<PAGE>
Annual Report
Centennial
New York Tax Exempt Trust
June 30, 2000
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Blank inside front cover
<PAGE>
James C. Swain
Chairman
Centennial New York
Tax Exempt Trust
Bridget A. Macaskill
President
Centennial New York
Tax Exempt Trust
Dear Shareholder:
For the fiscal year that ended June 30, 2000, a hale and hardy economy--and
persistent concern that rapid economic growth might trigger higher
inflation--set the tone in the short-term fixed income markets. The Federal
Reserve attempted to keep the economy from becoming too robust for its own good
by ratcheting up short-term interest rates six times during the year-long
period. But even this was not enough to weaken economic growth significantly.
For the fourth quarter of 1999 and the first quarter of 2000, the U.S. economy
expanded at annualized rates of 7.3% and 5.4%, respectively.
The fixed income markets responded to all of this with relative calmness,
generally factoring in the interest rate hikes prior to their actual occurrence.
Against this steady advance of interest rates, Centennial New York Tax Exempt
Trust produced a compounded annual yield of 2.90%. Without compounding, the
annual yield was 2.88%. For investors in the 36% tax bracket, this is equivalent
to a taxable compounded yield of 4.53% and 4.50% without compounding.(1) As of
June 30, 2000, the seven-day annualized yields, with and without compounding,
were 3.51% and 3.45%, respectively.(2)
Like most professional investors, we generally anticipated the interest rate
moves, which led us to shorten the Trust's duration as the fiscal year began.
When interest rates rise, bond prices tend to fall, and the effect is more
pronounced for longer term issues. Because the Trust seeks to maintain a stable
$1.00 share price, we wanted to minimize the devaluing effect of rising rates.
There can be no assurance that the Trust will maintain a stable share price, but
we are always mindful of the need to protect your principal.(3)
We reduced the average maturity of the securities in the portfolio during the
reporting period. The shorter average maturity helped to reduce volatility, or
price instability, as interest rates jumped to ever-higher levels.
The Trust invests in high quality, short-term, tax-exempt securities issued by
the State of New York or by its counties and municipalities. We feel the
emphasis on quality is particularly important in New York. The state has lagged
others in economic growth in recent years, and despite a stable if slow revenue
increase, its bonds remain more volatile than those of stronger states.
For this reason, we have generally invested the portfolio in AAA-rated notes,
insured notes and prerefunded bonds.
1. A portion of the Fund's distributions may be subject to income tax including
state and local taxes. Capital gains distributions are taxable as capital gains.
For an investor subject to alternative minimum taxes, a portion of the Fund's
distributions may increase the investor's tax. Tax rates may be lower depending
on individual circumstances.
2. Compounded yields assume reinvestment of dividends. Past performance is not
indicative of future results.
3. An investment in money market funds is neither insured or guaranteed by the
Federal Deposit Insurance Corporation or any other government agency. Although
these funds may seek to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in these funds.
2 Centennial New York Tax Exempt Trust
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We have also made extensive use of demand notes and commercial paper backed by
bank letters of credit. Much of the change in the Trust's duration was achieved
by shifting our emphasis between the fixed-rate prerefunded bonds and demand
notes.
Throughout the year, the portfolio had a fairly large concentration in
prerefunded bonds. These are previously issued bonds backed by U.S. Treasury
bonds. The municipality that originally issued the bonds issues new debt, then
uses the proceeds from the new issue to buy Treasury securities. The Treasuries
are placed in escrow to later repay the original bonds. With such solid backing,
prerefunded bonds usually receive high credit ratings.
After late 1999, we shifted some of the Trust's assets to demand notes backed by
commercial banks. Adding them to the portfolio therefore reduced the average
maturity of the Fund's holdings, as well as its duration (the shorter a
portfolio's duration, the more likely it will be to resist the negative effect
of rising interest rates). At the same time, the higher use of demand notes
increased the Trust's yield at various points. Due to the demand feature, rates
paid on demand notes fluctuate from week to week, and these notes may at times
provide a yield advantage over comparable-quality fixed-rate instruments.
As the year wound down, we returned to a preference for fixed-rate instruments,
including prerefunded bonds. By late April, fixed-rate short-term securities had
in our opinion become very inexpensive, so we were able to acquire 90 to 180 day
issues at very attractive prices. In addition, yields on demand notes fell after
mid-May to levels below those of fixed-rate securities. By switching to
fixed-rate securities, we were able to lock in additional yield, while keeping
the increase in average maturity minimal.
