January 16, 1998
DREYFUS INTERNATIONAL
GROWTH FUND
SUPPLEMENT TO PROSPECTUS
DATED OCTOBER 1, 1997
THE FOLLOWING INFORMATION SUPPLEMENTS OR REPLACES THE INFORMATION
CONTAINED IN THE FOLLOWING INDICATED SECTIONS OF THE FUND'S PROSPECTUS:
FEE TABLE
SHAREHOLDER TRANSACTION EXPENSES
Redemption Fee* (as a percentage of amount redeemed) 1.00%
* Shares held for less than six months may be subject to a 1% redemption fee
payable to the Fund. See "How to Redeem Shares."
The information contained in the Fund's Annual Fund Operating
Expenses and the Example do not reflect any redemption fee retained by the
Fund.
SHAREHOLDER SERVICES_FUND EXCHANGES
Effective April 6, 1998, the Fund will impose a redemption fee equal
to 1% of the net asset value of Fund shares exchanged out of the Fund where
the exchange is made less than six months after issuance of such shares. See
"How to Redeem Shares."
HOW TO REDEEM SHARES
Effective April 6 1998, the Fund will deduct a redemption fee equal
to 1% of the net asset value of Fund shares redeemed or exchanged less than
sixty days following the issuance of such shares. The fee will be retained by
the Fund and used primarily to offset the transaction costs that short-term
trading imposes on the Fund and its shareholders. For purposes of calculating
the six-month holding period, the Fund will employ the "first-in, first-out"
method, which assumes that the shares you are redeeming or exchanging are the
ones you have held the longest. No redemption fee will be charged upon the
redemption or exchange of shares (1) through the Fund's Automatic Withdrawal
Plan or Dreyfus Auto-Exchange Privilege, (2) through accounts that are
reflected on the records of the Transfer Agent as omnibus accounts approved
by Dreyfus Service Corporation, (3) through accounts established by Service
Agents approved by Dreyfus Service Corporation that utilize the National
Securities Clearing Corporation's networking system, or (4) acquired through
the reinvestment of dividends or capital gains distributions. The redemption
fee may be waived, modified or discounted at any time, or from time to time.
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
(CONTINUED ON REVERSE SIDE)
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 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.
095s0198(2)
