February 16, 1996
DREYFUS INVESTMENT GRADE
BOND FUNDS, INC.
DREYFUS SHORT TERM INCOME FUND
SUPPLEMENT TO PROSPECTUS
DATED DECEMBER 1, 1995
THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES ANY CONTRARY
INFORMATION CONTAINED IN THE FUND'S PROSPECTUS IN THE SECTION ENTITLED
"MANAGEMENT OF THE FUND."
Effective February 1, 1996, the Fund's primary portfolio manager is
Kevin McClintock. Mr. McClintock has been employed by The Dreyfus Corporation
since November 1995. Prior thereto, he was employed by the Aetna Corporation,
serving as Managing Director of Fixed Income Investments for its Aeltus
Capital Management, Inc. from 1992 to 1995. From 1989 to 1992, he was
Director of Quantative Management at Aetna.
THE FOLLOWING INFORMATION SUPPLEMENTS INFORMATION CONTAINED IN THE
FUND'S PROSPECTUS IN THE SECTIONS ENTITLED "MANAGEMENT POLICIES" AND
"APPENDIX -- CERTAIN PORTFOLIO SECURITIES".
The Fund may invest in convertible securities, which are securities
that may be converted at either a stated price or a stated rate into
underlying shares of common stock. These securities have characteristics
similar to both fixed-income and equity securities. The Fund intends to
purchase only those convertible securities trading below stated conversion
price.
The Fund may also invest in Interest Rate Futures and Options on
Futures, which are a form of Derivative. These are financial instruments that
derive their performance, at least in part, from the performance of an
underlying asset, index or interest rate. While Derivatives can be used
effectively in furtherance of a Fund's investment objective, under certain
market conditions, they can decrease the liquidity of the Fund's portfolio
and make more difficult the accurate pricing of the Fund's portfolio.
083s021696
