May 8, 1997
DREYFUS S&P 500 INDEX FUND
Supplement to Prospectus
Dated March 1, 1997
Effective June 1, 1997, the following information supersedes any
contrary information contained in the Fund's Prospectus.
The Telephone Redemption Privilege is granted automatically unless you
specifically refuse it by checking the applicable "No" box on the Account
Application. The Telephone Redemption Privilege may be established for an
existing account by a separate signed Shareholder Services Form or by oral
request from any of the authorized signatories on the account by calling 1-
800-645-6561.
