UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-5584
CENTENNIAL NEW YORK TAX EXEMPT TRUST
(Exact name of registrant as specified in charter)
6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924
(Address of principal executive offices)
(Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
- --------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
--------------
Date of fiscal year end: JUNE 30
-------
Date of reporting period: JULY 1, 2003 - DECEMBER 31, 2003
ITEM 1. REPORTS TO STOCKHOLDERS.
STATEMENT OF INVESTMENTS DECEMBER 31, 2003 / UNAUDITED
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------------------------------
SHORT-TERM TAX-EXEMPT OBLIGATIONS--99.6%
- --------------------------------------------------------------------------------------------------------
NEW YORK--96.4%
Albany, NY GOUN, FSA Insured, 2.75%, 8/1/04 $1,143,218 $ 1,155,274
- --------------------------------------------------------------------------------------------------------
Buffalo, NY RAN, Series A, 2.75%, 7/29/04 1,000,000 1,009,526
- --------------------------------------------------------------------------------------------------------
Erie Cnty., NY GOUN, Series A,
FGIC Insured, 6%, 2/1/04 1,100,000 1,104,555
- --------------------------------------------------------------------------------------------------------
Hempstead, NY IDA RRB, Trigen-Nassau
Energy, 1.15% 1 1,000,000 1,000,000
- --------------------------------------------------------------------------------------------------------
Jay Street Development Corp. NYC Facilities Lease RB, Jay Street Project,
Series A-3, 1.08% 1 2,900,000 2,900,000
- --------------------------------------------------------------------------------------------------------
NYC GOB, Subseries B7, 1.10% 1 200,000 200,000
- --------------------------------------------------------------------------------------------------------
NYC HDC MH RB, Monterey Project,
Series A, 1.10% 1 2,100,000 2,100,000
- --------------------------------------------------------------------------------------------------------
NYC Health & Hospital Corp. RRB, Health System, Series A,
AMBAC Insured, 3%, 2/15/04 1,000,000 1,002,335
- --------------------------------------------------------------------------------------------------------
NYC IDA Civic Facility RB, Casa Project, 1.30% 1 500,000 500,000
- --------------------------------------------------------------------------------------------------------
NYC IDA RB, Planned Parenthood, 1.20% 1 900,000 900,000
- --------------------------------------------------------------------------------------------------------
NYC MTAU BAN, Series CP-1A, 0.95%, 1/30/04 3,000,000 3,000,000
- --------------------------------------------------------------------------------------------------------
NYC MTAU RB, Series D-2, 1.20% 1 1,500,000 1,500,000
- --------------------------------------------------------------------------------------------------------
NYC Municipal Assistance Corp. RRB, Series I, AMBAC Insured, 5.50%, 7/1/04 465,000 475,332
- --------------------------------------------------------------------------------------------------------
NYC MWFAU RB, 0.90%, 1/20/04 3,000,000 3,000,000
- --------------------------------------------------------------------------------------------------------
NYC TAN, Series 2004 A, 2%, 4/15/04 2,500,000 2,507,745
- --------------------------------------------------------------------------------------------------------
NYC Transitional FAU RB, MERLOT Series 2003 B35, 1.17% 1 2,400,000 2,400,000
- --------------------------------------------------------------------------------------------------------
NYS DA RB, Columbia University, 0.94%, 2/10/04 3,300,000 3,300,000
- --------------------------------------------------------------------------------------------------------
NYS DA RB, Columbia University, Series B, 1.05%, 3/5/04 2 3,000,000 3,000,000
- --------------------------------------------------------------------------------------------------------
NYS DA RB, Cornell University, Series A, 1.18% 1 1,900,000 1,900,000
- --------------------------------------------------------------------------------------------------------
NYS DA RB, MERLOT Series 2003 B30, FGIC Insured, 1.17% 1 2,995,000 2,995,000
- --------------------------------------------------------------------------------------------------------
NYS DA RB, Rockefeller University, Series A2, 1.18% 1 3,000,000 3,000,000
- --------------------------------------------------------------------------------------------------------
NYS DA RRB, Municipal Securities Trust Receipts-CMC1B, 1.12% 1 1,300,000 1,300,000
- --------------------------------------------------------------------------------------------------------
NYS EFC RB, General Electric Project, Series 92-A, 1%, 1/12/04 3,000,000 3,000,000
- --------------------------------------------------------------------------------------------------------
NYS ERDAUPC RB, NYS Electric & Gas Corp., Series B, 1.08%, 10/15/04 2 1,000,000 1,000,000
- --------------------------------------------------------------------------------------------------------
NYS GOUN, Series A, 1.50%, 10/7/04 2 2,000,000 2,000,000
- --------------------------------------------------------------------------------------------------------
NYS HFA MH RB, East 39 Street Housing, Series A, 1.15% 1 4,000,000 4,000,000
- --------------------------------------------------------------------------------------------------------
NYS LGAC RRB, SGMSTR Series 1997 SG99, AMBAC Insured, 1.25% 1,2 1,700,000 1,700,000
- --------------------------------------------------------------------------------------------------------
NYS TBTAU SPO RRB, Series D, FSA Insured, 1.08% 1 2,400,000 2,400,000
- --------------------------------------------------------------------------------------------------------
