May 1, 2000
DREYFUS EMERGING LEADERS FUND
SUPPLEMENT TO PROSPECTUS
DATED JANUARY 1, 2000
THE FOLLOWING INFORMATION SUPERSEDES ANY CONTRARY INFORMATION CONTAINED
IN, AND SHOULD BE READ IN CONJUNCTION WITH, THE FUND'S PROSPECTUS.
Effective the close of business on June 30, 2000, the Fund's shares will
no longer be available to new accounts. Shareholders of the fund on that date
may continue to buy shares in accounts existing on that date. Investors who do
not own shares of the fund on June 30, 2000, generally will not be allowed to
buy shares of the fund except that new accounts may be established: 1) by
participants in most group employer retirement plans (and their successor plans)
if the fund had been established as an investment option under the plans (or
under another plan sponsored by the same employer) by June 30, 2000; and 2)
401(k) plans sponsored by financial institutions approved by Dreyfus on or
before June 30, 2000. Shareholders whose accounts are closed before or after
June 30, 2000 may be prohibited from reactivating their account or opening a new
account. These restrictions generally will apply to investments made directly
with Dreyfus and investments made through intermediaries. Investors may be
required to demonstrate eligibility to buy shares of the fund before an
investment is accepted.
259s0500
