July 18, 1994
PREMIER STATE MUNICIPAL BOND FUND
SUPPLEMENT TO PROSPECTUS
DATED FEBRUARY 18, 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 Fund's manager, The Dreyfus Corporation ("Dreyfus"), has entered
into an Agreement and Plan of Merger (the "Merger Agreement") 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 the receipt of certain regulatory
approvals and the approvals of the stockholders of Dreyfus and of Mellon.
The merger is expected to occur in August 1994, but could occur
significantly later.
As a result of regulatory requirements and the terms of the Merger
Agreement, Dreyfus will seek various approvals from the Fund's
shareholders before completion of the merger. Proxy materials, approved
by the Fund's Board, recently have been mailed to Fund shareholders.
The following information supersedes any contrary information
contained in the section of the Fund's Prospectus entitled "Management of
the Fund."
Joseph P. Darcy is the primary investment officer for each of the
Michigan, Minnesota and Ohio Series. Mr. Darcy has been employed by The
Dreyfus Corporation since May 1994. For more than five years prior to
joining The Dreyfus Corporation, Mr. Darcy was a Vice President and
Portfolio Manager for Merrill Lynch Asset Management.
(CONTINUED ON REVERSE SIDE)
The following information modifies certain information in the sections
of the 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 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 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 Prospectus entitled
"Performance Information."
From time to time, advertising materials for the Fund also may refer to
Value Line Mutual Fund Survey company ratings and related analyses
supporting the rating.
PSTEBFstkr071894
