October 1, 1997
DREYFUS APPRECIATION FUND, INC.
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 1997
THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES THE RELEVANT
INFORMATION CONTAINED IN THE FOLLOWING INDICATED SECTIONS OF THE FUND'S
PROSPECTUS:
ANNUAL FUND OPERATING EXPENSES
(as a percentage of average daily net assets)
Management Fees...................... .55%
Other Expenses....................... .41%
Total Fund Operating Expenses........ .96%
EXAMPLE: 1 YEAR 3 YEARS 5 YEARS 10 YEARS
You would pay the following
expenses on a $1,000 investment,
assuming (1) 5% annual return
and (2) redemption at the
end of each time period: $10 $31 $53 $118
SHAREHOLDER SERVICES PLAN
Under the Shareholder Services Plan, the Fund pays the Distributor
for the provision of certain services to shareholders of the Fund a fee at
the annual rate of .25 of 1% of the value of the Fund's average daily net
assets. The services provided may include personal services relating to
shareholder accounts, such as answering shareholder inquiries regarding the
Fund and providing reports and other information, and services related to the
maintenance of shareholder accounts. The Distributor may make payments to
Service Agents in respect of these services. The Distributor determines the
amounts to be paid to Service Agents.
THE FOLLOWING INFORMATION SUPERSEDES ANY CONTRARY INFORMATION
CONTAINED IN THE FUND'S PROSPECTUS.
The Telephone Redemption Privilege is granted automatically unless
you specifically refuse it by checking the applicable "No" box on the Account
Application. The Telephone Redemption Privilege may be established for an
existing account by a separate signed Shareholder Services Form or by oral
request from any of the authorized signatories on the account by calling
1-800-645-6561.
B141s1097
October 1, 1997
DREYFUS APPRECIATION FUND, INC.
Supplement to Statement of Additional Information
Dated May 1, 1997
The following information supersedes and replaces the relevant
information contained in the following indicated section of the Fund's
Statement of Additional Information:
Shareholder Services Plan
The Fund has adopted a Shareholder Services Plan, pursuant to which the
Fund pays the Distributor for the provision of certain services to
shareholders of the Fund. The services provided may include personal
services relating to shareholder accounts, such as answering shareholder
inquiries regarding the Fund and providing reports and other information,
and services related to the maintenance of shareholder accounts. Under the
Shareholder Services Plan, the Distributor may make payments to certain
financial institutions, securities dealers and other industry professionals
(collectively, "Service Agents") in respect of these services.
