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Previous: RAINIER INVESTMENT MANAGEMENT INC /ADV, SC 13G, 1998-07-08 |
Next: NUVEEN MUNICIPAL ADVANTAGE FUND INC, N-30D, 1998-07-08 |
Dreyfus International Stock Index Fund
Letter to Shareholders
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus
International Stock Index Fund for the six-month period ending April 30,
1998. Over this period, your Fund produced a total return of 15.59%,* which
compares with a net total return of 15.38%** for the Morgan Stanley Capital
International Europe, Australasia, Far East (MSCI-EAFERegistration Mark) Free
Index.***
Economic and Market Environment
Economic growth worldwide, with the exception of Asia, is continuing at a
moderate pace. Inflation in the industrialized countries remains under
control, interest rates are stable and the environment remains favorable for
stock prices. The most significant negative development for the last six
months was the sharp economic reversal in Asia. The "Asian Tigers," portrayed
for years as the models for economic development, fell victim to
overexpansion. Currencies depreciated and stock markets suffered sharp
reversals.
The European economies continued to improve with Gross Domestic Product
(GDP) growth reaching the 2.7% to 3.0% range. In anticipation of the European
Monetary Union (EMU), interest rate differentials continued to narrow and
inflation continued to trend down.
The fiscal tightening needed to reach the Maastricht guidelines for EMU
has run its course. Monetary policy is now more accommodating to encourage
growth. European economies at this point are lagging the U.S. in terms of the
economic cycle. The exception is the U.K., which is much closer to the U.S.
cycle.
In terms of the stock markets, we believe the environment in Europe is
favorable for investment. Although valuations are not cheap relative to the
historical norm, they compare favorably with the U.S. In book value and price
to cash flow, Europe is at a significant discount to the U.S. In
price-to-earnings ratios, the case is less compelling, but if the numbers are
adjusted to reflect the more conservative accounting practices of German and
Swiss companies, price-to-earnings ratios are also lower. Furthermore, we
believe that there is a great deal of potential for improved profitability in
Europe at the corporate level. Restructuring and share buybacks are just now
beginning in Europe whereas in the U.S. the process has been underway for
several years.
The biggest challenge today is to minimize the effects of turmoil in Asia
on the rest of the world. The Asian Tigers, accustomed to generating economic
growth of 7% to 8%, could experience significantly lower growth rates for a
while. Currencies remain under pressure and major firms are struggling under
the burden of heavy dollar-based debt. Until now these problems have not
undermined developed countries to any significant extent, and we are
optimistic that future harm will be minimal. One reason for the severity of
the situation in the emerging markets of Asia is that the major industrial
power in the region, Japan, is still struggling to solve its own economic
problems.
Early last year, Japan appeared on its way to economic recovery when the
consumption tax was raised from 3% to 5%. However, the increase in the tax
discouraged the consumer much more than anticipated. Retail sales and housing
were hurt and the economy stagnated. Politicians now realize that measures
are needed to stimulate the economy but because of scandals and political
maneuverings the measures have not yet been implemented. We believe that over
the next few months, new programs will be put in place to shore up the
economy. Another positive is that, beginning in April, comparisons will be
more favorable, as data will be compared with numbers of a year ago, which
were depressed due to the increase in the consumption tax.
Valuations in Japan now appear cheap relative to the rest of the world.
The price-to-book value of the Japanese market is 1.9 compared with the U.S.
ratio of 4.5. The price-to-cash-flow ratio is 9.9 compared with 15.2 in the
U.S. Japan is still expensive in terms of price-to-earnings ratios and
because profits are depressed at the bottom of the economic cycle.
About the Benchmark
Your investment in the Dreyfus International Stock Index Fund mirrors the
MSCI-EAFE Free Index, which tracks the equity markets of 21 countries.
Equities selected by MSCI are the most liquid securities within each country
balanced by industry representation in each country. This index is designed
to cover approximately 60% of the market capitalization within each country
and to cover only stocks with sufficient "free float" and minimal
cross-ownership. Significant structural changes may occur four times each
year, if necessary, to maintain the desired equity coverage and industry
representation goals of the Index. The MSCI-EAFE Free Index covers only those
companies available to foreign investors.
About MSCI Returns
When comparing your Fund's return to the benchmark MSCI-EAFE Free return,
it is important to understand a simplifying assumption built into the
calculation of the published Index returns. While many companies in this
Index pay dividends once or twice each year, MSCI adds one twelfth of that
company's annual expected yield to each month's price-only return to arrive
at the total return. This creates a dividend smoothing effect and will not be
equivalent to the actual total return that would be achieved from an
investment in the Index. This happens because the Fund's total return is
calculated with actual dividends earned during the period. In addition to the
simplifying dividend smoothing, the Net Total Return quoted by MSCI
represents the return that would be available to an investor located in
Luxembourg. Since U.S. investors are subject to different tax-witholding
treaties, the return of a U.S. investor will vary slightly from the return
shown by the Index.
About the Fund
The Fund maintains benchmark weightings in all 21 countries and was
invested in a subset of the 1,108 (as of April 30, 1998) individual
securities comprising the 21 country indices. Since the Fund is a passively
managed index fund, no judgments are made regarding the relative expected
performance of one security over the other. Instead, the Fund is constructed
to duplicate the risk and return characteristics of the benchmark MSCI-EAFE
Free Index. Figure 1 compares the country exposures of the Fund's holdings to
the 21 countries represented in the Index. These exposures are maintained by
using common and preferred stocks, as well as futures contracts. In addition
to maintaining correct country and currency exposures, the Fund buys a subset
of Index companies to match industry weights and other characteristics of the
total Index.
About the Performance
During the period from October 31, 1997 to April 30, 1998, international
investors again were faced with large swings in foreign markets. The
MSCI-EAFE Free Index was up 15.38%, while the S&P 500 Index was up 22.50%
over the same period. Your investment in the Dreyfus International Stock
Index Fund returned 15.59% during this period, which was above its benchmark
Index by +0.21%. Europe provided the largest gains, with, for example, Spain
up 54.57%, Italy up 46.54% and Finland up 42.35%. The three largest countries
in Europe, the U.K., Germany and France, returned 23.38%, 30.64% and 36.20%
respectively. Almost all European countries gained over 20% during the
six-month period. The Asian markets did not perform as well, however, with
most of the Asian countries having negative returns. Malaysia performed the
worst at -14.13%. Japan, the largest country represented in the MSCI EAFE
Free Index, returned -10.07%.
