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
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(Address of principal executive offices) (Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
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(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
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Date of fiscal year end: June 30
-------
Date of reporting period: 12/31/2007
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ITEM 1. REPORTS TO STOCKHOLDERS.
December 31, 2007
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Centennial Semiannual
New York Report and
Tax Exempt Trust Management
Commentaries
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TRUST EXPENSES
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TRUST EXPENSES. As a shareholder of the Trust, you incur ongoing costs,
including management fees; service fees; and other Trust expenses. These
examples are intended to help you understand your ongoing costs (in dollars) of
investing in the Trust and to compare these costs with the ongoing costs of
investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended December 31, 2007.
ACTUAL EXPENSES. The first section of the table provides information about
actual account values and actual expenses. You may use the information in this
section, together with the amount you invested, to estimate the expense that you
paid over the period. Simply divide your account value by $1,000.00 (for
example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply
the result by the number in the first section under the heading entitled
"Expenses Paid During Period" to estimate the expenses you paid on your account
during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The second section of the table
provides information about hypothetical account values and hypothetical expenses
based on the Trust's actual expense ratio, and an assumed rate of return of 5%
per year before expenses, which is not the actual return. The hypothetical
account values and expenses may not be used to estimate the actual ending
account balance or expenses you paid for the period. You may use this
information to compare the ongoing costs of investing in the Trust and other
funds. To do so, compare this 5% hypothetical example with the 5% hypothetical
examples that appear in the shareholder reports of the other funds.
5 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
TRUST EXPENSES Continued
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BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
ACTUAL JULY 1, 2007 DECEMBER 31, 2007 DECEMBER 31, 2007
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$ 1,000.00 $ 1,014.80 $ 4.06
HYPOTHETICAL
(5% return before expenses)
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1,000.00 1,021.18 4.07
Expenses are equal to the Trust's annualized expense ratio, multiplied by the
average account value over the period, multiplied by 184/365 (to reflect the
one-half year period). The annualized expense ratio based on the 6-month period
ended December 31, 2007 is as follows:
EXPENSE RATIO
- -------------
0.80%
The expense ratio reflects reduction to custodian expenses and voluntary waivers
or reimbursements of expenses by the Trust's Manager that can be terminated at
any time, without advance notice. The "Financial Highlights" table in the
Trust's financial statements, included in this report, also show the gross
expense ratio, without such waivers or reimbursements and reduction to custodian
expenses, if applicable.
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6 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS December 31, 2007 / Unaudited
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PRINCIPAL
AMOUNT VALUE
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SHORT-TERM TAX-EXEMPT OBLIGATIONS--99.1%
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NEW YORK--97.9%
Auburn, NY IDAU RB, Goulds Pumps, Inc. Project, Series 1989, 3.75% 1 $ 875,000 $ 875,000
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Buffalo, NY Fiscal Stability Authority Sales Tax & State Aid RRB,
Series 2005B, 5%, 9/1/08 500,000 505,289
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Chautauqua Cnty., NY IDA IDV RB, Red Wing Co., Inc. Project, 3.23% 1,2 3,100,000 3,100,000
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Erie Cnty., NY IDA School Facilities RB, City SDI of Buffalo Project,
Series A, 5%, 5/1/08 135,000 135,551
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New Rochelle, NY IDA MH RB,
Reset Option Certificates II-R Trust-Series 10252CE, 3.60% 1,2 800,000 800,000
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NY MTAU Dedicated Tax Fund RB, ETET Series 2006-0133, Cl. A, 3.50% 1,2 2,000,000 2,000,000
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NY MTAU RB, AAMC Series 2007-55, 3.47% 1,2 1,500,000 1,500,000
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NY MTAU RRB, PTTR, Series 267, 3.47% 1,2 1,250,000 1,250,000
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NY TBTAU RRB, AAMC Series 2002-31, 3.47% 1,2 900,000 900,000
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NY TBTAU RRB, Series 2001C, 3.39% 1 1,750,000 1,750,000
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NY TSASC, Inc. RRB, Reset Option Certificates II-R Trust-Series 519CE, 3.50% 1,2 350,000 350,000
