VALUE LINE NEW YORK TAX EXEMPT TRUST
Supplement dated July 12, 1995
Statement of Additional Information dated July 1, 1995
The following information supplements the information
contained in the Fund's Statement of Additional Information dated
July 1, 1995:
On July 10, 1995, Standard & Poor's Ratings Group ("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.
nytet.sup
