November 21, 1997
THE DREYFUS/LAUREL FUNDS TRUST
DREYFUS CORE VALUE FUND
INSTITUTIONAL SHARES
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 1997
At a meeting of the Board of Trustees held on November 20,
1997 (the "Meeting"), the Board approved certain changes to the
Fund's multiple class distribution structure to become effective on
or about January 16, 1998 (the "Effective Date"). THERE ARE NO
CHANGES TO THE FUND'S INSTITUTIONAL SHARES, WHICH ARE OFFERED TO
THOSE CUSTOMERS OF CERTAIN FINANCIAL PLANNERS AND INVESTMENT ADVISERS
WHO HELD SHARES OF A PREDECESSOR CLASS OF THE FUND ON APRIL 4, 1994.
The Fund's Investor shares will be redesignated as "Class A shares"
and will be subject to a maximum front-end sales load of 5.75%.
Holders of the Fund's Investor shares on the day prior to the
Effective Date will continue to be eligible to purchase Class A
shares of the Fund without a front-end sales load. The Fund's
Restricted shares will be redesignated as "Class R shares" and will
not be subject to any load. In addition, the Fund will begin offering
Class B shares, which will be subject to a maximum contingent
deferred sales charge ("CDSC") of 4% (the amount of the CDSC will
vary depending on the number of years from the time Class B shares
are purchased to the time they are redeemed), and Class C shares,
which will be subject to a 1.0% CDSC if shares are redeemed within
one year after purchase. Class A, B and C shares will be sold
primarily to clients of brokers, dealers and other financial
institutions that have entered into a Selling Agreement with the
Fund's distributor.
At the Meeting, the Board also approved changing the Fund's
name to "Dreyfus Premier Core Value Fund" effective as of the
Effective Date. EFFECTIVE JANUARY 15, 1998, THE FOLLOWING POLICIES
WILL BE IN EFFECT FOR THE FUND:
ADDITIONAL INFORMATION ABOUT PURCHASES, EXCHANGES AND
REDEMPTIONS. The Fund is intended to be a long-term investment
vehicle and is not designed to provide investors with a means of
speculation on short-term market movements. A pattern of frequent
purchases and exchanges can be disruptive to efficient portfolio
management and, consequently, can be detrimental to the Fund's
performance and its shareholders. Accordingly, if the Fund's
management determines that an investor is engaged in excessive
trading, the Fund, with or without prior notice, may temporarily or
permanently terminate the availability of Fund exchanges, or reject
in whole or part any purchase
or exchange request, with respect to such investor's account. Such
investors also may be barred from purchasing other funds in the
Dreyfus Family of
Funds. Generally, an investor who makes more than four exchanges out
of the Fund during any calendar year (for calendar year 1998,
beginning on January 15th) or who makes exchanges that appear to
coincide with an active market-timing strategy may be deemed to be
engaged in excessive trading. Accounts under common ownership or
control will be considered as one account for purposes of determining
a pattern of excessive trading. In addition, the Fund may refuse or
restrict purchase or exchange requests by any person or group if, in
the judgment of the Fund's management, the Fund would be unable to
invest the money effectively in accordance with its investment
objective and policies or could otherwise be adversely affected or if
the Fund receives or anticipates receiving simultaneous orders that
may significantly affect the Fund (E.G., amounts equal to 1% or more
of the
(CONTINUED ON REVERSE SIDE)
Fund's total assets). If an exchange request is refused, the Fund
will take no other action with respect to the shares until it
receives further instructions from the investor. The Fund may delay
forwarding redemption proceeds for up to seven days if the investor
redeeming shares is engaged in excessive trading or if the amount of
the redemption request otherwise would be disruptive to efficient
portfolio management or would adversely affect the Fund. The Fund's
policy on excessive trading applies to investors who invest in the
Fund directly or through financial intermediaries, but does not apply
to the Dreyfus Auto-Exchange Privilege, to any automatic investment
or withdrawal privilege described herein, or to participants in
employer-sponsored retirement plans.
During times of drastic economic or market conditions, the
Fund may suspend the Exchange Privilege temporarily without notice
and treat exchange requests based on their separate components _
redemption orders with a simultaneous request to purchase the other
fund's shares. In such a case, the redemption request would be
processed at the Fund's next determined net asset value but the
purchase order would be effective only at the net asset value next
determined after the fund being purchased receives the proceeds of
the redemption, which may result in the purchase being delayed.
THE FOLLOWING INFORMATION SUPPLEMENTS AND SUPERSEDES ANY
CONTRARY INFORMATION CONTAINED IN THE FUND'S PROSPECTUS.
The Fund's Class R shares are redesignated as "Restricted
shares" and the Fund's Investor shares are offered to any investor.
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.
