DREYFUS GROWTH & VALUE FUNDS INC, 497, 2000-07-06

DREYFUS GROWTH & VALUE FUNDS INC
497, 2000-07-06

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Dreyfus Aggressive

Growth Fund

Investing in growth companies for capital appreciation

PROSPECTUS January 1, 2000
As revised July 7, 2000

As with all mutual funds, the Securities and Exchange Commission has not
approved or disapproved these securities or passed upon the adequacy of this
prospectus. Any representation to the contrary is a criminal offense.

Contents

THE FUND
----------------------------------------------------

2 Goal/Approach

3 Main Risks

4 Past Performance

5 Expenses

6 Management

9 Financial Highlights

YOUR INVESTMENT
--------------------------------------------------------------------

10 Account Policies

13 Distributions and Taxes

14 Services for Fund Investors

16 Instructions for Regular Accounts

18 Instructions for IRAs

FOR MORE INFORMATION
-------------------------------------------------------------------------------

Back Cover

What every investor should know about the fund

Information for managing your fund account

Where to learn more about this and other Dreyfus funds

The Fund

Dreyfus Aggressive Growth Fund
--------------------------------

Ticker Symbol: DGVAX

GOAL/APPROACH

The fund seeks capital growth. To pursue this goal, it invests at least 65% of
total assets in the stocks of growth companies of any size. The fund currently
focuses on investing in the stocks of medium-sized companies, but may also make
substantial investments in stocks issued by larger or smaller companies. The
fund's stock investments may include common stocks, preferred stocks,
convertible securities and initial public offerings.

In choosing stocks, the fund uses a "bottom-up" approach that emphasizes
individual stock selection over economic and industry trends. In particular, the
fund looks for companies with strong management, innovative products and
services, strong industry positions and the potential for strong earnings growth
rates. When companies that meet these criteria have been identified, the manager
analyzes their financial condition and evaluates the sustainability of their
growth rates.

The fund typically sells securities when there is an expected or actual change
in long-term growth prospects, valuation levels have become extreme or there are
superior alternative investments.

Under adverse market conditions, the fund could invest some or all of its assets
in money market securities. Although the fund would do this to avoid losses, it
could have the effect of reducing the benefit from any upswing in the market.
During such periods, the fund may not achieve its investment objective.

INFORMATION ON THE FUND'S RECENT STRATEGIES AND HOLDINGS CAN BE FOUND IN THE
CURRENT ANNUAL/SEMIANNUAL REPORT (SEE BACK COVER).

Concepts to understand

GROWTH COMPANIES: companies of any capitalization whose revenue or earnings are
expected to grow faster than the overall market. Often, growth stocks have
relatively high price-to-earnings and price-to-book ratios, and tend to be more
volatile than value stocks.

SMALL AND MIDSIZE COMPANIES: companies with market capitalizations under $5
billion. These companies, especially those with smaller capitalizations, tend to
grow faster than large companies and typically use profits for expansion rather
than to pay dividends. They are more volatile than larger companies and fail
more often.

MAIN RISKS

While stocks have historically been a leading choice of long-term investors,
they do fluctuate in price. Because the fund is an aggressive stock fund, the
value of your investment will go up and down, sometimes dramatically, which
means that you could lose money.

Small and midcap companies carry additional risks because their earnings and
revenues tend to be less predictable (and some companies may be experiencing
significant losses), and their share prices tend to be more volatile. The shares
of smaller companies tend to trade less frequently than those of larger, more
established companies, which can have an adverse effect on the pricing of these
securities and on the fund's ability to sell these securities. These companies
may have limited product lines, markets or financial resources, or may depend on
a limited management group. Some of the fund's investments will rise and fall
based on investor perception rather than economics. Some fund investments are
made in anticipation of future products, services or events that, if delayed or
cancelled, could cause the company's stock price to drop.

Because the stock prices of growth companies are based in part on future
expectations, these stocks may fall sharply if investors believe the prospects
for a stock, industry or the economy in general are weak. In addition, growth
stocks typically lack the dividend yield that could cushion stock prices in
market downturns.

The fund may significantly overweight certain market sectors. As a result, the
fund may be more volatile than funds that are more diversified among market
sectors.

Other potential risks

The fund may purchase securities of companies in initial public offerings
("IPOs"). The prices of securities purchased in IPOs can be very volatile. The
effect of IPOs on the fund's performance depends on a variety of factors,
including the number of IPOs the fund invests in, whether and to what extent a
security purchased in an IPO appreciates in value, and the asset base of the
fund. As a fund's asset base increases, IPOs often have a diminished effect on
the fund's performance.

At times, the fund may engage in short-term trading, which could produce higher
brokerage costs and taxable distributions.

The fund can buy securities with borrowed money (a form of leverage), which
could have the effect of magnifying the fund's gains or losses.

The Fund

PAST PERFORMANCE

The bar chart and table below show some of the risks of investing in the fund.
The bar chart shows the changes in the fund's performance from year to year. The
table compares the fund's average annual total return to that of the S&P
500((reg.tm)) a broad measure of stock performance. Of course, past performance
is no guarantee of future results.
-------------------------------------------------------

Year-by-year total return AS OF 12/31 EACH YEAR (%)

20.64 -15.84 -36.67 36.86
90 91 92 93 94 95 96 97 98 99

BEST QUARTER: Q1 '96 +40.97%

WORST QUARTER: Q3 '98 -33.89%

THE FUND'S YEAR-TO-DATE TOTAL RETURN AS OF 3/31/00 WAS 11.20%.
-------------------------------------------------------

Average annual total return AS OF 12/31/99

Since
inception

1 Year (9/29/95)
-------------------------------------------------------

FUND 36.86% 3.33%

S&P 500 21.03% 26.39%*

* FOR COMPARATIVE PURPOSES, THE VALUE OF THE INDEX ON 9/30/95 IS USED AS THE
BEGINNING VALUE ON 9/29/95.

What this fund is -- and isn't

This fund is a mutual fund: a pooled investment that is professionally managed
and gives you the opportunity to participate in financial markets. It strives to
reach its stated goal, although as with all mutual funds, it cannot offer
guaranteed results.

An investment in this fund is not a bank deposit. It is not insured or
guaranteed by the FDIC or any other government agency. It is not a complete
investment program. You could lose money in this fund, but you also have the
potential to make money.

