November 25, 1997
THE DREYFUS/LAUREL FUNDS, INC.
DREYFUS DISCIPLINED EQUITY INCOME FUND
SUPPLEMENT TO PROSPECTUS
DATED MARCH 1, 1997
At a meeting of the Board of Directors held on November 20, 1997 (the
"Meeting"), the Board approved changing the Fund's non-fundamental investment
objective from seeking an above-average level of income along with moderate
long-term growth of income and principal to seeking investment returns
(including capital appreciation and income) consistently superior to the
Standard & Poor's 500 Composite Stock Price Index (the "S&P 500 Index"). The
Board also approved changes to certain of the Fund's non-fundamental
investment policies in seeking to enhance the Fund's ability to meet its
modified investment objective. Accordingly, under normal circumstances, the
Fund will invest at least 65% of its total assets in equity securities. The
Fund will no longer invest in convertible bonds and preferred stocks;
however, most of the stocks held by the Fund will pay dividends. The Fund
will continue to manage risk by maintaining the structure of the Fund's
portfolio similar to the S&P 500 Index, but will not overweight certain
sectors in attempting to achieve higher yields. The changes to the Fund's
investment objective and policies will become effective on or about January
16, 1998 (the "Effective Date").
At the Meeting, the Board also approved certain changes to the Fund's
multiple class distribution structure to become effective as of the Effective
Date. Accordingly, the Fund's Investor shares will be redesignated as "Class
A shares" and will be subject to a maximum front-end sales load of 5.75%.
HOLDERS OF THE FUND'S INVESTOR SHARES ON THE DAY PRIOR TO THE EFFECTIVE DATE
WILL CONTINUE TO BE ELIGIBLE TO PURCHASE CLASS A SHARES OF THE FUND WITHOUT A
FRONT-END SALES LOAD. Omnibus accounts will be eligible to purchase Class A
shares without a front-end sales load only on behalf of their customers who
held Investor shares of the Fund through such omnibus account on the day
prior to the Effective Date. The Fund's Restricted shares will be
redesignated as "Class R shares" and will not be subject to any load.
Effective December 1, 1997, Restricted shares will be offered only to
holders of that class of shares as of November 30, 1997 and will not be
available for opening new accounts. Omnibus accounts will be eligible to
purchase Restricted shares of the Fund only on behalf of their customers who
held Restricted shares of the Fund through such omnibus account on November
30, 1997.
In addition, the Dreyfus Step Program and the service allowing
full-time or part-time employees of Dreyfus or any of its affiliates or
subsidiaries to open an account with a minimum of $50 by having a portion of
their pay directly deposited into their Fund account will be terminated with
respect to the opening of new accounts as of the Effective Date.
At the Meeting, the Board also approved changing the Fund's name to
"Dreyfus Premier Large Company Stock Fund" effective as of the Effective
Date.
EFFECTIVE JANUARY 1, 1998, THE FOLLOWING INFORMATION SUPPLEMENTS AND
SUPERSEDES ANY CONTRARY INFORMATION CONTAINED IN THE PROSPECTUS UNDER THE
CAPTION "HOW TO BUY FUND SHARES."
The minimum initial investment if $750 for Dreyfus-sponsored Keogh
Plans, IRAs (including regular IRAs, spousal IRAs for a non-working spouse,
Roth IRAs, SEP-IRAs and rollover IRAs) and 403(b)(7) Plans with only one
participant and $500 for Dreyfus-sponsored Education IRAs, with no minimum on
subsequent purchases.
EFFECTIVE JANUARY 15, 1998, THE FOLLOWING POLICIES WILL BE IN EFFECT
FOR THE FUND:
ADDITIONAL INFORMATION ABOUT PURCHASES, EXCHANGES AND REDEMPTIONS.