NYS TWY RB, Highway & Bridge Trust Fund, Series C, FGIC Insured,
4.30%, 4/1/04 500,000 503,999
- --------------------------------------------------------------------------------------------------------
NYS TWY Service Contract RRB, Local Highway & Bridge, Series A,
MBIA Insured, 6%, 1/1/04 400,000 400,000
- --------------------------------------------------------------------------------------------------------
Oyster Bay, NY REF GOUN, MBIA Insured, 5.50%, 2/15/04 1,000,000 1,005,581
- --------------------------------------------------------------------------------------------------------
Suffolk Cnty., NY GOUN, Public Improvement, Series A, MBIA Insured,
3%, 5/1/04 1,755,000 1,766,098
- --------------------------------------------------------------------------------------------------------
Yonkers, NY RAN, Series 2003/2004-A, 2%, 5/14/04 1,500,000 1,505,772
-----------
59,531,217
5 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--3.2%
PR CMWLTH HTAU RB, Putters Project-246, FSA Insured, 1.26% 1 $2,000,000 $ 2,000,000
- --------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $61,531,217) 99.6% 61,531,217
- --------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 0.4 234,661
-------------------------
NET ASSETS 100.0% $61,765,878
=========================
<FN>
FOOTNOTES TO STATEMENT OF INVESTMENTS
To simplify the listings of securities, abbreviations are used per the table below:
BAN Bond Anticipation Nts.
CMWLTH Commonwealth
DA Dormitory Authority
EFC Environmental Facilities Corp.
ERDAUPC Energy Research & Development Authority Pollution Control
FAU Finance Authority
GOB General Obligation Bonds
GOUN General Obligation Unlimited Nts.
HDC Housing Development Corp.
HFA Housing Finance Agency
HTAU Highway & Transportation Authority
IDA Industrial Development Agency
LGAC Local Government Assistance Corp.
MERLOT Municipal Exempt Receipts Liquidity Option Tender
MH Multifamily Housing
MTAU Metropolitan Transportation Authority
MWFAU Municipal Water Finance Authority
NYC New York City
NYS New York State
RAN Revenue Anticipation Nts.
RB Revenue Bonds
REF Refunding
RRB Revenue Refunding Bonds
SGMSTR Societe Generale, NY Branch Municipal Security Trust Receipts
SPO Special Obligations
TAN Tax Anticipation Nts.
TBTAU Triborough Bridge & Tunnel Authority
TWY Thruway/Tollway Authority/Agency
1. Floating or variable rate obligation maturing in more than one year. The
interest rate, which is based on specific, or an index of, market interest
rates, is subject to change periodically and is the effective rate on December
31, 2003. This instrument has 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 principal value on the date reported.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
6 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
STATEMENT OF ASSETS AND LIABILITIES UNAUDITED
- --------------------------------------------------------------------------------
DECEMBER 31, 2003
- ----------------------------------------------------------------------------------------------
ASSETS
- ----------------------------------------------------------------------------------------------
Investments, at value (cost $61,531,217)--see accompanying statement $61,531,217
- ----------------------------------------------------------------------------------------------
Cash 293,242
- ----------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 294,509
Shares of beneficial interest sold 204,704
Other 5,394
-----------
Total assets 62,329,066
- ----------------------------------------------------------------------------------------------
LIABILITIES
- ----------------------------------------------------------------------------------------------
Payables and other liabilities:
Shares of beneficial interest redeemed 517,187
Service plan fees 32,911
Shareholder reports 8,284
Transfer and shareholder servicing agent fees 3,134
Trustees' compensation 1,189
Other 483
-----------
Total liabilities 563,188
- ----------------------------------------------------------------------------------------------
NET ASSETS $61,765,878
===========
- ----------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ----------------------------------------------------------------------------------------------
Paid-in capital $61,718,819
- ----------------------------------------------------------------------------------------------
Accumulated net realized gain on investments 47,059
-----------
NET ASSETS--applicable to 61,694,379 shares of beneficial interest outstanding $61,765,878
===========
- ----------------------------------------------------------------------------------------------
NET ASSET VALUE, REDEMPTION PRICE PER SHARE AND OFFERING PRICE PER SHARE $1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
7 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
STATEMENT OF OPERATIONS UNAUDITED
- --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED DECEMBER 31, 2003
- -------------------------------------------------------------------
INVESTMENT INCOME
- -------------------------------------------------------------------
Interest $327,845
- -------------------------------------------------------------------
EXPENSES
- -------------------------------------------------------------------
Management fees 168,870
- -------------------------------------------------------------------
Service plan fees 66,526
- -------------------------------------------------------------------
Transfer and shareholder servicing agent fees 18,196
- -------------------------------------------------------------------
Shareholder reports 8,390
- -------------------------------------------------------------------
Trustees' compensation 3,219
- -------------------------------------------------------------------
