June 20, 1994
DREYFUS STRATEGIC INVESTING
SUPPLEMENT TO PROSPECTUS
DATED JANUARY 28, 1994
The following information supplements and should be read in
conjunction with the section of the Fund's Prospectus entitled
"Management of the Fund."
The Fund's manager, The Dreyfus Corporation ("Dreyfus"), has entered
into an Agreement and Plan of Merger (the "Merger Agreement") providing
for the merger of Dreyfus with a subsidiary of Mellon Bank Corporation
("Mellon").
Following the merger,it is planned that Dreyfus will be a direct
subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a
number of contingencies, including receipt of certain regulatory approvals
and approvals of the stockholders of Dreyfus and of Mellon. The merger is
expected to occur in August 1994, but could occur significantly later.
As a result of regulatory requirements and the terms of the Merger
Agreement, Dreyfus will seek various approvals from the Fund's
shareholders before completion of the merger. Proxy materials, approved
by the Fund's Board, recently have been mailed to Fund shareholders.
The following information modifies certain information in the sections of
the Prospectus entitled "Shareholder Services -- Exchange Privilege" and
"Shareholder Services -- Auto-Exchange Privilege."
You also may exchange Fund shares subject to a CDSC for shares of
Dreyfus Worldwide Dollar Money Market Fund, Inc. The shares so purchased
will be held in a special account created
(CONTINUED ON REVERSE SIDE)
solely for this purpose (the "Exchange Account"). Exchanges of shares
from an Exchange Account only can be made into certain other funds
managed or administered by The Dreyfus Corporation. No CDSC is charged
when you exchange into an Exchange Account; however, the applicable
CDSC will be imposed when shares are redeemed from an Exchange Account
or other applicable fund account. Upon redemption, the applicable CDSC
will be calculated without regard to the time such shares were held in
an Exchange Account. See "How to Redeem Fund Shares." In addition to the
limited Exchange and Auto-Exchange Privileges noted herein, Exchange
Account shares are eligible for the Dividend Sweep Privilege and the
Automatic Withdrawal Plan, and may receive redemption proceeds only by
Federal wire or by check.
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The following information supplements and should be read in conjunction
with the section of the Fund's Prospectus entitled "Performance
Information."
From time to time advertising materials for the Fund also may refer to
Value Line Mutual Fund Survey company ratings and related analyses
supporting the rating.
037/stkr062094