The Fund declared a $0.10 dividend on December 24, 1997 and paid it on
December 26, 1997 to Holders of Record on December 24, 1997.
We appreciate your investment in the Dreyfus International Stock Index
Fund and look forward to handling investments for you in the future.
Sincerely,
\
[Susan M. Ellison, CFA.signature.logo]
Portfolio Manager
May 18, 1998
San Francisco, CA
* Total return includes reinvestment of dividends and any capital gains
paid.
** SOURCE: BLOOMBERG, L.P. Includes net dividends reinvested.
***The Morgan Stanley Capital International Europe, Australasia, Far East
(EAFERegistration Mark) Free Index is an unmanaged index composed of a sample
of companies representative of the market structure of European and Pacific
Basin countries. The Index reflects actual investable opportunities for
global investors for stocks that are free of foreign ownership limits or
legal restrictions at the security or country level. The Index is the
property of Morgan Stanley & Co. Incorporated.
<TABLE>
Dreyfus International Stock Index Fund
Statement of Investments
April 30, 1998 (Unaudited)
Common Stocks-92.5% Shares Value
____________ ____________
<S> <C> <C>
Australia- 2.3% Amcor.................................. 1,500 $ 6,805
Boral.................................. 2,906 6,707
Broken Hill Proprietary................ 3,135 30,660
CSR.................................... 2,400 7,667
Coca-Cola Amatil....................... 1,319 10,062
Coles Myer............................. 2,641 12,777
Foster's Brewing Group................. 4,700 10,235
General Property Trust (Units)......... 2,847 5,290
Lend Lease............................. 609 13,977
M.I.M. Holdings........................ 13,934 8,722
National Australia Bank................ 1,740 24,731
News................................... 4,813 32,259
North.................................. 3,756 10,996
Orica.................................. 700 5,153
Pacific Dunlop......................... 2,500 4,629
Pioneer International.................. 2,100 5,997
Rio Tinto.............................. 800 11,090
Santos................................. 1,400 5,048
Southcorp.............................. 1,426 5,169
Telstra................................ 1,600 3,756
WMC.................................... 4,732 16,846
Westfield Trust........................ 3,016 6,373
Westpac Banking........................ 4,200 28,206
____________
273,155
____________
Austria-.3% Bank Austria 75 5,797
Bau Holding............................ 150 8,766
Lenzing.............................. (a) 180 12,543
Oesterreichische Elektrizitaetswirtschafts, Cl. A 40 4,876
Universale-Bau......................... 290 9,416
____________
41,398
____________
Belgium- 1.5% Barco 140 37,048
Cimenteries CBR Cementbedrijven........ 50 4,867
Compagnie Maritime Belge............... 100 7,885
D'Ieteren.............................. 50 16,607
Electrabel............................. 20 5,309
Fortis................................. 50 14,109
Generale de Banque..................... 10 5,772
Glaverbel.............................. 250 33,416
PetroFina.............................. 20 7,885
Royale Belge........................... 70 29,109
Tractebel.............................. 40 4,779
UCB.................................... 2 9,554
Union Miniere.......................... 100 7,547
____________
183,887
____________
Denmark-1.1% Aarhus Oliefabrik, Cl.A 100 $ 5,401
Aarhus Oliefabrik, Cl.B................ 100 5,407
Bang & Olufsen Holding, Cl.B........... 100 6,649
Dreyfus International Stock Index Fund
Statement of Investments (continued)
April 30, 1998 (Unaudited)
Common Stocks (continued) Shares Value
____________ ____________
Denmark (continued).......... Carlsberg, Cl.A 100 $ 6,210
Carlsberg, Cl.B........................ 100 6,225
Danisco................................ 100 6,284
Den Danske Bank........................ 100 12,129
J. Lauritzen Holding................. (a) 100 10,438
Novo Nordisk, Cl.B..................... 200 32,441
Tele Danmark, Cl.B..................... 200 16,805
Unidanmark, Cl.A....................... 200 16,805
____________
124,794
____________
Finland-1.0%....................Merita, Cl.A 2,000 13,399
Nokia, Cl.A............................ 800 53,597
Nokia, Cl.K............................ 500 33,222
UPM-Kymmene............................ 750 22,508
____________
122,726
____________
France-7.8%.....................Accor 25 6,809
Alcatel Alsthom........................ 200 37,057
Axa-UAP................................ 500 58,659
Banque Nationale de Paris.............. 300 25,275
CPR.................................... 110 8,884
Canal Plus............................. 50 8,683
Carrefour.............................. 50 28,624
Compagnie de Saint Gobain.............. 200 33,301
Compagnie Financiere de Paribas........ 250 26,588
Compagnie Generale de Geophysique.... (a) 40 5,809
Compagnie Generale des Etablissements Michelin, Cl. B 250 15,741
Dollfus-Mieg & Cie................... (a) 300 8,884
Elf Aquitaine.......................... 400 52,444
Eridania Beghin-Say.................... 50 10,835
Essilor International.................. 50 20,190
France Telecom......................... 930 50,581
Generale des Eaux...................... 180 33,441
Groupe Danone.......................... 150 35,395
Havas.................................. 70 6,351
L'Air Liquide.......................... 150 27,668
L'OREAL................................ 100 47,692
Lafarge................................ 86 8,117
Lagardere S.C.A........................ 100 3,822
Legrand................................ 25 6,605
Moet Hennessy Louis Vuitton............ 150 30,858
Natexis................................ 100 7,225
PSA Peugeot Citroen.................... 50 8,674
Pathe.................................. 50 10,868
Pinault-Printemps-Redoute.............. 50 37,206
Primagaz Cie........................... 130 11,212
Promodes............................... 50 24,070
Rhone-Poulenc, Cl.A.................... 700 34,210
Sanofi................................. 250 30,285
Schneider.............................. 300 22,433
Dreyfus International Stock Index Fund
Statement of Investments (continued)
April 30, 1998 (Unaudited)
Common Stocks (continued) Shares Value
____________ ____________
France (continued) Simco 120 $ 9,847
Societe Eurafrance..................... 10 5,617
Societe Generale....................... 140 29,127
Sodexho Alliance....................... 40 7,318
Suez Lyonnaise des Eaux................ 120 20,340
Thomson CSF............................ 100 3,955
Total, Cl.B............................ 400 47,526
Unibail................................ 50 7,145
Union Immobiliere de France............ 110 8,683
Valeo.................................. 50 4,969
____________
929,023
____________
Germany-9.7% AMB Aachener & Muenchener Beteiligungs 50 5,776
