October 15, 1996
THE DREYFUS/LAUREL TAX-FREE MUNICIPAL FUNDS--
DREYFUS BASIC CALIFORNIA MUNICIPAL MONEY MARKET FUND
SUPPLEMENT TO PROSPECTUS
DATED FEBRUARY 29, 1996
AS REVISED AUGUST 26, 1996
THE FOLLOWING INFORMATION REPLACES AND SUPERSEDES ANY CONTRARY
INFORMATION CONTAINED IN THE SECTION OF THE FUND'S PROSPECTUS ENTITLED "HOW
TO BUY FUND SHARES."
The DDA number for payment transmitted by wire to Boston Safe Deposit
and Trust Company for purchase of shares of the Fund in your name is as
follows:
DDA# 043508
The wire must include the other required information with respect to wire
payments set forth under "How to Buy Fund Shares" in the Fund's Prospectus.
THE FOLLOWING INFORMATION SUPPLEMENTS AND SHOULD BE READ IN CONJUNCTION WITH
THE FUND'S PROSPECTUS.
DREYFUS DIVIDEND SWEEP PRIVILEGE -- The Dreyfus Dividend Sweep Privilege
enables you to automatically invest dividends, or dividends and capital gain
distributions, if any, paid by the Fund in shares of another fund in the
Dreyfus Family of Funds of which you are a shareholder. Shares of the other
fund will be purchased at the then-current net asset value; however, a sales
load may be charged with respect to investments in shares of a fund sold with
a sales load. If you are investing in a fund that charges a sales load, you
may qualify for share prices which do not include the sales load or which
reflect a reduced sales load. If you are investing in a fund that charges a
contingent deferred sales charge, the shares purchased will be subject to the
contingent deferred sales charge, if any, applicable to the purchased shares.
(CONTINUED ON REVERSE SIDE)
For more information concerning this privilege and the funds in the
Dreyfus Family of Funds eligible to participate in this privilege, or to
request a Dividend Options Form, please call toll free 1-800-645-6561. You
may cancel your participation in this privilege by mailing written
notification to The Dreyfus Family of Funds, P.O. Box 9671, Providence, Rhode
Island 02940-9671. To select a new fund after cancellation, you must submit a
new Dividend Options Form. Enrollment in or cancellation of this privilege is
effective three business days following receipt. This privilege is available
only for existing accounts and may not be used to open new accounts. Minimum
subsequent investments do not apply. The Fund may modify or terminate this
privilege at any time or charge a service fee. No such fee currently is
contemplated.
THE FOLLOWING INFORMATION SUPPLEMENTS AND SUPERSEDES ANY CONTRARY
INFORMATION CONTAINED IN THE SECTIONS OF THE FUND'S PROSPECTUS ENTITLED "FUND
EXCHANGES" AND "HOW TO REDEEM FUND SHARES."
At a meeting of the Board of Trustees held on April 25, 1996, the
Board of Trustees approved limiting the number of exchanges a shareholder can
make out of the Fund to four per calendar year and increasing the minimum
amount required for an exchange from $500 to $1,000, increasing the minimum
amount for writing a redemption check pursuant to the Check Redemption
Privilege from $500 to $1,000 and increasing the minimum amount for any wire
redemption from $1,000 to $5,000. It is anticipated that these changes will
become effective on or about July 1, 1996.
707s101596
October 15, 1996
THE DREYFUS/LAUREL TAX-FREE MUNICIPAL FUNDS--
DREYFUS BASIC NEW YORK MUNICIPAL MONEY MARKET FUND
SUPPLEMENT TO PROSPECTUS
DATED FEBRUARY 29, 1996
AS REVISED AUGUST 26, 1996
THE FOLLOWING INFORMATION REPLACES AND SUPERSEDES ANY CONTRARY
INFORMATION CONTAINED IN THE SECTION OF THE FUND'S PROSPECTUS ENTITLED "HOW
TO BUY FUND SHARES."
