SUPPLEMENT TO THE
NEW YORK TAX-FREE
FUNDS PROSPECTUS
DATED MARCH 20, 1995
The following replaces the
similar disclosure with
respect to New York
Tax-Free Insured Portfolio
and New York Tax-Free High
Yield Portfolio in the section
entitled "Investment
Principles and Risks"
beginning on page 12.
Although the fund can invest
in securities of any maturity,
it generally invests in medium
and long-term bonds and
maintains a dollar-weighted
average maturity of 10 years
or longer.
The following replaces the
wire instructions found in the
"How to Buy Shares" table on
page 23.
Wire to:
Bankers Trust Company*,
Bank Routing #021001033,
Account #00163053.
Specify the complete name
of the fund and include your
account number and your
name.
* Money market shareholders
must call 1-800-343-6310 for
that fund's wiring instructions.
The following supplements
the information found in the
paragraph that begins "When
you place an order to buy
shares" on page 30.
(solid bullet) Purchases to the money
market fund processed at
12:00 noon
Eastern time will earn the
dividend for that day;
purchases processed at
4:00 p.m. Eastern time will
earn dividends the following
business day.
The following supplements
the information found in the
paragraph that begins "When
you place an order to sell
shares" on page 31.
(solid bullet) If your money market fund
wire redemption request is
processed at the 12:00
noon Eastern time NAV,
federal funds will be wired to
your bank that day and you
will not earn that day's
dividends.
SUPPLEMENT TO THE
NEW YORK TAX-FREE
FUNDS PROSPECTUS
DATED MARCH 20, 1995
The following replaces the
similar disclosure with
respect to New York
Tax-Free Insured Portfolio
and New York Tax-Free High
Yield Portfolio in the section
entitled "Investment
Principles and Risks"
beginning on page 12.
Although the fund can invest
in securities of any maturity,
it generally invests in medium
and long-term bonds and
maintains a dollar-weighted
average maturity of 10 years
or longer.
The following replaces the
wire instructions found in the
"How to Buy Shares" table on
page 23.
Wire to:
Bankers Trust Company*,
Bank Routing #021001033,
Account #00163053.
Specify the complete name
of the fund and include your
account number and your
name.
* Money market shareholders
must call 1-800-343-6310 for
that fund's wiring instructions.
The following supplements
the information found in the
paragraph that begins "When
you place an order to buy
shares" on page 30.
(solid bullet) Purchases to the money
market fund processed at
12:00 noon
Eastern time will earn the
dividend for that day;
purchases processed at
4:00 p.m. Eastern time will
earn dividends the following
business day.
The following supplements
the information found in the
paragraph that begins "When
you place an order to sell
shares" on page 31.
(solid bullet) If your money market fund
wire redemption request is
processed at the 12:00
noon Eastern time NAV,
federal funds will be wired to
your bank that day and you
will not earn that day's
dividends.
NFR-95-3 September 5, 1995
NFR-95-3 September 5, 1995
