136,113,405)
---------------- --------------- --------------- ----------------
Net increase 7,903,908 $ 7,903,908 9,088,907 $ 9,088,907
=============== ============== ============== ==============
</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% 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.
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, 1998, the related statement of operations for the year then ended, the
statements of changes in net assets for the years ended June 30, 1998 and 1997,
and the financial highlights for the period July 1, 1993 to June 30, 1998. 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,
1998 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, 1998, 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, 1998
12
<PAGE>
FEDERAL INCOME TAX INFORMATION (Unaudited)
Centennial New York Tax Exempt Trust
In early 1999, shareholders will receive information regarding all dividends and
distributions paid to them by the Trust during calendar year 1998. 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,
1998 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
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[Blank Page]
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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
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 J. 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.)
303-768-3200 (outside U.S.)
Or write:
Shareholder Services, Inc.
P.O. Box 5143
Denver, CO 80217-5143
RA0780.001.0698