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NY Upstate Telecommunications Corp. RB, Series 2005, 3.47% 1 3,950,000 3,950,000
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NYC FAU RRB, P-Floats Series PT-3992, 3.47% 1,2 1,000,000 1,000,000
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NYC GOUN, P-Floats Series PT-3823, 3.47%, 1/2/08 2,3 2,680,000 2,680,000
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NYC IDA Civic Facilities RB, Casa Project, 3.47% 1 4,000,000 4,000,000
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NYC IDA Civic Facilities RB, French Institute Alliance Project,
Series 2005, 3.50% 1 2,050,000 2,050,000
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NYC IDA Civic Facilities RB, Sephardic Community Youth Center Project,
Series 2006, 3.47% 1 600,000 600,000
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NYC IDA IDV RB, Abigail Press, Inc. Project, Series 2002, 3.65% 1 582,100 582,100
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NYC Municipal FAU WSS RB, PTTR, Series 1289, 3.47% 1,2 485,000 485,000
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NYC Municipal FAU WSS RB,
Reset Option Certificates II-R Trust-Series 7069, 3.49% 1,2 715,000 715,000
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NYC TFA Building Aid RB, ETET Series 2006-0145, Cl. A, 3.50% 1,2 2,300,000 2,300,000
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NYC TFA Future Tax Secured RB, Series C, 4.10%, 2/1/08 50,000 50,012
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NYC TFA Future Tax Secured RRB, NYC Recovery, Series 3, Subseries 3F, 3.73% 1 285,000 285,000
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NYC TFA Future Tax Secured RRB, Series 2005A-1, 5%, 11/1/08 1,005,000 1,018,789
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NYS DA RB, CUNY Student Housing,
SPEARS Deutsche Bank/Lifers Trust-Series DB-342, 3.51% 1,2 2,690,000 2,690,000
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NYS DA RB, Eclipse Funding Trust Solar Eclipse Certificates-Series 2005-0005,
3.79%, 3/15/08 2,3 1,500,000 1,500,000
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NYS DA RRB, P-Floats Series PT-3639, 3.46%, 1/1/08 3,4 1,000,000 1,000,000
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NYS HFA RB, Avalon Bowery Place II, Series A, 3.54% 1 2,000,000 2,000,000
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NYS REF GOUN, Series 1996A, 6%, 7/15/08 500,000 506,990
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NYS TWY RRB, UBS Municipal Custodial Residual & Variable Securities,
Series 2007-1042, 3.46% 1,2 1,000,000 1,000,000
7 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
STATEMENT OF INVESTMENTS Unaudited / Continued
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PRINCIPAL
AMOUNT VALUE
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NEW YORK Continued
NYS UDC COP, Reset Option Certificates II-R Trust-Series 10011CE, 3.51% 1,2 $ 600,000 $ 600,000
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NYS UDC RB, Personal Income Tax, Series A-4, 4%, 3/15/08 250,000 250,363
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NYS UDC RB, Personal Income Tax, Series C-1, 5%, 3/15/08 300,000 301,037
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NYS UDC RB, SGMSTR Series 2003 SG163, 3.47% 1,2 1,100,000 1,100,000
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NYS UDC RB, UBS Municipal Custodial Residual & Variable Securities,
Series 2007-1037, 3.46% 1,2 1,300,000 1,300,000
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NYS UDC RRB, Correctional & Youth Facilities Service Contracts,
Series 2002A, 5%, 1/1/08 1,500,000 1,500,000
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Ontario Cnty., NY IDA IDV RB, Seneca Foods Corp. Project, Series 2002, 3.67% 1 5,185,000 5,185,000
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PAUNYNJ RRB, MERLOTS Series 2007 C01, 3.83% 1,2 3,965,000 3,965,000
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Seneca Cnty., NY IDA SWD RB, MACON Trust Series 2006W, 3.54% 1,2 2,000,000 2,000,000
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Southeast NY IDA IDV RB, Unilock NY, Inc. Project, Series 1997, 3.75% 1 1,200,000 1,200,000
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Vestal, NY Central SDI GOUN, Series 2007, 4.125%, 6/15/08 245,000 245,437
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Wayne Cnty., NY IDA RB, Seneca Foods Corp. Project, Series 1992, 3.67% 1 5,060,000 5,060,000
---------------
64,285,568
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U.S. POSSESSIONS--1.2%
Puerto Rico CMWLTH Infrastructure FAU SPTX RB, Series 1998A, 5%, 1/1/08 800,000 808,032
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TOTAL INVESTMENTS, AT VALUE (COST $65,093,600) 99.1% 65,093,600
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OTHER ASSETS NET OF LIABILITIES 0.9 584,340
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NET ASSETS 100.0% $ 65,677,940
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8 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
FOOTNOTES TO STATEMENT OF INVESTMENTS
To simplify the listings of securities, abbreviations are used per the table
below:
AAMC ABN AMRO Munitops Certificates
CMWLTH Commonwealth
COP Certificates of Participation
CUNY City University of New York (The)
DA Dormitory Authority
ETET Eagle Tax-Exempt Trust
FAU Finance Authority
GOUN General Obligation Unlimited Nts.