The DDA number for payment transmitted by wire to Boston Safe Deposit
and Trust Company for purchase of shares of the Fund in your name is as
follows:
DDA# 043508
The wire must include the other required information with respect to wire
payments set forth under "How to Buy Fund Shares" in the Fund's Prospectus.
THE FOLLOWING INFORMATION SUPPLEMENTS AND SHOULD BE READ IN
CONJUNCTION WITH THE FUND'S PROSPECTUS.
DREYFUS DIVIDEND SWEEP PRIVILEGE -- The Dreyfus Dividend Sweep Privilege
enables you to automatically invest dividends, or dividends and capital gain
distributions, if any, paid by the Fund in shares of another fund in the
Dreyfus Family of Funds of which you are a shareholder. Shares of the other
fund will be purchased at the then-current net asset value; however, a sales
load may be charged with respect to investments in shares of a fund sold with
a sales load. If you are investing in a fund that charges a sales load, you
may qualify for share prices which do not include the sales load or which
reflect a reduced sales load. If you are investing in a fund that charges a
contingent deferred sales charge, the shares purchased will be subject to the
contingent deferred sales charge, if any, applicable to the purchased shares.
(CONTINUED ON REVERSE SIDE)
For more information concerning this privilege and the funds in the
Dreyfus Family of Funds eligible to participate in this privilege, or to
request a Dividend Options Form, please call toll free 1-800-645-6561. You
may cancel your participation in this privilege by mailing written
notification to The Dreyfus Family of Funds, P.O. Box 9671, Providence, Rhode
Island 02940-9671. To select a new fund after cancellation, you must submit a
new Dividend Options Form. Enrollment in or cancellation of this privilege
is effective three business days following receipt. This privilege is
available only for existing accounts and may not be used to open new
accounts. Minimum subsequent investments do not apply. The Fund may modify or
terminate this privilege at any time or charge a service fee. No such fee
currently is contemplated.
THE FOLLOWING INFORMATION SUPPLEMENTS AND SUPERSEDES ANY CONTRARY
INFORMATION CONTAINED IN THE SECTIONS OF THE FUND'S PROSPECTUS ENTITLED "FUND
EXCHANGES" AND "HOW TO REDEEM FUND SHARES."
At a meeting of the Board of Trustees held on April 25, 1996, the
Board of Trustees approved limiting the number of exchanges a shareholder can
make out of the Fund to four per calendar year and increasing the minimum
amount required for an exchange from $500 to $1,000, increasing the minimum
amount for writing a redemption check pursuant to the Check Redemption
Privilege from $500 to $1,000 and increasing the minimum amount for any wire
redemption from $1,000 to $5,000. It is anticipated that these changes will
become effective on or about July 1, 1996.
716s101596
October 15, 1996
THE DREYFUS/LAUREL TAX-FREE MUNICIPAL FUNDS --
DREYFUS BASIC MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
SUPPLEMENT TO PROSPECTUS
DATED FEBRUARY 28, 1996
THE FOLLOWING INFORMATION REPLACES AND SUPERSEDES ANY CONTRARY
INFORMATION CONTAINED IN THE SECTION OF THE FUND'S PROSPECTUS ENTITLED "HOW
TO BUY FUND SHARES."
The DDA number for payment transmitted by wire to Boston Safe Deposit
and Trust Company for purchase of shares of the Fund in your name is as
follows:
DDA# 043508
The wire must include the other required information with respect to wire
payments set forth under "How to Buy Fund Shares" in the Fund's Prospectus.
THE FOLLOWING INFORMATION SUPPLEMENTS, SHOULD BE READ IN CONJUNCTION
WITH AND SUPERSEDES ANY CONTRARY INFORMATION CONTAINED IN THE FUND'S
PROSPECTUS AND SPECIFICALLY IN THE SECTION ENTITLED "DESCRIPTION OF THE FUND
- -- RECENT DEVELOPMENTS."