Going forward, we will continue to be cautious, seeking to keep the Trust's
average maturity at relatively low levels until we see definite signs that the
Federal Reserve has completed its course of interest rate hikes. As long as our
central bank remains committed to a month-to-month approach and is not willing
to pronounce the economy "slow and steady," we expect to maintain our
wait-and-see investment strategy.
Sincerely,
/s/James C. Swain /s/Bridget A. Macaskill
James C. Swain Bridget A. Macaskill
July 24, 2000
3 Centennial New York Tax Exempt Trust
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<TABLE>
<CAPTION>
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Statement of Investments June 30, 2000
Principal Value
Amount See Note 1
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Short-Term Tax-Exempt Obligations - 96.0%
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New York - 93.9%
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<S> <C> <C> <C>
Babylon, NY IDA RB, J. D'Addario & Co. Project, 4.75% (1) $ 500,000 $ 500,000
--------------------------------------------------------------------------------------------------------------------
Jefferson Cnty., NY IDA RB, 4.30% (1) 2,500,000 2,499,998
--------------------------------------------------------------------------------------------------------------------
NYC Health & Hospital Corp. RB, Health Systems, Series A, 4.45% (1) 1,000,000 1,000,000
--------------------------------------------------------------------------------------------------------------------
NYC IDA Civic Facility RB, Casa Project, 4.90% (1) 1,000,000 1,000,000
--------------------------------------------------------------------------------------------------------------------
NYC MTAU RB, 4.25%, 8/1/00 (2) 2,500,000 2,500,000
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NYC Water FAU WSS RB, Series 1032, 4.60%, 12/15/00 (2) 2,000,000 2,000,000
--------------------------------------------------------------------------------------------------------------------
NYC Water FAU WSS RB, Series SGB 26, MBIA Insured, 4.84% (1) 500,000 500,000
--------------------------------------------------------------------------------------------------------------------
NYS DA COP, Rockefeller University, 4.84% (1) 1,000,000 1,000,000
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NYS DA RB, 4.77% (1) 2,800,000 2,800,000
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NYS DA RB, 4.84% (1) 1,500,000 1,500,000
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NYS DA RRB, Series CMC1B, 4.80% (1) 1,300,000 1,300,000
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NYS Environmental SWD RB, General Electric Project, 4.10%, 7/10/00 (2) 1,300,000 1,300,000
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NYS ERDAUEF RRB, Con Edison Co., Subseries A-3, 4.60% (1) 600,000 600,000
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NYS GOB, 4.25%, 8/1/00 (2) 1,000,000 1,000,000
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NYS GOUN, Series A, 4.40%, 2/8/01 (2) 2,400,000 2,400,000
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NYS LGAC RB, Series SG99, MBIA Insured, 4.82% (1)(2) 1,600,000 1,600,000
--------------------------------------------------------------------------------------------------------------------
NYS LGAC RB, Series 1040, 4.60%, 10/1/00 (2) 1,500,000 1,500,000
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NYS MAG RB, Series 302, 4.85% (1) 1,500,000 1,500,000
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NYS MCFFA RB, MHESF, Prerefunded, Series B, 7.875%, 8/15/00 (2) 11,625,000 11,904,860
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NYS TBTAU RB, Series SG-41, 4.82% (1) 2,730,000 2,730,000
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NYS Thruway Authority RB, Highway & Bridge Trust Fund,
Series 267, FSA Insured, 4.82% (1) 2,225,000 2,225,000
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NYS Urban Empire Development Corp. RB, Series A, 4.84% (1) 2,600,000 2,600,000
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PAUNYNJ RB, 4.15%, 7/13/00 (2) 2,500,000 2,500,000
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Southeast NY IDA RB, Unilock NY, Inc. Project, 4.80% (1) 2,000,000 2,000,000
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TBTAU NY RB, Series T, 7%, 1/1/01 (2) 2,000,000 2,065,922
---------------
52,525,780
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U.S. Possessions - 2.1%
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PR CMWLTH GOB, 4.42% (1) 1,200,000 1,200,000
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Total Investments, at Value 96.0% 53,725,780
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Other Assets Net of Liabilities 4.0 2,237,178
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Net Assets 100.0% $55,962,958
====== ==============
</TABLE>
4 Centennial New York Tax Exempt Trust
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<TABLE>
<CAPTION>
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Statement of Investments June 30, 2000 Continued
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To simplify the listings of securities, abbreviations are used per the table
below:
<S> <C>
CMWLTH - Commonwealth MCFFA - Medical Care Facilities Finance Agency
COP - Certificates of Participation MHESF - Mental Health Services Facilities
DA - Dormitory Authority MTAU - Metropolitan Transportation Authority
ERDAUEF - Energy Research & Development NYC - New York City
Authority Electric Facilities NYS - New York State
FAU - Finance Authority PAUNYNJ - Port Authority of New York & New Jersey
GOB - General Obligation Bonds RB - Revenue Bonds
GOUN - General Obligation Unlimited Nts. RRB - Revenue Refunding Bonds
IDA - Industrial Development Agency SWD - Solid Waste Disposal
LGAC - Local Government Assistance Corp. TBTAU - Triborough Bridge & Tunnel Authority
MAG - Mtg. Agency WSS - Water & Sewer System
</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,
2000. 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.
