CENTENNIAL TAX EXEMPT TRUST
                         Supplement dated June 9, 2008 to the
                           Prospectus dated August 23, 2007


Effective June 11, 2008, the Prospectus is amended as follows:

1.   The first paragraph in the section titled  "Portfolio  Manager." on page 12
     of the  Prospectus  is  deleted  in its  entirety  and  replaced  with  the
     following:

Portfolio  Managers.  The  portfolio  managers  of the  Trusts  are the  persons
     principally  responsible  for  the  day-to-day  management  of the  Trusts'
     portfolios.  The portfolio  managers of  Centennial  Money Market Trust and
     Centennial  Government Trust are Carol E. Wolf and Barry D. Weiss. Ms. Wolf
     has had this responsibility  since November 1988 for Centennial  Government
     Trust and October 1990 for  Centennial  Money  Market Trust and Mr.  Weiss,
     since August 2001. Each is an officer of Centennial  Money Market Trust and
     Centennial  Government Trust. Each is a Vice President of the Manager,  and
     each is an  officer  and  portfolio  manager  of other  funds for which the
     Manager or an affiliate serves as investment adviser. The portfolio manager
     of  Centennial  Tax  Exempt  Trust is Carol E.  Wolf.  Ms.  Wolf has been a
     portfolio  manager  of the  Trust  since  June  2008.  She has  been a Vice
     President of the Manager  since August 2004 and a Senior Vice  President of
     OppenheimerFunds, Inc. since September 2000.








June 9, 2008                                          PS0160.013

                              CENTENNIAL TAX EXEMPT TRUST
                         Supplement dated June 9, 2008 to the
               Statement of Additional Information dated August 23, 2007

Effective June 11, 2008,  the Statement of Additional  Information is amended as
follows:


1.   The first sentence in the third  paragraph in the section titled  "Trustees
     and  Officers  of the  Trust." on page 19 is deleted  in its  entirety  and
     replaced with the following:

     Messrs. Murphy,  Petersen,  Szilagyi,  Vandehey,  Wixted and Zack, and Mss.
     Bloomberg,  Ives and Wolf,  who are  officers  of the Trust,  hold the same
     offices with one or more of the other Board II Funds.

2.   The first paragraph on page 23 is deleted in its entirety and replaced with
     the following:

     The address of the officers in the chart below is as follows:  for Mr. Zack
     and Ms.  Bloomberg,  Two World Financial  Center,  225 Liberty Street,  New
     York, New York 10281-1008,  for Messrs.  Petersen,  Szilagyi,  Vandehey and
     Wixted  and  Mss.  Ives  and  Wolf,  6803 S.  Tucson  Way,  Centennial,  CO
     80112-3924.  Each  officer  serves  for an annual  term or until his or her
     resignation, retirement, death or removal.

3.   The biography of Cameron T. Ullyatt on Page 23 is deleted and the biography
     of Carol E. Wolf is added:

       ----------------------------------------------------------------------------
       Carol E. Wolf,        Senior Vice President of OppenheimerFunds, Inc.
       Vice President and    (since June 2000) and HarborView Asset Management
       Portfolio Manager     Corporation (since June 2003); Vice President of the
       since 2008            Manager (since August 2004), an officer of 9
       Age: 56               portfolios in the OppenheimerFunds complex.
       ----------------------------------------------------------------------------

4.   The  section  titled  "Portfolio  Manager"  on  page 28 is  deleted  in its
     entirety and is replaced with the following:

     Portfolio  Manager.  The  Trust's  portfolio  is  managed  by Carol E. Wolf
     (referred to as "Portfolio Manager").  She is the person who is responsible
     for the day-to-day management of the Trust's investments.

5.   The  first  paragraph  in the  section  titled  "Portfolio  Manager - Other
     Accounts  Managed"  on page 28 is deleted in its  entirety  and is replaced
     with the following:

     Other  Accounts  Managed.  In addition to managing  the Trust's  investment
     portfolio,  Ms. Wolf also manages  other  investment  portfolios  and other
     accounts on behalf of the Manager or its  affiliates.  The following  table
     provides information regarding the other portfolios and accounts managed by
     Ms. Wolf as of May 31, 2008.  No account has a  performance-based  advisory
     fee:


     ----------------------------------------------------------------------------
     Portfolio RegisteredTotal Other Total Other Total Assets in Assets in Other
     Registered Pooled Pooled Assets  InvestmentInvestment  InvestmentInvestment
     in Other Companies  Companies  Vehicles Vehicles  AccountsAccounts  Manager
     Managed     Managed(1)     Managed     Managed(1)     Managed    Managed(2)
     ----------------------------------------------------------------------------
     ----------------------------------------------------------------------------
     Carol       Wolf      6       $22,711       2      $89      None       None
     ----------------------------------------------------------------------------
     1. In millions.
     2. Does not include  personal  accounts  of  portfolio  managers  and their
     families, which are subject to the Code of Ethics.

7.   The section titled "Portfolio Manager - Ownership of the Trust's Shares" on
     page 30 is deleted in its entirety and is replaced with the following:

     Ownership of the Trust's Shares.  As of June 11, 2008 the Portfolio Manager
     did not beneficially own any shares of the Trust.









      June 9, 2008                                                PX0160.009