August 3, 1994
PREMIER CALIFORNIA MUNICIPAL BOND FUND
SUPPLEMENT TO PROSPECTUS DATED MAY 20, 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 (a) 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, and (b) change certain of the Fund's
fundamental policies and investment restrictions to permit the Fund to (i)
borrow money to the extent permitted under the Investment Company Act
of 1940, as amended, and (ii) pledge its assets to the extent necessary to
secure permitted borrowings and make such policy non-fundamental.
III. REVISED MANAGEMENT POLICIES
THE FOLLOWING INFORMATION SUPPLEMENTS AND SHOULD BE READ IN
CONJUNCTION WITH THE SECTION IN THE FUND'S PROSPECTUS ENTITLED
"DESCRIPTION OF THE FUND -- MANAGEMENT POLICIES."
BORROWING MONEY -- As a fundamental policy, the Fund is permitted to
borrow to the extent permitted under the Investment Company Act of
1940, as amended. However, the Fund currently intends to borrow money
only for temporary or emergency (not leveraging) purposes, in an amount
up to 15% of the value of the Fund's total assets (including the amount
borrowed) valued at the lesser of cost or market, less liabilities (not
including the amount borrowed) at the time the borrowing is made. While
borrowings exceed 5% of the Fund's total assets, the Fund will not make
any additional investments.
IV. 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:
(CONTINUED ON REVERSE SIDE)
<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 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.
023/613stkr080394
August 3, 1994
PREMIER CALIFORNIA MUNICIPAL BOND FUND
Supplement to the Statement of Additional Information
Dated May 20, 1994
At a meeting of Fund shareholders held on August 3, 1994, shareholders
approved new Investment Restrictions which supersede and replace the Fund's
current Investment Restrictions numbered 2 and 3 in the section in the Fund's
Statement of Additional Information entitled "Investment Objective and
Management Policies--Investment Restrictions." New Investment Restriction
number 2 is a fundamental policy. This restriction cannot be changed without
approval by the holders of a majority (as defined in the Investment Company Act
of 1940, as amended (the "Act")) of the Fund's outstanding voting shares. New
Investment Restriction number 3 is not a fundamental policy and may be changed
by vote of a majority of the Fund's Board members at any time. The Fund may
not:
2. Borrow money, except to the extent permitted under the Act.
Transactions in futures and options and the entry into short sales transactions
do not involve any borrowing for purposes of this restriction.
3. Pledge, mortgage, hypothecate or otherwise encumber its assets, except
to the extent necessary to secure permitted borrowings. The deposit
of assets in escrow in connection with the writing of covered put and
call options and the purchase of securities on a when-issued or
delayed-delivery basis and collateral arrangements with respect to
initial or variation margin for futures contracts and options on
futures contracts or indexes will not be deemed to be pledges of the
Fund's assets.
____________________________________
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 California 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.
