February 1, 1996
THE DREYFUS/LAUREL FUNDS, INC. --
DREYFUS INSTITUTIONAL S&P 500 STOCK INDEX FUND
SUPPLEMENT TO PROSPECTUS
DATED MARCH 1, 1995
THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES THE INFORMATION IN
THE THIRD PARAGRAPH CONTAINED IN THE SECTION IN THE FUND'S PROSPECTUS
ENTITLED "DESCRIPTION OF THE FUND -- MANAGEMENT POLICIES."
As the Fund's assets increase, the Fund expects to invest in all 500
stocks in the S&P 500 Index in proportion to their weighing in the Index,
including Mellon Bank Corporation stock. To the extent that the size of the
Fund does not permit it to invest in all 500 stocks in the Index, the Fund
will purchase a representative sample of stock from each industry sector
included in the Index in proportion to that industry's weighing in the Index.
THE FOLLOWING INFORMATION SUPPLEMENTS OR REPLACES THE INFORMATION
CONTAINED IN THE SECTIONS OF THE FUND'S PROSPECTUS ENTITLED "MANAGEMENT OF
THE FUND," "HOW TO BUY FUND SHARES," "SHAREHOLDER SERVICES," AND "HOW TO
REDEEM FUND SHARES":
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").
Effective January 1, 1996, the telephone number for the following
transactions is 1-800-645-6561 or, if you are calling from overseas,
516-794-5452:
* Dreyfus TELETRANSFER Privilege
* Telephone Exchange Privilege
* Wire Redemption Privilege
* Telephone Redemption Privilege
THE FOLLOWING INFORMATION SUPPLEMENTS AND SUPERSEDES ANY CONTRARY
INFORMATION CONTAINED IN THE FUND'S PROSPECTUS AND SPECIFICALLY IN THE
SECTION ENTITLED "DISTRIBUTION PLAN (INVESTOR SHARES ONLY)".
Effective August 2, 1995, the Distribution Plan adopted pursuant to
Rule 12b-1 under the Investment Company Act of 1940 applicable to the Fund's
Investor Shares was terminated.
THE FOLLOWING INFORMATION SUPPLEMENTS, SHOULD BE READ IN CONJUNCTION
WITH, AND SUPERSEDES ANY CONTRARY INFORMATION CONTAINED IN THE FUND'S
PROSPECTUS.
Effective September 15, 1995, the Fund's name changed from Dreyfus
S&P 500 Stock Index Fund to Dreyfus Institutional S&P 500 Stock Index Fund.
THE FOLLOWING INFORMATION SUPPLEMENTS AND SUPERSEDES ANY CONTRARY
INFORMATION CONTAINED IN THE FUND'S PROSPECTUS AND SPECIFICALLY IN THE
SECTION ENTITLED "MANAGEMENT OF THE FUND."
Effective September 15, 1995, the Investment Management Agreement
between The Dreyfus/Laurel Funds, Inc., on behalf of the Fund, and The
Dreyfus Corporation ("Dreyfus") was amended to reflect a reduction in the
annual management fee payable by the Fund to Dreyfus from .40 of 1% to .20 of
1% of the Fund's average daily net assets.
(CONTINUED ON REVERSE SIDE)
THE FOLLOWING INFORMATION SUPPLEMENTS AND SUPERSEDES ANY CONTRARY
INFORMATION CONTAINED IN THE FUND'S PROSPECTUS AND SPECIFICALLY IN THE
SECTIONS ENTITLED "DESCRIPTION OF THE FUND -- GENERAL" AND "HOW TO BUY FUND
SHARES -- GENERAL".
Effective September 15, 1995, the Fund's "Investor" and "Class R"
designations were eliminated and the Fund is a single class fund without any
separate class designation. Fund shares can be purchased through the Fund's
Distributor or banks, securities brokers or dealers and other financial
institutions.
THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES THE INFORMATION IN
THE FIRST TWO SENTENCES OF THE EIGHTH 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 NINTH PARAGRAPH REPRESENTS NEW
INSTRUCTIONS FOR INVESTMENTS BY WIRE:
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 correspondent bank in New York City. Immediately available funds may be
transmitted by wire to Boston Safe Deposit & Trust Co., DDA#044288 Dreyfus
Institutional S&P 500 Stock Index Fund, for purchase of Fund shares in your
name.
THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES THE INFORMATION IN
THE TENTH 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 "4110".
THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES THE INFORMATION IN
THE FIFTH PARAGRAPH CONTAINED IN THE SECTION IN THE FUND'S PROSPECTUS
ENTITLED "HOW TO BUY FUND SHARES -- GENERAL".
The minimum initial investment is $100,000. Subsequent investments
must be at least $1,000 (or at least $100 in the case of persons who have
held fund shares since September 14, 1995, except that there is no minimum on
subsequent purchases for holders of Fund shares in a Dreyfus-sponsored Keogh
Plan, IRA, SEP-IRA or 403(b)(7) Plan (with only one participant) account
since September 14, 1995. The initial investment must be accompanied by the
Fund's account application. TheFund reserves the right to offer Fund shares
without regard to minimum purchase requirements to employees participating in
certain qualified or non-qualified employee benefit plans or other programs
where contributions or account information can be transmitted in a manner and
form acceptable to the Fund. The Fund reserves the right to vary further the
initial and subsequent investment minimum requirements at any time.
(CONTINUED ON REVERSE SIDE)
THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES THE FOURTH
PARAGRAPH IN THE SECTION IN THE FUND'S PROSPECTUS ENTITLED "HOW TO REDEEM
FUND SHARES -- GENERAL".
The Fund reserves the right to redeem a shareholder's account at its
option upon not less than 45 days' written notice if the net asset value of
such account is $10,000 or less ($500 or less in the case of Fund
shareholders since September 14, 1995) and remains at or below such amount
during the notice period.
THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES THE FIRST SENTENCE
IN THE FIRST PARAGRAPH CONTAINED IN THE SECTION IN THE FUND'S PROSPECTUS
ENTITLED "SHAREHOLDER SERVICES -- FUND EXCHANGES".
You may purchase, in exchange for shares of the Fund, (a) shares
(however the same may be named) of other funds managed or administered by
Dreyfus which you would otherwise be eligible to purchase; (b) shares of
funds managed or administered by Dreyfus which do not have separate share
classes; and (c) shares of other funds specified from time to time, to the
extent such shares are offered for sale in your state of residence.
THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES THE FIRST SENTENCE
IN THE FIRST PARAGRAPH CONTAINED IN THE SECTION IN THE FUND'S PROSPECTUS
ENTITLED "SHAREHOLDER SERVICES -- DREYFUS AUTO-EXCHANGE PRIVILEGE".
Dreyfus Auto-Exchange Privilege enables you to invest regularly (on a
semi-monthly, monthly, quarterly or annual basis), in exchange for shares of
the Fund, in (a) shares (however the same may be named) of certain other
funds in TheDreyfus Family of Funds; and (b) shares of other funds specified
from time to time, of which you are currently a shareholder.
THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES THE FIRST SENTENCE
IN THE FIRST PARAGRAPH CONTAINED IN THE SECTION IN THE FUND'S PROSPECTUS
ENTITLED "SHAREHOLDER SERVICES -- DREYFUS DIVIDEND OPTIONS".
Dreyfus Dividend Sweep enables you to invest automatically dividends
or dividends and capital gain distributions, if any, paid by the Fund in (a)
shares (however the same may be named) of certain other funds in The Dreyfus
Family of Funds; and (b) shares of other funds specified from time to time,
of which you are currently a shareholder.
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":
Shares of the Fund may be purchased or redeemed by telephone using the
Dreyfus TELETRANSFER Privilege.
THE SIXTH PARAGRAPH ON PAGE ONE 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.
313/713s020196
