<PAGE>
[LOGO]
S&P 500
Index Fund
Semi-Annual
Report
April 30, 1997
<PAGE>
Dreyfus S&P 500 Index Fund
- --------------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
We are pleased to provide you with this semi-annual report for the Dreyfus
S & P 500 Index Fund for the six-month period ended April 30, 1997. Over
this period, your Fund produced a total return of 14.40%,* which compares
with a total return of 14.71% for the Standard & Poor's 500 Composite Stock
Price Index over the same period.** The difference is accounted for by
transaction fees and other fund expenses.
Over the last six months, large capitalization equities, as represented
by the S & P 500 Index, provided performance that was significantly better
than both mid-cap and small-cap equities. The S & P 400 MidCap Stock Index
had a total return of 6.88% while the Russell 2000 Index, made up of small cap
stocks, had a total return of 1.61% for the same period.***
ECONOMIC REVIEW
The Federal Reserve Board (the "Fed") decision in March to tighten
credit already has been vindicated by the reported 5.6% rise in first
quarter real Gross Domestic Product and by the drop to 4.9% in April's
unemployment rate. The economic debate is now splintered into 1) those who
believe that softer incoming economic data for the second quarter can keep Fed
policy on hold, and 2) those who believe the economy is fundamentally too
strong, warranting higher rates irrespective of short-term economic
fluctuations. Views on the risk of inflation clearly distinguish these camps.
To date, a strong dollar has helped mute price inflation, preventing a
follow-through from rising wages. Market interest rates are likewise treading
water until the policy outlook becomes clearer. We believe that some
tightening is likely in coming months and this should temper overall growth to
sustain a long business cycle.
First quarter real GDP grew an annualized 5.6% for the quarter and by
4.0% since the first quarter of 1996, both growth rates unseen since
1987/88. Virtually every major economic sector contributed positively to
growth. In the early evidence for the second quarter, rising new orders
portend continued strength in exports and capital spending. By contrast,
retail spending weakened in April and the housing sector slowed. However,
real disposable income grew 3.8% in the last year, a pace which, if
sustained, should support the upward cycle in consumer spending, while
mortgage rates have not yet risen substantially.
Alongside the recent evidence of slowing consumer demand is the report of
the drop in unemployment in April. With this, the labor market is becoming
extremely tight. This is raising fears of future inflation even though actual
inflation remains modest and despite signs of a slower second quarter economy.
Hence, bond yields remain near their recent highs, largely ignoring the
bullish news of a Washington agreement to balance the Federal budget.
Short-term rates likewise contain built-in expectations for another Fed rate
hike in coming weeks.
If inflation should stay subdued, then the larger risk from the
combination of slower economic growth and a tightening labor market is to
corporate profits. Through the first quarter, however, profits continued to
surprise on the upside, and we expect overall profits to post modest gains in
1997.
The economy is now embarked on the seventh year for this business cycle.
Economic growth is proving stronger than seen since the late 1980s while
inflation is still subdued. More Fed tightening would indicate a willingness
to err on the side of caution and would thus help sustain the expansion.
MARKET OVERVIEW
The six-month fiscal period ended April 30, 1997 was one of the most
volatile in recent stock market history. While the underlying U.S. economy
continued to grow with little inflation, investor concerns over the outlook
for interest rates and for corporate profits caused major shifts in market
sentiment, and hence in prices.
<PAGE>
Early in the half-year period, the dominant market trend was strong, despite
nervousness about the strength of economic growth and the possible reactions of
the Fed. The trend picked up steam during the winter, with the Dow Jones
Industrial Average breaking the 7000 mark in mid-February, and then hitting a
new high of 7085.16 in mid-March. However, when the Fed, in a widely anticipated
move, increased its overnight lending rate on March 25 by one quarter of a
percentage point seeking to cool off the economy and the "irrational exuberance"
in the equity markets (as Fed chairman Alan Greenspan termed it), the markets
promptly obliged. Between mid-March and mid-April the DJIA dropped 9.8%.
By then, however, a stream of strong quarterly profit reports began
issuing from major corporations, and the latest Government numbers on inflation
appeared reassuring. Moreover, underlying economic expansion continued, but
at a pace that appeared sustainable.
The market's reaction was to resume the upward trend of earlier in the
year, breaking the 7000 level once again on April 30.
Clearly one of the engines currently driving the market is the profit
outlook. According to two companies that monitor profit reports, I.B.E.S.
and First Call, overall first-quarter corporate profits ran about 3.7% above
forecasts. This reflects results from most of the companies in the Standard
& Poor's 500 Index. At the same time, increases in wages and compensation
during that same period were modest.
Big, heavily capitalized and well-established companies were the
chief beneficiaries of this market environment. The mid- and small-cap stocks
enjoyed a revival along with the general market in late April and the first
few days of May.
The latest trend could, of course, be affected by a Fed decision to raise
interest rates once again. However, there is no denying the resilience displayed
by the equity markets, especially the larger issues, in the closing days of the
Fund's latest fiscal period.
We appreciate your investment in this Fund and will continue our best
efforts to bring you rewarding returns.
Sincerely,
Steven A. Falci, CFA
Portfolio Manager
May 21, 1997
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 500,"
"S&P(R)" and "S&P 500(R)" are trademarks of Standard & Poor's, a division
of The McGraw-Hill Companies, Inc., and have been licensed for use by the
Fund. The Fund is not sponsored, endorsed, sold or promoted by Standard &
Poor's.
