<PAGE>
Dreyfus
S&P 500
Index Fund
Semi-Annual
Report
April 30, 1996
<PAGE>
Dreyfus S&P 500 Index Fund
- ------------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
The letter that follows is the first report to shareholders since the
Dreyfus S & P 500 Index Fund changed its name and acquired a new portfolio
manager.
The Fund, formerly known as Peoples Index Fund, Inc. is now managed by
Steven A. Falci of Mellon Equity Associates which, like Dreyfus, is a
subsidiary of Mellon Bank.
Steve Falci has broad experience in portfolio management. Before joining
Mellon Equity Associates in April, 1994, Steve was the Managing Director -
Pension Investments at NYNEX Corporation where he oversaw the internally
managed assets of the NYNEX Pension Fund and the NYNEX Foundation. He was
responsible for equity and fixed income portfolio management and trading,
investment strategy and the generation of new portfolio applications. At
Mellon, Steve also manages Dreyfus LifeTime Portfolios, Inc.
He is a chartered financial analyst and is a member of the Association
for Investment Management and Research. He received an M.B.A. in finance and a
B.S. in economics, both from New York University.
Sincerely,
Stephen Canter
Chief Investment Officer
The Dreyfus Corporation
<PAGE>
Dreyfus S&P 500 Index Fund
- ------------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
Benefiting from a stock market that set repeated new records until a
pullback in recent weeks, the Dreyfus S & P 500 Index Fund, Inc. registered a
total return of 13.45% for the six-month fiscal period ended April 30, 1996.*
This compares with a total return of 13.76% for the Standard & Poor's 500
Composite Stock Price Index itself.** The difference in performance is
accounted for by transaction charges and other costs of operating the Fund.
During the months under review, the U.S. economy continued to expand at a
pace that, until recently, did not raise fears of inflation. The stock market,
while frequently very volatile, reflected these underlying currents.
ECONOMIC REVIEW
Several key U.S. economic indicators have rebounded in recent months,
implying that the economic slowdown that began in early 1995 may be ending.
However, overall corporate profit growth is slowing this year. The shift to
somewhat faster economic growth is promoting inflation fears and raising bond
yields. Higher bond yields have caused the yield curve to steepen, a condition
that usually favors continued economic growth. Hence, although this is the
sixth expansion year for this business cycle, we believe that it will prove a
long cycle.
The U.S. economy grew only 2.1% in 1995, and sequential economic shocks
since September threatened to keep it slow in 1996 too. But the underlying
trend of the economy proved resilient and real Gross Domestic Product
rebounded 2.8% in the first quarter. In recent months, steady job creation has
supported faster growth in real consumer incomes and spending. Home sales are
at high levels, and capital spending remains robust. Moreover, inventories are
now quite lean. Lean inventories when demand is rising typically stimulate a
period of somewhat faster economic growth, though this may not translate into
continued fast growth of profits.
An imbalance caused by rising demand and low inventories has begun to
affect reported inflation. This symptom is currently most pronounced in the
oil sector, but the strength in overall consumer demand is reigniting fears of
yet higher future inflation. Thus bond yields have risen substantially since
January. By contrast, short-term market rates have risen only marginally, held
stable by the steadiness of the Federal Funds rate.
Surviving the midcycle growth slowdown that prevailed in 1995 raises the
odds that economic expansion can be sustained. A key concern going forward is
whether faster growth will reignite inflation. Higher inflation, if it occurs,
would justify a tighter monetary policy by the Federal Reserve Board.
THE MARKETS
The U.S. equity market benefited from one of its most vigorous price
increases during the early months of this year. One of the underlying reasons,
in addition to economic growth, was a decision by the Federal Reserve Board to
take no action in February to change short-term interest rates. As winter
turned into spring, however, the market's own forces brought about a
tightening of long-term rates. Several times in March and April, the prospect
of higher borrowing costs jolted the stock averages. Nonetheless, by the time
your Fund's latest fiscal period ended on April 30, 1996, the major market
indexes were all solidly ahead of last year's level.
As shown by the flood of money going into mutual funds, investors appear
to have a voracious appetite for owning stocks. Saving for retirement has
become a national preoccupation, as evidenced by the growth of 401(k) and
other retirement plans. Stock market valuations have, of course, benefited
from this trend. However, if interest rates rise high enough, the attraction
of equities could diminish. The coming months will tell whether this is a
likely possibility.
Sincerely,
Steven A. Falci, CFA
Portfolio Manager
May 10, 1996
New York, N.Y.
*Total return includes reinvestment of dividends and any capital gains paid.
**SOURCE: LIPPER ANALYTICAL SERVICES, INC. - Reflects the reinvestment of
income dividends and, where applicable, capital gain distributions. The
Standard & Poor's 500 Composite Stock Price Index is a widely accepted
unmanaged index of U.S. stock market performance. "Standard & Poor's(R)"
"S&P(R)," "S&P 500(R), " "Standard & Poor's 500" and "500" are trademarks
of Standard & Poor's, a division of The McGraw-Hill Companies, Inc. and have
been licensed for use by Dreyfus S&P 500 Index Fund. The Fund is not
sponsored, endorsed, sold or promoted by Standard & Poor's and Standard
& Poor's makes no representation regarding the advisability of investing in
the Product.
