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