October 17, 1996
DREYFUS HIGH YIELD
SECURITIES FUND
SUPPLEMENT TO PROSPECTUS
DATED SEPTEMBER 20, 1996
THE FOLLOWING INFORMATION SUPERSEDES THE INFORMATION CONTAINED IN THE
LAST SENTENCE OF THE SECTION OF THE FUND'S PROSPECTUS ENTITLED
"APPENDIX--INVESTMENT TECHNIQUES--FORWARD COMMITMENTS":
A segregated account of the Fund consisting of permissible liquid
assets at least equal at all times to the amount of the commitments will be
established and maintained at the Fund's custodian bank.
043s101796
October 17, 1996
DREYFUS INCOME FUNDS
DREYFUS EQUITY DIVIDEND FUND
DREYFUS HIGH YIELD SECURITIES FUND
DREYFUS SHORT TERM HIGH YIELD FUND
DREYFUS STRATEGIC INCOME FUND
Supplement to Statement of Additional Information
Dated September 20, 1996
The following information supersedes the information contained in the
fourth sentence of the paragraph of the Company's Combined Statement of
Additional Information entitled "Investment Objectives and Management
Policies -- Management Policies -- Leverage":
To the extent the Fund enters into a reverse repurchase agreement, the
Fund will maintain in a segregated custodial account permissible liquid
assets at least equal to the aggregate amount of its reverse repurchase
obligations, plus accrued interest, in certain cases, in accordance with
releases promulgated by the Securities and Exchange Commission.
The following information supersedes the information contained in the
fourth paragraph of the section of the Company's Statement of Additional
Information entitled "Investment Objectives and Management Policies --
Management Policies -- Short-Selling":
Until a Fund closes its short position or replaces the borrowed
security, it will:
(a) maintain a segregated account, containing permissible liquid assets, at
such a level that the amount deposited in the account plus the amount
deposited with the broker as collateral always equals the current value of
the security sold short; or (b) otherwise cover its short position.
The following information supersedes the information contained in the
fourth paragraph of the section of the Company's Statement of Additional
Information entitled "Investment Objectives and Management Policies --
Management Policies -- Futures Transactions -- In General":
Pursuant to regulations and/or published positions of the Securities and
Exchange Commission, a Fund may be required to segregate permissible liquid
assets in connection with its commodities transactions in an amount generally
equal to the value of the underlying commodity.
The following information supersedes the information contained in the
second paragraph of the section of the Company's Statement of Additional
Information entitled "Investment Objectives and Management Policies --
Management Policies -- Options -- In General":
A covered call option written by a Fund is a call option with respect to
which a Fund owns the underlying security or otherwise covers the transaction
by segregating permissible liquid assets. A put option written by a Fund is
covered when permissible liquid assets having a value equal to or greater
than the exercise price of the option are placed in a segregated account with
the Fund's custodian to fulfill the obligation undertaken.
The following information supersedes the information contained in the
last sentence of the first paragraph of the section of the Company's
Statement of Additional Information entitled "Investment Objectives and
Management Policies -- Management Policies -- Forward Commitments":
A segregated account of the Fund consisting of permissible liquid assets
at least equal at all times to the amount of the commitments will be
established and maintained at the Fund's custodian bank.
