December 20, 1996
DREYFUS NEW YORK TAX EXEMPT FUNDS
SUPPLEMENT TO COMBINED PROSPECTUS
DATED OCTOBER 1, 1996
THE FOLLOWING INFORMATION SUPPLEMENTS OR REPLACES ANY CONTRARY
INFORMATION CONTAINED IN THE FUNDS' COMBINED PROSPECTUS WITH RESPECT TO
DREYFUS NEW YORK TAX EXEMPT BOND FUND (THE "BOND FUND") ONLY:
BOND FUND shares acquired by purchase or exchange after May 9, 1997,
and redeemed or exchanged less than 15 days after they are acquired, will be
subject to a redemption fee of .10% of the value of the shares redeemed or
exchanged. The redemption fee will be retained by the BOND FUND and used
primarily to offset the transaction costs that short-term trading imposes on
the Fund and its shareholders. For purposes of calculating the 15-day holding
period, the BOND FUND will employ the "first in, first out" method, which
assumes that the shares redeemed or exchanged are the ones held the longest.
No redemption fee will be charged on the redemption or exchange of
the BOND FUND shares (1) through the Fund's Check Redemption Privilege,
Automatic Withdrawal Plan or Dreyfus Auto-Exchange Privilege, (2) through
accounts that are reflected on the records of the Transfer Agent as omnibus
accounts approved by Dreyfus Service Corporation, (3) through accounts
established by securities dealers, banks or other financial institutions
approved by Dreyfus Service Corporation that utilize the National Securities
Clearing Corporation's networking system, or (4) acquired through the
reinvestment of dividends or capital gains distributions. The redemption fee
may be waived, modified or terminated at any time.
980s122096