EXPENSES

As an investor, you pay certain fees and expenses in connection with the fund,
which are described in the table below. Shareholder transaction fees are paid
from your account. Annual fund operating expenses are paid out of fund assets,
so their effect is included in the share price. The fund has no sales charge
(load) or Rule 12b-1 distribution fees.
--------------------------------------------------------

Fee table

SHAREHOLDER TRANSACTION FEES

% OF TRANSACTION AMOUNT

Maximum redemption fee 1.00%

CHARGED ONLY WHEN SELLING SHARES YOU

HAVE OWNED FOR LESS THAN 30 DAYS
--------------------------------------------------------

ANNUAL FUND OPERATING EXPENSES

% OF AVERAGE DAILY NET ASSETS

Management fees 0.75%

Shareholder services fee 0.25%

Other expenses 0.71%

---------------------------------------------

TOTAL 1.71%

----------------------------------------------

<TABLE>

Expense example
1 Year 3 Years 5 Years 10 Years

--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>

$174 $539 $928 $2,019
</TABLE>

This example shows what you could pay in expenses over
time. It uses the same hypothetical conditions other
funds use in their prospectuses: $10,000 initial
investment, 5% total return each year and no changes in
expenses. The figures shown would be the same whether
you sold your shares at the end of a period or kept
them. Because actual return and expenses will be
different, the example is for comparison only.

Concepts to understand

MANAGEMENT FEE: the fee paid to Dreyfus for managing the fund's portfolio and
assisting in all aspects of the fund's operations.

For the fiscal year ended August 31, 1999, Dreyfus waived a portion of its fee
so that the effective management fee paid by the fund was 0.17%, reducing total
expenses from 1.71% to 1.13%. This waiver was voluntary.

SHAREHOLDER SERVICES FEE: the fee paid to the fund's distributor for shareholder
account service and maintenance.

OTHER EXPENSES: fees paid by the fund for miscellaneous items such as transfer
agency, custody, professional and registration fees.

The Fund

MANAGEMENT

The investment adviser for the fund is The Dreyfus Corporation, 200 Park Avenue,
New York, New York 10166. Founded in 1947, Dreyfus manages more than $129
billion in over 160 mutual fund portfolios. For the past fiscal year, the fund
paid Dreyfus a management fee at the annual rate of 0.17% of the fund's average
daily net assets. Dreyfus is the primary mutual fund business of Mellon
Financial Corporation, a global financial services company with approximately
$2.5 trillion of assets under management, administration or custody, including
approximately $500 billion under management. Mellon provides wealth management,
global investment services and a comprehensive array of banking services for
individuals, businesses and institutions. Mellon is headquartered in Pittsburgh,
Pennsylvania.

The fund, Dreyfus and Dreyfus Service Corporation (the fund's distributor) each
have adopted a code of ethics that permits its personnel, subject to such code,
to invest in securities, including securities that may be purchased or held by
the fund. The Dreyfus code of ethics restricts the personal securities
transactions of its employees, and requires portfolio managers and other
investment personnel to comply with the code's preclearance and disclosure
procedures. Its primary purpose is to ensure that personal trading by Dreyfus
employees does not disadvantage any Dreyfus-managed fund.

Portfolio manager

Kevin Sonnett, CFA, has managed the fund since December 1999. Mr. Sonnett has
been employed by Founders Asset Management, LLC, an affiliate of Dreyfus, since
February 1997 as an equity analyst for the small- and midcap investment team,
and was promoted to senior equity analyst in 1999. In December 1999 he also
became an employee of Dreyfus. From 1995 to February 1997, Mr. Sonnett was an
equity analyst with the Colorado Public Employees Retirement Association.

On May 10, 2000, the Securities and Exchange Commission ("SEC") instituted and
simultaneously settled an administrative proceeding against Dreyfus and the
fund's former portfolio manager, Michael Schonberg, and the New York Attorney
General ("NYAG") resolved an inquiry concerning Dreyfus' sales practices with
respect to the fund. The proceeding and the inquiry principally related to the
fund's participation in initial public offerings during its first fiscal year;
the favorable effect that the fund's IPO allocations had, over time, on the
fund's first-year return relative to other funds managed by Mr. Schonberg;
certain advertisements reporting the fund's first year return; and Dreyfus'
procedures for monitoring Mr. Schonberg's personal securities trading. Dreyfus
and Mr. Schonberg neither admit nor deny any wrongdoing in connection with the
SEC proceedings, and deny all contentions made by the NYAG.

The fund is currently a defendant in an action pending in the United States
District Court, Southern District of New York. The action was consolidated on
November 12, 1998 from a number of complaints brought by persons and entities,
on behalf of themselves and others who were shareholders of the fund and Dreyfus
Premier Aggressive Growth Fund (collectively, the "Funds") between November 1,
1995 and June 8, 1998. Plaintiffs have also named as defendants the Dreyfus
Premier Equity Funds, Inc., Dreyfus Growth and Value Funds, Inc., The Dreyfus
Corporation, the Funds' directors and Michael L. Schonberg. Plaintiffs allege
Mr. Schonberg used his position as primary portfolio manager of the Funds to
purchase stocks for the Funds that he and his acquaintances had previously
purchased for themselves; the Funds violated their own purported investment
policy by failing to invest in "growth" and "capital appreciation" stocks; and
the defendants disseminated false and misleading information regarding the
nature of the stocks that would be purchased for the Funds' portfolios, as well
as The Dreyfus

The Fund

MANAGEMENT (CONTINUED)

Corporation's research capabilities and general oversight of the Funds'
investments. The plaintiffs seek, among other relief, rescissory or compensatory
damages. The defendants moved to dismiss the complaint, which the court granted
in part by dismissing all claims asserted pursuant to the Investment Company Act
of 1940. Plaintiffs have moved for class certification, which motion has been
briefed and argued and is pending before the court.

FINANCIAL HIGHLIGHTS

This table describes the fund's performance for the fiscal periods indicated.
"Total return" shows how much your investment in the fund would have increased
(or decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been independently audited by Ernst & Young
LLP, whose report, along with the fund's financial statements, is included in
the annual report.

