SUPPLEMENT TO PROSPECTUS/PROXY STATEMENT
DATED JULY 21, 1998
OF
Dreyfus Premier Limited Term California Municipal Fund and
Dreyfus Premier Limited Term New York Municipal Fund,
series of THE DREYFUS/LAUREL TAX-FREE MUNICIPAL FUNDS
Dreyfus Premier Limited Term Municipal Fund,
a series of THE DREYFUS/LAUREL TAX-FREE MUNICIPAL FUNDS
SEPTEMBER 16, 1998
This Supplement is being furnished to the shareholders of Dreyfus Premier
Limited Term California Municipal Fund (the "California Fund") and Dreyfus
Premier Limited Term New York Municipal Fund (the "New York Fund"), each a
series of The Dreyfus/Laurel Tax-Free Municipal Funds (the "Trust"), in
connection with the solicitation of proxies by the Trust for use at Special
Joint Meetings of Shareholders (the "Meetings") of the California Fund and the
New York Fund that were convened on Tuesday, September 15, 1998, and adjourned
to reconvene on September 29, 1998 at 10:00 a.m., at the offices of The Dreyfus
Corporation, 200 Park Avenue, 7th floor, New York, New York, 10166, and any
adjournments thereof.
This Supplement supersedes and replaces any contrary information contained
in, and supplements, the Prospectus/Proxy Statement dated July 21, 1998 (the
"Proxy Statement"), which was mailed previously to shareholders of the
California Fund and the New York Fund in connection with the proposed
reorganization of each of the California Fund and the New York Fund with and
into Dreyfus Premier Limited Term Municipal Fund (the "Acquiring Fund"), a
series of the Trust, each pursuant to an Agreement and Plan of Reorganization
dated as of April 23, 1998, whereby the Acquiring Fund would acquire all the
assets and assume the liabilities of the California Fund and the New York Fund,
respectively. Detailed information about the proposed transaction is contained
in the Proxy Statement.
Mellon Bank, N.A. ("Mellon Bank"), an affiliate of The Dreyfus
Corporation, has informed the Trust that it has retained an independent
fiduciary to vote the shares of the California Fund and the New York Fund for
which it has voting authority. The independent fiduciary will vote those shares
in the manner deemed to be in the best interests of the beneficial owners of
those shares.
Each Plan is conditioned on, among other things, the approval by the
majority of the outstanding voting securities of the California Fund and the New
York Fund, respectively. Mellon Bank and its affiliates have voting discretion
over approximately 58% of the California Fund and approximately 57% of the New
York Fund. Consequently, the independent fiduciary retained by Mellon Bank has
voting authority over a sufficient number of shares to determine the outcome of
the proposal.
If you have already submitted your vote by proxy and do not wish to change
it, then you do not need to take any further action. If, however, you wish to
revoke any proxy you have previously submitted, or if you wish to vote your
shares by proxy and have not already done so, you must complete, date and sign
the enclosed proxy in accordance with the instructions provided therein and
return it to the Trust on or before September 28, 1998.
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For your reference, enclosed with this Supplement is the Acquiring Fund's
most recent Annual Report.
If you have any questions regarding the proposed transaction or would like
to request an additional copy of the Proxy Statement, please call toll-free
1-800-554-4611.
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