dreyfus premier new leaders fund, inc. · pdf filemay 1, 2006 dreyfus premier new leaders...

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

Dreyfus PremierNew Leaders Fund, Inc.Seeks capital appreciation byinvesting in small and midsize companies

PROSPECTUS May 1, 2006

May 1, 2006

DREYFUS PREMIER NEW LEADERS FUND, INC.

Supplement to Current Prospectus dated May 1, 2006

Effective on or about June 1, 2006 (the “Effective Date”), Dreyfus Premier NewLeaders Fund, Inc. (the “fund”) will no longer offer Class B shares, except in connectionwith dividend reinvestment and permitted exchanges of Class B shares.

Existing holders of the fund’s Class B shares as of the Effective Date may continue to hold theirClass B shares, reinvest dividends into Class B shares of the fund and exchange their Class B sharesfor Class B shares of other Dreyfus Premier funds and Dreyfus Founders funds (as permitted bycurrent exchange privilege rules). In addition, Class B shares may be exchanged as of the EffectiveDate for Class B shares of General Money Market Fund, Inc. (“GMMF”). As of the Effective Date,no new or subsequent investments, including through automatic investment plans, will be allowedin Class B shares of any fund, except through a dividend reinvestment or permitted exchange. ForClass B shares outstanding on the Effective Date and Class B shares acquired upon reinvestment ofdividends, all Class B share attributes, including associated contingent deferred sales charge(“CDSC”) schedules, conversion features and distribution plan and shareholder services plan fees,will continue in effect. However, as of the Effective Date, the Reinvestment Privilege with respect toClass B shares (which permits you to reinvest within 45 days of selling your shares and have anyCDSC you paid on such shares credited back to your account) will be discontinued.

In addition, as of the Effective Date, exchanges of Class B shares of the fund for shares ofDreyfus Worldwide Dollar Money Market Fund, Inc. (“DWDMMF”) will no longer be permitted.Shares held in DWDMMF through a previous exchange of Class B shares, however, may beexchanged for Class B shares of a Dreyfus Premier fund, a Dreyfus Founders fund or GMMF.

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Contents

The Fund

Goal/Approach 1

Main Risks 2

Past Performance 4

Expenses 5

Management 6

Financial Highlights 8

Your Investment

Shareholder Guide 11

Distributions and Taxes 20

Services for Fund Investors 21

Instructions for Regular Accounts 22

Instructions for IRAs 24

For More Information

See back cover.

G O A L / A P P R O A C H

The fund seeks to maximize capital appreciation.Topursue its goal, the fund normally invests at least80% of its assets in the stocks of small and midsizecompanies. Often, these companies are “new lead-ers” in their industry, and are characterized by newor innovative products, services or processes withthe potential to enhance earnings growth. Thefund’s stock investments may include commonstocks, preferred stocks and convertible securities,including those purchased in initial public offerings.The fund also may invest in foreign stocks.

The fund defines “small and midsize companies” ascompanies with market capitalizations of $10 bil-lion or less at the time of investment. However, thefund may continue to hold the securities of compa-nies as their market capitalizations grow above$10 billion, and a substantial portion of the fund’sholdings may have market capitalizations higherthan $10 billion at any time. The fund is notrequired to maintain an average or median marketcapitalization of investments within any particularrange.

The portfolio managers select stocks through a“bottom-up” approach that seeks to identify under-valued securities using a quantitative screeningprocess. This process is driven by a proprietaryquantitative model which measures more than 40stock characteristics to identify and rank stocksbased on:

� fundamental momentum, meaning measuresthat reflect the changes in short-term earningsoutlook through factors such as revised earningsestimates and earnings surprises

� relative value, such as current and forecastedprice-to-earnings ratios, price-to-book ratios,yields and other price-sensitive data for a stockcompared to its past, its peers and the models’overall stock universe

� future value, such as discounted present valuemeasures

� long-term growth, based on measures thatreflect the changes in estimated long-term earn-ings growth over multiple horizons

� additional factors, such as technical factors, trad-ing by company insiders or share issuance/buy-back data

Next, through a “bottom-up” approach, the portfo-lio managers focus on stock selection as opposed tomaking proactive decisions about industry or sectorexposure. Over time, the portfolio managersattempt to construct a portfolio that has exposureto industries and market capitalizations that is gen-erally similar to the Russell Midcap Index, thefund’s benchmark. Finally, within each sector, theportfolio managers seek to overweight the mostattractive stocks and underweight or not hold thestocks that have been ranked least attractive.

The fund may, but is not required to, use derivatives,such as options, as a substitute for taking a position inan underlying asset, to increase returns, or as part of ahedging strategy.

T h e F u n d 1

Concepts to understand

Growth stocks: companies whose earnings are expected to

grow faster than the overall market. Often, growth stocks pay

little or no dividends, have relatively high price-to-earnings

and price-to-book ratios, and tend to be more volatile than

value stocks.

Value stocks: stocks of 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 an event

that could trigger a rise in price.

Dreyfus Premier New Leaders Fund, Inc. Ticker Symbols Class A: DNLDX

Class B: DNLBX

Class C: DNLCX

Class R: DNLRX

Class T: DNLTX

The Fund

M A I N R I S K S

The fund’s principal risks are discussed below.Thevalue of your investment in the fund will fluctuate,sometimes dramatically, which means you couldlose money.

� Market risk. The market value of a security maydecline due to general market conditions that arenot specifically related to a particular company,such as real or perceived adverse economic con-ditions, changes in the general outlook for corpo-rate earnings, changes in interest or currency ratesor adverse investor sentiment generally.A securi-ty’s market value may also decline because of fac-tors that affect a particular industry or industries,such as labor shortages or increased productioncosts and competitive conditions within anindustry.

� Issuer risk. The value of a security may decline fora number of reasons which directly relate to theissuer, such as management performance, financialleverage and reduced demand for the issuer’sproducts or services.

� Smaller company risk. Small and midsize companiescarry additional risks because their earnings andrevenues tend to be less predictable (and somecompanies may be experiencing significant loss-es), and their share prices more volatile than thoseof larger, more established companies.The sharesof smaller companies tend to trade less frequent-ly than those of larger, more established compa-nies, which can adversely affect the pricing ofthese securities and the fund’s ability to sell thesesecurities. These companies may have limitedproduct lines, markets or financial resources, ormay depend on a limited management group.Some of the fund’s investments will rise and fallbased on investor perception rather than eco-nomic factors. Other investments, including spe-cial situations, are made in anticipation of futureproducts and services or events whose delay orcancellation could cause the stock price to drop.

� Growth and value stock risk. By investing in a mixof growth and value companies, the fund assumesthe risks of both. Investors often expect growthcompanies to increase their earnings at a certainrate. If these expectations are not met, investorscan punish the stocks inordinately, even if earn-ings do increase. In addition, growth stocks typi-cally lack the dividend yield that can cushionstock prices in market downturns. Value stocksinvolve the risk that they may never reach whatthe portfolio managers believe is their full marketvalue, either because the market fails to recognizethe stock’s intrinsic worth or the portfolio man-agers misgauged that worth. They also maydecline in price, even though in theory they arealready undervalued.

