April 4, 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").
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.
The following information supersedes the first sentence of
the fifth paragraph in the section of the Fund's Prospectus entitled
"Performance Information" and any other contrary information.
Effective February 28, 1994, the Fund was rated 4-Star by
Morningstar, Inc.
The following information supplements and supersedes
information contained in the section in the Fund's Prospectus entitled
"Redemption of Fund Shares - Redemption by Wire or Telephone" and describes
a new telephone redemption privilege.
Wire Redemption Privilege. An investor may request by wire or
telephone that redemption proceeds (minimum $1,000) be wired to the
investor's account at a bank which is a member of the Federal Reserve System,
or a correspondent bank if the investor's bank is not a member. An investor
may direct that redemption proceeds by paid by check (maximum $150,000 per
day) made out to the owners of record and mailed to the investor's address.
Redemption proceeds of less than $1,000 will be paid automatically by check.
Holders of jointly registered Fund or bank accounts may have redemption
proceeds of only up to $250,000 wired within any 30-day period. The Fund
reserves the right to refuse any redemption request, including requests made
shortly after a change of address, and may limit the amount involved or the
number of such requests.
Telephone Redemption Privilege. An investor may redeem Fund
shares (maximum $150,000 per day) by telephone if the investor has checked
the appropriate box on the Fund's Account Application or has filed a
Shareholder Services Form with the Transfer Agent. The redemption proceeds
will be paid by check and mailed to the investor's address. An investor may
telephone redemption instructions by called 1-800-221-0072 or, if the
investor is calling from overseas, 1-401-455-3309. The Fund reserves the
right to refuse any request made by telephone, including requests made
shortly after a change of address, and may limit the amount involved or the
number of telephone redemption requests. This Privilege may be modified or
terminated at any time by the Transfer Agent or the Fund. Shares held under
Keogh Plans, IRAs or other retirement plans, and shares for which
certificates have been issued, are not eligible for this Privilege.