<PAGE>
Dreyfus S&P 500 Index Fund
(formerly Peoples Index Fund, Inc.)-See Note 1
- -----------------------------------------------------------------------------
Statement of Investments April 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Shares COMMON STOCKS-93.2% Value
-------- -------------
<S> <C> <C>
Basic Industries-5.2%
9,862 Air Products & Chemicals ............... $ 563,367
11,240 Alco Standard .......................... 650,515
3,268 Armstrong World Industries ............. 186,276
4,689 Avery Dennison ......................... 267,273
2,703 Ball ................................... 84,131
4,669 Bemis .................................. 151,159
4,256 Boise Cascade .......................... 197,904
2,405 Centex ................................. 64,935
8,507 Champion International ................. 410,462
11,044 Crown Cork & Seal ...................... 520,449
22,137 Dow Chemical ........................... 1,967,426
49,089 duPont (E.I.) de Nemours ............... 3,945,528
7,111 Eastman Chemical ....................... 478,215
3,244 (a) FMC .................................... 225,052
7,341 Fluor .................................. 485,424
8,148 Georgia Pacific ........................ 633,507
4,672 Goodrich (B.F.) ........................ 185,712
8,557 Grace (W.R.) ........................... 663,167
5,733 Great Lakes Chemical ................... 391,277
9,731 Hercules ............................... 588,725
26,964 International Paper .................... 1,075,190
7,459 James River ............................ 199,528
24,700 Kimberly-Clark ......................... 1,793,837
9,512 Louisiana Pacific ...................... 238,989
4,712 Mead ................................... 262,105
10,306 Monsanto ............................... 1,561,359
13,121 Morton International ................... 464,155
5,920 Nalco Chemical ......................... 180,560
28,084 Occidental Petroleum ................... 723,163
2,461 Potlach ................................ 104,900
17,301 PPG Industries ......................... 875,863
13,332 Praxair ................................ 514,949
5,931 Rohm & Haas ............................ 393,670
7,475 Sherwin-Williams ....................... 349,456
4,362 Sigma-Aldrich .......................... 235,548
8,718 Stone Container ........................ 148,206
4,941 Temple-Inland .......................... 239,639
6,221 Union Camp ............................. 338,267
12,082 Union Carbide .......................... 549,731
8,846 Westvaco ............................... 274,226
17,787 Weyerhaeuser ........................... 880,457
4,909 Willamette Industries .................. 301,904
-------------
24,366,206
-------------
Capital Goods-20.3%
19,178 AMP .................................... 858,216
11,564 (a) Advanced Micro Devices ................. 216,825
3,913 Alexander & Alexander
Services ......................... 73,857
24,964 Allied Signal .......................... 1,451,033
10,531 (a) Amdahl ................................. 134,270
16,075 American Brands ........................ 669,122
5,193 (a) Andrew ................................. 249,264
CAPITAL GOODS (CONTINUED)
10,888 Apple Computer ......................... $ 265,395
15,830 (a) Applied Materials ...................... 633,200
3,848 Autodesk ............................... 156,806
25,684 Automatic Data Processing .............. 998,466
16,300 Bay Networks ........................... 513,450
30,341 Boeing ................................. 2,491,755
2,552 Briggs & Stratton ...................... 115,797
18,780 Browning-Ferris Industries ............. 605,655
6,377 (a) Cabletron Systems ...................... 480,666
6,300 Case ................................... 318,150
17,438 Caterpillar ............................ 1,116,032
5,796 (a) Ceridian ............................... 276,759
2,894 Cincinnati Milacron .................... 76,329
48,818 (a) cisco Systems .......................... 2,532,434
23,483 (a) Compaq Computer ........................ 1,094,895
21,362 Computer Associates
International .................... 1,567,437
4,912 (a) Computer Sciences ...................... 363,488
9,503 Cooper Industries ...................... 403,878
2,532 Crane .................................. 105,078
16,051 (a) CUC International ...................... 527,677
3,546 Cummins Engine ......................... 165,776
3,382 (a) Data General ........................... 51,998
23,135 Deere & Co. ............................ 899,373
7,290 Deluxe ................................. 255,150
13,335 (a) Digital Equipment ...................... 796,766
10,066 Dover .................................. 518,399
8,539 Dow Jones & Co. ........................ 319,145
16,033 Dresser Industries ..................... 511,052
10,141 (a) DSC Communications ..................... 319,442
14,970 Dun & Bradstreet ....................... 911,299
4,160 EG&G ................................... 91,520
19,900 (a) EMC .................................... 407,950
6,831 Eaton .................................. 413,276
19,808 Emerson Electric ....................... 1,656,444
19,642 First Data ............................. 1,492,793
3,574 Foster Wheeler ......................... 165,298
5,538 General Dynamics ....................... 349,586
147,495 General Electric ....................... 11,430,863
4,208 General Signal ......................... 159,905
10,865 Genuine Parts .......................... 480,777
2,910 Giddings & Lewis ....................... 54,017
4,460 Grainger (W.W.) ........................ 307,741
9,218 H&R Block .............................. 323,783
4,103 Harnischfeger Industries ............... 166,172
3,448 Harris ................................. 212,914
45,014 Hewlett-Packard ........................ 4,765,857
11,257 Honeywell .............................. 592,399
10,343 Illinois Tool Works .................... 695,566
9,580 Ingersoll-Rand ......................... 371,225
50,179 International Business
Machines ......................... 5,394,242
</TABLE>
<PAGE>
Dreyfus S&P 500 Index Fund
(formerly Peoples Index Fund, Inc.)-See Note 1
- -----------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Shares COMMON STOCKS (continued) Value
-------- -------------
<S> <C> <C>
Capital Goods (continued)
72,560 Intel .................................. $ 4,915,940
4,079 (a) Intergraph ............................. 51,753
6,956 Interpublic Group Cos. ................. 325,193
3,611 Johnson Controls ....................... 258,187
25,998 Laidlaw, Cl. B ......................... 272,979
17,562 Lockheed Martin ........................ 1,415,937
11,400 (a) LSI Logic .............................. 410,400
6,728 Mallinckrodt Group ..................... 264,916
6,497 Marsh & McLennan ....................... 610,718
4,794 McDermott International ................ 100,675
9,853 McDonnell Douglas ...................... 950,814
18,286 Micron Technology ...................... 665,154
52,438 (a) Microsoft .............................. 5,938,604
37,013 Minnesota Mining &
Manufacturing .................... 2,433,605
52,209 Motorola ............................... 3,197,801
