May 1, 1996
PREMIER GNMA FUND
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 1996
THE FUND'S CURRENT CUSTODIAN, THE BANK OF NEW YORK, WILL CONTINUE TO
SERVE AS CUSTODIAN OF THE FUND'S INVESTMENTS UNTIL MAY 29, 1996. ON MAY 29,
1996, MELLON BANK, N.A., AN AFFILIATE OF THE DREYFUS CORPORATION, WILL BECOME
THE FUND'S CUSTODIAN. ACCORDINGLY, THE FOLLOWING INFORMATION SUPERSEDES,
UNTIL MAY 29, 1996, ANY CONTRARY INFORMATION CONTAINED IN THE SECTION OF THE
FUND'S PROSPECTUS ENTITLED "MANAGEMENT OF THE FUND-TRANSFER AND DIVIDEND
DISBURSING AGENT AND CUSTODIAN."
The Bank of New York, located at 90 Washington Street, New York, New
York 10286, serves as the Fund's Custodian.
027/s050196
May 1, 1996
PREMIER GNMA FUND
Supplement to Statement of Additional Information
Dated May 1, 1996
The Fund's current custodian, The Bank of New York, will
continue to serve as custodian of the Fund's investments until
May 29, 1996. On May 29, 1996, Mellon Bank, N.A., an affiliate
of The Dreyfus Corporation, will become the Fund's custodian.
Accordingly, the following information supersedes, until May 29,
1996, any contrary information contained in the section of the
Fund's Statement of Additional Information entitled "Transfer and
Dividend Disbursing Agent, Custodian, Counsel and Independent
Auditors."
The Bank of New York, located at 90 Washington Street, New
York, New York 10286, serves as the Fund's Custodian.
