December 22, 1999
DREYFUS PREMIER HIGH YIELD DEBT PLUS EQUITY FUND
SUPPLEMENT TO PROSPECTUS
DATED MARCH 1, 1999 REVISED JUNE 15, 1999
Effective December 31, 1999, the following information supplements and
supersedes any contrary information contained in the sections of the Fund's
Prospectus entitled "Your Investment - Account Policies" and "Your Investment -
Services for Fund Investors."
Right of Accumulation: lets you add the value of any shares in this fund,
any other Dreyfus Premier fund, or any other fund that is advised by Founders
Asset Management LLC ("Founders"), an affiliate of Dreyfus, sold with a sales
load (that you already own) to the amount of your next Class A or Class T
investment for purposes of calculating the sales charge.
Dreyfus Dividend Sweep: for automatically reinvesting the dividends and
distributions from the fund into another Dreyfus fund or certain
Founders-advised funds (not available for IRAs).
Dreyfus Auto-Exchange Privilege: for making regular exchanges from the
fund into another Dreyfus fund or certain Founders-advised funds.
Exchange Privilege: you can exchange shares worth $500 or more (no minimum for
retirement accounts) from one class of the fund into the same class of another
Dreyfus Premier fund or Founders-advised fund. You can also exchange Class T
shares into Class A shares of other funds.
046s1299
December 22, 1999
DREYFUS PREMIER REAL ESTATE MORTGAGE FUND
SUPPLEMENT TO PROSPECTUS
DATED MARCH 1, 1999 REVISED JUNE 15, 1999
Effective December 31, 1999, the following information supplements and
supersedes any contrary information contained in the sections of the Fund's
Prospectus entitled "Your Investment - Account Policies" and "Your Investment -
Services for Fund Investors."
Right of Accumulation: lets you add the value of any shares in this fund,
any other Dreyfus Premier fund, or any other fund that is advised by Founders
Asset Management LLC ("Founders"), an affiliate of Dreyfus, sold with a sales
load (that you already own) to the amount of your next Class A or Class T
investment for purposes of calculating the sales charge.
Dreyfus Dividend Sweep: for automatically reinvesting the dividends and
distributions from the fund into another Dreyfus fund or certain
Founders-advised funds (not available for IRAs).
Dreyfus Auto-Exchange Privilege: for making regular exchanges from the
fund into another Dreyfus fund or certain Founders-advised funds.
Exchange Privilege: you can exchange shares worth $500 or more (no minimum for
retirement accounts) from one class of the fund into the same class of another
Dreyfus Premier fund or Founders-advised fund. You can also exchange Class T
shares into Class A shares of other funds.
045s1299
December 22, 1999
DREYFUS DEBT AND EQUITY FUNDS
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION
DATED MARCH 1, 1999
THE FOLLOWING INFORMATION APPLIES TO DREYFUS PREMIER YIELD
DEBT PLUS EQUITY FUND AND DREYFUS PREMIER REAL ESTATE MORTGAGE
FUND ONLY.
EFFECTIVE DECEMBER 31, 1999, THE FOLLOWING INFORMATION SUPERSEDES AND
REPLACES THE FIRST SENTENCE OF THE FIRST PARAGRAPH CONTAINED IN THE SECTION OF
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION ENTITLED "PURCHASE OF
SHARES--RIGHT OF ACCUMULATION - CLASS A AND CLASS T SHARES."
Reduced sales loads apply to any purchase of Class A and Class T shares,
shares of other funds in the Dreyfus Premier Family of Funds which are sold with
a sales load, shares of certain other funds advised by Dreyfus or Founders Asset
Management LLC ("Founders"), an affiliate of Dreyfus, which are sold with a
sales load and shares acquired by a previous exchange of such shares
(hereinafter referred to as "Eligible Funds"), by you and any related
"purchaser" as defined above, where the aggregate investment, including such
purchase, is $50,000 or more.
EFFECTIVE DECEMBER 31, 1999, THE FOLLOWING INFORMATION SUPERSEDES AND
REPLACES THE FIRST SENTENCE OF THE FIRST PARAGRAPH CONTAINED IN THE SECTION OF
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION ENTITLED "SHAREHOLDER
SERVICES -- FUND EXCHANGES."