AMB Aachener & Muenchener Beteiligungs (Registered) 100 11,563
Adidas-Salomon......................... 50 8,289
Allianz................................ 411 126,426
Axa Colonia Konzern.................... 35 4,486
BASF................................... 1,350 60,109
Bayer.................................. 1,600 71,151
Bayerische Hypotheken-und Wechsel-Bank. 400 22,825
Bayerische Vereinsbank................. 450 34,230
Beiersdorf............................. 75 3,971
Buderus................................ 10 4,698
Daimler-Benz........................... 1,150 112,276
Deutsche Bank.......................... 800 61,566
Deutsche Lufthansa..................... 500 11,897
Deutsche Telekom....................... 4,000 101,198
Dresdner Bank.......................... 700 37,877
Heidelberger Zement.................... 50 4,347
HERLITZ................................ 100 6,464
Mannesmann............................. 100 79,354
Merck KGaA............................. 450 17,554
Metro.................................. 305 15,059
Muenchener Rueckversicherungs-Gesellschaft 15 5,099
Muenchener Rueckversicherungs-Gesellschaft (Registered) 125 57,119
RWE.................................... 450 22,895
SAP.................................... 100 46,073
SGL Carbon............................. 50 5,269
Schering............................... 100 10,727
Siemens................................ 1,250 73,140
STRABAG.............................. (a) 100 8,303
Thyssen................................ 50 11,429
VEBA................................... 750 49,568
Viag................................... 50 25,327
Volkswagen............................. 53 42,205
____________
1,158,270
____________
Hong Kong-2.2% CLP Holdings 3,000 14,407
Cathay Pacific Airways................. 8,000 7,023
Cheung Kong Holdings................... 4,000 26,594
Dreyfus International Stock Index Fund
Statement of Investments (continued)
April 30, 1998 (Unaudited)
Common Stocks (continued) Shares Value
____________ ____________
Hong Kong (continued) Hang Seng Bank 3,000 $ 25,271
Hong Kong & China Gas.................. 2,000 2,724
Hong Kong Telecommunications........... 28,000 52,414
Hutchison Whampoa...................... 8,000 49,471
Hysan Development...................... 2,000 2,840
Hysan Development (Warrants)........... 200 -
Johnson Electric Holdings.............. 1,000 3,389
New World Development.................. 5,232 14,893
Shangri-La Asia........................ 5,000 3,615
Sino Land.............................. 6,000 2,595
Sun Hung Kai Properties................ 3,000 17,816
Swire Pacific, Cl.A.................... 4,000 19,985
Wharf Holdings......................... 6,000 9,605
Wing Lung Bank......................... 1,000 3,770
____________
256,412
____________
Ireland-.6% Allied Irish Banks 814 11,204
Crean (James) (Units).................. 3,400 7,067
Fyffes................................. 5,063 13,724
Greencore Group........................ 800 4,888
Irish Continental Group................ 800 14,382
Jefferson Smurfit Group................ 2,000 7,444
Waterford Wedgwood (Units)............. 5,000 8,357
____________
67,066
____________
Italy-4.7% Assicurazioni Generali 1,372 41,079
Banca Commerciale Italiana............. 4,300 21,746
Banca Intesa........................... 2,100 11,793
Banca Popolare di Milano............... 500 4,576
Benetton Group......................... 200 4,454
Bulgari................................ 550 3,365
Credito Italiano....................... 8,300 43,431
ENI.................................... 12,000 80,386
Edison................................. 500 4,158
Fiat................................... 7,700 30,636
Istituto Bancario San Paolo di Torino.. 500 7,338
Istituto Mobiliare Italiano............ 1,400 22,798
Istituto Nazionale delle Assicurazioni. 9,700 28,926
Mediaset............................... 2,800 18,316
Mediobanca............................. 2,900 37,996
Montedison............................. 18,400 23,219
Olivetti Group....................... (a) 3,000 3,879
Pirelli................................ 3,500 11,557
Riunione Adriatica di Sicurta.......... 800 12,671
Telecom Italia......................... 7,775 58,555
Telecom Italia (RNC)................... 2,200 11,595
Telecom Italia Mobile.................. 10,000 57,270
Telecom Italia Mobile (RNC)............ 3,800 13,684
____________
553,428
____________
Dreyfus International Stock Index Fund
Statement of Investments (continued)
April 30, 1998 (Unaudited)
Common Stocks (continued) Shares Value
____________ ____________
Japan-18.3% Ajinomoto 1,000 $ 8,045
Asahi Bank............................. 4,000 15,439
Asahi Breweries........................ 1,000 13,116
Asahi Chemical Industry................ 3,000 10,535
Asahi Glass............................ 3,000 16,234
Bank of Tokyo-Mitsubishi............... 7,000 86,831
Bridgestone............................ 2,000 45,713
Canon.................................. 2,000 47,378
Chiba Bank............................. 2,000 7,493
Cosmo Oil.............................. 2,000 3,936
Dai Nippon Printing.................... 2,000 34,057
Daiichi Pharmaceutical................. 1,000 14,372
Daiwa Securities....................... 3,000 11,352
Denso.................................. 2,000 34,436
East Japan Railway..................... 6 29,970
Ebara.................................. 1,000 9,763
Eisai.................................. 1,000 14,380
Fanuc.................................. 1,000 36,933
Fuji Bank.............................. 5,000 28,192
Fuji Photo Film........................ 1,000 35,647
Fujitsu................................ 3,000 35,079
Gunma Bank............................. 1,000 7,190
Higo Bank.............................. 1,000 5,146
Hitachi................................ 5,000 35,912
Hokuriku Bank.......................... 4,000 6,206
Honda Motor............................ 1,000 36,328
Industrial Bank of Japan............... 4,000 27,246
Ito-Yokado............................. 1,000 51,843
Japan Airlines....................... (a) 6,000 18,255
Japan Energy........................... 3,000 3,610
JUSCO.................................. 1,000 16,158
Kansai Electric Power.................. 1,000 17,180
Kao.................................... 1,000 14,720
Kinki Nippon Railway................... 2,000 10,278
Kirin Brewery.......................... 2,000 17,483
Komatsu................................ 2,000 9,082
Kubota................................. 3,000 8,514
Marui.................................. 1,000 15,818
Matsushita Electric Industrial......... 3,000 48,134
Mitsubishi............................. 4,000 30,273
Mitsubishi Chemical.................... 5,000 9,082
Mitsubishi Electric.................... 5,000 12,866
Mitsubishi Estate...................... 3,000 29,062
