DREYFUS SMALL CAP STOCK INDEX FUND
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this annual report for the Dreyfus Small
Cap Stock Index Fund for the 12-month period ended October 31, 1998. The Fund's
performance results were affected by the stock market's extraordinary volatility
during the past 12 months with a total return for the Fund of -11.38%.* This
compares with a total return of -11.06% for the Fund's benchmark, the Standard &
Poor' s Small Cap 600 Index.** The difference between the Fund's return and the
Index is due to transaction costs and other Fund expenses.
Economic Review
So far in 1998, the main regions of the world have had very different
economic fundamentals. The U.S. entered the year with a strong economy near full
employment, with unemployment only slightly above 4%. The tight labor market led
the Federal Reserve Board to contemplate a rise in interest rates early in the
year. The U.S. economy cooled enough over the months that the Fed decided to
stand pat. Evidence of economic cooling continued to accumulate and worries
about the world economy intensified. Financial stresses pushed the Fed to ease
credit in both late September and mid-October. After many years of subpar
economic growth, continental Europe moved into a sustained economic expansion.
The overall European economy benefited as interest rates in peripheral countries
such as Spain and Italy fell, approaching the lower levels established by
Germany, on the eve of currency unification. Unlike the U.S., Europe has
substantial excess capacity of productive plant and labor. In Asia, weak
economies were pervasive as a result of the Asian financial crisis. The Latin
American economies weakened as the financial stresses spread throughout that
region.
A main influence on the U.S. economy this year was the foreign financial
crisis and cooling of the world economy. The positive effects hit first. Actual
inflation and expected inflation dropped, causing a decline in long-term
Treasury bond yields and mortgage rates. This caused a boom in housing. The fall
in inflation helped the consumer sector as more of the growth in consumer income
was left over after inflation to buy goods and services. Consumers benefited
from a combination of good growth in income after inflation, a strong labor
market and past increases in the price of assets they owned.
The negative effect of Asian weakness was felt in the industrial sector more
than in the consumer sector. Corporate profits weakened, especially in sectors
affected by the Asian crisis such as world-traded commodities (oil, metals and
paper) and exports. One result of this industrial weakness was to cool off a
U.S. economy that had been growing rapidly.
The major change in the economic outlook over recent months has been a
downward shift in expectations for world economic growth. A credit crunch
developed in emerging countries and former communist countries, sharply reducing
the economic outlook for Asia and Latin America as well as for
commodity-exporting countries throughout the world. The effect on Europe and the
U.S. has been to lower expectations of profit growth and drive down bond yields
<PAGE>
Evidence of a weaker world economy accumulated as the financial stresses
continued. A worsened financial crisis occurred between the Russian default in
mid-August and the fallout from the Long-Term Capital Management (hedge fund)
crisis through early October. However, proactive steps were taken to stabilize
the Japanese banks, design a support package for Brazil and ease monetary
policy. The prospects for world economic weakness and monetary ease in the major
countries will be powerfully influenced by whether foreign financial stresses
calm down or intensify in the coming months. There appears to be a shift in the
priorities of key policymakers from fighting potential inflation to
restimulating future world economic growth.
Market Overview
The 12 months ended October 31, 1998 encompassed some very different market
phases. There was stock market strength during the early part of the period.
Then small-cap indices started to erode in the spring and were joined by
large-cap indices by mid-summer. A sharp decline until the end of August was
followed by a brief rebound and then a renewed decline amid financial fears
until early October. The last few weeks of the fiscal year saw a strong rally in
response to the easing of monetary policy. Over the 12-month period, the total
return on the Standard & Poor's Stock Price Index was 22.01%. Returns on mid-cap
and small-cap stock indices tended to be weaker than on large-caps, with a
negative total return on small-cap indices.
Three key trends influenced stock market behavior during the fiscal year.
First, the Federal Reserve kept the Federal Funds rate flat at 5.5% for nearly
11 months of the fiscal year, but then eased policy twice. Second, weakness in
emerging country economies contributed to declining commodity prices and a drop
in long-term Treasury bond yields to multidecade lows. Third, expectations for
corporate profits dropped, first in the sectors sensitive to Asian developments
such as oil, basic materials and exports, and then for a broader list of stocks
The trigger for the sharp decline in stocks in August appeared to be the
Russian default in the summer of 1998. This resulted in deepening concerns about
weaker economic growth and corporate profits. There was also a global margin
call on risky assets held by hedge funds and financial institutions. This raised
the cost of debt financing for many corporations and many emerging countries.
Expectations for economic activity in emerging countries in Asia and Latin
America shifted down sharply while expectations for U.S. corporate profits
weakened somewhat. Despite the fall in Treasury bond yields, financial stocks
led the summer selloff due to concerns about financial contagion among emerging
countries and potential loan losses by financial institutions. However, in the
last few weeks of the fiscal year, these fears began to ebb and the stock market
rebounded.
The erosion of expectations about average corporate profit growth over the
last year contributed to an outperformance by a small group of super-cap growth
stocks for much of the fiscal year. Investors had more confidence in the
prospect for strong persistent earnings growth for this small group of stocks
than for the broad market. Value stocks, which often have greater cyclical
sensitivity to earnings fluctuations, lagged behind these super-growth stocks.
In addition, many of the financial stocks that fall into the value category
dropped sharply following the Russian default and global margin call concerns.
<PAGE>
The fiscal year ended October 31, 1998 was characterized by very different
performances of the various market sectors. Super-cap growth stocks did best,
followed by large-cap stocks in general with mid-cap and small-cap stocks
lagging behind. For example, the total return for the fiscal year on the Russell
1000 Index with a heavy large-cap representation was 19.71%, while the Russell
1000 Growth Index returned 24.64% and the Russell 1000 Value Index returned
14.83% . The return on the Russell Midcap Index was 4.46% while the small-cap
Russell 2000 Index return was -11.84%.***
In October, small-cap stocks staged a strong rally, partially offsetting
earlier declines. After a difficult year for small caps, we believe they may be
in position to make further advances, given favorable economic and market
conditions.
We thank you for being an investor in this Dreyfus Fund.
Sincerely,
[Steven A. Falci signature logo]
Steven A. Falci
Portfolio Manager
November 24, 1998
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains paid.
**SOURCE: LIPPER ANALYTICAL SERVICES, INC. -- The Standard & Poor's Small Cap
600 Index is a broad-based index of 600 companies with market capitalization
ranging from the 50th percentile to the 83rd percentile of the stock universe
and is a widely accepted, unmanaged index of small-cap stock market performance.
The Fund holds stocks generally in the same proportion as each stock within the
index itself. Therefore, the Fund's performance should closely match that of the
index.
*** SOURCE: LIPPER ANALYTICAL SERVICES, INC. -- The Russell 1000 Index
measures the performance of the 1,000 largest companies in the Russell 3000
Index, which represent approximately 89% of the total market capitalization of
the Russell 3000 Index. The Russell 1000 Growth Index measures the performance
of those Russell 1000 companies with higher price-to-book ratios and higher
forecasted growth values. The Russell 1000 Value Index measures the performance
of those Russell 1000 companies with lower price-to-book ratios and lower
forecasted growth values. The Russell Midcap Index consists of the bottom 800
securities in the Russell 1000 Index as ranked by total market capitalization
and is a widely accepted measure of medium-cap stock market performance. The
Russell 2000 Index is composed of the 2,000 smallest companies in the Russell
3000 Index. The Russell 3000 Index is composed of 3,000 of the largest U.S.
companies by market capitalization. All indices are unmanaged and include
reinvested dividends.
<PAGE>
DREYFUS SMALL CAP STOCK INDEX FUND OCTOBER 31, 1998
- -----------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS SMALL CAP STOCK
INDEX FUND AND THE STANDARD AND POOR'S SMALL CAP 600 INDEX
[Exhibit A:
Dollars
$9,887
Standard & Poor's Small Cap 600 Index*
$9,855
Dreyfus Small Cap Stock Index Fund
*Source: Lipper Analytical Services, Inc.]
Average Annual Total Returns
- --------------------------------------------------------------------------------
One Year Ended From Inception (6/30/97)
October 31, 1998 to October 31, 1998
(11.38)% (1.09)%
- ---------------
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Dreyfus Small Cap Stock
Index Fund on 6/30/97 (Inception Date) to a $10,000 investment made in the
Standard & Poor' s Small Cap 600 Index on that date. All dividends and capital
gain distributions are reinvested.
The Fund's performance shown in the line graph takes into account all applicable
fees and expenses. The Standard & Poor's Small Cap 600 Index is a broad-based
index of 600 companies with market capitalization generally ranging from the
50th percentile to the 83rd percentile of the stock universe. The Fund holds
stocks generally in the same proportion as each stock within the index itself.
Therefore, the Fund' s performance should closely match that of the Index. The
Index is a widely accepted, unmanaged index of small cap stock market
performance, which does not take into account charges, fees and other expenses.
Further information relating to Fund performance, including expense
reimbursements, if applicable, is contained in the Financial Highlights section
of the Prospectus and elsewhere in this report.
<TABLE>
<CAPTION>
<PAGE>
DREYFUS SMALL CAP STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS OCTOBER 31, 1998
Shares COMMON STOCKS--98.6% Value
____________ ____________
Basic Industries--7.3%
<S> <C> <C> <C>
2,350 AMCOL International. . . . . . . . . . . . . . . . . . . . . $ 23,794
2,900 AptarGroup . . . . . . . . . . . . . . . . . . . . . . . . . 77,575
3,000 (a) Buckeye Technologies . . . . . . . . . . . . . . . . . 60,000
700 Butler Manufacturing . . . . . . . . . . . . . . . . . . . . 15,750
2,000 Cambrex. . . . . . . . . . . . . . . . . . . . . . . . . . . 51,125
2,100 Caraustar Industries . . . . . . . . . . . . . . . . . . . . 49,875
3,400 Champion Enterprises . . . . . . . . . . . . . . . . . . . . 67,575
1,800 ChemFirst. . . . . . . . . . . . . . . . . . . . . . . . . . 34,875
2,100 Geon . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,544
2,600 Griffon Corp.. . . . . . . . . . . . . . . . . . . . . . . . 25,513
2,100 Harland (John H.). . . . . . . . . . . . . . . . . . . . . . 30,450
1,700 Hughes Supply. . . . . . . . . . . . . . . . . . . . . . . . 45,156
2,100 (a) Insituform Technologies,
Cl. A . . . . . . . . . . . . . . . . . . . . . . 25,331
1,400 Juno Lighting. . . . . . . . . . . . . . . . . . . . . . . . 33,250
1,000 Lawson Products. . . . . . . . . . . . . . . . . . . . . . . 23,250
1,600 Lilly Industries, Cl. A. . . . . . . . . . . . . . . . . . . 30,700
900 Lone Star Industries . . . . . . . . . . . . . . . . . . . . 63,394
2,200 MacDermid Inc. . . . . . . . . . . . . . . . . . . . . . . . 80,575
900 (a) McWhorter Technololgies . . . . . . . . . . . . . . . . 18,338
1,200 (a) MICROS Systems . . . . . . . . . . . . . . . . . . . . 26,475
2,200 Mississippi Chemical . . . . . . . . . . . . . . . . . . . . 31,763
4,300 (a) Morrison Knudsen . . . . . . . . . . . . . . . . . . . 42,731
1,580 Myers Industries . . . . . . . . . . . . . . . . . . . . . . 37,920
2,600 (a) National Instruments . . . . . . . . . . . . . . . . . 71,175
1,200 O'Sullivan . . . . . . . . . . . . . . . . . . . . . . . . . 9,750
3,700 Oakwood Homes. . . . . . . . . . . . . . . . . . . . . . . . 58,275
1,900 OM Group . . . . . . . . . . . . . . . . . . . . . . . . . . 61,988
1,000 Pope & Talbot. . . . . . . . . . . . . . . . . . . . . . . . 9,438
1,600 (a) Pre-Paid Legal Services . . . . . . . . . . . . . . . . 38,300
700 Quaker Chemical. . . . . . . . . . . . . . . . . . . . . . . 9,888
1,500 Reliance Steel & Aluminum. . . . . . . . . . . . . . . . . . 46,406
1,000 Republic Group . . . . . . . . . . . . . . . . . . . . . . . 14,813
1,200 Ryland Group . . . . . . . . . . . . . . . . . . . . . . . . 29,850
1,400 Schweitzer-Mauduit
International . . . . . . . . . . . . . . . . . . 25,463
1,600 (a) Scotts, Cl. A . . . . . . . . . . . . . . . . . . . . . 53,400
1,400 Service Experts. . . . . . . . . . . . . . . . . . . . . . . 42,263
2,200 (a) Shorewood Packaging . . . . . . . . . . . . . . . . . . 35,200
700 Skyline. . . . . . . . . . . . . . . . . . . . . . . . . . . 21,744
1,200 (a) Southern Energy Homes . . . . . . . . . . . . . . . . . 6,900
1,000 Stone & Webster. . . . . . . . . . . . . . . . . . . . . . . 31,875
2,300 (a) Superior Services . . . . . . . . . . . . . . . . . . . 48,300
1,000 (a) TETRA Technologies . . . . . . . . . . . . . . . . . . 12,063
1,200 TJ International . . . . . . . . . . . . . . . . . . . . . . 23,625
2,900 Tredegar Industries. . . . . . . . . . . . . . . . . . . . . 65,431
1,500 Universal Forest Products. . . . . . . . . . . . . . . . . . 24,188
Shares COMMON STOCKS (continued) Value
____________ ____________
Basic Industries (continued)
1,900 Valmont Industries . . . . . . . . . . . . . . . . . . . . . $ 29,925
1,600 Watsco . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,100
1,700 Wynn's International . . . . . . . . . . . . . . . . . . . . 31,981
____________
1,770,300
____________
Capital Spending--21.2%
2,050 AAR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,406
1,500 ABM Industries . . . . . . . . . . . . . . . . . . . . . . . 42,000
4,900 Acxiom . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,113
1,800 ADVO . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,788
1,000 Alliant Techsystems. . . . . . . . . . . . . . . . . . . . . 70,000
700 Amcast Industrial. . . . . . . . . . . . . . . . . . . . . . 11,988
3,600 American Management
Systems . . . . . . . . . . . . . . . . . . . . . 110,475
700 American States Water. . . . . . . . . . . . . . . . . . . . 18,375
900 Analogic . . . . . . . . . . . . . . . . . . . . . . . . . . 34,425
1,700 Analysts International . . . . . . . . . . . . . . . . . . . 29,856
700 Angelica . . . . . . . . . . . . . . . . . . . . . . . . . . 12,206
1,500 Applied Industrial
Technologies . . . . . . . . . . . . . . . . . . . 19,875
3,065 Applied Power, Cl. A . . . . . . . . . . . . . . . . . . . . 84,479
500 Aquarion . . . . . . . . . . . . . . . . . . . . . . . . . . 16,438
2,400 Arctic Cat . . . . . . . . . . . . . . . . . . . . . . . . . 22,200
3,700 Aspect Telecommunications. . . . . . . . . . . . . . . . . . 55,963
700 Astec Industries . . . . . . . . . . . . . . . . . . . . . . 35,875
1,800 (a) Auspex Systems . . . . . . . . . . . . . . . . . . . . 5,063
1,900 (a) Avid Technology . . . . . . . . . . . . . . . . . . . . 49,163
2,933 Baldor Electric. . . . . . . . . . . . . . . . . . . . . . . 61,593
1,700 (a) BancTec . . . . . . . . . . . . . . . . . . . . . . . . 21,038
1,600 Barnes Group . . . . . . . . . . . . . . . . . . . . . . . . 42,000
2,600 (a) Billing Concepts . . . . . . . . . . . . . . . . . . . 36,725
2,300 BISYS Group. . . . . . . . . . . . . . . . . . . . . . . . . 100,625
1,700 BMC Industries . . . . . . . . . . . . . . . . . . . . . . . 12,219
2,500 (a) Boole & Babbage . . . . . . . . . . . . . . . . . . . . 66,563
1,900 Brady (W.H.) . . . . . . . . . . . . . . . . . . . . . . . . 43,700
1,400 (a) CDI . . . . . . . . . . . . . . . . . . . . . . . . . . 30,538
4,000 (a) CIBER . . . . . . . . . . . . . . . . . . . . . . . . . 78,500
1,750 CLARCOR. . . . . . . . . . . . . . . . . . . . . . . . . . . 29,531
1,400 (a) Catalina Marketing . . . . . . . . . . . . . . . . . . 66,763
600 Centigram
Communications . . . . . . . . . . . . . . . . . . 3,975
2,150 Central Parking. . . . . . . . . . . . . . . . . . . . . . . 90,166
2,600 (a) Cerner . . . . . . . . . . . . . . . . . . . . . . . . 58,175
3,100 Cognex . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,050
1,600 Computer Task Group. . . . . . . . . . . . . . . . . . . . . 49,000
600 Consumers Water. . . . . . . . . . . . . . . . . . . . . . . 18,075
1,600 Dames & Moore Group. . . . . . . . . . . . . . . . . . . . . 19,200
<PAGE>
DREYFUS SMALL CAP STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Shares COMMON STOCKS (continued) Value
____________ ____________
Capital Spending (continued)
1,200 Daniel Industries. . . . . . . . . . . . . . . . . . . . . . $ 16,650
5,400 (a) DeVRY . . . . . . . . . . . . . . . . . . . . . . . . . 118,800
1,400 (a) Dialogic . . . . . . . . . . . . . . . . . . . . . . . 31,500
1,500 (a) Digi International . . . . . . . . . . . . . . . . . . 22,500
1,700 (a) Dionex . . . . . . . . . . . . . . . . . . . . . . . . 45,263
1,000 (a) Electro Scientific Industries . . . . . . . . . . . . . 25,125
1,700 (a) Electroglas . . . . . . . . . . . . . . . . . . . . . . 21,356
1,400 Envoy. . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,300
1,800 (a) Etec Systems . . . . . . . . . . . . . . . . . . . . . 60,975
1,300 (a) Express Scripts, Cl. A . . . . . . . . . . . . . . . . 126,994
1,200 Fair Issac & Co. . . . . . . . . . . . . . . . . . . . . . . 48,150
2,000 (a) FileNET . . . . . . . . . . . . . . . . . . . . . . . . 18,500
1,500 Florida Rock Industries. . . . . . . . . . . . . . . . . . . 37,219
1,300 (a) Flow International . . . . . . . . . . . . . . . . . . 13,650
1,500 G & K Services, Cl. A. . . . . . . . . . . . . . . . . . . . 68,625
1,400 Gallagher (Arthur J.). . . . . . . . . . . . . . . . . . . . 59,325
1,300 Gardner Denver
Machinery . . . . . . . . . . . . . . . . . . . . 18,688
1,900 Gerber Scientific. . . . . . . . . . . . . . . . . . . . . . 42,988
1,700 (a) Global Industrial
Technologies . . . . . . . . . . . . . . . . . . . 14,769
2,000 Graco. . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,750
3,100 Harbinger. . . . . . . . . . . . . . . . . . . . . . . . . . 20,538
1,600 Helix Technology . . . . . . . . . . . . . . . . . . . . . . 18,300
1,600 Henry (Jack)
& Association . . . . . . . . . . . . . . . . . . 73,000
1,100 Hilb, Rogal & Hamilton . . . . . . . . . . . . . . . . . . . 20,900
2,100 (a) HNC Software . . . . . . . . . . . . . . . . . . . . . 70,613
1,600 (a) Hutchinson Technology . . . . . . . . . . . . . . . . . 31,100
2,335 (a) Hyperion Solutions . . . . . . . . . . . . . . . . . . 70,050
1,900 Inter-Tel. . . . . . . . . . . . . . . . . . . . . . . . . . 34,319
3,600 (a) Interim Services . . . . . . . . . . . . . . . . . . . 76,500
1,500 (a) InterVoice . . . . . . . . . . . . . . . . . . . . . . 42,750
3,700 JLG Industries . . . . . . . . . . . . . . . . . . . . . . . 61,281
1,900 Kaman, Cl. A . . . . . . . . . . . . . . . . . . . . . . . . 30,875
700 (a) Kronos . . . . . . . . . . . . . . . . . . . . . . . . 25,200
1,500 Kuhlman. . . . . . . . . . . . . . . . . . . . . . . . . . . 39,750
2,000 (a) Kulicke & Soffa Industries . . . . . . . . . . . . . . 32,625
1,300 Lindsay Manufacturing. . . . . . . . . . . . . . . . . . . . 21,125
1,300 (a) Lydall . . . . . . . . . . . . . . . . . . . . . . . . 13,163
1,350 Manitowoc. . . . . . . . . . . . . . . . . . . . . . . . . . 47,250
1,100 (a) Material Sciences . . . . . . . . . . . . . . . . . . . 11,069
1,300 (a) Metro Networks . . . . . . . . . . . . . . . . . . . . 47,613
1,600 (a) MicroAge . . . . . . . . . . . . . . . . . . . . . . . 22,800
3,000 Mutual Risk Management . . . . . . . . . . . . . . . . . . . 101,438
500 (a) Nashua . . . . . . . . . . . . . . . . . . . . . . . . 7,656
2,500 National Computer Systems. . . . . . . . . . . . . . . . . . 70,000
Shares COMMON STOCKS (continued) Value
____________ ____________
Capital Spending (continued)
2,600 National Data. . . . . . . . . . . . . . . . . . . . . . . . $ 88,075
1,700 Network Equipment
Technologies . . . . . . . . . . . . . . . . . . . 18,063
1,600 (a) NFO Worldwide . . . . . . . . . . . . . . . . . . . . . 15,000
2,200 Norrell. . . . . . . . . . . . . . . . . . . . . . . . . . . 29,838
600 Pharmaceutical
Marketing Services . . . . . . . . . . . . . . . . 6,450
2,100 Philiadelphia Suburban . . . . . . . . . . . . . . . . . . . 51,581
1,700 (a) Photronics . . . . . . . . . . . . . . . . . . . . . . 37,081
2,900 (a) PictureTel . . . . . . . . . . . . . . . . . . . . . . 21,388
1,800 (a) Platinum Software . . . . . . . . . . . . . . . . . . . 16,875
2,000 Polaris Industries . . . . . . . . . . . . . . . . . . . . . 68,750
1,800 (a) Primark . . . . . . . . . . . . . . . . . . . . . . . . 48,600
1,300 (a) Progress Software . . . . . . . . . . . . . . . . . . . 33,881
1,300 Quanex . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,938
1,500 Regal Beloit . . . . . . . . . . . . . . . . . . . . . . . . 31,594
1,900 Regis. . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,306
1,000 Robins & Myers . . . . . . . . . . . . . . . . . . . . . . . 23,625
4,350 Rollins Truck Leasing. . . . . . . . . . . . . . . . . . . . 50,569
2,100 Roper Industries . . . . . . . . . . . . . . . . . . . . . . 37,406
1,400 (a) Scott Technologies, Cl. A . . . . . . . . . . . . . . . 19,600
1,500 SEI Investments. . . . . . . . . . . . . . . . . . . . . . . 124,313
1,750 Smith (A.O.) . . . . . . . . . . . . . . . . . . . . . . . . 35,766
1,400 (a) Speedfam International . . . . . . . . . . . . . . . . 22,575
1,100 (a) SPS Technologies . . . . . . . . . . . . . . . . . . . 54,450
1,700 Sturm Ruger. . . . . . . . . . . . . . . . . . . . . . . . . 23,481
800 (a) Symmericom . . . . . . . . . . . . . . . . . . . . . . 4,800
4,000 (a) System Software . . . . . . . . . . . . . . . . . . . . 24,500
1,800 TCSI . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,175
3,050 (a) Technology Solutions . . . . . . . . . . . . . . . . . 36,600
1,200 Telxon . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,600
1,150 Thomas Industries. . . . . . . . . . . . . . . . . . . . . . 20,844
3,600 True North
Communications . . . . . . . . . . . . . . . . . . 85,050
2,900 United Water Resources . . . . . . . . . . . . . . . . . . . 56,188
2,000 (a) Valence Technology . . . . . . . . . . . . . . . . . . 11,125
3,400 (a) Vanstar . . . . . . . . . . . . . . . . . . . . . . . . 38,038
1,600 (a) Vantive . . . . . . . . . . . . . . . . . . . . . . . . 11,700
1,300 (a) Volt Information Sciences . . . . . . . . . . . . . . . 31,119
900 (a) Wall Data . . . . . . . . . . . . . . . . . . . . . . . 13,388
1,000 (a) Whittaker . . . . . . . . . . . . . . . . . . . . . . . 13,313
4,200 (a) Whittman-Hart . . . . . . . . . . . . . . . . . . . . . 83,475
2,000 (a) Xircom . . . . . . . . . . . . . . . . . . . . . . . . 59,000
3,400 (a) Xylan . . . . . . . . . . . . . . . . . . . . . . . . . 54,400
2,000 (a) Zebra Technologies, Cl. A . . . . . . . . . . . . . . . 65,500
____________
5,164,186
____________
<PAGE>
DREYFUS SMALL CAP STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Shares COMMON STOCKS (continued) Value
____________ ____________
Consumer Cyclical--18.7%
2,400 Allen Telecom. . . . . . . . . . . . . . . . . . . . . . . . $ 13,200
2,200 (a) Ann Taylor Stores . . . . . . . . . . . . . . . . . . . 63,800
2,200 Apogee Enterprises . . . . . . . . . . . . . . . . . . . . . 23,100
2,600 Applebee's International . . . . . . . . . . . . . . . . . . 52,975
1,500 Ashworth . . . . . . . . . . . . . . . . . . . . . . . . . . 9,563
1,600 Authentic Fitness. . . . . . . . . . . . . . . . . . . . . . 22,100
3,700 (a) Aztar . . . . . . . . . . . . . . . . . . . . . . . . . 19,194
1,100 Baker (J.) . . . . . . . . . . . . . . . . . . . . . . . . . 6,050
1,100 Bassett Furniture Industries . . . . . . . . . . . . . . . . 25,025
1,800 BE Aerospace . . . . . . . . . . . . . . . . . . . . . . . . 38,700
2,900 Blount International, Cl. A. . . . . . . . . . . . . . . . . 63,619
3,000 Bowne & Co.. . . . . . . . . . . . . . . . . . . . . . . . . 40,313
2,900 Breed Technologies . . . . . . . . . . . . . . . . . . . . . 24,469
4,100 (a) Brightpoint . . . . . . . . . . . . . . . . . . . . . . 50,225
1,500 Brown Group. . . . . . . . . . . . . . . . . . . . . . . . . 23,906
1,100 (a) Building Materials . . . . . . . . . . . . . . . . . . 12,238
2,500 CATO, Cl. A. . . . . . . . . . . . . . . . . . . . . . . . . 33,281
900 C-Cor Electronics. . . . . . . . . . . . . . . . . . . . . . 11,813
1,300 California Microwave . . . . . . . . . . . . . . . . . . . . 9,994
900 (a) Carmike Cinemas, Cl. A . . . . . . . . . . . . . . . . 16,819
4,100 Casey's General Stores . . . . . . . . . . . . . . . . . . . 57,400
1,300 (a) CEC Entertainment . . . . . . . . . . . . . . . . . . . 36,725
1,750 (a) Cheesecake Factory . . . . . . . . . . . . . . . . . . 33,469
3,900 CKE Restaurants. . . . . . . . . . . . . . . . . . . . . . . 102,619
1,700 (a) Cone Mills . . . . . . . . . . . . . . . . . . . . . . 6,800
1,100 (a) Consolidated Graphics . . . . . . . . . . . . . . . . . 52,181
