December 4, 1998
DREYFUS PREMIER REAL ESTATE
MORTGAGE FUND
SUPPLEMENT TO PROSPECTUS
DATED MARCH 1, 1998
SMALL ACCOUNT FEE
To offset the relatively higher costs of servicing smaller accounts,
the Fund will charge regular accounts with balances below $2,000 an annual
fee of $12. The valuation of accounts and the deductions are expected to take
place during the last four months of each year. The fee will be waived for
any investor whose aggregate Dreyfus mutual fund investments total at least
$25,000, and will not apply to IRAaccounts or to accounts participating in
automatic investment programs or opened through a securities dealer, bank or
other financial institution, or to other fiduciary accounts.
MULTIPLE CLASS STRUCTURE
At a meeting of the Board of Trustees held on November 4, 1998, the
Board approved a multiple class distribution structure for the Fund, to
become effective on or about December 24, 1998 (the "Effective Date").
Outstanding shares of the Fund prior to the Effective Date will be
redesignated as "Class A shares" and will be subject to a maximum front-end
sales load of 5.75%. HOLDERS OF FUND SHARES ON THE DAY PRIOR TO THE EFFECTIVE
DATE WILL CONTINUE TO BE ELIGIBLE TO PURCHASE CLASS A SHARES OF THE FUND
WITHOUT A FRONT-END SALES LOAD.
At the meeting, the Board also approved changing the Fund's name to
"Dreyfus Premier Real Estate Mortgage Fund" effective as of the Effective
Date.
045s1198