5 Centennial New York Tax Exempt Trust
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<TABLE>
<CAPTION>
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Statement of Assets and Liabilities June 30, 2000
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Assets
<S> <C>
Investments, at value - see accompanying statement $53,725,780
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Cash 971,785
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Receivables and other assets:
Shares of beneficial interest sold 1,288,611
Interest 792,049
Other 13,545
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Total assets 56,791,770
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Liabilities Payables and other liabilities:
Shares of beneficial interest redeemed 671,939
Dividends 76,803
Shareholder reports 39,133
Service plan fees 26,376
Trustees' compensation 556
Other 14,005
------------
Total liabilities 828,812
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Net Assets $55,962,958
============
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Composition of Net Assets
Paid-in capital $55,956,473
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Accumulated net realized gain on investment transactions 6,485
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Net assets - applicable to 55,956,473 shares of beneficial
interest outstanding $55,962,958
============
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Net Asset Value, Redemption Price Per Share and Offering Price Per Share $1.00
======
</TABLE>
See accompanying Notes to Financial Statements.
6 Centennial New York Tax Exempt Trust
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<TABLE>
<CAPTION>
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Statement of Operations For the Year Ended June 30, 2000
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Investment Income
<S> <C>
Interest $2,228,141
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Expenses
Management fees 305,700
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Service plan fees 120,981
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Transfer and shareholder servicing agent fees 47,237
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Shareholder reports 36,661
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Custodian fees and expenses 23,850
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Trustees' compensation 1,726
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Other 21,684
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Total expenses 557,839
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Less reimbursement of expenses (48,269)
Less expenses paid indirectly (12,001)
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Net expenses 497,569
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Net Investment Income 1,730,572
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Net Realized Gain on Investments 9,958
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Net Increase in Net Assets Resulting from Operations $1,740,530
===========
</TABLE>
<TABLE>
<CAPTION>
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Statements of Changes in Net Assets
Year Ended June 30,
2000 1999
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Operations
<S> <C> <C>
Net investment income $1,730,572 $1,410,445
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Net realized gain (loss) 9,958 (739)
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Net increase in net assets resulting
from operations 1,740,530 1,409,706
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Dividends and/or Distributions to Shareholders (1,730,572) (1,418,059)
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Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from
beneficial interest transactions (5,838,875) 4,993,614
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Net Assets
Total increase (decrease) (5,828,917) 4,985,261
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Beginning of period 61,791,875 56,806,614
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End of period $55,962,958 $61,791,875
============ ============
</TABLE>
See accompanying Notes to Financial Statements.
7 Centennial New York Tax Exempt Trust
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<TABLE>
<CAPTION>
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Financial Highlights
Year Ended June 30,
2000 1999 1998 1997 1996
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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 .02 .03 .03 .03
Dividends and/or distributions to shareholders (.03) (.02) (.03) (.03) (.03)
--------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
====== ====== ====== ====== ======
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Total Return(1) 2.92% 2.42% 2.87% 2.76% 2.79%
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Ratios/Supplemental Data
Net assets, end of period (in thousands) $55,963 $61,792 $56,807 $48,896 $39,807
--------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $61,033 $59,345 $53,923 $45,363 $42,351
--------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(2)
Net investment income 2.84% 2.38% 2.85% 2.73% 2.76%
Expenses 0.92% 0.89% 0.89%(3) 0.88%(3) 0.93%(3)
Expenses, net of indirect expenses and/or
voluntary assumption of expenses 0.82% 0.80% 0.80% 0.80% 0.80%
</TABLE>
1. Assumes a $1,000 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. Total returns are not annualized for
periods of less than one full year.