The Fund is intended to be a long-term investment vehicle and is not designed
to provide investors with a means of speculation on short-term market
movements. A pattern of frequent purchases and exchanges can be disruptive to
efficient portfolio management and, consequently, can be detrimental to the
Fund's performance and its shareholders. Accordingly, if the Fund's
management determines that an investor is engaged in excessive trading, the
Fund, with or without prior notice, may temporarily or permanently terminate
the availability of Fund exchanges, or reject in whole or part any purchase
or exchange request, with respect to such investor's account. Such investors
also may be barred from purchasing other funds in the Dreyfus Family of
Funds. Generally, an investor who makes more than four exchanges out of the
Fund during any calendar year (for calendar year 1998, beginning on January
15th) or who makes exchanges that appear to coincide with an active
market-timing strategy may be deemed to be engaged in excessive trading.
Accounts under common ownership or control will be considered as one account
for purposes of determining a pattern of excessive trading. In addition, the
Fund may refuse or restrict purchase or exchange requests by any person or
group if, in the
(CONTINUED ON REVERSE SIDE)
judgment of the Fund's management, the Fund would be unable to invest the
money effectively in accordance with its investment objective and policies or
could otherwise be adversely affected or if the Fund receives or anticipates
receiving simultaneous orders that may significantly affect the Fund (E.G.,
amounts equal to 1% or more of the Fund's total assets). If an exchange
request is refused, the Fund will take no other action with respect to the
shares until it receives further instructions from the investor. The Fund may
delay forwarding redemption proceeds for up to seven days if the investor
redeeming shares is engaged in excessive trading or if the amount of the
redemption request otherwise would be disruptive to efficient portfolio
management or would adversely affect the Fund. The Fund's policy on excessive
trading applies to investors who invest in the Fund directly or through
financial intermediaries, but does not apply to the Dreyfus Auto-Exchange
Privilege, to any automatic investment or withdrawal privilege described
herein, or to participants in employer-sponsored retirement plans.
During times of drastic economic or market conditions, the Fund may
suspend the Exchange Privilege temporarily without notice and treat exchange
requests based on their separate components _ redemption orders with a
simultaneous request to purchase the other fund's shares. In such a case, the
redemption request would be processed at the Fund's next determined net asset
value but the purchase order would be effective only at the net asset value
next determined after the fund being purchased receives the proceeds of the
redemption, which may result in the purchase being delayed.
THE FOLLOWING INFORMATION SUPPLEMENTS AND SUPERSEDES ANY CONTRARY
INFORMATION CONTAINED IN THE FUND'S PROSPECTUS.
The Fund's Retail shares are redesignated as "Restricted shares" and
the opening of new accounts for purchases of Restricted shares are limited to
purchases by bank trust departments and other financial service providers
(including Mellon Bank, N.A. and its affiliates) acting on behalf of
customers having a qualified trust or investment account or relationship at
such institution, or to customers who have received and hold shares of the
Fund distributed to them by virtue of such an account or relationship. Also,
the Fund's Institutional shares are redesignated as "Investor shares" and the
Investor shares are offered to any investor. Unless the Fund is otherwise
instructed, new purchases or exchanges by existing shareholders are in the
same class of shares that the shareholder then holds.
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_GENERAL" AND "SHAREHOLDER
SERVICES_DREYFUS STEP PROGRAM."
Dreyfus Step Program enables you to purchase Investor shares without
regard to the Fund's minimum initial investment requirements through Dreyfus-
AUTOMATIC Asset BuilderRegistration Mark, Dreyfus Government Direct Deposit
Privilege or Dreyfus Payroll Savings Plan.
THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES THE SIXTH AND
SEVENTH SENTENCES OF THE THIRD PARAGRAPH IN THE SECTION IN THE FUND'S
PROSPECTUS ENTITLED "HOW TO BUY FUND SHARES _ GENERAL."
For full-time or part-time employees of Dreyfus or any of its
affiliates or subsidiaries, directors of Dreyfus, Board members of a fund
advised by Dreyfus including members of the Company's Board, or the spouse or
minor child of any of the foregoing, the minimum initial investment for
Investor shares is $1,000. For full-time or part-time employees of Dreyfus or
any of its affiliates or subsidiaries who elect to have a portion of their
pay directly deposited into their Fund account, the minimum initial investment
for Investor shares is $50.
THE FOLLOWING INFORMATION SUPERSEDES ANY CONTRARY INFORMATION
CONTAINED IN THE FUND'S PROSPECTUS.
