CENTENNIAL NEW YORK TAX EXEMPT TRUST
Supplement dated July 22, 1994 to
the Prospectus dated October 29, 1993
The following is added to the Prospectus immediately following the
paragraph captioned "Check Writing" under "How to Redeem Shares -
Shares of the Trust Owned Directly" on page 12:
- Telephone Redemptions. Direct shareholders of
the Trust may redeem their shares by telephone by calling
the Transfer Agent at 1-800-852-8457. Proceeds of
telephone redemptions will be paid by check payable to
the shareholder(s) of record and sent to the address of
record for the account. Telephone redemptions are not
available within 30 days of a change of the address of
record. Up to $50,000 may be redeemed by telephone,
once in every seven day period.
The Transfer Agent may record any calls. Telephone
redemptions may not be available if all lines are busy,
and shareholders would have to use the Trusts' regular
redemption procedures described above. Telephone
redemption privileges are not available for newly-
purchased (within the prior 15 days) shares or for shares
represented by certificates. Telephone redemption
privileges apply automatically to each shareholder and
the dealer representative of record unless the Transfer
Agent receives cancellation instructions from a
shareholder of record. If an account has multiple
owners, the Transfer Agent may rely on the instructions
of any one owner.
July 22, 1994 PS780
