October 17, 1996
DREYFUS NEW YORK
TAX EXEMPT FUNDS
SUPPLEMENT TO COMBINED PROSPECTUS
DATED OCTOBER 1, 1996
THE FOLLOWING INFORMATION SUPPLEMENTS OR REPLACES THE INFORMATION
CONTAINED IN THE FOLLOWING INDICATED SECTIONS OF THE FUNDS' PROSPECTUS:
ANNUAL FUND OPERATING EXPENSES
SHAREHOLDER TRANSACTION EXPENSES
MONEY INTERM.
MARKET BOND BOND
FUND FUND FUND
--------- ---------- ---------
Redemption Fee
(as a percentage of
amount redeemed).... None 1.00% .10%
The information contained in the Funds' Annual Operating Expenses and
the Example do not reflect any redemption fee retained by the Funds.
HOW TO REDEEM SHARES
Effective November 4, 1996, the INTERMEDIATE BOND FUND and the BOND
FUND will deduct a redemption fee equal to 1% and .10%, respectively, of the
net asset value of Fund shares redeemed (including redemptions through the
use of the Fund Exchanges service) less than fifteen days following the
issuance of such shares. The fee will be retained by the Fund and used
primarily to offset the transaction costs that short-term trading imposes on
the Fund and its shareholders. No redemption fee will be charged upon the
redemption of shares through the Fund's Check Redemption Privilege, Automatic
Withdrawal Plan or Dreyfus Auto-Exchange Privilege, or shares redeemed from
omnibus accounts. Furthermore, no redemption fee will be charged upon the
redemption of Fund shares acquired through reinvestment of dividends or
distributions, nor will the redemption fee be used to pay fees imposed for
various Fund services or shares. The redemption fee may be waived, modified
or discontinued at any time, or from time to time.
NYTEFs101796
October 17, 1996
DREYFUS NEW YORK TAX EXEMPT FUNDS
Supplement to Combined Statement of Additional Information
Dated October 1, 1996
The following information supplements the information contained in the
section of the Funds' Combined Statement of Additional Information entitled
"Redemption of Shares":
Redemption Fee. The Intermediate Bond Fund and the Bond Fund will
deduct a redemption fee equal to 1% and .10%, respectively, of the net
asset value of Fund shares redeemed (including redemptions through the use
of the Fund Exchanges service) less than fifteen days following the
issuance of such shares. The redemption fee will be deducted from the
redemption proceeds and retained by the Fund.
No redemption fee will be charged upon the redemption of shares
through the Fund's Check Redemption Privilege, Automatic Withdrawal Plan or
Dreyfus Auto-Exchange Privilege, or shares redeemed from omnibus accounts.
Furthermore, no redemption fee will be charged upon redemption of Fund
shares acquired through reinvestment of dividends or distributions, nor
will the redemption fee be used to pay fees imposed for various Fund
services or shares. This redemption fee may be waived, modified or
discontinued at any time, or from time to time.
