FOR USE BY BANKS ONLY
May 1, 1996
DREYFUS APPRECIATION FUND, INC.
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 1996
All mutual fund shares involve certain investment risks, including
the possible loss of principal.
141/s050196BNK
May 1, 1996
DREYFUS APPRECIATION FUND, INC.
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 10, 1996. ON MAY 10,
1996, MELLON BANK, N.A., AN AFFILIATE OF THE DREYFUS CORPORATION, WILL BECOME
THE FUND'S CUSTODIAN. ACCORDINGLY, THE FOLLOWING INFORMATION SUPERSEDES,
UNTIL MAY 10, 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.
141/s050196
May 1, 1996
DREYFUS APPRECIATION FUND, INC.
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 10, 1996. On May 10,
1996, Mellon Bank, N.A., an affiliate of The Dreyfus Corporation, will become
the Fund's custodian. Accordingly, the following information supersedes,
until May 10, 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.
