November 15, 2000
Dreyfus Appreciation Fund, Inc.
Supplement to Statement of Additional Information
Dated May 1, 2000
The following supplements the information contained in the section of the
Fund's Statement of Additional Information entitled "Dividends, Distributions
and Taxes."
The Fund's capital gains distribution for the year 2000 is expected to be
significantly higher than the distributions made by the Fund in previous years.
The relatively higher distribution is the result of increased portfolio turnover
in the Fund during 2000 to meet shareholder redemptions in a volatile economic
environment.
