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OPPENHEIMERFUNDS
Patricia C. Foster OppenheimerFunds, Inc.
Vice President Rochester Division
and Assistant Counsel 350 Linden Oaks
Rochester, NY 14625-2807
Tel 716 383-1300
April 30, 1997
Securities and Exchange Commission
Mail Stop 0-7, Filer Support
6432 General Green Way
Alexandria, VA 22312
RE: Centennial Tax Exempt Trust ("Registrant")
Reg No. 2-69653
File No. 811-3104
To the Securities and Exchange Commission:
An electronic filing is hereby made on behalf of the Registrant
pursuant to Rule 497(e) of the Securities Act of 1933, as amended. Such filing
includes a supplement dated May 1, 1997 to the Registrant's Prospectus dated
November 1, 1996.
If there are any questions, please contact the undersigned.
Sincerely,
/s/ Patricia C. Foster
--------------------------
Patricia C. Foster
Vice President
and Assistant Counsel
(800) 552-1149
cc: Deloitte & Touche LLP
Myer, Swanson, Adams & Wolf P.C.
Gloria LaFond
Grace Loffredo
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CENTENNIAL TAX EXEMPT TRUST
Supplement dated May 1, 1997 to the
Prospectus dated November 1, 1996
The Prospectus is changed as follows:
1. In "Exchange Privilege" under "Exchanges of Shares" on page A-9, the second
sentence of the fourth paragraph is replaced by the following:
The redemption proceeds of shares of a Trust acquired by exchange of
Class A shares of an Eligible Fund purchased subject to a CDSC, that
are redeemed within 12 months of the end of the calendar month of the
initial purchase of the exchanged shares (18 months for shares
purchased prior to May 1, 1997), will be subject to the CDSC as
described in the prospectus of that other Eligible Fund. In determining
whether the CDSC is payable, shares of the Trust not subject to the
CDSC are redeemed first, including shares purchased by reinvestment of
dividends and capital gains distributions from any Eligible Fund or
shares of the Trust acquired by exchange of shares of Eligible Funds on
which a front-end sales charge was paid or credited, and then other
shares are redeemed in the order of purchase.
2. The section captioned "Exchanges of Shares" is revised by adding the
following after the sub-section captioned "General Information on Exchanges" on
page A-10:
Shareholder Transactions by Fax. Beginning May 30, 1997, requests for certain
account transactions may be sent to the Transfer Agent by fax (telecopier).
Please call 1-800-525-7048 for information about which transactions are
included. Transaction requests submitted by fax are subject to the same rules
and restrictions as written and telephone requests described in this Prospectus.
May 1, 1997 PS0160.001
