<PAGE>
Dreyfus
MidCap Index
Fund
Semi-Annual
Report
April 30, 1997
<PAGE>
Dreyfus MidCap Index Fund
- --------------------------------------------------------------------------------
Letter to Shareholders
<PAGE>
<PAGE>
Dreyfus MidCap Index Fund
- --------------------------------------------------------------------------------
Statement of Investments April 30, 1997 (Unaudited)
Shares COMMON STOCKS--98.9% Value
-------- -------------
Basic Industries--7.1%
17,700 Airgas..................... $ 263,287
14,800 Albemarle.................. 260,850
7,204 Betz Laboratories.......... 461,056
10,810 Bowater.................... 467,532
18,600 Cabot...................... 409,200
10,589 Calgon Carbon.............. 129,715
6,033 CalMat..................... 107,839
6,091 Chesapeake................. 207,855
30,916 Clayton Homes.............. 432,824
11,621 Consolidated Papers........ 624,628
12,200 Cytec Industries........... 459,025
6,243 Dexter..................... 186,509
6,415 Durco International........ 159,573
30,900 Ethyl...................... 281,962
6,853 Ferro...................... 213,299
3,642 Fuller (H.B.).............. 195,302
8,751 GenCorp.................... 164,081
9,179 Georgia Gulf............... 222,590
11,100 Glatfelter (P.H.).......... 173,437
4,750 Granite Construction....... 92,328
13,602 Hanna (M.A.)............... 283,941
24,022 IMC Global................. 885,811
6,721 (a)Jacobs Engineering Group... 171,385
11,746 Lawter International....... 124,801
13,536 Longview Fibre............. 218,268
15,688 Lubrizol................... 513,782
20,838 Lyondell Petrochemical..... 421,969
5,900 Minerals Technologies...... 207,237
2,017 NCH........................ 127,071
13,040 Olin....................... 536,270
7,700 Rayonier................... 310,887
20,211 RPM........................ 338,534
9,825 Schulman (A.).............. 186,675
11,112 (a)Sealed Air................. 513,930
23,730 Sonoco Products............ 637,743
5,641 Southdown.................. 203,781
17,700 Unisource Worldwide........ 261,075
9,100 Vulcan Materials........... 594,912
9,613 Wausau Paper Mills......... 168,227
8,761 Wellman.................... 137,985
14,816 Witco...................... 553,748
-------------
12,910,924
-------------
Capital Goods--24.9%
14,800 ACNielsen.................. 222,000
33,812 ADC Telecommunications..... 883,338
8,522 AMETEK..................... 190,679
15,082 (a)AST Research............... 77,766
18,909 Adobe Systems.............. 739,814
7,961 Albany International, Cl. A 160,215
22,904 Altera..................... 1,135,179
Shares COMMON STOCKS (continued) Value
-------- -------------
Capital Goods (continued)
24,500 (a)America Online............. $ 1,105,562
24,400 (a)American Power Conversion.. 469,700
20,300 American Water Works....... 431,375
40,426 (a)Analog Devices............. 1,081,395
13,331 (a)Arrow Electronics.......... 741,536
25,600 (a)Atmel...................... 636,800
11,304 Avnet...................... 688,131
26,220 (a)BMC Software............... 1,134,015
21,605 (a)Cadence Design System...... 691,360
12,151 Carter-Wallace............. 161,000
12,410 Cintas..................... 679,447
16,828 (a)Cirrus Logic............... 154,607
13,159 Comdisco................... 417,798
22,200 (a)Compuware.................. 838,050
19,076 Crompton & Knowles......... 414,903
22,718 (a)Cypress Semiconductor...... 315,212
15,202 Danaher.................... 685,990
17,901 Diebold.................... 599,683
6,704 Donaldson.................. 229,612
13,900 (a)Electronic Arts............ 335,337
39,610 Equifax.................... 1,138,787
5,684 (a)Exabyte.................... 76,734
11,813 Federal Signal............. 287,941
11,800 (a)Fiserv..................... 445,450
11,200 GTECH Holdings............. 344,400
5,594 Goulds Pumps............... 204,181
12,946 Harsco..................... 477,383
9,130 (a)HealthCare COMPARE......... 396,013
17,180 Hubbell.................... 747,330