Custodian fees and expenses 1,740
- -------------------------------------------------------------------
Other 13,270
---------
Total expenses 280,211
Less reduction to custodian expenses (613)
Less voluntary reimbursement of expenses (10,267)
---------
Net expenses 269,331
- -------------------------------------------------------------------
NET INVESTMENT INCOME 58,514
- -------------------------------------------------------------------
NET REALIZED GAIN ON INVESTMENTS 47,059
- -------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $105,573
========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
8 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2003 JUNE 30,
(UNAUDITED) 2003
- ------------------------------------------------------------------------------
OPERATIONS
- ------------------------------------------------------------------------------
Net investment income $ 58,514 $ 363,157
- ------------------------------------------------------------------------------
Net realized gain 47,059 9,490
-----------------------------
Net increase in net assets resulting
from operations 105,573 372,647
- ------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ------------------------------------------------------------------------------
Dividends from net investment income (58,514) (363,157)
- ------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ------------------------------------------------------------------------------
Net decrease in net assets resulting
from beneficial interest transactions (5,879,948) (1,028,572)
- ------------------------------------------------------------------------------
NET ASSETS
- ------------------------------------------------------------------------------
Total decrease (5,832,889) (1,019,082)
- ------------------------------------------------------------------------------
Beginning of period 67,598,767 68,617,849
-----------------------------
End of period $61,765,878 $67,598,767
=============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
9 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2003 JUNE 30,
(UNAUDITED) 2003 2002 2001 2000 1999
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- -----------------------------------------------------------------------------------------------------------------------------
Income from investment operations--net
investment income and net realized gain -- 1 .01 .01 .03 .03 .02
- -----------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- 1 (.01) (.01) (.03) (.03) (.02)
Distributions from net realized gain -- -- -- 1 -- -- --
-------------------------------------------------------------------
Total dividends and/or
- -----------------------------------------------------------------------------------------------------------------------------
distributions to shareholders -- (.01) (.01) (.03) (.03) (.02)
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
===================================================================
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN 2 0.09% 0.50% 0.96% 3.09% 2.92% 2.42%
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $61,766 $67,599 $68,618 $72,370 $55,963 $61,792
- -----------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $66,967 $72,117 $76,925 $68,810 $61,033 $59,345
- -----------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 0.17% 0.50% 0.96% 3.04% 2.84% 2.38%
Total expenses 0.83% 0.82% 0.84% 0.90% 0.92% 0.89%
Expenses after expense reimbursement
or fee waiver and reduction to
custodian expenses 0.80% 0.80% 0.80% 0.82% 0.82% 0.80%
<FN>
1. Less than $0.005 per share.
2. Assumes an 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 are not annualized for periods less than one
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on Trust distributions or the redemption of Trust shares.
3. Annualized for periods of less than one full year.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
10 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
NOTES TO FINANCIAL STATEMENTS UNAUDITED
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 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.
- --------------------------------------------------------------------------------
SECURITY CREDIT RISK. There are certain risks arising from geographic
concentration in any State. Certain revenue or tax related events in a state
may impair the ability of certain issuers of municipal securities to pay
principal and interest on their obligations.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Trust intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders, therefore, no federal income or excise tax provision is
required.
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Board of Trustees has adopted a deferred
compensation plan for independent trustees that enables trustees to elect to
defer receipt of all or a portion of the annual compensation they are entitled
to receive from the Trust. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of the Trust or are
invested in other Oppenheimer funds selected by the Trustee. Deferral of
trustees' fees under the plan will not affect the net assets of the Trust, and
will not materially affect the Trust's assets, liabilities or net investment
income per share. Amounts will be deferred until distributed in accordance to
the Plan.
- --------------------------------------------------------------------------------
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. Income distributions, if any, are
declared daily and paid monthly. Capital gain distributions, if any, are
declared and paid annually.
- --------------------------------------------------------------------------------
EXPENSE OFFSET ARRANGEMENT. The reduction of custodian fees, if applicable,
represents earnings on cash balances maintained by the Trust.