12,023 (a) National Semiconductor ................. 189,362
4,293 National Service Industries ............ 158,841
22,429 NORTHERN TELECOM ....................... 1,155,094
4,338 Northrop Grumman ....................... 268,414
32,538 (a) Novell ................................. 471,801
4,321 Ogden .................................. 87,500
57,697 (a) Oracle ................................. 1,947,273
4,552 (a) Owens-Corning .......................... 183,218
10,116 Pall ................................... 283,248
6,570 Parker-Hannifin ........................ 277,583
3,756 Perkin-Elmer ........................... 206,110
13,377 Pitney Bowes ........................... 652,128
3,905 Raychem ................................ 304,101
21,362 Raytheon ............................... 1,081,451
19,180 Rockwell International ................. 1,122,030
7,033 Ryder System ........................... 204,836
5,105 Safety-Kleen ........................... 76,575
6,748 Scientific-Atlanta ..................... 124,838
10,363 Service Corp. International ............ 550,534
2,015 Shared Medical Systems ................. 138,027
14,218 (a) Silicon Graphics ....................... 421,208
3,583 Snap-On ................................ 171,984
3,913 Stanley Works .......................... 245,540
16,180 (a) Sun Microsystems ....................... 877,765
2,606 TRINOVA ................................ 91,861
5,820 TRW .................................... 546,352
10,355 (a) Tandem Computers ....................... 132,026
2,971 Tektronix .............................. 117,725
4,895 Teledyne ............................... 181,726
7,797 (a) Tellabs ................................ 430,784
16,718 Texas Instruments ...................... 944,567
7,520 Textron ................................ 644,840
3,524 Thomas & Betts ......................... 138,757
14,500 (a) 3COM ................................... 668,812
2,621 Timken ................................. 103,857
13,422 Tyco International ..................... 518,424
Capital Goods (continued)
15,111 (a) Unisys ................................. $ 90,666
10,733 United Technologies .................... 1,185,996
36,639 Westinghouse Electric .................. 691,561
42,977 WMX Technologies ....................... 1,493,450
9,531 Xerox .................................. 1,396,292
-------------
94,966,495
-------------
Consumer Cyclical- 12.2%
22,365 ALBERTSON'S ............................ 861,052
6,577 American Greetings, Cl. A .............. 181,689
12,880 American Stores ........................ 429,870
4,195 (a) Bally Entertainment .................... 87,570
7,609 Black & Decker ......................... 306,262
1,585 Brown Group ............................ 25,360
8,460 Brunswick .............................. 186,120
9,075 (a) Charming Shoppes ....................... 58,420
33,431 Chrysler ............................... 2,097,795
8,568 Circuit City Stores .................... 272,034
21,156 Comcast, Cl. A ......................... 370,230
7,354 Cooper Tire and Rubber ................. 180,173
8,909 Dana ................................... 296,224
13,976 Darden Restaurants ..................... 192,170
6,327 Dayton Hudson .......................... 604,228
9,996 Dillard Department
Stores, Cl. A .................... 401,089
59,809 Disney (Walt) .......................... 3,708,158
13,554 Donnelley (R. R.) & Sons ............... 487,944
5,451 Echlin ................................. 187,378
17,900 (a) Federated Department Stores ............ 597,412
4,087 Fleetwood Enterprises .................. 107,283
3,185 Fleming Cos. ........................... 43,793
103,112 Ford Motor ............................. 3,699,143
6,685 (a) Fruit of the Loom, Cl. A ............... 176,316
12,387 Gannett ................................ 846,961
25,374 Gap .................................... 764,391
10,500 (a) General Instrument ..................... 343,875
66,792 General Motors ......................... 3,623,466
5,264 Giant Food, Cl. A ...................... 167,790
13,422 Goodyear Tire & Rubber ................. 699,621
3,416 Great Atlantic & Pacific ............... 119,133
6,394 Harcourt General ....................... 281,336
2,601 Harland (John H.) ...................... 68,276
9,102 (a) Harrah's Entertainment ................. 314,019
7,774 Hasbro ................................. 285,694
4,221 Hilton Hotel ........................... 445,315
42,097 Home Depot ............................. 1,994,345
10,469 ITT .................................... 637,300
10,469 ITT Industries ......................... 287,897
3,395 Jostens ................................ 76,387
40,560 K mart ................................. 410,670
3,284 (a) King World Productions ................. 142,854
4,290 Knight-Ridder .......................... 310,488
10,925 (a) Kroger ................................. 449,290
</TABLE>
<PAGE>
Dreyfus S&P 500 Index Fund
(formerly Peoples Index Fund, Inc.)-See Note 1
- -----------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Shares COMMON STOCKS (continued) Value
-------- -------------
<S> <C> <C>
Consumer Cyclical (continued)
25,271 Limited ................................ $ 524,373
6,518 Liz Claiborne .......................... 237,092
1,768 Longs Drug Stores ...................... 80,002
14,228 Lowes .................................. 460,631
2,106 Luby's Cafeterias ...................... 50,544
11,061 Marriott International ................. 539,223
14,189 Masco .................................. 386,650
24,138 Mattel ................................. 627,588
22,031 May Department Stores .................. 1,123,581
9,584 Maytag ................................. 206,056
62,064 McDonald's ............................. 2,971,315
8,900 McGraw-Hill ............................ 392,712
9,287 Melville ............................... 361,032
3,260 Mercantile Stores ...................... 203,342
2,320 Meredith ............................... 105,270
8,824 Moore .................................. 161,038
668 NACCO Industries, Cl. A ................ 42,167
12,676 NIKE, Cl. B ............................ 1,109,150
6,483 (a) Navistar International ................. 77,796
8,467 New York Times, Cl. A .................. 275,177
7,200 Nordstrom .............................. 366,300
1,714 Outboard Marine ........................ 33,851
3,401 PACCAR ................................. 168,349
19,704 Penney (J.C.) .......................... 975,348
5,530 Pep Boys-Manny, Moe & Jack ............. 184,564
17,273 (a) Price/Costco ........................... 328,188
6,639 Reebok International ................... 192,532
7,427 RITE AID ............................... 220,025
3,297 Russell ................................ 85,723
4,726 (a) Ryan's Family Steak House .............. 45,488
34,455 Sears, Roebuck & Co. ................... 1,718,444
3,646 (a) Shoney's ............................... 40,562
1,791 Springs Industries ..................... 82,387
4,332 Stride Rite ............................ 41,696
6,026 Supervalu .............................. 192,833
16,150 Sysco .................................. 518,819
