January 3, 1997
DREYFUS S&P 500 INDEX FUND
Supplement to Prospectus
Dated, March 1, 1996
As Revised, September 1,1996
The following information supersedes and replaces any contrary
information contained in the sections of the Fund's Prospectus entitled "Fee
Table" and "How to Buy Shares."
You can purchase Fund shares without charge directly from the Fund's
distributor, you may be charged a fee if you effect transactions in Fund
shares through a securities dealer, bank or other financial institution.
The following information supplements and supersedes any contrary
information contained in the sections of the Fund's Prospectus entitled "Fee
Table," "Management of the Fund - Advisers" and "Shareholder Services Plan."
Effective November 6, 1996, Dreyfus has agreed that if the Fund's
aggregate expenses (exclusive of taxes, brokerage, interest on borrowings,
and extraordinary expenses), including the management fee, exceed .50 of 1%
of the Fund's average daily net assets, the Fund may deduct from the
management fee payable to Dreyfus to the extent of such excess.
Effective January 1, 1997, the Fund has agreed to pay Dreyfus a monthly
management fee at the annual rate of .25 of 1% of the value of the Fund's
average daily net assets.
Effective January 1, 1997, Dreyfus has agreed to pay Mellon Equity a
monthly index management fee at the annual rate of .05 of 1% of the value of
the Fund's assets until such assets exceed $1 billion and .075 of 1% of such
assets at any time thereafter.
Effective January 1, 1997, the Fund's Shareholder Services Plan has been
revised to provide that the Fund pay the Distributor a fee at the annual rate
of .25 of 1% of the value of the Fund's average daily net assets for the
provision of certain services to shareholders and permit the Distributor to
make payments to Service Agents in respect of such services.