Mitsubishi Heavy Industries............ 8,000 29,668
Mitsubishi Paper Mills................. 2,000 3,830
Mitsubishi Trust & Banking............. 2,000 19,072
Mitsui & Co............................ 4,000 24,824
Mitsui Trust & Banking................. 4,000 8,688
Dreyfus International Stock Index Fund
Statement of Investments (continued)
April 30, 1998 (Unaudited)
Common Stocks (continued) Shares Value
____________ ____________
Japan (continued) Murata Manufacturing 1,000 $ 29,365
Mycal.................................. 1,000 6,849
NEC.................................... 3,000 33,830
NKK.................................... 12,000 10,444
Nippon Express......................... 2,000 11,428
Nippon Oil............................. 2,000 6,766
Nippon Steel........................... 16,000 25,793
Nippon Telegraph & Telephone........... 20 175,585
Nissan Motor........................... 6,000 19,390
Nomura Securities...................... 5,000 61,114
Orient................................. 2,000 4,526
Osaka Gas.............................. 6,000 13,487
Sakura Bank............................ 8,000 27,549
Sankyo................................. 1,000 24,824
Sanyo Electric......................... 4,000 11,383
Seino Transportation................... 1,000 5,775
Sekisui House.......................... 3,000 23,477
77 Bank................................ 1,000 8,552
Sharp.................................. 2,000 15,742
Shiseido............................... 1,000 13,207
Shizuoka Bank.......................... 1,000 11,125
Sony................................... 500 41,664
Sumitomo Bank.......................... 5,000 47,302
Sumitomo Chemical...................... 4,000 10,596
Sumitomo Electric Industries........... 2,000 23,870
Sumitomo Metal Industries.............. 7,000 11,602
Takeda Chemical Industries............. 2,000 57,216
Tohoku Electric Power.................. 1,000 14,743
Tokai Bank............................. 5,000 29,365
Tokio Marine & Fire Insurance.......... 4,000 43,593
Tokyo Electric Power................... 3,000 57,557
Tokyo Gas.............................. 6,000 13,578
Tokyu.................................. 4,000 15,954
Toppan Printing........................ 2,000 23,810
Toray Industries....................... 3,000 16,166
Tostem................................. 1,000 12,639
Toyoda Automatic Loom Works............ 1,000 17,710
Toyota Motor........................... 5,000 130,553
Yamazaki Baking........................ 1,000 10,066
____________
2,173,564
____________
Malaysia-.7% AMMB Holdings 5,000 5,054
Commerce Asset Holding................. 2,000 1,497
Edaran Otomobil Nasional............... 1,000 1,711
Golden Plus Holdings................... 3,000 1,035
Kemayan................................ 5,000 882
Magnum................................. 5,000 3,342
Malayan Banking........................ 2,000 5,882
Malaysia International Shipping........ 3,000 5,214
Dreyfus International Stock Index Fund
Statement of Investments (continued)
April 30, 1998 (Unaudited)
Common Stocks (continued) Shares Value
____________ ____________
Malaysia (continued) Malaysian Resources 2,667 $ 1,134
Nestle................................. 1,000 5,374
Pilecon Engineering.................... 4,000 1,380
RHB Capital............................ 2,000 1,481
Rashid Hussain......................... 1,000 1,075
Resorts World.......................... 3,000 5,776
Rothmans of Pall Mall.................. 1,000 8,222
Sime Darby............................. 6,000 5,294
Telekom Malaysia....................... 5,000 14,973
Tenaga Nasional........................ 5,000 9,960
YTL.................................... 6,000 9,305
____________
88,591
____________
Netherlands-5.7% ABN-Amro Holding 1,800 43,831
ASR Verzekeringsgroep.................. 100 8,127
Akzo Nobel............................. 200 40,683
Elsevier............................... 1,600 24,152
Getronics.............................. 100 4,425
Heineken............................... 50 11,596
Hollandsche Beton Groep................ 300 6,251
IHC Caland............................. 200 11,641
ING Groep.............................. 1,310 85,129
KLM Royal Dutch Airlines............... 200 7,859
Koninklijke Ahold...................... 1,212 37,791
Koninklijke Pakhoed.................... 200 7,325
Koninklijke PTT Nederland.............. 1,500 77,505
Oce.................................... 30 4,528
Philips Electronics.................... 500 44,049
Royal Dutch Petroleum.................. 3,600 198,664
Unilever............................... 900 64,053
Wolters Kluwer......................... 50 6,536
____________
684,145
____________
New Zealand-.3% Brierley Investments 6,400 3,699
Carter Holt Harvey..................... 4,200 5,578
Telecom Corporation of New Zealand..... 4,400 20,905
____________
30,182
____________
Norway-.6% Den norske Bank 1,000 5,256
Kvaerner............................... 250 11,095
NCL Holdings......................... (a) 1,000 4,814
Norsk Hydro............................ 500 24,939
Orkla, Cl.A............................ 100 11,853
Petroleum Geo-Services............... (a) 100 6,490
Smedvig, Cl.A.......................... 300 6,355
____________
70,802
____________
Portugal-.8% BPI-SGPS 200 9,296
Banco Comercial Portugues.............. 239 8,379
Banco Espirito Santo e Comercial de Lisboa 300 14,352
Dreyfus International Stock Index Fund
Statement of Investments (continued)
April 30, 1998 (Unaudited)
Common Stocks (continued) Shares Value
____________ ____________
Portugal (continued) Banco Totta & Acores 400 $ 15,219
Brisa-Auto Estradas de Portugal........ 200 8,861
Cimpor-Cimentos de Portugal............ 200 7,397
Companhia de Seguros Tranquilidade..... 200 6,850
Electricidade de Portugal.............. 500 13,047
Engil-SGPS............................. 500 5,803
Sociedade de Construcoes Soares da Costa (a) 700 5,765
____________
94,969
____________
Singapore-.9% City Developments 2,000 8,652
DBS Land............................... 2,000 3,019
Fraser & Neave......................... 1,000 4,484
Hai Sun Hup Group...................... 9,000 3,154
Keppel................................. 2,000 5,381
Oversea-Chinese Banking................ 2,000 10,546
Parkway Holdings....................... 2,000 4,320
Sembawang.............................. 2,000 3,991
Singapore Airlines..................... 2,000 13,009
Singapore Press Holdings............... 1,000 11,051
Singapore Technologies Industrial...... 2,000 2,337
Singapore Telecommunications........... 13,000 22,330
United Overseas Bank................... 4,000 18,945
____________
111,219
____________
Spain-3.3%. Autopistas Concesionaria Espanola 630 10,168
Banco Bilbao Vizcaya................... 1,000 51,439
Banco Central Hispanoamericano......... 675 22,454
Banco Santander........................ 750 39,612