6,361 TJX Cos. ............................... 187,649
5,596 Tandy .................................. 290,293
57,628 (a) Tele-Communications, Cl. A ............. 1,102,136
34,262 Time Warner ............................ 1,400,459
9,635 Times Mirror, Cl. A .................... 410,692
24,083 (a) Toys R Us .............................. 671,314
5,612 Tribune ................................ 391,438
41,596 US West Media Group .................... 811,123
5,593 V.F. ................................... 318,802
3,511 (a) Varity ................................. 149,657
32,538 (a) Viacom, Cl. B .......................... 1,334,059
202,693 Wal-Mart Stores ........................ 4,839,296
21,700 Walgreen ............................... 694,401
11,154 Wendy's International .................. 213,321
6,490 Whirlpool .............................. 390,212
13,480 Winn-Dixie Stores ...................... 444,841
Consumer Cyclical (continued)
11,758 (a) Woolworth .............................. $ 224,872
-------------
56,831,234
-------------
Consumer Staples- 11.9%
2,491 Alberto-Culver, Cl. B .................. 94,347
22,496 Anheuser-Busch Cos. .................... 1,510,045
45,953 Archer Daniels Midland ................. 867,363
5,968 Avon Products .......................... 530,407
6,045 Brown-Forman, Cl. B .................... 238,778
21,975 Campbell Soup .......................... 1,373,438
4,598 CLOROX ................................. 379,909
110,820 Coca-Cola .............................. 9,031,831
12,906 Colgate-Palmolive ...................... 988,923
21,733 Conagra ................................ 839,438
3,346 Coors (Adolph), Cl. B .................. 63,575
12,831 CPC International ...................... 886,943
8,282 Dial ................................... 232,931
30,244 Eastman Kodak .......................... 2,313,666
5,665 Ecolab ................................. 184,112
14,076 General Mills .......................... 781,218
39,180 Gillette ............................... 2,115,720
32,661 Heinz (H.J.) ........................... 1,106,391
6,792 Hershey Foods .......................... 515,343
9,842 International Flavors &
Fragrances ....................... 483,488
58,809 Johnson & Johnson ...................... 5,439,832
19,167 Kellogg ................................ 1,368,044
14,052 Newell ................................. 400,482
69,572 PepsiCo ................................ 4,417,822
73,750 Philip Morris Cos. ..................... 6,646,718
7,404 Pioneer Hi-Bred International .......... 412,773
4,063 Polaroid ............................... 182,835
5,452 Premark International .................. 280,096
60,668 Procter & Gamble ....................... 5,126,446
11,822 Quaker Oats ............................ 406,381
9,273 Ralston-Purina Group ................... 541,311
13,858 Rubbermaid ............................. 391,488
42,738 Sara Lee ............................... 1,324,878
33,057 Seagram ................................ 1,119,805
17,064 UST .................................... 546,048
14,151 Unilever, N.V. ......................... 1,931,611
9,320 Whitman ................................ 235,330
10,281 Wrigley, (Wm) Jr. ...................... 541,038
-------------
55,850,804
-------------
Energy-9.2%
8,215 Amerada Hess ........................... 465,175
43,861 Amoco .................................. 3,201,854
5,625 Ashland ................................ 231,329
14,243 Atlantic Richfield ..................... 1,677,114
12,605 Baker Hughes ........................... 400,209
11,162 Burlington Resources ................... 415,785
57,647 Chevron ................................ 3,343,527
</TABLE>
<PAGE>
Dreyfus S&P 500 Index Fund
(formerly Peoples Index Fund, Inc.)-See Note 1
- -----------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Shares COMMON STOCKS (continued) Value
-------- -------------
<S> <C> <C>
Energy (continued)
9,229 COASTAL ................................ $ 365,699
4,781 Columbia Gas System .................... 232,477
8,222 Consolidated Natural Gas ............... 384,379
1,716 Eastern Enterprises .................... 61,562
22,236 Enron .................................. 894,999
6,095 Enserch ................................ 131,042
109,641 Exxon .................................. 9,319,485
10,060 Halliburton ............................ 577,192
2,069 Helmerich & Payne ...................... 76,294
4,603 Kerr-McGee ............................. 294,016
2,969 Louisiana Land & Exploration ........... 160,697
34,815 Mobil .................................. 4,003,725
4,433 Nicor .................................. 123,569
11,022 Noram Energy ........................... 121,242
2,250 Oneok .................................. 57,937
9,268 (a) Oryx Energy ............................ 148,288
7,522 Pacific Enterprises .................... 193,691
13,268 Panenergy .............................. 432,869
4,121 Pennzoil ............................... 182,354
3,077 Peoples Energy ......................... 96,925
23,112 Phillips Petroleum ..................... 959,148
7,494 (a) Rowan Cos .............................. 110,536
47,339 Royal Dutch Petroleum .................. 6,781,311
7,958 (a) Santa Fe Energy Resources .............. 95,496
21,384 Schlumberger ........................... 1,887,138
7,624 Sonat .................................. 332,597
6,622 Sun .................................... 205,282
15,363 Tenneco ................................ 843,044
23,277 Texaco ................................. 1,990,183
21,808 Unocal ................................. 700,582
25,406 USX-Marathon Group ..................... 558,932
4,679 (a) Western Atlas .......................... 280,740
8,955 Williams Cos. .......................... 457,824
-------------
42,796,248
-------------
Health Care-8.4%
7,314 (a) ALZA ................................... 208,449
69,829 Abbott Laboratories .................... 2,836,804
5,742 Allergan ............................... 203,124
27,572 American Home Products ................. 2,908,847
23,492 (a) Amgen .................................. 1,350,791
4,996 Bard (C.R.) ............................ 182,355
5,062 Bausch & Lomb .......................... 201,848
23,973 Baxter International ................... 1,060,806
5,627 Becton, Dickinson & Co. ................ 453,677
8,655 (a) Beverly Enterprises .................... 104,942
10,157 (a) Biomet ................................. 149,815
15,392 (a) Boston Scientific ...................... 663,780
44,563 BRISTOL-MYERS SQUIBB ................... 3,665,306
39,285 Columbia/HCA Healthcare ................ 2,087,015
3,872 (a) Community Psychiatric
Centers .......................... 35,816
Health Care (continued)
20,208 Corning ................................ $ 702,228
14,300 (a) Humana ................................. 352,137
48,678 Lilly (Eli) ............................ 2,872,002
5,549 Manor Care ............................. 222,653
20,532 Medtronic .............................. 1,090,762
108,740 Merck & Co. ............................ 6,578,770
3,972 Millipore .............................. 166,327
56,222 Pfizer ................................. 3,872,290
