November 13, 1995
PEOPLES S&P MIDCAP INDEX FUND, INC.
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") will
serve as the Fund's manager and Mellon Equity Associates, an affiliate of
Dreyfus ("Mellon Equity"), will serve as the Fund's index manager. In
addition, Boston Safe Deposit and Trust Company, an affiliate of Dreyfus,
will serve as 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 .395% 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 will operate under the name
Dreyfus MidCap Index Fund.
113s111395