<TABLE>

YEAR ENDED AUGUST 31,
1999 1998 1997 1996(1)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>

PER-SHARE DATA ($)

Net asset value, beginning of period 8.57 20.07 22.71 12.50

Investment operations:

Investment (loss) (.07)(2) (.16)(2) (.26) (.10)

Net realized and unrealized
gain (loss) on investments 2.34 (11.34) (2.38) 10.31

Total from investment operations 2.27 (11.50) (2.64) 10.21

Net asset value, end of period 10.84 8.57 20.07 22.71

Total return (%) 26.64 (57.30) (11.63) 81.68(3)
------------------------------------------------------------------------------------------------------------------------------------

RATIOS/SUPPLEMENTAL DATA

Ratio of expenses to average net assets (%) 1.13 1.27 1.34 1.16(3)

Ratio of interest expense and loan
commitment fees to average net assets (%) -- .00(4) .39 .24(3)

Ratio of investment (loss)
to average net assets (%) (.71) (.95) (1.62) (1.04)(3)

Decrease reflected in above expense ratios
due to actions by Dreyfus (%) .58 .29 .09 .17(3)

Portfolio turnover rate (%) 168.00 86.53 76.45 125.17(3)
------------------------------------------------------------------------------------------------------------------------------------

Net assets, end of period ($ x 1,000) 30,445 30,968 131,604 119,341

(1) FROM SEPTEMBER 29, 1995 (COMMENCEMENT OF OPERATIONS) TO AUGUST 31, 1996.

(2) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.

(3) NOT ANNUALIZED.

(4) AMOUNT REPRESENTS LESS THAN .01%.
</TABLE>

The Fund

Your Investment

ACCOUNT POLICIES

Buying shares

YOU PAY NO SALES CHARGES to invest in this fund. Your price for fund shares is
the fund's net asset value per share (NAV), which is generally calculated as of
the close of trading on the New York Stock Exchange (usually 4:00 p.m. Eastern
time) every day the exchange is open. Your order will be priced at the next NAV
calculated after your order is accepted by the fund's transfer agent or other
authorized entity. The fund's investments are generally valued based on market
value or, where market quotations are not readily available, based on fair value
as determined in good faith by the fund's board.
--------------------------------------------------------

Minimum investments

Initial Additional
--------------------------------------------------------

REGULAR ACCOUNTS $2,500 $100
$500 FOR
TELETRANSFER
INVESTMENTS

TRADITIONAL IRAS $750 NO MINIMUM

SPOUSAL IRAS $750 NO MINIMUM

ROTH IRAS $750 NO MINIMUM

EDUCATION IRAS $500 NO MINIMUM
AFTER THE FIRST
YEAR

DREYFUS AUTOMATIC $100 $100
INVESTMENT PLANS

All investments must be in U.S. dollars. Third-party
checks cannot be accepted. You may be charged a fee for
any check that does not clear. Maximum TeleTransfer
purchase is $150,000 per day.

Third-party investments

If you invest through a third party (rather than directly with Dreyfus), the
policies and fees may be different than those described here. Banks, brokers,
401(k) plans, financial advisers and financial supermarkets may charge
transaction fees and may set different minimum investments or limitations on
buying or selling shares. Consult a representative of your plan or financial
institution if in doubt.

Selling shares

YOU MAY SELL (REDEEM) SHARES AT ANY TIME. Your shares will be sold at the next
NAV calculated after your order is accepted by the fund's transfer agent or
other authorized entity. Any certificates representing fund shares being sold
must be returned with your redemption request. Your order will be processed
promptly and you will generally receive the proceeds within a week.

BEFORE SELLING RECENTLY PURCHASED SHARES, please note that:

* if the fund has not yet collected payment for the shares you are selling,
it may delay sending the proceeds for up to eight business days or until it
has collected payment

* if you are selling or exchanging shares you have owned for less than 30
days, the fund may deduct a 1% redemption fee (not charged on shares sold
through the Automatic Withdrawal Plan or Dreyfus Auto-Exchange Privilege,
or on shares acquired through dividend reinvestment
--------------------------------------------------------

Limitations on selling shares by phone

Proceeds
sent by Minimum Maximum
--------------------------------------------------------

CHECK NO MINIMUM $250,000 PER DAY

WIRE $1,000 $500,000 FOR JOINT
ACCOUNTS
EVERY 30 DAYS

TELETRANSFER $500 $500,000 FOR JOINT
ACCOUNTS
EVERY 30 DAYS

Written sell orders

Some circumstances require written sell orders along with signature guarantees.
These include:

* amounts of $10,000 or more on accounts whose address has been changed
within the last 30 days

* requests to send the proceeds to a different payee or address

Written sell orders of $100,000 or more must also be signature guaranteed.

A SIGNATURE GUARANTEE helps protect against fraud. You can obtain one from most
banks or securities dealers, but not from a notary public. For joint accounts,
each signature must be guaranteed. Please call us to ensure that your signature
guarantee will be processed correctly.

Your Investment

ACCOUNT POLICIES (CONTINUED)

General policies

UNLESS YOU DECLINE TELEPHONE PRIVILEGES on your application, you may be
responsible for any fraudulent telephone order as long as Dreyfus takes
reasonable measures to verify the order.

THE FUND RESERVES THE RIGHT TO:

* refuse any purchase or exchange request that could adversely affect the
fund or its operations, including those from any individual or group who,
in the fund's view, is likely to engage in excessive trading (usually
defined as more than four exchanges out of the fund within a calendar year)

* refuse any purchase or exchange request in excess of 1% of the fund's total
assets

* change or discontinue its exchange privilege, or temporarily suspend this
privilege during unusual market conditions

* change its minimum investment amounts

* delay sending out redemption proceeds for up to seven days (generally
applies only in cases of very large redemptions, excessive trading or
during unusual market conditions)

The fund also reserves the right to make a "redemption in kind" -- payment in
portfolio securities rather than cash -- if the amount you are redeeming is
large enough to affect fund operations (for example, if it represents more than
1% of the fund's assets).

Small account policies

To offset the relatively higher costs of servicing smaller accounts, the fund
charges regular accounts with balances below $2,000 an annual fee of $12. The
fee will be imposed during the fourth quarter of each calendar year.

The fee will be waived for: any investor whose aggregate Dreyfus mutual fund
investments total at least $25,000; IRA accounts; accounts participating in
automatic investment programs; and accounts opened through a financial
institution.

If your account falls below $500, the fund may ask you to increase your balance.
If it is still below $500 after 45 days, the fund may close your account and
send you the proceeds.

DISTRIBUTIONS AND TAXES

THE FUND USUALLY PAYS ITS SHAREHOLDERS DIVIDENDS from its net investment income,
and distributes any net capital gains it has realized once a year. Your
distributions will be reinvested in the fund unless you instruct the fund
otherwise. There are no fees or sales charges on reinvestments.

FUND DIVIDENDS AND DISTRIBUTIONS ARE TAXABLE to most investors (unless your
investment is in an IRA or other tax-advantaged account). The tax status of any
distribution is the same regardless of how long you have been in the fund and
whether you reinvest your distributions or take them in cash. In general,
distributions are federally taxable as follows:
--------------------------------------------------------

Taxability of distributions

Type of Tax rate for Tax rate for

distribution 15% bracket 28% bracket or above
--------------------------------------------------------

INCOME ORDINARY ORDINARY
DIVIDENDS INCOME RATE INCOME RATE

SHORT-TERM ORDINARY ORDINARY
CAPITAL GAINS INCOME RATE INCOME RATE

LONG-TERM
CAPITAL GAINS 10% 20%

The tax status of your dividends and distributions will be detailed in your
annual tax statement from the fund.