The Telephone Redemption Privilege is granted automatically unless
you specifically refuse it by checking the applicable "No" box on the Account
Application. The Telephone Redemption Privilege may be established for an
existing account by a separate signed Shareholder Services Form or by oral
request from any of the authorized signatories on the account by calling
1-800-645-6561.
318/718s1197
November 25, 1997
THE DREYFUS/LAUREL FUNDS, INC.
DREYFUS DISCIPLINED MIDCAP STOCK FUND
SUPPLEMENT TO PROSPECTUS
DATED MARCH 1, 1997
At a meeting of the Board of Directors held on November 20, 1997 (the
"Meeting"), the Board approved certain changes to the Fund's multiple class
distribution structure to become effective on or about January 16, 1998 (the
"Effective Date"). Accordingly, the Fund's Investor shares will be
redesignated as "Class A shares" and will be subject to a maximum front-end
sales load of 5.75%. HOLDERS OF THE FUND'S INVESTOR SHARES ON THE DAY PRIOR
TO THE EFFECTIVE DATE WILL CONTINUE TO BE ELIGIBLE TO PURCHASE CLASS A SHARES
OF THE FUND WITHOUT A FRONT-END SALES LOAD. Omnibus accounts will be eligible
to purchase Class A shares without a front-end sales load only on behalf of
their customers who held Investor shares of the Fund through such omnibus
account on the day prior to the Effective Date. The Fund's Restricted shares
will be redesignated as "Class R shares" and will not be subject to any load.
Class R shares will continue to be sold primarily to bank trust
departments and other financial service providers acting on behalf of
customers having a qualified trust or investment account or relationship at
such institution. Also, holders of Restricted shares of the Fund on the day
prior to the Effective Date will continue to be eligible to purchase Class R
shares of the Fund whether or not they otherwise would be eligible to do so.
Class A, B and C shares will be sold primarily to clients of brokers, dealers
and other financial institutions that have entered into a Selling Agreement
with the Fund's distributor.
In addition, the Dreyfus Step Program and the service allowing
full-time or part-time employees of Dreyfus or any of its affiliates or
subsidiaries to open an account with a minimum of $50 by having a portion of
their pay directly deposited into their Fund account will be terminated with
respect to the opening of new accounts as of the Effective Date.
At the Meeting, the Board also approved changing the Fund's name to
"Dreyfus Premier Midcap Stock Fund" effective as of the Effective Date.
EFFECTIVE JANUARY 1, 1998, THE FOLLOWING INFORMATION SUPPLEMENTS AND
SUPERSEDES ANY CONTRARY INFORMATION CONTAINED IN THE PROSPECTUS UNDER THE
CAPTION "HOW TO BUY FUND SHARES."
The minimum initial investment is $750 for Dreyfus-sponsored Keogh
Plans, IRAs (including regular IRAs, spousal IRAs for a non-working spouse,
Roth IRAs, SEP-IRAs and rollover IRAs) and 403(b)(7) Plans with only one
participant and $500 for Dreyfus-sponsored Education IRAs, with no minimum on
subsequent purchases.
EFFECTIVE JANUARY 15, 1998, THE FOLLOWING POLICIES WILL BE IN EFFECT
FOR THE FUND:
ADDITIONAL INFORMATION ABOUT PURCHASES, EXCHANGES AND REDEMPTIONS.
The Fund is intended to be a long-term investment vehicle and is not designed
to provide investors with a means of speculation on short-term market
movements. A pattern of frequent purchases and exchanges can be disruptive to
efficient portfolio management and, consequently, can be detrimental to the
Fund's performance and its shareholders. Accordingly, if the Fund's
management determines that an investor is engaged in excessive trading, the
Fund, with or without prior notice, may temporarily or permanently terminate
the availability of Fund exchanges, or reject in whole or part any purchase
or exchange request, with respect to such investor's account. Such investors
also may be barred from purchasing other funds in the Dreyfus Family of
Funds. Generally, an investor who makes more than four exchanges out of the
Fund during any calendar year (for calendar year 1998, beginning on January
15th) or who makes exchanges that appear to coincide with an active
market-timing strategy may be deemed to be engaged in excessive trading.
