During the six months ended June 30, 2000, certain of the Funds' investment
policies were changed as set forth below:
Dreyfus Founders Discovery Fund
Effective May 1, 2000
Discovery Fund's investment policy which previously stated that the Fund
will normally invest at least 65% of its total assets in common stocks of
small, rapidly growing U.S.-based companies with market capitalizations or
annual revenues between $10 million and $1.5 billion was changed to state
that the Fund normally invests at least 65% of its total assets in common
stocks of small-cap companies. Small-cap companies are defined in the
prospectus as generally, those companies with market capitalizations of
less than $2.2 billion. This range may fluctuate depending on changes in
the value of the stock market as a whole.
Dreyfus Founders Growth and Income Fund
Effective May 1, 2000
The following clause has been deleted from the Growth and Income Fund's
investment policy: "The Fund normally invests at least 65% of its total
assets in "blue chip" stocks that have a market capitalization of at least
$1 billion." A company with a $1 billion market capitalization is now
regarded as a small cap company rather than as a "blue chip" company. The
adviser believes that the nature of the companies in which the Growth and
Income Fund typically invests is already adequately communicated by the
other portions of its investment policy.
