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 and (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.
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 may 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 options
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.
IV. OTHER MATTERS
THE FOLLOWING INFORMATION REPLACES THE SECOND SENTENCE OF THE
SECOND PARAGRAPH OF THE SECTION OF THE FUND'S PROSPECTUS ENTITLED
"MANAGEMENT OF THE FUND."
The Fund's primary portfolio manager is Kelly McDermott. She has held
the position since May, 1994, and has been employed by The Dreyfus
Corporation since June, 1992. Previously,
(CONTINUED ON REVERSE SIDE)
Ms. McDermott served in the Institutional Division of European sales at
Morgan Stanley & Co. Incorporated, Solomon Brothers, Inc. and Klein- wort
Benson.
THE FOLLOWING INFORMATION MODIFIES CERTAIN INFORMATION IN THE
SECTIONS OF THE PROSPECTUS ENTITLED "SHAREHOLDER SERVICES --
EXCHANGE PRIVILEGE" AND "SHAREHOLDER SERVICES -- AUTO-EXCHANGE
PRIVILEGE."
Investors also may exchange their Fund shares subject to a CDSC for
shares of Dreyfus Worldwide Dollar Money Market Fund, Inc. The shares so
purchased will be held in a special account created solely for this purpose
(the "Exchange Account"). Exchanges of shares from an Exchange Account only
can be made into certain other funds managed or administered by The Dreyfus
Corporation. No CDSC is charged when an investor exchanges into an
Exchange Account; however, the applicable CDSC will be imposed when
shares are redeemed from an Exchange Account or other applicable fund
account. Upon redemption, the applicable CDSC will be calculated without
regard to the time such shares were held in an Exchange Account. See
"How to Redeem Fund Shares." In addition to the limited Exchange and
Auto-Exchange Privileges noted herein, Exchange Account shares are
eligible for the Dividend Sweep Privilege and the Automatic Withdrawal
Plan, and may receive redemption proceeds only by Federal wire or by
check.
092/stkr080394
