March 17, 1997
                              PREMIER GNMA FUND
                          SUPPLEMENT TO PROSPECTUS
                              DATED MAY 1, 1996
                          AS REVISED DECEMBER 1,1996
        THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES ANY CONTRARY
INFORMATION CONTAINED IN THE SECTION OF THE FUND'S PROSPECTUS ENTITLED
"MANAGEMENT OF THE FUND".
        Effective March 1997, the Fund's primary portfolio manager is Michael
Hoeh, who has been employed by The Dreyfus Corporation since October 1996.
Mr. Hoeh joined The Dreyfus Corporation from Arm Capital Advisors, Inc.,
where he was Vice President of Portfolio Management since 1994. From 1991 to
1994, Mr. Hoeh was Vice President in the Risk Management division of
Blackrock Financial Management.
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