� Derivatives risk. The fund may use derivativeinstruments, such as options (including thoserelating to stocks or indexes). A small investmentin derivatives could have a potentially largeimpact on the fund’s performance. The use ofderivatives involves risks different from, or possi-bly greater than, the risks associated with invest-ing directly in the underlying assets. Derivativescan be highly volatile, illiquid and difficult tovalue, and there is the risk that changes in thevalue of a derivative held by the fund will notcorrelate the underlying instruments or with thefund’s other investments. Derivative instrumentsalso involve the risk that a loss may be sustainedas a result of the failure of the counterparty to thederivative instruments to make required pay-ments or otherwise comply with the derivativeinstruments’ terms.

2

Other potential risks

Under adverse market conditions, the fund could invest some

or all of its assets in U.S. Treasury securities and money market

securities. Although the fund would do this for temporary

defensive purposes, it could reduce the benefit from any

upswing in the market. During such periods, the fund may not

achieve its investment objective.

At times, the fund may engage in short-term trading, which

could produce higher transaction costs and taxable

distributions and lower the fund’s after-tax performance.

The fund may lend its portfolio securities to brokers, dealers

and other financial institutions. In connection with such loans,

the fund will receive collateral from the borrower equal to at

least 100% of the value of the loaned securities. Should the

borrower of the securities fail financially, the fund may

experience delays in recovering the loaned securities or

exercising its rights in the collateral.

T h e F u n d 3

� IPO risk. The fund may purchase securities ofcompanies in initial public offerings (IPOs).Theprices of securities purchased in IPOs can bevery volatile. The effect of IPOs on the fund’sperformance depends on a variety of factors,including the number of IPOs the fund invests inrelative to the size of the fund and whether andto what extent a security purchased in an IPOappreciates or depreciates in value. As a fund’sasset base increases, IPOs often have a diminishedeffect on such fund’s performance.

4

05040302010099989796

19.54

37.42

17.31 15.338.60

-3.95-9.56

31.68

14.40

-11.55

P A S T P E R F O R M A N C E

The bar chart and table shown illustrate the risks ofinvesting in the fund. The bar chart shows thechanges in the performance of the fund’s Class Ashares from year to year. Sales loads are not reflect-ed in the bar chart; if they were, the returns shownwould have been lower. The table compares theaverage annual total returns of each of the fund’sshare classes to those of the Russell Midcap Index,an unmanaged index of small and midsize companystock performance. Sales loads are reflected in theperformance table. All returns assume reinvestmentof dividends and distributions. Of course, past per-formance (before and after taxes) is no guarantee offuture results. Performance for each share class willvary from the performance of the fund’s other shareclasses due to differences in expenses.

After-tax performance is shown only for Class Ashares. After-tax performance of the fund’s othershare classes will vary.After-tax returns are calculatedusing the historical highest individual federal mar-ginal income tax rates, and do not reflect the impactof state and local taxes. Actual after-tax returnsdepend on the investor’s tax situation and may differfrom those shown, and the after-tax returns shownare not relevant to investors who hold their sharesthrough tax-deferred arrangements such as 401(k)plans or individual retirement accounts.

Year-by-year total returns as of 12/31 each year (%)

Class A shares

Best Quarter: Q4 ’99 +24.49%

Worst Quarter: Q3 ’98 -20.42%

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.

Average annual total returns as of 12/31/05

Share class/ Sinceinception date 1 Year 5 Years 10 Years inception

Class A (1/29/85)returns before taxes 7.83% 5.54% 10.17% —

Class Areturns after taxeson distributions 6.46% 4.42% 8.33% —

Class Areturns after taxeson distributions andsale of fund shares 6.44% 4.42% 8.13% —

Class B (11/27/02)returns before taxes 9.48% — — 17.47%

Class C (11/27/02)returns before taxes 12.49% — — 18.18%

Class R (11/27/02)returns before taxes 14.48% — — 19.30%

Class T (11/27/02)returns before taxes 8.98% — — 16.97%

Russell Midcap Indexreflects no deduction forfees, expenses or taxes 12.65% 8.45% 12.49% 21.48%*

* Based on the life of Classes, B, C, R and T. For comparative purposes, thevalue of the index on 11/30/02 is used as the beginning value on11/27/02.

T h e F u n d 5

E X P E N S E S

As an investor, you pay certain fees and expenses in connection with the fund, which are described inthe table below.

Fee table

Class A Class B Class C Class R Class T

Shareholder transaction fees (fees paid from your account)Maximum front-end sales charge on purchases% of offering price 5.75 none none none 4.50

Maximum contingent deferred sales charge (CDSC)% of purchase or sale price, whichever is less none* 4.00 1.00 none none*

Annual fund operating expenses (expenses paid from fund assets)% of average daily net assetsManagement fees .75 .75 .75 .75 .75

Rule 12b-1 fee none .75 .75 none .25

Shareholder services fee .25 .25 .25 none .25

Other expenses .16 .24 .18 .36 .13

Total 1.16 1.99 1.93 1.11 1.38

* Shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a CDSC of 1.00% if redeemed within one year.

Expense example

1 Year 3 Years 5 Years 10 Years

Class A $686 $922 $1,177 $1,903

Class Bwith redemption $602 $924 $1,273 $1,905**without redemption $202 $624 $1,073 $1,905**

Class Cwith redemption $296 $606 $1,042 $2,254without redemption $196 $606 $1,042 $2,254

Class R $113 $353 $612 $1,352

Class T $584 $867 $1,171 $2,033

** Assumes conversion of Class B to Class A at end of the sixth yearfollowing the date of purchase.

This example shows what you could pay in expenses overtime. It uses the same hypothetical conditions other fundsuse in their prospectuses: $10,000 initial investment, 5%total return each year and no changes in expenses. Becauseactual returns and expenses will be different, the example isfor comparison only.


Management fee: the fee paid to Dreyfus for managing the

fund’s portfolio and assisting in all aspects of the fund’s

operations.

Rule 12b-1 fee: the fee paid to the fund’s distributor for

financing the sale and distribution of Class B, Class C and

Class T shares. Because this fee is paid out of the fund’s

assets on an ongoing basis, over time it will increase the cost

of your investment and may cost you more than paying other

types of sales charges.

Shareholder services fee: the fee paid to the fund’s

distributor for shareholder services.

Other expenses: fees paid by the fund for miscellaneous

items such as transfer agency, custody, professional and

registration fees. The fund also makes payments to certain

financial intermediaries, including affiliates, who provide sub-

administration, recordkeeping and/or sub-transfer agency

services to beneficial owners of the fund.

6

M A N A G E M E N T

Investment adviser

The investment adviser for the fund is The DreyfusCorporation (Dreyfus), 200 Park Avenue, NewYork, New York 10166. Founded in 1947, Dreyfusmanages approximately $172 billion in approxi-mately 200 mutual fund portfolios. For the past fis-cal year, the fund paid Dreyfus a management fee atthe annual rate of 0.75% of the fund’s average dailynet assets. A discussion regarding the basis for theboard’s approving the fund’s management agree-ment with Dreyfus is available in the fund’s annualreport for the fiscal year ended December 31, 2005.Dreyfus is the primary mutual fund business ofMellon Financial Corporation (Mellon Financial), aglobal financial services company. Headquartered inPittsburgh, Pennsylvania, Mellon Financial is one ofthe world’s leading providers of financial servicesfor institutions, corporations and high net worthindividuals, providing institutional asset manage-ment, mutual funds, private wealth management,asset servicing, payment solutions and investor ser-vices, and treasury services. Mellon Financial hasapproximately $4.9 trillion in assets under manage-ment, administration or custody, including $808 bil-lion under management.

