September 11, 2007

Dreyfus Municipal Bond Fund

Dreyfus Smallcap Stock Index Fund

Dreyfus S&P 500 Index Fund

Dreyfus Pennsylvania Intermediate Municipal Bond Fund

Dreyfus Midcap Index Fund, Inc.

Dreyfus Small Company Value Fund

Dreyfus Midcap Value Fund

Dreyfus Emerging Leaders Fund

Dreyfus New York Tax Exempt Intermediate Bond Fund

Dreyfus Florida Intermediate Municipal Bond Fund

Dreyfus Premier California Tax Exempt Bond Fund, Inc. – Class Z 

Dreyfus Intermediate Municipal Bond Fund, Inc.

General New York Municipal Bond Fund, Inc.

Dreyfus New York Tax Exempt Bond Fund, Inc.

Dreyfus Premier Municipal Bond Fund – Class Z

Dreyfus Premier State Municipal Bond Fund, Massachusetts Series – Class Z 

Dreyfus Tax Managed Balanced Fund

Dreyfus Premier New Jersey Municipal Bond Fund, Inc. – Class Z 

Dreyfus Premier State Municipal Bond Fund, Connecticut Series – Class Z 

Supplement to Current Prospectus

The following information supplements and supersedes any contrary information contained in the fund’s prospectus.

Effective December 1, 2007, the fund will no longer assess a redemption fee on shares that are redeemed or exchanged before the end of the required holding period. The fund reserves the right to reimpose a redemption fee in the future.