- --------------------------------------------------------------------------------
SECURITY TRANSACTIONS. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
11 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
NOTES TO FINANCIAL STATEMENTS UNAUDITED / CONTINUED
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
OTHER. The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America 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:
SIX MONTHS ENDED DECEMBER 31, 2003 YEAR ENDED JUNE 30, 2003
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------------
Sold 86,507,483 $ 86,507,483 209,145,130 $ 209,145,130
Dividends and/or
distributions reinvested 62,755 62,755 362,067 362,067
Redeemed (92,450,186) (92,450,186) (210,535,769) (210,535,769)
-------------------------------------------------------------
Net decrease (5,879,948) $ (5,879,948) (1,028,572) $ (1,028,572)
=============================================================
- --------------------------------------------------------------------------------
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 at an
annual rate 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 of net assets;
0.425% of the next $250 million of net assets; 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 that they exceed 0.80% of the Trust's
average annual net assets. Effective July 7, 2003, the Manager has voluntarily
undertaken to waive receipt of its management fees to the extent necessary so
that the Trust may seek to maintain a positive yield. The Manager reserves the
right to amend or terminate either voluntary expense assumption at any time.
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. Shareholder Services, Inc. (SSI) acts as the transfer and
shareholder servicing agent for the Trust and for other registered investment
companies. The Trust pays SSI a per account fee. For the six months ended
December 31, 2003, the Trust paid $17,916 to SSI for services to the Trust.
SSI has voluntarily agreed to limit transfer and shareholder servicing agent
fees up to an annual rate of 0.35% of average net assets of the Trust. This
undertaking may be amended or withdrawn at any time.
- --------------------------------------------------------------------------------
SERVICE PLAN (12B-1) FEES. The Trust has adopted a service plan. It reimburses
Centennial Asset Management Corporation, the Distributor, for a portion of its
costs incurred for services provided to accounts that hold shares of the Trust.
Reimbursement is made quarterly at an annual rate up to 0.20% of the average
annual net assets of the Trust. Fees incurred by the Trust under the plan are
detailed in the Statement of Operations.
12 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
PORTFOLIO PROXY VOTING
POLICIES AND PROCEDURES UNAUDITED
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Trust has adopted Portfolio Proxy Voting Policies and Procedures under which
the Trust votes proxies relating to securities ("portfolio proxies") held by the
Trust. A description of the Trust's Portfolio Proxy Voting Policies and
Procedures is available (i) without charge, upon request, by calling the Trust
toll-free at 1.800.225.5677, (ii) on the Trust's website at
www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In
addition, the Trust will be required to file new Form N-PX, with its complete
proxy voting record for the 12 months ended June 30th, no later than August 31st
of each year. The first such filing is due no later than August 31, 2004, for
the twelve months ended June 30, 2004. Once filed, the Trust's Form N-PX filing
will be available (i) without charge, upon request, by calling the Trust
toll-free at 1.800.225.5677, and (ii) on the SEC's website at www.sec.gov.
13 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics that applies to the
registrant's principal executive officer, principal financial officer, principal
accounting officer or controller or persons performing similar functions.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of the Trust has determined that Edward L.
Cameron, the Chairman of the Board's Audit Committee, and George C. Bowen, a
member of the Board's Audit Committee, possess the technical attributes
identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as "audit
committee financial experts," and has designated Messrs. Cameron and Bowen as
the Audit Committee's financial experts. Messrs. Cameron and Bowen are
"independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable to semiannual reports.
ITEM 5. NOT APPLICABLE
ITEM 6. RESERVED
ITEM 7. NOT APPLICABLE
ITEM 8. NOT APPLICABLE
Item 9. Submission of Matters to a Vote of Security Holders
Not applicable for fiscal periods ending December 31, 2003.
ITEM 10. CONTROLS AND PROCEDURES
(a) Based on their evaluation of registrant's disclosure controls and
procedures (as defined in rule 30a-2(c) under the Investment Company
Act of 1940 (17 CFR 270.30a-2(c)) as of December 31, 2003, registrant's
principal executive officer and principal financial officer found
registrant's disclosure controls and procedures to provide reasonable
assurances that information required to be disclosed by registrant in
the reports that it files under the Securities Exchange Act of 1934 (a)
is accumulated and communicated to registrant's management, including
its principal executive officer and principal financial officer, to
allow timely decisions regarding required disclosure, and (b) is
recorded, processed, summarized and reported, within the time periods
specified in the rules and forms adopted by the U.S. Securities and
Exchange Commission.
(b) There have been no significant changes in registrant's internal
controls over financial reporting that occurred during the registrant's
last fiscal half-year that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 11. EXHIBITS.
(A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT)
(B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)