CENTENNIAL NEW YORK TAX EXEMPT TRUST, 497, 1998-05-21

CENTENNIAL NEW YORK TAX EXEMPT TRUST
497, 1998-05-21

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                  CENTENNIAL NEW YORK TAX EXEMPT TRUST
                  Supplement dated May 20, 1998 to the
                   Prospectus dated November 1, 1997

The Prospectus is changed as follows effective June 1, 1998:

1. The second sentence of the fourth paragraph entitled "Exchange  Privilege" in
the  section  entitled  "Exchanges  of Shares" on page 17 is modified to read as
follows:

      The  redemption  proceeds of shares of the Trust,  acquired by exchange of
      Class  A  shares  of an  Eligible  Fund  purchased  subject  to a  Class A
      Contingent Deferred Sales Charge ("CDSC") and redeemed within 18 months of
      the end of the  calendar  month of the initial  purchase of the  exchanged
      shares, will be subject to the Class A CDSC as described in the prospectus
      of that other  Eligible  Fund.  (A different  holding  period may apply to
      shares purchased prior to June 1, 1998).



May 20, 1998                                                  PS0780.002