June 1, 1997
DREYFUS PENNSYLVANIA INTERMEDIATE MUNICIPAL BOND FUND
SUPPLEMENT TO PROSPECTUS
DATED APRIL 1, 1997
THE FOLLOWING INFORMATION SUPERSEDES ANY CONTRARY INFORMATION
CONTAINED IN THE FUND'S PROSPECTUS.
The Telephone Redemption Privilege is granted automatically unless
you specifically refuse it by checking the applicable "No" box on the Account
Application. The Telephone Redemption Privilege may be established for an
existing account by a separate signed Shareholder Services Form or by oral
request from any of the authorized signatories on the account by calling
1-800-645-6561.
The following information supplements or replaces the information
contained in the section of the Fund's Prospectus entitled "Appendix _
Investment Techniques _ Short-Selling."
Short-Selling _ In these transactions, the Fund sells a security it does not
own in anticipation of decline in the market value of the security. To
complete the transaction, the Fund must borrow the security to make delivery
to the buyer. The Fund is obligated to replace the security borrowed by
purchasing it subsequently at the market price at the time of replacement.
The price at such time may be more or less than the price at which the
security was sold by the Fund, which would result in a loss or gain,
respectively.
Securities will not be sold short if, after effect is given to any
such short sale, the total market value of all securities sold short would
exceed 25% of the value of the Fund's net assets. The Fund may not sell short
the securities of any single issuer listed on a national securities exchange
to the extent of more than 5% of the value of the Fund's net assets. The Fund
may not make a short sale which results in the Fund having sold short in the
aggregate more than 5% of the outstanding securities of any class of an
issuer.
The Funds also may make short sales "against the box," in which the
Fund enters into a short sale of a security it owns in order to hedge an
unrealized gain on the security At no time will more than 15% of the value of
the Fund's net assets be in deposits on short sales against the box.
105s060197
