December 1, 1995
PREMIER STRATEGIC INVESTING
SUPPLEMENT TO PROSPECTUS
DATED SEPTEMBER 1, 1995
THE FOLLOWING INFORMATION SUPPLEMENTS OR REPLACES THE INFORMATION
CONTAINED IN THE SECTIONS OF THE FUND'S PROSPECTUS ENTITLED "DESCRIPTION OF
THE FUND - MANAGEMENT POLICIES," "MANAGEMENT OF THE FUND," "HOW TO BUY FUND
SHARES," "SHAREHOLDER SERVICES," AND "HOW TO REDEEM FUND SHARES":
The Fund currently invests primarily in equity securities of domestic and
foreign issuers which would be characterized as "value" companies according
to criteria established by The Dreyfus Corporation.
In general, The Dreyfus Corporation believes that companies with
relatively low price to book ratios, low price to earnings ratios or higher
than average dividend payments in relation to price should be classified as
value companies. Alternatively, companies which have above average earnings
or sales growth and retention of earnings and command higher price to
earnings ratios fit the more classic growth description.
Dreyfus Transfer, Inc., a wholly-owned subsidiary of The Dreyfus
Corporation, is located at One American Express Plaza, Providence, Rhode
Island 02903, and serves as the Fund's Transfer and Dividend Disbursing Agent
(the "Transfer Agent").
In order to accomplish a transaction using the TELETRANSFER Privilege
or the Telephone Exchange Privilege, please contact your financial
representative. If you do not have a financial representative, you may
telephone 1-800-645-6561 or, if you are calling from overseas, 516-794-5452.
The numbers will be effective January 1, 1996.
037s120195