44,450 Pharmacia & Upjohn ..................... 1,700,212
32,468 Schering-Plough ........................ 1,862,851
6,149 (a) St. Jude Medical ....................... 224,438
18,473 (a) Tenet Healthcare ....................... 378,696
5,062 U.S. Surgical .......................... 187,294
13,528 U.S. HealthCare ........................ 705,147
15,391 United Healthcare ...................... 900,373
11,976 Warner-Lambert ......................... 1,338,319
-------------
39,267,874
-------------
Interest Sensitive-12.5%
10,115 Aetna Life & Casualty .................. 720,694
10,400 Ahmanson (H.F.) & Co. .................. 247,001
39,485 Allstate ............................... 1,534,979
42,787 American Express ....................... 2,075,169
18,131 American General ....................... 636,852
41,869 American International Group ........... 3,825,779
9,400 Aon .................................... 504,075
40,143 Banc One ............................... 1,394,969
9,947 Bank of Boston ......................... 481,187
17,624 Bank of New York ....................... 854,765
32,689 BankAmerica ............................ 2,476,192
6,993 Bankers Trust New York ................. 485,139
8,337 Barnett Banks .......................... 528,358
4,644 BENEFICIAL ............................. 256,582
13,881 Boatmens Bancshares .................... 537,889
6,733 CIGNA .................................. 763,354
38,491 Chase Manhattan ........................ 2,651,068
7,674 Chubb .................................. 726,153
42,950 Citicorp ............................... 3,382,313
10,500 Comerica ............................... 456,751
19,589 CoreStates Financial ................... 763,972
15,047 Dean Witter, Discover & Co. ............ 820,062
96,380 Federal National
Mortgage Association ............. 2,951,638
15,967 Federal Home Loan Mortgage ............. 1,331,249
9,100 Fifth Third Bancorp .................... 502,776
12,929 First Bank Systems ..................... 778,973
28,292 First Chicago .......................... 1,167,045
25,131 First Union ............................ 1,545,556
23,419 Fleet Financial Group .................. 1,007,017
7,247 General Re ............................. 1,035,415
5,149 Golden West Financial .................. 270,966
12,108 Great Western Financial ................ 278,484
</TABLE>
<PAGE>
Dreyfus S&P 500 Index Fund
(formerly Peoples Index Fund, Inc.)-See Note 1
- -----------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Shares COMMON STOCKS (continued) Value
-------- -------------
<S> <C> <C>
Interest Sensitive (continued)
12,000 Green Tree Financial ................... $ 405,000
8,640 Household International ................ 597,240
10,469 ITT Hartford ........................... 511,672
6,303 Jefferson Pilot ........................ 332,483
2,757 Kaufman & Broad Home ................... 38,942
20,860 Keycorp ................................ 805,717
9,159 Lincoln National ....................... 441,921
10,388 Loews .................................. 792,085
19,667 MBNA ................................... 558,051
11,864 Mellon Bank ............................ 637,690
15,501 Merrill Lynch & Co. .................... 935,872
16,549 Morgan (J.P.) & Co. .................... 1,392,184
13,678 Morgan Stanley Group ................... 687,319
12,888 National City .......................... 475,245
26,135 NationsBank ............................ 2,084,266
31,146 Norwest ................................ 1,125,149
30,213 PNC Financial .......................... 913,943
8,393 Providian .............................. 387,127
2,273 Pulte .................................. 60,234
4,955 Republic New York ...................... 294,203
11,152 Safeco ................................. 368,016
9,413 Salomon ................................ 382,403
7,475 St. Paul Cos. .......................... 397,109
10,009 SunTrust Banks ......................... 705,634
6,371 Torchmark .............................. 273,953
6,049 Transamerica ........................... 459,724
27,903 Travelers Group ........................ 1,716,034
6,413 UNUM ................................... 381,573
13,341 U.S. Bancorp ........................... 431,914
9,904 USF&G .................................. 157,226
3,032 USLIFE ................................. 85,275
15,054 Wachovia ............................... 662,376
8,643 Wells Fargo ............................ 2,097,008
-------------
58,587,010
-------------
Mining and Metals-1.6%
3,712 ASARCO ................................. 122,961
19,934 Alcan Aluminium ........................ 635,397
15,626 Aluminum Co. of America ................ 974,672
9,381 (a) Armco .................................. 52,769
31,208 Barrick Gold ........................... 955,746
9,986 (a) Bethlehem Steel ........................ 136,059
8,197 Cyprus Amax Minerals ................... 222,344
11,124 Echo Bay Mines ......................... 146,002
12,673 Engelhard .............................. 318,409
17,831 Freeport-McMoran
Copper, Cl. B .................... 586,194
12,917 Homestake Mining ....................... 259,954
10,397 Inco ................................... 349,599
4,331 Inland Steel Industries ................ 106,650
Mining And Metals (continued)
8,320 Newmont Mining ......................... $ 481,520
7,699 Nucor .................................. 433,068
6,133 Phelps Dodge ........................... 450,775
21,110 Placer Dome ............................ 585,802
5,620 Reynolds Metals ........................ 302,075
11,614 Santa Fe Pacific Gold .................. 172,758
7,284 USX-U.S. Steel Group ................... 240,372
7,987 Worthington Industries ................. 162,735
-------------
7,695,861
-------------
Transportation-1.5%
6,762 (a) AMR .................................... 603,509
13,033 Burlington Northern .................... 1,140,388
18,570 CSX .................................... 951,712
3,464 Caliber System ......................... 138,994
7,334 Conrail ................................ 511,547
3,846 Consolidated Freightways ............... 100,477
4,497 Delta Air Lines ........................ 361,446
5,006 (a) Federal Express ........................ 404,234
11,453 Norfolk Southern ....................... 962,052
12,705 SOUTHWEST AIRLINES ..................... 377,973
18,200 Union Pacific .......................... 1,239,875
5,531 (a) USAir Group ............................ 98,175
2,507 (a) Yellow ................................. 30,710
-------------
6,921,092
-------------
Utilities-10.4%
16,746 ALLTEL ................................. 550,525
140,592 AT&T ................................... 8,611,261
43,799 (a) Airtouch Communications ................ 1,368,718
16,429 American Electric Power ................ 667,429
48,933 Ameritech .............................. 2,856,464
13,038 Baltimore Gas & Electric ............... 343,878
38,596 Bell Allantic .......................... 2,508,741
87,762 BellSouth .............................. 3,510,481
13,599 Carolina Power & Light ................. 489,565
18,204 Central & Southwest .................... 496,059
