January 6, 1997
DREYFUS NEW LEADERS FUND, INC.
Supplement to Prospectus
Dated May 1, 1996
The following information supersedes and replaces any contrary
information contained in the Fund's Prospectus entitled "Fee Table" and "How to
Buy Shares:"
You can purchase Fund shares without charge directly from the Fund's
distributor; you may be charged a fee if you effect transactions in Fund shares
through a securities dealer, bank or other financial institution.
The following information supersedes and replaces any contrary
information contained under the section of the Fund's Prospectus entitled
"Description of the Fund - Management Policies:"
The Fund is particularly alert to companies which The Dreyfus Corporation
considers to be new leaders - that is, emerging smaller-sized companies
(typically with market capitalizations of less than $1.5 billion), both domestic
and foreign, which The Dreyfus Corporation believes to be characterized by new
or innovative products, services or processes which should enhance prospects for
growth in future earnings.
The following information supersedes and replaces any contrary
information contained under the section of the Fund's Prospectus entitled
"Management of the Fund Investment Adviser:"
The Fund's primary portfolio managers are Hilary Woods and Paul Kandel.
Ms Woods has been employed by The Dreyfus Corporation since 1987. Prior to
joining The Dreyfus Corporation in October 1994, Mr. Kandel served for two years
as a manager at Ark Asset Management and prior thereto, served for four years as
an Assistant Vice President at Bankers Trust Company.
