June 11, 1999
Dreyfus Appreciation Fund, Inc.
Supplement to Statement of Additional Information
Dated May 1, 1999
The following information supplements and should be read in
conjunction with the section of the fund's Statement of Additional
Information entitled "Management Arrangements -- Distributor".
The Distributor may pay dealers a fee based on the amount
invested through such dealers in Fund shares by employees participating in
qualified or non-qualified employee benefit plans or other programs where
(i) the employers or affiliated employers maintaining such plans or
programs have a minimum of 250 employees eligible for participation in
such plans or programs, or (ii) such plan's or program's aggregate
investment in the Dreyfus Family of Funds or certain other products made
available by the Distributor to such plans or programs exceeds $1,000,000
("Eligible Benefit Plans"). Generally, the fee paid to dealers will not
exceed 1% of the amount invested through such dealers. The Distributor,
however, may pay dealers a higher fee and reserves the right to cease
paying these fees at any time. The Distributor will pay such fees from
its own funds, other than amounts received from the Fund, including past
profits or any other source available to it.