Corporacion Bancaria de Espana......... 300 24,998
El Aguila............................ (a) 500 5,413
Endesa................................. 1,600 38,841
Gas Natural SDG, Cl. E................. 200 12,807
Iberdrola.............................. 2,200 35,364
Repsol................................. 500 27,392
Tabacalera, Cl.A....................... 1,500 32,280
Telefonica de Espana................... 1,400 58,419
Telefonica de Espana (Rights).......... 1,400 974
Union Electrica Fenosa................. 2,100 27,143
____________
387,304
____________
Sweden-3.2% ABB, Cl.A 1,600 25,947
ABB, Cl.B.............................. 300 4,652
Astra, Cl.A............................ 1,900 39,037
Astra, Cl.B............................ 200 3,980
Atlas Copco, Cl.A...................... 300 8,858
Electrolux, Cl.B....................... 200 18,607
ForeningsSparbanken.................... 450 14,072
Granges................................ 500 9,110
Hennes & Mauritz, Cl.B................. 500 26,038
NetCom Systems, Cl.B................. (a) 200 6,797
OM Gruppen............................. 200 3,993
Dreyfus International Stock Index Fund
Statement of Investments (continued)
April 30, 1998 (Unaudited)
Common Stocks (continued) Shares Value
____________ ____________
Sweden (continued) Sandvik, Cl.A 200 $ 5,776
Sandvik, Cl.B.......................... 200 5,763
Securitas, Cl.B........................ 180 6,629
Skandia Forsakrings.................... 200 13,930
Skandinaviska Enskilda Banken, Cl.A.... 900 15,002
Skanska, Cl.B.......................... 600 27,989
Svenska Cellulosa, Cl.B................ 500 14,408
Svenska Handelsbanken, Cl.A............ 300 13,607
Svenskt Stal, Cl.A..................... 400 7,598
Svenskt Stal, Cl.B..................... 400 7,598
Telefonaktiebolaget LM Ericsson, Cl.B.. 1,400 73,810
Volvo, Cl.B............................ 600 17,522
WM-Data, Cl.B.......................... 200 6,021
____________
376,744
____________
Switzerland-7.7% ABB..................................... 20 6,554
Adecco................................. 50 21,835
Credit Suisse Group.................... 450 99,007
Georg Fischer.......................... 45 17,401
Holderbank Financiere Glarus, Cl.B..... 30 31,762
Jelmoli Holding (Registered)........... 50 11,501
Jelmoli Holding (Bearer)............... 20 22,935
Moevenpick Holding..................... 30 17,301
Nestle................................. 75 145,510
Novartis (Registered).................. 100 165,344
Roche Holding.......................... 5 50,687
SMH (Bearer)........................... 20 13,054
SMH (Registered)....................... 50 7,500
Schindler Holding (Registered)......... 5 8,167
Schindler Holding (Part. Cert.)........ 5 8,084
Schweizerische Rueckversicherungs-Gesellschaft 30 66,204
Schweizerischer Bankverein............. 110 38,209
Sika Finanz (Bearer)................... 50 20,001
UBS (Bearer)........................... 50 80,539
UBS (Registered)....................... 50 16,051
Valora Holding......................... 30 7,841
Zurich Versicherungs-Gesellschaft...... 100 60,937
____________
916,424
____________
United Kingdom-19.8% Abbey National 1,850 34,737
Anglian Water.......................... 300 4,595
Arjo Wiggins Appleton.................. 1,300 4,619
Associated British Foods............... 1,200 11,256
B.A.T. Industries...................... 6,400 60,353
BG 5,350 28,625
BOC Group.............................. 700 11,877
BTR 7,000 23,262
Barclays............................... 2,500 72,105
Bass................................... 1,785 33,874
Blue Circle Industries................. 400 2,355
Dreyfus International Stock Index Fund
Statement of Investments (continued)
April 30, 1998 (Unaudited)
Common Stocks (continued) Shares Value
____________ ____________
United Kingdom (continued) Boots 2,100 $ 32,531
British Aerospace...................... 600 20,044
British Airways........................ 2,300 23,958
British Land........................... 400 4,998
British Petroleum...................... 8,914 140,770
British Sky Broadcasting Group......... 4,000 29,093
British Steel.......................... 3,760 9,996
British Telecommunications............. 11,173 121,241
Burmah Castrol......................... 800 16,546
Cable & Wireless....................... 5,100 58,411
Cadbury Schweppes...................... 2,300 33,534
Centrica............................. (a) 5,350 9,253
Coats Viyella.......................... 5,100 7,930
Commercial Union....................... 600 11,226
Diageo................................. 8,036 95,666
EMI Group.............................. 700 7,110
Elementis.............................. 1,300 3,304
GKN.................................... 250 7,219
General Electric....................... 6,400 52,969
George Wimpey.......................... 4,000 8,694
Glaxo Wellcome......................... 5,343 150,979
Granada Group.......................... 2,020 34,788
Great Universal Stores................. 900 13,709
Guardian Royal Exchange................ 700 4,714
HSBC Holdings.......................... 2,600 76,511
HSBC Holdings (75P).................... 1,250 39,438
Hanson................................. 1,700 10,012
Hyder.................................. 500 8,051
IMI 500 4,188
Imperial Chemical Industries........... 1,700 30,868
J Sainsbury............................ 4,200 32,900
Johnson Matthey........................ 400 4,053
Kingfisher............................. 300 5,447
Ladbroke Group......................... 1,800 9,901
Land Securities........................ 300 5,357
LASMO.................................. 1,500 6,623
Legal & General Group.................. 1,350 16,184
Lloyds TSB Group....................... 8,000 119,782
Lonrho................................. 500 3,630
LucasVarity............................ 1,400 6,256
Marks & Spencer........................ 6,500 61,785
Marley................................. 4,000 7,591
National Grid Group.................... 1,960 12,650
National Power......................... 1,545 14,350
Pearson................................ 300 4,705
Peninsular and Oriental Steam Navigation 1345 19,846
Pilkington............................. 3,000 6,320
Prudential............................. 2,400 34,029
RMC Group.............................. 300 5,267
Racal Electronic....................... 1,400 7,818
Dreyfus International Stock Index Fund
Statement of Investments (continued)
April 30, 1998 (Unaudited)
Common Stocks (continued) Shares Value
____________ ____________
United Kingdom (continued) Railtrack Group 620 $ 11,325
Rank Group............................. 1,000 6,471
Reed International..................... 2,600 22,975
Reuters Group.......................... 2,599 28,159
Rexam.................................. 1,100 5,039
Rio Tinto.............................. 1610 23,110