HFA Housing Finance Agency/Authority
IDA Industrial Devel. Agency
IDAU Industrial Development Authority
IDV Industrial Development
MERLOTS Municipal Exempt Receipts Liquidity Option Tender
MH Multifamily Housing
MTAU Metropolitan Transportation Authority
NYC New York City
NYS New York State
P-Floats Puttable Floating Option Tax Exempt Receipts
PAUNYNJ Port Authority of New York & New Jersey
PTTR Puttable Tax Exempt Receipts
RB Revenue Bonds
REF Refunding
RRB Revenue Refunding Bonds
SDI School District
SGMSTR Societe Generale, NY Branch Municipal Security Trust Receipts
SPEARS Short Puttable Exempt Adjustable Receipts
SPTX Special Tax
SWD Solid Waste Disposal
TBTAU Triborough Bridge & Tunnel Authority
TFA Transitional Finance Authority
TWY Thruway/Tollway Authority/Agency
UDC Urban Devel. Corp.
WSS Water & Sewer System
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, 2007. 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. Represents securities sold under Rule 144A, which are exempt from
registration under the Securities Act of 1933, as amended. These securities have
been determined to be liquid under guidelines established by the Board of
Trustees. These securities amount to $31,235,000 or 47.56% of the Trust's net
assets as of December 31, 2007.
3. Put obligation redeemable at full principal value on the date reported.
4. Illiquid security. The aggregate value of illiquid securities as of December
31, 2007 was $1,000,000, which represents 1.52% of the Trust's net assets. See
Note 4 of accompanying Notes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
9 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
STATEMENT OF ASSETS AND LIABILITIES Unaudited
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December 31, 2007
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ASSETS
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Investments, at value (cost $65,093,600)--see accompanying statement of investments $ 65,093,600
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Cash 418,906
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Receivables and other assets:
Investments sold (including $1,000,000 sold on a when-issued or delayed delivery basis) 1,555,230
Interest 419,188
Shares of beneficial interest sold 3,411
Other 6,700
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Total assets 67,497,035
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LIABILITIES
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Payables and other liabilities:
Investments purchased 1,750,162
Service plan fees 35,062
Shares of beneficial interest redeemed 13,824
Trustees' compensation 3,459
Transfer and shareholder servicing agent fees 2,829
Shareholder communications 1,017
Other 12,742
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Total liabilities 1,819,095
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NET ASSETS $ 65,677,940
==============
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COMPOSITION OF NET ASSETS
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Paid-in capital $ 65,669,894
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Accumulated net realized gain on investments 8,046
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NET ASSETS--applicable to 65,583,092 shares of beneficial interest outstanding $ 65,677,940
==============
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NET ASSET VALUE, REDEMPTION PRICE PER SHARE AND OFFERING PRICE PER SHARE $ 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
10 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
STATEMENT OF OPERATIONS Unaudited
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For the Six Months Ended December 31, 2007
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INVESTMENT INCOME
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Interest $ 1,222,720
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EXPENSES
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Management fees 165,839
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Service plan fees 66,236
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Transfer and shareholder servicing agent fees 16,536
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Legal, auditing and other professional fees 11,110
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Trustees' compensation 3,318
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Custodian fees and expenses 1,997
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Administration service fees 750
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Other 8,975
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Total expenses 274,761
Less reduction to custodian expenses (1,990)
Less waivers and reimbursements of expenses (8,061)
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Net expenses 264,710
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NET INVESTMENT INCOME 958,010
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NET REALIZED GAIN ON INVESTMENTS 9,201
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NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 967,211
==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
11 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
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SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2007 JUNE 30,
(UNAUDITED) 2007
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OPERATIONS
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Net investment income $ 958,010 $ 1,832,784
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Net realized gain 9,201 12,637
---------------------------------
Net increase in net assets resulting from operations 967,211 1,845,421
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DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
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Dividends from net investment income (958,010) (1,832,784)
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Distributions from net realized gain (3,894) --