Because everyone's tax situation is unique, always consult your tax professional
about federal, state and local tax consequences.

Taxes on transactions

Except for tax-advantaged accounts, any sale or exchange of fund shares may
generate a tax liability. Of course, withdrawals or distributions from
tax-deferred accounts are taxable when received.

The table at right also can provide a guide for your potential tax liability
when selling or exchanging fund shares. "Short-term capital gains" applies to
fund shares sold or exchanged up to 12 months after buying them. "Long-term
capital gains" applies to shares sold or exchanged after 12 months.

Your Investment

SERVICES FOR FUND INVESTORS

Automatic services

BUYING OR SELLING SHARES AUTOMATICALLY is easy with the services described
below. With each service, you select a schedule and amount, subject to certain
restrictions. You can set up most of these services with your application or by
calling 1-800-645-6561.
--------------------------------------------------------

For investing

DREYFUS AUTOMATIC For making automatic investments
ASSET BUILDER((reg.tm)) from a designated bank account.

DREYFUS PAYROLL For making automatic investments
SAVINGS PLAN through a payroll deduction.

DREYFUS GOVERNMENT For making automatic investments
DIRECT DEPOSIT from your federal employment,
PRIVILEGE Social Security or other regular
federal government check.

DREYFUS DIVIDEND For automatically reinvesting the
SWEEP dividends and distributions from
one Dreyfus fund into another
(not available for IRAs).
--------------------------------------------------------

For exchanging shares

DREYFUS AUTO- For making regular exchanges
EXCHANGE PRIVILEGE from one Dreyfus fund into
another.
--------------------------------------------------------

For selling shares

DREYFUS AUTOMATIC For making regular withdrawals
WITHDRAWAL PLAN from most Dreyfus funds.

Dreyfus Financial Centers

Through a nationwide network of Dreyfus Financial Centers, Dreyfus offers a full
array of investment services and products. This includes information on mutual
funds, brokerage services, tax-advantaged products and retirement planning.

Experienced financial consultants can help you make informed choices and provide
you with personalized attention in handling account transactions. The Financial
Centers also offer informative seminars and events. To find the Financial Center
nearest you, call 1-800-499-3327.

Exchange privilege

YOU CAN EXCHANGE (REDEEM) SHARES WORTH $500 OR MORE (no minimum for retirement
accounts) from one Dreyfus fund into another. You can request your exchange in
writing or by phone. Be sure to read the current prospectus for any fund into
which you are exchanging before investing. Any new account established through
an exchange will have the same privileges as your original account (as long as
they are available). There is currently no fee for exchanges, although you may
be charged a sales load when exchanging into any fund that has one.

Dreyfus TeleTransfer privilege

TO MOVE MONEY BETWEEN YOUR BANK ACCOUNT and your Dreyfus fund account with a
phone call, use the Dreyfus TeleTransfer privilege. You can set up TeleTransfer
on your account by providing bank account information and following the
instructions on your application.

24-hour automated account access

YOU CAN EASILY MANAGE YOUR DREYFUS ACCOUNTS, check your account balances,
transfer money between your Dreyfus funds, get price and yield information and
much more -- when it's convenient for you -- by calling 1-800-645-6561.

Retirement plans

Dreyfus offers a variety of retirement plans, including traditional, Roth and
Education IRAs. Here's where you call for information:

* for traditional, rollover, Roth and Education IRAs, call 1-800-645-656

* for SEP-IRAs, Keogh accounts, 401(k) and 403(b) accounts, call
1-800-358-0910

Your Investment

INSTRUCTIONS FOR REGULAR ACCOUNTS

TO OPEN AN ACCOUNT

In Writing

Complete the application.

Mail your application and a check to:
The Dreyfus Family of Funds
P.O. Box 9387, Providence,
RI 02940-9387

By Telephone

WIRE Have your bank send your
investment to The Bank of New York, with these instructions:

* ABA# 021000018
* DDA# 8900279621
* the fund name
* your Social Security or tax ID number
* name(s) of investor(s)

Call us to obtain an account number. Return your application.

Automatically

WITH AN INITIAL INVESTMENT Indicate
on your application which automatic service(s) you want. Return your application
with your investment.

WITHOUT ANY INITIAL INVESTMENT Check the Dreyfus Step Program option on your
application. Return your application, then complete the additional materials
when they are sent to you.

Via the Internet

COMPUTER Visit the Dreyfus Web site http://www.dreyfus.com and follow the
instructions to download an account application.

TO ADD TO AN ACCOUNT

Fill out an investment slip, and write your account number on your check.

Mail the slip and the check to: The Dreyfus Family of Funds P.O. Box 105,
Newark, NJ 07101-0105

WIRE Have your bank send your investment to The Bank of New York, with these
instructions:

* ABA# 021000018
* DDA# 8900279621
* the fund name
* your account number
* name(s) of investor(s)

ELECTRONIC CHECK Same as wire, but insert "1111" before your account number.

TELETRANSFER Request TeleTransfer on your application. Call us to request your
transaction.

ALL SERVICES Call us to request a form to add any automatic investing service
(see "Services for Fund Investors"). Complete and return the forms along with
any other required materials.

Your Investment

TO SELL SHARES

Write a letter of instruction that includes:

* your name(s) and signature(s)
* your account number
* the fund name
* the dollar amount you want to sell
* how and where to send the proceeds

Obtain a signature guarantee or other documentation, if required (see "Account
Policies -- Selling Shares").

Mail your request to:
The Dreyfus Family of Funds
P.O. Box 9671,
Providence, RI 02940-9671

WIRE Be sure the fund has your bank account information on file. Call us to
request your transaction. Proceeds will be wired to your bank.

TELETRANSFER Be sure the fund has your bank account information on file. Call
us to request your transaction. Proceeds will be sent to your bank by electronic
check.

CHECK Call us to request your transaction. A check will be sent to the address
of record.

DREYFUS AUTOMATIC WITHDRAWAL PLAN Call us to request a form to add the plan.
Complete the form, specifying the amount and frequency of withdrawals you would
like.

Be sure to maintain an account balance of $5,000 or more.

To reach Dreyfus, call toll free in the U.S.

