December 1, 1995
DREYFUS S&P 500 INDEX FUND
SUPPLEMENT TO PROSPECTUS
DATED FEBRUARY 28, 1995
THE FOLLOWING INFORMATION SUPPLEMENTS AND SUPERSEDES ANY CONTRARY
INFORMATION CONTAINED IN THE PROSPECTUS.
Effective November 13, 1995, The Dreyfus Corporation ("Dreyfus")
became the Fund's manager and Mellon Equity Associates, an affiliate of
Dreyfus ("Mellon Equity"), became the Fund's index manager. In addition,
Boston Safe Deposit and Trust Company, an affiliate of Dreyfus, became the
Fund's custodian.
Pursuant to the terms of a Management Agreement approved by
shareholders on November 3, 1995, the Fund has agreed to pay Dreyfus a
monthly fee at the annual rate of .295% of the value of the Fund's average
daily net assets. As compensation for Mellon Equity's services to the Fund
under a new Index Management Agreement also approved by shareholders on
November 3, 1995, Dreyfus has agreed to pay Mellon Equity a fee at the annual
rate of .095% of the value of the Fund's average daily net assets.
Mellon Equity, located at 500 Grant Street, Pittsburgh, Pennsylvania
15258, is a registered investment adviser formed in 1987. As of September 30,
1995, Mellon Equity and its employees managed approximately $7.6 billion in
assets, including approximately $260 million in mutual fund assets seeking to
replicate a benchmark index.
Effective November 13, 1995, the Fund, which is incorporated under
the name Peoples Index Fund, Inc., began doing business as Dreyfus S&P 500
Index Fund.
(CONTINUED ON REVERSE SIDE)
THE FOLLOWING INFORMATION SUPPLEMENTS OR REPLACES THE INFORMATION
CONTAINED IN THE SECTIONS OF THE FUND'S PROSPECTUS ENTITLED "MANAGEMENT OF
THE FUND" AND "HOW TO REDEEM FUND SHARES":
Dreyfus Transfer, Inc., a wholly-owned subsidiary of The Dreyfus
Corporation, is located at One American Express Plaza, Providence, Rhode
Island 02903, and serves as the Fund's Transfer and Dividend Disbursing Agent
(the "Transfer Agent").
Effective January 1, 1996, the telephone number for the following
transactions is 1-800-645-6561 or, if you are calling from overseas,
516-794-5452:
* Wire Redemption Privilege
* Telephone Redemption Privilege
078s120195
December 1, 1995
DREYFUS S&P 500 INDEX FUND
Supplement to Statement of Additional Information
Dated February 28, 1995
The following information supplements and supersedes any contrary
information contained in the Statement of Additional Information:
Effective November 13, 1995, The Dreyfus Corporation ("Dreyfus")
became the Fund's manager and Mellon Equity Associates, an affiliate of
Dreyfus ("Mellon Equity"), became the Fund's index manager. In addition,
Boston Safe Deposit and Trust Company, an affiliate of Dreyfus, became the
Fund's custodian.
Pursuant to the terms of a Management Agreement approved by
shareholders on November 3, 1995, the Fund has agreed to pay Dreyfus a
monthly fee at the annual rate of .295% of the value of the Fund's average
daily net assets. As compensation for Mellon Equity's services to the
Fund under a new Index Management Agreement also approved by shareholders
on November 3, 1995, Dreyfus has agreed to pay Mellon Equity a fee at the
annual rate of .095% of the value of the Fund's average daily net assets.
Effective November 13, 1995, the Fund, which is incorporated under
the name Peoples Index Fund, Inc., began doing business as Dreyfus S&P 500
Index Fund.
The following information supplements or replaces the information
contained in the following section:
CUSTODIAN, TRANSFER AND DIVIDEND DISBURSING AGENT,
COUNSEL AND INDEPENDENT AUDITORS
Dreyfus Transfer, Inc., a wholly owned subsidiary of the Manager, is
located at One American Express Plaza, Providence, Rhode Island 02903,
and serves as the Fund's transfer and dividend disbursing agent. Under a
transfer agency agreement with the Fund, the Transfer Agent arranges for
the maintenance of shareholder account records for the Fund, the handling
of certain communications between shareholders and the Fund and the
payment of dividends and distributions payable by the Fund. For these
services, the Transfer Agent receives a monthly fee computed on the basis
of the number of shareholder accounts it maintains for the Fund during the
month, and is reimbursed for certain out-of-pocket expenses.
Boston Safe Deposit and Trust Company (the "Custodian"), an indirect
wholly-owned subsidiary of Mellon Bank Corporation, is located at One
Boston Place, Boston, Massachusetts 02108, and serves as the custodian of
the Fund. Under its Custody Agreement with the Fund, the Custodian holds
the Fund's portfolio securities and keeps all necessary accounts and
records. The Custodian's fees for its services to the Fund are paid by
Mellon Equity.
Neither the Transfer Agent nor the Custodian has any part in
determining the investment policies of the Fund or which securities are to
be purchased or sold by the Fund.