1,650 (a) Consolidated Product . . . . . . . . . . . . . . . . . 30,525
2,800 (a) Corn Products
International . . . . . . . . . . . . . . . . . . 79,800
1,100 Cross (A.T.), Cl. A. . . . . . . . . . . . . . . . . . . . . 6,738
700 (a) Damark International, Cl. A . . . . . . . . . . . . . . 4,113
3,600 (a) Digital Microwave . . . . . . . . . . . . . . . . . . . 15,750
3,200 DiMon. . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,400
1,200 (a) Discount Auto Parts . . . . . . . . . . . . . . . . . . 28,950
1,700 (a) Dress Barn . . . . . . . . . . . . . . . . . . . . . . 24,013
2,200 (a) Eagle Hardware
& Garden . . . . . . . . . . . . . . . . . . . . . 51,150
2,100 Ethan Allen Interiors. . . . . . . . . . . . . . . . . . . . 72,188
2,000 Family Golf Centers. . . . . . . . . . . . . . . . . . . . . 42,125
2,800 Fedders. . . . . . . . . . . . . . . . . . . . . . . . . . . 13,650
1,000 (a) Filene's Basement . . . . . . . . . . . . . . . . . . . 1,906
3,000 Fleming Cos. . . . . . . . . . . . . . . . . . . . . . . . . 30,563
3,100 (a) Foodmaker . . . . . . . . . . . . . . . . . . . . . . . 49,019
1,900 (a) Footstar . . . . . . . . . . . . . . . . . . . . . . . 49,638
1,900 (a) Franklin Covey . . . . . . . . . . . . . . . . . . . . 37,525
1,200 (a) Galey & Lord . . . . . . . . . . . . . . . . . . . . . 16,350
1,500 (a) Galoob Toys . . . . . . . . . . . . . . . . . . . . . . 18,000
Shares COMMON STOCKS (continued) Value
____________ ____________
Consumer Cyclical (continued)
600 (a) GC Cos. . . . . . . . . . . . . . . . . . . . . . . . . $ 22,425
5,600 (a) Gentex . . . . . . . . . . . . . . . . . . . . . . . . 82,250
1,100 (a) Gibson Greetings . . . . . . . . . . . . . . . . . . . 11,481
2,600 (a) Goody's Family Clothing . . . . . . . . . . . . . . . . 27,788
1,000 (a) Gottschalks . . . . . . . . . . . . . . . . . . . . . . 6,875
3,200 (a) Grand Casinos . . . . . . . . . . . . . . . . . . . . . 28,200
2,100 Guilford Mills . . . . . . . . . . . . . . . . . . . . . . . 26,250
1,700 (a) Gymboree . . . . . . . . . . . . . . . . . . . . . . . 11,369
2,100 HA-LO Industries . . . . . . . . . . . . . . . . . . . . . . 59,325
700 Haggar . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,144
1,600 Hancock Fabrics. . . . . . . . . . . . . . . . . . . . . . . 13,900
2,900 (a) Hartmarx . . . . . . . . . . . . . . . . . . . . . . . 14,681
1,900 (a) Hollywood Park . . . . . . . . . . . . . . . . . . . . 18,169
1,000 Huffy. . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,688
800 (a) IHOP . . . . . . . . . . . . . . . . . . . . . . . . . 31,400
3,900 Interface, Cl. A . . . . . . . . . . . . . . . . . . . . . . 48,019
1,000 (a) Itron . . . . . . . . . . . . . . . . . . . . . . . . . 7,750
1,400 (a) Jo-Ann Stores, Cl. A . . . . . . . . . . . . . . . . . 25,200
1,000 (a) Johnston Industries . . . . . . . . . . . . . . . . . . 3,438
2,500 (a) Just for Feet . . . . . . . . . . . . . . . . . . . . . 42,344
1,800 Justin Industries. . . . . . . . . . . . . . . . . . . . . . 26,100
400 K-SWISS. . . . . . . . . . . . . . . . . . . . . . . . . . . 9,800
1,300 K2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,300
1,800 Kellwood Co. . . . . . . . . . . . . . . . . . . . . . . . . 49,050
4,400 La-Z-Boy . . . . . . . . . . . . . . . . . . . . . . . . . . 80,850
2,000 Landry's Seafood
Restaurants . . . . . . . . . . . . . . . . . . . 16,750
1,600 Libbey . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,600
900 Lillian Vernon . . . . . . . . . . . . . . . . . . . . . . . 11,700
3,300 (a) Linens 'n Things . . . . . . . . . . . . . . . . . . . 102,094
1,700 Luby's Cafeterias. . . . . . . . . . . . . . . . . . . . . . 25,288
2,200 Marcus . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,825
2,600 (a) Men's Warehouse . . . . . . . . . . . . . . . . . . . . 63,050
1,300 Merrill. . . . . . . . . . . . . . . . . . . . . . . . . . . 21,775
2,200 (a) Michaels Stores . . . . . . . . . . . . . . . . . . . . 44,000
2,917 (a) Midway Games . . . . . . . . . . . . . . . . . . . . . 28,623
3,950 (a) Mohawk Industries . . . . . . . . . . . . . . . . . . . 119,241
1,100 Nash Finch . . . . . . . . . . . . . . . . . . . . . . . . . 16,638
700 National Presto Industries . . . . . . . . . . . . . . . . . 26,994
3,100 (a) Nautica Enterprises . . . . . . . . . . . . . . . . . . 64,131
1,000 New England Business
Service . . . . . . . . . . . . . . . . . . . . . 31,125
1,600 (a) O'Reilly Automotive . . . . . . . . . . . . . . . . . . 62,600
1,700 Oshkosh B'Gosh, Cl. A. . . . . . . . . . . . . . . . . . . . 35,488
600 Oxford Industries. . . . . . . . . . . . . . . . . . . . . . 16,988
3,100 (a) P-COM . . . . . . . . . . . . . . . . . . . . . . . . . 9,881
1,600 (a) Pacific Swimwear
of California . . . . . . . . . . . . . . . . . . 34,600
<PAGE>
DREYFUS SMALL CAP STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Shares COMMON STOCKS (continued) Value
____________ ____________
Consumer Cyclical (continued)
4,125 (a) Paxar . . . . . . . . . . . . . . . . . . . . . . . . . $ 37,383
2,100 Phillips-Van Heusen. . . . . . . . . . . . . . . . . . . . . 19,294
7,325 Pier 1 Imports . . . . . . . . . . . . . . . . . . . . . . . 67,756
1,215 Pillowtex. . . . . . . . . . . . . . . . . . . . . . . . . . 39,488
2,200 (a) Primadonna Resorts . . . . . . . . . . . . . . . . . . 15,950
3,900 (a) Prime Hospitality . . . . . . . . . . . . . . . . . . . 35,588
3,500 Richfood Holdings. . . . . . . . . . . . . . . . . . . . . . 62,125
600 (a) Rival . . . . . . . . . . . . . . . . . . . . . . . . . 4,163
1,500 (a) Royal Appliance
Manufacturing . . . . . . . . . . . . . . . . . . 6,000
2,700 Ruby Tuesday . . . . . . . . . . . . . . . . . . . . . . . . 45,563
1,900 Russ Berrie & Co.. . . . . . . . . . . . . . . . . . . . . . 37,525
3,200 (a) Ryan's Family
Steak House . . . . . . . . . . . . . . . . . . . 34,400
4,300 (a) Safeskin . . . . . . . . . . . . . . . . . . . . . . . 95,138
1,400 St. John Knits . . . . . . . . . . . . . . . . . . . . . . . 28,263
3,300 (a) Shoney's . . . . . . . . . . . . . . . . . . . . . . . 6,394
2,000 (a) Shopko Stores . . . . . . . . . . . . . . . . . . . . . 62,625
1,400 Simpson Industries . . . . . . . . . . . . . . . . . . . . . 16,363
1,450 (a) Sonic . . . . . . . . . . . . . . . . . . . . . . . . . 27,550
1,000 Spartan Motors . . . . . . . . . . . . . . . . . . . . . . . 6,438
2,100 (a) Sports Authority . . . . . . . . . . . . . . . . . . . 16,013
1,000 Standard Motor Product . . . . . . . . . . . . . . . . . . . 22,250
1,500 Standard Products. . . . . . . . . . . . . . . . . . . . . . 23,531
1,000 Standex International. . . . . . . . . . . . . . . . . . . . 24,688
3,700 (a) Stein Mart . . . . . . . . . . . . . . . . . . . . . . 29,138
3,500 Stride Rite. . . . . . . . . . . . . . . . . . . . . . . . . 31,938
600 (a) Swiss Army Brands . . . . . . . . . . . . . . . . . . . 5,475
1,900 (a) TBC . . . . . . . . . . . . . . . . . . . . . . . . . . 13,181
2,000 TCBY Enterprises . . . . . . . . . . . . . . . . . . . . . . 14,125
1,000 The Dixie Group. . . . . . . . . . . . . . . . . . . . . . . 5,750
1,200 Thomas Nelson. . . . . . . . . . . . . . . . . . . . . . . . 15,375
1,000 Thor Industries. . . . . . . . . . . . . . . . . . . . . . . 22,250
1,200 (a) Timberland, Cl. A . . . . . . . . . . . . . . . . . . . 48,000
1,100 Toro . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,338
1,400 (a) Tultex . . . . . . . . . . . . . . . . . . . . . . . . 1,838
3,200 (a) Valassis Communication . . . . . . . . . . . . . . . . 127,600
1,700 Wabash National. . . . . . . . . . . . . . . . . . . . . . . 30,175
2,500 (a) Westwood One . . . . . . . . . . . . . . . . . . . . . 45,000
2,100 (a) Whole Foods Market . . . . . . . . . . . . . . . . . . 84,131
4,500 (a) Williams-Sonoma . . . . . . . . . . . . . . . . . . . . 122,625
1,900 Winnebago Industries . . . . . . . . . . . . . . . . . . . . 20,306
3,500 Wolverine World Wide . . . . . . . . . . . . . . . . . . . . 45,719
3,000 (a) World Color Press . . . . . . . . . . . . . . . . . . . 91,125
2,800 (a) Zale . . . . . . . . . . . . . . . . . . . . . . . . . 66,325
____________
4,539,070
____________
Shares COMMON STOCKS (continued) Value
____________ ____________
Consumer Staples--3.6%
700 (a) CPI . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,056
1,500 Canandaigua Brands,
Cl. A . . . . . . . . . . . . . . . . . . . . . . 75,188
700 Chemed . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,138
4,900 Chiquita Brands
International . . . . . . . . . . . . . . . . . . 52,063
700 Coca-Cola Bottling . . . . . . . . . . . . . . . . . . . . . 42,175
1 ConAgra. . . . . . . . . . . . . . . . . . . . . . . . . . . 30
2,700 DEKALB Genetics, Cl. B . . . . . . . . . . . . . . . . . . . 247,329
3,033 Delta & Pine Land. . . . . . . . . . . . . . . . . . . . . . 101,226
3,300 Earthgrains. . . . . . . . . . . . . . . . . . . . . . . . . 99,000
1,200 (a) Ionics . . . . . . . . . . . . . . . . . . . . . . . . 37,200
1,200 (a) J & J Snack Foods . . . . . . . . . . . . . . . . . . . 27,000
600 Penford. . . . . . . . . . . . . . . . . . . . . . . . . . . 8,400
3,100 (a) Smithfield Foods . . . . . . . . . . . . . . . . . . . 60,838
2,400 (a) Triarc Cos., Cl. A . . . . . . . . . . . . . . . . . . 37,500
1,900 (a) Ultratech Stepper . . . . . . . . . . . . . . . . . . . 34,200
1,000 (a) USA Detergents . . . . . . . . . . . . . . . . . . . . 8,250
1,900 X-Rite . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,538
____________
882,131
____________
Electronics--7.4%
3,800 (a) Anixter International . . . . . . . . . . . . . . . . . 58,663
1,600 (a) Applied Magnetics . . . . . . . . . . . . . . . . . . . 6,500
700 (a) Bell Industries . . . . . . . . . . . . . . . . . . . . 6,956
1,000 (a) Benchmark Electronics . . . . . . . . . . . . . . . . . 23,563
2,700 (a) Burr-Brown . . . . . . . . . . . . . . . . . . . . . . 50,119
1,100 (a) CTS . . . . . . . . . . . . . . . . . . . . . . . . . . 32,588
2,800 (a) C-Cube Microsystems . . . . . . . . . . . . . . . . . . 50,050
2,700 (a) Checkpoint Systems . . . . . . . . . . . . . . . . . . 32,063
1,700 (a) Coherent . . . . . . . . . . . . . . . . . . . . . . . 19,975
3,500 (a) CommScope . . . . . . . . . . . . . . . . . . . . . . . 48,781
2,400 Dallas Semiconductor . . . . . . . . . . . . . . . . . . . . 88,800
3,300 (a) General Semiconductor . . . . . . . . . . . . . . . . . 26,194
1,100 (a) Hadco . . . . . . . . . . . . . . . . . . . . . . . . . 34,650
1,600 Harman International . . . . . . . . . . . . . . . . . . . . 64,700
850 Harmon Industries. . . . . . . . . . . . . . . . . . . . . . 21,569
1,200 Innovex. . . . . . . . . . . . . . . . . . . . . . . . . . . 16,800
3,200 Input/Output . . . . . . . . . . . . . . . . . . . . . . . . 28,400
1,000 (a) Integrated Circuit Systems . . . . . . . . . . . . . . 13,250
3,700 (a) International Rectifier . . . . . . . . . . . . . . . . 33,300
3,200 (a) KEMET . . . . . . . . . . . . . . . . . . . . . . . . . 44,800
2,400 (a) Kent Electronics . . . . . . . . . . . . . . . . . . . 38,850
3,000 (a) Komag . . . . . . . . . . . . . . . . . . . . . . . . . 16,875
1,700 Lattice Semiconductor. . . . . . . . . . . . . . . . . . . . 57,800
1,200 (a) Marshall Industries . . . . . . . . . . . . . . . . . . 34,500
1,400 (a) Mercury Interactive . . . . . . . . . . . . . . . . . . 58,100
<PAGE>
DREYFUS SMALL CAP STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Shares COMMON STOCKS (continued) Value
____________ ____________
Electronics (continued)
2,600 Methode Electronics, Cl. A . . . . . . . . . . . . . . . . . $ 39,975
2,900 (a) Novellus Systems. . . . . . . . . . . . . . . . . . . . 112,556
1,500 (a) Oak Industries . . . . . . . . . . . . . . . . . . . . 40,594
3,100 (a) Orbital Sciences . . . . . . . . . . . . . . . . . . . 102,300
1,000 Park Electrochemical . . . . . . . . . . . . . . . . . . . . 18,313
1,600 Pioneer Standard Electronics . . . . . . . . . . . . . . . . 14,300
1,300 (a) Plexus . . . . . . . . . . . . . . . . . . . . . . . . 32,338
3,500 (a) Read-Rite . . . . . . . . . . . . . . . . . . . . . . . 37,625
3,400 (a) Sanmina . . . . . . . . . . . . . . . . . . . . . . . . 139,400
1,300 (a) Standard Microsystems . . . . . . . . . . . . . . . . . 8,775
1,100 (a) Technitrol . . . . . . . . . . . . . . . . . . . . . . 29,975
700 (a) Three-Five Systems . . . . . . . . . . . . . . . . . . 6,125
1,600 (a) Trimble Navigation . . . . . . . . . . . . . . . . . . 12,800
2,500 (a) Unitrade . . . . . . . . . . . . . . . . . . . . . . . 31,406
3,200 (a) Vicor Corporation . . . . . . . . . . . . . . . . . . . 30,000
5,800 (a) Vitesse Semiconductor . . . . . . . . . . . . . . . . . 187,050
3,400 (a) VLSI Technology . . . . . . . . . . . . . . . . . . . . 32,725
600 (a) Watkins-Johnson . . . . . . . . . . . . . . . . . . . . 11,175
____________
1,795,278
____________
Energy--5.4%
2,600 Atmos Energy . . . . . . . . . . . . . . . . . . . . . . . . 77,188
2,500 (a) Barrett Resources . . . . . . . . . . . . . . . . . . . 58,906
1,900 (a) Benton Oil & Gas . . . . . . . . . . . . . . . . . . . 9,738
2,000 Cabot Oil & Gas, Cl. A . . . . . . . . . . . . . . . . . . . 34,000
900 Cascade Natural Gas. . . . . . . . . . . . . . . . . . . . . 14,906
900 Connecticut Energy . . . . . . . . . . . . . . . . . . . . . 25,200
3,900 Cross Timbers Oil. . . . . . . . . . . . . . . . . . . . . . 56,063
2,600 Devon Energy . . . . . . . . . . . . . . . . . . . . . . . . 88,075
2,200 Energen. . . . . . . . . . . . . . . . . . . . . . . . . . . 39,600
1,300 (a) HS Resources . . . . . . . . . . . . . . . . . . . . . 12,838
1,700 KCS Energy . . . . . . . . . . . . . . . . . . . . . . . . . 8,606
1,300 New Jersey Resources . . . . . . . . . . . . . . . . . . . . 49,969
3,100 (a) Newfield Exploration . . . . . . . . . . . . . . . . . 75,369
1,900 Northwest Natural Gas. . . . . . . . . . . . . . . . . . . . 52,963
1,800 (a) Oceaneering
International . . . . . . . . . . . . . . . . . . 25,875
1,800 (a) Offshore Logistics . . . . . . . . . . . . . . . . . . 27,056
700 Pennsylvania Enterprises . . . . . . . . . . . . . . . . . . 17,325
2,500 Piemont Natural Gas. . . . . . . . . . . . . . . . . . . . . 86,875
1,500 (a) Plains Resources . . . . . . . . . . . . . . . . . . . 25,500
3,000 Pogo Producing . . . . . . . . . . . . . . . . . . . . . . . 45,000
1,400 (a) Pool Energy Services . . . . . . . . . . . . . . . . . 18,681
4,000 (a) Pride International . . . . . . . . . . . . . . . . . . 46,500
1,700 Public Service
North Carolina . . . . . . . . . . . . . . . . . . 37,506
1,000 (a) Remington Oil & Gas,
Cl. B . . . . . . . . . . . . . . . . . . . . . . 3,625
Shares COMMON STOCKS (continued) Value
____________ ____________
Energy (continued)
900 St. Mary Land
Exploration . . . . . . . . . . . . . . . . . . . $ 18,900
7,900 Santa Fe Energy
Resources . . . . . . . . . . . . . . . . . . . . 64,188
2,000 (a) Seitel . . . . . . . . . . . . . . . . . . . . . . . . 26,500
2,700 Snyder Oil . . . . . . . . . . . . . . . . . . . . . . . . . 43,031
2,500 Southwest Gas. . . . . . . . . . . . . . . . . . . . . . . . 59,219
1,700 Southwestern Energy. . . . . . . . . . . . . . . . . . . . . 11,475
3,400 (a) Tuboscope . . . . . . . . . . . . . . . . . . . . . . . 42,075
4,000 Vintage Petroleum. . . . . . . . . . . . . . . . . . . . . . 52,000
2,900 WICOR. . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,688
____________
1,325,440
____________
Health Care--10.9%
1,800 ALPHARMA, Cl. A. . . . . . . . . . . . . . . . . . . . . . . 49,838
1,900 (a) Access Health . . . . . . . . . . . . . . . . . . . . . 68,163
1,400 ADAC Laboratories. . . . . . . . . . . . . . . . . . . . . . 41,475
2,400 Advanced Tissue Sciences . . . . . . . . . . . . . . . . . . 7,275
2,400 Alliance Pharmaceutical. . . . . . . . . . . . . . . . . . . 9,600
2,500 American Oncology
Resources . . . . . . . . . . . . . . . . . . . . 33,281
2,400 Ballard Medical Products . . . . . . . . . . . . . . . . . . 51,000
1,700 (a) Barr Laboratories . . . . . . . . . . . . . . . . . . . 58,119
1,900 Bindley Western Industries . . . . . . . . . . . . . . . . . 68,875
3,700 (a) Bio-Technology General . . . . . . . . . . . . . . . . 27,056
2,900 (a) Cephalon . . . . . . . . . . . . . . . . . . . . . . . 21,750
1,100 Circon . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,175
1,300 (a) Cooper Cos. . . . . . . . . . . . . . . . . . . . . . . 30,875
1,800 (a) Cor Therapeutics . . . . . . . . . . . . . . . . . . . 21,713
4,000 (a) Coventry Health Care . . . . . . . . . . . . . . . . . 38,750
1,200 (a) Curative Health Services . . . . . . . . . . . . . . . 32,700
1,200 (a) Cygnus . . . . . . . . . . . . . . . . . . . . . . . . 6,300
1,300 (a) Datascope . . . . . . . . . . . . . . . . . . . . . . . 29,331
1,200 Diagnostic Products. . . . . . . . . . . . . . . . . . . . . 27,075
1,655 (a) Enzo Biochem . . . . . . . . . . . . . . . . . . . . . 17,378
2,600 (a) Genesis Health Ventures . . . . . . . . . . . . . . . . 35,100
1,000 (a) Hologic . . . . . . . . . . . . . . . . . . . . . . . . 13,688
3,300 (a) IDEXX Laboratories . . . . . . . . . . . . . . . . . . 75,281
2,100 (a) Immune Response . . . . . . . . . . . . . . . . . . . . 25,725
2,000 Incyte Pharmaceuticals . . . . . . . . . . . . . . . . . . . 61,000
4,012 Integrated Health Services . . . . . . . . . . . . . . . . . 64,944
2,400 Invacare . . . . . . . . . . . . . . . . . . . . . . . . . . 54,000
2,200 (a) Jones Pharma . . . . . . . . . . . . . . . . . . . . . 71,088
2,900 (a) Liposome . . . . . . . . . . . . . . . . . . . . . . . 18,125
2,500 (a) Magellan Health Services . . . . . . . . . . . . . . . 22,656
5,400 (a) Mariner Post-Acute
Network . . . . . . . . . . . . . . . . . . . . . 31,388
1,400 Marquette Medical
Systems . . . . . . . . . . . . . . . . . . . . . 62,388
<PAGE>
DREYFUS SMALL CAP STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Shares COMMON STOCKS (continued) Value
____________ ____________
Health Care (continued)
2,300 (a) MedImmune . . . . . . . . . . . . . . . . . . . . . . . $ 154,675
1,900 Philadelphia Surburban . . . . . . . . . . . . . . . . . . . 51,181
1,700 Mentor . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,900
4,900 (a) NBTY . . . . . . . . . . . . . . . . . . . . . . . . . 39,200
1,600 Nature's Sunshine
Products . . . . . . . . . . . . . . . . . . . . . 25,400
1,600 (a) NCS HealthCare, Cl. A . . . . . . . . . . . . . . . . . 28,200
2,600 (a) North American Vaccine . . . . . . . . . . . . . . . . 39,325
1,700 (a) Noven Pharmaceuticals . . . . . . . . . . . . . . . . . 6,906
3,700 (a) Orthodontic Centers
of America . . . . . . . . . . . . . . . . . . . . 70,069
2,400 Owens & Minor. . . . . . . . . . . . . . . . . . . . . . . . 38,100
1,800 (a) PAREXEL International . . . . . . . . . . . . . . . . . 39,713
2,750 (a) Patterson Dental . . . . . . . . . . . . . . . . . . . 113,438
1,300 (a) Pediatrix Medical Group . . . . . . . . . . . . . . . . 60,613
2,000 (a) Pharmaceutical Product
Development . . . . . . . . . . . . . . . . . . . 54,000
5,600 (a) Phycor . . . . . . . . . . . . . . . . . . . . . . . . 40,600
1,600 (a) Protein Design Labs . . . . . . . . . . . . . . . . . . 38,400
3,000 (a) Regeneron
Pharmaceuticals . . . . . . . . . . . . . . . . . 24,750
2,900 (a) Renal Care Group . . . . . . . . . . . . . . . . . . . 84,463
1,900 (a) ReSound . . . . . . . . . . . . . . . . . . . . . . . . 9,025
2,700 (a) Respironics . . . . . . . . . . . . . . . . . . . . . . 41,681
2,600 (a) Roberts Pharmaceutical . . . . . . . . . . . . . . . . 57,850
2,500 (a) SEQUUS Pharmaceuticals . . . . . . . . . . . . . . . . 44,844
2,000 (a) Sola International . . . . . . . . . . . . . . . . . . 38,375
900 (a) SpaceLabs Medical . . . . . . . . . . . . . . . . . . . 13,050
2,200 Summit Technology. . . . . . . . . . . . . . . . . . . . . . 9,075
1,200 (a) Sunrise Medical . . . . . . . . . . . . . . . . . . . . 13,800
1,800 (a) TheraTech Inc. . . . . . . . . . . . . . . . . . . . . 25,538
1,600 (a) U.S. Bioscience . . . . . . . . . . . . . . . . . . . . 12,800
2,600 (a) Universal Health
Services, Cl. B . . . . . . . . . . . . . . . . . 133,413
2,000 (a) Vertex Pharmaceuticals . . . . . . . . . . . . . . . . 52,750
1,300 (a) VISX . . . . . . . . . . . . . . . . . . . . . . . . . 65,163
1,100 Vital Signs. . . . . . . . . . . . . . . . . . . . . . . . . 17,600
____________
2,659,009
____________
Interest Sensitive--16.4%
3,300 AMRESCO. . . . . . . . . . . . . . . . . . . . . . . . . . . 22,894
3,600 American Bankers
Insurance Group . . . . . . . . . . . . . . . . . 160,875
1,400 Anchor Bancorp
Wisconsin . . . . . . . . . . . . . . . . . . . . 30,100
4,700 (a) AmeriCredit . . . . . . . . . . . . . . . . . . . . . . 62,863
4,300 Astoria Financial. . . . . . . . . . . . . . . . . . . . . . 184,900
1,200 Banknorth Group. . . . . . . . . . . . . . . . . . . . . . . 38,250
Shares COMMON STOCKS (continued) Value
____________ ____________
Interest Sensitive (continued)
2,600 Capital Re . . . . . . . . . . . . . . . . . . . . . . . . . $ 47,613
1,800 Cash America
International . . . . . . . . . . . . . . . . . . 22,500
2,300 Centura Banks. . . . . . . . . . . . . . . . . . . . . . . . 158,700
1,800 CMAC Investment. . . . . . . . . . . . . . . . . . . . . . . 75,375
1,750 Commerce Bancorp . . . . . . . . . . . . . . . . . . . . . . 71,094
4,700 Commercial Federal . . . . . . . . . . . . . . . . . . . . . 106,631
900 (a) CompDent . . . . . . . . . . . . . . . . . . . . . . . 10,688
1,700 Cullen/Frost Bankers . . . . . . . . . . . . . . . . . . . . 90,525
3,875 D. R. Horton . . . . . . . . . . . . . . . . . . . . . . . . 61,516
900 Dain Rauscher. . . . . . . . . . . . . . . . . . . . . . . . 30,600
1,524 (a) Delphi Financial
Group, Cl. A . . . . . . . . . . . . . . . . . . . 71,057
2,080 Downey Financial . . . . . . . . . . . . . . . . . . . . . . 48,750
4,200 (a) ETrade Group . . . . . . . . . . . . . . . . . . . . . 75,600
3,000 Eaton Vance. . . . . . . . . . . . . . . . . . . . . . . . . 67,125
3,000 (a) Enhance Financial
Services Group . . . . . . . . . . . . . . . . . . 73,688
1,000 Executive Risk . . . . . . . . . . . . . . . . . . . . . . . 47,500
1,890 Fidelity National Financial. . . . . . . . . . . . . . . . . 58,118
4,500 First American Financial . . . . . . . . . . . . . . . . . . 140,906
2,400 Firstbank. . . . . . . . . . . . . . . . . . . . . . . . . . 57,750
2,200 First Midwest Bancorp. . . . . . . . . . . . . . . . . . . . 90,200
5,700 FirstMerit . . . . . . . . . . . . . . . . . . . . . . . . . 151,050
2,600 Fremont General. . . . . . . . . . . . . . . . . . . . . . . 128,375
2,790 Frontier Insurance Group . . . . . . . . . . . . . . . . . . 45,512
3,460 HUBCO. . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,420
900 JSB Financial. . . . . . . . . . . . . . . . . . . . . . . . 47,531
4,100 Keystone Financial . . . . . . . . . . . . . . . . . . . . . 119,925
4,400 Legg Mason . . . . . . . . . . . . . . . . . . . . . . . . . 116,875
1,300 Life Re. . . . . . . . . . . . . . . . . . . . . . . . . . . 121,306
1,600 M.D.C. Holdings. . . . . . . . . . . . . . . . . . . . . . . 28,100
1,900 MAF Bancorp. . . . . . . . . . . . . . . . . . . . . . . . . 46,550
1,600 NAC Re . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,500
2,200 Orion Capital. . . . . . . . . . . . . . . . . . . . . . . . 75,213
1,200 Premier Bancshares . . . . . . . . . . . . . . . . . . . . . 26,400
1,750 (a) Queens County Bancorp . . . . . . . . . . . . . . . . . 52,172
3,600 Ramond James Financial . . . . . . . . . . . . . . . . . . . 82,575
2,500 Riggs International. . . . . . . . . . . . . . . . . . . . . 60,313
3,150 St. Paul Bancorp . . . . . . . . . . . . . . . . . . . . . . 64,772
2,100 Selective Insurance Group. . . . . . . . . . . . . . . . . . 38,456
2,200 Sierra Health Services . . . . . . . . . . . . . . . . . . . 51,288
1,600 (a) Silicon Valley Bancshares . . . . . . . . . . . . . . . 32,800
2,400 Standard Pacific . . . . . . . . . . . . . . . . . . . . . . 23,250
2,500 Susquehanna Bancshares . . . . . . . . . . . . . . . . . . . 56,563
2,800 (a) Toll Brothers . . . . . . . . . . . . . . . . . . . . . 64,925
1,000 Trenwick Group . . . . . . . . . . . . . . . . . . . . . . . 33,250
2,070 (a) TrustCo Bank . . . . . . . . . . . . . . . . . . . . . 57,960
<PAGE>
DREYFUS SMALL CAP STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Shares COMMON STOCKS (continued) Value
____________ ____________
Interest Sensitive (continued)
1,200 (a) U.S. Home . . . . . . . . . . . . . . . . . . . . . . . $ 37,950
1,400 U.S. Trust . . . . . . . . . . . . . . . . . . . . . . . . . 89,163
3,100 United Bankshares. . . . . . . . . . . . . . . . . . . . . . 82,925
3,300 UST. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,313
1,500 Whitney Holding. . . . . . . . . . . . . . . . . . . . . . . 55,125
1,500 Zenith National Insurance. . . . . . . . . . . . . . . . . . 38,344
____________
3,981,719
____________
Mining And Metals--2.4%
2,000 Belden . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,125
1,900 Birmingham Steel . . . . . . . . . . . . . . . . . . . . . . 9,856
1,300 Brush Wellman. . . . . . . . . . . . . . . . . . . . . . . . 22,100
2,450 (a) Cable Design Technologies . . . . . . . . . . . . . . . 40,425
1,200 Castle (A.M.). . . . . . . . . . . . . . . . . . . . . . . . 22,350
1,300 Coeur d' Alene Mines . . . . . . . . . . . . . . . . . . . . 7,313
1,300 Commercial Metals. . . . . . . . . . . . . . . . . . . . . . 34,613
1,100 Commonweath Industries . . . . . . . . . . . . . . . . . . . 8,319
2,400 (a) Getchell Gold . . . . . . . . . . . . . . . . . . . . . 42,000
2,500 Glamis Gold. . . . . . . . . . . . . . . . . . . . . . . . . 6,406
3,900 (a) Hecla Mining . . . . . . . . . . . . . . . . . . . . . 17,550
1,400 IMCO Recycling . . . . . . . . . . . . . . . . . . . . . . . 19,338
400 Insteel Industries . . . . . . . . . . . . . . . . . . . . . 2,075
2,100 Intermet . . . . . . . . . . . . . . . . . . . . . . . . . . 34,125
3,000 (a) Mueller Industries . . . . . . . . . . . . . . . . . . 67,500
1,700 Pioneer Group. . . . . . . . . . . . . . . . . . . . . . . . 24,331
1,600 (a) RTI International Metals . . . . . . . . . . . . . . . 23,800