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BENEFICIAL INTEREST TRANSACTIONS
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Net increase in net assets resulting from beneficial interest transactions 4,199,830 3,001,971
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NET ASSETS
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Total increase 4,205,137 3,014,608
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Beginning of period 61,472,803 58,458,195
---------------------------------
End of period $ 65,677,940 $ 61,472,803
=================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
12 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
FINANCIAL HIGHLIGHTS
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SIX
MONTHS
ENDED
DECEMBER
31, 2007 YEAR ENDED JUNE 30,
(UNAUDITED) 2007 2006 2005 2004 2003
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PER SHARE OPERATING DATA
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Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
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Income from investment operations--
net investment income and net realized gain .02 1 .03 1 .02 1 .01 1 -- 2 .01
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Dividends and/or distributions to shareholders:
Dividends from net investment income (.02) (.03) (.02) (.01) -- 2 (.01)
Distributions from net realized gain -- 2 -- -- -- -- --
------------------------------------------------------------------
Total dividends and/or
distributions to shareholders (.02) (.03) (.02) (.01) -- 2 (.01)
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Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
==================================================================
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TOTAL RETURN 3 1.48% 2.93% 2.29% 1.08% 0.20% 0.50%
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RATIOS/SUPPLEMENTAL DATA
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Net assets, end of period (in thousands) $ 65,678 $ 61,473 $ 58,458 $ 59,006 $58,141 $ 67,599
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Average net assets (in thousands) $ 65,818 $ 63,268 $ 59,797 $ 58,050 $65,140 $ 72,117
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Ratios to average net assets: 4
Net investment income 2.89% 2.90% 2.24% 1.06% 0.19% 0.50%
Total expenses 0.83% 0.86% 0.85% 0.83% 0.86% 0.82%
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses 0.80% 0.80% 0.80% 0.78% 0.80% 0.80%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Less than $0.005 per share.
3. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions 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 full year. Returns do not reflect the deduction of taxes
that a shareholder would pay on trust distributions or the redemption of trust
shares.
4. Annualized for periods less than one full year.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
13 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
NOTES TO FINANCIAL STATEMENTS Unaudited
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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 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.
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SECURITIES VALUATION. The net asset value of shares of the Trust is normally
determined twice each day, at Noon Eastern time and at 4:00 P.M. Eastern time on
each day the New York Stock Exchange (the "Exchange") is open for trading.
Securities are valued at cost adjusted by the amortization of discount or
premium to maturity (amortized cost), which approximates market value. If
amortized cost is determined not to approximate market value, the fair value of
the portfolio securities will be determined under procedures approved by the
Trust's Board of Trustees.
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SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Trust may purchase
securities on a "when-issued" basis, and may purchase or sell securities on a
"delayed delivery" basis. "When-issued" or "delayed delivery" refers to
securities whose terms and indenture are available and for which a market
exists, but which are not available for immediate delivery. Delivery and payment
for securities that have been purchased by the Trust on a when-issued basis
normally takes place within six months and possibly as long as two years or more
after the trade date. During this period, such securities do not earn interest,
are subject to market fluctuation and may increase or decrease in value prior to
their delivery. The purchase of securities on a when-issued basis may increase
the volatility of the Trust's net asset value to the extent the Trust executes
such transactions while remaining substantially fully invested. When the Trust
engages in when-issued or delayed delivery transactions, it relies on the buyer
or seller, as the case may be, to complete the transaction. Their failure to do
so may cause the Trust to lose the opportunity to obtain or dispose of the
security at a price and yield it considers advantageous. The Trust maintains
internally designated assets with a market value equal to or greater than the
amount of its purchase commitments. The Trust may also sell securities that it
purchased on a when-issued basis or forward commitment prior to settlement of
the original purchase.
As of December 31, 2007, the Trust had purchased securities issued on a
when-issued or delayed delivery basis and sold securities issued on a delayed
delivery basis as follows:
WHEN-ISSUED OR DELAYED
DELIVERY BASIS TRANSACTIONS
----------------------------------------------
Sold securities $ 1,000,000
14 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
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CONCENTRATION RISK. There are certain risks arising from geographic
concentration in any state. Certain economic, regulatory or political
developments occurring in the state may impair the ability of certain issuers of
municipal securities to pay principal and interest on their obligations.