The Dreyfus asset management philosophy is basedon the belief that discipline and consistency areimportant to investment success. For each fund,Dreyfus seeks to establish clear guidelines for port-folio management and to be systematic in makingdecisions.This approach is designed to provide eachfund with a distinct, stable identity.

Investment decisions for the fund are made by acommittee of portfolio managers comprised ofmembers of the midcap team of Franklin PortfolioAssociates that has managed the fund’s investmentssince June 2005.The committee members are JohnS. Cone, Oliver Buckley, Langton C. Garvin, PatrickSlattery and Kristin Crawford, each of whom also isan employee of Dreyfus and manages the fund inthat capacity. Mr. Cone is chief executive officer,president and a senior portfolio manager ofFranklin Portfolio Associates, where he has beenemployed since its inception in 1982. Mr. Buckleyis chief investment officer, executive vice presidentand a senior portfolio manager of Franklin PortfolioAssociates, which he joined in 2000. Mr. Garvin isa senior vice president and senior portfolio manag-er of Franklin Portfolio Associates, which he joinedin 2004; prior thereto, he was a portfolio managerwith Batterymarch Financial Management. Mr.Slattery is a vice president and portfolio manager ofFranklin Portfolio Associates, which he joined in2005. Ms. Crawford is a vice president and portfo-lio manager of Franklin Portfolio Associates, whichshe joined in 2000. Franklin Portfolio Associates isan independently managed, wholly owned sub-sidiary of Mellon Financial Corporation. FranklinPortfolio Associates has no affiliation to theFranklin Templeton Group of Funds or FranklinResources, Inc.

The Statement of Additional Information (SAI)provides additional information about the portfoliomanagers’ compensation, other accounts managedby the portfolio managers, and the portfolio man-agers’ ownership of fund shares.

T h e F u n d 7

Distributor

The fund’s distributor is Dreyfus ServiceCorporation (DSC), a wholly-owned subsidiary ofDreyfus. Dreyfus or DSC may provide cash pay-ments out of its own resources to financial interme-diaries that sell shares of the fund or provide otherservices. Such payments are in addition to any sales charge, 12b-1 and/or shareholder services feesor other expenses paid by the fund.These addition-al payments may be made to intermediaries, includ-ing affiliates, that provide shareholder servicing,sub-administration, recordkeeping and/or sub-transfer agency services, marketing support and/oraccess to sales meetings, sales representatives andmanagement representatives of the financial inter-mediary. Cash compensation also may be paid tointermediaries for inclusion of the fund on a saleslist, including a preferred or select sales list or inother sales programs.These payments sometimes arereferred to as “revenue sharing.” In some cases, thesepayments may create an incentive for a financialintermediary or its employees to recommend or sellshares of the fund to you. Please contact your finan-cial representative for details about any paymentsthey or their firm may receive in connection withthe sale of fund shares or the provision of servicesto the fund.

From time to time, Dreyfus or DSC also may pro-vide cash or non-cash compensation to financialintermediaries or their representatives in the formof occasional gifts; occasional meals, tickets or otherentertainment; support for due diligence trips; edu-cational conference sponsorship; support for recog-nition programs; and other forms of cash or non-cash compensation permissible under broker-dealerregulations, as periodically amended.

Code of ethics

The fund, Dreyfus and DSC have each adopted acode of ethics that permits its personnel, subject tosuch code, to invest in securities, including securi-ties that may be purchased or held by the fund.TheDreyfus code of ethics restricts the personal securi-ties transactions of its employees, and requires port-folio managers and other investment personnel tocomply with the code’s preclearance and disclosureprocedures.The primary purpose of the code is toensure that personal trading by Dreyfus employeesdoes not disadvantage any Dreyfus-managed fund.

8

F I N A N C I A L H I G H L I G H T S

The following tables describe the performance ofeach share class for the fiscal periods indicated.“Totalreturn”shows how much your investment in the fundwould have increased (or decreased) during eachperiod, assuming you had reinvested all dividends and

distributions. These figures have been audited byErnst & Young LLP, independent registered publicaccounting firm, whose report, along with the fund’sfinancial statements, is included in the annual report,which is available upon request.

Year Ended December 31,Class A 2005 2004 2003 2002 1 2001

Per-Share Data ($):

Net asset value, beginning of period 44.42 41.91 34.94 39.54 45.51

Investment operations: Investment income (loss) — net 2 .13 (.05) (.03) .00 3 (.02)

Net realized and unrealized gain (loss) on investments 6.03 6.34 10.95 (4.56) (4.37)

Total from investment operations 6.16 6.29 10.92 (4.56) (4.39)

Distributions: Dividends from investment income — net (.09) — (.00) 3 — —

Dividends from net realizedgain on investments (3.47) (3.78) (3.95) (.04) (1.58)

Total distributions (3.56) (3.78) (3.95) (.04) (1.58)

Redemption fee reimbursed — — — .00 3 .00 3

Net asset value, end of period 47.02 44.42 41.91 34.94 39.54

Total Return (%) 14.40 4 15.33 4 31.68 4 (11.55) 4 (9.56)

Ratios/Supplemental Data (%):

Ratio of total expenses to average net assets 1.16 1.22 1.25 1.23 1.16

Ratio of net investment income (loss)to average net assets .29 (.12) (.08) .00 5 (.06)

Portfolio turnover rate 37.93 99.93 121.01 113.51 111.66

Net assets, end of period ($ x 1,000) 1,041,238 874,359 728,634 492,628 603,664

1 The fund commenced offering five classes of shares on November 27, 2002.The existing shares were redesignated Class A shares.2 Based on average shares outstanding at each month end.3 Amount represents less than $.01 per share.4 Exclusive of sales charge.5 Amount represents less than .01%.

T h e F u n d 9

Year Ended December 31,Class B 2005 2004 2003 2002 1

Per-Share Data ($):

Net asset value, beginning of period 43.67 41.57 34.93 35.42

Investment operations: Investment income (loss) — net 2 (.24) (.38) (.32) .01

Net realized and unrealized (loss) on investments 5.90 6.26 10.91 (.50)

Total from investment operations 5.66 5.88 10.59 (.49)

Distributions: Dividends from net realized gain on investments (3.47) (3.78) (3.95) —

Net asset value, end of period 45.86 43.67 41.57 34.93

Total Return (%) 3 13.48 14.46 30.73 (1.38) 4


Ratio of total expenses to average net assets 1.99 2.00 1.99 .19 4

Ratio of net investment income (loss) to average net assets (.54) (.88) (.82) .05 4

Portfolio turnover rate 37.93 99.93 121.01 113.51

Net assets, end of period ($ x 1,000) 20,938 15,285 9,036 74

1 From November 27, 2002 (commencement of initial offering) to December 31, 2002.2 Based on average shares outstanding at each month end.3 Exclusive of sales charge.4 Not annualized.