***SOURCE: LIPPER ANALYTICAL SERVICES, INC. -- Reflects the reinvestment of
income dividends and, where applicable, capital gain distributions. The
Standard & Poor's 400 MidCap Index is a broad-based index of 400 companies
and is a widely accepted, unmanaged index of median-cap stock market
performance. The Russell 2000 Index is a widely accepted unmanaged index of
small cap stock performance.
<PAGE>
Dreyfus S&P 500 Index Fund
- --------------------------------------------------------------------------------
Statement of Investments April 30, 1997 (Unaudited)
Shares COMMON STOCKS--92.7% Value
-------- -------------
Basic Industries--6.5%
14,800 Air Products & Chemicals... $ 1,061,900
5,500 Armstrong World Industries. 361,625
10,000 Ashland.................... 446,250
13,800 Avery Dennison............. 507,150
4,100 Ball....................... 110,187
7,000 Bemis...................... 266,875
6,400 Boise Cascade.............. 212,800
3,800 Centex..................... 136,800
12,700 Champion International..... 590,550
17,000 Crown Cork & Seal.......... 930,750
32,300 Dow Chemical............... 2,741,462
74,800 duPont (E.I.) de Nemours... 7,938,150
10,300 Eastman Chemical........... 525,300
19,100 Engelhard.................. 401,100
4,900 (a)FMC........................ 328,912
11,100 Fluor...................... 610,500
5,400 Foster Wheeler............. 208,575
12,100 Georgia Pacific............ 943,800
7,100 Goodrich (B.F.)............ 283,112
9,600 Grace (W.R.)............... 499,200
8,000 Great Lakes Chemical....... 339,000
13,600 Hercules................... 535,500
39,900 International Paper........ 1,685,775
11,400 James River................ 340,575
5,200 Kaufman & Broad Home....... 72,150
75,000 Kimberly-Clark............. 3,843,750
14,400 Louisiana Pacific.......... 268,200
21,300 Masco...................... 804,075
6,900 Mead....................... 387,262
55,500 Minnesota Mining &
Manufacturing............ 4,828,500
78,100 Monsanto................... 3,338,775
18,900 Morton International....... 791,437
8,900 Nalco Chemical............. 320,400
43,700 Occidental Petroleum....... 966,862
3,800 Potlach.................... 155,800
20,800 Praxair.................... 1,073,800
90,200 Procter & Gamble........... 11,342,650
8,500 Rohm & Haas................ 707,625
22,800 Sherwin-Williams........... 689,700
13,300 Sigma-Aldrich.............. 399,000
13,200 Stone Container............ 133,650
7,400 Temple-Inland.............. 410,700
22,700 Tenneco.................... 905,162
9,200 Union Camp................. 447,350
16,900 Union Carbide.............. 842,887
13,500 Westvaco................... 378,000
26,300 Weyerhaeuser............... 1,203,225
7,300 Willamette Industries...... 465,375
-------------
56,782,183
-------------
Shares COMMON STOCKS (continued) Value
-------- -------------
Capital Goods--21.3%
29,200 AMP........................ $ 1,047,550
18,100 (a)Advanced Micro Devices..... 769,250
3,706 Aeroquip-Vickers........... 149,629
23,154 Allegheny Teledyne......... 616,475
37,500 AlliedSignal............... 2,709,375
16,100 (a)Amdahl..................... 137,856
12,050 Andrew..................... 298,237
16,600 Apple Computer............. 282,200
24,000 (a)Applied Materials.......... 1,317,000
6,400 Autodesk................... 227,200
38,800 Automatic Data Processing.. 1,755,700
26,200 (a)Bay Networks............... 465,050
47,549 Boeing..................... 4,689,520
3,800 Briggs & Stratton.......... 186,675
28,300 Browning-Ferris Industries. 803,012
36,000 (a)COMPAQ Computer............ 3,073,500
52,700 (a)CUC International.......... 1,113,287
20,700 (a)Cabletron Systems.......... 714,150
9,700 Case....................... 537,137
25,400 Caterpillar................ 2,260,600
10,700 (a)Ceridian................... 357,112
5,300 Cincinnati Milacron........ 107,325
87,300 (a)Cisco Systems.............. 4,517,775
22,600 Cognizant.................. 737,325
48,200 Computer Associates
International............ 2,506,400
10,200 (a)Computer Sciences.......... 637,500
14,300 Cooper Industries.......... 657,800
6,150 Crane...................... 229,856
5,200 Cummins Engine............. 291,850
15,600 (a)DSC Communications......... 317,850
5,300 (a)Data General............... 99,375
34,000 Deere & Co................. 1,564,000
23,200 (a)Dell Computer.............. 1,941,550
10,900 Deluxe..................... 333,812
20,900 (a)Digital Equipment.......... 624,387
14,900 Dover...................... 789,700
12,800 Dow Jones & Co............. 518,400
23,300 Dresser Industries......... 696,087
22,600 Dun & Bradstreet........... 556,525
6,300 EG&G....................... 118,912
32,500 (a)EMC........................ 1,182,187
10,200 Eaton...................... 763,725
59,400 Emerson Electric........... 3,014,550
59,400 First Data................. 2,049,300
8,400 General Dynamics........... 598,500
218,600 General Electric........... 24,237,275
6,600 General Signal............. 259,050
24,000 Genuine Parts.............. 777,000
4,400 Giddings & Lewis........... 89,100
7,000 Grainger (W.W.)............ 527,625
<PAGE>
Dreyfus S&P 500 Index Fund
