November 15, 1997
DREYFUS PREMIER
MUNICIPAL BOND FUND
SUPPLEMENT TO PROSPECTUS
DATED SEPTEMBER 1, 1997
        EFFECTIVE JANUARY 15, 1998, THE FOLLOWING POLICIES WILL BE IN EFFECT 
FOR THE FUND:
        ADDITIONAL INFORMATION ABOUT PURCHASES, EXCHANGES AND REDEMPTIONS. 
The Fund is intended to be a long-term investment vehicle and is not designed 
to provide investors with a means of speculation on short-term market 
movements. A pattern of frequent purchases and exchanges can be disruptive to 
efficient portfolio management and, consequently, can be detrimental to the 
Fund's performance and its shareholders. Accordingly, if the Fund's 
management determines that an investor is engaged in excessive trading, the 
Fund, with or without prior notice, may temporarily or permanently terminate 
the availability of Fund exchanges, or reject in whole or part any purchase 
or exchange request, with respect to such investor's account. Such investors 
also may be barred from purchasing other funds in the Dreyfus Family of 
Funds. Generally, an investor who makes more than four exchanges out of the 
Fund during any calendar year (for calendar year 1998, beginning on January 
15th) or who makes exchanges that appear to coincide with an active 
market-timing strategy may be deemed to be engaged in excessive trading. 
Accounts under common ownership or control will be considered as one account 
for purposes of determining a pattern of excessive trading. In addition, the 
Fund may refuse or restrict purchase or exchange requests by any person or 
group if, in the judgment of the Fund's management, the Fund would be unable 
to invest the money effectively in accordance with its investment objective 
and policies or could otherwise be adversely affected or if the Fund receives 
or anticipates receiving simultaneous orders that may significantly affect 
the Fund (E.G., amounts equal to 1% or more of the Fund's total assets). If 
an exchange request is refused, the Fund will take no other action with 
respect to the shares until it receives further instructions from the 
investor. The 


(CONTINUED ON REVERSE SIDE)
Fund may delay forwarding redemption proceeds for up to seven days if the 
investor redeeming shares is engaged in excessive trading or if the amount of 
the redemption request otherwise would be disruptive to efficient portfolio 
management or would adversely affect the Fund. The Fund's policy on excessive 
trading applies to investors who invest in the Fund directly or through 
financial intermediaries, but does not apply to the Dreyfus Auto-Exchange 
Privilege, to any automatic investment or withdrawal privilege described 
herein, or to participants in employer-sponsored retirement plans.
        During times of drastic economic or market conditions, the Fund may 
suspend the Exchange Privilege temporarily without notice and treat exchange 
requests based on their separate components - redemption orders with a 
simultaneous request to purchase the other fund's shares. In such a case, the 
redemption request would be processed at the Fund's next determined net asset 
value but the purchase order would be effective only at the net asset value 
next determined after the fund being purchased receives the proceeds of the 
redemption, which may result in the purchase being delayed.
        022s1197