13,925 Cinergy ................................ 403,826
20,783 Consolidated Edison .................... 610,501
15,468 Dominion Resources ..................... 595,518
12,833 DTE Energy ............................. 397,823
18,057 Duke Power ............................. 848,679
39,285 Edison International ................... 628,560
20,163 Entergy ................................ 534,319
16,309 FPL Group .............................. 703,325
86,387 GTE .................................... 3,747,036
10,561 General Public Utilities ............... 335,311
23,206 Houston Industries ..................... 496,028
61,302 MCI Communications ..................... 1,804,577
37,990 NYNEX .................................. 1,866,258
</TABLE>
<PAGE>
Dreyfus S&P 500 Index Fund
(formerly Peoples Index Fund, Inc.)-See Note 1
- -----------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Shares COMMON STOCKS (continued) Value
-------- -------------
<S> <C> <C>
Utilities (continued)
12,786 Niagara Mohawk Power ................... $ 95,895
5,978 Northern States Power .................. 279,471
13,495 Ohio Edison ............................ 281,708
19,597 PECO Energy ............................ 487,475
14,000 PP&L Resources ......................... 316,750
37,038 PACIFIC GAS & ELECTRIC ................. 842,614
37,798 Pacific Telesis Group .................. 1,294,581
25,083 PacifiCorp ............................. 501,660
21,621 Public Service Enterprise
Group ............................ 564,848
53,878 SBC Communications ..................... 2,693,900
58,828 Southern ............................... 1,294,216
38,155 Sprint ................................. 1,607,279
19,976 Texas Utilities ........................ 804,034
18,991 UniCom ................................. 522,252
8,975 Union Electric ......................... 346,659
41,596 US West ................................ 1,362,269
16,900 (a) WorldCom ............................... 794,300
--------------
48,464,793
--------------
TOTAL COMMON STOCKS
(cost $317,163,303) ......... $ 435,747,617
--------------
--------------
<PAGE>
U.S. Treasury Bills:
494,000 (b) 4.93% 5/2/1996 ......................... $ 493,931
2,968,000 5.01% 5/9/1996 ......................... 2,964,854
509,000 4.74% 5/16/1996 ........................ 507,982
780,000 4.89% 5/30/1996 ........................ 776,981
1,030,000 5.22% 6/27/1996 ........................ 1,021,894
9,627,000 (b) 4.94% 7/5/1996 ......................... 9,540,550
2,328,000 4.95% 7/11/1996 ........................ 2,305,162
4.97% 7/25/1996 ........................ 15,762,938
--------------
TOTAL SHORT-TERM
INVESTMENTS
(cost $33,375,671) ................... $ 33,374,292
--------------
--------------
TOTAL INVESTMENTS
(cost $350,538,974) .............................................................. 100.3% $ 469,121,909
-------- --------------
-------- --------------
LIABILITIES, LESS CASH
AND RECEIVABLES .................................................................. (.3%) $ (1,340,687)
-------- --------------
-------- --------------
NET ASSETS ............................................................................ 100.0% $ 467,781,222
-------- --------------
-------- --------------
</TABLE>
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a) Non-income producing.
(b) Partially held by the custodian in a segregated account as collateral
for open financial futures positions.
Statement of Financial Futures April 30, 1996 (Unaudited)
Financial Futures Purchased;
- ----------------------------
<TABLE>
<CAPTION>
Market Value Unrealized
Number of Covered Appreciation
Issuer Contracts by Contracts Expiration at 4/30/96
- ------ --------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
Standard & Poor's 500.................... 100 $32,742,500 June '96 $188,375
----------
----------
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
Dreyfus S&P 500 Index Fund
(formerly Peoples Index Fund, Inc.)-See Note 1
- -----------------------------------------------------------------------------
Statement of Assets and Liabilities April 30, 1996 (Unaudited)
<TABLE>
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $350,538,974)-see statement .................................... $469,121,909
Cash ................................................................... 937,079
Dividends receivable ................................................... 565,989
Receivable for investment securities sold .............................. 193,382
Receivable for subscriptions to Common Stock ........................... 122,382
Prepaid expenses ....................................................... 26,612
------------
470,967,353
LIABILITIES:
Due to The Dreyfus Corporation and subsidiaries ......................... $ 735,823
Payable for Common Stock redeemed ....................................... 1,701,965
Payable for investment securities purchased ............................. 574,616
Payable for futures variation margin-Note 3(a) .......................... 15,381
Accrued expenses ........................................................ 158,346 3,186,131
----------- ------------
NET ASSETS ................................................................ $467,781,222
------------
------------
REPRESENTED BY:
Paid-in capital ......................................................... $344,930,402
Accumulated undistributed investment income-net ......................... 2,299,917
Accumulated undistributed net realized gain on investments .............. 1,779,593
Accumulated net unrealized appreciation on investments (including $188,375
net unrealized appreciation on financial futures)-Note 3(b) ........... 118,771,310
------------
NET ASSETS at value, applicable to 23,070,042 outstanding shares of Common
Stock, equivalent to $20.28 per share (200 million shares of $.001 par
value authorized) ....................................................... $467,781,222
------------
------------
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
Dreyfus S&P 500 Index Fund
(formerly Peoples Index Fund, Inc.)-See Note 1
- -----------------------------------------------------------------------------
Statement of Operations six months ended April 30, 1996 (Unaudited)
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Income:
Cash dividends (net of $6,585 foreign taxes withheld at source) ....... $4,270,729
Interest .............................................................. 532,523
----------
Total Income $ 4,803,252
Expenses:
Management fee-Note 2(a) ............................................. 595,270
Shareholder servicing costs-Note 2(b) ................................ 490,999
Registration fees .................................................... 50,554
Professional fees .................................................... 32,406
Prospectus and shareholders' reports ................................. 23,684
Directors' fees and expenses-Note 2(c) ............................... 15,107
Custodian fees-Note 2(a) ............................................. 3,104
----------
Total Expenses ..................................................... 1,211,124
-----------
INVESTMENT INCOME-NET .............................................. 3,592,128