Year Ended December 31,Class C 2005 2004 2003 2002 1

Per-Share Data ($):





Distributions: Dividends from net realized gain on investments (3.47) (3.78) (3.95) —


Total Return (%) 3 13.49 14.49 30.72 (1.35) 4





Net assets, end of period ($ x 1,000) 18,166 10,193 3,514 36


10

Year Ended December 31,Class R 2005 2004 2003 2002 1

Per-Share Data ($):


Investment operations: Investment income — net 2 .12 .15 .09 .03



Distributions: Dividends from investment income — net (.12) — — —

Dividends from net realized gain on investments (3.47) (3.78) (3.95) —

Total distributions (3.59) (3.78) (3.95) —


Total Return (%) 14.48 15.69 31.97 (1.30) 3


Ratio of total expenses to average net assets 1.11 .92 .93 .09 3

Ratio of net investment income to average net assets .27 .38 .21 .07 3


Net assets, end of period ($ x 1,000) 10,312 3,583 390 1

1 From November 27, 2002 (commencement of initial offering) to December 31, 2002.2 Based on average shares outstanding at each month end.3 Not annualized.

Year Ended December 31,Class T 2005 2004 2003 2002 1

Per-Share Data ($):





Distributions: Dividends from investment income — net (.11) — — —

Dividends from net realized gain on investments (3.47) (3.78) (3.95) —

Total distributions (3.58) (3.78) (3.95) —


Total Return (%) 3 14.12 15.04 31.24 (1.35) 4





Net assets, end of period ($ x 1,000) 15,651 1,302 122 1


F I N A N C I A L H I G H L I G H T S (continued)

Y o u r I n v e s t m e n t 11

Your InvestmentS H A R E H O L D E R G U I D E

The Dreyfus Premier Funds are designed primar-ily for people who are investing through a thirdparty, such as a bank, broker-dealer or financialadviser, or in a 401(k) or other retirement plan.Third parties with whom you open a fund accountmay impose policies, limitations and fees which aredifferent from those described in this prospectus.Consult a representative of your plan or financialinstitution for further information.

Your financial representative may receive differentcompensation for selling one class of shares than forselling another class. It is important to rememberthat the CDSCs and Rule 12b-1 fees for Class Band Class C shares have the same purpose as thefront-end sales charge on sales of Class A and ClassT shares: to compensate the distributor for conces-sions and expenses it pays to dealers and financialinstitutions for selling shares.

Deciding which class of shares to buy

This prospectus offers Class A, B, C, T and Rshares of the fund. The different classes representinvestments in the same portfolio of securities, butthe classes are subject to different expenses and willlikely have different share prices.When choosing aclass, you should consider your investment amount,anticipated holding period, the potential costs overyour holding period and whether you qualify forany reduction or waiver of the sales charge.

When you invest in Class A or Class T shares yougenerally pay an initial sales charge. Class A shareshave no ongoing Rule 12b-1 fees, and Class Tshares have lower ongoing Rule 12b-1 fees thaneither Class B or Class C shares. Each class, exceptClass R shares, is subject to a shareholder servicefee. Class R shares are available only to limited typesof investors. Please see below for more informationregarding the eligibility requirements.

A more complete description of each class follows.You should review these arrangements with yourfinancial representative before determining whichclass to invest in.

Class A Class B Class C Class T Class R

Initial sales charge up to 5.75% none none up to 4.50% none

Ongoing distribution fee (Rule 12b-1 fees) none 0.75% 0.75% 0.25% none

Ongoing shareholder service fee 0.25% 0.25% 0.25% 0.25% none

Contingent deferred sales charge 1% on sale of sliding scale 1% on sale of 1% on sale of noneshares bought over six years shares held for shares boughtwithin one year one year or less within one yearwithout an initial without an initialsales charge as sales charge aspart of an part of aninvestment of investment of$1 million $1 millionor more or more

Conversion feature no yes no no no

Recommended purchase maximum none $100,000 $1 million $1 million none

12

S H A R E H O L D E R G U I D E (continued)

Class A share considerations

When you invest in Class A shares, you pay thepublic offering price, which is the share price, orNAV, plus the initial sales charge that may apply toyour purchase. The amount of the initial salescharge is based on the size of your investment, asthe following table shows.We also describe belowhow you may reduce or eliminate the initial salescharge. (See “Sales charge reductions and waivers.”)

Since some of your investment goes to pay an up-front sales charge when you purchase Class A shares,you purchase fewer shares than you would with thesame investment in Class B or Class C shares.Nevertheless, you are usually better off purchasingClass A shares, rather than Class B or Class C shares,and paying an up-front sales charge if you:

� plan to own the shares for an extended period oftime, since the ongoing Rule 12b-1 fees on ClassB and Class C shares may eventually exceed thecost of the up-front sales charge

� qualify for a reduced or waived sales charge

If you invest $1 million or more (and are not eli-gible to purchase Class R shares), Class A shares willalways be the most advantageous choice.

Class A sales charges

Sales charge Sales chargeas a % of as a % of

Purchase amount offering price NAV

Less than $50,000 5.75% 6.10%

$50,000 to $99,999 4.50% 4.70%

$100,000 to $249,999 3.50% 3.60%

$250,000 to $499,999 2.50% 2.60%

$500,000 to $999,999 2.00% 2.00%

$1 million or more* none none

* No sales charge applies on investments of $1 million or more, but acontingent deferred sales charge of 1% may be imposed on certainredemptions of such shares within one year of the date of purchase.

Class T share considerations

When you invest in Class T shares, you pay thepublic offering price, which is the share price, orNAV, plus the initial sales charge that may apply toyour purchase. The amount of the initial salescharge is based on the size of your investment.Wealso describe below how you may reduce or elimi-nate the initial sales charge. (See “Sales chargereductions and waivers.”)

The initial sales charge on Class A is higher thanthat of Class T. Nevertheless, you are usually betteroff purchasing Class A shares rather than Class Tshares if you:

� plan to own the shares for an extended period oftime, since the ongoing Rule 12b-1 fee on ClassT may eventually exceed the initial sales chargedifferential

� invest at least $1 million, regardless of yourinvestment horizon, because there is no initialsales charge at that level and Class A has noongoing Rule 12b-1 fee

Since some of your investment goes to pay anup-front sales charge when you purchase Class Tshares, you purchase fewer shares than you wouldwith the same investment in Class B or Class Cshares. Nevertheless, you should consider purchas-ing Class T shares, rather than Class B or Class Cshares, and paying an up-front sales charge if you:

� qualify for a reduced or waived sales charge

� are unsure of your expected holding period

Class T sales charges

Sales charge Sales chargeas a % of as a % of

Purchase amount offering price NAV

Less than $50,000 4.50% 4.70%

$50,000 to $99,999 4.00% 4.20%

$100,000 to $249,999 3.00% 3.10%

$250,000 to $499,999 2.00% 2.00%

$500,000 to $999,999 1.50% 1.50%

$1 million or more* none none

* No sales charge applies on investments of $1 million or more, but acontingent deferred sales charge of 1% may be imposed on certainredemptions of such shares within one year of the date of purchase.


