DREYFUS DISCIPLINED STOCK FUND*
1 INVESTMENT OBJECTIVE
The goal of Dreyfus Disciplined Stock Fund is to provide you with
investment returns (including capital appreciation and income)
consistently superior to the Standard & Poor's 500 Composite Stock Price
Index by investing in equity securities.
2 INVESTMENT STRATEGY
The Fund ordinarily will invest at least 65% of its net assets in
equity securities. The Fund also invests in high quality money market
instruments to meet liquidity needs in amounts not generally expected to
exceed 20%. Beyond that, Dreyfus will not attempt to time movements in
the market by raising substantial amounts of short-term reserves for
substantial reinvestment. The Fund may also invest in futures contracts
and options to a limited extent but does not currently intend to invest
more than 5% of its assets in such instruments.
3 INVESTMENT RISKS
- The Fund's net asset value and investment return fluctuate; when
you sell your shares you may receive more or less than the amount you
paid for them.
- Investors should be aware that equity securities fluctuate in
value, often based on factors unrelated to the value of the issuer or
the securities, and that such fluctuation can be pronounced. These
variances will affect the value of a Fund share and thus the Fund's
total return to investors.
4 APPROPRIATE FOR INVESTORS WHO:
- Are seeking capital growth and income through a portfolio
consisting primarily of equity securities.
- Are purchasing as a supplement to an overall investment program
and are willing to undertake the risks involved.
- Have an investment horizon of at least five years.
5 FEES AND EXPENSES
Shareholder Transaction Expenses - The Fund has no shareholder transaction
expenses, although certain agents may charge their clients direct fees for
effecting transactions in Fund shares.
Annual Fund Operating Expenses are fees paid by the Fund, and are reflected
in the Fund's share price. The following expenses are expressed as a
percentage of average daily net assets:
Management Fees .90%
Other Expenses .10%
Total Fund Operating Expenses 1.00%
Example:
You incur the following expenses on a $1,000
investment, assuming (1) 5% annual return and
(2) redemption at the end of each time period:
1 Year 3 Years 5 Years 10 Years
$10 $32 $55 $122
The purpose of this section is to assist you in
understanding the costs and expenses borne by the Fund, the payment of which
will reduce investors' annual return. The example is an illustration only;
actual expenses and returns will vary.
6 PAST PERFORMANCE
[Exhibit A:
Calendar Year Total Return
Average Annual Total Returns
for periods ended 12/31/97
1 Year 5 Years 10 Years
Dreyfus Disciplined
Stock Fund 31.94% 20.07% 18.26%
S&P 500 Composite
Stock Index 33.35% 20.25% 18.02%
Past performance is no guarantee of future results; net asset value
and investment return fluctuate, so that when you sell your shares you may
receive more or less than the amount you paid for them.
7 INVESTMENT ADVISER/PORTFOLIO MANAGER
The Dreyfus Corporation is the Fund's investment adviser. Bert
Mullins has been the Fund's primary portfolio manager since 1987. Mr.
Mullins joined Mellon Bank in 1966. Mr. Mullins received a bachelor's
degree in finance and economics from Indiana University.
* A separate portfolio of the Dreyfus/Laurel Funds, Inc.
8 PURCHASES
The minimum initial investment is $2,500. The initial
investment must be accompanied by the Fund's account application.
Subsequent investments must be at least $100. You may purchase Fund
shares by check or wire or through the Dreyfus TeleTransfer Privilege.
Under certain circumstances, the Fund's management may determine
that an investor is engaged in excessive trading and limit the
availability of Fund exchanges or purchases.
9 REDEMPTIONS
You can sell Fund shares by written request, telephone, Dreyfus Tele
Transfer ($500 minimum), or wire redemption ($1,000 minimum, $250,000
maximum).
When a redemption request is received in proper form, the Fund will
redeem the shares at the next determined net asset value.
10 DISTRIBUTIONS
Dividends, if any, are declared and paid quarterly and capital
gains, if any, are declared and paid annually. Dividends and capital
gains can be mailed to you, sent directly to your bank, swept into
another Dreyfus account or reinvested back into your Fund to purchase
shares at net asset value.
Distributions of net investment income and any net realized
short-term capital gains will be taxable as ordinary income.
Distributions from net realized long-term capital gains will be taxable
as long-term capital gains, regardless of how long investors have held
their shares.
11 OTHER SERVICES
- Telephone Exchange Privilege
- Dreyfus-AUTOMATIC Asset BuilderRegistration Mark
- Dreyfus Dividend Options
- Dreyfus Payroll Savings Plan
- Dreyfus Step Program
Fund Profile
This Profile contains key information about the Fund. If you would like more
information before you invest, please consult the Fund's Prospectus. For
details about the Fund's holdings or recent investment strategies, please
review the Fund's most recent annual or semi-annual report. The Prospectus
and reports may be obtained at no cost by calling:
1-800-782-6620
Copy Rights 1998, Dreyfus Service Corporation, Broker-Dealer
Premier Mutual Fund Services, Distributor 728retpro-981
Registration Mark
DREYFUS
DISCIPLINED STOCK FUND
An equity
mutual fund
January 1, 1998