- --------------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1997 (Unaudited)
Shares COMMON STOCKS (continued) Value
-------- -------------
Capital Goods (continued)
6,500 Harnischfeger Industries... $ 270,562
5,200 Harris..................... 444,600
134,700 Hewlett-Packard............ 7,071,750
16,800 Honeywell.................. 1,186,500
15,700 ITT Industries............. 396,425
17,900 Ikon Office Solutions...... 481,062
16,400 Illinois Tool Works........ 1,498,550
14,500 Ingersoll-Rand............. 712,312
109,000 Intel...................... 16,690,625
6,300 (a)Intergraph................. 40,162
68,700 International Business
Machines................. 11,043,525
10,800 Interpublic Group Cos...... 611,550
11,000 Johnson Controls........... 422,125
18,700 (a)LSI Logic.................. 715,275
25,600 Lockheed Martin............ 2,291,200
84,725 Lucent Technologies........ 5,009,365
7,300 McDermott International.... 135,050
28,200 McDonnell Douglas.......... 1,674,375
27,800 Micron Technology.......... 979,950
159,800 (a)Microsoft.................. 19,415,700
78,700 Motorola................... 4,505,575
18,500 (a)National Semiconductor..... 462,500
6,000 National Service Industries 252,750
34,300 Northern Telecommunications 2,491,037
7,700 Northrop Grumman........... 642,950
45,900 (a)Novell..................... 347,118
89,800 (a)Oracle..................... 3,569,550
6,900 Owens-Corning.............. 279,450
24,300 PPG Industries............. 1,321,312
16,700 Pall....................... 386,187
17,100 Parametric Technology...... 773,775
9,900 Parker-Hannifin............ 492,525
5,800 Perkin-Elmer............... 421,225
19,700 Pitney Bowes............... 1,260,800
5,900 Raychem.................... 380,550
31,300 Raytheon................... 1,365,462
29,100 Rockwell International..... 1,935,150
10,000 Ryder System............... 311,250
7,700 Safety-Kleen............... 114,537
10,300 Scientific-Atlanta......... 164,800
32,800 (a)Seagate Technology......... 1,504,700
31,300 Service Corp. International 1,072,025
3,100 Shared Medical Systems..... 130,587
23,400 (a)Silicon Graphics........... 348,075
8,100 Snap-On.................... 311,850
11,813 Stanley Works.............. 459,230
48,900 (a)Sun Microsystems........... 1,408,931
23,400 (a)3COM....................... 678,600
15,800 (a)Tandem Computers........... 203,425
4,400 Tektronix.................. 238,150
23,800 (a)Tellabs.................... 949,025
Shares COMMON STOCKS (continued) Value
-------- -------------
Capital Goods (continued)
25,300 Texas Instruments.......... $ 2,258,025
11,000 Textron.................... 1,225,125
19,800 Thermo Electron............ 683,100
7,100 Thomas & Betts............. 322,162
4,200 Timken..................... 244,125
22,100 Tyco International......... 1,348,100
23,200 (a)Unisys..................... 139,200
31,500 United Technologies........ 2,382,187
59,300 WMX Technologies........... 1,741,937
43,100 Xerox...................... 2,650,650
-------------
187,123,631
-------------
Consumer Cyclical-- 10.8%
33,300 Albertson's................ 1,098,900
9,900 American Greetings, Cl. A.. 316,800
19,400 American Stores............ 882,700
20,000 AutoZone................... 490,000
12,500 Black & Decker............. 418,750
13,100 Brunswick.................. 370,075
14,000 CVS........................ 694,750
14,000 (a)Charming Shoppes........... 82,687
93,300 Chrysler................... 2,799,000
13,000 Circuit City Stores........ 515,125
43,300 Comcast, Cl. A............. 681,975
10,900 Cooper Tire and Rubber..... 239,800
27,900 Costco Cos................. 805,612
13,500 Dana Corp.................. 430,312
21,200 Darden Restaurants......... 164,300
28,800 Dayton Hudson.............. 1,296,000
15,100 Dillard Department Stores,
Cl. A.................... 466,212
89,600 Disney (Walt).............. 7,347,200
20,000 Donnelley (R.R.) & Sons.... 685,000
8,300 Echlin..................... 270,787
27,600 Federated Department Stores 938,400
4,700 Fleetwood Enterprises...... 123,962
5,000 Fleming Cos................ 81,250
157,400 Ford Motor................. 5,469,650
10,200 (a)Fruit of the Loom, Cl. A... 367,200
18,700 Gannett.................... 1,631,575
37,100 Gap........................ 1,182,562
18,200 (a)General Instrument......... 425,425
100,400 General Motors............. 5,810,650
7,900 Giant Food, Cl. A.......... 254,775
20,600 Goodyear Tire & Rubber..... 1,084,075
5,100 Great Atlantic & Pacific... 126,862
13,800 H&R Block.................. 445,050
21,000 (a)HFS........................ 1,244,250
9,400 Harcourt General........... 434,750
4,100 Harland (John H.).......... 84,562
13,700 (a)Harrah's Entertainment..... 219,200
17,100 Hasbro..................... 427,500
<PAGE>
Dreyfus S&P 500 Index Fund
- --------------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1997 (Unaudited)
Shares COMMON STOCKS (continued) Value
-------- -------------
Consumer Cyclical (continued)
32,800 Hilton Hotel............... $ 885,600
63,801 Home Depot................. 3,700,458
15,400 ITT........................ 912,450
5,100 Jostens.................... 121,762
64,300 K mart..................... 876,087
5,000 (a)King World Productions..... 182,500
