February 22, 1994
FIRST PRAIRIE U.S. GOVERNMENT INCOME FUND
Supplement to Prospectus
Dated February 8, 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 Dreyfus Corporation ("Dreyfus") has entered into an Agreement and
Plan of Merger 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 receipt of certain regulatory approvals
and approvals of the stockholders of Dreyfus and of Mellon. The merger is
expected to occur in mid-1994, but could occur significantly later.
The following information supersedes and replaces the last paragraph in
the section in the Fund's Prospectus entitled "Alternative Purchase
Methods."
An investor who is not eligible to purchase Class F shares should
consider whether, during the anticipated life of the investor's investment
in the Fund, the accumulated distribution fee and CDSC on Class B shares
prior to conversion would be less than the initial sales charge on Class A
shares purchased at the same time, and to what extent, if any, such
differential would be offset by the return of Class A. In this regard,
investors qualifying for reduced initial sales charges who expect to
maintain their investment for an extended period of time might consider
purchasing Class A shares because the accumulated continuing distribution
fees on Class B shares may exceed the initial sales charge on Class A shares
during the life of the investment. Generally, Class A shares may be more
appropriate for investors who invest $100,000 or more in Fund shares.
The following information supplements and supersedes information
contained in the section in the Fund's Prospectus entitled "Redemption of
Fund Shares--Redemption by Wire or Telephone" and describes a new telephone
redemption privilege.
Wire Redemption Privilege. An investor may request by wire or telephone
that redemption proceeds (minimum $1,000) be wired to the investor's account
at a bank which is a member of the Federal Reserve System, or a
correspondent bank if the investor's bank is not a member. An investor may
direct that redemption proceeds be paid by check (maximum $150,000 per day)
made out to the owners of record and mailed to the investor's address.
Redemption proceeds of less than $1,000 will be paid automatically by check.
Holders of jointly registered Fund or bank accounts may have redemption
proceeds of only up to $250,000 wired within any 30-day period. The Fund
reserves the right to refuse any redemption request, including requests made
shortly after a change of address, and may limit the amount involved or the
number of such requests.
Telephone Redemption Privilege. An investor may redeem Fund shares (maximum
$150,000 per day) by telephone if the investor has checked the appropriate
box on the Fund's Account Application or has filed a Shareholder Services
Form with the Transfer Agent. The redemption proceeds will be paid by check
and mailed to the investor's address. An investor may telephone redemption
instructions by calling 1-800-221-0072 or, if the investor is calling from
overseas, 1-401-455-3309. The Fund reserves the right to refuse any request
made by telephone, including requests made shortly after a change of
address, and may limit the amount involved or the number of telephone
redemption requests. This Privilege may be modified or terminated at any
time by the Transfer Agent or the Fund. Shares held under Keogh Plans, IRAs
or other retirement plans, and shares for which certificates have been
issued, are not eligible for this Privilege.
