(logo)
                                                     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








                           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