FIRST PRAIRIE DIVERSIFIED ASSET FUND
497, 1994-02-16
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                         February 8, 1994


   FIRST PRAIRIE DIVERSIFIED ASSET FUND

     Supplement to Prospectus Dated February 8, 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 Dreyfus Corporation ("Dreyfus") has entered into an
 Agreement and Plan of Merger providing for the merger of Dreyfus
 with a subsidiary of Mellon Bank Corporation ("Mellon").

   Upon closing of the merger, it is planned that Dreyfus will
 retain its New York headquarters and will be a separate
 subsidiary within the Mellon organization. It is expected that
 the Dreyfus management team and the Dreyfus mutual fund managers
 will remain in place, and the Dreyfus mutual funds will be
 operated in the same manner as they are currently.

   Following the merger, Dreyfus will be either a direct or
 indirect subsidiary of Mellon, whose principal banking
 subsidiary is 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 mid-1994, but could occur significantly later.



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