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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. The Trust files income tax returns in U.S. federal and applicable
state jurisdictions. The statute of limitations on the Trust's tax return
filings remain open for the three preceding fiscal reporting period ends.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Trust.
As of December 31, 2007, the Trust had available for federal income tax
purposes an estimated capital loss carryforward of zero. This estimated capital
loss carryforward represents carryforward as of the end of the last fiscal year,
increased for losses deferred under tax accounting rules to the current fiscal
year and is increased or decreased by capital losses or gains realized in the
first six months of the current fiscal year. During the six months ended
December 31, 2007, it is estimated that the Trust will not utilize any capital
loss carryforward to offset realized capital gains. During the fiscal year ended
June 30, 2007, the Trust utilized $9,898 of capital loss carryforward to offset
capital gains realized in that fiscal year.
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TRUSTEES' COMPENSATION. The Board of Trustees has adopted a compensation
deferral 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. For purposes of determining the amount owed to the
Trustee under the plan, deferred amounts are treated as though equal dollar
amounts had been invested in shares of the Trust or in other Oppenheimer funds
selected by the Trustee. The Trust purchases shares of the funds selected for
deferral by the Trustee in amounts equal to his or her deemed investment,
resulting in a Trust asset equal to the deferred compensation liability. Such
assets are included as a component of "Other" within the asset section of the
Statement of Assets and Liabilities. 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 compensation deferral plan.
15 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations and
may differ from U.S. generally accepted accounting principles, 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 but
may be paid at other times to maintain the net asset value per share at $1.00.
- --------------------------------------------------------------------------------
CUSTODIAN FEES. "Custodian fees and expenses" in the Statement of Operations may
include interest expense incurred by the Trust on any cash overdrafts of its
custodian account during the period. Such cash overdrafts may result from the
effects of failed trades in portfolio securities and from cash outflows
resulting from unanticipated shareholder redemption activity. The Trust pays
interest to its custodian on such cash overdrafts, to the extent they are not
offset by positive cash balances maintained by the Trust, at a rate equal to the
Federal Funds Rate plus 0.50%. The "Reduction to custodian expenses" line item,
if applicable, represents earnings on cash balances maintained by the Trust
during the period. Such interest expense and other custodian fees may be paid
with these earnings.
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
INDEMNIFICATIONS. The Trust's organizational documents provide current and
former trustees and officers with a limited indemnification against liabilities
arising in connection with the performance of their duties to the Trust. In the
normal course of business, the Trust may also enter into contracts that provide
general indemnifications. The Trust's maximum exposure under these arrangements
is unknown as this would be dependent on future claims that may be made against
the Trust. The risk of material loss from such claims is considered remote.
- --------------------------------------------------------------------------------
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 increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates.
16 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
- --------------------------------------------------------------------------------
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, 2007 YEAR ENDED JUNE 30, 2007
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------
Sold 105,805,270 $ 105,805,270 197,521,069 $ 197,521,069
Dividends and/or
distributions reinvested 944,532 944,532 1,826,727 1,826,727
Redeemed (102,549,972) (102,549,972) (196,345,825) (196,345,825)
---------------------------------------------------------------
Net increase 4,199,830 $ 4,199,830 3,001,971 $ 3,001,971
===============================================================
- --------------------------------------------------------------------------------
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Under the investment advisory agreement, the Trust pays the
Manager a management fee based on the daily net assets of the Trust at an annual
rate as shown in the following table:
FEE SCHEDULE
---------------------------------------------
Up to $250 million 0.500%
Next $250 million 0.475
Next $250 million 0.450
Next $250 million 0.425
Over $1 billion 0.400
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ADMINISTRATION SERVICE FEES. The Trust pays the Manager a fee of $1,500 per year
for preparing and filing the Trust's tax returns.
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TRANSFER AGENT FEES. Shareholder Services, Inc. ("SSI") acts as the transfer and
shareholder servicing agent for the Trust. The Trust pays SSI a per account fee.
For the six months ended December 31, 2007, the Trust paid $16,105 to SSI for
services to the Trust.