1,000 Steel Technologies . . . . . . . . . . . . . . . . . . . . . 7,063
1,700 (a) Stillwater Mining . . . . . . . . . . . . . . . . . . . 55,038
1,700 Texas Industries . . . . . . . . . . . . . . . . . . . . . . 50,256
1,600 Titan International. . . . . . . . . . . . . . . . . . . . . 16,600
1,600 WHX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,000
1,100 Wolverine Tube . . . . . . . . . . . . . . . . . . . . . . . 23,306
____________
582,489
____________
Transportation--3.1%
2,750 Air Express International. . . . . . . . . . . . . . . . . . 57,750
2,400 American Freightways . . . . . . . . . . . . . . . . . . . . 20,400
1,400 Arkansas Best. . . . . . . . . . . . . . . . . . . . . . . . 7,525
5,250 Comair Holdings. . . . . . . . . . . . . . . . . . . . . . . 172,594
1,900 Expeditors International
of Washington . . . . . . . . . . . . . . . . . . 64,363
2,700 (a) Fritz Cos. . . . . . . . . . . . . . . . . . . . . . . 23,963
1,200 Frozen Food Express
Industries . . . . . . . . . . . . . . . . . . . . 11,100
1,850 (a) Halter Marine Group . . . . . . . . . . . . . . . . . . 15,956
2,400 (a) Heartland Express . . . . . . . . . . . . . . . . . . . 43,200
1,600 (a) Kirby . . . . . . . . . . . . . . . . . . . . . . . . . 33,900
900 (a) Landstar Systems . . . . . . . . . . . . . . . . . . . 31,950
Shares COMMON STOCKS (continued) Value
____________ ____________
Transportation (continued)
1,000 (a) M.S. Carriers . . . . . . . . . . . . . . . . . . . . . $ 21,500
1,800 Pittston Burlington Group. . . . . . . . . . . . . . . . . . 10,463
700 (a) Railtex . . . . . . . . . . . . . . . . . . . . . . . . 7,569
1,100 (a) Royal/Metro . . . . . . . . . . . . . . . . . . . . . . 11,550
2,000 SkyWest. . . . . . . . . . . . . . . . . . . . . . . . . . . 51,000
2,000 USFreightsways . . . . . . . . . . . . . . . . . . . . . . . 50,125
3,950 Werner Enterprises . . . . . . . . . . . . . . . . . . . . . 71,100
2,100 (a) Yellow . . . . . . . . . . . . . . . . . . . . . . . . 33,731
____________
739,739
____________
Utilities--2.2%
1,300 CILCORP. . . . . . . . . . . . . . . . . . . . . . . . . . . 66,950
1,400 Central Hudson Gas
& Electric . . . . . . . . . . . . . . . . . . . . 56,700
900 Central Vermont
Public Service . . . . . . . . . . . . . . . . . . 9,731
1,600 Commonwealth Energy
Systems . . . . . . . . . . . . . . . . . . . . . 59,700
1,400 Eastern Utility Association. . . . . . . . . . . . . . . . . 36,313
2,900 (a) General Communication,
Cl. A . . . . . . . . . . . . . . . . . . . . . . 8,700
200 Green Mountain Power . . . . . . . . . . . . . . . . . . . . 2,875
1,100 Orange/Rockland Utility. . . . . . . . . . . . . . . . . . . 60,431
2,500 Sierra Pacific Resources . . . . . . . . . . . . . . . . . . 91,094
4,800 (a) Tel-Save Holdings . . . . . . . . . . . . . . . . . . . 43,050
1,200 TNP Enterprises. . . . . . . . . . . . . . . . . . . . . . . 40,500
1,200 United Illuminating. . . . . . . . . . . . . . . . . . . . . 58,800
____________
534,844
____________
TOTAL COMMON STOCKS
(cost $26,436,212) . . . . . . . . . . . . . . . . $23,974,205
____________
Principal SHORT-TERM
Amount INVESTMENTS--1.0% Value
____________ ____________
U.S. Treasury Bills:
$ 127,000 3.76%,1/14/1999 . . . . . . . . . . . . . . . . . . . . . . $ 125,925
127,000 (b) 3.94%, 1/28/1999 . . . . . . . . . . . . . . . . . . . 125,705
____________
TOTAL SHORT-TERM INVESTMENTS
(cost $251,795) . . . . . . . . . . . . . . . . . $ 251,630
____________
TOTAL INVESTMENTS
(cost $26,688,007) . . . . . . . . . . . . . . . . . . . . . . . 99.6% $24,225,835
_______ ____________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . .4% $ 98,814
_______ ____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $24,324,649
_______ ____________
</TABLE>
<PAGE>
<TABLE>
DREYFUS SMALL CAP STOCK INDEX FUND
- -----------------------------------------------------------------------------
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a) Non-income producing.
(b)Partially held by the custodian in a segregated account as collateral for
open financial futures positions.
STATEMENT OF FINANCIAL FUTURES OCTOBER 31, 1998
Market Value Unrealized
Covered Appreciation
Financial Futures Purchased Contracts by Contracts Expiration at 10/31/98
_________________________ ___________ ______________ ______________ ______________
<S> <C> <C> <C> <C>
Russell 2000 . . . . . . . . . . . . . . . . . . . . . . 1 $190,500 December '98 $3,800
______
</TABLE>
<TABLE>
<CAPTION>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
DREYFUS SMALL CAP STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES OCTOBER 31, 1998
Cost Value
____________ ___________
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $26,688,007 $24,225,835
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 192,248
Receivable for shares of Common Stock subscribed . . . . 205,381
Dividends receivable . . . . . . . . . . . . . . . . . . 9,267
Receivable for futures variation margin--Note 4(a) . . . 1,600
____________
24,634,331
____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 4,410
Due to Distributor . . . . . . . . . . . . . . . . . . . 4,410
Payable for investment securities purchased . . . . . . . 300,862
____________
309,682
____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $24,324,649
____________
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $25,648,413
Accumulated undistributed investment income--net . . . . 70,573
Accumulated net realized gain (loss) on investments . . . 1,064,035
Accumulated net unrealized appreciation (depreciation)
on investments (including $3,800 net unrealized
appreciation on financial futures)--Note 3(b) . . . . . (2,458,372)
____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $24,324,649
____________
SHARES OUTSTANDING
(200 MILLION SHARES OF $.001 PAR VALUE COMMON STOCK AUTHORIZED). . . . . . . . . . . . . . 2,000,850
NET ASSET VALUE, offering and redemption price per share--Note 3(c). . . . . . . . . . . . $12.16
_______
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
DREYFUS SMALL CAP STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS YEAR ENDED OCTOBER 31, 1998
INVESTMENT INCOME
INCOME: Cash dividends (net of $56 foreign taxes
withheld at source) . . . . . . . . . . . . . . . . . $ 169,279
Interest . . . . . . . . . . . . . . . . . . . . . . . 6,225
___________
Total Income . . . . . . . . . . . . . . . . . . . $ 175,504
EXPENSES: Management fee--Note 3(a) . . . . . . . . . . . . . . . . 51,778
Shareholder servicing costs--Note 3(b) . . . . . . . . . 51,777
Loan commitment fees --Note 2 . . . . . . . . . . . . . . 80
___________
Total Expenses . . . . . . . . . . . . . . . . . . 103,635
___________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,869
___________
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments . . . . . . . . . $ 1,063,206
Net realized gain (loss) on financial futures . . . . . . (9,720)
___________
Net Realized Gain (Loss) . . . . . . . . . . . . . 1,053,486
Net unrealized appreciation (depreciation) on investments
(including $15,425 net unrealized appreciation on . . (3,874,179)
___________
financial futures)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS . . . . . . . . . . . . . . . . . . (2,820,693)
___________
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . $(2,748,824)
___________
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
DREYFUS SMALL CAP STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
October 31, 1998 October 31, 1997*
________________ ________________
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 71,869 $ 22,097
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . 1,053,486 213,285
Net unrealized appreciation (depreciation) on investments . . . . . . . . . . . . (3,874,179) 1,415,807
____________ ____________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . . . . (2,748,824) 1,651,189
____________ ____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23,393) --------
Net realized gain on investments . . . . . . . . . . . . . . . . . . . . . . . . . (202,736) --------
____________ ____________
Total Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (226,129) --------
____________ ____________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . 10,491,450 16,685,148
Dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225,582 --------
Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,498,039) (255,728)
____________ ____________
Increase (Decrease) in Net Assets from Capital Stock Transactions . . . . . . . 9,218,993 16,429,420
____________ ____________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . . . . 6,244,040 18,080,609
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,080,609 --------
____________ ____________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $24,324,649 $18,080,609
____________ ____________
UNDISTRIBUTED INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . $ 70,573 $ 22,097
____________ ____________
Shares Shares
____________ ____________
CAPITAL SHARE TRANSACTIONS:
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 794,989 1,319,474
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . . . 16,898 --------
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (112,038) (18,473)
____________ ____________
Net Increase (Decrease) in Shares Outstanding . . . . . . . . . . . . . . . . . 699,849 1,301,001
____________ ____________
____________ ____________
- -----------------------------
* From June 30, 1997 (commencement of operations) to October 31, 1997.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
DREYFUS SMALL CAP 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 each period indicated. This information has been
derived from the Fund's financial statements.
Year Ended October 31,
_____________________
PER SHARE DATA: 1998 1997(1)
______ ______
Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13.90 $12.50
______ ______
Investment Operations:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .04 .02
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.60) 1.38
______ ______
Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.56) 1.40
______ ______
Distributions:
Dividends from investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . (.02) --
Dividends from net realized gain on investments . . . . . . . . . . . . . . . . . . . . . . . (.16) --
______ ______
Total Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (.18) --
______ ______
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12.16 $13.90
______ ______
TOTAL INVESTMENT RETURN (2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11.38%) 11.20%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . .50% .17%(3)
Ratio of net investment income
to average net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35% .13%(3)
Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.14% 10.59%
Net Assets, end of period (000's Omitted) . . . . . . . . . . . . . . . . . . . . . . . . . . $24,325 $18,081
- -----------------------------
(1) From June 30, 1997 (commencement of operations) to October 31, 1997.
(2) Exclusive of redemption fee.
(3) Not annualized.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
DREYFUS SMALL CAP STOCK INDEX FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Small Cap Stock Index Fund (the "Fund") is a separate non-diversified
series of Dreyfus Index Funds, Inc. (the "Company") which is registered under
the Investment Company Act of 1940, as amended (the "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 total return performance of
predominantly small capitalization common stocks in the aggregate, as
represented by the Standard & Poor' s Small Cap 600 Index. The Dreyfus
Corporation (" Dreyfus" ) serves as the Fund's investment adviser. 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.
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.
As of October 31, 1998, MBC Investment Corp., an indirect subsidiary of Mellon
Bank Corporation, held 1,215,640 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 funds
operations; expenses which are applicable to all funds are allocated among them
on a pro rata basis.
(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. Securities for which there are no such
valuations are valued at fair value as determined in good faith under the
direction of the Board of Directors.
(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 and 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 of 1986, as amended (the "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 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
October 31, 1998, the Fund did not borrow under the Facility.
<PAGE>
DREYFUS SMALL CAP STOCK INDEX FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (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 .25 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 commissions, taxes, interest, commitment fees, 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 from
the Company an annual fee of $2,500 and an attendance fee $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. 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 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 October 31, 1998,
the Fund was charged an aggregate of $51,777 pursuant to the Shareholder
Services Plan.
(c) A 1% redemption fee is charged and retained 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. During the period ended
October 31, 1998, redemption fees amounted to $631.
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
October 31, 1998 amounted to $14,036,584 and $5,189,023, 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.
Investments in financial futures require the Fund to "mark to market" on a daily
basis, which reflects the change in the market value of the contract at the
close of each day's trading. Accordingly, variation margin payments are received
or made to reflect daily unrealized gains or losses. When the contracts are
closed, the Fund recognizes a realized gain or loss. These investments require
initial margin deposits with a custodian, which consist of cash or cash
equivalents, up to approximately 10% of the contract amount. The amount of these
deposits is determined by the exchange or Board of Trade on which the contract
is traded and is subject to change. Contracts open as of October 31, 1998, are
set forth in the Statement of Financial Futures.
(b) At October 31, 1998, accumulated net unrealized depreciation on
investments and financial futures was $2,458,372, consisting of $2,094,897 gross
unrealized appreciation and $4,553,269 gross unrealized depreciation.
At October 31, 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).
<PAGE>
DREYFUS SMALL CAP STOCK INDEX FUND
- -----------------------------------------------------------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholders of
Dreyfus Small Cap Index Fund
In our opinion, the accompanying statements of assets and liabilities, including
the schedules of investments, and the related statements of operations and of
changes in net assets and financial highlights present fairly, in all material
respects, the financial position of Dreyfus Small Cap Index Fund (the "Fund")
(one of the Series constituting Dreyfus Index Funds), as of October 31, 1998,
the results of its operations for the year then ended, the changes in its net
assets and the financial highlights for the periods presented, in conformity
with generally accepted accounting principles. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund' s management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits in accordance with generally accepted auditing standards, which require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included confirmation
of securities owned at October 31, 1998 by correspondence with the custodian and
brokers, provide a reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
New York, New York
December 18, 1998
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby designates 18.649% of the
ordinary dividends paid during the fiscal year ended October 31, 1998 as
qualifying for the corporate dividends received deduction. Shareholders will
receive notification in January 1999 of the percentage applicable to the
preparation of their 1998 income tax returns.
<PAGE>
(reg.tm)
(reg.tm)
DREYFUS SMALL CAP 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. 077AR9810
Small Cap Stock
Index Fund
Annual Report
October 31, 1998
<PAGE>
DREYFUS S&P 500 INDEX FUND
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this annual report for the Dreyfus S&P 500
Index Fund for the 12-month period ended October 31, 1998. As you know, it was a
turbulent year in the stock market. Nonetheless, your Fund produced a total
return of 21.34% for the 12-month period.* This compares with a total return of
22.01% for the Standard & Poor's 500 Composite Stock Price Index for the same
period.** The difference is accounted for by transaction costs and other Fund
operating expenses.
ECONOMIC REVIEW
So far in 1998, the main regions of the world have had very different economic
fundamentals. The U.S. entered the year with a strong economy near full
employment, with unemployment only slightly above 4%. The tight labor market led
the Federal Reserve Board to contemplate a rise in interest rates early in the
year. The U.S. economy cooled enough over the months that the Fed decided to
stand pat. Evidence of economic cooling continued to accumulate and worries
about the world economy intensified. Financial stresses pushed the Fed to ease
credit in both late September and mid-October. After many years of subpar
economic growth, continental Europe moved into a sustained economic expansion.
The overall European economy benefited as interest rates in peripheral countries
such as Spain and Italy fell, approaching the lower levels established by
Germany, on the eve of currency unification. Unlike the U.S., Europe has
substantial excess capacity of productive plant and labor. In Asia, weak
economies were pervasive as a result of the Asian financial crisis. The Latin
American economies weakened as the financial stresses spread throughout that
region.
A main influence on the U.S. economy this year was the foreign financial
crisis and cooling of the world economy. The positive effects hit first. Actual
inflation and expected inflation dropped, causing a decline in long-term
Treasury bond yields and mortgage rates. This caused a boom in housing. The fall
in inflation helped the consumer sector as more of the growth in consumer income
was left over after inflation to buy goods and services. Consumers benefited
from a combination of good growth in income after inflation, a strong labor
market and past increases in the price of assets they owned.
The negative effect of Asian weakness was felt in the industrial sector more
than in the consumer sector. Corporate profits weakened, especially in sectors
affected by the Asian crisis such as world-traded commodities (oil, metals and
paper) and exports. One result of this industrial weakness was to cool off a
U.S. economy that had been growing rapidly.
The major change in the economic outlook over recent months has been a
downward shift in expectations for world economic growth. A credit crunch
developed in emerging countries and former communist countries, sharply reducing
the economic outlook for Asia and Latin America as well as for
commodity-exporting countries throughout the world. The effect on Europe and the
U.S. has been to lower expectations of profit growth and drive down bond yields
Evidence of a weaker world economy accumulated as the financial stresses
continued. A worsened financial crisis occurred between the Russian default in
mid-August and the fallout from the Long-Term Capital Management (hedge fund)
crisis through early October. However, proactive steps were taken to stabilize
the Japanese banks, design a support package for Brazil and ease monetary
policy. The prospects for world economic weakness and monetary ease in the major
countries will be powerfully influenced by whether foreign financial stresses
calm down or intensify in the coming months. There appears to be a shift in the
priorities of key policymakers from fighting potential inflation to
restimulating future world economic growth.
MARKET OVERVIEW
The 12 months ended October 31, 1998 encompassed some very different market
phases. There was stock market strength during the early part of the period.
Then small-cap indices started to erode in the spring and were joined by
large-cap indices by midsummer. A sharp decline until the end of August was
followed by a brief rebound and then a renewed decline amid financial fears
until early October. The last few weeks of the fiscal year saw a strong rally in
response to the easing of monetary policy. Returns on mid-cap and small-cap
stock indices tended to be weaker than on large-caps, with a negative total
return on small-cap indices.
Three key trends influenced stock market behavior during the fiscal year.
First, the Federal Reserve kept the Federal Funds rate flat at 5.5% for nearly
11 months of the fiscal year, but then eased policy twice. Second, weakness in
emerging country economies contributed to declining commodity prices and a drop
in long-term Treasury bond yields to multidecade lows. Third, expectations for
corporate profits dropped, first in the sectors sensitive to Asian developments
such as oil, basic materials and exports and then for a broader list of stocks.
The trigger for the sharp decline in stocks in August appeared to be the
Russian default in the summer of 1998. This resulted in deepening concerns about
weaker economic growth and corporate profits. There was also a global margin
call on risky assets held by hedge funds and financial institutions. This raised
the cost of debt financing for many corporations and many emerging countries.
Expectations for economic activity in emerging countries in Asia and Latin
America shifted down sharply while expectations for U.S. corporate profits
weakened somewhat. Despite the fall in Treasury bond yields, financial stocks
led the summer selloff due to concerns about financial contagion among emerging
countries and potential loan losses by financial institutions. However, in the
last few weeks of the fiscal year, these fears began to ebb and the stock market
rebounded.
The erosion of expectations about average corporate profit growth over the
last year contributed to an outperformance by a small group of super-cap growth
stocks for much of the fiscal year. Investors had more confidence in the
prospect for strong persistent earnings growth for this small group of stocks
than for the broad market. Value stocks, which often have greater cyclical
sensitivity to earnings fluctuations, lagged behind these super-growth stocks.
In addition, many of the financial stocks that fall into the value category
dropped sharply following the Russian default and global margin call concerns.
The fiscal year ended October 31, 1998, was characterized by very different
performances of the various market sectors. Super-cap growth stocks did best,
followed by large-cap stocks in general with mid-cap and small-cap stocks
lagging behind. For example, the total return for the fiscal year on the Russell
1000 Index with a heavy large-cap representation was 19.71%, while the Russell
1000 Growth Index returned 24.64% and the Russell 1000 Value Index returned
14.83% . The return on the Russell Midcap Index was 4.46% while the small-cap
Russell 2000 Index return was -11.84%.***
We thank you for being an investor in this Dreyfus Fund.
Sincerely,
[Steven A. Falci signature]
Steven A. Falci
Portfolio Manager
November 24, 1998
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
***SOURCE: LIPPER ANALYTICAL SERVICES, INC.--The Russell 1000 Index measures
the performance of the 1,000 largest companies in the Russell 3000 Index, which
represent approximately 89% of the total market capitalization of the Russell
3000 Index. The Russell 1000 Growth Index measures the performance of those
Russell 1000 companies with higher price-to-book ratios and higher forecasted
growth values. The Russell 1000 Value Index measures the performance of those
Russell 1000 companies with lower price-to-book ratios and lower forecasted
growth values. The Russell Midcap Index consists of the bottom 800 securities in
the Russell 1000 Index as ranked by total market capitalization, and is a widely
accepted measure of medium-cap stock market performance. The Russell 2000 Index
is composed of the 2,000 smallest companies in the Russell 3000 Index. The
Russell 3000 Index is composed of 3,000 of the largest U.S. companies by market
capitalization. All indices are unmanaged and include reinvested dividends.
DREYFUS S&P 500 INDEX FUND OCTOBER 31, 1998
- -----------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS S&P 500 INDEX
FUND AND THE STANDARD & POOR'S 500 COMPOSITE STOCK PRICE INDEX
$39,191
Standard & Poor's 500 Composite Stock Price Index*
Dollars
$37,054
<TABLE>
<CAPTION>
Dreyfus S&P 500 Index Fund
*Source: Lipper Analytical Services, Inc.
Average Annual Total Returns
- --------------------------------------------------------------------------------
One Year Ended Five Years Ended From Inception (1/2/90)
October 31, 1998 October 31, 1998 to October 31, 1998
__________________ __________________ _________________________
<S> <C> <C>
21.34% 20.61% 15.99%
- ------------------------
</TABLE>
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Dreyfus S&P 500 Index Fund
on 1/2/90 (Inception Date) to a $10,000 investment made in the Standard & Poor's
500 Composite Stock Price Index on that date. All dividends and capital gain
distributions are reinvested. The Fund's performance shown in the line graph
takes into account all applicable fees and expenses. The Standard & Poor's 500
Composite Stock Price Index is a widely accepted, unmanaged index of overall
stock market performance, which does not take into account charges, fees or
other expenses. Further information relating to Fund performance, including
expense reimbursements, if applicable, is contained in the Financial Highlights
section of the Prospectus and elsewhere in this report.