Sales charge reductions and waivers

To receive a reduction or waiver of your initialsales charge, you must let your financial intermedi-ary or the fund know at the time you purchaseshares that you qualify for such a reduction orwaiver. If you do not let your financial intermedi-ary or the fund know that you are eligible for areduction or waiver, you may not receive thereduction or waiver to which you are otherwiseentitled. In order to receive a reduction or waiver,you may be required to provide your financialintermediary or the fund with evidence of yourqualification for the reduction or waiver, such asrecords regarding shares of Dreyfus Premier Fundsor Dreyfus Founders Funds held in accounts withthat financial intermediary and other financialintermediaries. Additional information regardingreductions and waivers of sales loads is available,free of charge, at www.dreyfus.com and in thefund’s SAI.

You can reduce your initial sales charge in thefollowing ways:

� Rights of accumulation. You can count toward theamount of your investment your total accountvalue in all share classes of the fund and certainother Dreyfus Premier Funds or DreyfusFounders Funds that are subject to a sales charge.For example, if you have $1 million invested inshares of certain other Dreyfus Premier Funds orDreyfus Founders Funds, you can invest in ClassA shares of any fund without an initial salescharge. We may terminate or change this privi-lege at any time on written notice.

� Letter of intent. You can sign a letter of intent, inwhich you agree to invest a certain amount(your goal) in the fund and certain other DreyfusPremier Funds or Dreyfus Founders Funds overa 13-month period, and your initial sales chargewill be based on your goal. A 90-day back-datedperiod can also be used to count previous pur-chases toward your goal. Your goal must be atleast $50,000, and your initial investment mustbe at least $5,000.The sales charge will be adjust-ed if you do not meet your goal.

� Combine with family members. You can also counttoward the amount of your investment all invest-ments in certain other Dreyfus Premier Funds orDreyfus Founders Funds, in any class of shares, byyour spouse and your children under age 21(family members), including their rights ofaccumulation and goals under a letter of intent.Certain other groups may also be permitted tocombine purchases for purposes of reducing oreliminating sales charges. (See “How to BuyShares” in the SAI.)

Class A shares may be purchased at NAV with-out payment of a sales charge by the following indi-viduals and entities:

� full-time or part-time employees, and their familymembers, of Dreyfus or any of its affiliates

� board members of Dreyfus and board members ofthe Dreyfus Family of Funds

� full-time employees, and their family members, offinancial institutions that have entered into sellingagreements with the fund’s distributor

� “wrap” accounts for the benefit of clients offinancial institutions, provided they have enteredinto an agreement with the fund’s distributorspecifying operating policies and standards

� qualified separate accounts maintained by aninsurance company; any state, county or city orinstrumentality thereof; charitable organizationsinvesting $50,000 or more in fund shares; andcharitable remainder trusts

� accountholders in the ACS/Mellon Health SavingsAccount

� investors who have continuously owned shares ofthe fund since before the imposition of a sales load

� qualified investors who (i) purchase Class A sharesdirectly through the fund’s distributor, and (ii)have, or whose spouse or minor children have,beneficially owned shares and continuouslymaintained an open account directly through thedistributor in a Dreyfus-managed fund, includingthe fund, or a Founders-managed fund since onor before February 28, 2006

� investors with the cash proceeds from theinvestor’s exercise of employment-related stockoptions, whether invested in the fund directly orindirectly through an exchange from a Dreyfus-managed money market fund, provided that theproceeds are processed through an entity that hasentered into an agreement with the fund’sdistributor specifically relating to processing stockoptions. Upon establishing the account in thefund or the Dreyfus-managed money marketfund, the investor and the investor’s spouse andminor children become eligible to purchase ClassA shares of the fund at NAV, whether or notusing the proceeds of the employment-relatedstock options

� members of qualified affinity groups whopurchase Class A shares directly through thefund’s distributor, provided that the qualifiedaffinity group has entered into an affinityagreement with the distributor

Class A and Class T shares may be purchased atNAV without payment of a sales charge by the fol-lowing individuals and entities:

� employees participating in qualified or non-qualified employee benefit plans

� shareholders in Dreyfus-sponsored IRA rolloveraccounts funded with the distribution proceedsfrom qualified and non-qualified retirement plansor a Dreyfus-sponsored 403(b)(7) plan, providedthat, in the case of a qualified or non-qualifiedretirement plan, the rollover is processed throughan entity that has entered into an agreement withthe fund’s distributor specifically relating toprocessing rollovers. Upon establishing theDreyfus-sponsored IRA rollover account in thefund, the shareholder becomes eligible to makesubsequent purchases of Class A or Class T sharesof the fund at NAV in such account

14


Class B and Class C share considerations

Since you pay no initial sales charge, an invest-ment of less than $1 million in Class B or Class Cshares buys more shares than the same investmentwould in Class A or Class T shares. However, youwill pay ongoing Rule 12b-1 fees. Over time thesefees may cost you more than paying an initial salescharge on Class A or Class T shares.

Due to availability of sales charge discounts forClass A and Class T shares and the higher ongoingfees for Class B and Class C shares, the fund willgenerally not accept a purchase order for Class Bshares in the amount of $100,000 or more and willgenerally not accept a purchase order for Class Cshares in the amount of $1 million or more.Whilethe fund will take reasonable steps to prevent invest-ments of $100,000 or more in Class B shares, and$1 million or more in Class C shares, it may not beable to identify such investments made through cer-tain financial intermediaries or omnibus accounts.

Class B shares sold within six years of purchase aresubject to the following CDSCs:

Class B sales charges

CDSC as a % ofFor shares amount redeemedsold in the: subject to the charge

First year 4.00%

Second year 4.00%

Third year 3.00%

Fourth year 3.00%

Fifth year 2.00%

Sixth year 1.00%

Thereafter none

Class B shares convert to Class A shares (which arenot subject to a Rule 12b-1 fee) approximately sixyears after the date they were purchased. If youintend to hold your shares less than six years, ClassC shares will generally be more economical thanClass B shares.

Class C shares redeemed within one year of pur-chase are subject to a 1% CDSC. Unlike Class Bshares, Class C shares will never convert to Class Ashares. As a result, long-term Class C shareholdersmay pay higher ongoing Rule 12b-1 fees over thelife of their investment.

Class R share considerations

Since you pay no initial sales charge, an invest-ment of less than $1 million in Class R shares buysmore shares than the same investment would inClass A or Class T shares. There is also no CDSCimposed on purchases of Class R shares, and you donot pay any ongoing service or distribution fees.