You may purchase, in exchange for shares of the Fund, shares of the same
Class of another fund in the Dreyfus Premier Family of Funds, shares of the same
Class of certain funds advised by Founders, or shares of certain other funds in
the Dreyfus Family of Funds, and, with respect to Class T shares of the Fund,
Class A shares of such other funds, to the extent such shares are offered for
sale in your state of residence.
EFFECTIVE DECEMBER 31, 1999, THE FOLLOWING INFORMATION SUPERSEDES AND
REPLACES THE FIRST SENTENCE OF THE FIRST PARAGRAPH CONTAINED IN THE SECTION OF
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION ENTITLED "SHAREHOLDER SERVICES
- -- DREYFUS AUTO-EXCHANGE PRIVILEGE."
Dreyfus Auto-Exchange Privilege permits you to purchase (on a
semi-monthly, monthly, quarterly or annual basis), in exchange for shares of the
Fund, shares of the same Class of another fund in the Dreyfus Premier Family of
Funds, shares of the same Class of certain funds advised by Founders, or shares
of certain other funds in the Dreyfus Family of Funds, and, with respect to
Class T shares of the Fund, Class A shares of such other funds, of which you are
a shareholder.
EFFECTIVE DECEMBER 31, 1999, THE FOLLOWING INFORMATION SUPERSEDES AND
REPLACES THE FIRST SENTENCE OF THE FIRST PARAGRAPH CONTAINED IN THE SECTION OF
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION ENTITLED "SHAREHOLDER SERVICES
- -- DIVIDEND OPTIONS."
Dreyfus Dividend Sweep allows you to invest automatically your dividends
or dividends and capital gain distributions, if any, from the Fund in shares of
the same Class of another fund in the Dreyfus Premier Family of Funds, shares of
the same Class of certain funds advised by Founders, or shares of certain other
funds in the Dreyfus Family of Funds, and, with respect to Class T shares of the
Fund, in Class A shares of such other funds, of which you are a shareholder.
EFFECTIVE DECEMBER 31, 1999, THE FOLLOWING INFORMATION SUPERSEDES AND
REPLACES THE FOURTH PARAGRAPH CONTAINED IN THE SECTION OF THE FUND'S STATEMENT
OF ADDITIONAL INFORMATION ENTITLED "PURCHASE OF SHARES - CLASS A SHARES."
Class A shares are offered at net asset value without a sales load to
employees participating in Eligible Benefit Plans. Class A shares also may be
purchased (including by exchange) at net asset value without a sales load for
Dreyfus-sponsored IRA "Rollover Accounts" with the distribution proceeds from a
qualified retirement plan or a Dreyfus-sponsored 403(b)(7) plan, provided, at
the time of such distribution, such qualified retirement plan or
Dreyfus-sponsored 403(b)(7) plan (a) met the requirements of an Eligible Benefit
Plan and all or a portion of such plan's assets were invested in funds in the
Dreyfus Premier Family of Funds, the Dreyfus Family of Funds, certain funds
advised by Founders or certain other products made available by the Distributor
to such plans, or (b) invested all of its assets in certain funds in the Dreyfus
Premier Family of Funds, certain funds in the Dreyfus Family of Funds, certain
funds advised by Founders or certain other products made available by the
Distributor to such plans.
EFFECTIVE DECEMBER 31, 1999, THE FOLLOWING INFORMATION SUPPLEMENTS AND
SHOULD BE READ IN CONJUNCTION WITH THE SECTION OF THE FUND'S STATEMENT OF
ADDITIONAL INFORMATION ENTITLED "PURCHASE OF SHARES - CLASS T SHARES."
Class T shares are offered at net asset value without a sales load to
employees participating in Eligible Benefit Plans. Class T shares also may be
purchased (including by exchange) at net asset value without a sales load for
Dreyfus-sponsored IRA "Rollover Accounts" with the distribution proceeds from a
qualified retirement plan or a Dreyfus-sponsored 403(b)(7) plan, provided, at
the time of such distribution, such qualified retirement plan or
Dreyfus-sponsored 403(b)(7) plan (a) met the requirements of an Eligible Benefit
Plan and all or a portion of such plan's assets were invested in funds in the
Dreyfus Premier Family of Funds, the Dreyfus Family of Funds, certain funds
advised by Founders or certain other products made available by the Distributor
to such plans, or (b) invested all of its assets in funds in the Dreyfus Premier
Family of Funds, certain funds in the Dreyfus Family of Funds, certain funds
advised by Founders or certain other products made available by the Distributor
to such plans.