<TABLE>
<CAPTION>
DREYFUS S&P 500 INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS OCTOBER 31, 1998
Shares COMMON STOCKS--98.4% Value
___________ ____________
Basic Industries--3.0%
<S> <C> <C> <C>
47,400 Air Products & Chemicals . . . . . . . . . . . . . . . . . . $ 1,789,350
8,200 Armstrong World Industries . . . . . . . . . . . . . . . . . 508,400
24,000 Avery Dennison . . . . . . . . . . . . . . . . . . . . . . . 994,500
6,200 Ball . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261,563
10,900 Bemis. . . . . . . . . . . . . . . . . . . . . . . . . . . . 404,663
11,500 (a) Boise Cascade . . . . . . . . . . . . . . . . . . . . . 322,000
12,200 Centex . . . . . . . . . . . . . . . . . . . . . . . . . . . 408,700
19,600 Champion International . . . . . . . . . . . . . . . . . . . 625,975
25,500 Crown Cork & Seal. . . . . . . . . . . . . . . . . . . . . . 812,813
45,900 Dow Chemical . . . . . . . . . . . . . . . . . . . . . . . . 4,297,388
231,900 duPont (E.I.) de Nemours
& Co. . . . . . . . . . . . . . . . . . . . . . . 13,334,250
16,200 Eastman Chemical . . . . . . . . . . . . . . . . . . . . . . 951,750
29,600 Engelhard. . . . . . . . . . . . . . . . . . . . . . . . . . 621,600
16,200 Fluor. . . . . . . . . . . . . . . . . . . . . . . . . . . . 628,763
7,100 (a) FMC . . . . . . . . . . . . . . . . . . . . . . . . . . 362,544
45,200 Fort James . . . . . . . . . . . . . . . . . . . . . . . . . 1,822,125
35,400 Fortune Brands . . . . . . . . . . . . . . . . . . . . . . . 1,170,413
8,300 Foster Wheeler . . . . . . . . . . . . . . . . . . . . . . . 131,763
19,100 Georgia Pacific. . . . . . . . . . . . . . . . . . . . . . . 988,425
15,600 Grace (W.R.) & Co. . . . . . . . . . . . . . . . . . . . . . 271,050
12,100 Great Lakes Chemical . . . . . . . . . . . . . . . . . . . . 503,663
19,400 Hercules . . . . . . . . . . . . . . . . . . . . . . . . . . 646,263
63,000 International Paper. . . . . . . . . . . . . . . . . . . . . 2,925,563
8,200 Kaufman & Broad Home . . . . . . . . . . . . . . . . . . . . 234,213
22,500 Louisiana Pacific. . . . . . . . . . . . . . . . . . . . . . 399,375
69,700 Masco. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,964,669
21,300 Mead . . . . . . . . . . . . . . . . . . . . . . . . . . . . 673,613
Morton International . . . . . . . . . . . . . . . . . 664,163
13,500 Nalco Chemical . . . . . . . . . . . . . . . . . . . . . . . 417,656
72,300 Occidental Petroleum . . . . . . . . . . . . . . . . . . . . 1,436,963
11,100 Owens-Corning. . . . . . . . . . . . . . . . . . . . . . . . 403,069
31,800 (a) Owens-Illinois . . . . . . . . . . . . . . . . . . . . 971,888
5,900 Potlach. . . . . . . . . . . . . . . . . . . . . . . . . . . 215,350
36,300 PPG Industries . . . . . . . . . . . . . . . . . . . . . . . 2,075,906
32,400 Praxair. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,304,100
36,500 Rohm & Haas. . . . . . . . . . . . . . . . . . . . . . . . . 1,231,875
17,032 Sealed Air . . . . . . . . . . . . . . . . . . . . . . . . . 603,572
35,400 Sherwin-Williams . . . . . . . . . . . . . . . . . . . . . . 891,638
20,600 Sigma-Aldrich. . . . . . . . . . . . . . . . . . . . . . . . 636,669
21,500 (a) Stone Container . . . . . . . . . . . . . . . . . . . . 205,594
11,400 Temple-Inland. . . . . . . . . . . . . . . . . . . . . . . . 553,613
34,800 Tenneco. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,057,050
14,200 Union Camp . . . . . . . . . . . . . . . . . . . . . . . . . 610,600
27,700 Union Carbide. . . . . . . . . . . . . . . . . . . . . . . . 1,066,450
20,800 Westvaco . . . . . . . . . . . . . . . . . . . . . . . . . . 512,200
Basic Industries (continued)
40,800 Weyerhaeuser . . . . . . . . . . . . . . . . . . . . . . . . $ 1,909,950
22,800 Willamette Industries. . . . . . . . . . . . . . . . . . . . 706,800
_______________
55,530,500
_______________
Capital Goods--24.4%
44,800 AMP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,839,600
13,800 Adobe Systems. . . . . . . . . . . . . . . . . . . . . . . . 512,325
29,500 (a) Advanced Micro Devices . . . . . . . . . . . . . . . . 665,594
5,806 Aeroquip-Vickers . . . . . . . . . . . . . . . . . . . . . . 182,889
40,354 Allegheny Teledyne . . . . . . . . . . . . . . . . . . . . . 829,779
115,000 AlliedSignal . . . . . . . . . . . . . . . . . . . . . . . . 4,477,813
17,650 (a) Andrew . . . . . . . . . . . . . . . . . . . . . . . . 289,019
27,600 (a) Apple Computer . . . . . . . . . . . . . . . . . . . . 1,024,650
75,000 (a) Applied Materials . . . . . . . . . . . . . . . . . . . 2,601,563
44,200 (a) Ascend Communications . . . . . . . . . . . . . . . . . 2,132,650
9,600 Autodesk . . . . . . . . . . . . . . . . . . . . . . . . . . 299,400
61,700 Automatic Data
Processing . . . . . . . . . . . . . . . . . . . . 4,801,031
42,300 (a) BMC Software . . . . . . . . . . . . . . . . . . . . . 2,033,044
207,098 Boeing . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,766,175
4,900 Briggs & Stratton. . . . . . . . . . . . . . . . . . . . . . 230,300
35,600 Browning-Ferris Industries . . . . . . . . . . . . . . . . . 1,261,575
33,700 (a) Cabletron Systems . . . . . . . . . . . . . . . . . . . 383,338
15,300 Case . . . . . . . . . . . . . . . . . . . . . . . . . . . . 336,600
74,700 Caterpillar. . . . . . . . . . . . . . . . . . . . . . . . . 3,361,500
175,770 (a) Cendant . . . . . . . . . . . . . . . . . . . . . . . . 2,010,369
14,900 (a) Ceridian . . . . . . . . . . . . . . . . . . . . . . . 854,888
318,550 (a) Cisco Systems . . . . . . . . . . . . . . . . . . . . . 20,068,650
342,384 Compaq Computer. . . . . . . . . . . . . . . . . . . . . . . 10,827,894
115,050 Computer Associates
International . . . . . . . . . . . . . . . . . . 4,530,094
32,400 Computer Sciences. . . . . . . . . . . . . . . . . . . . . . 1,709,100
23,800 Cooper Industries. . . . . . . . . . . . . . . . . . . . . . 1,050,175
14,125 Crane. . . . . . . . . . . . . . . . . . . . . . . . . . . . 406,977
7,900 Cummins Engine . . . . . . . . . . . . . . . . . . . . . . . 269,588
10,100 (a) Data General . . . . . . . . . . . . . . . . . . . . . 171,700
50,200 Deere & Co.. . . . . . . . . . . . . . . . . . . . . . . . . 1,775,825
259,400 (a) Dell Computer . . . . . . . . . . . . . . . . . . . . . 17,023,125
16,600 Deluxe . . . . . . . . . . . . . . . . . . . . . . . . . . . 537,425
45,700 Dover. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,450,975
35,000 Dun & Bradstreet . . . . . . . . . . . . . . . . . . . . . . 993,125
9,400 EG&G . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236,175
102,400 (a) EMC . . . . . . . . . . . . . . . . . . . . . . . . . . 6,592,000
14,600 Eaton. . . . . . . . . . . . . . . . . . . . . . . . . . . . 988,238
100,800 Electronic Data Systems. . . . . . . . . . . . . . . . . . . 4,101,300
90,300 Emerson Electric . . . . . . . . . . . . . . . . . . . . . . 5,959,800
DREYFUS S&P 500 INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Shares COMMON STOCKS (continued) Value
___________ ____________
Capital Goods (continued)
30,300 Equifax. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,172,231
91,600 First Data . . . . . . . . . . . . . . . . . . . . . . . . . 2,427,400
31,900 (a) Gateway 2000 . . . . . . . . . . . . . . . . . . . . . 1,780,419
25,900 General Dynamics . . . . . . . . . . . . . . . . . . . . . . 1,532,956
666,700 General Electric . . . . . . . . . . . . . . . . . . . . . . 58,336,250
36,600 Genuine Parts. . . . . . . . . . . . . . . . . . . . . . . . 1,152,900
15,200 Goodrich (B.F.). . . . . . . . . . . . . . . . . . . . . . . 547,200
20,000 Grainger (W.W.). . . . . . . . . . . . . . . . . . . . . . . 921,250
20,600 H&R Block. . . . . . . . . . . . . . . . . . . . . . . . . . 923,138
88,300 HBO & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . 2,317,875
9,800 Harnischfeger Industries . . . . . . . . . . . . . . . . . . 92,488
16,400 Harris . . . . . . . . . . . . . . . . . . . . . . . . . . . 575,025
213,000 Hewlett-Packard. . . . . . . . . . . . . . . . . . . . . . . 12,819,938
25,800 Honeywell. . . . . . . . . . . . . . . . . . . . . . . . . . 2,060,775
27,800 Ikon Office Solutions. . . . . . . . . . . . . . . . . . . . 262,363
51,200 Illinois Tool Works. . . . . . . . . . . . . . . . . . . . . 3,283,200
34,000 IMS Health . . . . . . . . . . . . . . . . . . . . . . . . . 2,261,000
33,900 Ingersoll-Rand . . . . . . . . . . . . . . . . . . . . . . . 1,711,950
344,200 Intel. . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,698,338
191,200 International Business
Machines . . . . . . . . . . . . . . . . . . . . . 28,381,250
27,950 Interpublic Group Cos. . . . . . . . . . . . . . . . . . . . 1,635,075
24,300 ITT Industries . . . . . . . . . . . . . . . . . . . . . . . 868,725
17,800 (a) KLA-Tencor . . . . . . . . . . . . . . . . . . . . . . 656,375
40,100 Lockheed Martin. . . . . . . . . . . . . . . . . . . . . . . 4,466,138
28,900 (a) LSI Logic . . . . . . . . . . . . . . . . . . . . . . . 437,113
269,450 Lucent Technologies. . . . . . . . . . . . . . . . . . . . . 21,606,522
12,100 McDermott International. . . . . . . . . . . . . . . . . . . 354,681
43,700 (a) Micron Technology . . . . . . . . . . . . . . . . . . . 1,660,600
504,900 (a) Microsoft . . . . . . . . . . . . . . . . . . . . . . . 53,456,231
8,000 (a) Milacron . . . . . . . . . . . . . . . . . . . . . . . 155,000
9,000 Millipore. . . . . . . . . . . . . . . . . . . . . . . . . . 221,625
82,800 Minnesota Mining
& Manufacturing . . . . . . . . . . . . . . . . . 6,624,000
122,600 Motorola . . . . . . . . . . . . . . . . . . . . . . . . . . 6,375,200
33,700 (a) National Semiconductor . . . . . . . . . . . . . . . . 427,569
133,620 Northern
Telecommunications . . . . . . . . . . . . . . . . 5,720,606
4,100 Northrop Grumman . . . . . . . . . . . . . . . . . . . . . . 1,124,475
72,400 (a) Novell . . . . . . . . . . . . . . . . . . . . . . . . 1,076,950
34,800 Omnicom Group. . . . . . . . . . . . . . . . . . . . . . . . 1,720,425
199,400 (a) Oracle . . . . . . . . . . . . . . . . . . . . . . . . 5,894,763
25,400 Pall . . . . . . . . . . . . . . . . . . . . . . . . . . . . 641,350
55,800 (a) Parametric Technology . . . . . . . . . . . . . . . . . 927,675
22,650 Parker-Hannifin. . . . . . . . . . . . . . . . . . . . . . . 809,738
33,400 Paychex. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,661,650
47,200 (a) PeopleSoft . . . . . . . . . . . . . . . . . . . . . . 1,000,050
Capital Goods (continued)
10,100 Perkin-Elmer . . . . . . . . . . . . . . . . . . . . . . . . 851,556
56,200 Pitney Bowes . . . . . . . . . . . . . . . . . . . . . . . . $ 3,094,513
17,200 Raychem. . . . . . . . . . . . . . . . . . . . . . . . . . . 525,675
69,400 Raytheon, Cl. B. . . . . . . . . . . . . . . . . . . . . . . 4,029,538
39,200 Rockwell International . . . . . . . . . . . . . . . . . . . 1,609,650
15,000 Ryder System . . . . . . . . . . . . . . . . . . . . . . . . 369,375
16,200 Scientific-Atlanta . . . . . . . . . . . . . . . . . . . . . 241,988
49,800 (a) Seagate Technology . . . . . . . . . . . . . . . . . . 1,313,475
52,700 Service Corp. International. . . . . . . . . . . . . . . . . 1,877,438
5,400 Shared Medical Systems . . . . . . . . . . . . . . . . . . . 269,325
38,700 (a) Silicon Graphics . . . . . . . . . . . . . . . . . . . 435,375
12,100 Snap-On. . . . . . . . . . . . . . . . . . . . . . . . . . . 428,794
18,213 Stanley Works. . . . . . . . . . . . . . . . . . . . . . . . 546,390
77,600 (a) Sun Microsystems . . . . . . . . . . . . . . . . . . . 4,520,200
73,500 (a) 3COM . . . . . . . . . . . . . . . . . . . . . . . . . 2,650,594
9,700 Tektronix. . . . . . . . . . . . . . . . . . . . . . . . . . 173,388
39,700 (a) Tellabs . . . . . . . . . . . . . . . . . . . . . . . . 2,183,500
79,900 Texas Instruments. . . . . . . . . . . . . . . . . . . . . . 5,108,606
33,600 Textron. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,499,000
34,000 (a) Thermo Electron . . . . . . . . . . . . . . . . . . . . 677,875
11,600 Thomas & Betts . . . . . . . . . . . . . . . . . . . . . . . 518,375
12,800 Timken . . . . . . . . . . . . . . . . . . . . . . . . . . . 228,000
132,002 Tyco International . . . . . . . . . . . . . . . . . . . . . 8,175,875
52,100 (a) Unisys . . . . . . . . . . . . . . . . . . . . . . . . 1,387,163
46,700 United Technologies. . . . . . . . . . . . . . . . . . . . . 4,448,175
117,200 Waste Management . . . . . . . . . . . . . . . . . . . . . . 5,288,650
67,300 Xerox. . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,519,688
_____________
449,338,931
_____________
Consumer Cyclical--12.6%
50,400 Albertson's. . . . . . . . . . . . . . . . . . . . . . . . . 2,800,350
14,500 American Greetings, Cl. A. . . . . . . . . . . . . . . . . . 581,813
56,200 American Stores . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,830,013
31,300 (a) AutoZone . . . . . . . . . . . . . . . . . . . . . . . 823,581
19,000 Black & Decker . . . . . . . . . . . . . . . . . . . . . . . 982,063
20,300 Brunswick. . . . . . . . . . . . . . . . . . . . . . . . . . 394,581
146,700 CBS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,098,431
79,800 CVS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,645,863
132,500 Chrysler . . . . . . . . . . . . . . . . . . . . . . . . . . 6,376,563
20,500 Circuit City Stores. . . . . . . . . . . . . . . . . . . . . 741,844
50,900 (a) Clear Channel
Communications . . . . . . . . . . . . . . . . . . 2,319,131
75,700 Comcast, Cl. A . . . . . . . . . . . . . . . . . . . . . . . 3,737,688
22,400 (a) Consolidated Stores . . . . . . . . . . . . . . . . . . 368,200
15,900 Cooper Tire and Rubber . . . . . . . . . . . . . . . . . . . 264,338
44,400 (a) Costco Cos. . . . . . . . . . . . . . . . . . . . . . . 2,519,700
33,759 Dana . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,411,548
DREYFUS S&P 500 INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Shares COMMON STOCKS (continued) Value
___________ ____________
Consumer Cyclical (continued)
28,500 Darden Restaurants . . . . . . . . . . . . . . . . . . . . . $ 470,250
90,000 Dayton Hudson. . . . . . . . . . . . . . . . . . . . . . . . 3,813,750
22,700 Dillard's, Cl. A . . . . . . . . . . . . . . . . . . . . . . 705,119
419,800 Disney (Walt). . . . . . . . . . . . . . . . . . . . . . . . 11,308,363
37,850 Dollar General . . . . . . . . . . . . . . . . . . . . . . . 903,669
28,500 Donnelley (R.R.) & Sons. . . . . . . . . . . . . . . . . . . 1,229,063
19,200 Dow Jones & Co . . . . . . . . . . . . . . . . . . . . . . . 879,600
43,200 (a) Federated
Department Stores . . . . . . . . . . . . . . . . 1,660,500
7,100 Fleetwood Enterprises. . . . . . . . . . . . . . . . . . . . 228,975
248,300 Ford Motor . . . . . . . . . . . . . . . . . . . . . . . . . 13,470,275
31,600 (a) Meyer (Fred) . . . . . . . . . . . . . . . . . . . . . 1,684,675
14,800 (a) Fruit of the Loom, Cl. A . . . . . . . . . . . . . . . 225,700
58,300 Gannett. . . . . . . . . . . . . . . . . . . . . . . . . . . 3,607,313
80,500 Gap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,840,063
30,900 (a) General Instrument . . . . . . . . . . . . . . . . . . 793,744
134,000 General Motors . . . . . . . . . . . . . . . . . . . . . . . 8,450,375
32,200 Goodyear Tire & Rubber . . . . . . . . . . . . . . . . . . . 1,734,775
7,800 Great Atlantic & Pacific . . . . . . . . . . . . . . . . . . 183,300
14,500 Harcourt General . . . . . . . . . . . . . . . . . . . . . . 705,969
20,800 (a) Harrah's Entertainment . . . . . . . . . . . . . . . . 293,800
27,000 Hasbro . . . . . . . . . . . . . . . . . . . . . . . . . . . 946,688
53,400 Hilton Hotel . . . . . . . . . . . . . . . . . . . . . . . . 1,071,338
301,102 Home Depot . . . . . . . . . . . . . . . . . . . . . . . . . 13,097,937
17,400 Johnson Controls . . . . . . . . . . . . . . . . . . . . . . 978,750
7,500 Jostens. . . . . . . . . . . . . . . . . . . . . . . . . . . 169,219
100,900 (a) K mart . . . . . . . . . . . . . . . . . . . . . . . . 1,425,213
15,000 (a) King World Productions . . . . . . . . . . . . . . . . 393,750
16,200 Knight-Ridder. . . . . . . . . . . . . . . . . . . . . . . . 825,188
32,400 (a) Kohl's . . . . . . . . . . . . . . . . . . . . . . . . 1,549,125
52,600 (a) Kroger . . . . . . . . . . . . . . . . . . . . . . . . 2,919,300
46,700 Limited. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,196,688
13,500 Liz Claiborne. . . . . . . . . . . . . . . . . . . . . . . . 396,563
8,000 Longs Drug Stores. . . . . . . . . . . . . . . . . . . . . . 312,500
72,100 Lowes. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,428,869
51,300 Marriott International, Cl. A. . . . . . . . . . . . . . . . 1,378,688
60,000 Mattel . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,152,500
47,300 May Department Stores. . . . . . . . . . . . . . . . . . . . 2,885,300
18,700 Maytag . . . . . . . . . . . . . . . . . . . . . . . . . . . 924,481
140,300 McDonald's . . . . . . . . . . . . . . . . . . . . . . . . . 9,382,563
20,300 McGraw-Hill Cos. . . . . . . . . . . . . . . . . . . . . . . 1,825,731
124,900 (a) MediaOne Group . . . . . . . . . . . . . . . . . . . . 5,284,831
10,800 Meredith . . . . . . . . . . . . . . . . . . . . . . . . . . 399,600
36,800 (a) Mirage Resorts . . . . . . . . . . . . . . . . . . . . 623,300
18,100 Moore. . . . . . . . . . . . . . . . . . . . . . . . . . . . 204,756
13,700 (a) Navistar International . . . . . . . . . . . . . . . . 285,988
38,800 New York Times, Cl. A. . . . . . . . . . . . . . . . . . . . 1,096,100
Consumer Cyclical (continued)
59,000 NIKE, Cl. B. . . . . . . . . . . . . . . . . . . . . . . . . $ 2,577,563
30,500 Nordstrom. . . . . . . . . . . . . . . . . . . . . . . . . . 833,031
16,000 PACCAR . . . . . . . . . . . . . . . . . . . . . . . . . . . 698,000
51,900 Penney (J.C.). . . . . . . . . . . . . . . . . . . . . . . . 2,465,250
13,100 Pep Boys-Manny,
Moe & Jack . . . . . . . . . . . . . . . . . . . . 204,688
11,600 (a) Reebok International . . . . . . . . . . . . . . . . . 192,850
52,900 Rite Aid . . . . . . . . . . . . . . . . . . . . . . . . . . 2,099,469
7,400 Russell. . . . . . . . . . . . . . . . . . . . . . . . . . . 181,763
71,000 Seagram. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,334,125
80,400 Sears, Roebuck & Co. . . . . . . . . . . . . . . . . . . . . 3,612,975
3,800 Springs Industries . . . . . . . . . . . . . . . . . . . . . 134,425
58,900 (a) Staples . . . . . . . . . . . . . . . . . . . . . . . . 1,921,613
24,800 Supervalu. . . . . . . . . . . . . . . . . . . . . . . . . . 595,200
69,200 Sysco. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,864,075
65,000 TJX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,230,938
25,000 TRW. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,423,438
20,600 Tandy. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,020,988
107,200 (a) Tele-Communications,
Cl. A, TCI Group . . . . . . . . . . . . . . . . . 4,515,800
122,800 Time Warner. . . . . . . . . . . . . . . . . . . . . . . . . 11,397,375
17,800 Times Mirror, Cl. A. . . . . . . . . . . . . . . . . . . . . 986,788
53,500 (a) Toys R Us . . . . . . . . . . . . . . . . . . . . . . . 1,046,594
25,000 Tribune. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,440,625
31,210 (a) Tricon Global Restaurants . . . . . . . . . . . . . . . 1,357,635
24,900 V.F. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,041,131
27,700 (a) Venator Group . . . . . . . . . . . . . . . . . . . . . 233,719
73,400 (a) Viacom, Cl. B . . . . . . . . . . . . . . . . . . . . . 4,394,825
458,100 Wal-Mart Stores. . . . . . . . . . . . . . . . . . . . . . . 31,608,900
101,900 Walgreen . . . . . . . . . . . . . . . . . . . . . . . . . . 4,961,256
26,100 Wendy's International. . . . . . . . . . . . . . . . . . . . 548,100
15,600 Whirlpool. . . . . . . . . . . . . . . . . . . . . . . . . . 799,500
30,400 Winn-Dixie Stores. . . . . . . . . . . . . . . . . . . . . . 1,031,700
_______________
232,994,290
_______________
Consumer Staples--10.4%
11,300 Alberto-Culver, Cl. B. . . . . . . . . . . . . . . . . . . . 300,156
98,800 Anheuser-Busch . . . . . . . . . . . . . . . . . . . . . . . 5,872,425
122,720 Archer Daniels Midland . . . . . . . . . . . . . . . . . . . 2,047,890
53,936 Avon Products. . . . . . . . . . . . . . . . . . . . . . . . 2,140,585
58,900 Bestfoods. . . . . . . . . . . . . . . . . . . . . . . . . . 3,210,050
14,100 Brown-Forman, Cl. B. . . . . . . . . . . . . . . . . . . . . 957,919
92,000 Campbell Soup. . . . . . . . . . . . . . . . . . . . . . . . 4,904,750
21,300 Clorox . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,327,025
505,200 Coca-Cola. . . . . . . . . . . . . . . . . . . . . . . . . . 34,164,150
82,900 Coca-Cola Enterprises. . . . . . . . . . . . . . . . . . . . 2,989,581
60,600 Colgate-Palmolive. . . . . . . . . . . . . . . . . . . . . . 5,355,525
DREYFUS S&P 500 INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Shares COMMON STOCKS (continued) Value
___________ ____________
Consumer Staples (continued)
100,000 ConAgra. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,043,750
7,400 Coors (Adolph), Cl. B. . . . . . . . . . . . . . . . . . . . 370,000
66,100 Eastman Kodak. . . . . . . . . . . . . . . . . . . . . . . . 5,122,750
26,600 Ecolab . . . . . . . . . . . . . . . . . . . . . . . . . . . 794,675
31,700 General Mills. . . . . . . . . . . . . . . . . . . . . . . . 2,329,950
230,100 Gillette . . . . . . . . . . . . . . . . . . . . . . . . . . 10,340,119
74,200 Heinz (H.J.) . . . . . . . . . . . . . . . . . . . . . . . . 4,312,875
29,300 Hershey Foods. . . . . . . . . . . . . . . . . . . . . . . . 1,986,906
22,000 International Flavors
& Fragrances . . . . . . . . . . . . . . . . . . . 823,625
83,400 Kellogg. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,752,200
112,200 Kimberly-Clark . . . . . . . . . . . . . . . . . . . . . . . 5,413,650
1,700 NACCO Industries, Cl. A. . . . . . . . . . . . . . . . . . . 156,400
8,500 National Service Industries. . . . . . . . . . . . . . . . . 304,938
33,300 Newell . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,465,200
301,800 PepsiCo. . . . . . . . . . . . . . . . . . . . . . . . . . . 10,185,750
498,300 Philip Morris. . . . . . . . . . . . . . . . . . . . . . . . 25,475,588
49,500 Pioneer Hi-Bred
International . . . . . . . . . . . . . . . . . . 1,386,000
9,000 Polaroid . . . . . . . . . . . . . . . . . . . . . . . . . . 239,063
274,800 Procter & Gamble . . . . . . . . . . . . . . . . . . . . . . 24,422,850
27,900 Quaker Oats. . . . . . . . . . . . . . . . . . . . . . . . . 1,647,844
64,000 Ralston Purina Group . . . . . . . . . . . . . . . . . . . . 2,136,000
66,600 RJR Nabisco Holdings . . . . . . . . . . . . . . . . . . . . 1,902,263
30,700 Rubbermaid . . . . . . . . . . . . . . . . . . . . . . . . . 1,018,856
95,700 Sara Lee . . . . . . . . . . . . . . . . . . . . . . . . . . 5,712,094
11,800 Tupperware . . . . . . . . . . . . . . . . . . . . . . . . . 183,638
131,200 Unilever . . . . . . . . . . . . . . . . . . . . . . . . . . 9,872,800
38,100 UST. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,295,400
23,800 Wrigley, (Wm) Jr . . . . . . . . . . . . . . . . . . . . . . 1,926,313
_______________
190,891,553
_______________
Energy--7.5%
18,600 Amerada Hess . . . . . . . . . . . . . . . . . . . . . . . . 1,027,650
195,500 Amoco. . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,972,438
24,600 Anadarko Petroleum . . . . . . . . . . . . . . . . . . . . . 833,325
20,200 Apache . . . . . . . . . . . . . . . . . . . . . . . . . . . 571,913
15,700 Ashland. . . . . . . . . . . . . . . . . . . . . . . . . . . 755,563
65,800 Atlantic Richfield . . . . . . . . . . . . . . . . . . . . . 4,531,975
65,090 Baker Hughes . . . . . . . . . . . . . . . . . . . . . . . . 1,436,048
36,345 Burlington Resources . . . . . . . . . . . . . . . . . . . . 1,496,960
134,100 Chevron. . . . . . . . . . . . . . . . . . . . . . . . . . . 10,929,150
43,600 Coastal. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,536,900
17,100 Columbia Energy Group. . . . . . . . . . . . . . . . . . . . 989,663
19,600 Consolidated Natural Gas . . . . . . . . . . . . . . . . . . 1,035,125
4,600 Eastern Enterprises. . . . . . . . . . . . . . . . . . . . . 188,888
67,500 Enron. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,560,625
499,600 Exxon. . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,596,500
Energy (continued)
89,900 Halliburton. . . . . . . . . . . . . . . . . . . . . . . . . $ 3,230,781
10,300 Helmerich & Payne. . . . . . . . . . . . . . . . . . . . . . 245,269
9,800 Kerr-McGee . . . . . . . . . . . . . . . . . . . . . . . . . 390,775
160,200 Mobil. . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,125,138
9,800 Nicor. . . . . . . . . . . . . . . . . . . . . . . . . . . . 415,275
6,500 ONEOK. . . . . . . . . . . . . . . . . . . . . . . . . . . . 222,625
21,800 (a) Oryx Energy . . . . . . . . . . . . . . . . . . . . . . 305,200
9,800 Pennzoil . . . . . . . . . . . . . . . . . . . . . . . . . . 351,575
7,300 Peoples Energy . . . . . . . . . . . . . . . . . . . . . . . 269,188
52,900 Phillips Petroleum . . . . . . . . . . . . . . . . . . . . . 2,287,925
17,500 (a) Rowan Cos. . . . . . . . . . . . . . . . . . . . . . . 254,844
439,400 Royal Dutch Petroleum, A.D.R. 21,640,450
111,500 Schlumberger . . . . . . . . . . . . . . . . . . . . . . . . 5,853,750
49,366 Sempra Energy. . . . . . . . . . . . . . . . . . . . . . . . 1,283,516
22,500 Sonat. . . . . . . . . . . . . . . . . . . . . . . . . . . . 682,031
19,200 Sun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 658,800
109,800 Texaco . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,512,513
51,410 Union Pacific
Resources Group . . . . . . . . . . . . . . . . . 668,330
49,500 Unocal . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,679,906
59,500 USX-Marathon Group . . . . . . . . . . . . . . . . . . . . . 1,944,906
87,100 Williams Cos.. . . . . . . . . . . . . . . . . . . . . . . . 2,389,806
_______________
138,875,326
_______________
Health Care--12.4%
17,700 (a) ALZA . . . . . . . . . . . . . . . . . . . . . . . . . 847,388
315,500 Abbott Laboratories. . . . . . . . . . . . . . . . . . . . . 14,808,781
13,400 Allergan . . . . . . . . . . . . . . . . . . . . . . . . . . 836,663
269,600 American Home Products . . . . . . . . . . . . . . . . . . . 13,143,000
52,000 (a) Amgen . . . . . . . . . . . . . . . . . . . . . . . . . 4,085,250
11,500 Bard (C.R.). . . . . . . . . . . . . . . . . . . . . . . . . 490,906
11,500 Bausch & Lomb. . . . . . . . . . . . . . . . . . . . . . . . 479,406
58,500 Baxter International . . . . . . . . . . . . . . . . . . . . 3,506,344
50,700 Becton, Dickinson & Co.. . . . . . . . . . . . . . . . . . . 2,135,738
23,000 Biomet . . . . . . . . . . . . . . . . . . . . . . . . . . . 780,563
40,100 (a) Boston Scientific . . . . . . . . . . . . . . . . . . . 2,182,944
203,800 Bristol-Myers Squibb . . . . . . . . . . . . . . . . . . . . 22,532,638
27,300 Cardinal Health. . . . . . . . . . . . . . . . . . . . . . . 2,581,556
132,250 Columbia/HCA Healthcare. . . . . . . . . . . . . . . . . . . 2,777,250