-----------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments-Note 3(a) .............................. $2,079,354
Net realized gain on financial futures-Note 3(a) ........................ 2,292,918
----------
Net Realized Gain ..................................................... 4,372,272
Net unrealized appreciation on investments (including $215,775
net unrealized appreciation on financial futures) ..................... 40,605,815
-----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS ..................... 44,978,087
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ...................... $48,570,215
-----------
-----------
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
Dreyfus S&P 500 Index Fund
(formerly Peoples Index Fund, Inc.)-See Note 1
- -----------------------------------------------------------------------------
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended Six Months Ended
October 31, April 30, 1996
1995 (Unaudited)
------------ ------------
<S> <C> <C>
OPERATIONS:
Investment income-net ........................................ $ 6,157,690 $ 3,592,128
Net realized gain on investments ............................. 4,310,640 4,372,272
Net unrealized appreciation on investments for the period .... 54,324,576 40,605,815
------------ ------------
Net Increase In Net Assets Resulting From Operations ....... 64,792,906 48,570,215
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net ........................................ (6,077,935) (6,205,887)
Net realized gain on investments ............................. (19,477,910) (4,169,580)
------------ ------------
Total Dividends ............................................ (25,555,845) (10,375,467)
------------ ------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold ............................... 142,531,859 144,145,425
Dividends reinvested ........................................ 22,101,817 9,406,794
Cost of shares redeemed ..................................... (112,925,618) (60,112,931)
------------ ------------
Increase In Net Assets From Capital Stock Transactions ..... 51,708,058 93,439,288
------------ ------------
Total Increase In Net Assets ............................. 90,945,119 131,634,036
NET ASSETS:
Beginning of period .......................................... 245,202,067 336,147,186
------------ ------------
End of period (including undistributed investment income-net:
$4,913,676 in 1995 and $2,299,917 in 1996) ................. $336,147,186 $467,781,222
------------ ------------
<CAPTION>
Shares Shares
------------ ------------
<S> <C> <C>
CAPITAL SHARE TRANSACTIONS:
Shares sold .................................................. 8,633,225 7,348,134
Shares issued for dividends reinvested ....................... 1,546,663 496,663
Shares redeemed .............................................. (6,829,736) (3,063,076)
------------ ------------
Net Increase In Shares Outstanding ......................... 3,350,152 4,781,721
------------ ------------
------------ ------------
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
Dreyfus S&P 500 Index Fund
(formerly Peoples Index Fund, Inc.)-See Note 1
- ------------------------------------------------------------------------------
Financial Highlights
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from the Fund's financial statements.
<TABLE>
<CAPTION>
Year Ended October 31, Six Months Ended
------------------------------------------------------------ April 30, 1996
PER SHARE DATA: 1991 1992 1993 1994 1995 (Unaudited)
------- ------- ------- ------- ------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period ........................... $10.86 $14.16 $15.16 $16.88 $16.41 $18.38
------ ------ ------ ------ ------ ------
Investment Operations:
Investment income-net ................. .34 .41 .30 39 .36 .15
Net realized and unrealized gain
on investments ...................... 3.18 .97 1.86 .11 3.36 2.29
------ ------ ------ ------ ------ ------
Total from Investment
Operations ........................ 3.52 1.38 2.16 .50 3.72 2.44
------ ------ ------ ------ ------ ------
Distributions:
Dividends from investment
income-net .......................... (.22) (.38) (.40) (.31) (.42) (.32)
Dividends from net realized gain
on investments ...................... - - (.04) (.66) (1.33) (.22)
------ ------ ------ ------ ------ ------
Total Distributions ................. (.22) (.38) (.44) (.97) (1.75) (.54)
------ ------ ------ ------ ------ ------
Net asset value, end of period ........ $14.16 $15.16 $16.88 $16.41 $18.38 $20.28
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
TOTAL INVESTMENT RETURN 32.85% 9.90% 14.49% 3.14% 25.68% 13.45%(1)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average
net assets .......................... - - .39% .61% .55% .30%(1)
Ratio of net investment income to
average net assets .................. 3.45% 3.04% 2.36% 2.26% 2.75% .89%(1)
Decrease reflected in above expense
ratios due to undertakings by
WFNIA and Dreyfus ................... .78% .65% .14% .03% - -
Decrease reflected in above expense
ratios due to redemption fee ........ .10% - - - - -
Portfolio Turnover Rate ............... .69% 3.10% 3.77% 18.81% 3.66% 1.08%(1)
Average commission rate paid (2) ...... $.0309
Net assets, end of year
(000's Omitted) ................... $69,211 $92,598 $281,403 $245,202 $336,147 $467,781
<FN>
- ------------------
(1) Not annualized.
(2) For fiscal years beginning on or after November 1, 1995, the Fund is
required to disclose its average commission rate paid per share for
purchases and sales of investment securities.
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
Dreyfus S&P 500 Index Fund
(formerly Peoples Index Fund, Inc.)-See Note 1
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1-Significant Accounting Policies:
Dreyfus S&P 500 Index Fund (the "Fund") is registered under the
Investment Company Act of 1940 ("Act") as a non-diversified, open-end
management investment company. The Fund's investment objective is to provide
investment results that correspond to the price and yield performance of
publicly-traded common stocks in the aggregate, as represented by the
Standard & Poor's 500 Composite Stock Price Index. Effective November 13,
1995, The Dreyfus Corporation ("Dreyfus") serves as the Fund's manager and
Mellon Equity Associates ("Mellon Equity"), an affiliate of Dreyfus, serves
as the Fund's index manager. Boston Safe Deposit and Trust Company, an
affiliate of Dreyfus, became the Fund's custodian. Dreyfus is a direct
subsidiary of Mellon Bank, N.A. Premier Mutual Fund Services, Inc. (the
"Distributor") acts as the distributor of the Fund's shares, which are sold
to the public without a sales charge.
Prior to November 13, 1995, Wells Fargo Nikko Investment Advisors
("WFNIA") served as the Fund's index manager. In addition, Wells Fargo
Institutional Trust Company, N.A. ("WFITC"), an affiliate of WFNIA, was the
custodian of the Fund's investments. Dreyfus served as the Fund's
administrator.
Effective November 13, 1995, the Fund changed its name from
"Peoples Index Fund, Inc." to "Dreyfus S&P 500 Index Fund".