1-800-645-6561

Outside the U.S. 516-794-5452

Make checks payable to:

THE DREYFUS FAMILY OF FUNDS

You also can deliver requests to any Dreyfus Financial Center. Because
processing time may vary, please ask the representative when your account will
be credited or debited.

Concepts to understand

WIRE TRANSFER: for transferring money from one financial institution to another.
Wiring is the fastest way to move money, although your bank may charge a fee to
send or receive wire transfers. Wire redemptions from the fund are subject to a
$1,000 minimum.

ELECTRONIC CHECK: for transferring money out of a bank account. Your transaction
is entered electronically, but may take up to eight business days to clear.
Electronic checks usually are available without a fee at all Automated Clearing
House (ACH) banks.

Your Investment

INSTRUCTIONS FOR IRAS

TO OPEN AN ACCOUNT

In Writing

Complete an IRA application, making sure to specify the fund name and to
indicate the year the contribution is for.

Mail your application and a check to:
The Dreyfus Trust Company,
Custodian P.O. Box 6427,
Providence, RI 02940-6427

By Telephone

Via the Internet

COMPUTER Visit the Dreyfus Web site http://www.dreyfus.com and follow the
instructions to download an account application.

TO ADD TO AN ACCOUNT

Fill out an investment slip, and write your account number on your check.
Indicate the year the contribution is for.

Mail in the slip and the check (see "To Open an Account" at left).

WIRE Have your bank send your investment to The Bank of New York, with these
instructions:

* ABA# 021000018
* DDA# 8900279621
* the fund name
* your account number
* name of investor
* the contribution year

ELECTRONIC CHECK Same as wire, but insert "1111" before your account number.

TELEPHONE CONTRIBUTION Call to request us to move money from a regular Dreyfus
account to an IRA (both accounts must be held in the same shareholder name).

ALL SERVICES Call us to request a form to add an automatic investing service
(see "Services for Fund Investors"). Complete and return the form along with any
other required materials.

All contributions will count as current year.

TO SELL SHARES

Write a letter of instruction that includes:

* your name and signature
* your account number
* the fund name
* the dollar amount you want to sell
* how and where to send the proceeds
* whether the distribution is qualified or premature
* whether the 10% TEFRA should be withheld

Obtain a signature guarantee or other documentation, if required.

Mail in your request (see "To Open an Account" at left).

DREYFUS AUTOMATIC WITHDRAWAL PLAN Call us to request instructions to establish
the plan.

To reach Dreyfus, call toll free in the U.S.

1-800-645-6561

Outside the U.S. 516-794-5452

Make checks payable to:

THE DREYFUS TRUST COMPANY, CUSTODIAN

You also can deliver requests to any Dreyfus Financial Center. Because
processing time may vary, please ask the representative when your account will
be credited or debited.

Concepts to understand

Your Investment

NOTES

For More Information

Dreyfus Aggressive Growth Fund
A series of Dreyfus Growth and Value Funds, Inc.
----------------------------
SEC file number: 811-7123

More information on this fund is available free upon
request, including the following:

Annual/Semiannual Report

Describes the fund's performance, lists portfolio
holdings and contains a letter from the fund's manager
discussing recent market conditions, economic trends and
fund strategies that significantly affected the fund's
performance during the last fiscal year.

Statement of Additional Information (SAI)

Provides more details about the fund and its policies. A
current SAI is on file with the Securities and Exchange
Commission (SEC) and is incorporated by reference (is
legally considered part of this prospectus).

To obtain information:

BY TELEPHONE Call 1-800-645-6561

BY MAIL Write to:
The Dreyfus Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144

BY E-MAIL Send your request
to [email protected]

ON THE INTERNET Text-only versions of certain fund documents can be viewed
online or downloaded from:

SEC
http://www.sec.gov

DREYFUS
http://www.dreyfus.com

You can also obtain copies by visiting the SEC's Public Reference Room in
Washington, DC (for information call 1-202-942-8090) or, after paying a
duplicating fee, by E-mail request to [email protected], or by writing to the
SEC's Public Reference Section, Washington, DC 20549-0102.

================================================================================

Dreyfus

Emerging Leaders Fund

Investing in small companies for capital growth

PROSPECTUS January 1, 2000
As revised, June 30, 2000

Contents

THE FUND
----------------------------------------------------

1 Goal/Approach

2 Main Risks

4 Past Performance

5 Expenses

6 Management

7 Financial Highlights

YOUR INVESTMENT
--------------------------------------------------------------------

8 Account Policies

11 Distributions and Taxes

12 Services for Fund Investors

14 Instructions for Regular Accounts

16 Instructions for IRAs

FOR MORE INFORMATION
-------------------------------------------------------------------------------

INFORMATION ON THE FUND'S RECENT STRATEGIES
AND HOLDINGS CAN BE FOUND IN THE CURRENT ANNUAL/ SEMIANNUAL REPORT (SEE BACK
COVER).

What every investor should know about the fund

Information for managing your fund account

Where to learn more about this and other Dreyfus funds

The Fund

Dreyfus Emerging Leaders Fund
-------------------------------

Ticker Symbol: DRELX

GOAL/APPROACH

The fund seeks capital growth. To pursue this goal, it invests in companies
Dreyfus believes to be emerging leaders: small companies characterized by new or
innovative products, services or processes having the potential to enhance
earnings growth. The fund invests at least 65% of its total assets in companies
with total market values of less than $1.5 billion at time of purchase. The
fund's investments may include common stocks, preferred stocks and convertible
securities, including those purchased in initial public offerings.

In choosing stocks, the fund uses a blended approach, investing in a combination
of growth and value stocks. Using fundamental research and direct management
contact, the portfolio managers seek stocks with strong positions in major
product lines, sustained achievement records and strong financial condition.
They also seek special situations, such as corporate restructurings or
management changes, that could increase the stock price.

The fund managers use a sector management approach, supervising a team of sector
managers who each make buy and sell decisions within their respective areas of
expertise. The fund's sector weightings typically approximate those of the
Russell 2000 Index.

The fund typically sells a stock when the reasons for buying it no longer apply
or when the company begins to show deteriorating fundamentals or poor relative
performance, or when a stock is fully valued by the market.

Concepts to understand

SMALL COMPANIES: new, often entrepreneurial companies. Small companies can, if
successful, grow faster than large-cap companies and typically use profits for
expansion rather than for paying dividends. Their share prices are more volatile
than those of larger companies. Small companies fail more often.

GROWTH COMPANIES: companies whose revenue and/or earnings are expected to grow
faster than the overall market. Often, growth stocks have relatively high
price-to-earnings, price-to-book and price-to-sales ratios, and tend to be more
volatile than value stocks.