30,900 Guidant. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,363,850
86,600 (a) HEALTHSOUTH . . . . . . . . . . . . . . . . . . . . . . 1,050,025
22,200 (a) HCR Manor Care . . . . . . . . . . . . . . . . . . . . 721,500
34,200 (a) Humana . . . . . . . . . . . . . . . . . . . . . . . . 647,663
275,600 Johnson & Johnson. . . . . . . . . . . . . . . . . . . . . . 22,461,400
225,700 Lilly (Eli). . . . . . . . . . . . . . . . . . . . . . . . . 18,267,594
15,000 Mallinckrodt Group . . . . . . . . . . . . . . . . . . . . . 427,500
96,200 Medtronic. . . . . . . . . . . . . . . . . . . . . . . . . . 6,253,000
244,000 Merck & Co.. . . . . . . . . . . . . . . . . . . . . . . . . 33,001,000
DREYFUS S&P 500 INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Shares COMMON STOCKS (continued) Value
___________ ____________
Health Care (continued)
123,100 Monsanto . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,000,938
267,700 Pfizer . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,727,556
104,100 Pharmacia & Upjohn . . . . . . . . . . . . . . . . . . . . . 5,510,794
150,400 Schering-Plough. . . . . . . . . . . . . . . . . . . . . . . 15,472,400
17,200 (a) St. Jude Medical . . . . . . . . . . . . . . . . . . . 485,900
63,200 Tenet Healthcare . . . . . . . . . . . . . . . . . . . . . . 1,765,650
40,000 United Healthcare. . . . . . . . . . . . . . . . . . . . . . 1,742,500
168,200 Warner-Lambert . . . . . . . . . . . . . . . . . . . . . . . 13,182,675
_______________
228,270,372
_______________
Interest Sensitive--16.0%
29,579 Aetna. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,207,333
169,800 Allstate . . . . . . . . . . . . . . . . . . . . . . . . . . 7,312,013
93,500 American Express . . . . . . . . . . . . . . . . . . . . . . 8,263,063
51,845 American General . . . . . . . . . . . . . . . . . . . . . . 3,551,383
215,125 American International Group 18,339,406
34,550 Aon. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,142,100
70,969 Associates First Capital, Cl. A 5,003,315
58,600 BB&T . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,091,288
60,300 BANKBOSTON . . . . . . . . . . . . . . . . . . . . . . . . . 2,219,794
239,904 Banc One . . . . . . . . . . . . . . . . . . . . . . . . . . 11,725,308
153,100 Bank of New York . . . . . . . . . . . . . . . . . . . . . . 4,832,219
356,053 BankAmerica. . . . . . . . . . . . . . . . . . . . . . . . . 20,450,783
19,700 Bankers Trust. . . . . . . . . . . . . . . . . . . . . . . . 1,237,406
23,300 Bear Stearns Cos.. . . . . . . . . . . . . . . . . . . . . . 831,519
43,500 CIGNA. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,172,781
13,500 Capital One Financial. . . . . . . . . . . . . . . . . . . . 1,373,625
175,500 Chase Manhattan. . . . . . . . . . . . . . . . . . . . . . . 9,970,594
33,900 Chubb. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,084,850
34,300 Cincinnati Financial . . . . . . . . . . . . . . . . . . . . 1,279,819
468,393 Citigroup. . . . . . . . . . . . . . . . . . . . . . . . . . 22,043,746
31,900 Comerica . . . . . . . . . . . . . . . . . . . . . . . . . . 2,057,550
64,003 Conseco. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,220,104
22,800 Countrywide Credit
Industries . . . . . . . . . . . . . . . . . . . . 984,675
212,500 Federal National
Mortgage Association . . . . . . . . . . . . . . . 15,047,656
54,900 Fifth Third Bancorp. . . . . . . . . . . . . . . . . . . . . 3,637,125
198,590 First Union. . . . . . . . . . . . . . . . . . . . . . . . . 11,518,220
116,400 Fleet Financial Group. . . . . . . . . . . . . . . . . . . . 4,648,725
51,800 Franklin Resources . . . . . . . . . . . . . . . . . . . . . 1,958,688
139,000 Federal Home Loan
Mortgage . . . . . . . . . . . . . . . . . . . . . 7,992,500
15,500 General Re . . . . . . . . . . . . . . . . . . . . . . . . . 3,405,156
11,800 Golden West Financial. . . . . . . . . . . . . . . . . . . . 1,070,113
47,800 Hartford Financial
Services Group . . . . . . . . . . . . . . . . . . 2,539,375
100,945 Household International. . . . . . . . . . . . . . . . . . . 3,690,802
Interest Sensitive (continued)
43,330 Huntington Bancshares. . . . . . . . . . . . . . . . . . . . $ 1,245,738
21,750 Jefferson Pilot. . . . . . . . . . . . . . . . . . . . . . . 1,321,313
90,100 Keycorp. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,731,156
24,200 Lehman Brothers Holdings . . . . . . . . . . . . . . . . . . 918,088
20,600 Lincoln National . . . . . . . . . . . . . . . . . . . . . . 1,563,025
23,500 Loews. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,207,531
20,300 MBIA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,240,838
154,025 MBNA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,513,695
52,400 Marsh & McLennan . . . . . . . . . . . . . . . . . . . . . . 2,908,200
53,400 Mellon Bank. . . . . . . . . . . . . . . . . . . . . . . . . 3,210,675
31,100 Mercantile Bancorp . . . . . . . . . . . . . . . . . . . . . 1,420,881
71,400 Merrill Lynch & Co.. . . . . . . . . . . . . . . . . . . . . 4,230,450
23,200 MGIC Investment. . . . . . . . . . . . . . . . . . . . . . . 904,800
36,200 Morgan (J.P.). . . . . . . . . . . . . . . . . . . . . . . . 3,411,850
119,980 Morgan Stanley, Dean Witter,
Discover and Co. . . . . . . . . . . . . . . . . . 7,768,705
67,600 National City. . . . . . . . . . . . . . . . . . . . . . . . 4,347,525
22,800 Northern Trust . . . . . . . . . . . . . . . . . . . . . . . 1,681,500
156,900 Norwest. . . . . . . . . . . . . . . . . . . . . . . . . . . 5,834,719
61,800 PNC Bank . . . . . . . . . . . . . . . . . . . . . . . . . . 3,090,000
14,900 Progressive. . . . . . . . . . . . . . . . . . . . . . . . . 2,194,025
27,700 Provident Cos. . . . . . . . . . . . . . . . . . . . . . . . 805,031
19,500 Providian Financial. . . . . . . . . . . . . . . . . . . . . 1,547,813
8,800 Pulte. . . . . . . . . . . . . . . . . . . . . . . . . . . . 226,600
43,900 Regions Financial. . . . . . . . . . . . . . . . . . . . . . 1,624,300
22,100 Republic New York. . . . . . . . . . . . . . . . . . . . . . 924,056
28,900 Safeco . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,251,731
54,700 Schwab (Charles) . . . . . . . . . . . . . . . . . . . . . . 2,622,181
34,300 SLM Holding. . . . . . . . . . . . . . . . . . . . . . . . . 1,374,144
48,394 St. Paul Companies . . . . . . . . . . . . . . . . . . . . . 1,603,051
33,100 State Street . . . . . . . . . . . . . . . . . . . . . . . . 2,064,613
35,600 Summit Bancorp . . . . . . . . . . . . . . . . . . . . . . . 1,350,575
42,500 SunAmerica . . . . . . . . . . . . . . . . . . . . . . . . . 2,996,250
42,800 SunTrust Banks . . . . . . . . . . . . . . . . . . . . . . . 2,982,625
53,950 Synovus Financial. . . . . . . . . . . . . . . . . . . . . . 1,250,966
28,700 Torchmark. . . . . . . . . . . . . . . . . . . . . . . . . . 1,255,625
12,800 Transamerica . . . . . . . . . . . . . . . . . . . . . . . . 1,331,200
28,300 UNUM . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,257,581
152,248 U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . 5,557,052
26,000 Union Planters . . . . . . . . . . . . . . . . . . . . . . . 1,207,375
42,300 Wachovia . . . . . . . . . . . . . . . . . . . . . . . . . . 3,844,013
121,460 Washington Mutual. . . . . . . . . . . . . . . . . . . . . . 4,547,159
17,400 Wells Fargo. . . . . . . . . . . . . . . . . . . . . . . . . 6,438,000
_______________
294,709,689
_______________
Mining And Metals--.7%
8,100 ASARCO . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,644
46,600 Alcan Aluminium. . . . . . . . . . . . . . . . . . . . . . . 1,179,563
DREYFUS S&P 500 INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Shares COMMON STOCKS (continued) Value
___________ ____________
Mining And Metals (continued)
38,300 Aluminum Co. of America. . . . . . . . . . . . . . . . . . . $ 3,035,275
22,100 (a) Armco . . . . . . . . . . . . . . . . . . . . . . . . . 104,975
76,400 Barrick Gold . . . . . . . . . . . . . . . . . . . . . . . . 1,633,050
47,100 Battle Mountain Gold . . . . . . . . . . . . . . . . . . . . 256,106
26,600 (a) Bethlehem Steel . . . . . . . . . . . . . . . . . . . . 239,400
19,200 Cyprus Amax Minerals . . . . . . . . . . . . . . . . . . . . 238,800
36,900 Freeport-McMoRan
Copper Cl.B . . . . . . . . . . . . . . . . . . . 454,331
43,300 Homestake Mining . . . . . . . . . . . . . . . . . . . . . . 514,188
34,000 Inco . . . . . . . . . . . . . . . . . . . . . . . . . . . . 363,375
34,225 Newmont Mining . . . . . . . . . . . . . . . . . . . . . . . 727,281
18,000 Nucor. . . . . . . . . . . . . . . . . . . . . . . . . . . . 815,625
12,000 Phelps Dodge . . . . . . . . . . . . . . . . . . . . . . . . 691,500
51,200 Placer Dome. . . . . . . . . . . . . . . . . . . . . . . . . 806,400
14,800 Reynolds Metals. . . . . . . . . . . . . . . . . . . . . . . 887,075
18,100 USX-U.S. Steel . . . . . . . . . . . . . . . . . . . . . . . 420,825
19,800 Worthington Industries . . . . . . . . . . . . . . . . . . . 268,538
_______________
12,809,951
_______________
Transportation--1.0%
37,400 (a) AMR . . . . . . . . . . . . . . . . . . . . . . . . . . 2,505,800
96,900 Burlington Northern
Santa Fe . . . . . . . . . . . . . . . . . . . . . 2,991,788
44,800 CSX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,758,400
15,500 Delta Air Lines. . . . . . . . . . . . . . . . . . . . . . . 1,636,219
30,260 (a) FDX . . . . . . . . . . . . . . . . . . . . . . . . . . 1,590,541
67,600 Laidlaw. . . . . . . . . . . . . . . . . . . . . . . . . . . 637,975
77,600 Norfolk Southern . . . . . . . . . . . . . . . . . . . . . . 2,555,950
68,775 Southwest Airlines . . . . . . . . . . . . . . . . . . . . . 1,457,170
50,700 Union Pacific. . . . . . . . . . . . . . . . . . . . . . . . 2,414,588
19,200 (a) USAir Group . . . . . . . . . . . . . . . . . . . . . . 1,086,000
_______________
18,634,431
_______________
Utilities--10.4%
370,100 AT&T . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,038,725
36,000 (a) AES . . . . . . . . . . . . . . . . . . . . . . . . . . 1,473,750
56,200 ALLTEL . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,630,863
117,600 (a) Airtouch Communications . . . . . . . . . . . . . . . . 6,585,600
28,100 Ameren . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,122,244
39,100 American Electric Power. . . . . . . . . . . . . . . . . . . 1,913,456
225,900 Ameritech. . . . . . . . . . . . . . . . . . . . . . . . . . 12,184,481
30,500 Baltimore Gas & Electric . . . . . . . . . . . . . . . . . . 956,938
318,336 Bell Atlantic. . . . . . . . . . . . . . . . . . . . . . . . 16,911,600
201,600 BellSouth. . . . . . . . . . . . . . . . . . . . . . . . . . 16,090,200
31,000 Carolina Power & Light . . . . . . . . . . . . . . . . . . . 1,422,125
43,500 Central & Southwest. . . . . . . . . . . . . . . . . . . . . 1,209,844
32,500 CINergy. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,121,250
47,900 Consolidated Edison. . . . . . . . . . . . . . . . . . . . . 2,400,988
Utilities (continued)
47,500 Corning. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,724,844
40,300 Dominion Resources . . . . . . . . . . . . . . . . . . . . . 1,861,356
29,700 DTE Energy . . . . . . . . . . . . . . . . . . . . . . . . . 1,265,963
73,994 Duke Power . . . . . . . . . . . . . . . . . . . . . . . . . 4,786,487
72,500 Edison International . . . . . . . . . . . . . . . . . . . . 1,912,188
50,500 Entergy. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,451,875
48,600 FirstEnergy. . . . . . . . . . . . . . . . . . . . . . . . . 1,458,000
37,100 FPL Group. . . . . . . . . . . . . . . . . . . . . . . . . . 2,321,069
35,100 Frontier . . . . . . . . . . . . . . . . . . . . . . . . . . 1,055,194
26,200 GPU. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,129,875
197,500 GTE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,590,781
60,666 Houston Industries . . . . . . . . . . . . . . . . . . . . . 1,884,438
363,960 (a) MCI WorldCom . . . . . . . . . . . . . . . . . . . . . 20,108,790
58,500 (a) NEXTEL
Communications, Cl. A . . . . . . . . . . . . . . 1,060,313
38,400 (a) Niagara Mohawk Power . . . . . . . . . . . . . . . . . 561,600
31,000 Northern States Power. . . . . . . . . . . . . . . . . . . . 837,000
78,300 PG&E . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,383,256
31,000 PP&L Resources . . . . . . . . . . . . . . . . . . . . . . . 840,875
60,900 PacifiCorp . . . . . . . . . . . . . . . . . . . . . . . . . 1,160,906
45,700 PECO Energy. . . . . . . . . . . . . . . . . . . . . . . . . 1,768,019
47,500 Public Service
Enterprise Group . . . . . . . . . . . . . . . . . 1,805,000
401,038 SBC Communications . . . . . . . . . . . . . . . . . . . . . 18,573,072
143,000 Southern . . . . . . . . . . . . . . . . . . . . . . . . . . 4,030,813
88,100 Sprint . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,761,675
57,297 Texas Utilities. . . . . . . . . . . . . . . . . . . . . . . 2,506,744
44,500 UniCom . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,677,094
102,802 U S West . . . . . . . . . . . . . . . . . . . . . . . . . . 5,898,265
_______________
191,477,556
_______________
TOTAL COMMON STOCKS
(cost $1,200,555,666) . . . . . . . . . . . . . . . . . $1,813,532,599
_______________
</TABLE>
<TABLE>
<CAPTION>
DREYFUS S&P 500 INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Principal SHORT-TERM
Amount INVESTMENTS--4.1% Value Value
____________ _______________ _______________
U.S. Treasury Bills--.3%
<S> <C> <C>
$ 6,100,000 (b) 3.99%, 1/14/1999 . . . . . . . . . . . . . . . . . . . $ 6,048,394
_______________
70,970,000 Repurchase Agreement--3.8%
Warburg Dillon Read, 5.25% dated
10/30/98, due 11/2/1998 in
the amount of $71,001,049
(fully collateralized by
$73,830,000 U.S. Treasury Bills,
4/15/1999,
value $72,390,315) . . . . . . . . . . . . . . . . 70,970,000
_______________
TOTAL SHORT-TERM INVESTMENTS
(cost $77,019,970) . . . . . . . . . . . . . . . . $ 77,018,394
_______________
</TABLE>
<TABLE>
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(cost $1,277,575,636) . . . . . . . . . . . . . . . . . . . . . . . . . . 102.5% $1,890,550,993
_______ _______________
LIABILITIES, LESS CASH
AND RECEIVABLES . . . . . . . . . . . . . . . . . . . . . . . . . . (2.5%) $ (46,789,256)
_______ _______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $1,843,761,737
_______ _______________
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a) Non-income producing.
(b)Partially held by the custodian in a segregated account as collateral for
open financial futures positions.
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF FINANCIAL FUTURES OCTOBER 31, 1998
Market Value Unrealized
Covered Appreciation
Financial Futures Purchased Contracts by Contracts Expiration at 10/31/98
__________________________ ___________ ______________ ______________ ______________
<S> <C> <C> <C> <C>
Standard & Poor's 500. . . . . . . . . . . . . . . . . . 142 $39,234,600 December '98 $ 704,325
___________
</TABLE>
<TABLE>
<CAPTION>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS S&P 500 INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES OCTOBER 31, 1998
Cost Value
_______________ _______________
ASSETS: Investments in securities--
<S> <C> <C>
See Statement of Investments--Note 1(b) . . . . . . . . $1,277,575,636 $1,890,550,993
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 273,346
Receivable for investment securities sold . . . . . . . . 101,089,050
Dividends and interest receivable . . . . . . . . . . . . 1,891,847
Receivable for futures variation margin--Note 4(a) . . . 581,219
Receivable for shares of Common Stock subscribed . . . . 580,199
_______________
1,994,966,654
_______________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 391,797
Due to Distributor . . . . . . . . . . . . . . . . . . . 391,797
Payable for shares of Common Stock redeemed . . . . . . . 150,407,204
Payable for investment securities purchased . . . . . . . 14,119
_______________
151,204,917
_______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,843,761,737
_______________
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $1,218,061,339
Accumulated undistributed investment income--net . . . . 16,119,148
Accumulated net realized gain (loss) on investments . . . (4,098,432)
Accumulated net unrealized appreciation (depreciation)
on investments (including $704,325 net unrealized
appreciation on financial futures)--Note 4(b) . . . . . 613,679,682
_______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,843,761,737
_______________
SHARES OUTSTANDING
(200 million shares of $.001 par value Common Stock authorized). . . . . . . . . . . . . . 56,274,748
NET ASSET VALUE, offering and redemption price per share-Note 3(d) . . . . . . . . . . . . $32.76
_______
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS S&P 500 INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS YEAR ENDED OCTOBER 31, 1998
INVESTMENT INCOME
INCOME: Cash dividends (net of $150,032 foreign taxes
withheld at source) . . . . . . . . . . . . . . . . . $ 25,003,650
Interest . . . . . . . . . . . . . . . . . . . . . . . . 2,939,764
_____________
Total Income . . . . . . . . . . . . . . . . . . . $ 27,943,414
EXPENSES: Management fee--Note 3(a) . . . . . . . . . . . . . . . . 4,255,908
Shareholder servicing costs--Note 3(b) . . . . . . . . . 4,255,908
Loan commitment fees--Note 2 . . . . . . . . . . . . . . 7,718
_____________
Net Expenses . . . . . . . . . . . . . . . . . . . 8,519,534
_____________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,423,880
_____________
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments . . . . . . . . . $ (7,055,027)
Net realized gain (loss) on financial futures . . . . . . 4,061,589
_____________
Net Realized Gain (Loss) . . . . . . . . . . . . . (2,993,438)
Net unrealized appreciation (depreciation) on investments
(including $2,771,750 net unrealized appreciation on
financial futures) . . . . . . . . . . . . . . . . . . 278,533,830
_____________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS . . . . . . . . . . . . . . . . . . 275,540,392
_____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . $294,964,272
_____________
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS S&P 500 INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
October 31, 1998 October 31, 1997
________________ ________________
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 19,423,880 $ 14,346,260
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . . . (2,993,438) 24,705,075
Net unrealized appreciation (depreciation) on investments . . . . . . . . . . . . . . 278,533,830 189,796,889
_______________ _______________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . . . . . . 294,964,272 228,848,224
_______________ _______________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (14,501,384) (10,625,144)
Net realized gain on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . (22,551,895) (18,728,587)
_______________ _______________
Total Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (37,053,279) (29,353,731)
_______________ _______________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100,160,110 740,252,211
Dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,192,667 27,500,971
Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (828,953,361) (279,427,033)
_______________ _______________
Increase (Decrease) in Net Assets from Capital Stock Transactions . . . . . . . . . 306,399,416 488,326,149
_______________ _______________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . . . . . . 564,310,409 687,820,642
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,279,451,328 591,630,686
_______________ _______________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,843,761,737 $1,279,451,328
_______________ _______________
Undistributed investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,119,148 $ 11,196,652
_______________ _______________
Shares Shares
_______________ _______________
CAPITAL SHARE TRANSACTIONS:
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,150,650 29,141,689
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . . 1,245,223 1,216,319
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (26,259,775) (11,036,833)
_______________ _______________
Net Increase (Decrease) in Shares Outstanding . . . . . . . . . . . . . . . . . . . 10,136,098 19,321,175
</TABLE>
<TABLE>
<CAPTION>
_______________ _______________
SEE NOTES TO FINANCIAL STATEMENTS.
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.
Year Ended October 31,
______________________________________________________
PER SHARE DATA: 1998 1997 1996 1995 1994
______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period . . . . . . . . . . $27.73 $22.06 $18.38 $16.41 $16.88
______ ______ ______ ______ ______
Investment Operations:
Investment income--net . . . . . . . . . . . . . . . . .. .34 .34 .33 .36 .39
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . . . . . .. 5.46 6.37 3.89 3.36 .11
______ ______ ______ ______ ______
Total from Investment Operations . . . . . . . . . . . . 5.80 6.71 4.22 3.72 .50
______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net . . . . . . . . . . (.30) (.38) (.32) (.42) (.31)
Dividends from net realized gain on investments . . . . . (.47) (.66) (.22) (1.33) (.66)
______ ______ ______ ______ ______
Total Distributions . . . . . . . . . . . . . . . . . (.77) (1.04) (.54) (1.75) (.97)
______ ______ ______ ______ ______
Net asset value, end of period . . . . . . . . . . . . . $32.76 $27.73 $22.06 $18.38 $16.41
______ ______ ______ ______ ______
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . . . . . 21.34% 31.46% 23.41% 25.68% 3.14%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . . . . .50% .50% .57% .55% .61%
Ratio of net investment income
to average net assets . . . . . . . . . . . . . . . . 1.14% 1.52% 1.90% 2.75% 2.26%
Decrease reflected in above expense ratios
due to undertakings by WFNIA and Dreyfus . . . . . . -- .05% -- -- .03%
Portfolio Turnover Rate . . . . . . . . . . . . . . . . . 7.15% 2.26% 5.22% 3.66% 18.81%
Net Assets, end of period (000's Omitted) . . . . . . . $1,843,762 $1,279,451 $591,631 $336,147 $245,202
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS S&P 500 INDEX FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus S& P 500 Index Fund (the "Fund") is a separate non-diversified series
of Dreyfus Index Funds, Inc.
(the "Company") which is registered under the Investment Company Act of 1940, as
amended (the "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
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 investment adviser. 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. (the "Distributor") is the distributor of the Fund's shares,
which are sold to the public without a sales charge.
The Company accounts separately for the assets, liabilities and operations of
each fund. Expenses directly attributable to each fund are charged to the 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. Securities for
which there are no such valuations are valued at fair value as determined in
good faith under the direction of the Board of Directors. 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.
The Fund may enter into repurchase agreements with financial institutions,
deemed to be creditworthy by the Fund' s Manager, subject to the seller's
agreement to repurchase and the Fund's agreement to resell such securities at a
mutually agreed upon price. Securities purchased subject to repurchase
agreements are deposited with the Fund's custodian and, pursuant to the terms of
the repurchase agreements, must have an aggregate market value greater than or
equal to the repurchase price plus accrued interest at all times. If the value
of the underlying securities falls below the value of the repurchase price plus
accrued interest, the Fund will require the seller to deposit additional
collateral by the next business day. If the request for additional collateral is
not met, or the seller defaults on its repurchase obligations, the Fund
maintains the right to sell the underlying securities at market value and may
claim any resulting loss against seller.
(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 of 1986, as amended (the
" Code" ). To the extent that net realized capital gain can be offset by capital
loss carryovers, it is the policy of the Fund not to distribute such gain.
DREYFUS S&P 500 INDEX FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(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 Code,
and to make distributions of taxable income sufficient to relieve it from
substantially all Federal income and excise taxes.
The Fund has an unused capital loss carryover of approximately $229,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to October 31, 1998. If not
applied, the carryover expires in fiscal 2006.
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
October 31, 1998, the Fund did not borrow under the Facility.
NOTE 3--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to an Investment Management agreement ("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. Under the terms of
the Agreement, Dreyfus has agreed to pay all the expenses of the Fund, except
management fees, brokerage commissions, taxes, interest, commitment fees,
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 fees 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,
financial institution or other industry professional) in respect of these
services. The distributor determines the amounts to be paid to Service Agents.
During the period October 31, 1998, the Fund was charged $4,255,908 pursuant to
the Shareholder Services Plan.
(C) A 1% redemption fee is charged and retained 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. During the period ended
October 31, 1998, redemption fees amounted to $36,709.
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
October 31, 1998 amounted to $460,728,831 and $116,072,896, 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.
DREYFUS S&P 500 INDEX FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Investments in financial futures require the Fund to "mark to market" on a daily
basis, which reflects the change in the market value of the contract at the
close of each day's trading. Accordingly, variation margin payments are received
or made to reflect daily unrealized gains or losses. When the contracts are
closed, the Fund recognizes a realized gain or loss. These investments require
initial margin deposits with a custodian, which consist of cash or cash
equivalents, up to approximately 10% of the contract amount. The amount of these
deposits is determined by the exchange or Board of Trade on which the contract
is traded and is subject to change. Contracts open as of October 31, 1998, are
set forth in the Statement of Financial Futures.
(B) At October 31, 1998, accumulated net unrealized appreciation on
investments and financial futures was $613,679,682 consisting of $644,505,423
gross unrealized appreciation and $30,825,741 gross unrealized depreciation.
At October 31, 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).