12,500 Knight-Ridder.............. 485,937
33,400 (a)Kroger..................... 918,500
36,000 Limited.................... 652,500
9,500 Liz Claiborne.............. 429,875
5,200 Longs Drug Stores.......... 131,300
23,000 Lowes...................... 874,000
17,000 Marriott International..... 939,250
38,500 Mattel..................... 1,073,187
32,500 May Department Stores...... 1,503,125
13,300 Maytag..................... 304,237
92,600 McDonald's................. 4,965,675
13,200 McGraw-Hill Cos............ 671,550
4,900 Mercantile Stores.......... 241,325
7,100 Meredith................... 166,850
13,300 Moore...................... 267,662
1,100 NACCO Industries, Cl. A.... 50,875
38,300 NIKE, Cl. B................ 2,154,375
9,700 (a)Navistar International..... 109,125
12,800 New York Times, Cl. A...... 553,600
10,600 Nordstrom.................. 416,050
5,200 PACCAR..................... 363,350
32,800 Penney (J.C.).............. 1,566,200
8,000 Pep Boys-Manny, Moe & Jack. 261,000
7,400 Reebok International....... 283,050
16,300 Rite Aid................... 749,800
5,100 Russell.................... 141,525
52,000 Sears, Roebuck & Co........ 2,496,000
2,700 Springs Industries......... 126,225
6,600 Stride Rite................ 90,750
8,900 Supervalu.................. 272,562
23,500 Sysco...................... 834,250
10,300 TJX........................ 486,675
16,900 TRW........................ 880,912
7,700 Tandy...................... 403,287
88,200 (a)Tele-Communications, Cl. A. 1,218,262
75,500 Time Warner................ 3,397,500
12,300 Times Mirror, Cl. A........ 679,575
38,600 (a)Toys R Us.................. 1,100,100
16,400 Tribune.................... 719,550
8,500 V.F........................ 613,062
47,000 (a)Viacom, Cl. B.............. 1,257,250
304,600 Wal-Mart Stores............ 8,604,950
32,700 Walgreen................... 1,504,200
17,200 Wendy's International...... 354,750
Shares COMMON STOCKS (continued) Value
-------- -------------
Consumer Cyclical (continued)
80,200 Westinghouse Electric...... $ 1,363,400
9,900 Whirlpool.................. 462,825
19,900 Winn-Dixie Stores.......... 691,525
17,800 (a)Woolworth.................. 382,700
-------------
95,300,773
-------------
Consumer Staples--11.7%
10,400 Alberto-Culver, Cl. B...... 302,900
22,600 American Brands............ 1,214,750
66,300 Anheuser-Busch Cos......... 2,842,612
72,170 Archer Daniels Midland..... 1,326,123
17,668 Avon Products.............. 1,088,790
9,200 Brown-Forman, Cl. B........ 464,600
62,000 Campbell Soup.............. 3,169,750
6,900 Clorox..................... 878,887
330,400 Coca-Cola.................. 21,021,760
19,500 Colgate-Palmolive.......... 2,164,500
31,900 ConAgra.................... 1,838,237
5,000 Coors (Adolph), Cl. B...... 114,375
30,400 Corning.................... 1,466,800
19,100 CPC International.......... 1,578,137
44,200 Eastman Kodak.............. 3,690,700
8,600 Ecolab..................... 350,450
21,400 General Mills.............. 1,326,800
73,700 Gillette................... 6,264,500
48,900 Heinz (H.J.)............... 2,029,350
20,400 Hershey Foods.............. 1,106,700
14,600 International Flavors &
Fragrances.............. 615,025
176,800 Johnson & Johnson.......... 10,829,000
28,000 Kellogg.................... 1,953,000
21,100 Newell..................... 738,500
206,300 PepsiCo.................... 7,194,712
324,300 Philip Morris Cos.......... 12,769,312
10,900 Pioneer Hi-Bred International 769,812
6,000 Polaroid................... 291,000
18,000 Quaker Oats................ 720,000
14,100 Ralston-Ralston Purina Group 1,161,487
19,900 Rubbermaid................. 477,600
63,900 Sara Lee................... 2,683,800
49,200 Seagram.................... 1,881,900
8,300 Tupperware................. 275,975
24,700 UST........................ 645,287
21,300 Unilever, N.V.............. 4,180,125
13,800 Whitman.................... 319,125
15,400 Wrigley, (Wm) Jr........... 897,050
-------------
102,643,431
-------------
Energy--8.7%
12,400 Amerada Hess............... 602,950
66,000 Amoco...................... 5,519,250
21,400 Atlantic Richfield......... 2,913,075
<PAGE>
Dreyfus S&P 500 Index Fund
- --------------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1997 (Unaudited)
Shares COMMON STOCKS (continued) Value
-------- -------------
Energy (continued)
19,300 Baker Hughes............... $ 665,850
16,600 Burlington Resources....... 703,425
86,600 Chevron.................... 5,932,100
14,000 Coastal.................... 665,000
7,300 Columbia Gas System........ 451,687
12,600 Consolidated Natural Gas... 634,725
2,700 Eastern Enterprises........ 91,462
33,800 Enron...................... 1,271,725
9,200 Enserch.................... 180,550
329,800 Exxon...................... 18,674,925
16,600 Halliburton................ 1,172,375
3,300 Helmerich & Payne.......... 157,575
6,400 Kerr-McGee................. 386,400
4,500 Louisiana Land & Exploration 225,000
52,300 Mobil...................... 6,799,000
6,600 Nicor...................... 223,575
18,200 Noram Energy............... 266,175
3,600 Oneok...................... 107,100
13,900 (a)Oryx Energy................ 278,000
