August 15, 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 SUPPLEMENTS AND SUPERSEDES ANY AND ALL CONTR
ARY INFORMATION CONTAINED IN 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 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.
(CONTINUED ON REVERSE SIDE)
THE FOLLOWING INFORMATION SUPPLEMENTS OR REPLACES THE INFORMATION CONTAINED IN
THE SECTIONS OF THE FUND'S PROSPECTUS ENTITLED "MANAGEMENT OF THE FUND," "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.
343s081596