2. Annualized for periods of less than one full year.
3. Expense ratio has not been grossed up to reflect the effect of expenses
paid indirectly.
See accompanying Notes to Financial Statements.
8 Centennial New York Tax Exempt Trust
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NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
Centennial New York Tax Exempt Trust (the Trust) is registered under the
Investment Company Act of 1940, as amended, as an 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 as is consistent with the 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.
SECURITIES VALUATION Portfolio securities are valued on the basis of amortized
cost, which approximates market value.
NON-DIVERSIFICATION RISK The Trust is "non-diversified" and can invest in the
securities of a single issuer. To the extent the Trust invests a relatively high
percentage of its assets in the obligations of a single issuer or a limited
number of issuers, the Trust is subject to additional risk of loss if those
obligations lose market value or the borrower or issuer of those obligations
defaults.
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.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date.
EXPENSE OFFSET ARRANGEMENTS Expenses paid indirectly represent a reduction of
custodian fees for earnings on cash balances maintained by the Trust.
OTHER Investment transactions are accounted for as of 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.
There are certain risks arising from geographic concentration in any state.
Certain revenue or tax related event in a state may impair the ability of
certain issuers of municipal securities to pay principal and interest on their
obligations.
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, 2000 YEAR ENDED JUNE 30, 1999
SHARES AMOUNT SHARES AMOUNT
----------------------------------- -----------------------------------
<S> <C> <C> <C> <C>
Sold 235,166,364 $ 235,166,364 194,238,424 $ 194,238,424
Dividends and/or distributions reinvested 1,666,312 1,666,312 1,385,354 1,385,354
Redeemed (242,671,551) (242,671,551) (190,630,164) (190,630,164)
------------- -------------- ------------- --------------
Net increase (decrease) (5,838,875) $ (5,838,875) 4,993,614 $ 4,993,614
============= ============== ============= ==============
</TABLE>
9 Centennial New York Tax Exempt Trust
<PAGE>
NOTES TO FINANCIAL STATEMENTS Continued
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES 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 average annual net assets, 0.475% of the next $250
million, 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 any expenses of the Trust in any fiscal year they exceed
0.80% of the Trust's average annual net assets. The Manager reserves the right
to amend or terminate that expense assumption at any time. The Trust's
management fee for the year ended June 30, 2000 was an annualized rate of 0.50%,
before any waiver by the Manager if applicable.
TRANSFER AGENT Shareholder Services, Inc. (SSI) acts as the transfer and
shareholder servicing agent for the Trust and for other registered investment
companies on an "at-cost" basis.
SERVICE PLAN FEES Under an approved service plan, the Trust may expend up to
0.20% of its average annual 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 financial institutions.
10 Centennial New York Tax Exempt Trust
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INDEPENDENT AUDITORS' REPORT
To the Board of Trustees and Shareholders of
Centennial New York Tax Exempt Trust:
We have audited the accompanying statement of assets and liabilities of
Centennial New York Tax Exempt Trust, including the statement of investments, as
of June 30, 2000, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended. 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 auditing standards generally accepted
in the United States of America. 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 as of June 30, 2000, by correspondence with the custodian and
brokers; where replies were not received from brokers, we performed other
auditing procedures. 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, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Centennial New York Tax Exempt Trust as of June 30, 2000, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each of
the five years in the period then ended, in conformity with accounting
principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Denver, Colorado
July 24, 2000
11 Centennial New York Tax Exempt Trust
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FEDERAL INCOME TAX INFORMATION (Unaudited)
In early 2001 shareholders will receive information regarding all dividends and
distributions paid to them by the Trust during calendar year 2000. 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 year ended June 30, 2000 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.
12 Centennial New York Tax Exempt Trust
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CENTENNIAL NEW YORK TAX EXEMPT TRUST
OFFICERS AND TRUSTEES
James C. Swain, Trustee and Chairman of the Board
Bridget A. Macaskill, Trustee and President
Robert G. Avis, Trustee
William A. Baker, Trustee
Sam Freedman, Trustee
Raymond J. Kalinowski, Trustee
C. Howard Kast, Trustee
Robert M. Kirchner, Trustee
Ned M. Steel, Trustee
Michael J. Carbuto, Vice President
Andrew J. Donohue, Vice President and Secretary
Brian W. Wixted, Treasurer
Andrew J. Donohue, Vice President and Secretary
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 other 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 Centennial New York Tax Exempt Trust
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14 Centennial New York Tax Exempt Trust
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RA0780.001.0600
15 Centennial New York Tax Exempt Trust