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MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
SUPPLEMENT DATED JULY 14, 1995 TO
STATEMENT OF ADDITIONAL INFORMATION DATED DECEMBER 1, 1994
On July 10, 1995, Standard & Poor's downgraded its rating on
New York City's $23 billion of outstanding general obligation bonds to "BBB+"
from "A-", citing the City's chronic structural budget problems and weak
economic outlook. Standard & Poor's stated that New York City's reliance on
one-time revenue measures to close annual budget gaps, a dependence on
unrealized labor savings, overly optimistic estimates of revenues and state and
federal aid and the City's continued high debt levels also contributed to its
decision to lower the rating.