MAIN RISKS

While stocks have historically been a leading choice of long-term investors,
they do fluctuate in price depending on the performance of the companies that
issued them, general market and economic conditions and investor confidence. The
value of your investment in the fund will go up and down, sometimes
dramatically, which means that you could lose money.

Small companies carry additional risks because their earnings and revenues tend
to be less predictable (and some companies may be experiencing significant
losses), and their share prices tend to be more volatile. The shares of smaller
companies tend to trade less frequently than those of larger, more established
companies, which can have an adverse effect on the pricing of these securities
and on the fund's ability to sell these securities. These companies may have
limited product lines, markets, or financial resources, or may depend on a
limited management group. Some of the fund's investments will rise and fall
based on investor perceptions rather than economics. Some fund investments are
made in anticipation of future products, services or events that, if delayed or
cancelled, could cause the company's stock price to drop.

Securities of companies within specific sectors of the economy can perform
differently than the overall market. Because the fund may overweight certain
market sectors, the fund's performance may be more sensitive to developments
that affect those sectors emphasized by the fund.

Other potential risks

The fund can buy securities with borrowed money (a form of leverage), which
could have the effect of magnifying the fund's gains or losses.

Growth companies may lack the dividend yield that can cushion stock prices in
market downdrafts. These companies are expected to increase their earnings at a
certain rate. If expectations are not met, investors can punish the stocks
inordinately, even if earnings do increase.

Value stocks have the risk that their intrinsic values may never be realized by
the market, or their prices may go down. In addition, the fund may produce more
modest gains than riskier small-company stock funds.

At times, the fund may engage in short-term trading, which could produce higher
brokerage costs and taxable distributions, and lower the fund's after-tax
performance accordingly.

Under adverse market conditions, the fund could invest some or all of its assets
in money market securities. Although the fund would do this to avoid losses, it
could reduce the benefit from any market upswing. During such periods, the fund
may not achieve its investment objective.

Concepts to understand

VALUE COMPANIES: companies that appear underpriced according to certain
financial measurements of their intrinsic worth or business prospects (such as
price-to-earnings or price-to-book ratios). Because a stock can remain
undervalued for years, value investors often look for factors that could trigger
a rise in price.

The Fund

PAST PERFORMANCE

The bar chart and table below show some of the risks of investing in the fund.
The bar chart shows the changes in the fund's performance from year to year.
The table compares the fund's average annual total return to that of the Russell
2000 Index, an unmanaged index of small company stock performance. Of course,
past performance is no guarantee of future results.
--------------------------------------------------------

Year-by-year total return AS OF 12/31 EACH YEAR (%)

47.40 33.91 8.56 38.26
90 91 92 93 94 95 96 97 98 99

BEST QUARTER: Q4 '98 +24.00%

WORST QUARTER: Q3 '98 -17.84%

THE FUND'S YEAR-TO-DATE TOTAL RETURN AS OF 6/30/00 WAS 7.76%.
--------------------------------------------------------

Average annual total return AS OF 12/31/99

Since
inception

1 Year (9/29/95)
--------------------------------------------------------

FUND 38.26% 33.61%

RUSSELL 2000 INDEX 21.26% 13.63%*

* FOR COMPARATIVE PURPOSES, THE VALUE OF THE INDEX ON 9/30/95 IS USED AS THE
BEGINNING VALUE ON 9/29/95.

What this fund is -- and isn't

EXPENSES

Fee table

SHAREHOLDER TRANSACTION FEES

% OF TRANSACTION AMOUNT

Maximum redemption fee 1.00%

CHARGED ONLY WHEN SELLING SHARES YOU

HAVE OWNED FOR LESS THAN 30 DAYS
--------------------------------------------------------

ANNUAL FUND OPERATING EXPENSES

% OF AVERAGE DAILY NET ASSETS

Management fees 0.90%

Shareholder services fee 0.25%

Other expenses 0.23%
--------------------------------------------------------

TOTAL 1.38%
--------------------------------------------------------

<TABLE>

Expense example

1 Year 3 Years 5 Years 10 Years
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>

$140 $437 $755 $1,657
</TABLE>

This example shows what you could pay in expenses over time. It uses the same
hypothetical conditions other funds use in their prospectuses: $10,000 initial
investment, 5% total return each year and no changes in expenses. The figures
shown would be the same whether you sold your shares at the end of a period or
kept them. Because actual return and expenses will be different, the example is
for comparison only.

Concepts to understand

MANAGEMENT FEE: the fee paid to Dreyfus for managing the fund's portfolio and
assisting in all aspects of the fund's operations.

SHAREHOLDER SERVICES FEE: the fee paid to the fund's distributor for shareholder
account service and maintenance.

OTHER EXPENSES: fees paid by the fund for miscellaneous items such as transfer
agency, custody, professional and registration fees.

The Fund

MANAGEMENT

The investment adviser for the fund is The Dreyfus Corporation, 200 Park Avenue,
New York, New York 10166. Founded in 1947, Dreyfus manages more than $129
billion in over 160 mutual fund portfolios. For the past fiscal year, the fund
paid Dreyfus a management fee at the annual rate of 0.90% of the fund's average
daily net assets. Dreyfus is the primary mutual fund business of Mellon
Financial Corporation, a global financial services company with approximately
$2.5 trillion of assets under management, administration or custody, including
approximately $500 billion under management. Mellon provides wealth management,
global investment services and a comprehensive array of banking services for
individuals, businesses and institutions. Mellon is headquartered in Pittsburgh,
Pennsylvania.

Portfolio managers

Paul Kandel and Hilary Woods have been the fund's primary portfolio managers
since October 1996. Mr. Kandel joined Dreyfus in 1994 as senior sector manager
for the technology and telecommunications industries. Ms. Woods joined Dreyfus
in 1987 as senior sector manager for the capital goods industry.