Class R shares may be purchased by:

� a bank trust department or other financial ser-vices provider acting on behalf of its customershaving a qualified trust or investment account orrelationship at such institution

� a custodian, trustee, investment manager or otherentity authorized to act on behalf of a qualified ornon-qualified employee benefit plan that hasentered an agreement with the fund’s distributoror a SEP-IRA

CDSC waivers

The CDSC on Class A, B, C and T shares maybe waived in the following cases:

� permitted exchanges of shares, except if sharesacquired by exchange are then redeemed withinthe period during which a CDSC would apply tothe initial shares purchased

� redemptions made within one year of death ordisability of the shareholder

� redemptions due to receiving required minimumdistributions from retirement accounts uponreaching age 70 1⁄2

� redemptions of Class B or Class C shares madethrough the fund’s Automatic Withdrawal Plan, ifsuch redemptions do not exceed 12% of the valueof the account annually

� redemptions from qualified and non-qualifiedemployee benefit plans


16


Buying shares

The net asset value (NAV) of each class is gener-ally calculated as of the close of trading on theNew York Stock Exchange (NYSE) (usually 4:00p.m. Eastern time) on days the NYSE is open forregular business. Your order will be priced at thenext NAV calculated after your order is received inproper form by the fund’s transfer agent or otherauthorized entity.The fund’s investments are valuedon the basis of market quotations or official closingprices. If market quotations or official closingprices are not readily available, or are determinednot to reflect accurately fair value (such as whenthe value of a security has been materially affectedby events occurring after the close of the exchangeor market on which the security is principally trad-ed (for example, a foreign exchange or market), butbefore the fund calculates its NAV), the fund mayvalue those investments at fair value as determinedin accordance with procedures approved by thefund’s board. Fair value of investments may bedetermined by the fund’s board, its pricing com-mittee or its valuation committee in good faithusing such information as it deems appropriateunder the circumstances. Fair value of foreignequity securities may be determined with the assis-tance of a pricing service using correlationsbetween the movement of prices of foreign securi-ties and indexes of domestic securities and otherappropriate indicators, such as closing marketprices of relevant ADRs and futures contracts.Using fair value to price securities may result in avalue that is different from a security’s most recentclosing price and from the prices used by othermutual funds to calculate their net asset values.Foreign securities held by the fund may trade ondays when the fund does not calculate its NAV andthus may affect the fund’s NAV on days wheninvestors have no access to the fund.

Investments in foreign securities, small-capitaliza-tion equity securities and certain other thinly trad-ed securities may provide short-term traders arbi-trage opportunities with respect to the fund’s shares.For example, arbitrage opportunities may existwhen trading in a portfolio security or securities ishalted and does not resume, or the market onwhich such securities are traded closes before thefund calculates its NAV. If short-term investors inthe fund were able to take advantage of these arbi-trage opportunities, they could dilute the NAV offund shares held by long-term investors. Portfoliovaluation policies can serve to reduce arbitrageopportunities available to short-term traders, butthere is no assurance that such valuation policieswill prevent dilution of the fund’s NAV by short-term traders.While the fund has a policy regardingfrequent trading, it too may not be completelyeffective to prevent short-term NAV arbitrage trad-ing, particularly in regard to omnibus accounts.Please see “Your Investment — Shareholder Guide— General Policies” for further information aboutthe fund’s frequent trading policy.


Net asset value (NAV): the market value of one share,

computed by dividing the total net assets of a fund or class

by its existing shares outstanding. The fund’s Class A and

Class T shares are offered to the public at NAV plus a sales

charge. Classes B, C and R are offered at NAV, but Classes B

and C generally are subject to higher annual operating

expenses and a CDSC.


Orders to buy and sell shares received by dealersby the close of trading on the NYSE and transmittedto the distributor or its designee by the close of itsbusiness day (usually 5:15 p.m. Eastern time) will bebased on the NAV determined as of the close of trad-ing on the NYSE that day.

Minimum investments

Initial Additional

Regular accounts $1,000 $100

Traditional IRAs $750 no minimum

Spousal IRAs $750 no minimum

Roth IRAs $750 no minimum

Education Savings $500 no minimumAccounts after the first year

All investments must be in U.S. dollars. Third-party checkscannot be accepted. You may be charged a fee for anycheck that does not clear. Maximum Dreyfus TeleTransferpurchase is $150,000 per day.

Selling shares

You may sell (redeem) shares at any time. Yourshares will be sold at the next NAV calculated afteryour order is received in proper form by the fund’stransfer agent or other authorized entity. Any certifi-cates representing fund shares being sold must bereturned with your redemption request. Your orderwill be processed promptly and you will generallyreceive the proceeds within a week.

To keep your CDSC as low as possible, each timeyou request to sell shares we will first sell shares thatare not subject to a CDSC, and then those subject tothe lowest charge.The CDSC is based on the lesserof the original purchase cost or the current marketvalue of the shares being sold, and is not charged onshares you acquired by reinvesting your dividends.Asdescribed above in this prospectus, there are certaininstances when you may qualify to have the CDSCwaived. Consult your financial representative or theSAI for additional details.

Before selling shares recently purchased bycheck, Dreyfus TeleTransfer or Automatic AssetBuilder, please note that:

� if you send a written request to sell such shares,the fund may delay sending the proceeds for upto eight business days following the purchase ofthose shares

� the fund will not process wire, telephone, onlineor Dreyfus TeleTransfer redemption requests forup to eight business days following the purchaseof those shares

Limitations on selling sharesby phone or online

Proceeds Minimum Maximumsent by phone/online phone/online

Check* no minimum $250,000 per day

Wire $1,000 $500,000 for jointaccounts every 30 days/$20,000 per day

Dreyfus $500 $500,000 for jointTeleTransfer accounts every 30 days/

$20,000 per day

* Not available online on accounts whose address has been changedwithin the last 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.

General policies

Unless you decline teleservice privileges on yourapplication, the fund’s transfer agent is authorized toact on telephone or online instructions from anyperson representing himself or herself to be you andreasonably believed by the transfer agent to be gen-uine. You may be responsible for any fraudulenttelephone or online order as long as the fund’stransfer agent takes reasonable measures to confirmthat instructions are genuine.

The fund is designed for long-term investors.Frequent purchases, redemptions and exchangesmay disrupt portfolio management strategies andharm fund performance by diluting the value offund shares and increasing brokerage and adminis-trative costs.As a result, Dreyfus and the fund’s boardhave adopted a policy of discouraging excessivetrading, short-term market timing and other abusivetrading practices (frequent trading) that couldadversely affect the fund or its operations. Dreyfusand the fund will not enter into arrangements withany person or group to permit frequent trading.

The fund reserves the right to:

� change or discontinue its exchange privilege, ortemporarily suspend the privilege during unusu-al market conditions

� change its minimum or maximum investmentamounts

� delay sending out redemption proceeds for up toseven days (generally applies only during unusu-al market conditions or in cases of very largeredemptions or excessive trading)

� “redeem in kind,” or make payments in securi-ties rather than cash, if the amount redeemed islarge enough to affect fund operations (forexample, if it exceeds 1% of the fund’s assets)

� refuse any purchase or exchange request, includ-ing those from any individual or group who, inDreyfus’ view, is likely to engage in frequenttrading

18

More than four roundtrips within a rolling 12-month period generally is considered to be frequenttrading.A roundtrip consists of an investment that issubstantially liquidated within 60 days. Based on thefacts and circumstances of the trades, the fund mayalso view as frequent trading a pattern of invest-ments that are partially liquidated within 60 days.