DREYFUS S&P 500 INDEX FUND
- -----------------------------------------------------------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF
DREYFUS S&P 500 INDEX FUND
In our opinion, the accompanying statements of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and financial highlights present fairly, in all
material respects, the financial position of Dreyfus S&P 500 Index Fund (the
" Fund") (one of the Series constituting Dreyfus Index Funds), as of October 31,
1998, the results of its operations for the year then ended, the changes in its
net assets and the financial highlights for the periods presented, in conformity
with generally accepted accounting principles. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund' s management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits in accordance with generally accepted auditing standards, which require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included confirmation
of securities owned at October 31, 1998 by correspondence with the custodian and
brokers, provide a reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
New York, New York
December 18, 1998
IMPORTANT TAX INFORMATION (UNAUDITED)
For Federal tax purposes, the Fund hereby designates $.3425 per share as a
long-term capital gain distribution of the $.7575 per share paid on December 22,
1997. The Fund also designates $.0077 per share as a long-term capital gain
distribution paid on July 13, 1998.
The Fund also designates 81.218% of the ordinary dividends paid during the
fiscal year ended October 31, 1998 as qualifying for the corporate dividends
received deduction. Shareholders will receive notification in January 1999 of
the percentage applicable to the preparation of their 1998 income tax returns.
[reg.tm lion d logo]
[reg.tm 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. 078AR9810
S&P 500
Index Fund
Annual Report
October 31, 1998
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this annual report for the Dreyfus
International Stock Index Fund for the 12-month period ended October 31, 1998.
Over this period, your Fund produced a total return of 9.68%,* which compares
with a total return of 9.65% for the Fund's benchmark, the Morgan Stanley
Capital International Europe, Australasia, Far East (EAFE(reg.tm)) Free Index
(MSCI-EAFE Free), for the same period.**
ECONOMIC AND MARKET REVIEW
During the year, the world' s economic and market environment changed
dramatically. The U.S. and European stock markets climbed to record highs in
July 1998, only to be followed by a significant correction, which affected all
global equity markets. Bond yields in the developed markets were driven to
record lows as investors moved out of the volatile equity markets and into the
safer haven of the bond and money markets.
During the summer of 1998, a series of events increased uncertainty in the
financial markets, severely challenging the risk tolerance of long-term
investors globally. We saw turmoil in Indonesia and Malaysia. We had the bombing
of the U.S. embassies in Africa and the subsequent retaliatory military strikes
by the United States. Russia was and still is in the midst of political turmoil
and defaulted on its debt. The U.S. President was under fire all summer and
faced an impeachment inquiry. Moreover, in this time of uncertainty we also had
changes of leadership in Japan and Germany.
These events rocked financial markets and resulted in the near collapse of a
large U.S.-based hedge fund, which in turn led banks to reduce the extension of
credit to risky enterprises. The Federal Reserve and other central banks
responded quickly to the global credit crunch and poor liquidity by decreasing
short-term interest rates. As a result, the global equity markets have rebounded
and liquidity is returning to the markets.
On the other hand, the U.S. economy has not been in better shape for decades.
The economy continues to experience strong growth with low inflation that is
driven by productivity gains, consumer spending and low commodity prices. With
the Asian currency crisis spreading and the market correction in August, the
U.S. economy may not escape without any pain. Consumers could decrease spending,
which in combination with a decline in exports, would have significant effects
on corporate earnings. Capital spending and export growth are likely to hurt
also.
Economic conditions in Japan have significantly worsened since the summer.
When the new Obuchi government took over in late June, there was a brief jump in
stock prices. However, the new government continues to move slowly on the badly
needed structural reforms in the financial industry. On September 9, Japanese
short-term rates were lowered 25 basis points in order to spur economic growth,
and the Bank of Japan's monetary policy now appears driven by a genuine desire
to provide ample liquidity.
The European equity markets began the year with the highest returns around the
world due to the anticipated benefits to European competitiveness from the
European Monetary Union (EMU). With the EMU, some European member countries will
adopt a single currency called the Euro on December 31, 1998, and pursue a
coordinated monetary policy. In order to qualify to convert to the Euro, member
countries need to follow strict fiscal guidelines. In addition to the benefits
of fiscal discipline, there are other structural reforms such as labor market
reforms which will benefit corporate earnings. However, the European markets
were hit hard by the economic crisis in Russia due to their closer economic
ties.
PORTFOLIO FOCUS
ABOUT THE FUND
Your investment in the Dreyfus International Stock Index Fund mirrors the
MSCI-EAFE Free Index, which tracks the equity markets of 20 countries. The Fund
maintains benchmark weightings in all 20 countries and is invested in a subset
of the 1,027 individual securities comprising the 20 country indices. As an
index fund, the goal is to reflect the risk and return characteristics of the
benchmark (MSCI-EAFE Free Index) while providing fund holders with a low-cost
vehicle for gaining broadly diversified exposure to international markets.
Figure 1 compares the country exposures of the Fund's holdings to the 20
countries represented in the Index. These exposures are achieved by using common
and preferred stocks, as well as futures contracts. In addition to maintaining
correct country and currency exposures, the fund uses sampling techniques to
reflect industry weights and other characteristics of the total Index.
ABOUT THE PERFORMANCE
During the period from October 31, 1997, to October 31, 1998, international
investors faced high market volatility. The MSCI-EAFE Free Index was up 9.65%,
while in the U.S., the S&P 500 Index was up 22.01% over the same time period.
Your investment in the Dreyfus International Stock Index Fund returned 9.68%
during this period, meeting the goal of the Fund by mirroring the return of the
benchmark. Europe provided the largest gains, with Finland up 57%, Belgium up
51% , and Spain up 47%. The three largest countries in Europe -- U.K., Germany
and France -- returned 14%, 29% and 35%, respectively. The exposure to Asian
markets in this strategy, however, offset the strong European performance with
markets such as Malaysia down 63% and Japan, the largest Asian country
represented in the MSCI EAFE Free Index, down over 14%.
FUND INVESTMENTS IN MALAYSIA
On September 4, 1998, MSCI announced that they were dropping Malaysia from the
EAFE indexes effective September 30, 1998, due to financial controls implemented
by the Malaysian government on the foreign repatriation of currency. As of
October 31, 1998, the Fund held $79,634 in Malaysian securities.
We appreciate your investment in the Dreyfus International Stock Index Fund.
Sincerely,
[Susan M. Ellison, CFA]
Susan M. Ellison, CFA
Portfolio Manager
November 16, 1998
San Francisco, CA
* Total return includes reinvestment of dividends and any capital gains paid.
**SOURCE: MORGAN STANLEY & CO., INCORPORATED -- The Morgan Stanley Capital
International Europe, Australasia, Far East (EAFE(reg.tm)) Free Index, which is
the property of Morgan Stanley & Co., Incorporated, is an unmanaged index
composed of a sample of companies representative of the market structure of
European and Pacific Basin countries and includes net dividends reinvested. The
Index reflects actual investable opportunities for global investors for stocks
that are free of foreign ownership limits or legal restrictions at the country
level.
DREYFUS INTERNATIONAL STOCK INDEX FUND OCTOBER 31, 1998
- -----------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS INTERNATIONAL
STOCK INDEX FUND AND THE MORGAN STANLEY CAPITAL INTERNATIONAL EUROPE,
AUSTRALASIA, FAR EAST (EAFE((reg.tm))) FREE INDEX
Dollars
$10,037
Morgan Stanley Capital International Europe, Australasia, Far East
(EAFE((reg.tm))) Free Index*
$9,889
Dreyfus International Stock Index Fund
*Source: Morgan Stanley & Co. Incorporated
Average Annual Total Returns
- --------------------------------------------------------------------------------
One Year Ended From Inception (6/30/97)
October 31, 1998 to October 31, 1998
9.68% (0.83)%
- ---------------
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Dreyfus International
Stock Index Fund on 6/30/97 (Inception Date) to a $10,000 investment made in the
Morgan Stanley Capital International Europe, Australasia, Far East
(EAFE((reg.tm) )) Free Index on that date. All dividends and capital gain
distributions are reinvested.
The Fund's performance shown in the line graph takes into account all applicable
fees and expenses. The Morgan Stanley Capital International Europe, Australasia,
Far East (EAFE((reg.tm))) Free Index, which is the property of Morgan Stanley &
Co. Incorporated, is an unmanaged index composed of a sample of companies
representative of the market structure of European and Pacific Basin countries
and includes net dividends reinvested. 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 does
not take into account charges, fees and other expenses. Further information
relating to Fund performance, including expense reimbursements, if applicable,
is contained in the Financial Highlights section of the Prospectus and elsewhere
in this report.
<TABLE>
<CAPTION>
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS OCTOBER 31, 1998
Common Stocks--94.3% Shares Value
- ------------------------------------------------------- ____________ _____________
<S> <C> <C> <C>
Australia--2.4% AMP . . . . . . . . . . . . . . . . . . . . . . . . . 2,800 (a) $ 33,163
Amcor . . . . . . . . . . . . . . . . . . . . . . . . 1,500 6,235
Boral . . . . . . . . . . . . . . . . . . . . . . . . 2,999 4,852
Broken Hill Proprietary . . . . . . . . . . . . . . . 7,194 60,885
CSR . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 5,466
Coca-Cola Amatil . . . . . . . . . . . . . . . . . . . 4,821 17,722
Coles Myer . . . . . . . . . . . . . . . . . . . . . . 6,687 28,547
Crown . . . . . . . . . . . . . . . . . . . . . . . . 15,600 (a) 3,980
Delta Gold NL . . . . . . . . . . . . . . . . . . . . 4,600 7,500
Foster's Brewing . . . . . . . . . . . . . . . . . . . 4,700 11,494
General Property Trust (Units) . . . . . . . . . . . . 5,236 9,352
Great Central Mines . . . . . . . . . . . . . . . . . 6,897 5,193
Lend Lease . . . . . . . . . . . . . . . . . . . . . . 1,177 25,853
M.I.M. . . . . . . . . . . . . . . . . . . . . . . . . 14,170 6,878
National Australia Bank . . . . . . . . . . . . . . . 4,330 57,125
Newcrest Mining . . . . . . . . . . . . . . . . . . . 3,180 (a) 5,201
News . . . . . . . . . . . . . . . . . . . . . . . . . 8,821 59,998
Normandy Mining . . . . . . . . . . . . . . . . . . . 12,343 10,984
North . . . . . . . . . . . . . . . . . . . . . . . . 3,872 7,459
Orica . . . . . . . . . . . . . . . . . . . . . . . . 714 3,920
Pacific Dunlop . . . . . . . . . . . . . . . . . . . . 2,500 4,481
Pioneer International . . . . . . . . . . . . . . . . 2,100 4,339
RGC . . . . . . . . . . . . . . . . . . . . . . . . . 6,600 (a) 9,985
Resolute . . . . . . . . . . . . . . . . . . . . . . . 6,700 5,754
Rio Tinto . . . . . . . . . . . . . . . . . . . . . . 1,500 18,685
Santos . . . . . . . . . . . . . . . . . . . . . . . . 2,200 6,435
Schroders Property Fund (Units) . . . . . . . . . . . 3,900 6,351
Sons Of Gwalia . . . . . . . . . . . . . . . . . . . . 3,800 11,807
Southcorp . . . . . . . . . . . . . . . . . . . . . . 1,475 4,677
Stockland Trust (Units) . . . . . . . . . . . . . . . 2,500 5,751
TABCORP . . . . . . . . . . . . . . . . . . . . . . . 800 5,299
Telstra . . . . . . . . . . . . . . . . . . . . . . . 18,100 71,524
WMC . . . . . . . . . . . . . . . . . . . . . . . . . 6,280 21,217
Westfield Trust (Units) . . . . . . . . . . . . . . . 9,308 19,578
Westpac Banking . . . . . . . . . . . . . . . . . . . 5,491 33,248
Zimbabwe Platinum Mines . . . . . . . . . . . . . . . 1,660 (a) 403
____________
601,341
____________
Austria--.3% Bank Austria . . . . . . . . . . . . . . . . . . . . . 260 14,146
Bau . . . . . . . . . . . . . . . . . . . . . . . . . 150 8,303
Lenzing . . . . . . . . . . . . . . . . . . . . . . . 180 (a) 11,354
Oesterreichische Elektrizitaetswirtschafts, Cl. A . . 190 31,876
Universale-Bau . . . . . . . . . . . . . . . . . . . . 210 6,218
____________
71,897
____________
Belgium--1.8% Barco . . . . . . . . . . . . . . . . . . . . . . . . 140 37,336
Cimenteries CBR Cementbedrijven . . . . . . . . . . . 50 4,537
Colruyt . . . . . . . . . . . . . . . . . . . . . . . 7 5,856
Compagnie Maritime Belge . . . . . . . . . . . . . . . 100 5,152
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Common Stocks (continued) Shares Value
- ------------------------------------------------------- ____________ _____________
Belgium (continued) D'Ieteren . . . . . . . . . . . . . . . . . . . . . . 50 $ 24,224
Electrabel . . . . . . . . . . . . . . . . . . . . . . 105 38,730
Fortis . . . . . . . . . . . . . . . . . . . . . . . . 223 64,106
Glaverbel . . . . . . . . . . . . . . . . . . . . . . 250 34,690
KBC Bancassurance . . . . . . . . . . . . . . . . . . 850 59,346
PetroFina . . . . . . . . . . . . . . . . . . . . . . 323 120,085
Solvay . . . . . . . . . . . . . . . . . . . . . . . . 500 39,227
Tractebel . . . . . . . . . . . . . . . . . . . . . . 60 10,012
UCB . . . . . . . . . . . . . . . . . . . . . . . . . 2 11,683
Union Miniere . . . . . . . . . . . . . . . . . . . . 100 3,776
____________
458,760
____________
Denmark--.9% A/S Dampskibsselskabet Svenborg . . . . . . . . . . . 2 21,760
Aarhus Oliefabrik, Cl. A . . . . . . . . . . . . . . . 100 3,415
Aarhus Oliefabrik, Cl. B . . . . . . . . . . . . . . . 100 3,240
Bang & Olufsen, Cl. B . . . . . . . . . . . . . . . . 100 6,067
Carlsberg, Cl. A . . . . . . . . . . . . . . . . . . . 100 6,115
Carlsberg, Cl. B . . . . . . . . . . . . . . . . . . . 100 6,210
D/S 1912, Cl. B . . . . . . . . . . . . . . . . . . . 3 22,633
Danisco . . . . . . . . . . . . . . . . . . . . . . . 1,030 56,930
Den Danske Bank . . . . . . . . . . . . . . . . . . . 120 16,296
ISS International Service System . . . . . . . . . . . 75 5,063
Lauritzen (J.) . . . . . . . . . . . . . . . . . . . . 50 (a) 4,094
Novo Nordisk, Cl. B . . . . . . . . . . . . . . . . . 225 26,266
Tele Danmark, Cl. B . . . . . . . . . . . . . . . . . 325 35,411
Unidanmark, Cl. A . . . . . . . . . . . . . . . . . . 200 15,248
____________
228,748
____________
Finland--1.1% Kone, Cl. B . . . . . . . . . . . . . . . . . . . . . 230 28,759
Merita, Cl. A . . . . . . . . . . . . . . . . . . . . 2,000 10,757
Nokia, Cl. A . . . . . . . . . . . . . . . . . . . . . 1,430 130,271
Nokia, Cl. K . . . . . . . . . . . . . . . . . . . . . 900 81,828
UPM-Kymmene . . . . . . . . . . . . . . . . . . . . . 750 17,862
____________
269,477
____________
France--8.8% Accor . . . . . . . . . . . . . . . . . . . . . . . . 129 27,091
Air Liquide . . . . . . . . . . . . . . . . . . . . . 460 76,984
Alcatel . . . . . . . . . . . . . . . . . . . . . . . 635 70,733
Axa . . . . . . . . . . . . . . . . . . . . . . . . . 1,208 136,517
Banque Nationale de Paris . . . . . . . . . . . . . . 723 45,784
Bongrain . . . . . . . . . . . . . . . . . . . . . . . 50 21,100
Bouygues . . . . . . . . . . . . . . . . . . . . . . . 100 20,173
CPR . . . . . . . . . . . . . . . . . . . . . . . . . 200 8,422
Canal Plus . . . . . . . . . . . . . . . . . . . . . . 100 24,258
Cap Gemini . . . . . . . . . . . . . . . . . . . . . . 195 29,301
Carrefour . . . . . . . . . . . . . . . . . . . . . . 133 88,268
Chargeurs . . . . . . . . . . . . . . . . . . . . . . 10 502
Coflexip . . . . . . . . . . . . . . . . . . . . . . . 100 8,998
Compagnie de Saint Gobain . . . . . . . . . . . . . . 381 56,358
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Common Stocks (continued) Shares Value
- ------------------------------------------------------- ____________ _____________
France (continued) Compagnie Financiere de Paribas . . . . . . . . . . . 555 $ 40,789
Compagnie Generale de Geophysique . . . . . . . . . . 90 (a) 5,830
Compagnie Generale des Etablissements Michelin, Cl. B . 252 10,385
Danone . . . . . . . . . . . . . . . . . . . . . . . . 230 60,801
Dassault Systems . . . . . . . . . . . . . . . . . . . 290 11,064
Elf Aquitaine . . . . . . . . . . . . . . . . . . . . 851 98,469
Eridania Beghin-Say . . . . . . . . . . . . . . . . . 139 25,014
Essilor International . . . . . . . . . . . . . . . . 50 20,245
Etablissements Economiques du Casino
Guichard-Perrachon . . . . . . . . . . . . . . . . 200 19,903
France Telecom . . . . . . . . . . . . . . . . . . . . 2,555 178,165
Imetal . . . . . . . . . . . . . . . . . . . . . . . . 80 8,580
L'OREAL . . . . . . . . . . . . . . . . . . . . . . . 239 136,553
LVMH . . . . . . . . . . . . . . . . . . . . . . . . . 290 53,752
Lafarge . . . . . . . . . . . . . . . . . . . . . . . 329 33,628
Lagardere S.C.A. . . . . . . . . . . . . . . . . . . . 375 15,089
Legrand . . . . . . . . . . . . . . . . . . . . . . . 25 6,370
Nord-Est . . . . . . . . . . . . . . . . . . . . . . . 200 4,179
PSA Peugeot Citroen . . . . . . . . . . . . . . . . . 150 25,022
Pathe . . . . . . . . . . . . . . . . . . . . . . . . 60 11,456
Pechiney, Cl. A . . . . . . . . . . . . . . . . . . . 200 6,871
Pernod Ricard . . . . . . . . . . . . . . . . . . . . 100 6,658
Pinault-Printemps-Redoute . . . . . . . . . . . . . . 450 75,310
Primagaz Cie . . . . . . . . . . . . . . . . . . . . . 130 11,697
Promodes . . . . . . . . . . . . . . . . . . . . . . . 100 62,966
Rhone-Poulenc, Cl. A . . . . . . . . . . . . . . . . . 1,357 62,026
SEITA . . . . . . . . . . . . . . . . . . . . . . . . 181 10,749
Sagem . . . . . . . . . . . . . . . . . . . . . . . . 19 12,121
Sanofi . . . . . . . . . . . . . . . . . . . . . . . . 452 70,765
Schneider . . . . . . . . . . . . . . . . . . . . . . 670 39,764
Sidel . . . . . . . . . . . . . . . . . . . . . . . . 147 10,846
Simco . . . . . . . . . . . . . . . . . . . . . . . . 120 10,365
Societe Bic . . . . . . . . . . . . . . . . . . . . . 250 15,386
Societe Eurafrance . . . . . . . . . . . . . . . . . . 10 5,076
Societe Generale, Cl. A . . . . . . . . . . . . . . . 300 39,680
Sodexho Alliance . . . . . . . . . . . . . . . . . . . 90 17,475
Sommer Allibert . . . . . . . . . . . . . . . . . . . 100 2,877
Suez Lyonnaise des Eaux . . . . . . . . . . . . . . . 478 85,588
Thomson CSF . . . . . . . . . . . . . . . . . . . . . 451 15,664
Total, Cl. B . . . . . . . . . . . . . . . . . . . . . 767 88,473
Unibail . . . . . . . . . . . . . . . . . . . . . . . 50 6,865
Usinor . . . . . . . . . . . . . . . . . . . . . . . . 1,040 11,884
Valeo . . . . . . . . . . . . . . . . . . . . . . . . 190 16,445
Vivendi . . . . . . . . . . . . . . . . . . . . . . . 508 116,007
Zodiac . . . . . . . . . . . . . . . . . . . . . . . . 20 4,089
____________
2,185,430
____________
Germany--9.9% AMB Aachener & Muenchener Beteiligungs(Bearer) . . . . 50 6,898
AMB Aachener & Muenchener Beteiligungs(Reg'd) . . . . 160 25,021
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Common Stocks (continued) Shares Value
- ------------------------------------------------------- ____________ _____________
Germany (continued) AGIV . . . . . . . . . . . . . . . . . . . . . . . . . 630 $ 12,933
Adidas-Salomon . . . . . . . . . . . . . . . . . . . . 150 17,570
Allianz . . . . . . . . . . . . . . . . . . . . . . . 856 293,568
Axa Colonia Konzern . . . . . . . . . . . . . . . . . 105 12,109
BASF . . . . . . . . . . . . . . . . . . . . . . . . . 2,330 98,760
Bayer . . . . . . . . . . . . . . . . . . . . . . . . 2,600 105,651
Bayerische Hypo-und Vereinsbank . . . . . . . . . . . 1,866 148,158
Beiersdorf . . . . . . . . . . . . . . . . . . . . . . 155 9,265
Bilfinger & Berger Bau . . . . . . . . . . . . . . . . 220 4,384
Brau Und Brunnen . . . . . . . . . . . . . . . . . . . 50 (a) 5,313
Buderus . . . . . . . . . . . . . . . . . . . . . . . 10 4,160
Continental . . . . . . . . . . . . . . . . . . . . . 600 15,940
Daimler-Benz . . . . . . . . . . . . . . . . . . . . . 2,300 179,145
Degussa . . . . . . . . . . . . . . . . . . . . . . . 250 12,000
Deutsche Bank . . . . . . . . . . . . . . . . . . . . 1,737 108,025
Deutsche Lufthansa . . . . . . . . . . . . . . . . . . 1,124 24,432
Deutsche Telekom . . . . . . . . . . . . . . . . . . . 7,834 213,422
Deutz . . . . . . . . . . . . . . . . . . . . . . . . 500 (a) 4,685
Douglas . . . . . . . . . . . . . . . . . . . . . . . 88 5,048
Dresdner Bank . . . . . . . . . . . . . . . . . . . . 1,960 76,331
FAG Kugelfischer . . . . . . . . . . . . . . . . . . . 350 3,339
HERLITZ . . . . . . . . . . . . . . . . . . . . . . . 100 (a) 3,472
Heidelberger Zement . . . . . . . . . . . . . . . . . 150 10,687
Hochtief . . . . . . . . . . . . . . . . . . . . . . . 100 3,653
IWKA . . . . . . . . . . . . . . . . . . . . . . . . . 500 8,212
Karstadt . . . . . . . . . . . . . . . . . . . . . . . 18 9,184
Linde . . . . . . . . . . . . . . . . . . . . . . . . 40 21,737
MAN . . . . . . . . . . . . . . . . . . . . . . . . . 20 6,521
Mannesmann . . . . . . . . . . . . . . . . . . . . . . 1,590 156,485
Merck KGaA . . . . . . . . . . . . . . . . . . . . . . 550 22,582
Metro . . . . . . . . . . . . . . . . . . . . . . . . 964 59,370
Muenchener Rueckversicherungs-Gesellschaft (Bearer) . 15 4,601
Muenchener Rueckversicherungs-Gesellschaft (Reg'd) . . 332 151,948
Muenchener Rueckversicherungs-Gesellschaft (Warrants) . 12 (a) 522
Preussag . . . . . . . . . . . . . . . . . . . . . . . 25 9,208
RWE . . . . . . . . . . . . . . . . . . . . . . . . . 1,836 99,549
Rheinmetall . . . . . . . . . . . . . . . . . . . . . 200 4,927
SAP . . . . . . . . . . . . . . . . . . . . . . . . . 218 91,481
SGL Carbon . . . . . . . . . . . . . . . . . . . . . . 100 7,910
STRABAG . . . . . . . . . . . . . . . . . . . . . . . 100 (a) 5,978
Salamandar . . . . . . . . . . . . . . . . . . . . . . 50 9,057
Schering . . . . . . . . . . . . . . . . . . . . . . . 310 36,537
Siemens . . . . . . . . . . . . . . . . . . . . . . . 2,110 126,890
Thyssen . . . . . . . . . . . . . . . . . . . . . . . 95 17,093
VEBA . . . . . . . . . . . . . . . . . . . . . . . . . 1,263 70,539
Viag . . . . . . . . . . . . . . . . . . . . . . . . . 76 51,624
Volkswagen . . . . . . . . . . . . . . . . . . . . . . 1,090 81,938
____________
2,457,862
____________
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Common Stocks (continued) Shares Value
- ------------------------------------------------------- ____________ _____________
Hong Kong--2.4% CLP Holdings . . . . . . . . . . . . . . . . . . . . . 11,740 $ 65,930
Cathay Pacific Airways . . . . . . . . . . . . . . . . 8,000 8,521
Cheung Kong . . . . . . . . . . . . . . . . . . . . . 10,000 68,422
Hang Seng Bank . . . . . . . . . . . . . . . . . . . . 6,400 55,358
Hong Kong & China Gas . . . . . . . . . . . . . . . . 36,938 52,455
Hong Kong Telecommunications . . . . . . . . . . . . . 48,703 97,456
Hutchison Whampoa . . . . . . . . . . . . . . . . . . 10,000 71,650
Hysan Development . . . . . . . . . . . . . . . . . . 2,000 2,440
Johnson Electric . . . . . . . . . . . . . . . . . . . 2,000 4,648
New World Development . . . . . . . . . . . . . . . . 4,326 10,053
Shangri-La Asia . . . . . . . . . . . . . . . . . . . 34,000 30,287
Sino Land . . . . . . . . . . . . . . . . . . . . . . 6,181 2,294
South China Post . . . . . . . . . . . . . . . . . . . 48,000 25,717
Sun Hung Kai Properties . . . . . . . . . . . . . . . 8,295 57,560
Swire Pacific, Cl. A . . . . . . . . . . . . . . . . . 4,000 21,224
Varitronix International . . . . . . . . . . . . . . . 2,000 3,770
Wharf . . . . . . . . . . . . . . . . . . . . . . . . 6,000 9,528
Wing Lung Bank . . . . . . . . . . . . . . . . . . . . 1,000 2,969
____________
590,282
____________
Ireland--.2% Allied Irish Banks . . . . . . . . . . . . . . . . . . 1,214 17,533
CRH . . . . . . . . . . . . . . . . . . . . . . . . . 300 4,395
Crean (James) (Units) . . . . . . . . . . . . . . . . 3,444 4,916
Fyffes . . . . . . . . . . . . . . . . . . . . . . . . 5,063 8,976
Greencore . . . . . . . . . . . . . . . . . . . . . . 800 3,125
Irish Continental . . . . . . . . . . . . . . . . . . 800 9,376
Jefferson Smurfit Group . . . . . . . . . . . . . . . 2,000 3,306
Ryanair . . . . . . . . . . . . . . . . . . . . . . . 600 (a) 3,516
Waterford Wedgwood (Units) . . . . . . . . . . . . . . 5,052 4,554
____________
59,697