7,209 Information Resources...... 95,519
38,900 (a)Informix................... 284,456
9,084 Intelligent Electronics.... 27,252
20,400 (a)Intergrated Device Technology 239,700
4,344 Kaydon..................... 192,222
9,885 Kelly Services, Cl. A...... 249,596
7,000 Kennametal................. 252,000
9,279 Keystone International..... 183,260
2,993 Lawson Products............ 67,716
19,540 Linear Technology.......... 981,885
12,100 (a)Litton Industries.......... 512,737
6,426 (a)MagneTek................... 107,635
21,400 Manpower................... 858,675
17,307 Mark IV Industries......... 402,387
15,700 (a)Maxim Integrated Products.. 830,137
18,700 (a)Medaphis................... 97,006
16,809 (a)Mentor Graphics............ 118,713
7,820 Modine Manufacturing....... 209,185
32,891 Molex...................... 1,019,621
26,400 NCR........................ 765,600
4,668 Nordson.................... 233,400
13,000 Ogden...................... 273,000
<PAGE>
Dreyfus MidCap Index Fund
- --------------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1997 (Unaudited)
Shares COMMON STOCKS (continued) Value
-------- -------------
Capital Goods (continued)
20,450 Olsten..................... $ 360,431
20,798 Omnicom Group.............. 1,102,294
18,668 Paychex.................... 873,895
9,740 Pentair.................... 290,982
10,800 Pittston Brinks Group...... 342,900
4,777 (a)Policy Management Systems.. 207,799
6,123 Precision Castparts........ 327,580
17,153 (a)Quantum.................... 715,065
21,152 Reynolds & Reynolds, Cl. A. 438,904
15,000 Robert Half International.. 588,750
6,349 (a)Rohr....................... 99,203
9,305 (a)Rollins.................... 179,121
19,221 Sensormatic Electronics.... 288,315
2,536 (a)Sequa, Cl. A............... 120,460
8,782 (a)Sequent Computer Systems... 139,414
14,700 (a)Solectron.................. 843,412
14,418 Sotheby's Holdings, Cl. A.. 228,885
21,211 (a)Sterling Commerce.......... 548,834
8,626 Stewart & Stevenson Services 207,024
15,913 (a)Storage Technology......... 558,944
6,494 (a)Stratus Computer........... 252,454
8,466 (a)Structural Dynamics Research 179,902
15,826 Sundstrand................. 771,517
10,800 SunGuard Data Systems...... 479,250
14,276 (a)Symantec................... 205,217
10,074 (a)Symbol Technologies........ 326,145
5,700 Tecumseh Products, Cl. A... 307,800
4,600 Teleflex................... 265,650
21,744 (a)Teradyne................... 712,116
4,771 Thiokol.................... 311,307
11,151 Trinity Industries......... 292,713
23,000 U.S. Robotics.............. 1,164,375
38,100 USA Waste Service.......... 1,247,783
8,138 Varian Associates.......... 391,641
6,603 (a)VeriFone................... 335,102
24,700 Viad....................... 376,675
15,950 (a)Vishay Intertechnology..... 384,793
7,282 Watts Industries, Cl. A.... 185,691
18,866 (a)Xilinx..................... 924,434
11,350 York International......... 509,331
-------------
45,426,533
-------------
Consumer Cyclical--13.2%
6,600 (a)Ann Taylor Stores.......... 160,050
6,568 Arvin Industries........... 170,768
8,086 Banta...................... 204,171
17,800 (a)Bed Bath & Beyond.......... 487,275
16,532 Belo (A.H.), Cl. A......... 595,152
11,300 (a)Best Buy................... 152,550
11,044 Bob Evans Farms............ 146,333
20,071 (a)Brinker International...... 233,325
Shares COMMON STOCKS (continued) Value
-------- -------------
Consumer Cyclical (continued)
11,700 (a)Buffets.................... $ 89,212
16,300 (a)Burlington Industries...... 167,075
18,900 Callaway Golf.............. 564,637
7,832 Carlisle Cos............... 220,275
8,094 (a)Chris-Craft Industries..... 328,818
25,673 (a)Circus Circus Enterprises.. 619,361
12,452 Claire's Stores............ 238,144
12,636 Comsat..................... 262,197
17,375 Consolidated Stores........ 695,000
15,825 Cracker Barrel Country Store 423,318
23,590 Dollar General............. 746,033
7,112 Duty Free International.... 100,457
