June 12, 1995
THE DREYFUS/LAUREL
INVESTMENT SERIES -
DREYFUS/LAUREL SHORT-TERM
BOND FUND
SUPPLEMENT TO PROSPECTUS
DATED APRIL 10, 1995
THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION CONTAINED IN
THE SECTIONS IN THE FUND'S PROSPECTUS ENTITLED "HOW TO BUY FUND SHARES" AND
"SHAREHOLDER SERVICES":
Fund shares are also offered without regard to the minimum initial
investment requirements through Dreyfus-AUTOMATIC Asset Builder, Dreyfus
Government Direct Deposit Privilege or Dreyfus Payroll Savings Plan pursuant
to the Dreyfus Step Program. These services enable you to make regularly
scheduled investments and may provide you with a convenient way to invest for
long-term financial goals. You should be aware, however, that periodic
investment plans do not guarantee a profit and will not protect an investor
against loss in a declining market.
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 Builder, Dreyfus Government Direct Deposit
Privilege or Dreyfus Payroll Savings Plan. To establish a Dreyfus Step
Program account, you must supply the necessary information on the Fund's
Account Application and file the required authorization form(s) with the
Transfer Agent. For more information concerning this Program, or to request
the necessary authorization form(s), please call toll free 1-800-782-6620.
You may terminate your participation in this Program at any time by
discontinuing your participation in Dreyfus-AUTOMATIC Asset Builder, Dreyfus
Government Direct Deposit Privilege or Dreyfus Payroll Savings Plan, as the
case may be, as provided under the terms of such Privilege(s). The Fund
reserves the right to redeem your account if you have terminated your
participation in the Program and your account's net asset value is $500 or
less. See "How to Redeem Fund Shares." The Fund may
(CONTINUED ON REVERSE SIDE)
modify or terminate this Program at any time. Investors who wish to purchase
Investor shares through Dreyfus Step Program in conjunction with a
Dreyfus-sponsored retirement plan may do so only for IRAs, SEP-IRAs and IRA
"Rollover Accounts."
THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES THE SECTION IN THE
FUND'S PROSPECTUS ENTITLED "MANAGEMENT OF THE FUND-CUSTODIAN, TRANSFER AND
DIVIDEND DISBURSING AGENT, AND SUB-ADMINISTRATOR":
CUSTODIAN, FUND ACCOUNTANT, TRANSFER AND DIVIDEND DISBURSING AGENT
AND SUB-ADMINISTRATOR - Boston Safe Deposit and Trust Company (One Boston
Place, Boston, MA 02109) ("Boston Safe"), an indirect wholly-owned subsidiary
of Mellon Bank Corporation, serves as the Fund's custodian. As custodian,
Boston Safe maintains possession of the Fund's investment securities and
provides portfolio recordkeeping services. Boston Safe is authorized to
deposit securities in securities depositories or to use the services of
subcustodians. Mellon Bank, N.A. serves as the fund accountant for the Fund,
maintaining the daily accounting records of the Fund, including NAV
determinations and purchase and sale records. The Fund's Transfer and
Dividend Disbursing Agent is The Shareholder Services Group, Inc., a
subsidiary of First Data Corporation, One American Express Plaza, Providence,
Rhode Island 02903. Premier Mutual Fund Services, Inc. serves as the Fund's
sub-administrator and, pursuant to a Sub-Administration Agreement with
Dreyfus, provides various administrative and corporate secretarial services
to the Fund.
398/s061295
