July 24, 2000

                        DREYFUS FOUNDERS BALANCED FUND

                           SUPPLEMENT TO PROSPECTUS

                               DATED MAY 1, 2000

THE SECTION OF THE FUND'S PROSPECTUS ENTITLED "DISTRIBUTIONS AND TAXES" ON
PAGE  10 IS HEREBY AMENDED BY REPLACING THE FIRST PARAGRAPH OF THAT SECTION WITH
THE FOLLOWING:

      The  fund  intends  to  distribute  net  realized  investment  income on a
quarterly  basis every March, June, September, and December. The fund intends to
distribute any net realized capital gains on an annual basis each December. From
time  to  time,  the  fund may make distributions in addition to those described
above.

                                                                       086s0700



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