Rolls-Royce............................ 1,200 5,598
Royal & Sun Alliance Insurance Group... 3,600 40,208
Royal Bank of Scotland Group........... 1,081 16,683
Safeway................................ 1,000 5,961
Schroders.............................. 150 7,356
Scottish & Newcastle................... 400 6,069
ScottishPower.......................... 1,300 11,949
Sedgwick Group......................... 1,800 4,635
SmithKline Beecham..................... 8,305 99,007
Southern Electric...................... 680 6,253
St. James's Place Capital.............. 1,000 4,732
Tate & Lyle............................ 500 4,013
Tesco.................................. 5,037 47,162
Thames Water........................... 450 7,373
Thorn.................................. 2,000 7,056
Transport Development Group............ 1,209 5,792
Transport Development Group, Cl.B...... 2,140 1,217
Unigate................................ 300 3,634
Unilever............................... 5,200 55,383
United Utilities....................... 300 4,173
Vodafone Group......................... 7,150 78,304
Williams............................... 700 5,372
Willis Corroon Group................... 2,000 5,434
Wilson Connolly Holdings............... 2,000 5,835
Zeneca Group........................... 2,000 86,141
____________
2,362,322
____________
TOTAL COMMON STOCKS
(cost $10,463,009)................... $ 11,006,425
____________
____________
Preferred Stocks-.7%
Australia-.1% News 3,628 $ 20,437
____________
Austria-.1% Bau Holding-Vorzug 180 8,339
____________
Germany-.5% Dyckerhoff 15 5,166
RWE.................................... 300 12,555
SAP-Vorzug............................. 65 32,418
STRABAG.............................. (a) 100 7,367
____________
57,506
____________
TOTAL PREFERRED STOCKS
(cost $69,599)....................... $ 86,282
____________
____________
Dreyfus International Stock Index Fund
Statement of Investments (continued)
April 30, 1998 (Unaudited)
Principal
Short-Term Investments-6.7% Amount Value
____________ ____________
United States; U.S. Treasury Bills:
5.06%, 6/25/1998 (b) $....100,000 $ 99,277
4.94%, 7/23/1998..................... 101,000 99,873
4.88%, 7/30/1998..................... 607,000 599,637
____________
TOTAL SHORT-TERM INVESTMENTS
(cost $798,671)...................... $ 798,787
____________
____________
TOTAL INVESTMENTS (cost $11,331,279)........................................ 99.9% $ 11,891,494
____ ____________
____ ____________
CASH AND RECEIVABLES (NET).................................................. 1% $ 13,525
____ ____________
____ ____________
NET ASSETS.................................................................. 100.0% $ 11,905,019
____ ____________
____ ____________
Notes to Statement of Investments:
(a) Non-income producing.
(b) Held by the custodian in a segregated account as collateral for open
financial futures positions.
</TABLE>
<TABLE>
Statement of Financial Futures
April 30, 1998 (Unaudited)
Unrealized
Market Value Appreciation/
Covered (Depreciation)
Financial Futures Long: Contracts by Contracts Expiration at 4/30/98
_______________________ _____________ _______________ ______________ ______________
<S> <C> <C> <C> <C>
_____________
CAC 40................................... 1 $ 125,336 June '98 $ 2,410
Financial Times 100...................... 2 199,137 June '98 2,973
Nikkei 300............................... 22 423,205 June '98 (14,037)
______________
$ (8,654)
______________
______________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
Dreyfus International Stock Index Fund
Statement of Assets and Liabilities
April 30, 1998 (Unaudited)
Cost Value
____________ ____________
<S> <C> <C>
ASSETS: Investments in securities-See Statement of Investments 11,331,279 $11,891,494
Cash....................................... 62,985
Cash denoninated in foreign currencies..... 9,208 12,081
Dividends and interest receivable.......... 62,087
Receivable for futures variation margin-Note 4(a) 18,182
Receivable for shares of Common Stock subscribed 10,000
____________
12,056,829
____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates 3,387
Due to Distributor......................... 2,420
Payable for investment securities purchased 136,824
Net unrealized (depreciation) on forward
....... currency exchange contracts-Note 4(a) 9,179
____________
151,810
____________
NET ASSETS.................................................................. $11,905,019
____________
____________
REPRESENTED BY: Paid-in capital............................ $ 11,488,030
Accumulated undistributed investment income-net 50,774
Accumulated net realized gain (loss) on investments (179,016)
Accumulated net unrealized appreciation (depreciation)
on investments, foreign currency transactions and forward
currency exchange contracts [including ($8,654)
net unrealized (depreciation) on financial futures] 545,231
____________
NET ASSETS.................................................................. $ 11,905,019
____________
____________
SHARES OUTSTANDING
(200 million shares of $.001 par value Common Stock authorized)............. 922,389
NET ASSET VALUE, offering and redemption price per share-Note 3(c).......... $12.91
_______
_______
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
Dreyfus International Stock Index Fund
Statement of Operations
Six Months Ended April 30, 1998 (Unaudited)
INVESTMENT INCOME
INCOME: Cash dividends (net of $11,209 foreign taxes
<S> <C> <C>
withheld at source).................... $ 71,697
Interest................................... 30,517
___________
Total Income......................... $ 102,214
EXPENSES: Management fee-Note 3(a)................... 17,732
Shareholder servicing costs-Note 3(b)...... 12,665
Loan commitment fees-Note 2................ 8
___________
Total Expenses....................... 30,405
___________
INVESTMENT INCOME-NET....................................................... 71,809
___________
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS-Note 4:
Net realized gain (loss) on investments and
foreign currency transactions........................... $ 21,387
Net realized gain (loss) on forward currency
exchange contracts.............................. (72,777)
Net realized gain (loss) on financial futures (37,551)
___________
Net Realized Gain (Loss)............. (88,941)
Net unrealized appreciation (depreciation)
on investments, foreign currency transactions and
forward currency exchange contracts (including
$150,723 net unrealized appreciation on financial futures) 1,523,298
___________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS...................... 1,434,357
___________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 1,506,166
___________
___________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
Dreyfus International Stock Index Fund