____________
Italy--4.6% Assicurazioni Generali . . . . . . . . . . . . . . . . 3,692 131,666
Banca Commerciale Italiana . . . . . . . . . . . . . . 11,462 70,860
Banca Popolare di Milano . . . . . . . . . . . . . . . 500 3,919
Banco Intesa . . . . . . . . . . . . . . . . . . . . . 6,300 31,680
Benetton . . . . . . . . . . . . . . . . . . . . . . . 4,800 8,063
Bulgari . . . . . . . . . . . . . . . . . . . . . . . 1,050 5,736
Credito Italiano . . . . . . . . . . . . . . . . . . . 8,900 (a) 47,927
ENI . . . . . . . . . . . . . . . . . . . . . . . . . 27,400 163,388
Edison . . . . . . . . . . . . . . . . . . . . . . . . 500 4,418
Fiat . . . . . . . . . . . . . . . . . . . . . . . . . 23,850 67,652
Istituto Bancario San Paolo di Torino . . . . . . . . 1,800 26,735
Istituto Mobiliare Italiano . . . . . . . . . . . . . 1,400 21,511
Istituto Nazionale delle Assicurazioni . . . . . . . . 9,700 26,822
Italgas . . . . . . . . . . . . . . . . . . . . . . . 10,301 47,121
Magneti Marelli . . . . . . . . . . . . . . . . . . . 2,000 3,070
Mediaset . . . . . . . . . . . . . . . . . . . . . . . 3,500 22,204
Mediobanca . . . . . . . . . . . . . . . . . . . . . . 9,500 92,799
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Common Stocks (continued) Shares Value
- ------------------------------------------------------- ____________ _____________
Italy (continued) Montedison . . . . . . . . . . . . . . . . . . . . . . 18,400 $ 18,161
Olivetti . . . . . . . . . . . . . . . . . . . . . . . 5,800 (a) 14,165
Pirelli . . . . . . . . . . . . . . . . . . . . . . . 3,500 9,986
Riunione Adriatica di Sicurta . . . . . . . . . . . . 800 9,285
Telecom Italia . . . . . . . . . . . . . . . . . . . . 13,705 99,099
Telecom Italia (RNC) . . . . . . . . . . . . . . . . . 2,200 11,142
Telecom Italia Mobile . . . . . . . . . . . . . . . . 31,430 182,623
Telecom Italia Mobile (RNC) . . . . . . . . . . . . . 3,800 13,479
____________
1,133,511
____________
Japan--20.7% Advantest . . . . . . . . . . . . . . . . . . . . . . 200 12,615
Ajinomoto . . . . . . . . . . . . . . . . . . . . . . 10,800 102,133
Aoyamma Trading . . . . . . . . . . . . . . . . . . . 200 4,934
Asahi Bank . . . . . . . . . . . . . . . . . . . . . . 5,000 16,734
Asahi Breweries . . . . . . . . . . . . . . . . . . . 1,000 14,288
Asahi Chemical Industry . . . . . . . . . . . . . . . 19,900 84,190
Asahi Glass . . . . . . . . . . . . . . . . . . . . . 3,800 21,196
Bank of Tokyo-Mitsubishi . . . . . . . . . . . . . . . 15,620 144,900
Bridgestone . . . . . . . . . . . . . . . . . . . . . 2,400 52,828
Canon . . . . . . . . . . . . . . . . . . . . . . . . 4,100 77,581
Chiba Bank . . . . . . . . . . . . . . . . . . . . . . 2,000 7,329
Chugai Pharmaceutical . . . . . . . . . . . . . . . . 400 3,639
Cosmo Oil . . . . . . . . . . . . . . . . . . . . . . 2,000 3,158
Daido Steel . . . . . . . . . . . . . . . . . . . . . 200 290
Dai Nippon Printing . . . . . . . . . . . . . . . . . 2,800 43,131
Daiichi Pharmaceutical . . . . . . . . . . . . . . . . 1,000 16,691
Daikyo . . . . . . . . . . . . . . . . . . . . . . . . 2,000 2,248
Daiwa House Industries . . . . . . . . . . . . . . . . 4,400 49,652
Daiwa Securities . . . . . . . . . . . . . . . . . . . 3,000 8,496
Denki Kagaku Kougyo . . . . . . . . . . . . . . . . . 600 978
Denso . . . . . . . . . . . . . . . . . . . . . . . . 2,000 37,673
East Japan Railway . . . . . . . . . . . . . . . . . . 11 65,228
Ebara . . . . . . . . . . . . . . . . . . . . . . . . 1,000 7,552
Eisai . . . . . . . . . . . . . . . . . . . . . . . . 1,000 15,687
Fanuc . . . . . . . . . . . . . . . . . . . . . . . . 1,000 30,035
Fuji Bank . . . . . . . . . . . . . . . . . . . . . . 9,900 37,891
Fuji Photo Film . . . . . . . . . . . . . . . . . . . 1,200 43,972
Fujita . . . . . . . . . . . . . . . . . . . . . . . . 2,000 (a) 1,030
Fujitsu . . . . . . . . . . . . . . . . . . . . . . . 9,800 104,282
Furukawa Electric . . . . . . . . . . . . . . . . . . 5,000 14,932
Gunma Bank . . . . . . . . . . . . . . . . . . . . . . 1,000 7,801
Hankyu . . . . . . . . . . . . . . . . . . . . . . . . 2,000 8,255
Haseko . . . . . . . . . . . . . . . . . . . . . . . . 7,000 (a) 2,943
Higo Bank . . . . . . . . . . . . . . . . . . . . . . 1,000 4,050
Hitachi . . . . . . . . . . . . . . . . . . . . . . . 18,900 96,179
Hokuriku Bank . . . . . . . . . . . . . . . . . . . . 4,000 5,938
Honda Motor . . . . . . . . . . . . . . . . . . . . . 3,400 102,120
House Food Industrial . . . . . . . . . . . . . . . . 1,220 18,311
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Common Stocks (continued) Shares Value
- ------------------------------------------------------- ____________ _____________
Japan (continued) Industrial Bank of Japan . . . . . . . . . . . . . . . 6,200 $ 29,635
Isetan . . . . . . . . . . . . . . . . . . . . . . . . 1,000 9,079
Ito-Yokado . . . . . . . . . . . . . . . . . . . . . . 1,000 58,354
Itochu . . . . . . . . . . . . . . . . . . . . . . . . 1,500 2,858
JUSCO . . . . . . . . . . . . . . . . . . . . . . . . 1,000 16,133
Japan Airlines . . . . . . . . . . . . . . . . . . . . 9,600 (a) 23,891
Japan Energy . . . . . . . . . . . . . . . . . . . . . 3,600 3,615
Joyo Bank . . . . . . . . . . . . . . . . . . . . . . 462 1,594
Kajima . . . . . . . . . . . . . . . . . . . . . . . . 800 2,368
Kamigumi . . . . . . . . . . . . . . . . . . . . . . . 400 1,713
Kandenko . . . . . . . . . . . . . . . . . . . . . . . 105 685
Kansai Electric Power . . . . . . . . . . . . . . . . 8,999 192,676
Kao . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 20,252
Kawasaki Heavy Industries . . . . . . . . . . . . . . 2,000 4,377
Kawasaki Steel . . . . . . . . . . . . . . . . . . . . 19,600 31,116
Kinki Nippon Railway . . . . . . . . . . . . . . . . . 2,995 15,421
Kirin Brewery . . . . . . . . . . . . . . . . . . . . 9,000 98,086
Komatsu . . . . . . . . . . . . . . . . . . . . . . . 2,600 14,056
Konica . . . . . . . . . . . . . . . . . . . . . . . . 11,000 47,387
Kubota . . . . . . . . . . . . . . . . . . . . . . . . 3,000 6,642
Kumagai Gumi . . . . . . . . . . . . . . . . . . . . . 7,000 5,466
Kyocera . . . . . . . . . . . . . . . . . . . . . . . 1,200 53,034
Maeda Road Construction . . . . . . . . . . . . . . . 200 1,284
Marubeni . . . . . . . . . . . . . . . . . . . . . . . 26,000 47,747
Maruha . . . . . . . . . . . . . . . . . . . . . . . . 400 405
Marui . . . . . . . . . . . . . . . . . . . . . . . . 4,000 69,682
Matsushita Electric Industrial . . . . . . . . . . . . 12,400 182,068
Mitsubishi . . . . . . . . . . . . . . . . . . . . . . 4,000 21,179
Mitsubishi Chemical . . . . . . . . . . . . . . . . . 5,200 9,371
Mitsubishi Electric . . . . . . . . . . . . . . . . . 5,000 (a) 10,169
Mitsubishi Estate . . . . . . . . . . . . . . . . . . 3,000 27,212
Mitsubishi Heavy Industries . . . . . . . . . . . . . 29,700 114,692
Mitsubishi Paper Mills . . . . . . . . . . . . . . . . 2,000 4,359
Mitsubishi Trust & Banking . . . . . . . . . . . . . . 3,200 21,612
Mitsui & Company . . . . . . . . . . . . . . . . . . . 4,400 23,486
Mitsui Fudosan . . . . . . . . . . . . . . . . . . . . 1,000 6,642
Mitsui Marine & Fire Insurance . . . . . . . . . . . . 600 2,981
Mitsui Trust & Banking . . . . . . . . . . . . . . . . 4,600 6,000
Murata Manufacturing . . . . . . . . . . . . . . . . . 1,000 33,725
Mycal . . . . . . . . . . . . . . . . . . . . . . . . 1,000 4,831
NEC . . . . . . . . . . . . . . . . . . . . . . . . . 3,800 28,142
NKK . . . . . . . . . . . . . . . . . . . . . . . . . 12,000 7,208
Nikon . . . . . . . . . . . . . . . . . . . . . . . . 3,600 32,932
Nippon Express . . . . . . . . . . . . . . . . . . . . 10,000 56,209
Nippon Fire & Marine Insurance . . . . . . . . . . . . 8,000 27,941
Nippon Light Metal . . . . . . . . . . . . . . . . . . 400 450
Nippon Meat Packers . . . . . . . . . . . . . . . . . 1,000 13,912
Nippon Oil . . . . . . . . . . . . . . . . . . . . . . 2,800 9,731
Nippon Steel . . . . . . . . . . . . . . . . . . . . . 21,100 36,757
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Common Stocks (continued) Shares Value
- ------------------------------------------------------- ____________ _____________
Japan (continued) Nippon Telegraph & Telephone . . . . . . . . . . . . . 45 $ 352,184
Nippon Yusen Kaisha . . . . . . . . . . . . . . . . . 10,800 35,774
Nissan Motor . . . . . . . . . . . . . . . . . . . . . 6,000 16,270
Nomura Securities . . . . . . . . . . . . . . . . . . 8,000 60,414
Oji Paper . . . . . . . . . . . . . . . . . . . . . . 18,000 73,372
Orient . . . . . . . . . . . . . . . . . . . . . . . . 2,000 3,793
Orix . . . . . . . . . . . . . . . . . . . . . . . . . 900 64,490
Osaka Gas . . . . . . . . . . . . . . . . . . . . . . 33,000 105,913
77 Bank . . . . . . . . . . . . . . . . . . . . . . . 1,000 9,448
SMC . . . . . . . . . . . . . . . . . . . . . . . . . 100 7,543
Sakura Bank . . . . . . . . . . . . . . . . . . . . . 16,600 41,311
Sankyo . . . . . . . . . . . . . . . . . . . . . . . . 1,000 22,569
Sanwa Shutter . . . . . . . . . . . . . . . . . . . . 200 815
Sanyo Electric . . . . . . . . . . . . . . . . . . . . 4,000 11,259
Seino Transportation . . . . . . . . . . . . . . . . . 1,000 5,835
Sekisui Chemical . . . . . . . . . . . . . . . . . . . 1,000 5,449
Sekisui House . . . . . . . . . . . . . . . . . . . . 8,000 79,705
Sharp . . . . . . . . . . . . . . . . . . . . . . . . 6,000 45,310
Shiseido . . . . . . . . . . . . . . . . . . . . . . . 1,000 10,950
Shizuoka Bank . . . . . . . . . . . . . . . . . . . . 1,400 16,135
Snow Brand Milk Products . . . . . . . . . . . . . . . 500 1,845
Sony . . . . . . . . . . . . . . . . . . . . . . . . . 1,440 91,444
Sumitomo . . . . . . . . . . . . . . . . . . . . . . . 1,000 4,788
Sumitomo Bank . . . . . . . . . . . . . . . . . . . . 10,307 101,274
Sumitomo Chemical . . . . . . . . . . . . . . . . . . 4,000 13,387
Sumitomo Electric Industries . . . . . . . . . . . . . 2,800 30,996
Sumitomo Metal Industries . . . . . . . . . . . . . . 19,000 20,218
Takara Standard . . . . . . . . . . . . . . . . . . . 5,000 37,973
Takeda Chemical Industries . . . . . . . . . . . . . . 3,000 97,571
Tohoku Electric Power . . . . . . . . . . . . . . . . 1,000 17,463
Tokai Bank . . . . . . . . . . . . . . . . . . . . . . 6,800 33,612
Tokio Marine & Fire Insurance . . . . . . . . . . . . 3,800 43,208
Tokyo Broadcasting System . . . . . . . . . . . . . . 2,000 18,793
Tokyo Dome . . . . . . . . . . . . . . . . . . . . . . 1,000 5,913
Tokyo Electric Power . . . . . . . . . . . . . . . . . 4,272 108,147
Tokyo Gas . . . . . . . . . . . . . . . . . . . . . . 41,000 105,200
Tokyu . . . . . . . . . . . . . . . . . . . . . . . . 9,820 24,607
Toppan Printing . . . . . . . . . . . . . . . . . . . 8,000 82,039
Toray Industries . . . . . . . . . . . . . . . . . . . 24,000 111,628
Tostem . . . . . . . . . . . . . . . . . . . . . . . . 1,000 15,490
Toyo Engineering . . . . . . . . . . . . . . . . . . . 5,000 5,664
Toyo Seikan Kaischa . . . . . . . . . . . . . . . . . 1,000 17,978
Toyobo . . . . . . . . . . . . . . . . . . . . . . . . 1,200 1,524
Toyoda Automatic Loom Works . . . . . . . . . . . . . 1,000 16,305
Toyota Motor . . . . . . . . . . . . . . . . . . . . . 15,014 360,759
Ube Industries . . . . . . . . . . . . . . . . . . . . 600 798
Uni-Charm . . . . . . . . . . . . . . . . . . . . . . 1,000 45,482
Yamaha . . . . . . . . . . . . . . . . . . . . . . . . 1,000 10,118
Yamato Transport . . . . . . . . . . . . . . . . . . . 400 4,819
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Common Stocks (continued) Shares Value
- ------------------------------------------------------- ____________ _____________
Japan (continued) Yamazaki Baking . . . . . . . . . . . . . . . . . . . 1,000 $ 11,714
Yasuda Trust & Banking . . . . . . . . . . . . . . . . 12,000 9,989
Yokogawa Electric . . . . . . . . . . . . . . . . . . 2,900 14,633
____________
5,143,973
____________
Malaysia--.3% AMMB . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 2,182
Amsteel . . . . . . . . . . . . . . . . . . . . . . . 45,000 (a) 3,315
Commerce Asset . . . . . . . . . . . . . . . . . . . . 2,000 663
Edaran Otomobil Nasional . . . . . . . . . . . . . . . 1,000 884
Kemayan . . . . . . . . . . . . . . . . . . . . . . . 8,000 545
Magnum . . . . . . . . . . . . . . . . . . . . . . . . 5,000 985
Malayan Banking . . . . . . . . . . . . . . . . . . . 18,000 15,249
Malaysia International Shipping . . . . . . . . . . . 3,000 2,298
Malaysian Resources . . . . . . . . . . . . . . . . . 2,667 516
Nestle (Malaysia) . . . . . . . . . . . . . . . . . . 1,000 2,394
Perusahaan Otomobil Nasional . . . . . . . . . . . . . 9,000 5,901
Pilecon Engineering . . . . . . . . . . . . . . . . . 4,000 663
RHB Capital . . . . . . . . . . . . . . . . . . . . . 2,000 637
Rashid Hussain . . . . . . . . . . . . . . . . . . . . 1,000 383
Resorts World . . . . . . . . . . . . . . . . . . . . 24,000 14,320
Rothmans Of Pall Mall . . . . . . . . . . . . . . . . 1,000 3,333
Sime Darby . . . . . . . . . . . . . . . . . . . . . . 6,000 3,050
Technology Resources Industries . . . . . . . . . . . 1,000 232
Telekom Malaysia . . . . . . . . . . . . . . . . . . . 11,000 13,775
Tenaga Nasional . . . . . . . . . . . . . . . . . . . 6,000 4,751
YTL . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 3,558
____________
79,634
____________
Netherlands--5.3% ABN-AMRO . . . . . . . . . . . . . . . . . . . . . . . 4,623 86,633
ASR Verzekeringsgroep . . . . . . . . . . . . . . . . 100 8,727
Akzo Nobel . . . . . . . . . . . . . . . . . . . . . . 800 31,097
Buhrmann . . . . . . . . . . . . . . . . . . . . . . . 480 8,610
Elsevier . . . . . . . . . . . . . . . . . . . . . . . 2,100 29,571
Getronics . . . . . . . . . . . . . . . . . . . . . . 200 8,299
Heineken . . . . . . . . . . . . . . . . . . . . . . . 1,082 57,643
Hollandsche Beton . . . . . . . . . . . . . . . . . . 310 4,183
IHC Caland . . . . . . . . . . . . . . . . . . . . . . 403 18,233
ING Group . . . . . . . . . . . . . . . . . . . . . . 3,669 177,586
KLM . . . . . . . . . . . . . . . . . . . . . . . . . 375 11,324
KPN . . . . . . . . . . . . . . . . . . . . . . . . . 2,593 100,793
Koninklijke Ahold . . . . . . . . . . . . . . . . . . 1,803 59,949
Koninklijke Hoogovens . . . . . . . . . . . . . . . . 520 15,758
Koninklijke Nedlloyd . . . . . . . . . . . . . . . . . 490 6,559
Koninklijke Pakhoed . . . . . . . . . . . . . . . . . 200 4,926
Koninkilijke (Royal) Philips Electronics . . . . . . . 1,470 78,234
Oce . . . . . . . . . . . . . . . . . . . . . . . . . 120 3,894
Royal Dutch Petroleum . . . . . . . . . . . . . . . . 7,010 338,546
Stork . . . . . . . . . . . . . . . . . . . . . . . . 400 9,980
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED)OCTOBER 31, 1998
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Common Stocks (continued) Shares Value
- ------------------------------------------------------- ____________ _____________
Netherlands (continued) TNT Post . . . . . . . . . . . . . . . . . . . . . . . 1,534 $ 41,067
Unilever . . . . . . . . . . . . . . . . . . . . . . . 2,280 169,196
Wolters Kluwer . . . . . . . . . . . . . . . . . . . . 230 44,579
____________
1,315,387
____________
New Zealand--.2% Brierley Investments . . . . . . . . . . . . . . . . . 6,400 1,457
Carter Holt Harvey . . . . . . . . . . . . . . . . . . 4,200 3,424
Fisher & Paykel Industries . . . . . . . . . . . . . . 7,650 22,680
Telecom Corporation of New Zealand . . . . . . . . . . 4,400 18,052
____________
45,613
____________
Norway--.4% Aker RGI . . . . . . . . . . . . . . . . . . . . . . . 2,040 24,351
Aker RGI B . . . . . . . . . . . . . . . . . . . . . . 408 3,763
Christiania Bank Og Kreditkasse . . . . . . . . . . . 1,700 5,949
Den Norske Bank . . . . . . . . . . . . . . . . . . . 2,300 8,080
Kvaerner . . . . . . . . . . . . . . . . . . . . . . . 250 5,392
Merkantildata . . . . . . . . . . . . . . . . . . . . 300 3,011
NCL . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 (a) 2,591
Norsk Hydro . . . . . . . . . . . . . . . . . . . . . 500 21,703
Orkla, Cl. A . . . . . . . . . . . . . . . . . . . . . 400 6,755
Petroleum Geo-Services . . . . . . . . . . . . . . . . 200 (a) 4,232
Smedvig, Cl. A . . . . . . . . . . . . . . . . . . . . 300 3,194
Storebrand . . . . . . . . . . . . . . . . . . . . . . 800 (a) 6,240
Tomra Systems . . . . . . . . . . . . . . . . . . . . 100 2,808
____________
98,069
____________
Portugal--.6% BPI-SGPS . . . . . . . . . . . . . . . . . . . . . . . 500 15,345
Banco Comercial Portugues . . . . . . . . . . . . . . 639 (a) 20,021
Banco Espirito Santo e Comercial de Lisboa . . . . . 397 11,739
Brisa-Auto Estradas de Portugal . . . . . . . . . . . 200 9,696
Cimpor-Cimentos de Portugal . . . . . . . . . . . . . 200 6,919
Companhia de Seguros Tranquilidade . . . . . . . . . . 200 6,538
Corticiera Amorim SGPS . . . . . . . . . . . . . . . . 230 3,207
Electricidade de Portugal . . . . . . . . . . . . . . 1,200 30,190
Engil-SGPS . . . . . . . . . . . . . . . . . . . . . . 554 3,994
Jeronimo Martins . . . . . . . . . . . . . . . . . . . 400 17,342
Portugal Telecom . . . . . . . . . . . . . . . . . . . 240 11,380
Sociedade de Construcoes Soares da Costa . . . . . . . 700 5,670
Sonae Investimentos-Sociedade Gestura
de Participacoes Sociais . . . . . . . . . . . . . 300 (a) 12,723
____________
154,764
____________
Singapore--.6% City Developments . . . . . . . . . . . . . . . . . . 3,000 10,870
DBS Land . . . . . . . . . . . . . . . . . . . . . . . 2,000 2,260
Development Bank of Singapore . . . . . . . . . . . . 2,200 13,781
Keppel . . . . . . . . . . . . . . . . . . . . . . . . 500 1,001
Oversea-Chinese Banking . . . . . . . . . . . . . . . 2,898 12,636
Sembcorp Industries . . . . . . . . . . . . . . . . . 8,037 (a) 7,947
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Common Stocks (continued) Shares Value
- ------------------------------------------------------- ____________ _____________
Singapore (continued) Singapore Airlines . . . . . . . . . . . . . . . . . . 8,000 $ 49,131
Singapore Press Holdings . . . . . . . . . . . . . . . 900 7,793
Singapore Telecommunications . . . . . . . . . . . . . 18,000 31,063
United Overseas Bank . . . . . . . . . . . . . . . . . 2,000 9,396
____________
145,878
____________
Spain--3.7% Autopistas, Concesionaria Espanola . . . . . . . . . . 661 10,797
Banco Bilbao Vizcaya . . . . . . . . . . . . . . . . . 12,698 170,962
Banco Central Hispanoamericano . . . . . . . . . . . . 2,525 27,823
Banco Santander . . . . . . . . . . . . . . . . . . . 2,334 42,671
Corporacion Bancaria de Espana . . . . . . . . . . . . 1,200 26,063
El Aguila . . . . . . . . . . . . . . . . . . . . . . 500 (a) 4,517
Endesa . . . . . . . . . . . . . . . . . . . . . . . . 6,200 155,967
Fomento De Construcciones y Contratas . . . . . . . . 650 34,177
Gas Natural SDG, Cl. E . . . . . . . . . . . . . . . . 350 30,084
Iberdrola . . . . . . . . . . . . . . . . . . . . . . 2,200 35,466
Repsol . . . . . . . . . . . . . . . . . . . . . . . . 1,600 80,159
Tabacalera, Cl. A . . . . . . . . . . . . . . . . . . 1,500 36,139
Telefonica . . . . . . . . . . . . . . . . . . . . . . 5,420 244,269
Union Electrica Fenosa . . . . . . . . . . . . . . . . 2,100 34,003
____________
933,097
____________
Sweden--2.8% ABB, Cl. A . . . . . . . . . . . . . . . . . . . . . . 1,600 16,886
ABB, Cl. B . . . . . . . . . . . . . . . . . . . . . . 3,642 38,437
Astra, Cl. A . . . . . . . . . . . . . . . . . . . . . 3,933 63,646
Astra, Cl. B . . . . . . . . . . . . . . . . . . . . . 4,793 75,110
Atlas Copco, Cl. A . . . . . . . . . . . . . . . . . . 300 6,985
Drott Cl. B . . . . . . . . . . . . . . . . . . . . . 600 (a) 4,605
Electrolux, Cl. B . . . . . . . . . . . . . . . . . . 1,000 15,031
Esselte, Cl. B . . . . . . . . . . . . . . . . . . . . 1,845 26,906
ForeningsSparbanken . . . . . . . . . . . . . . . . . 1,050 28,409
Granges . . . . . . . . . . . . . . . . . . . . . . . 500 6,524
Hennes & Mauritz, Cl. B . . . . . . . . . . . . . . . 700 49,251
NetCom, Cl. B . . . . . . . . . . . . . . . . . . . . 200 (a) 7,496
OM Gruppen . . . . . . . . . . . . . . . . . . . . . . 200 3,045
Sandvik, Cl. A . . . . . . . . . . . . . . . . . . . . 200 4,106
Sandvik, Cl. B . . . . . . . . . . . . . . . . . . . . 200 4,106
Securitas, Cl. B . . . . . . . . . . . . . . . . . . . 720 8,842
Skandia Forsakrings . . . . . . . . . . . . . . . . . 1,300 16,547
Skandinaviska Enskilda Banken, Cl. A . . . . . . . . . 2,600 26,276
Skanska, Cl. B . . . . . . . . . . . . . . . . . . . . 600 19,726
Stora Kopparbergs Bergslag Aktiebology, Cl. A . . . . 1,000 11,002
Svenska Cellulosa, Cl. B . . . . . . . . . . . . . . . 500 11,705
Svenska Handelsbanken, Cl. A . . . . . . . . . . . . . 900 37,821
Svenskt Stal, Cl. A . . . . . . . . . . . . . . . . . 400 3,812
Svenskt Stal, Cl. B . . . . . . . . . . . . . . . . . 400 3,889
Telefonaktiebolaget LM Ericsson, Cl. B . . . . . . . . 8,300 186,872
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Common Stocks (continued) Shares Value
- ------------------------------------------------------- ____________ _____________
Sweden (continued) Volvo, Cl. B . . . . . . . . . . . . . . . . . . . . . 600 $ 12,933
WM-Data, Cl. B . . . . . . . . . . . . . . . . . . . . 200 7,266
____________
697,234
____________
Switzerland--8.3% ABB . . . . . . . . . . . . . . . . . . . . . . . . . 26 31,142
Adecco . . . . . . . . . . . . . . . . . . . . . . . . 53 21,134
Alusuisse Lonza . . . . . . . . . . . . . . . . . . . 31 35,436
Credit Suisse . . . . . . . . . . . . . . . . . . . . 1,100 169,159
Danza . . . . . . . . . . . . . . . . . . . . . . . . 20 5,509
Georg Fischer . . . . . . . . . . . . . . . . . . . . 25 8,621
Holderbank Financiere Glarus . . . . . . . . . . . . . 29 32,315
Holderbank Financiere Glarus (Reg'd) . . . . . . . . . 37 8,279
Jelmoli . . . . . . . . . . . . . . . . . . . . . . . 25 6,175
Kuoni Riesen . . . . . . . . . . . . . . . . . . . . . 1 3,574
Moevenpick . . . . . . . . . . . . . . . . . . . . . . 15 6,602
Nestle . . . . . . . . . . . . . . . . . . . . . . . . 145 308,374
Novartis (Bearer) . . . . . . . . . . . . . . . . . . 25 45,008
Novartis (Reg'd) . . . . . . . . . . . . . . . . . . . 226 407,207
Roche (Bearer) . . . . . . . . . . . . . . . . . . . . 6 108,773
Roche (Reg'd) . . . . . . . . . . . . . . . . . . . . 26 303,353
SAirgroup . . . . . . . . . . . . . . . . . . . . . . 60 15,153
Schindler (Reg'd) . . . . . . . . . . . . . . . . . . 5 7,735
Schindler (Part. Cert) . . . . . . . . . . . . . . . . 5 6,768
Schweizerische Rueckversicherungs-Gesellschaft . . . . 61 135,856
Swatch (Bearer) . . . . . . . . . . . . . . . . . . . 33 18,203
Swatch (Reg'd) . . . . . . . . . . . . . . . . . . . . 142 19,425
Swisscom . . . . . . . . . . . . . . . . . . . . . . . 100 (a) 33,895
UBS . . . . . . . . . . . . . . . . . . . . . . . . . 834 228,793
Valora . . . . . . . . . . . . . . . . . . . . . . . . 39 10,497
Zurich Allied . . . . . . . . . . . . . . . . . . . . 153 92,984
____________
2,069,970
____________
United Kingdom--19.0% AMEC . . . . . . . . . . . . . . . . . . . . . . . . . 3,400 10,135
Abbey National . . . . . . . . . . . . . . . . . . . . 4,350 84,651
Allied Irish Banks . . . . . . . . . . . . . . . . . . 6,761 97,148
Allied Zurich . . . . . . . . . . . . . . . . . . . . 4,349 (a) 52,003
Anglian Water . . . . . . . . . . . . . . . . . . . . 569 8,290
Arjo Wiggins Appleton . . . . . . . . . . . . . . . . 3,233 6,903
Associated British Foods . . . . . . . . . . . . . . . 1,200 11,254
BAA . . . . . . . . . . . . . . . . . . . . . . . . . 1,700 19,146
BBA . . . . . . . . . . . . . . . . . . . . . . . . . 800 4,950
BG . . . . . . . . . . . . . . . . . . . . . . . . . . 8,750 57,369
BOC . . . . . . . . . . . . . . . . . . . . . . . . . 714 10,487
BTR . . . . . . . . . . . . . . . . . . . . . . . . . 10,558 18,477
Barclays . . . . . . . . . . . . . . . . . . . . . . . 5,481 118,134
Barratt Developments . . . . . . . . . . . . . . . . . 2,000 7,687
Bass . . . . . . . . . . . . . . . . . . . . . . . . . 2,143 26,019
Berekeley . . . . . . . . . . . . . . . . . . . . . . 500 4,275
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Common Stocks (continued) Shares Value
- ------------------------------------------------------- ____________ _____________
United Kingdom (continued) Blue Circle Industries . . . . . . . . . . . . . . . . 411 $ 2,244
Boots . . . . . . . . . . . . . . . . . . . . . . . . 2,400 36,053
Bowthorpe . . . . . . . . . . . . . . . . . . . . . . 1,100 6,604
British Aerospace . . . . . . . . . . . . . . . . . . 5,012 37,310
British Airways . . . . . . . . . . . . . . . . . . . 3,110 22,604
British America Tobacco . . . . . . . . . . . . . . . 3,849 34,776
British Land . . . . . . . . . . . . . . . . . . . . . 1,200 9,646
British Petroleum . . . . . . . . . . . . . . . . . . 20,505 301,159
British Sky Broadcasting . . . . . . . . . . . . . . . 5,780 47,140
British Steel . . . . . . . . . . . . . . . . . . . . 7,523 12,914
British Telecommunications . . . . . . . . . . . . . . 20,960 270,985
Burmah Castrol . . . . . . . . . . . . . . . . . . . . 800 12,326
CGU . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 47,553
Cable & Wireless . . . . . . . . . . . . . . . . . . . 7,050 79,104
Cadbury Schweppes . . . . . . . . . . . . . . . . . . 2,300 35,244
Centrica . . . . . . . . . . . . . . . . . . . . . . . 5,350 (a) 10,393
Coats Viyella . . . . . . . . . . . . . . . . . . . . 5,100 2,648
Cobham . . . . . . . . . . . . . . . . . . . . . . . . 250 3,115