11,300 Pacific Enterprises........ 346,062
20,100 Panenergy.................. 889,425
6,200 Pennzoil................... 305,350
4,600 Peoples Energy............. 155,250
34,900 Phillips Petroleum......... 1,374,187
11,400 (a)Rowan Cos.................. 205,200
71,200 Royal Dutch Petroleum...... 12,833,800
12,000 (a)Santa Fe Energy Resources.. 169,500
32,700 Schlumberger............... 3,621,525
11,500 Sonat...................... 656,937
9,700 Sun ....................... 265,537
35,100 Texaco..................... 3,703,050
33,210 Union Pacific Resources Group 900,821
33,200 Unocal..................... 1,265,750
38,200 USX-Marathon Group......... 1,055,275
7,100 (a)Western Atlas.............. 440,200
20,800 Williams Cos............... 912,600
-------------
77,022,393
-------------
Health Care--8.8%
11,200 (a)ALZA....................... 327,600
103,100 Abbott Laboratories........ 6,289,100
8,700 Allergan................... 232,725
84,800 American Home Products..... 5,618,000
35,100 (a)Amgen...................... 2,066,512
7,600 Bard (C.R.)................ 241,300
7,400 Bausch & Lomb.............. 298,775
36,200 Baxter International....... 1,733,075
16,300 Becton, Dickinson & Co..... 749,800
13,200 (a)Beverly Enterprises........ 191,400
15,200 (a)Biomet..................... 230,850
25,700 (a)Boston Scientific.......... 1,240,025
Shares COMMON STOCKS (continued) Value
-------- -------------
Health Care (continued)
133,000 Bristol-Myers Squibb....... $ 8,711,500
89,150 Columbia/HCA Healthcare.... 3,120,250
9,800 Guidant.................... 668,850
41,800 HEALTHSOUTH ............... 825,550
21,600 (a)Humana..................... 469,800
73,300 Lilly (Eli) ............... 6,441,237
9,800 Mallinckrodt Group......... 356,475
8,300 Manor Care................. 194,012
31,900 Medtronic.................. 2,209,075
160,100 Merck & Co................. 14,489,050
5,700 Millipore.................. 215,175
85,600 Pfizer..................... 8,217,600
67,500 Pharmacia & Upjohn......... 1,999,687
49,000 Schering-Plough............ 3,920,000
10,800 (a)St. Jude Medical........... 351,000
40,000 (a)Tenet Healthcare........... 1,040,000
9,300 U.S. Surgical.............. 318,525
24,400 United Healthcare.......... 1,186,450
36,000 Warner-Lambert............. 3,528,000
-------------
77,481,398
-------------
Interest Sensitive--14.2%
20,079 Aetna...................... 1,829,698
14,000 Ahmanson (H.F.) & Co....... 533,750
59,000 Allstate................... 3,864,500
62,900 American Express........... 4,143,537
27,000 American General........... 1,177,875
62,300 American International Group 8,005,550
14,400 Aon........................ 957,600
20,300 BANKBOSTON................. 1,476,825
56,700 Banc One................... 2,402,662
52,100 Bank of New York........... 2,057,950
47,600 BankAmerica................ 5,563,250
10,900 Bankers Trust New York..... 886,987
27,700 Barnett Banks.............. 1,353,837
7,200 Beneficial................. 460,800
10,000 CIGNA...................... 1,503,750
58,300 Chase Manhattan............ 5,400,037
23,100 Chubb...................... 1,334,025
61,500 Citicorp................... 6,926,437
14,300 Comerica................... 836,550
22,600 Conseco.................... 935,075
29,700 CoreStates Financial....... 1,503,562
42,700 Dean Witter, Discover & Co. 1,633,275
145,000 Fannie Mae................. 5,963,125
95,000 Federal Home Loan Mortgage. 3,028,125
14,100 Fifth Third Bancorp........ 1,052,212
17,900 First Bank Systems......... 1,373,825
42,300 First Chicago NBD.......... 2,379,375
37,700 First Union................ 3,166,800
34,800 Fleet Financial Group...... 2,122,800
<PAGE>
Dreyfus S&P 500 Index Fund
- -------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1997 (Unaudited)
Shares COMMON STOCKS (continued) Value
-------- -------------
Interest Sensitive (continued)
10,900 General Re................. $ 1,823,025
7,600 Golden West Financial...... 494,000
18,300 Great Western Financial.... 768,600
18,200 Green Tree Financial....... 539,175
12,900 Household International.... 1,135,200
15,600 ITT Hartford............... 1,162,200
9,400 Jefferson Pilot............ 542,850
29,900 Keycorp.................... 1,558,537
13,900 Lincoln National........... 778,400
15,300 Loews...................... 1,405,687
5,700 MBIA....................... 555,037
44,400 MBNA....................... 1,465,200
7,800 MGIC Investment............ 633,750
11,100 Marsh & McLennan........... 1,337,550
17,200 Mellon Bank................ 1,429,750
21,900 Merrill Lynch & Co......... 2,085,975
24,600 Morgan (J.P.) & Co......... 2,506,125
20,200 Morgan Stanley Group....... 1,275,125
29,600 National City.............. 1,443,000
102,314 NationsBank................ 6,177,207
49,200 Norwest.................... 2,453,850
44,500 PNC Bank................... 1,830,062
12,400 Providian.................. 716,100
2,800 Pulte...................... 79,800
7,300 Republic New York.......... 668,862
11,000 St. Paul Cos............... 737,000
16,700 Safeco..................... 668,000
14,500 Salomon.................... 725,000
29,600 SunTrust Banks............. 1,502,200
9,300 Torchmark.................. 577,762
