March 16, 2000
DREYFUS DEBT AND EQUITY FUNDS
Dreyfus Premier Core Bond Fund
Dreyfus Equity Income Fund
Dreyfus Premier High Yield Securities Fund
Dreyfus Premier High Yield Debt Plus Equity Fund
Dreyfus Premier Real Estate Mortgage Fund
Dreyfus Short Term High Yield Fund
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION
DATED
MARCH 1, 2000
The following information replaces all contrary information contained
in the sections of the Statement of Additional Information entitled "Description
of the Company and the Funds", "Management of the Company," and "Management
Arrangements":
Effective March 16, 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 entitled "Management of the
Company - Officers of the Company":
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.
John B. Hammalian, Secretary. Associate General Counsel of the Manager, and an
officer of other investment companies advised and administered by the
Manager. He is 36 years old.
Steven F. Newman, Assistant Secretary. Associate General Counsel and Assistant
Secretary of the Manager, and an officer of other investment companies
advised and administered by the Manager. He is 50 years old.
Michael A. Rosenberg, Assistant 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.
William McDowell, Assistant Treasurer. Senior Accounting Manager - Taxable Fixed
Income of the Manager, and an officer of other investment companies advised
and administered by the Manager. He is 41 years old.
JamesWindels, 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 pertains to Dreyfus Premier Core Bond Fund,
Dreyfus Premier High Yield Securities Fund, Dreyfus Premier High Yield Dept Plus
Equity Fund and Dreyfus Premier Real Estate Mortgage Fund, only.
The following information supplements the information contained in the
section of the Statement of Additional Information 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 16, 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 fifth 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 Shares"; (iii) the third 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."