Statement of Changes in Net Assets
Six Months Ended
April 30, 1998 Year Ended
(Unaudited) October 31, 1997*
________________ ________________
<S> <C> <C>
OPERATIONS:
Investment income-net............................................... $ 71,809 $ 61,291
Net realized gain (loss) on investments............................. (88,941) (90,075)
Net unrealized appreciation (depreciation) on investments........... 1,523,298 (978,067)
________________ ________________
Net Increase (Decrease) in Net Assets Resulting from Operations 1,506,166 (1,006,851)
________________ ________________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net............................................... (82,326) --
________________ ________________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold....................................... 1,187,300 10,301,736
Dividends reinvested................................................ 82,235 --
Cost of shares redeemed............................................. (34,502) (48,739)
________________ ________________
Increase (Decrease) in Net Assets from Capital Stock Transactions 1,235,033 10,252,997
________________ ________________
Total Increase (Decrease) in Net Assets................... 2,658,873 9,246,146
NET ASSETS:
Beginning of Period................................................. 9,246,146 --
________________ ________________
End of Period....................................................... $11,905,019 $ 9,246,146
________________ ________________
________________ ________________
Undistributed investment income-net................................... $ 50,774 $ 61,291
________________ ________________
Shares Shares
________________ ________________
CAPITAL SHARE TRANSACTIONS:
Shares sold......................................................... 97,681 824,343
Shares issued for dividends reinvested.............................. 7,483 --
Shares redeemed..................................................... (2,928) (4,190)
________________ ________________
Net Increase (Decrease) in Shares Outstanding................. 102,236 820,153
________________ ________________
________________ ________________
*From June 30, 1997 (commencement of operations) to October 31, 1997.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
Dreyfus International Stock 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 the period indicated. This information
has been derived from the Fund's financial statements.
Six Months Ended
April 30, 1998 Year Ended
(Unaudited) October 31, 1997(1)
________________ __________________
<S> <C> <C>
PER SHARE DATA:
Net asset value, beginning of period................................... $11.27 $12.50
______ ______
Investment Operations:
Investment income-net.................................................. .08 .07
Net realized and unrealized gain (loss)
on investments....................................................... 1.66 (1.30)
______ ______
Total from Investment Operations....................................... 1.74 (1.23)
______ ______
Distributions
Dividends from investment income-net................................... (.10) --
______ ______
Net asset value, end of period......................................... $12.91 $11.27
______ ______
______ ______
TOTAL INVESTMENT RETURN.................................................... 15.59%(2) (9.84%)(2,3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets................................ .30%(2) .20%(2)
Ratio of net investment income to average net assets................... .70%(2) .62%(2)
Portfolio Turnover Rate................................................ 1.31%(2) .16%(2)
Average commission rate paid(4)........................................ - $.0314
Net Assets, end of period (000's Omitted).............................. $11,905 $9,246
(1) From June 30, 1997 (commencement of operations) to October 31, 1997.
(2) Not annualized.
(3) Exclusive of redemption fee.
(4) The Fund is required to disclose its average commission rate paid per share for purchases and sales of investment
securities.
SEE NOTES TO FINANCIAL STATEMENT.
</TABLE>
Dreyfus International Stock Index Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1-Significant Accounting Policies:
Dreyfus International Stock Index Fund (the "Fund") is a separate
non-diversified series of Dreyfus Index Fund, Inc. (the "Company") which is
registered under the Investment Company Act of 1940 ("Act") as an open-end
management investment company and operates as a series company currently
offering three series, including the Fund. The Fund's investment objective is
to provide investment results that correspond to the net dividend and total
return performance of equity securities of international issuers in the
aggregate, as represented by the Morgan Stanley Capital International Europe,
Australia, Far East (Free) Index. The Dreyfus Corporation ("Dreyfus") serves
as the Fund's investment advisor. 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., which is a wholly-owned subsidiary of Mellon Bank
Corporation. Premier Mutual Fund Services, Inc. (the "Distributor") is the
distributor of the Fund's shares, which are sold to the public without a
sales charge.
As of April 30, 1998, MBIC Investment Corp., an indirect subsidiary of
Mellon Bank Corporation, held 807,279 shares of the Fund.
The Company accounts separately for the assets, liabilities and
operations of each fund. Expenses directly attributable to each fund are
charged to that fund's operations; expenses which are applicable to all funds
are allocated among them on a pro rata basis.
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. Investments
denominated in foreign currencies are translated to U.S. dollars at the
prevailing rates of exchange. Forward currency exchange contracts are valued
at the forward rate.
(b) Foreign currency transactions: The Fund does not isolate that portion
of the results of operations resulting from changes in foreign exchange rates
on investments from the fluctuations arising from changes in market prices of
securities held. Such fluctuations are included with the net realized and
unrealized gain or loss from investments.
Dreyfus International Stock Index Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, sales of foreign
currencies, currency gains or losses realized on securities transactions and
the difference between the amounts of dividends, interest and foreign
withholding taxes recorded on the Fund's books and the U.S. dollar equivalent
of the amounts actually received or paid. Net unrealized foreign exchange
gains and losses arise from changes in the value of assets and liabilities
other than investments in securities, resulting from changes in exchange
rates. Such gains and losses are included with net realized and unrealized
gain or loss on investments.