8,800 Transamerica............... 745,800
84,866 Travelers Group............ 4,699,454
20,100 U.S. Bancorp............... 1,148,212
9,700 UNUM....................... 746,900
15,400 USF&G...................... 308,000
4,600 USLife..................... 223,100
21,900 Wachovia................... 1,281,150
12,300 Wells Fargo................ 3,281,025
-------------
125,382,464
-------------
Mining and Metals--1.1%
14,200 (a)ARMCO...................... 49,700
5,700 ASARCO..................... 162,450
30,000 Alcan Aluminium............ 1,016,250
23,000 Aluminum Co. of America.... 1,607,125
47,400 Barrick Gold............... 1,060,575
29,800 Battle Mountain Gold....... 171,350
14,800 (a)Bethlehem Steel............ 122,100
12,400 Cyprus Amax Minerals....... 277,450
18,500 Echo Bay Mines............. 100,593
25,700 Freeport-McMoRan Copper, Cl. B 748,512
19,500 Homestake Mining........... 258,375
Shares COMMON STOCKS (continued) Value
-------- -------------
Mining and Metals (continued)
22,300 Inco....................... $ 713,600
6,500 Inland Steel Industries.... 147,875
13,200 Newmont Mining............. 457,050
11,600 Nucor...................... 577,100
8,600 Phelps Dodge............... 660,050
31,800 Placer Dome................ 520,725
9,600 Reynolds Metals............ 651,600
17,500 Santa Fe Pacific Gold...... 258,125
11,300 USX-U.S. Steel............. 330,525
12,800 Worthington Industries..... 241,600
-------------
10,132,730
-------------
Transportation--1.4%
12,100 (a)AMR........................ 1,126,812
20,300 Burlington Northern Santa Fe 1,598,625
28,800 CSX........................ 1,342,800
5,200 Caliber System............. 154,700
10,614 Conrail.................... 1,212,649
9,700 Delta Air Lines............ 893,612
15,100 (a)Federal Express............ 813,512
41,700 Laidlaw, Cl. B............. 568,162
16,600 Norfolk Southern........... 1,491,925
19,300 Southwest Airlines......... 530,750
8,500 (a)USAir Group................ 275,187
32,500 Union Pacific.............. 2,071,875
-------------
12,080,609
-------------
Utilities--8.2%
24,900 ALLTEL..................... 784,350
215,100 AT&T....................... 7,205,850
66,600 (a)Airtouch Communications.... 1,698,300
24,900 American Electric Power.... 1,008,450
72,900 Ameritech.................. 4,456,012
19,600 Baltimore Gas & Electric... 499,800
58,100 Bell Atlantic.............. 3,936,275
131,600 BellSouth.................. 5,856,200
20,900 CINergy.................... 694,925
20,100 Carolina Power & Light..... 683,400
28,000 Central & Southwest........ 563,500
31,200 Consolidated Edison........ 865,800
19,300 DTE Energy................. 516,275
23,900 Dominion Resources......... 821,562
26,800 Duke Power................. 1,175,850
57,500 Edison International....... 1,207,500
30,700 Entergy.................... 717,612
24,300 FPL Group.................. 1,084,387
21,700 Frontier................... 344,487
16,000 GPU........................ 516,000
127,700 GTE........................ 5,858,237
31,100 Houston Industries......... 622,000
90,900 MCI Communications......... 3,465,562
58,400 NYNEX...................... 3,022,200
<PAGE>
Dreyfus S&P 500 Index Fund
- ------------------------------------------------------------------
Statement of Investments (continued) April 30, 1997 (Unaudited)
Shares COMMON STOCKS (continued) Value
-------- -------------
Utilities (continued)
19,200 Niagara Mohawk Power....... $ 163,200
9,200 Northern States Power...... 418,600
20,300 Ohio Edison................ 406,000
29,500 PECO Energy................ 582,625
54,700 PG&E....................... 1,312,800
21,500 PP&L Resources............. 421,937
39,100 PacifiCorp................. 777,112
31,700 Public Service Enterprise
Group.................... 764,762
121,819 SBC Communications......... 6,760,954
89,400 Southern................... 1,821,525
57,200 Sprint..................... 2,509,650
29,800 Texas Utilities............ 1,005,750
63,600 US West.................... 2,233,950
82,900 US West Media Group........ 1,430,025
28,600 UniCom..................... 622,050
13,600 Union Electric............. 484,500
114,900 (a)WorldCom................... 2,757,600
-------------
72,077,574
-------------
TOTAL COMMON STOCKS
(cost $591,118,758)...... $ 816,027,186
-------------
-------------
Principal SHORT-TERM
Amount INVESTMENTS--7.0% Value
-------- -------------
$ 527,000 U.S. Treasury Bills:
5.15%, 5/8/1997........ $ 526,520
1,121,000 4.96%, 5/29/1997........ 1,116,800
54,247,000(b) 5.05%, 7/24/1997........ 53,606,886
4,914,000 5.16%, 8/7/1997......... 4,845,310
1,006,000 5.18%, 8/14/1997........ 990,779
-------------
TOTAL SHORT-TERM
INVESTMENTS
(cost $61,072,038)....... $ 61,086,295
-------------
-------------
TOTAL INVESTMENTS
(cost $652,190,796)............ 99.7% $877,113,481
----- ------------
----- ------------
CASH AND RECEIVABLES (NET)....... .3% $ 2,887,208
----- ------------
----- ------------
NET ASSETS....................... 100.0% $880,000,689
------ ------------
------ ------------
Notes to Statement of Investments:
- --------------------------------------------------------------------
(a) Non-income producing.
