March 22, 2000
DREYFUS PREMIER EQUITY FUNDS, INC.
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION
DATED FEBRUARY 1, 2000
The following information replaces all contrary information contained
in the sections of the Statement of Additional Information ("SAI") entitled
"Description of the Fund", "Management of the Fund" and "Management
Arrangements":
Effective March 22, 2000, Dreyfus Service Corporation ("DSC") became
the distributor to the Fund. DSC is located at 200 Park Avenue, New York, NY
10166.
The following information replaces the information contained in the
section of the Statement of Additional Information ("SAI") entitled "Management
of the Fund - Officers of the Fund":
FUND OFFICERS:
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Stephen E. Canter, President. President, Chief Operating Officer, and Chief
Investment Officer of the Manager, and an officer of other investment
companies advised and administered by the Manager. Mr. Canter also is a
Director or an Executive Committee Member of the other investment
management subsidiaries of Mellon Financial Corporation, each of which is
an affiliate of the Manager. He is 54 years old.
Joseph Connolly, Vice President and Treasurer. Director - Mutual Fund
Accounting of the Manager, and an officer of other investment companies
advised and administered by the Manager. He is 42 years old.
Mark N. Jacobs, Vice President. Vice President, Secretary, and General Counsel
of the Manager, and an officer of other investment companies advised and
administered by the Manager. He is 53 years old.
Michael A. Rosenberg, Secretary. Associate General Counsel of the Manager, and
an officer of other investment companies advised and administered by the
Manager. He is 40 years old.
Steven F. Newman, Assistant Secretary. Associate General Counsel of the Manager,
and an officer of other investment companies advised and administered by
the Manager. He is 50 years old.
Robert R. Mullery, Assistant Secretary. Assistant General Counsel of the
Manager, and an officer of other investment companies advised and
administered by the Manager. He is 48 years old.
James Windels, Assistant Treasurer. Senior Treasury Manager of the Manager, and
an officer of other investment companies advised and administered by the
Manager. He is 41 years old.
The address of each Fund officer is 200 Park Avenue, New York, NY
10166.
The following information supplements the information contained in the
section of the SAI entitled "Management Arrangements - Distributor":
Disclosure of the amounts retained by "the distributor" on the sale of
shares of the Fund refers to amounts retained by Premier Mutual Fund Services,
Inc. ("Premier"), the Fund's distributor prior to March 22, 2000. No information
is provided for Dreyfus Service Corporation, as it was not the Fund's
distributor as of the Fund's last fiscal year end.
Also, the sixth paragraph of this section hereby is deleted in its
entirety and replaced with the following:
"DSC makes commission payments to Service Agents in connection
with the sale of Fund shares, and receives CDSC amounts and
Distribution Plan fees to defray these expenses."
The clause "Pursuant to an agreement with the Distributor" hereby is
deleted in the following sections of the SAI; (i) the last sentence of the
fourth paragraph of the section of the SAI entitled "How to Buy Shares- Class A
Shares"; (ii) the fourth sentence of the first paragraph of the section entitled
"How to Buy Shares - Class B and Class C Shares"; (iii) the second sentence of
the second paragraph of the section entitled "How to Buy Shares- Class T
Shares"; (iv) the last sentence of the third paragraph of the section entitled
"How to Redeem Shares - Contingent Deferred Sales Charge--Class B Shares", and
(v) the last sentence of the section entitled "How to Redeem Shares - Contingent
Deferred Sales Charge--Class C Shares."
The following information supplements and replaces all contrary
information contained in the section of the SAI entitled "Distribution Plan and
Shareholder Services Plan":
Coincident with the transfer of distribution responsibilities from
Premier to DSC, the Fund's Board adopted amendments to the Fund's Service Plan
solely to reflect DSC as distributor, and to make other non-material amendments
to update the Plan. There was no change to the amount payable under the Plan or
to any other material terms to the Plan. The Amended Plan provides that DSC is
entitled to reimbursement for distributing Fund shares and to receive payments
for advertising and marketing related to Fund shares and for servicing
shareholder accounts.
