April 27, 1995
THE DREYFUS/LAUREL FUNDS, INC.
- PREMIER BALANCED FUND
Supplement to Prospectus
Dated March 1, 1995
The following information supersedes and replaces the first two
paragraphs contained in the section in the Fund's Prospectus entitled
"Description of the Fund - Management Policies":
To outperform the hybrid index, Dreyfus first employs a disciplined
valuation methodology to the return and risks of common stocks and bonds.
Dreyfus considers various factors in determining the relative
attractiveness of investing in common stocks and bonds. The factors which
are evaluated include an interest-rate adjusted market price/earnings
ratio, interest rate spreads reflecting the term structure of interest
rates, and the level and volatility of the return premium for common
stocks. The final decision as to which asset class is relatively more
attractive is determined by a formal decision rule process based on
extensive research by Dreyfus.
After developing the expected return and risks of each asset class,
Dreyfus utilizes computer models designed to identify imbalances in the
pricing of common stocks and bonds. Dreyfus then invests the Fund's
assets in common stocks and bonds in proportions intended to exploit the
perceived imbalances. Under normal circumstances, the Fund's total assets
are allocated approximately 60% to common stocks and 40% to bonds,
however, the Fund is permitted to invest up to 75%, and as little as 40%,
of its total assets in common stocks and up to 60%, and as little as 25%,
of its total assets in bonds, as deemed advisable by Dreyfus. Allocation
of assets among common stocks and bonds permits the Fund to exhibit less
risk than a fund consisting entirely of common stocks.
The information in Items I-IV below became effective on April 10,
1995:
I. The following information supersedes and replaces the information in
the ninth paragraph contained in the section in the Fund's Prospectus
entitled "How to Buy Fund Shares - General" and together with the
information contained in the tenth paragraph represents new instructions
for investments by wire:
(Continued on Reverse Side)
Wire payments may be made if your bank account is in a commercial
bank that is a member of the Federal Reserve System or any other bank
having a member of the Federal Reserve System or any other bank having a
correspondent bank in New York City. Immediately available funds may be
transmitted by wire to Boston Safe Deposit & Trust Co., together with the
applicable Class' DDA# as shown below, for purchase of Fund shares in your
name:
DDA#044318 Premier Balanced Fund/Class A shares;
DDA#044326 Premier Balanced Fund/Class B shares;
DDA#044342 Premier Balanced Fund/Class C shares;
DDA#044350 Premier Balanced Fund/Class R shares.
II. The following information supersedes and replaces the information in
the eleventh paragraph contained in the section in the Fund's Prospectus
entitled "How to Buy Fund Shares - General" and represents new
instructions for investments by electronic transfer of funds:
Subsequent investments also may be made by electronic transfer of
funds from an account maintained in a bank or other domestic financial
institution that is an Automated Clearing House ("ACH") member. You must
direct the institution to transmit immediately available funds through the
ACH System to Boston Safe Deposit & Trust Co. with instructions to credit
your Fund account. The instructions must specify your Fund account
registration and Fund account number preceded by the digits "4130" for Class
A shares, "4140" for Class B shares, "4150" for Class C shares and "4160" for
Class R shares.
III. The following information supplements and supersedes any contrary
information contained in the Fund's Prospectus and specifically in the
sections entitled "How to Buy Fund Shares" and "How to Redeem Fund Shares":
Each Class of shares may be purchased or redeemed by telephone using the
TeleTransfer Privilege.
IV. The third paragraph on page two of the Fund's Prospectus as well as the
third paragraph contained in the section in the Fund's Prospectus entitled
"How to Buy Fund Shares - General" are deleted in their entirety.