(b) Partially held by custodian in segregated account as collateral
for open financial futures positions.
Statement of Financial Futures April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Market Value Unrealized
Covered Apppreciation
Financial Futures Purchased: Contracts by Contracts Expiration at 4/30/97
- ---------------------------- --------- ------------ ---------- -------------
<S> <C> <C> <C> <C>
Standard & Poor's 500............................ 159 $63,822,600 June '97 $1,246,225
----------
----------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus S&P 500 Index Fund
- --------------------------------------------------------------------
Statement of Assets and Liabilities April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Cost Value
------------- -------------
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of Investments $652,190,796 $877,113,481
Cash............................................. 2,180,527
Dividends and interest receivable................ 1,025,141
Receivable for investment securities sold........ 215,965
Receivable for futures variation margin--Note 4(a) 225,700
Prepaid expenses................................. 35,972
-------------
880,796,786
-------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates ... 331,574
Payable for shares of Common Stock redeemed...... 281,469
Accrued expenses................................. 183,054
-------------
796,097
-------------
NET ASSETS..................................................................... $880,000,689
-------------
-------------
REPRESENTED BY: Paid-in capital.................................. $648,011,108
Accumulated undistributed investment income--net.. 2,901,048
Accumulated net realized gain (loss) on investments 2,919,623
Accumulated net unrealized appreciation (depreciation)
on investments [including $1,246,225 net unrealized
appreciation on financial futures]--Note 4(b)... 226,168,910
-------------
NET ASSETS..................................................................... $880,000,689
-------------
-------------
SHARES OUTSTANDING
(200 million shares of $.001 par value Common Stock authorized)................ 36,466,311
NET ASSET VALUE, offering and redemption price per share....................... $24.13
------
------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus S&P500 Index Fund
- --------------------------------------------------------------------------------
Statement of Operations Six Months Ended April 30, 1997 (Unaudited)
<TABLE>
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME: Cash dividends (net of $10,844 foreign taxes
withheld at source)........................... $6,500,476
Interest......................................... 1,378,452
----------
Total Income................................ $ 7,878,928
EXPENSES: Management fee--Note 3(a)......................... 960,573
Shareholder servicing costs--Note 3(b)............ 963,552
Registration fees................................ 92,390
Prospectus and shareholders' reports............. 42,321
Professional fees................................ 36,691
Directors' fees and expenses--Note 3(c)........... 25,932
Loan commitment fees--Note 2...................... 4,189
Miscellaneous................................... 9,391
----------
Total Expenses.............................. 2,135,039
Less--reduction in management fee due to
undertaking--Note 3(a).......................... (306,767)
----------
Net Expenses................................ 1,828,272
------------
INVESTMENT INCOME--NET.......................................................... 6,050,656
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments.......... $ 356,583
Net realized gain (loss) on financial futures.... 5,821,213
----------
Net Realized Gain (Loss).................. 6,177,796
Net unrealized appreciation (depreciation) on investments
(including $562,750 net unrealized appreciation on
financial futures)............................. 80,819,947
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS......................... 86,997,743
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......................... $93,048,399
------------
------------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus S&P 500 Index Fund
- --------------------------------------------------------------------
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Ended
April 30, 1997 Year Ended
(Unaudited) October 31, 1996
---------------- ----------------
<S> <C> <C>
OPERATIONS:
Investment income--net............................................... $ 6,050,656 $ 8,767,747
Net realized gain (loss) on investments.............................. 6,177,796 18,063,093
Net unrealized appreciation (depreciation) on investments............ 80,819,947 67,183,468
------------ ------------
Net Increase (Decrease) in Net Assets Resulting from Operations.. 93,048,399 94,014,308
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net............................................... (10,625,144) (6,205,887)
Net realized gain on investments..................................... (18,728,586) (4,169,581)
------------ ------------
Total Dividends.................................................. (29,353,730) (10,375,468)
------------ ------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold........................................ 323,747,288 307,525,173
Dividends reinvested................................................. 27,500,971 9,406,794
Cost of shares redeemed.............................................. (126,572,925) (145,087,307)
------------ ------------
Increase (Decrease) in Net Assets from Capital Stock Transactions 224,675,334 171,844,660
------------ ------------
Total Increase (Decrease) in Net Assets........................ 288,370,003 255,483,500
NET ASSETS:
Beginning of Period.................................................. 591,630,686 336,147,186
------------ ------------
End of Period........................................................ $880,000,689 $591,630,686
------------ ------------
------------ ------------
Undistributed investment income--net................................... $ 2,901,048 $ 7,475,536
------------ ------------
Shares Shares
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold.......................................................... 13,932,672 15,194,675
Shares issued for dividends reinvested............................... 1,216,319 496,663
Shares redeemed...................................................... (5,500,155) (7,162,184)
------------ ------------
Net Increase (Decrease) in Shares Outstanding.................... 9,648,836 8,529,154