At a Special Meeting of Shareholders of the Dreyfus/Laurel
Massachusetts Tax-Free Money Fund (the "Fund") held on April 16, 1996 (the
"Meeting"), Fund shareholders approved an Agreement and Plan of
Reorganization between The Dreyfus/Laurel Tax-Free Municipal Funds (the
"Trust"), on behalf of the Fund, and Dreyfus Massachusetts Municipal Money
Market Fund (the "Acquiring Fund"), whereby a portion of the Fund's assets
equal in value to the aggregate net asset value of the interest in the Fund
held by the Fund's Investor shareholders will be transferred to the Acquiring
Fund and the Fund's Investor Class will
(CONTINUED ON REVERSE SIDE)
be terminated. Holders of Investor shares of the Fund will become shareholders
of the Acquiring Fund receiving, in exchange for their Investor shares, shares
of the Acquiring Fund having an aggregate net asset value equal to the
aggregate value of the assets transferred to the Acquiring Fund (the
"Reorganization"). The Reorganization, which is more full described on page 7
of the Fund's Prospectus, is scheduled to occur on May 8, 1996.
At a Meeting, Fund shareholders also approved the new Investment
Management Agreement between the Trust, on behalf of the Fund, and The
Dreyfus Corporation (the "New Agreement"). The New Agreement and certain
other changes to the Fund, as more fully described on pages 7 and 8 of the
Fund's Prospectus, are scheduled to become effective on May 8, 1996.
In addition, effective May 8, 1996, the minimum amount for
checkwriting will be increased from $500 to $1,000, outgoing exchanges will
be limited to four per calendar year and the exchange minimum will be
increased from $500 to $1,000, and the minimum for all wire redemptions will
be increased from $1,000 to $5,000. Also, the Dreyfus Dividend Sweep
Privilege will continue to be offered by the Fund. Since the foregoing
changes in minimum amounts will be implemented contemporaneous with the
Reorganization, they will not apply to holders of Investor shares of the
Fund, who will become shareholders of the Acquiring Fund at that time.
315/715s101596
October 15, 1996
THE DREYFUS/LAUREL TAX-FREE MUNICIPAL FUNDS --
PREMIER LIMITED TERM MUNICIPAL FUND
SUPPLEMENT TO PROSPECTUS
DATED OCTOBER 31, 1995
THE FOLLOWING INFORMATION REPLACES AND SUPERSEDES ANY CONTRARY
INFORMATION CONTAINED IN THE SECTION OF THE FUND'S PROSPECTUS ENTITLED "HOW
TO BUY FUND SHARES."
The DDA number for payment transmitted by wire to Boston Safe Deposit
and Trust Company for purchase of Class A, Class B, Class C or Class R shares
of the Fund in your name is as follows:
DDA# 044350
The wire must indicate which Class of shares is being purchased and must
include the other required information with respect to wire payments set
forth under "How to Buy Fund Shares" in the Fund's Prospectus.
THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES ANY CONTRARY
INFORMATION CONTAINED IN THE SECTION OF THE FUND'S 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 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,
(CONTINUED ON REVERSE SIDE)
Rhode Island 02903, and serves as the Fund's 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.
347s101596
October 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 REPLACES AND SUPERSEDES ANY CONTRARY
INFORMATION CONTAINED IN THE SECTION OF THE FUNDS' PROSPECTUS ENTITLED "HOW
TO BUY FUND SHARES."
The DDA number for payment transmitted by wire to Boston Safe Deposit
and Trust Company for purchase of Class A, Class B, Class C or Class R Fund
shares in your name is as follows:
DDA# 044350
The wire must indicate which Fund and Class of shares is being purchased and
must include the other required information with respect to wire payments set
forth under "How to Buy Fund Shares" in the Funds' Prospectus.
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."
(CONTINUED ON REVERSE SIDE)
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.
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.
LTSTs101596