Compass . . . . . . . . . . . . . . . . . . . . . . . 700 7,092
De La Rue . . . . . . . . . . . . . . . . . . . . . . 1,000 2,922
Delta . . . . . . . . . . . . . . . . . . . . . . . . 1,200 2,653
Diageo . . . . . . . . . . . . . . . . . . . . . . . . 12,739 137,604
EMI . . . . . . . . . . . . . . . . . . . . . . . . . 3,700 21,951
Electrocomponents . . . . . . . . . . . . . . . . . . 1,300 8,578
Elementis . . . . . . . . . . . . . . . . . . . . . . 6,105 9,764
English China Clay . . . . . . . . . . . . . . . . . . 1,500 4,145
GKN . . . . . . . . . . . . . . . . . . . . . . . . . 1,800 21,885
General Electric . . . . . . . . . . . . . . . . . . . 6,664 53,290
Glaxo Wellcome . . . . . . . . . . . . . . . . . . . . 11,367 353,314
Granada . . . . . . . . . . . . . . . . . . . . . . . 2,323 35,032
Great Portland Estates . . . . . . . . . . . . . . . . 5,000 16,789
Great Universal Stores . . . . . . . . . . . . . . . . 2,900 31,180
Guardian Royal Exchange . . . . . . . . . . . . . . . 5,867 28,445
HSBC Holdings . . . . . . . . . . . . . . . . . . . . 3,449 80,865
HSBC Holdings . . . . . . . . . . . . . . . . . . . . 6,412 146,039
Halifax . . . . . . . . . . . . . . . . . . . . . . . 7,400 98,151
Hammerson . . . . . . . . . . . . . . . . . . . . . . 3,200 19,480
Hanson . . . . . . . . . . . . . . . . . . . . . . . . 3,367 23,711
Hepworth . . . . . . . . . . . . . . . . . . . . . . . 1,500 3,994
Hyder . . . . . . . . . . . . . . . . . . . . . . . . 517 7,113
IMI . . . . . . . . . . . . . . . . . . . . . . . . . 500 2,470
Imperial Chemical Industries . . . . . . . . . . . . . 3,842 34,519
Jarvis . . . . . . . . . . . . . . . . . . . . . . . . 500 5,250
Johnson Matthey . . . . . . . . . . . . . . . . . . . 400 2,254
Kingfisher . . . . . . . . . . . . . . . . . . . . . . 6,600 57,973
LASMO . . . . . . . . . . . . . . . . . . . . . . . . 1,500 4,270
Ladbroke . . . . . . . . . . . . . . . . . . . . . . . 1,824 6,682
Laird . . . . . . . . . . . . . . . . . . . . . . . . 1,300 3,092
Land Securities . . . . . . . . . . . . . . . . . . . 2,050 28,924
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Common Stocks (continued) Shares Value
- ------------------------------------------------------- ____________ _____________
United Kingdom (continued) Legal & General . . . . . . . . . . . . . . . . . . . 5,535 $ 65,628
Lloyds TSB . . . . . . . . . . . . . . . . . . . . . . 19,297 238,336
LucasVarity . . . . . . . . . . . . . . . . . . . . . 8,829 30,163
MEPC . . . . . . . . . . . . . . . . . . . . . . . . . 1,735 12,610
Marks & Spencer . . . . . . . . . . . . . . . . . . . 7,900 58,543
Marley . . . . . . . . . . . . . . . . . . . . . . . . 3,428 3,961
Meyer International . . . . . . . . . . . . . . . . . 2,929 14,716
Misys . . . . . . . . . . . . . . . . . . . . . . . . 2,000 14,034
National Grid . . . . . . . . . . . . . . . . . . . . 1,960 13,425
National Power . . . . . . . . . . . . . . . . . . . . 1,603 13,933
Next . . . . . . . . . . . . . . . . . . . . . . . . . 800 6,766
Ocean . . . . . . . . . . . . . . . . . . . . . . . . 400 4,344
Pearson . . . . . . . . . . . . . . . . . . . . . . . 1,450 25,303
Peninsular and Oriental Steam Navigation . . . . . . . 2,277 23,757
Pilkington . . . . . . . . . . . . . . . . . . . . . . 3,700 4,090
Provident Financial . . . . . . . . . . . . . . . . . 300 4,507
Prudential . . . . . . . . . . . . . . . . . . . . . . 6,600 85,882
RMC . . . . . . . . . . . . . . . . . . . . . . . . . 300 4,270
Racal Electronic . . . . . . . . . . . . . . . . . . . 1,800 8,169
Railtrack . . . . . . . . . . . . . . . . . . . . . . 2,020 54,295
Rank . . . . . . . . . . . . . . . . . . . . . . . . . 2,015 8,394
Reed International . . . . . . . . . . . . . . . . . . 2,600 22,011
Rentokil Initial . . . . . . . . . . . . . . . . . . . 11,600 72,655
Reuters . . . . . . . . . . . . . . . . . . . . . . . 4,073 41,949
Rexam . . . . . . . . . . . . . . . . . . . . . . . . 855 3,028
Rexam, Cl. B . . . . . . . . . . . . . . . . . . . . . 517 (a) 857
Rio Tinto . . . . . . . . . . . . . . . . . . . . . . 4,650 56,458
Rolls-Royce . . . . . . . . . . . . . . . . . . . . . 2,926 10,805
Royal & Sun Alliance Insurance . . . . . . . . . . . . 5,378 49,266
Royal Bank Of Scotland . . . . . . . . . . . . . . . . 2,862 37,960
Safeway . . . . . . . . . . . . . . . . . . . . . . . 3,100 15,575
Sainsbury (J.) . . . . . . . . . . . . . . . . . . . . 6,000 53,055
Schroders . . . . . . . . . . . . . . . . . . . . . . 1,475 28,037
Scottish & Newcastle . . . . . . . . . . . . . . . . . 400 4,877
Scottish Power . . . . . . . . . . . . . . . . . . . . 1,300 12,801
Sears . . . . . . . . . . . . . . . . . . . . . . . . 535 1,747
Sedgwick Group . . . . . . . . . . . . . . . . . . . . 5,966 22,430
Siebe . . . . . . . . . . . . . . . . . . . . . . . . 11,550 47,390
Slough Estate . . . . . . . . . . . . . . . . . . . . 1,200 5,748
SmithKline Beecham . . . . . . . . . . . . . . . . . . 16,107 201,499
Smiths Industries . . . . . . . . . . . . . . . . . . 500 6,699
Southern Electric . . . . . . . . . . . . . . . . . . 2,102 21,614
St. James's Place Capital . . . . . . . . . . . . . . 2,300 9,360
Stagecoach . . . . . . . . . . . . . . . . . . . . . . 2,500 9,713
TI . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 11,924
Tarmac . . . . . . . . . . . . . . . . . . . . . . . . 4,200 7,245
Tate & Lyle . . . . . . . . . . . . . . . . . . . . . 500 2,931
Taylor Woodrow . . . . . . . . . . . . . . . . . . . . 1,500 4,296
Tesco . . . . . . . . . . . . . . . . . . . . . . . . 26,478 74,717
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Common Stocks (continued) Shares Value
- ------------------------------------------------------- ____________ _____________
United Kingdom (continued) Thames Water . . . . . . . . . . . . . . . . . . . . . 413 $ 7,663
Transport Development, Cl. B . . . . . . . . . . . . . 1,209 4,637
Unigate . . . . . . . . . . . . . . . . . . . . . . . 4,284 37,415
Unilever . . . . . . . . . . . . . . . . . . . . . . . 10,100 101,487
United Utilities . . . . . . . . . . . . . . . . . . . 310 4,537
Vodafone . . . . . . . . . . . . . . . . . . . . . . . 10,978 147,079
Williams . . . . . . . . . . . . . . . . . . . . . . . 646 4,033
Wilson Connolly Holdings . . . . . . . . . . . . . . . 4,180 8,645
Wimpey (George) . . . . . . . . . . . . . . . . . . . 4,000 7,603
Wolseley . . . . . . . . . . . . . . . . . . . . . . . 375 2,471
Zeneca . . . . . . . . . . . . . . . . . . . . . . . . 2,700 103,728
____________
4,729,248
____________
TOTAL COMMON STOCKS
(cost $23,303,937) . . . . . . . . . . . . . . . . $23,469,872
____________
Preferred Stocks--.8%
- -------------------------------------------------------
Australia--.2% News . . . . . . . . . . . . . . . . . . . . . . . . . 8,545 $ 51,155
____________
Austria--.0% Bau . . . . . . . . . . . . . . . . . . . . . . . . . 130 5,768
____________
Germany--.6% Axa Colonia Konzern . . . . . . . . . . . . . . . . . 50 4,891
Dyckerhoff . . . . . . . . . . . . . . . . . . . . . . 15 4,619
Friedrich Grohe . . . . . . . . . . . . . . . . . . . 40 11,351
HERLITZ . . . . . . . . . . . . . . . . . . . . . . . 100 (a) 3,140
MAN . . . . . . . . . . . . . . . . . . . . . . . . . 25 5,812
Metro . . . . . . . . . . . . . . . . . . . . . . . . 185 7,317
RWE . . . . . . . . . . . . . . . . . . . . . . . . . 214 7,817
Rheinmetall . . . . . . . . . . . . . . . . . . . . . 200 3,985
SAP . . . . . . . . . . . . . . . . . . . . . . . . . 166 80,885
Volkswagen . . . . . . . . . . . . . . . . . . . . . . 200 9,395
____________
139,212
____________
Italy--.0% Fiat . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 3,063
____________
TOTAL PREFERRED STOCKS
(cost $183,418) . . . . . . . . . . . . . . . . . $ 199,198
____________
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED)OCTOBER 31, 1998
Principal
Short-Term Investments--8.2% Amount Value
- ------------------------------------------------------- ___________ _____________
U.S. Treasury Bills:
4.65%, 12/17/1998 . . . . . . . . . . . . . . . . $ 110,000 $ 109,462
4.64%, 12/24/1998 . . . . . . . . . . . . . . . . 103,000 102,389
4.01%, 12/31/1998 . . . . . . . . . . . . . . . . 237,000 235,407
3.98%, 1/7/1999 . . . . . . . . . . . . . . . . . 100,000 (b) 99,244
3.98%, 1/14/1999 . . . . . . . . . . . . . . . . . 28,000 27,763
3.98%, 1/21/1999 . . . . . . . . . . . . . . . . . 281,000 278,170
4.11%, 1/28/1999 . . . . . . . . . . . . . . . . . 1,207,000 $ 1,194,689
____________
TOTAL SHORT-TERM INVESTMENTS
(cost $2,047,517) . . . . . . . . . . . . . . . . $ 2,047,124
____________
TOTAL INVESTMENTS (cost $25,534,872) . . . . . . . . . . . . . . . . . . . . . . . . . . . 103.3% $25,716,194
_______ ____________
LIABILITIES, LESS CASH AND RECEIVABLES . . . . . . . . . . . . . . . . . . . . . . . . . . (3.3%) $ (829,518)
_______ ____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $24,886,676
_______ ____________
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.
(c)As of September 1, 1998, the repatriation of proceeds received from the
sale of Malaysian securities has been blocked until at least 9/1/99. These
securities are considered illiquid and are being fair valued using methods
determined in good faith under the direction of the Board of Directors.
</TABLE>
<TABLE>
<CAPTION>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF FINANCIAL FUTURES OCTOBER 31, 1998
Unrealized
Market Value Appreciation
Covered (Depreciation)
Contracts by Contracts Expiration at 10/31/98
________ ___________ _________ ____________
Financial Futures Long:
- -----------------
<S> <C> <C> <C> <C>
CAC 40 . . . . . . . . . . . . . . . . . . . . . . . . . 5 $158,002 December '98 $ 8,471
Financial Times 100. . . . . . . . . . . . . . . . . . . 9 826,599 December '98 28,353
Nikkei 300 . . . . . . . . . . . . . . . . . . . . . . . 18 272,599 December '98 (19,840)
________
$ 16,984
________
</TABLE>
<TABLE>
<CAPTION>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES OCTOBER 31, 1998
Cost Value
_____________ _____________
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $25,534,872 $25,716,194
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 35,419
Cash denominated in foreign currencies . . . . . . . . . 74,602 75,257
Dividends receivable . . . . . . . . . . . . . . . . . . 74,224
Net unrealized appreciation on forward currency
exchange contracts--Note 4(a) . . . . . . . . . . . . . 35,243
Receivable for futures variation margin--Note 4(a) . . . 13,656
Receivable for shares of Common Stock subscribed . . . . 100
_____________
25,950,093
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 6,764
Due to Distributor . . . . . . . . . . . . . . . . . . . 4,832
Payable for investment securities purchased . . . . . . . 1,046,091
Payable for shares of Common Stock redeemed . . . . . . . 5,730
_____________
1,063,417
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $24,886,676
_____________
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $24,772,821
Accumulated undistributed investment income--net . . . . 182,520
Accumulated net realized gain (loss) on investments . . . (310,304)
Accumulated net unrealized appreciation (depreciation)
on investments and foreign currency transactions (including
$16,984 net unrealized appreciation on financial futures) . . 241,639
_____________
NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $24,886,676
_____________
SHARES OUTSTANDING
(200 MILLION SHARES OF $.001 PAR VALUE COMMON STOCK AUTHORIZED). . . . . . . . . . . . . . 2,030,959
NET ASSET VALUE, offering and redemption price per share--Note 3(c). . . . . . . . . . . . $12.25
_______
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONSYEAR ENDED OCTOBER 31, 1998
INVESTMENT INCOME
INCOME: Cash dividends (net of $33,650 foreign taxes
withheld at source) . . . . . . . . . . . . . $ 242,094
Interest . . . . . . . . . . . . . . . . . . . . 54,402
____________
Total Income . . . . . . . . . . . . . . . $ 296,496
EXPENSES: Management fee--Note 3(a) . . . . . . . . . . . . 54,173
Shareholder servicing costs--Note 3(b) . . . . . 38,695
Loan commitment fees--Note 2 . . . . . . . . . . 73
____________
Total Expenses . . . . . . . . . . . . . . 92,941
____________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203,555
____________
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments and foreign
currency transactions . . . . . . . . . . . . $ 67,032
Net realized gain (loss) on forward currency
exchange contracts . . . . . . . . . . . . . . (77,746)
Net realized gain (loss) on financial futures . . (209,515)
____________
Net Realized Gain (Loss) . . . . . . . . . (220,229)
Net unrealized appreciation (depreciation) on
investments, foreign currency transactions and
forward currency exchange contracts (including
$176,361 net unrealized appreciation on
financial futures) . . . . . . . . . . . . . . 1,219,706
____________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS . . . . . . . . . . . . . . 999,477
____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . $1,203,032
____________
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
October 31, 1998 October 31, 1997*
________________ _________________
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 203,555 $ 61,291
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . . . (220,229) (90,075)
Net unrealized appreciation (depreciation) on investments . . . . . . . . . . . . . . 1,219,706 (978,067)
____________ ____________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . . . . . . 1,203,032 (1,006,851)
____________ ____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (82,326) ---
____________ ____________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,574,583 10,301,736
Net assets received in connection with reorganization--Note 1 . . . . . . . . . . . . 12,979,451 ---
Dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,235 ---
Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,116,445) (48,739)
____________ ____________
Increase (Decrease) in Net Assets from Capital Stock Transactions . . . . . . . . . 14,519,824 10,252,997
____________ ____________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . . . . . . 15,640,530 9,246,146
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,246,146 ---
____________ ____________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $24,886,676 $ 9,246,146
____________ ____________
UNDISTRIBUTED INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . $ 182,520 $ 61,291
____________ ____________
Shares Shares
____________ ____________
CAPITAL SHARE TRANSACTIONS:
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 292,582 824,343
Shares issued in connection with reorganization--Note 1 . . . . . . . . . . . . . . . 1,087,174 ---
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . . 7,483 ---
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (176,433) (4,190)
____________ ____________
Net Increase (Decrease) in Shares Outstanding . . . . . . . . . . . . . . . . . . . 1,210,806 820,153
____________ ____________
- ----------------------
*From June 30, 1997 (commencement of operations) to October 31, 1997.
SEE NOTES TO FINANCIAL STATEMENTS.
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 each period indicated. This information has been
derived from the Fund's financial statements.
Year Ended October 31,
__________________________
PER SHARE DATA 1998 1997(1)
______ ______
Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $11.27 $12.50
______ ______
Investment Operations:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 .07
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .96 (1.30)
______ ______
Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.08 (1.23)
______ ______
Distributions:
Dividends from investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . (.10) --
______ ______
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12.25 $11.27
______ ______
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.68% (9.84%)(2,3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . . . . . . . . . . . . . . . . . . . .60% .20%(2)
Ratio of net investment income to average net assets . . . . . . . . . . . . . . . . . 1.32% .62%(2)
Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.62% .16%(2)
Net Assets, end of period (000's Omitted) . . . . . . . . . . . . . . . . . . . . . . . $24,887 $9,246
- ------------------------
(1) From June 30, 1997 (commencement of operations) to October 31, 1997.
(2) Not annualized.
(3) Exclusive of redemption fee.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
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, as amended (the "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. 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.
On June 9, 1998, the Board of Directors of the Fund approved an Agreement and
Plan of Reorganization providing for the transfer of all or substantially all of
the Dreyfus International Equity Allocation Fund's assets and liabilities to the
Fund in a tax free exchange of Common Stock of the Fund at net asset value and
the assumption of stated liabilities (the "Exchange"). The Exchange was approved
by the shareholders of Dreyfus International Equity Allocation Fund on June 9,
1998, and was consummated after the close of business on June 26, 1998 at which
time 1,315,173 shares valued at $10.56 per share, representing net assets of
$13,890,696 [including $911,245 net unrealized appreciation on investments] were
exchanged by Dreyfus International Equity Allocation Fund for the respective
numbers of shares of the Fund.
As of October 31, 1998, MBC Investment Corp., an indirect subsidiary of Mellon
Bank Corporation, held 1,178,711 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. Securities for which
there are no such valuations are valued at fair value as determined in good
faith under the direction of the Board of Directors.
(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.
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
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
assets and liabilities other than investments in securities, resulting from
changes in exchange rates. Such gain 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 and 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 of 1986, as amended (the "Code"). To
the extent that net realized capital gain can be offset by capital loss
carryovers, 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 Code, and to make distributions of taxable income sufficient to relieve it
from substantially all Federal income and excise taxes.
The Fund has an unused capital loss carryover of approximately $876,000
available for Federal income tax purposes, to be applied against future net
securities profits, if any, realized subsequent to October 31, 1998. A portion
of this loss which can be utilized in subsequent years is subject to an annual
limitation due to the Fund' s merger with Dreyfus International Equity
Allocation Fund. If not applied, $622,000 of the carryover expires in fiscal
2000, $27,000 expires in fiscal 2002, $58,000 expires in fiscal 2005 and
$169,000 expires in fiscal 2006.
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
October 31, 1998, the Fund did not borrow under the Facility.
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.
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(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
October 31, 1998, the Fund was charged $38,695 pursuant to the Shareholder
Services Plan.
(C) 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.
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 October 31, 1998 amounted to
$6,133,866 and $3,324,041, respectively.
The following summarizes open forward currency exchange contracts at October
31, 1998:
<TABLE>
<CAPTION>
Unrealized
Foreign Currency Appreciation
Forward Currency Exchange Contracts Amounts Cost Value (Depreciation)
_________________________________ _______________ ________ ________ ____________
Purchases:
<S> <C> <C> <C> <C>
Australian Dollars, expiring 11/5/98 . . . . . . . . 74,696 $ 46,722 $ 46,483 $ (239)
Austrian Shillings, expiring 11/3/98 . . . . . . . . 113,301 9,773 9,723 (50)
Belgian Francs, expiring 11/16/98 . . . . . . . . . . 1,452,035 42,770 42,507 (263)
British Pounds, expiring 11/5/98 . . . . . . . . . . 58,644 98,492 98,211 (281)
British Pounds, expiring 12/29/98 . . . . . . . . . . 475,820 796,822 794,647 (2,175)
Danish Krone, expiring 11/3/98 . . . . . . . . . . . 450, 947 72,094 71,623 (471)
Dutch Guilders, expiring 11/3/98 . . . . . . . . . . 92,209 49,682 49,371 (311)
Finnish Markka, expiring 11/3/98 . . . . . . . . . . 13,166 2,629 2,613 (16)
French Francs, expiring 11/30/98 . . . . . . . . . . 429,049 77,811 77,209 (602)
French Francs, expiring 12/29/98 . . . . . . . . . . 837,550 152,102 151,130 (972)
German Deutsche Marks, expiring 11/2/98 . . . . . . . 60,315 36,634 36,417 (217)
Hong Kong Dollars, expiring 11/2/98 . . . . . . . . . 169,475 21,882 21,879 (3)
Italian Lire, expiring 11/5/98 . . . . . . . . . . . 92,303,744 56,698 56,343 (355)
Japanese Yen, expiring 11/4/98 . . . . . . . . . . . 30,039,680 258,762 257,785 (977)
Japanese Yen, expiring 12/18/98 . . . . . . . . . . . 39,266,000 294,712 339,143 44,431
Norwegian Krone, expiring 11/3/98 . . . . . . . . . . 151,673 20,577 20,574 (3)
Portuguese Escudo, expiring 11/4/98 . . . . . . . . . 4,668,198 27,688 27,498 (190)
Singapore Dollars, expiring 11/5/98 . . . . . . . . . 37,650 23,281 23,122 (159)
Spanish Pesetas, expiring 11/3/98 . . . . . . . . . . 3,952,245 28,267 28,007 (260)
Swedish Krona, expiring 11/3/98 . . . . . . . . . . . 337,495 43,559 43,174 (385)
Swiss Francs, expiring 11/3/98 . . . . . . . . . . . 125,169 93,689 92,430 (1,259)
________
Total . . . . . . . . . . . . . . . . . . . . . . $35,243
________
</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 and to settle foreign currency transactions. When executing DREYFUS
INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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
realized 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.
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 October 31, 1998, are
set forth in the Statement of Financial Futures.
(B) At October 31, 1998, accumulated net unrealized appreciation on
investments, forward currency exchange contracts and financial futures was
$233,549, consisting of $4,107,689 gross unrealized appreciation and $3,874,140
gross unrealized depreciation.
At October 31, 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).
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF
DREYFUS INTERNATIONAL STOCK INDEX FUND
In our opinion, the accompanying statements of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and financial highlights present fairly, in all
material respects, the financial position of Dreyfus International Stock Index
Fund (the "Fund" ) (one of the Series constituting Dreyfus Index Funds), as of
October 31, 1998, the results of its operations for the year then ended, the
changes in its net assets and the financial highlights for the periods
presented, in conformity with generally accepted accounting principles. These
financial statements and financial highlights (hereafter referred to as
" financial statements" ) are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits in accordance with generally accepted
auditing standards, which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities owned at October 31, 1998 by
correspondence with the custodian and brokers, provide a reasonable basis for
the opinion expressed above.
PricewaterhouseCoopers LLP
New York, New York
December 18, 1998
DREYFUS INTERNATIONAL STOCK INDEX FUND
- -----------------------------------------------------------------------------
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund elects to provide each
shareholder with their portion of the Fund's foreign taxes paid and the income
sourced from foreign countries. Accordingly, the Fund hereby makes the following
designations regarding its fiscal year ended October 31, 1998:
--the total amount of taxes paid to foreign countries $33,650
--the total amount of income sourced from foreign countries was $163,219
As required by Federal tax law rules, shareholders will receive notification of
their proportionate share of foeign taxes paid and foreign sourced income for
the calendar year with Form 1099-Div which will be mailed by January 31, 1999
[reg.tm logo]
(reg.tm)
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. 079AR9810
International Stock
Index Fund
Annual Report
October 31, 1998
January 12, 1999
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Dreyfus Index Funds, Inc. -
- Dreyfus Small Cap Stock Index Fund
- Dreyfus S&P 500 Index Fund
- Dreyfus International Stock Index Fund
Registration Statement File Nos. 33-31809; 811-5883
Ladies and Gentlemen:
Enclosed is one (1) copy of the Annual Report to Shareholders for each
of the above-referenced portfolios of the Dreyfus Index Funds, Inc. for the
annual period ended October 31, 1998 filed in compliance with the provisions
of Section 30 of the Investment Company Act of 1940, as amended.
If you have any questions or comments on the attached, please do not
hesitate to contact the undersigned at (212) 922-6855.
Sincerely yours,
Lisa R. Grosswirth
LRG\
Enclosures
cc: Stroock & Stroock & Lavan
Ernst & Young
Michael A. Rosenberg