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SERVICE PLAN (12b-1) FEES. The Trust has adopted a Service Plan (the "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 periodically depending on asset size, at an
annual rate of up to 0.20% of the average annual net assets of the Trust. The
Distributor currently uses all of those fees (together with significant amounts
from the Manager's own resources) to pay dealers, brokers, banks and other
financial institutions periodically for providing personal service and
maintenance of accounts of their customers that hold shares of the Trust. Fees
incurred by the Trust under the Plan are detailed in the Statement of
Operations.
17 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
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3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
WAIVERS AND REIMBURSEMENTS OF EXPENSES. The Manager has voluntarily undertaken
to assume certain expenses of the Trust in any fiscal year that exceed 0.80% of
the Trust's average annual net assets. During the six months ended December 31,
2007, the Manager waived $8,061 of its management fees. 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.
SSI has voluntarily agreed to limit transfer and shareholder servicing
agent fees to 0.35% of average annual net assets of the Trust. This undertaking
may be amended or withdrawn at any time.
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4. ILLIQUID SECURITIES
As of December 31, 2007, investments in securities included issues that are
illiquid.Investments may be illiquid because they do not have an active trading
market, making it difficult to value them or dispose of them promptly at an
acceptable price. The Trust will not invest more than 10% of its net assets
(determined at the time of purchase and reviewed periodically) in illiquid
securities. Securities that are illiquid are marked with the applicable footnote
on the Statement of Investments.
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5. RECENT ACCOUNTING PRONOUNCEMENT
In September 2006, Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE
MEASUREMENTS. This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and expands
disclosures about fair value measurements. SFAS No. 157 applies to fair value
measurements already required or permitted by existing standards. SFAS No. 157
is effective for financial statements issued for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years. As of December
31, 2007, the Manager does not believe the adoption of SFAS No. 157 will
materially impact the financial statement amounts; however, additional
disclosures may be required about the inputs used to develop the measurements
and the effect of certain of the measurements on changes in net assets for the
period.
18 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
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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 1.800.525.7048, (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 is required to file 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 Trust's voting record is available (i) without charge, upon
request, by calling the Trust toll-free at 1.800.525.7048, and (ii) in the Form
N-PX filing on the SEC's website at www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the SEC
for the first quarter and the third quarter of each fiscal year on Form N-Q. The
Trust's Form N-Q filings are available on the SEC's website at
http://www.sec.gov. Those forms may be reviewed and copied at the SEC's Public
Reference Room in Washington D.C. Information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330.
19 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
BOARD APPROVAL OF THE TRUST'S INVESTMENT
ADVISORY AGREEMENT Unaudited
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Each year, the Board of Trustees (the "Board"), including a majority of the
independent Trustees, is required to determine whether to renew the Trust's
investment advisory agreement (the "Agreement"). The Investment Company Act of
1940, as amended, requires that the Board request and evaluate, and that the
Manager provide, such information as may be reasonably necessary to evaluate the
terms of the Agreement. The Board employs an independent consultant to prepare a
report that provides information, including comparative information, that the
Board requests for that purpose. In addition, the Board receives information
throughout the year regarding Trust services, fees, expenses and performance.
The Manager and the independent consultant provided information to the
Board on the following factors: (i) the nature, quality and extent of the
Manager's services, (ii) the investment performance of the Trust and the
Manager, (iii) the fees and expenses of the Trust, including comparative expense
information, (iv) the profitability of the Manager and its affiliates, including
an analysis of the cost of providing services, (v) whether economies of scale
are realized as the Trust grows and whether fee levels reflect these economies
of scale for Trust investors and (vi) other benefits to the Manager from its
relationship with the Trust. Outlined below is a summary of the principal
information considered by the Board as well as the Board's conclusions.
The Board was aware that there are alternatives to retaining the Manager.
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered information
about the nature and extent of the services provided to the Trust and
information regarding the Manager's key personnel who provide such services. The
Manager's duties include providing the Trust with the services of the portfolio
manager and the Manager's investment team, who provide research, analysis and
other advisory services in regard to the Trust's investments; securities trading
services; oversight of third party service providers; monitoring compliance with
applicable Trust policies and procedures and adherence to the Trust's investment
restrictions. The Manager is responsible for providing certain administrative
services to the Trust as well. Those services include providing and supervising
all administrative and clerical personnel who are necessary in order to provide
effective corporate administration for the Trust; compiling and maintaining
records with respect to the Trust's operations; preparing and filing reports
required by the Securities and Exchange Commission; preparing periodic reports
regarding the operations of the Trust for its shareholders; preparing proxy
materials for shareholder meetings; and preparing the registration statements
required by Federal and state securities laws for the sale of the Trust's
shares. The Manager also provides the Trust with office space, facilities and
equipment.