Dreyfus monitors selected transactions to identifyfrequent trading. When its surveillance systemsidentify multiple roundtrips, Dreyfus evaluates trad-ing activity in the account for evidence of frequenttrading. Dreyfus considers the investor’s trading his-tory in other accounts under common ownership orcontrol, in other Dreyfus, Dreyfus/Founders andMellon Funds Trust funds, and if known, in non-affiliated mutual funds and accounts under commoncontrol.These evaluations involve judgments that areinherently subjective, and while Dreyfus seeks toapply the policy and procedures uniformly, it is pos-sible that similar transactions may be treated differ-ently. In all instances, Dreyfus seeks to make thesejudgments to the best of its abilities in a manner thatit believes is consistent with shareholder interests. IfDreyfus concludes the account is likely to engage infrequent trading, Dreyfus may cancel or revoke thepurchase or exchange on the following business day.Dreyfus may also temporarily or permanently barsuch investor’s future purchases into the fund in lieuof, or in addition to, canceling or revoking the trade.At its discretion,Dreyfus may apply these restrictionsacross all accounts under common ownership, con-trol or perceived affiliation.


Fund shares often are held through omnibusaccounts maintained by financial intermediaries,such as brokers and retirement plan administrators,where the holdings of multiple shareholders, such asall the clients of a particular broker, are aggregated.Dreyfus’ ability to monitor the trading activity ofinvestors whose shares are held in omnibus accountsis limited and dependent upon the cooperation ofthe financial intermediary in providing informationwith respect to individual shareholder transactions.However, the agreements between the distributorand financial intermediaries include obligations tocomply with the terms of this prospectus. Further,all intermediaries have been requested in writing tonotify the distributor immediately if, for any reason,they cannot meet their commitment to make fundshares available in accordance with the terms of theprospectus and relevant rules and regulations.

To the extent that the fund significantly invests inthinly traded small-capitalization equity securities,certain investors may seek to trade fund shares in aneffort to benefit from their understanding of thevalue of these securities (referred to as price arbi-trage). Any such frequent trading strategies mayinterfere with efficient management of the fund’sportfolio to a greater degree than funds that investin highly liquid securities, in part because the fundmay have difficulty selling these portfolio securitiesat advantageous times or prices to satisfy largeand/or frequent redemption requests. Any success-ful price arbitrage may also cause dilution in thevalue of fund shares held by other shareholders.

To the extent that the fund significantly invests inforeign securities traded on markets that closebefore the fund calculates its NAV, events that influ-ence the value of these foreign securities may occurafter the close of these foreign markets and beforethe fund calculates its NAV. As a result, certaininvestors may seek to trade fund shares in an effortto benefit from their understanding of the value ofthese foreign securities at the time the fund calcu-lates its NAV (referred to as price arbitrage). Thistype of frequent trading may dilute the value offund shares held by other shareholders.The fund hasadopted procedures designed to adjust closing mar-ket prices of foreign equity securities under certaincircumstances to reflect what it believes to be theirfair value.

Although the fund’s frequent trading and fair valu-ation policy and procedures are designed to dis-courage market timing and excessive trading, noneof these tools alone, nor all of them together, com-pletely eliminates the potential for frequent trading.

Transactions made through Automatic InvestmentPlans, Automatic Withdrawal Plans, Dreyfus Auto-Exchange Privileges and automatic non-discre-tionary rebalancing programs approved in writingby Dreyfus generally are not considered to be fre-quent trading.


Small account policy

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.

20

D I S T R I B U T I O N S A N D T A X E S

The fund earns dividends, interest and otherincome from its investments, and distributes thisincome (less expenses) to shareholders as dividends.The fund also realizes capital gains from its invest-ments, and distributes these gains (less any losses) toshareholders as capital gain distributions. The fundnormally pays dividends and distributes capital gainsannually. Fund dividends and capital gain distribu-tions will be reinvested in the fund unless youinstruct the fund otherwise. There are no fees orsales charges on reinvestments.

Distributions paid by the fund are subject to fed-eral income tax, and may also be subject to state orlocal taxes (unless you are investing through a tax-advantaged retirement account). For federal taxpurposes, in general, certain fund distributions,including distributions of short-term capital gains,are taxable to you as ordinary income. Other funddistributions, including dividends from U.S. compa-nies and certain foreign companies and distribu-tions of long-term capital gains, generally are tax-able to you as qualified dividends and capital gains,respectively.

High portfolio turnover and more volatile marketscan result in significant taxable distributions toshareholders, regardless of whether their shares haveincreased in value.The tax status of any distributiongenerally is the same regardless of how long youhave been in the fund and whether you reinvestyour distributions or take them in cash.

If you buy shares of a fund when the fund hasrealized but not yet distributed income or capitalgains, you will be “buying a dividend” by paying thefull price for the shares and then receiving a portionback in the form of a taxable distribution.

Your sale of shares, including exchanges into otherfunds, may result in a capital gain or loss for tax pur-poses. A capital gain or loss on your investment inthe fund generally is the difference between thecost of your shares and the amount you receivewhen you sell them.

The tax status of your distributions will be detailedin your annual tax statement from the fund. Becauseeveryone’s tax situation is unique, please consultyour tax advisor before investing.


SERVICES FOR FUND INVESTORS

The third party through whom you purchasedfund shares may impose different restrictions onthese services and privileges offered by the fund, ormay not make them available at all. Consult yourfinancial representative for more information on theavailability of these services and privileges.

Automatic services

Buying or selling shares automatically is easy withthe services described below. With each service, youselect a schedule and amount, subject to certainrestrictions.You can set up most of these services withyour application,or by calling your financial represen-tative or 1-800-554-4611.

For investing

Dreyfus Automatic For making automatic investmentsAsset Builder® from a designated bank account.

Dreyfus Payroll For making automatic investmentsSavings Plan through a payroll deduction.

Dreyfus Government For making automatic investmentsDirect 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

the fund into another Dreyfus fundor certain Founders-advised funds(not available for IRAs).

For exchanging shares

Dreyfus Auto- For making regular exchanges Exchange Privilege from the fund into another

Dreyfus fund or certainFounders-advised funds.

For selling shares

Dreyfus Automatic For making regular withdrawals Withdrawal Plan from most Dreyfus funds. There will

be no CDSC on Class B or C shares,as long as the amount of any with-drawal does not exceed on an annualbasis 12% of the greater of theaccount value at the time of the firstwithdrawal under the plan, or at thetime of the subsequent withdrawal.

Exchange privilege

You can exchange shares worth $500 or more(no minimum for retirement accounts) from one classof the fund into the same class of another DreyfusPremier fund or Founders-advised fund. You alsocan exchange Class T shares into Class A shares ofcertain Dreyfus Premier fixed-income funds.You canrequest your exchange by contacting your financialrepresentative. Be sure to read the current prospectusfor any fund into which you are exchanging beforeinvesting. Any new account established through anexchange will generally have the same privileges asyour original account (as long as they are available).There is currently no fee for exchanges, althoughyou may be charged a sales load when exchanginginto a fund that has a higher one.

Dreyfus TeleTransfer privilege

To move money between your bank account andyour Dreyfus fund account with a phone call oronline, use the Dreyfus TeleTransfer privilege. Youcan set up Dreyfus TeleTransfer on your account byproviding bank account information and followingthe instructions on your application, or contactingyour financial representative.