Accounts under common ownership or control will be considered as one account
for purposes of determining a pattern of excessive trading. In addition, the
Fund may refuse or restrict purchase or exchange requests by any person or
group if, in the judgment of the Fund's management, the Fund would be unable
to invest the money effectively in accordance with its investment objective
and policies or could otherwise be adversely affected or if the Fund receives
or anticipates receiving simultaneous orders that may significantly affect
the Fund (E.G., amounts equal to 1% or more of the Fund's total assets). If
an exchange request is refused, the Fund will take no other action with
respect to the shares until it receives further instructions from the
investor. The Fund may delay forwarding redemption proceeds for up to seven
days if the investor redeeming shares is engaged in excessive trading or if
the amount of the redemption request otherwise would be disruptive to
efficient portfolio management or would adversely affect the Fund. The Fund's
policy on excessive trading applies to investors who invest in the Fund
directly or through financial interme
(CONTINUED ON REVERSE SIDE)
diaries, but does not apply to the Dreyfus Auto-Exchange Privilege, to any
automatic investment or withdrawal privilege described herein, or to
participants in employer-sponsored retirement plans.
During times of drastic economic or market conditions, the Fund may
suspend the Exchange Privilege temporarily without notice and treat exchange
requests based on their separate components _ redemption orders with a
simultaneous request to purchase the other fund's shares. In such a case, the
redemption request would be processed at the Fund's next determined net asset
value but the purchase order would be effective only at the net asset value
next determined after the fund being purchased receives the proceeds of the
redemption, which may result in the purchase being delayed.
THE FOLLOWING INFORMATION SUPPLEMENTS AND SUPERSEDES ANY CONTRARY
INFORMATION CONTAINED IN THE FUND'S PROSPECTUS.
The Fund's Retail shares are redesignated as "Restricted shares" and
the opening of new accounts for purchases of Restricted shares are limited to
purchases by bank trust departments and other financial service providers
(including Mellon Bank, N.A. and its affiliates) acting on behalf of
customers having a qualified trust or investment account or relationship at
such institution, or to customers who have received and hold shares of the
Fund distributed to them by virtue of such an account or relationship. Also,
the Fund's Institutional shares are redesignated as "Investor shares" and the
Investor shares are offered to any investor. Unless the Fund is otherwise
instructed, new purchases or exchanges by existing shareholders are in the
same class of shares that the shareholder then holds.
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 _ GENERAL" AND "SHAREHOLDER
SERVICES _ DREYFUS STEP PROGRAM."
Dreyfus Step Program enables you to purchase Investor shares without
regard to the Fund's minimum initial investment requirements through Dreyfus-
AUTOMATIC Asset BuilderRegistration Mark, Dreyfus Government Direct Deposit
Privilege or Dreyfus Payroll Savings Plan.
THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES THE SIXTH AND
SEVENTH SENTENCES OF THE THIRD PARAGRAPH IN THE SECTION IN THE FUND'S
PROSPECTUS ENTITLED "HOW TO BUY FUND SHARES _ GENERAL."
For full-time or part-time employees of Dreyfus or any of its
affiliates or subsidiaries, directors of Dreyfus, Board members of a fund
advised by Dreyfus including members of the Company's Board, or the spouse or
minor child of any of the foregoing, the minimum initial investment for
Investor shares is $1,000. For full-time or part-time employees of Dreyfus or
any of its affiliates or subsidiaries who elect to have a portion of their
pay directly deposited into their Fund account, the minimum initial investment
for Investor shares is $50.
THE FOLLOWING INFORMATION SUPERSEDES ANY CONTRARY INFORMATION
CONTAINED IN THE FUND'S PROSPECTUS.
The Telephone Redemption Privilege is granted automatically unless
you specifically refuse it by checking the applicable "No" box on the Account
Application. The Telephone Redemption Privilege may be established for an
existing account by a separate signed Shareholder Services Form or by oral
request from any of the authorized signatories on the account by calling
1-800-645-6561.
330/730s1197
