July 8, 1996
DREYFUS HIGH YIELD
SECURITIES FUND
SUPPLEMENT TO PROSPECTUS
DATED JANUARY 2, 1996
AS REVISED MARCH 26, 1996
THE FOLLOWING INFORMATION SUPPLEMENTS AND SHOULD BE READ IN
CONJUNCTION WITH THE INFORMATION CONTAINED IN THE SECTION OF THE FUND'S
PROSPECTUS ENTITLED "APPENDIX -- CERTAIN PORTFOLIO SECURITIES --
MORTGAGE-RELATED SECURITIES."
The mortgage-related securities in which the Fund may invest also
include multi-class pass-through certificates secured principally by
mortgage loans on commercial properties. These mortgage-related securities
are structured similarly to mortgage-related securities secured by pools of
residential mortgages. Commercial lending, however, generally is viewed as
exposing the lender to a greater risk of loss than one- to four-family
residential lending. Commercial lending, for example, typically involves larger
loans to single borrowers or groups of related borrowers than residential one-
to four-family mortgage loans. In addition, the repayment of loans
secured by income producing properties typically is dependent upon the
successful operation of the related real estate project and the cash flow
generated therefrom. Consequently, adverse changes in economic conditions and
circumstances are more likely to have an adverse impact on mortgage-related
securities secured by loans on commercial properties than on those secured by
loans on residential properties.
043/s070896
