June 8, 2000
DREYFUS SHORT TERM HIGH YIELD FUND A series of Dreyfus
Debt and Equity Funds (the "Trust")
Supplement to Prospectus
Dated March 1, 2000
At a meeting of the fund's Board of Trustees held on June 7, 2000, the
Board approved an Agreement and Plan of Reorganization (the "Agreement") between
the Trust, on behalf of the fund, and The Dreyfus/Laurel Funds Trust, on behalf
of Dreyfus Premier Limited Term High Income Fund, a series of The Dreyfus/Laurel
Funds Trust (the "Acquiring Fund"). The Agreement provides for the transfer of
all of the assets of the fund, subject to liabilities, to the Acquiring Fund in
exchange for shares of the Acquiring Fund, and the distribution of such shares
to the shareholders of the fund (the "Exchange").
The Exchange is subject to the completion of certain conditions, including
the approval of the Agreement by the fund's shareholders. Accordingly, the Board
has called a special meeting of shareholders to be held on September 8, 2000 at
10:00 a.m. at which shareholders will vote on approval of the Agreement.
Shareholders of record as of July 10, 2000 will be entitled to receive notice
of, and to vote at, the meeting. If approved by shareholders, the Exchange will
occur pursuant to the terms of the Agreement.
044s0600