FINANCIAL HIGHLIGHTS

<TABLE>

YEAR ENDED AUGUST 31,
1999 1998 1997 1996(1)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>

PER-SHARE DATA ($)

Net asset value, beginning of period 20.20 25.17 18.67 12.50

Investment operations:

Investment income (loss) -- net (.13)(2) (.16)(2) (.11) .03

Net realized and unrealized gain (loss)
on investments 10.33 (2.14) 8.02 6.17

Total from investment operations 10.20 (2.30) 7.91 6.20

Distributions:

Dividends from investment income -- net -- -- -- (.03)

Dividends from net realized gain
on investments (.05) (2.67) (1.41) --

Total distributions (.05) (2.67) (1.41) (.03)

Net asset value, end of period 30.35 20.20 25.17 18.67

Total return (%) 50.54 (10.82) 44.45
46.09(3,4)
------------------------------------------------------------------------------------------------------------------------------------

RATIOS/SUPPLEMENTAL DATA

Ratio of expenses to average net assets (%) 1.38 1.39 1.39 1.16(4)

Ratio of net investment income (loss)
to average net assets (%) (.49) (.63) (.62) .09(4)

Decrease reflected in above expense ratios
due to actions by Dreyfus (%) -- -- .09 .36(4)

Portfolio turnover rate (%) 100.40 199.08 197.99 203.66(4)
------------------------------------------------------------------------------------------------------------------------------------

Net assets, end of period ($ x 1,000) 358,624 105,550 104,481 37,206

(1) FROM SEPTEMBER 29, 1995 (COMMENCEMENT OF OPERATIONS) TO AUGUST 31, 1996.

(2) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.

(3) CALCULATED BASED ON NET ASSET VALUE ON THE CLOSE OF BUSINESS ON SEPTEMBER
29, 1995 (COMMENCEMENT OF INITIAL OFFERING) TO AUGUST 31, 1996.

(4) NOT ANNUALIZED.
</TABLE>

The Fund

Your Investment

ACCOUNT POLICIES

Buying shares

THE FUND IS CURRENTLY CLOSED TO NEW INVESTORS. You pay no sales charges to
invest in this fund. Your price for fund shares is the fund's net asset value
per share (NAV), which is generally calculated as of the close of trading on the
New York Stock Exchange (usually 4:00 p.m. Eastern time) every day the exchange
is open. Your order will be priced at the next NAV calculated after your order
is accepted by the fund's transfer agent or other authorized entity. The fund's
investments are generally valued based on market value or, where market
quotations are not readily available, based on fair value as determined in good
faith by the fund's board.
--------------------------------------------------------

Minimum investments

Initial Additional
--------------------------------------------------------

REGULAR ACCOUNTS $2,500 $100
$500 FOR
TELETRANSFER
INVESTMENTS

TRADITIONAL IRAS $750 NO MINIMUM

SPOUSAL IRAS $750 NO MINIMUM

ROTH IRAS $750 NO MINIMUM

EDUCATION IRAS $500 NO MINIMUM
AFTER THE FIRST
YEAR

DREYFUS AUTOMATIC $100 $100
INVESTMENT PLANS

All investments must be in U.S. dollars. Third-party
checks cannot be accepted. You may be charged a fee for
any check that does not clear. Maximum TeleTransfer
purchase is $150,000 per day.

Third-party investments

Selling shares

BEFORE SELLING SHARES recently purchased by check, TeleTransfer or Automatic
Asset Builder, please note that:

* if you send a written request to sell such shares, the fund may delay
sending the proceeds for up to eight business days following the purchase
of those shares

* the fund will not process wire, telephone or TeleTransfer redemption
requests for up to eight business days following the purchase of those
shares

--------------------------------------------------------
Limitations on selling shares by phone

Proceeds
sent by Minimum Maximum
--------------------------------------------------------

CHECK NO MINIMUM $150,000 PER DAY

WIRE $1,000 $500,000 FOR JOINT
ACCOUNTS
EVERY 30 DAYS

TELETRANSFER $500 $500,000 FOR JOINT
ACCOUNTS
EVERY 30 DAYS

Written sell orders

Some circumstances require written sell orders along with signature guarantees.
These include:

* amounts of $10,000 or more on accounts whose address has been changed
within the last 30 days

* requests to send the proceeds to a different payee or address

Written sell orders of $100,000 or more must also be signature guaranteed.

Your Investment

ACCOUNT POLICIES (CONTINUED)

General policies

UNLESS YOU DECLINE TELEPHONE PRIVILEGES on your application, you may be
responsible for any fraudulent telephone order as long as Dreyfus takes
reasonable measures to verify the order.

THE FUND RESERVES THE RIGHT TO:

* refuse any purchase or exchange request in excess of 1% of the fund's total
assets

* change or discontinue its exchange privilege, or temporarily suspend this
privilege during unusual market conditions

* change its minimum investment amounts

* delay sending out redemption proceeds for up to seven days (generally
applies only in cases of very large redemptions, excessive trading or
during unusual market conditions)

Small account policies

If your account falls below $500, the fund may ask you to increase your balance.
If it is still below $500 after 45 days, the fund may close your account and
send you the proceeds.

DISTRIBUTIONS AND TAXES

FUND DIVIDENDS AND DISTRIBUTIONS ARE TAXABLE to most investors (unless your
investment is in an IRA or other tax-advantaged account). High portfolio
turnover and more volatile markets can result in taxable distributions to
shareholders, regardless of whether their shares increased in value. The tax
status of any distribution is the same regardless of how long you have been in
the fund and whether you reinvest your distributions or take them in cash. In
general, distributions are federally taxable as follows:

--------------------------------------------------------

Taxability of distributions

Type of Tax rate for Tax rate for

distribution 15% bracket 28% bracket or above
--------------------------------------------------------

INCOME ORDINARY ORDINARY
DIVIDENDS INCOME RATE INCOME RATE

SHORT-TERM ORDINARY ORDINARY
CAPITAL GAINS INCOME RATE INCOME RATE

LONG-TERM
CAPITAL GAINS 10% 20%

The tax status of your dividends and distributions will be detailed in your
annual tax statement from the fund.

Because everyone's tax situation is unique, always consult your tax professional
about federal, state and local tax consequences.

Taxes on transactions

Except for tax-advantaged accounts, any sale or exchange of fund shares may
generate a tax liability. Of course, withdrawals or distributions from
tax-deferred accounts are taxable when received.

Your Investment

SERVICES FOR FUND INVESTORS

Automatic services

For investing

DREYFUS AUTOMATIC For making automatic investments
ASSET BUILDER((reg.tm)) from a designated bank account.

DREYFUS PAYROLL For making automatic investments
SAVINGS PLAN through a payroll deduction.

DREYFUS GOVERNMENT For making automatic investments
DIRECT DEPOSIT from your federal employment,
PRIVILEGE Social Security or other regular
federal government check.

For exchanging shares

DREYFUS AUTO- For making regular exchanges
EXCHANGE PRIVILEGE from one Dreyfus fund into
another.
--------------------------------------------------------

For selling shares

DREYFUS AUTOMATIC For making regular withdrawals
WITHDRAWAL PLAN from most Dreyfus funds.