------------ ------------
------------ ------------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus S&P 500 Index Fund
- --------------------------------------------------------------------------------
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>
Six Months Ended
April 30, 1997 Year Ended October 31,
--------------------------------------------
PER SHARE DATA: (Unaudited) 1996 1995 1994 1993 1992
---------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period....... $22.06 $18.38 $16.41 $16.88 $15.16 $14.16
------ ------ ------ ------ ------ ------
Investment Operations:
Investment income--net...................... .18 .33 .36 .39 .30 .41
Net realized and unrealized gain (loss)
on investments.......................... 2.93 3.89 3.36 .11 1.86 .97
------ ------ ------ ------ ------ ------
Total from Investment Operations........... 3.11 4.22 3.72 .50 2.16 1.38
------ ------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net....... (.38) (.32) (.42) (.31) (.40) (.38)
Dividends from net realized gain on investments (.66) (.22) (1.33) (.66) (.04) --
------ ------ ------ ------ ------ ------
Total Distributions........................ (1.04) (.54) (1.75) (.97) (.44) (.38)
------ ------ ------ ------ ------ ------
Net asset value, end of period............. $24.13 $22.06 $18.38 $16.41 $16.88 $15.16
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
TOTAL INVESTMENT RETURN....................... 14.40%(1) 23.41% 25.68% 3.14% 14.49% 9.90%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets... .25%(1) .57% .55% .61% .39% --
Ratio of net investment income
to average net assets................... .82%(1) 1.90% 2.75% 2.26% 2.36% 3.04%
Decrease reflected in above expense ratios
due to undertakings by WFNIAand Dreyfus. .04%(1) -- -- .03% .14% .65%
Portfolio Turnover Rate.................... .32%(1) 5.22% 3.66% 18.81% 3.77% 3.10%
Average commission rate paid(2)............ $.0300 $.0297 -- -- -- --
Net Assets, end of period (000's Omitted).. $880,001 $591,631 $336,147 $245,202 $281,403 $92,598
<FN>
- --------------
(1) Not annualized.
(2) For fiscal years beginning 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 notes to financial statements.
<PAGE>
Dreyfus S&P 500 Index Fund
- -------------------------------------------------------------------------------
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. 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, is the Fund's
custodian. Dreyfus is a direct subsidiary of Mellon Bank, N.A. Premier Mutual
Fund Services, Inc. is the distributor of the Fund's shares, which are sold to
the public without a sales charge.
The Fund's financial statements are prepared in accordance with
generally accepted accounting principles which may require the use of
management estimates and assumptions. Actual results could differ from those
estimates.
(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.
NOTE 2--Bank Line of Credit:
The Fund participates with other Dreyfus-managed funds in a $600
million redemption credit facility ("Facility") to be utilized for
temporary or emergency purposes, including the financing of redemptions.
In connection therewith, the Fund has agreed to pay commitment fees on its pro
rata portion of the Facility. Interest in charged to the Fund at rates
based on prevailing market rates in effect at the time of borrowings. For the
period ended April 30, 1997, the Fund did not borrow under the Facility.
<PAGE>
Dreyfus S&P 500 Index Fund
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 3-- Management Fee and Other Transactions With Affiliates:
(a) Effective January 1, 1997, pursuant to an Amended Management
Agreement with Dreyfus, the management fee is computed at the annual rate of
.25 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 monthly fee at the
annual rate of .05 of 1% of the value of the Fund's average daily net assets
up to $1 billion and .075 of 1% of the value of the Fund's average daily net
assets in excess of $1 billion. Prior to January 1, 1997, pursuant to a
management agreement with Dreyfus, the management fee was computed at the
annual rate of .295 of 1% of the value of the Fund's average daily net assets,
and was payable monthly. Dreyfus had agreed to pay Mellon Equity a monthly
fee at the annual rate of .095 of 1% of the value of the Fund's average daily
net assets.
Dreyfus has undertaken from November 1, 1996 through October 31, 1998,
that if the Fund's aggregate expenses exclusive of taxes, brokerage,
interest on borrowing, commitment fees and extraordinary expenses, exceed .50
of 1% of the value of the Fund's average daily net assets, the Fund may
deduct from the payment to be made to Dreyfus to the extent of such excess.
The reduction in management fee, pursuant to the undertaking, amounted to
$306,767 during the period ended April 30, 1997.
(b) Under the Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of 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 period ended April 30, 1997, the Fund was
charged an aggregate of $797,478 pursuant to the Shareholder Services Plan.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary
of Dreyfus, under a transfer agency agreement for providing personnel
and facilities to perform transfer agency services for the Fund. Such
compensation amounted to $51,989 during the period ended April 30, 1997.
(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 where the redemption occurs within the initial six-month period
following the opening of the account. During the period ended April 30, 1997,
redemption fees amounted to $29,739.
NOTE 4--Securities Transactions:
(a) The aggregate amount of purchases and sales of investment
securities, excluding short-term securities and financial futures during the
period ended April 30, 1997, amounted to $183,630,663 and $2,237,943,
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
<PAGE>
Dreyfus S&P 500 Index Fund
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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, 1997, and their related
unrealized market appreciation are set forth in the Statement of
Financial Futures.
(b) At April 30, 1997, accumulated net unrealized appreciation
on investments and financial futures was $226,168,910, consisting of
$236,664,604 gross unrealized appreciation and $10,495,694 gross unrealized
depreciation.
At April 30, 1997, 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>
[LOGO]
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 02109
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 078SA974
