September 13, 1996
THE DREYFUS/LAUREL TAX-FREE MUNICIPAL FUNDS-
PREMIER LIMITED TERM CALIFORNIA MUNICIPAL FUND
PREMIER LIMITED TERM MASSACHUSETTS MUNICIPAL FUND
PREMIER LIMITED TERM NEW YORK MUNICIPAL FUND
SUPPLEMENT TO PROSPECTUS
DATED OCTOBER 31, 1995
THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES ANY CONTRARY
INFORMATION CONTAINED IN THE SECTION OF THE FUNDS' PROSPECTUS ENTITLED "HOW
TO BUY FUND SHARES -- CLASS A SHARES."
Effective immediately, a CDSC of 1% will be assessed at the time of
redemption of Class A shares purchased without an initial sales charge as
part of an investment of at least $1,000,000 and redeemed within one year of
purchase.
THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES THE FIRST SENTENCE
OF THE THIRD PARAGRAPH IN THE SECTION OF THE FUNDS' PROSPECTUS ENTITLED
"MANAGEMENT OF THE FUNDS."
The Premier Limited Term California Municipal Fund is managed by
Collette O'Brien, a portfolio manager of The Dreyfus Corporation and the
Boston Safe Deposit and Trust Company ("Boston Safe"), a subsidiary of The
Boston Company and Mellon Bank, N.A. Ms. O'Brien is responsible for managing
Tax-Exempt Fixed Income Portfolios for the Private Asset Management Group at
Boston Safe and is a member of Boston Safe's Bond Strategy and Asset Review
Committees. Ms. O'Brien is a member of the New York Society of Security
Analysts and the Association for Investment Management and Research. She
holds a Bachelor of Science degree in Marketing from Fairfield University and
is a Chartered Financial Analyst. Prior to joining the
(CONTINUED ON REVERSE SIDE)
Private Asset Management Group in 1995, Ms. O'Brien was a portfolio manager
at Neuberger and Berman where she managed over $350 million in assets. Before
Neuberger and Berman, she was with Swiss Bank and Marinvest Inc., a
subsidiary of Hong Kong Shanghai Bank, and managed municipal assets. Ms.
O'Brien has approximately 9 years of experience in the municipal bond
industry.
THE FOLLOWING INFORMATION SUPPLEMENTS OR REPLACES THE INFORMATION
CONTAINED IN THE SECTIONS OF THE FUNDS' PROSPECTUS ENTITLED "MANAGEMENT OF
THE FUNDS," "HOW TO BUY FUND SHARES," "SHAREHOLDER SERVICES" AND ""HOW TO
REDEEM FUND SHARES":
Dreyfus Transfer, Inc., a wholly-owned subsidiary of The Dreyfus
Corporation, is located at One American Express Plaza, Providence, Rhode
Island 02903, and serves as the Funds' Transfer and Dividend Disbursing Agent
(the "Transfer Agent").
In order to accomplish a transaction using the TELETRANSFER Privilege
or the Telephone Exchange Privilege, please contact your financial
representative. If you do not have a financial representative, you may
telephone 1-800-645-6561 or, if you are calling from overseas, 516-794-5452.
These numbers will be effective January 1, 1996.
LTSTs091396