Dreyfus Financial Centers

Exchange privilege

YOU CAN EXCHANGE SHARES WORTH $500 OR MORE (no minimum for retirement accounts)
from one Dreyfus fund into another. You can request your exchange in writing or
by phone. Be sure to read the current prospectus for any fund into which you are
exchanging before investing. Any new account established through an exchange
will have the same privileges as your original account (as long as they are
available). There is currently no fee for exchanges, although you may be charged
a sales load when exchanging into any fund that has one.

Dreyfus TeleTransfer privilege

24-hour automated account access

Retirement plans

Dreyfus offers a variety of retirement plans, including traditional, Roth and
Education IRAs. Here's where you call for information:

* for traditional, rollover, Roth and Education IRAs, call 1-800-645-656

* for SEP-IRAs, Keogh accounts, 401(k) and 403(b) accounts, call
1-800-358-0910

Your Investment

INSTRUCTIONS FOR REGULAR ACCOUNTS

TO OPEN AN ACCOUNT

In Writing

Complete the application.

Mail your application and a check to:
The Dreyfus Family of Funds
P.O. Box 9387,
Providence, RI 02940-9387

By Telephone

WIRE Have your bank send your
investment to The Bank of New York, with these instructions:

* ABA# 021000018
* DDA# 8900279664
* the fund name
* your Social Security or tax ID number
* name(s) of investor(s)

Call us to obtain an account number. Return your application.

Automatically

WITH AN INITIAL INVESTMENT Indicate
on your application which automatic service(s) you want. Return your application
with your investment.

WITHOUT ANY INITIAL INVESTMENT Check the Dreyfus Step Program option on your
application. Return your application, then complete the additional materials
when they are sent to you.

Via the Internet

COMPUTER Visit the Dreyfus Web site http://www.dreyfus.com and follow the
instructions to download an account application.

TO ADD TO AN ACCOUNT

Fill out an investment slip, and write your account number on your check.

Mail the slip and the check to: The Dreyfus Family of Funds P.O. Box 105,
Newark, NJ 07101-0105

WIRE Have your bank send your investment to The Bank of New York, with these
instructions:

* ABA# 021000018
* DDA# 8900279664
* the fund name
* your account number
* name(s) of investor(s)

ELECTRONIC CHECK Same as wire, but insert "1111" before your account.

TELETRANSFER Request TeleTransfer on your application. Call us to request your
transaction.

ALL SERVICES Call us to request a form to add any automatic investing service
(see "Services for Fund Investors"). Complete and return the forms along with
any other required materials.

TO SELL SHARES

Write a letter of instruction that includes:

* your name(s) and signature(s)
* your account number
* the fund name
* the dollar amount you want to sell
* how and where to send the proceeds

Obtain a signature guarantee or other documentation, if required (see "Account
Policies -- Selling Shares").

Mail your request to:
The Dreyfus Family of Funds
P.O. Box 9671,
Providence, RI 02940-9671

WIRE Be sure the fund has your bank account information on file. Call us to
request your transaction. Proceeds will be wired to your bank.

TELETRANSFER Be sure the fund has your bank account information on file. Call
us to request your transaction. Proceeds will be sent to your bank by electronic
check.

CHECK Call us to request your transaction. A check will be sent to the address
of record.

DREYFUS AUTOMATIC WITHDRAWAL PLAN Call us to request a form to add the plan.
Complete the form, specifying the amount and frequency of withdrawals you would
like.

Be sure to maintain an account balance of $5,000 or more.

To reach Dreyfus, call toll free in the U.S.

1-800-645-6561

Outside the U.S. 516-794-5452

Make checks payable to:

THE DREYFUS FAMILY OF FUNDS

You also can deliver requests to any Dreyfus Financial Center. Because
processing time may vary, please ask the representative when your account will
be credited or debited.

Concepts to understand

Your Investment

INSTRUCTIONS FOR IRAS

TO OPEN AN ACCOUNT

In Writing

Complete an IRA application, making sure to specify the fund name and to
indicate the year the contribution is for.

Mail your application and a check to:
The Dreyfus Trust Company, Custodian P.O. Box 6427, Providence, RI 02940-6427

By Telephone

Automatically

WITHOUT ANY INITIAL INVESTMENT Call us
to request a Dreyfus Step Program form. Complete and return the form along with
your application.

Via the Internet

COMPUTER Visit the Dreyfus Web site http://www.dreyfus.com and follow the
instructions to download an account application.

TO ADD TO AN ACCOUNT

Fill out an investment slip, and write your account number on your check.
Indicate the year the contribution is for.

Mail in the slip and the check (see "To Open an Account" at left).

WIRE Have your bank send your investment to The Bank of New York, with these
instructions:

* ABA# 021000018
* DDA# 8900279664
* the fund name
* your account number
* name of investor
* the contribution year

ELECTRONIC CHECK Same as wire, but insert "1111" before your account number.

TELEPHONE CONTRIBUTION Call to request us to move money from a regular Dreyfus
account to an IRA (both accounts must be held in the same shareholder name).

ALL SERVICES Call us to request a form to add an automatic investing service
(see "Services for Fund Investors"). Complete and return the form along with any
other required materials.

All contributions will count as current year.

TO SELL SHARES

Write a letter of instruction that includes:

Obtain a signature guarantee or other documentation, if required.

Mail in your request (see "To Open an Account" at left).

DREYFUS AUTOMATIC WITHDRAWAL PLAN Call us to request instructions to establish
the plan.

To reach Dreyfus, call toll free in the U.S.

1-800-645-6561

Outside the U.S. 516-794-5452

Make checks payable to:

THE DREYFUS TRUST COMPANY, CUSTODIAN

You also can deliver requests to any Dreyfus Financial Center. Because
processing time may vary, please ask the representative when your account will
be credited or debited.

Concepts to understand

Your Investment

For More Information

Dreyfus Emerging Leaders Fund
A series of Dreyfus Growth and Value Funds, Inc.
----------------------------
SEC file number: 811-7123

More information on this fund is available free upon
request, including the following:

Annual/Semiannual Report

Statement of Additional Information (SAI)

To obtain information:

BY TELEPHONE Call 1-800-645-6561

BY MAIL Write to:
The Dreyfus Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144

BY E-MAIL Send your request to [email protected]

ON THE INTERNET Text-only versions of certain fund documents can be viewed
online or downloaded from:

SEC
http://www.sec.gov

DREYFUS
http://www.dreyfus.com

You can also obtain copies by visiting the SEC's Public Reference Room in
Washington, DC (for information, call 1-202-942-8090) or, after paying a
duplicating fee, by E-mail request to [email protected], or by writing to the
SEC's Public Reference Section, Washington, DC 20549-0102.