August 11, 1995
                        PREMIER MUNICIPAL BOND FUND
                         SUPPLEMENT TO PROSPECTUS
                            DATED JULY 12, 1995
        THE FOLLOWING INFORMATION SUPPLEMENTS AND SHOULD BE READ IN
CONJUNCTION WITH THE SECTION OF THE FUND'S PROSPECTUS ENTITLED "HOW TO BUY
FUND SHARES - CLASS A SHARES":
        Class A shares also may be purchased at net asset value without a
sales load through certain broker-dealers and other financial institutions
which have entered into an agreement with the Distributor, which includes a
requirement that such shares be sold for the benefit of clients participating
in a "wrap account" or a similar program under which such clients pay a fee
to such broker-dealer or other financial institution.
        Class A shares also may be purchased at net asset value, subject to
appropriate documentation, through a broker-dealer or other financial
institution with the proceeds from the redemption of shares of a registered
open-end management investment company not managed by The Dreyfus Corporation
or its affiliates. The purchase of Class A shares of the Fund must be made
within 60 days of such redemption and the shareholder must have either
(i) paid an initial sales charge or a contingent deferred sales charge or
(ii) been obligated to pay at any time during the holding period, but did not
actually pay on redemption, a deferred sales charge with respect to such
redeemed shares.
        Class A shares also may be purchased at net asset value, subject to
appropriate documentation, by (i) qualified separate accounts maintained by an
insurance company pursuant to the laws of any State or territory of the United
States, (ii) a State, county or city or instrumentality thereof, (iii) a
charitable organization (as defined in Section 501(c)(3) of the Internal
Revenue Code of 1986, as amended (the "Code")) investing $50,000 or more in
Fund shares, and (iv) a charitable remainder trust (as defined in Section
501(c)(3) of the Code).  022/612s081195