December 9, 2004

DREYFUS PREMIER VALUE EQUITY FUNDS 

DREYFUS PREMIER VALUE FUND 

Supplement to Prospectus 

dated March 1, 2004

     At a meeting of the Board of Trustees of DreyfusPremier Value Equity Funds, on behalf of DreyfusPremier Value Fund (the “Fund”), held on December 8, 2004, the Board approved, subject to shareholderapproval, an Agreement and Plan of Reorganization (the “Plan”) with respect to the Fund and DreyfusGrowth and Value Funds, Inc., on behalf of DreyfusPremierStrategic Value Fund (the “AcquiringFund”) . The Plan provides for the transfer of the Fund’s assets to the Acquiring Fund in a tax-free exchange for shares of the Acquiring Fund and the assumption by the Acquiring Fund of the Fund’s stated liabilities, the distribution of shares of the Acquiring Fund to Fund shareholders and the subsequenttermination of the Fund (the “Reorganization”) .

     It is currentlycontemplated that holders of Fund shares as of January 26, 2005 (the “Record Date”) will be asked to approve the Plan on behalf of the Fund at a special meeting of shareholders to be held on or about April 7, 2005. If the Plan is approved, the Reorganization will becomeeffective on or about April 25, 2005.

     A Prospectus/ProxyStatement with respect to the proposedReorganization will be mailed prior to the meeting to Fund shareholders as of the Record Date.The Prospectus/ProxyStatement will describe the Acquiring Fund and other matters. Investors may obtain a free copy of the Prospectus of the Acquiring Fund by calling 1-800-554-4611.