August 3, 1994
PREMIER GLOBAL INVESTING
SUPPLEMENT TO PROSPECTUS
DATED JANUARY 17, 1994
I. PROPOSED MERGER OF THE DREYFUS CORPORATION
The Fund's adviser, The Dreyfus Corporation ("Dreyfus"), has entered into
an Agreement and Plan of Merger (the "Merger Agreement") providing for the
merger (the "Merger") of Dreyfus with a subsidiary of Mellon Bank, N.A.
("Mellon").
Following the Merger, it is planned that Dreyfus will be a direct
subsidiary of Mellon. Closing of the Merger is subject to a number of
contingencies, including approvals of the stockholders of Dreyfus and of
Mellon. The Merger is expected to occur in late August 1994, but could occur
significantly later.
The Merger will result in the automatic termination of the Fund's current
investment advisory agreement with Dreyfus, as required by the Investment
Company Act of 1940, as amended. The Merger also will necessitate
implementation of a new Distribution Plan with respect to Class B shares only.
II. RESULTS OF FUND SHAREHOLDER VOTE
THE FOLLOWING INFORMATION SUPPLEMENTS AND SUPERSEDES ANY CONTRARY
INFORMATION CONTAINED IN THE FUND'S PROSPECTUS.
On August 3, 1994, the Fund's shareholders voted to (a) approve (i) a new
investment advisory agreement with Dreyfus and (ii) a new Distribution Plan
with respect to Class B shares only, each to become effective upon consummation
of the Merger an d (b) change one of the Fund's fundamental policies and
investment restrictions to permit the Fund to invest up to 15% of the value of
its net assets in illiquid securities and make such policy non-fundamental.
(CONTINUED ON REVERSE SIDE)
III. REVISED MANAGEMENT POLICIES
THE FOLLOWING INFORMATION SUPPLEMENTS AND SHOULD BE READ IN CONJUNCTION
WITH THE SECTION IN THE FUND'S PROSPECTUS ENTITLED "DESCRIPTION OF THE FUND --
MANAGEMENT POLICIES."
ILLIQUID SECURITIES -- The Fund may invest up to 15% of the value of its
net assets in securities as to which a liquid trading market does not exist,
provided such investments are consistent with the Fund's investment objective.
Such securities m ay include securities that are not readily marketable, such
as certain securities that are subject to legal or contractual restrictions on
resale, repurchase agreements providing for settlement in more than seven days
after notice, and certain option s traded in the over-the-counter market and
securities used to cover such options. As to these securities, the Fund is
subject to a risk that should the Fund desire to sell them when a ready buyer
is not available at a price the Fund deems representative of their value, the
value of the Fund's net assets could be adversely affected.
092/stkr080394
