In order to increase the coercivity of (Nd, Dy)-Fe-B sintered magnets without much reduction of remanence, small amount of Dy compounds such as $Dy_2O_3$ and $DyF_3$ was mixed with (Nd, Dy)-Fe-B powder. After mixing, the coercivity of (Nd, Dy)-Fe-B sintered magnets apparently increased with the increase of Dy compound in the mixture. Addition of $DyF_3$ was more effective than $Dy_2O_3$ for the improvement of coercivity. Reduction of the remanence by the addition of Dy compound, however, was larger than expected mostly due to unresolved coarse Dy compound in the magnet. EPMA analysis revealed that Dy was diffused throughout the grains in the magnet mixed with $DyF_3$ whereas Dy was rather concentrated around grain boundaries in the magnet mixed with $Dy_2O_3$.