June 24, 1994
                                  PREMIER MUNICIPAL BOND FUND
                   SUPPLEMENT TO PROSPECTUS DATED JUNE 24, 1994

    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 the receipt of certain regulatory
approvals and the approvals of the stockholders of Dreyfus and of Mellon.
The merger is expected to occur in August 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
shareholders before completion of the merger. Proxy materials, approved
by the Fund's Board, recently have been mailed to Fund shareholders.
    The following information modifies certain information in the sections
of the Prospectus entitled "Shareholder Services -- Exchange Privilege"
and "Shareholder Services -- Auto-Exchange Privilege."
Investors also may exchange their Fund shares subject to a CDSC for
shares of Dreyfus Worldwide Dollar Money Market Fund, Inc.
                             (CONTINUED ON REVERSE SIDE)
The shares so purchased will be held in a special account created solely
for this purpose (the "Exchange Account"). Exchanges of shares from an
Exchange Account only can be made into certain other funds managed or
administered by The Dreyfus Corporation. No CDSC is charged when an
investor exchanges into an Exchange Account; however, the applicable
CDSC will be imposed when shares are redeemed from an Exchange
Account or other applicable fund account. Upon redemption, the applicable
CDSC will be calculated without regard to the time such shares were held
in an Exchange Account. See "How to Redeem Fund Shares." In addition to
the limited Exchange and Auto-Exchange Privileges noted herein, Exchange
Account shares are eligible for the Dividend Sweep Privilege and the
Automatic Withdrawal Plan, and may receive redemption proceeds only by
Federal wire or by check.
    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.
022/612stkr062494


                                                  June 24, 1994


                         PREMIER MUNICIPAL BOND FUND

              Supplement to Statement of Additional Information
                             Dated June 24, 1994


     The following information modifies certain information in the
sections of the Statement of Additional Information entitled "Shareholder
Services -- Exchange Privilege" and "Shareholder Services -- Auto-Exchange
Privilege."

     Investors also may exchange their Fund shares subject to a CDSC for
shares of Dreyfus Worldwide Dollar Money Market Fund, Inc.  The shares so
purchased will be held in a special account created solely for this
purpose (the "Exchange Account").  Exchanges of shares from an Exchange
Account only can be made into certain other funds managed or administered
by The Dreyfus Corporation.  No CDSC is charged when an investor exchanges
into an Exchange Account; however, the applicable CDSC will be imposed
when shares are redeemed from an Exchange Account or other applicable fund
account.  Upon redemption, the applicable CDSC will be calculated without
regard to the time such shares were held in an Exchange Account.  See "How
to Redeem Fund Shares" in the Fund's Prospectus.  In addition to the
limited Exchange and Auto-Exchange Privileges noted herein, Exchange
Account shares are eligible for the Dividend Sweep Privilege and the
Automatic Withdrawal Plan, and may receive redemption proceeds only by
Federal wire or by check.

                   _______________________________________

     The following information supplements and should be read in
conjunction with the section of the Fund's Statement of Additional
Information entitled "Shareholder Services":

     Dividend ACH.  Dividend ACH permits a shareholder to transfer
electronically their dividends or dividends and capital gains, if any,
from the Fund to a designated bank account.  Only an account maintained at
a domestic financial institution which is an Automated Clearing House
member may be so designated.  Banks may charge a fee for this service.
For more information concerning Dividend ACH, or to request a Dividend
Options form, please call toll free 1-800-645-6561.  You may cancel this
privilege by mailing written notification to Premier Municipal Bond Fund,
P.O. Box 6587, Providence, Rhode Island 02940-6587.  Enrollment or
cancellation is effective three business days following receipt.  This
privilege is available only for existing accounts.  The Fund may modify or
terminate this privilege at any time or charge a service fee.  No such fee
currently is contemplated.