(c) 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.
(d) 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, if any, 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 gains can be offset by capital loss
carryovers, if any, it is the policy of the Fund not to distribute such
gains.
(e) 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 is charged to the Fund at rates based on prevailing
market rates in effect at the time of borrowings. During the period ended
April 30, 1998, the Fund did not borrow under the Facility.
Dreyfus International Stock Index Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 3-Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management agreement ("Agreement") with Dreyfus, the
management fee is computed at the annual rate of .35 of 1% of the value of
the Fund's average daily net assets, and is payable monthly. Under the terms
of the Agreement, Dreyfus has agreed to pay all the expenses of the Fund,
except brokerage commission, taxes, commitment fees, interest, Shareholder
Services Plan fees, fees and expenses of non-interested Directors (including
counsel fees) and extraordinary expenses. In addition, Dreyfus is required to
reduce its fee in an amount equal to the Fund's allocable portion of fees and
expenses of the non-interested Directors (including counsel). Each Director
receives an annual fee of $2,500 and an attendance fee of $500 per meeting
and is reimbursed for travel and out-of-pocket expenses. The Chairman of the
Board receives an additional 25% of such compensation. These fees pertain to
the following funds: Dreyfus S&P 500 Index Fund, Dreyfus International Stock
Index Fund and Dreyfus Small Cap Stock Index Fund. These fees and expenses
are charged and allocated to each series based on net assets. Amounts
required to be paid by the Company directly to the non-interested Directors,
that would be applied to offset a portion of the management fee payable to
Dreyfus, are in fact paid directly by Dreyfus to the non-interested
Directors.
(b) Under the Shareholder Services Plan, the Fund pays the Distributor
for the provision of certain services, a fee at the annual rate of .25 of 1%
of the value of the Fund's average daily net assets. 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. The Distributor may make payments to Service Agents (a securities
dealer, bank or other financial institution) in respect of these services.
The Distributor determines the amounts to be paid to Service Agents. During
the period ended April 30, 1998, the Fund was charged $12,665 pursuant to the
Shareholder Services Plan.
(c) A 1% redemption fee is charged and retaind by the fund on certain
redemptions of Fund shares where the redemption occurs within the initial
six-month period following the opening of the account.
NOTE 4-Securities Transactions:
(a) The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, forward currency exchange contracts and
financial futures, during the period ended April 30, 1998 amounted to
$2,434,846 and $117,321, respectively.
<TABLE>
Dreyfus International Stock Index Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The following summarizes open forward currency exchange contracts at April 30, 1998:
Foreign Unrealized
Currency Appreciation
Forward Currency Exchange Contracts Amount Cost Value (Depreciation)
_________________________________ ____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Purchases:
Austrian Dollars, expiring 5/6/98....... 61,753 $ 4,885 $ 4,890 $ 5
Belgian Francs, expiring 5/14/98........ 392,268 10,599 10,592 (7)
British Pounds, expiring 5/7/98......... 6,792 11,356 11,356 -
British Pounds, expiring 5/8/98......... 9,158 15,294 15,311 17
British Pounds, expiring 6/25/98........ 117,640 195,530 196,212 682
Dutch Guilders, expiring 5/5/98......... 12,638 6,261 6,255 (6)
French Francs, expiring 4/30/98......... 297,356 48,457 49,412 955
French Francs, expiring 5/29/98......... 80,374 13,380 13,376 (4)
French Francs, expiring 7/6/98.......... 753,100 123,739 125,594 1,855
German Deutsche Marks, expiring 5/4/98.. 45,821 25,520 25,534 14
German Deutsche Marks, expiring 5/5/98.. 17,277 9,618 9,628 10
Hong Kong Dollars, expiring 5/1/98...... 46,500 6,006 6,003 (3)
Italian Lire, expiring 5/8/98........... 15,271,036 8,612 8,618 6
Japanese Yen, expiring 5/7/98........... 966,852 7,324 7,317 (7)
Japanese Yen, expiring 6/18/98.......... 55,799,000 437,605 424,909 (12,696)
Norwegian Krone, expiring 5/6/98........ 39,496 5,293 5,296 3
Spanish Pesetas, expiring 5/4/98........ 485,000 3,183 3,182 (1)
Spanish Pesetas, expiring 5/5/98........ 798,580 5,237 5,240 3
Swedish Krona, expiring 5/6/98.......... 30,738 3,964 3,972 8
Swiss Francs, expiring 5/5/98........... 5,178 3,467 3,452 (15)
Sales: Proceeds
_____ ____________
French Francs, expiring 5/4/98.......... 19,147 3,184 3,182 2
____________
Total................................. $ (9,179)
____________
____________
</TABLE>
The Fund enters into forward currency exchange contracts in order to hedge
its exposure to changes in foreign currency
exchange rates on its foreign portfolio holdings or to gain exposure in the
market. When executing forward currency exchange contracts, the Fund is
obligated to buy or sell a foreign currency at a specified rate on a certain
date in the future. With respect to sales of forward currency exchange
contracts, the Fund would incur a loss if the value of the contract increases
between the date the forward contract is opened and the date the forward
contract is closed. The Fund realizes a gain if the value of the contract
decreases between those dates. With respect to purchases of forward currency
exchange contracts, the Fund would incur a loss if the value of the contract
decreases between the date the forward contract is opened and the date the
forward contract is closed. The Fund realizes a gain if the value of the
contract increases between those dates. The Fund is also exposed to credit
risk associated with counter party nonperformance on these forward currency
exchange contracts which is typically limited to the unrealized gain on each
open contract.
Dreyfus International Stock Index Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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. 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.
Typically, 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, 1998, are set forth
in the Statement of Financial Futures.
(b) At April 30, 1998, accumulated net unrealized appreciation on
investments, cash denominated in foreign currencies, forward currency
exchange contracts and financial futures was $545,255, consisting of
$1,745,824 gross unrealized appreciation and $1,200,569 gross unrealized
depreciation.
At April 30, 1998, 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).
Registration Mark
Registration Mark
Dreyfus International Stock 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. 079SA984
International Stock
Index Fund
Semi-Annual
Report
April 30, 1998
[Registration Mark]
[Dreyfus lion/2hres logo]
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