February 16, 1994


                             PREMIER MUNICIPAL BOND FUND
                              Supplement to Prospectus
                  Dated June 30, 1993, As Revised December 3, 1993

      The following information supplements and should be read in
conjunction with the section of the Fund's Prospectus entitled "Management
of the Fund."

      The Fund's manager, The Dreyfus Corporation ("Dreyfus"), has entered
into an Agreement and Plan of Merger (the "Merger Agreement") providing
for the merger of Dreyfus with a subsidiary of Mellon Bank Corporation
("Mellon").

      Following the merger, it is planned that Dreyfus will be a direct
subsidiary of Mellon Bank, N.A.  Closing of this merger is subject to a
number of contingencies, including receipt of certain regulatory approvals
and approvals of the stockholders of Dreyfus and of Mellon.  The merger is
expected to occur in mid-1994, but could occur significantly later.

      As a result of regulatory requirements and the terms of the Merger
Agreement, Dreyfus will seek various approvals from the Fund's board and
shareholders before completion of the merger.  Shareholder approval will
be solicited by a proxy statement.

                         __________________________________


      The following information supplements and should be read in
conjunction with the section of the Fund's Prospectus entitled
"Performance Information."

      From time to time, advertising materials for the Fund also may refer
to Value Line Mutual Fund Survey company ratings and related analyses
supporting the rating.