August 3, 1994
DREYFUS STRATEGIC INVESTING
SUPPLEMENT TO PROSPECTUS
DATED JANUARY 28, 1994
I. PROPOSED MERGER OF THE DREYFUS CORPORATION
The Fund's adviser, The Dreyfus Corporation ("Dreyfus"), has entered
into an Agreement and Plan of Merger providing for the merger (the
"Merger") of Dreyfus with a subsidiary of Mellon Bank, N.A. ("Mellon").
Following the Merger, it is planned that Dreyfus will be a direct
subsidiary of Mellon. Closing of the Merger is subject to a number of
contingencies, including approvals of the stockholders of Dreyfus and of
Mellon. The Merger is expected to occur in late August 1994, but could
occur significantly later.
The Merger will result in the automatic termination of the Fund's
current investment advisory agreement with Dreyfus, as required by the
Investment Company Act of 1940, as amended. The Merger also will
necessitate implementation of a new Service Plan.
II. RESULTS OF FUND SHAREHOLDER VOTE
THE FOLLOWING INFORMATION SUPPLEMENTS AND SUPERSEDES ANY
CONTRARY INFORMATION CONTAINED IN THE FUND'S PROSPECTUS.
On August 3, 1994, the Fund's shareholders voted to (a) approve (i) a
new investment advisory agreement with Dreyfus, and (ii) a new Service
Plan, each to become effective upon consummation of the Merger, and (b)
change one of the Fund's fundamental policies and investment restrictions
to permit the Fund to borrow money to the extent permitted under the
Investment Company Act of 1940, as amended.
(CONTINUED ON REVERSE SIDE)
III. REVISED MANAGEMENT POLICIES
THE FOLLOWING INFORMATION SUPPLEMENTS AND SHOULD BE READ IN
CONJUNCTION WITH THE SECTION IN THE FUND'S PROSPECTUS ENTITLED
"DESCRIPTION OF THE FUND __ MANAGEMENT POLICIES."
BORROWING MONEY __ As a fundamental policy, the Fund is permitted to
borrow to the extent permitted under the Investment Company Act of
1940. However, the Fund currently intends to borrow money only for
temporary or emergency (not leveraging) purposes, in an amount up to 15%
of the value of the Fund's total assets (including the amount borrowed)
valued at the lesser of cost or market, less liabilities (not including the
amount borrowed) at the time the borrowing is made. While borrowings
exceed 5% of the Fund's total assets, the Fund will not make any
additional investments.
037/stkr080394
August 3, 1994
DREYFUS STRATEGIC INVESTING
Supplement to the Statement of Additional Information
Dated January 28, 1994
At a meeting of Fund shareholders held on August 3, 1994, shareholders
approved a new Investment Restriction which supersedes and replaces the
Fund's current Investment Restriction number 6 in the section in the Fund's
Statement of Additional Information entitled "Investment Objective and
Management Policies--Investment Restrictions." New Investment Restriction
number 6 is a fundamental policy. This restriction cannot be changed
without approval by the holders of a majority (as defined in the Investment
Company Act of 1940, as amended (the "Act")) of the Fund's outstanding
voting shares. The Fund may not:
6. Borrow money, except to the extent permitted under the Act. For
purposes of this investment restriction, the entry into options, futures
contracts, including those relating to indexes, and options on futures
contracts or indexes shall not constitute borrowing.