20 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
The Board also considered the quality of the services provided and the
quality of the Manager's resources that are available to the Trust. The Board
took account of the fact that the Manager has had over forty years of experience
as an investment adviser and that its assets under management rank it among the
top mutual Trust managers in the United States. The Board evaluated the
Manager's administrative, accounting, legal and compliance services, and
information the Board has received regarding the experience and professional
qualifications of the Manager's key personnel and the size and functions of its
staff providing investment management services to the Trust. In its evaluation
of the quality of the portfolio management services provided, the Board
considered the experience of Cameron T. Ullyatt and the Manager's Money Market
investment team and analysts. Mr. Ullyatt has been the portfolio manager of the
Trust since July 2006. The Board members also considered the totality of their
experiences with the Manager as directors or trustees of the Trust and other
funds advised by the Manager. In light of the foregoing, the Board concluded
that the Trust benefits from the services provided under the Agreement as a
result of the Manager's experience, reputation, personnel, operations, and
resources.
INVESTMENT PERFORMANCE OF THE MANAGER AND THE TRUST. During the year, the
Manager provided information on the investment performance of the Trust and the
Manager at each Board meeting, including comparative performance information.
The Board also reviewed information, prepared by the Manager and by the
independent consultant, comparing the Trust's historical performance to relevant
market indices and to the performance of other retail front-end load and no-load
New York tax-exempt money market funds. The Board noted that the Trust's
one-year, three-year, five-year and ten-year performance were below its peer
group median. The Board considered the Manager's assertion that the performance
rankings in this universe are very compressed and that the dispersion between
the top performer and the bottom performer is less than 1% in each period. The
Board also considered the Manager's assertion that on a gross performance basis,
the Trust compared favorably to its peers.
COSTS OF SERVICES AND PROFITS REALIZED BY THE MANAGER. The Board considered
information regarding the Manager's costs in serving as the Trust's investment
adviser, including the costs associated with the personnel and systems necessary
to manage the Trust, and information regarding the Manager's profitability from
its relationship with the Trust. The Board reviewed the fees paid to the Manager
and the other expenses borne by the Trust. The Board also considered the
comparability of the fees charged and the services provided to the Trust to the
fees and services for other clients or accounts advised by the Manager. The
independent consultant provided comparative data in regard to the
21 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
BOARD APPROVAL OF THE TRUST'S INVESTMENT
ADVISORY AGREEMENT Unaudited / Continued
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fees and expenses of the Trust, and other New York tax-exempt money market funds
with comparable asset levels and distribution features. The Board noted that the
Manager has voluntarily undertaken to assume certain expenses of the Trust in
any fiscal year that exceed 0.80% of the Trust's average annual net assets.
Additionally, 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. The Board noted that the Trust's
contractual management fees are equal to its peer group median although its
actual management fees are higher than its peer group median. The Board also
considered the Manager's assertion that there is significant compression among
the expense quintiles and the Trust's total expenses are only six basis points
above the expense group median.
ECONOMIES OF SCALE. The Board reviewed whether the Manager may realize
economies of scale in managing and supporting the Trust. The Board noted that
the Trust currently has management fee breakpoints, which are intended to share
with Trust shareholders economies of scale that may exist as the Trust's assets
grows.
OTHER BENEFITS TO THE MANAGER. In addition to considering the profits
realized by the Manager, the Board considered information that was provided
regarding the direct and indirect benefits the Manager receives as a result of
its relationship with the Trust, including compensation paid to the Manager's
affiliates. The Board also considered that the Manager must be able to pay and
retain experienced professional personnel at competitive rates to provide
quality services to the Trust and that maintaining the financial viability of
the Manager is important in order for the Manager to continue to provide
significant services to the Trust and its shareholders.
CONCLUSIONS. These factors were also considered by the independent Trustees
meeting separately from the full Board, assisted by experienced counsel to the
Trust and to the independent Trustees. Trust counsel and the independent
Trustees' counsel are both independent of the Manager within the meaning and
intent of the Securities and Exchange Commission Rules.