(a) Portfolio valuation: Investments in securities (including
financial futures) are valued at the last sales price on the securities
exchange on which such securities are primarily traded or at the last sales
price on the national securities market. Securities not listed on an exchange
or the national securities market, or securities for which there were no
transactions, are valued at the average of the most recent bid and asked
prices. Bid price is used when no asked price is available.
(b) Securities transactions and investment income: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Dividend
income is recognized on the ex-dividend date and interest income, including,
where applicable, amortization of discount on investments, is recognized on
the accrual basis.
(c) Dividends to shareholders: Dividends are recorded on the
ex-dividend date. Dividends from investment income-net are declared and paid
annually. Dividends from net realized capital gain are normally declared and
paid annually, but the Fund may make distributions on a more frequent basis
to comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers, if any, it is the policy of the Fund not to distribute such gain.
(d) Federal income taxes: It is the policy of the Fund to continue
to qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with the applicable
provisions of the Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income and
excise taxes.
<PAGE>
Dreyfus S&P 500 Index Fund
(formerly Peoples Index Fund, Inc.)-See Note 1
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 2-Management Fee and Other Transactions With Affiliates:
(a) Effective November 13, 1995, pursuant to an Investment Advisory
Agreement with Dreyfus, the investment advisory fee is computed at the annual
rate of .295 of 1% of the value of the Fund's average daily net assets, and
is payable monthly. Dreyfus has agreed to pay Mellon Equity a fee of .095 of
1% of the value of the Fund's average daily net assets. Prior to November 13,
1995, the Fund had an Index Management Agreement with WFNIA and an
Administrative Agreement with Dreyfus, whereby WFNIA and Dreyfus received
annual fees of .10 of 1% and .20 of 1%, respectively, of the value of the
Fund's average daily net assets. The agreement further provides that if the
aggregate expenses of the Fund, exclusive of interest, taxes, brokerage and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund, the Fund may deduct from the fees to be paid to
each of WFNIA and Dreyfus, or WFNIA and Dreyfus will bear, in the same
proportion as in the agreements, the amount of such excess to the extent
required by state law. The most stringent state expense limitation applicable
to the Fund presently requires reimbursement of expenses in any full fiscal
year that such expenses (exclusive of certain expenses as described above)
exceed 2-1/2% of the first $30 million, 2% of the next $70 million, and 1-1/2%
of the excess over $100 million of the average value of the Fund's net assets
in accordance with California "blue sky" regulations. There was no expense
reimbursement during the six months ended April 30, 1996.
In addition, for the period from November 1 through November 13,
1995 WFITC earned $54 for custodian services provided to the Fund.
(b) Pursuant to the Fund's Shareholder Services Plan, the Fund
reimburses Dreyfus Service Corporation, a wholly-owned subsidiary of the
Dreyfus, an amount not to exceed an annual rate of .25 of 1% of the value of
the Fund's average daily net assets for certain allocated expenses of
providing personal services and/or maintaining shareholder accounts. The
services provided may include personal services relating to shareholder
accounts, such as answering shareholder inquiries regarding the Fund and
providing reports and other information, and services related to the
maintenance of shareholder accounts. During the six months ended April 30,
1996, the Fund was charged an aggregate of $418,259 pursuant to the
Shareholder Services Plan.
Effective December 1, 1995, the Fund compensates Dreyfus Transfer,
Inc., a wholly-owned subsidiary of the Dreyfus, under a transfer agency
agreement for providing personnel and facilities to perform transfer agency
services for the Fund. Such compensation amounted to $28,729 for the period
from December 1, 1995 through April 30, 1996.
(c) Each director who is not an "affiliated person" as defined in
the Act receives from the Fund an annual fee of $2,500 and an attendance fee
of $500 per meeting. The Chairman of the Board receives an additional 25% of
such compensation.
(d) A 1% redemption fee is charged on certain redemptions of Fund
shares (including redemptions through use of the Exchange Privilege) where
the shares being redeemed were issued subsequent to a specified effective
date and the redemption or exchange occurs within a six-month period
following the date of issuance. During the six months ended April 30, 1996,
redemption fees amounted to $6,098.
<PAGE>
Dreyfus S&P 500 Index Fund
(formerly Peoples Index Fund, Inc.)-See Note 1
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 3-Securities Transactions:
(a) The aggregate amount of purchases and sales of investment
securities, excluding short-term securities, during the six months ended
April 30, 1996 amounted to $72,072,530 and $4,132,453, respectively.
The Fund may invest in financial futures contracts in order to gain
exposure to or protect against changes in the market. The Fund is exposed to
market risk as a result of changes in the value of the underlying financial
instruments (see the Statement of Financial Futures). Investments in
financial futures require the Fund to "mark to market" on a daily basis,
which reflects the change in the market value of the contract at the close of
each day's trading. Accordingly, variation margin payments are received or
made to reflect daily unrealized gains or losses. When the contracts are
closed, the Fund recognizes a realized gain or loss. These investments
require initial margin deposits with a custodian, which consist of cash or
cash equivalents, up to approximately 10% of the contract amount. The amount
of these deposits is determined by the exchange or Board of Trade on which
the contract is traded and is subject to change. Contracts open as of April
30, 1996 and their related unrealized market appreciation are set forth in
the Statement of Financial Futures.
(b) At April 30, 1996, accumulated net unrealized appreciation on
investments was $118,771,310, consisting of $123,312,531 gross unrealized
appreciation and $4,541,221 gross unrealized depreciation.
At April 30, 1996, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
<PAGE>
Dreyfus S&P 500 Index Fund
- ------------------------------------------------------------------------------
Proxy Results (Unaudited)
A special meeting of stockholders of the Fund was held on November
3, 1995, at which shareholders approved a new management agreement between
the Fund and Dreyfus by a vote of 11,601,200 shares in favor of, and 88,521
shares against the agreement, with 745,458 shares abstaining (including
broker non-votes). Also approved at the meeting was a new index management
agreement between Dreyfus and Mellon Equity Associates, by a vote of
11,531,049 shares in favor of, and 139,522 shares against the agreement, with
764,608 shares abstaining (including broker non-votes).
<PAGE>
Dreyfus S&P 500 Index Fund
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
Boston Safe Deposit and Trust Company
One Boston Place
Boston, MA 02108
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
One American Express Plaza
Providence, RI 02903
Further information is contained in the Prospectus,
which must precede or accompany this report.
Printed in U.S.A. 078SA964