Reinvestment privilege

Upon written request, you can reinvest up to thenumber of Class A, B or T shares you redeemedwithin 45 days of selling them at the current shareprice without any sales charge. If you paid a CDSC,it will be credited back to your account.This privi-lege may be used only once.

Account statements

Every fund investor automatically receives regularaccount statements. You will also be sent a yearlystatement detailing the tax characteristics of anydividends and distributions you have received.

22

I N S T R U C T I O N S F O R R E G U L A R A C C O U N T S

T O S E L L S H A R E S

Write a letter of instruction that includes:• your name(s) and signature(s)• your account number• the fund name• the share class• the dollar amount you want to sell• how and where to send the proceeds

Obtain a signature guarantee or other documentation, if required (see “ShareholderGuide — Selling Shares”).

Mail your request to: The Dreyfus Family of FundsP.O. Box 55268, Boston, MA 02205-8502Attn: Institutional Processing

Wire Call us or your financial representativeto request your transaction. Be sure the fundhas your bank account information on file.Proceeds will be wired to your bank.

Dreyfus TeleTransfer Call us or your financialrepresentative to request your transaction.Be sure the fund has your bank accountinformation on file. Proceeds will be sent toyour bank by electronic check.

Check Call us or your financial representativeto request your transaction. A check will besent to the address of record.

T O O P E N A N A C C O U N T

In Writing

Complete the application.

Mail your application and a check to:Name of FundP.O. Box 55268, Boston, MA 02205-8502Attn: Institutional Processing

T O A D D T O A N A C C O U N T

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

Mail the slip and the check to:Name of FundP.O. Box 55268, Boston, MA 02205-8502Attn: Institutional Processing

By Telephone

Wire Call us to request an account application and an account number. Have your bank send your investment toThe Bank of New York, with these instructions:• ABA# 021000018• DDA# 8900051876• the fund name• the share class• your account number• name(s) of investor(s)• dealer number if applicable

Return your application with the accountnumber on the application.

Wire Have your bank send yourinvestment to The Bank of New York,with these instructions:• ABA# 021000018• DDA# 8900051876• the fund name• the share class• your account number• name(s) of investor(s)• dealer number if applicable

Electronic check Same as wire, but insert“111” before your 14-digit account number.

Dreyfus TeleTransfer Request DreyfusTeleTransfer on your application. Call us oryour financial representative to requestyour transaction.


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.

To open an account, make subsequent investments or to

sell shares, please contact your financial representative

or call toll free in the U.S. 1-800-554-4611.Make checks payable to: The Dreyfus Family of Funds.


I N S T R U C T I O N S F O R R E G U L A R A C C O U N T S (continued)


Online (www.dreyfus.com)


Dreyfus TeleTransfer Request DreyfusTeleTransfer on your application. Visitwww.dreyfus.com to request yourtransaction.


Wire Visit www.dreyfus.com to request yourtransaction. Be sure the fund has your bankaccount information on file. Proceeds will bewired to your bank.

Dreyfus TeleTransfer Visit www.dreyfus.comto request your transaction. Be sure the fundhas your bank account information on file.Proceeds will be sent to your bank by electroniccheck.

Check Visit www.dreyfus.com to request your transaction. A check will be sent to theaddress of record.

Dreyfus Automatic Withdrawal Plan Call usor your financial representative to request aform to add the plan. Complete the form, specifying the amount and frequency ofwithdrawals you would like.

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

Automatically

With an initial investment Indicateon your application which automaticservice(s) you want. Return yourapplication with your investment.

All services Call us or your financialrepresentative to request a form to add any automatic investing service (see “Servicesfor Fund Investors”). Complete and returnthe form along with any other requiredmaterials.

24

I N S T R U C T I O N S F O R I R A S


Write a letter of instruction that includes:• your name and signature• your account number• the fund name• the share class• 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 otherdocumentation, if required (see “ShareholderGuide — Selling Shares”).

Mail your request to: The Dreyfus Trust CompanyP.O. Box 55552, Boston, MA 02205-8568Attn: Institutional Processing

Systematic Withdrawal Plan Call us or yourfinancial representative to request instructionsto establish the plan.

Automatically

By Telephone


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

Mail the slip and the check to:The Dreyfus Trust Company, CustodianP.O. Box 55552, Boston, MA 02205-8568Attn: Institutional Processing

Wire Have your bank send yourinvestment to The Bank of New York,with these instructions:• ABA# 021000018• DDA# 8900051876• the fund name• the share class• your account number• name of investor• the contribution year• dealer number if applicable

Electronic check Same as wire, but insert“111” before your 14-digit account number.

All services Call us or your financial representative to request a form to add anyautomatic investing service (see “Servicesfor Fund Investors”). Complete and returnthe form along with any other requiredmaterials.

All contributions will count as current year.

For information and assistance, contact your financial representative or call toll free in the U.S. 1-800-554-4611.Make checks payable to: The Dreyfus Trust Company, Custodian.


In Writing

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

Mail your application and a check to: The Dreyfus Trust Company, CustodianP.O. Box 55552, Boston, MA 02205-8568Attn: Institutional Processing

For More InformationDreyfus Premier New Leaders Fund, Inc.SEC file number: 811-3940

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

Annual/Semiannual Report

Describes the fund’s performance, lists portfolioholdings and contains a letter from the fund’s man-agers discussing recent market conditions, eco-nomic trends and fund strategies that significantlyaffected the fund’s performance during the last fis-cal year.The fund’s most recent annual and semian-nual reports are available at www.dreyfus.com.

Statement of Additional Information (SAI)

Provides more details about the fund and its policies.A current SAI is available at www.dreyfus.com andis on file with the Securities and ExchangeCommission (SEC). The SAI is incorporated byreference (is legally considered part of thisprospectus).

Portfolio Holdings

The fund will disclose its complete schedule ofportfolio holdings, as reported on a month-endbasis, at www.dreyfus.com, under Mutual FundCenter – Dreyfus Mutual Funds – Mutual FundTotal Holdings. The information will be postedwith a one-month lag and will remain accessibleuntil the fund files a report on Form N-Q or FormN-CSR for the period that includes the date as ofwhich the information was current. In addition, fif-teen days following the end of each calendar quarter, the fund will publicly disclose atwww.dreyfus.com its complete schedule of port-folio holdings as of the end of such quarter.

A complete description of the fund’s policies andprocedures with respect to the disclosure of thefund’s portfolio securities is available in the fund’sSAI.

To obtain information:

By telephone

Call your financial representative or 1-800-554-4611

By mail Write to:

The Dreyfus Premier Family of Funds

144 Glenn Curtiss Boulevard

Uniondale, NY 11556-0144

On the Internet Text-only versions of certain fund

documents can be viewed online or downloaded from:

http://www.sec.gov

You can also obtain copies, after paying a duplicating fee,

by visiting the SEC’s Public Reference Room in Washington, DC

(for information, call 1-202-551-8090) or by E-mail request to

[email protected], or by writing to the SEC’s Public Reference

Section, Washington, DC 20549-0102.

© 2006 Dreyfus Service Corporation 0085P0506

®

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