August 3, 1994
PREMIER NEW YORK MUNICIPAL BOND FUND
SUPPLEMENT TO PROSPECTUS DATED MARCH 4, 1994
I. PROPOSED MERGER OF THE DREYFUS CORPORATION
The Fund's adviser, The Dreyfus Corporation ("Dreyfus"), has entered
into an Agreement and Plan of Merger providing for the merger (the
"Merger") of Dreyfus with a subsidiary of Mellon Bank, N.A. ("Mellon").
Following the Merger, it is planned that Dreyfus will be a direct
subsidiary of Mellon. Closing of the Merger is subject to a number of
contingencies, including approvals of the stockholders of Dreyfus and of
Mellon. The Merger is expected to occur in late August 1994, but could
occur significantly later.
The Merger will result in the automatic termination of the Fund's
current investment advisory agreement with Dreyfus, as required by the
Investment Company Act of 1940, as amended. The Merger also will
necessitate implementation of a new Distribution Plan.
II. RESULTS OF FUND SHAREHOLDER VOTE
THE FOLLOWING INFORMATION SUPPLEMENTS AND SUPERSEDES ANY
CONTRARY INFORMATION CONTAINED IN THE FUND'S PROSPECTUS.
On August 3, 1994, the Fund's shareholders voted to approve (i) a new
investment advisory agreement with Dreyfus, and (ii) a new Distribution
Plan with respect to Class B, each to become effective upon consummation
of the Merger.
III. OTHER MATTERS
COMMENCING AUGUST 8, 1994, THE FOLLOWING INFORMATION REPLACES
AND SUPERSEDES THAT CONTAINED IN THE FIRST PARAGRAPH IN THE
SECTION OF THE FUND'S PROSPECTUS ENTITLED "HOW TO BUY FUND SHARES
- -- CLASS A SHARES."
The public offering price for Class A shares is the net asset value per
share of that Class plus a sales load as shown below:
<TABLE>
<CAPTION>
As a % of As a % of Dealers' Reallowance
offering price net asset value as a % of
Amount of Transaction per share per share offering price
<S> <C> <C> <C>
Less than $50,000 4.50 4.70 4.25
$50,000 to less than $100,000 4.00 4.20 3.75
$100,000 to less than $250,000 3.00 3.10 2.75
$250,000 to less than $500,000 2.50 2.60 2.25
$500,000 to less than $1,000,000 2.00 2.00 1.75
</TABLE>
There is no initial sales charge on purchases of $1,000,000 or more of
Class A shares. If you purchase Class A shares without an initial sales
charge as part of an investment of at least $1,000,000 and redeem those
shares within two years after purchase, a CDSC of 1.00% will be imposed
at the time of redemption. The terms contained in the section of the
Fund's Prospectus entitled "How to Redeem Fund Shares -- Contingent
Deferred Sales Charge -- Class B" (other than the amount of the CDSC and
its time periods) are applicable to Class A shares subject to a CDSC.
Letter of Intent and Right of Accumulation apply to such purchases of
Class A shares. Dreyfus Service Corporation compensates certain Service
Agents for selling such Class A shares at
(CONTINUED ON REVERSE SIDE)
the time of purchase from Dreyfus Service Corporation's own assets. The
proceeds of the CDSC and the distribution fee, in part, are used to defray
any such expenses.
COMMENCING AUGUST 8, 1994, THE FOLLOWING INFORMATION SUPPLEMENTS
AND SHOULD BE READ IN CONJUNCTION WITH THE SECTION OF THE FUND'S
PROSPECTUS ENTITLED "HOW TO REDEEM FUND SHARES -- CHECK
REDEMPTION PRIVILEGE -- CLASS A."
The Check Redemption Privilege shall be applicable to Class A shares
subject to a CDSC with certain additional conditions. Your account will be
charged the CDSC applicable to the amount payable under each Redemption
Check you write. The Fund may return unpaid a Redemption Check that
would draw your account balance below the amount of such check and the
applicable CDSC and you may be subject to additional charges.
COMMENCING AUGUST 8, 1994, THE FOLLOWING INFORMATION SUPPLEMENTS
AND SHOULD BE READ IN CONJUNCTION WITH THE SECTION IN THE FUND'S
PROSPECTUS ENTITLED "HOW TO REDEEM FUND SHARES -- REINVESTMENT
PRIVILEGE -- CLASS A SHARES."
The Reinvestment Privilege applies to only Class A shares that are not
subject to a CDSC.
THE FOLLOWING INFORMATION MODIFIES CERTAIN INFORMATION IN THE
SECTIONS OF THE FUND'S 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. 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
Dreyfus. 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.
021/611stkr080394