Based on its review of the information it received and its evaluations
described above, the Board, including a majority of the independent Trustees,
decided to continue the Agreement for another year. In arriving at this
decision, the Board considered all of the above information, and considered the
terms and conditions of the Agreement, including the management fee, in light of
all of the surrounding circumstances.
22 | CENTENNIAL NEW YORK TAX EXEMPT TRUST
ITEM 2. CODE OF ETHICS.
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to semiannual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
THE FUND'S GOVERNANCE COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF
DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS
1. The Fund's Governance Committee (the "Committee") will evaluate potential
Board candidates to assess their qualifications. The Committee shall have
the authority, upon approval of the Board, to retain an executive search
firm to assist in this effort. The Committee may consider recommendations
by business and personal contacts of current Board members and by
executive search firms which the Committee may engage from time to time
and may also consider shareholder recommendations. The Committee may
consider the advice and recommendation of the Funds' investment manager
and its affiliates in making the selection.
2. The Committee shall screen candidates for Board membership. The Committee
has not established specific qualifications that it believes must be met
by a trustee nominee. In evaluating trustee nominees, the Committee
considers, among other things, an individual's background, skills, and
experience; whether the individual is an "interested person" as
defined in the Investment Company Act of 1940; and whether the individual
would be deemed an "audit committee financial expert" within the meaning
of applicable SEC rules. The Committee also considers whether the
individual's background, skills, and experience will complement the
background, skills, and experience of other nominees and will contribute
to the Board. There are no differences in the manner in which the
Committee evaluates nominees for trustees based on whether the nominee is
recommended by a shareholder.
3. The Committee may consider nominations from shareholders for the Board at
such times as the Committee meets to consider new nominees for the Board.
The Committee shall have the sole discretion to determine the candidates
to present to the Board and, in such cases where required, to
shareholders. Recommendations for trustee nominees should, at a minimum,
be accompanied by the following:
o the name, address, and business, educational, and/or other pertinent
background of the person being recommended;
o a statement concerning whether the person is an "interested person"
as defined in the Investment Company Act of 1940;
o any other information that the Funds would be required to include in
a proxy statement concerning the person if he or she was nominated;
and
o the name and address of the person submitting the recommendation
and, if that person is a shareholder, the period for which that
person held Fund shares.
The recommendation also can include any additional information which the
person submitting it believes would assist the Committee in evaluating the
recommendation.
4. Shareholders should note that a person who owns securities issued by
Massachusetts Mutual Life Insurance Company (the parent company of the
Funds' investment adviser) would be deemed an "interested person" under
the Investment Company Act of 1940. In addition, certain other
relationships with Massachusetts Mutual Life Insurance Company or its
subsidiaries, with registered broker-dealers, or with the Funds' outside
legal counsel may cause a person to be deemed an "interested person."
5. Before the Committee decides to nominate an individual as a trustee,
Committee members and other directors customarily interview the individual
in person. In addition, the individual customarily is asked to complete a
detailed questionnaire which is designed to elicit information which must
be disclosed under SEC and stock exchange rules and to determine whether
the individual is subject to any statutory disqualification from serving
as a trustee of a registered investment company.
ITEM 11. CONTROLS AND PROCEDURES.
Based on their evaluation of the registrant's disclosure controls and procedures
(as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR
270.30a-3(c)) as of 12/31/2007, the registrant's principal executive officer and
principal financial officer found the registrant's disclosure controls and
procedures to provide reasonable assurances that information required to be
disclosed by the 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.
There have been no changes in the registrant's internal controls over financial
reporting that occurred during the registrant's second fiscal quarter of the
period covered by this report that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over financial
reporting.
ITEM 12. EXHIBITS.
(a) (1) Not applicable to semiannual reports.
(2) Exhibits attached hereto.
(3) Not applicable.
(b) Exhibit attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Centennial New York Tax Exempt Trust
By: /s/ John V. Murphy
---------------------------
John V. Murphy
Principal Executive Officer
Date: 02/07/2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ John V. Murphy
---------------------------
John V. Murphy
Principal Executive Officer
Date: 02/07/2008
By: /s/ Brian W. Wixted
---------------------------
Brian W. Wixted
Principal Financial Officer
Date: 02/07/2008