392s1197
November 21, 1997
THE DREYFUS/LAUREL FUNDS TRUST
DREYFUS CORE VALUE FUND
INVESTOR AND CLASS R SHARES
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 1997
At a meeting of the Board of Trustees held on November 20,
1997 (the "Meeting"), the Board approved certain changes to the
Fund's multiple class distribution structure to become effective on
or about January 16, 1998 (the "Effective Date"). Accordingly, the
Fund's Investor shares will be redesignated as "Class A shares" and
will be subject to a maximum front-end sales load of 5.75%. HOLDERS
OF THE FUND'S INVESTOR SHARES ON THE DAY PRIOR
TO THE EFFECTIVE DATE WILL CONTINUE TO BE ELIGIBLE TO PURCHASE CLASS
A SHARES OF THE FUND WITHOUT A FRONT-END SALES LOAD. The Fund's
Restricted shares will be redesignated as "Class R shares" and will
not be subject to any load. There are no changes to the Fund's
Institutional shares, which are offered to those customers of certain
financial planners and investment advisers who
held shares of a predecessor class of the Fund on April 4, 1994. In
addition, the Fund will begin offering Class B shares, which will be
subject to a maximum contingent deferred sales charge ("CDSC") of 4%
(the amount of the CDSC will vary depending on the number of years
from the time Class B shares are purchased to the time they are
redeemed), and Class C shares, which will be subject to a 1.0% CDSC
if shares are redeemed within one year after purchase. Class A, B and
C shares will be sold primarily to clients of brokers, dealers and
other financial institutions that have entered into a Selling
Agreement with the Fund's distributor.
In addition, the Dreyfus Step Program and the service
allowing full-time or part-time employees of Dreyfus or any of its
affiliates or subsidiaries to open an account with a minimum of $50
by having a portion of their pay directly deposited into their Fund
account will be terminated with respect to the opening of new
accounts as of the Effective Date.
At the Meeting, the Board also approved changing the Fund's
name to "Dreyfus Premier Core Value Fund" effective as of the
Effective Date. EFFECTIVE JANUARY 1, 1998, THE FOLLOWING INFORMATION
SUPPLEMENTS AND SUPERSEDES ANY CONTRARY INFORMATION CONTAINED IN THE
PROSPECTUS UNDER THE CAPTION "HOW TO BUY FUND SHARES."
The minimum initial investment if $750 for Dreyfus-sponsored
Keogh Plans, IRAs (including regular IRAs, spousal IRAs for a non-
working spouse, Roth IRAs, SEP-IRAs and rollover IRAs) and 403(b)(7)
Plans with only one participant and $500 for Dreyfus-sponsored
Education IRAs, with no minimum on subsequent purchases.
EFFECTIVE JANUARY 15, 1998, THE FOLLOWING POLICIES WILL BE IN
EFFECT FOR THE FUND:
ADDITIONAL INFORMATION ABOUT PURCHASES, EXCHANGES AND
REDEMPTIONS. The Fund is intended to be a long-term investment
vehicle and is not designed to provide investors with a means of
speculation on short-term market movements. A pattern of frequent
purchases and exchanges can be disruptive to efficient portfolio
management and, consequently, can be detrimental to the Fund's
performance and
(CONTINUED ON REVERSE SIDE)
its shareholders. Accordingly, if the Fund's management determines
that an investor is engaged in excessive trading, the Fund, with or
without prior notice, may temporarily or permanently terminate the
availability of Fund exchanges, or reject in whole or part any
purchase or exchange request, with respect to such investor's
account. Such investors also may be barred from purchasing other
funds in the Dreyfus Family of Funds. Generally, an investor who
makes more than four exchanges out of the Fund during any calendar
year (for calendar year 1998, beginning on January 15th) or who makes
exchanges that appear to coincide with an active market-timing
strategy may be deemed to be engaged in excessive trading. Accounts
under common ownership or control will be considered as one account
for purposes of determining a pattern of excessive trading. In
addition, the Fund may refuse or restrict purchase or exchange
requests by any person or group if, in the judgment of the Fund's
management, the Fund would be unable to invest the money effectively
in accordance with its investment objective and policies or could
otherwise be adversely affected or if the Fund receives or
anticipates receiving simultaneous orders that may significantly
affect the Fund (E.G., amounts equal to 1% or more of the Fund's
total assets). If an exchange request is refused, the Fund will take
no other action with respect to the shares until it receives further
instructions from the investor. The Fund may delay forwarding
redemption proceeds for up to seven days if the investor redeeming
shares is engaged in excessive trading or if the amount of the
redemption request otherwise would be disruptive to efficient
portfolio management or would adversely affect the Fund. The Fund's
policy on excessive trading applies to investors who invest in the
Fund directly or through financial intermediaries, but does not apply
to the Dreyfus Auto-Exchange Privilege, to any automatic investment
or withdrawal privilege described herein, or to participants in
employer-sponsored retirement plans.
During times of drastic economic or market conditions, the
Fund may suspend the Exchange Privilege temporarily without notice
and treat exchange requests based on their separate components _
redemption orders with a simultaneous request to purchase the other
fund's shares. In such a case, the redemption request would be
processed at the Fund's next determined net asset value but the
purchase order would be effective only at the net asset value next
determined after the fund being purchased receives the proceeds of
the redemption, which may result in the purchase being delayed.
THE FOLLOWING INFORMATION SUPPLEMENTS AND SUPERSEDES ANY
CONTRARY INFORMATION CONTAINED IN THE FUND'S PROSPECTUS.
The Fund's Class R shares are redesignated as "Restricted
shares"and the Fund's Investor shares are offered to any investor.
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.
312/712s1197
