February 2, 1996
DREYFUS ASSET ALLOCATION
FUND, INC.
SUPPLEMENT TO PROSPECTUS
DATED SEPTEMBER 1, 1995
THE FOLLOWING INFORMATION SUPPLEMENTS OR REPLACES THE INFORMATION
CONTAINED IN THE SECTIONS OF THE FUND'S PROSPECTUS ENTITLED "MANAGEMENT OF
THE FUND," "HOW TO BUY FUND SHARES," "SHAREHOLDER SERVICES," AND "HOW TO
REDEEM FUND SHARES":
Dreyfus Transfer, Inc., a wholly-owned subsidiary of The Dreyfus
Corporation, is located at One American Express Plaza, Providence, Rhode
Island 02903, and serves as the Fund's Transfer and Dividend Disbursing Agent
(the "Transfer Agent").
Effective January 1, 1996, the telephone number for the following
transactions is 1-800-645-6561 or, if you are calling from overseas,
516-794-5452:
* Dreyfus TELETRANSFER Privilege
* Telephone Exchange Privilege
* Wire Redemption Privilege
* Telephone Redemption Privilege
THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES ANY CONTRARY
INFORMATION CONTAINED IN THE FUND'S PROSPECTUS IN THE
SECTION ENTITLED "MANAGEMENT OF THE FUND."
Effective February 1, 1996, the Fund's primary portfolio manager is
Timothy M. Ghriskey. Mr. Ghriskey has been employed by The Dreyfus
Corporation since July 1995. Prior thereto, he served as Vice President and
Associate Managing Partner of Loomis, Sayles & Company from 1988 to June
1995.
550s020295