14,790 Family Dollar Stores....... 386,388
9,900 Fastenal................... 386,100
9,117 Federal-Mogul.............. 251,857
12,100 Fingerhut.................. 179,987
4,224 Gibson Greetings........... 86,592
6,597 Golden Books Family
Entertainment............ 54,425
7,861 HON Industries............. 332,127
5,619 Hancock Fabrics............ 67,428
11,000 Hannaford Brothers......... 350,625
19,712 Harley-Davidson............ 778,624
13,970 Heilig-Meyers.............. 209,550
3,803 Houghton Mifflin........... 213,443
32,776 International Game Technology 520,319
5,783 (a)International Dairy Queen,
Cl. A.................... 122,888
13,600 (a)Jones Apparel Group........ 567,800
19,300 (a)Kohl's..................... 943,287
8,648 (a)Lands' End................. 231,334
12,300 Lee Enterprises............ 302,887
23,396 Leggett & Platt............ 813,011
10,600 (a)Lone Star Steakhouse/Saloon 209,350
6,545 (a)Macfrugals Bargains Closeouts 191,441
6,900 Media General, Cl. A....... 203,550
6,800 Meyer (Fred)............... 279,650
8,900 (a)Micro Warehouse............ 153,525
12,530 Miller (Herman)............ 405,658
47,850 (a)Mirage Resorts............. 962,981
1,904 National Presto Industries. 69,496
9,300 (a)Nine West Group............ 368,512
5,388 OEA........................ 193,294
40,968 Office Depot............... 573,552
32,200 (a)OfficeMax.................. 398,475
12,500 Outback Steakhouse......... 245,312
10,500 Payless ShoeSource......... 446,250
13,442 Promus Hotel............... 473,830
12,100 Ruddick.................... 181,500
5,300 Sbarro..................... 149,725
4,100 (a)Scholastic................. 102,500
26,044 (a)Service Merchandise........ 68,365
<PAGE>
Dreyfus MidCap Index Fund
- --------------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1997 (Unaudited)
Shares COMMON STOCKS (continued) Value
-------- -------------
Consumer Cyclical (continued)
35,532 Shaw Industries............ $ 430,825
7,507 Standard Register.......... 246,792
41,693 (a)Staples.................... 750,474
7,500 Superior Industries International 178,125
6,448 TCA Cable TV............... 206,336
9,338 Tiffany & Co............... 370,018
16,937 Unifi...................... 525,047
21,800 (a)Viking Office Products..... 297,025
8,507 (a)Waban...................... 227,562
11,314 Wallace Computer Services.. 302,649
13,600 Warnaco Group, Cl. A....... 387,600
2,869 Washington Post, Cl. B..... 1,030,688
-------------
24,032,930
-------------
Consumer Staples--6.2%
2,915 CPI........................ 47,004
5,088 Church & Dwight............ 129,744
32,636 Coca-Cola Enterprises...... 1,970,498
10,777 Dean Foods................. 397,401
24,700 Dial....................... 382,850
15,643 Dole Food.................. 637,452
3,514 Dreyers Grand Ice Cream.... 110,196
11,216 First Brands............... 284,606
15,217 Flowers Industries......... 370,914
20,300 Hormel Foods............... 497,350
24,700 IBP........................ 586,625
10,900 Imation.................... 257,512
9,700 Interstate Bakeries........ 503,187
4,677 International Multifoods... 116,340
7,733 Lancaster Colony........... 318,019
7,845 Lance...................... 142,190
21,136 McCormick & Co............. 499,338
11,900 McKesson................... 861,262
17,900 (a)Revco D.S.................. 778,650
6,881 Savannah Food & Industries. 98,054
7,620 Smucker (J.M.), Cl. A...... 133,350
4,778 Stanhome................... 144,534
9,591 Tambrands.................. 450,777
56,766 Tyson Foods, Cl. A......... 1,135,320
9,166 Universal.................. 256,648
6,664 Universal Foods............ 234,906
-------------
11,344,727
-------------
Energy--8.7%
14,462 AGL Resources.............. 278,393
15,481 Anadarko Petroleum......... 849,519
23,436 Apache..................... 796,824
9,885 (a)BJ Services................ 465,830
12,994 Brooklyn Union Gas......... 355,710
18,500 (a)ENSCO International........ 878,750
15,000 El Paso Natural Gas........ 871,875
Shares COMMON STOCKS (continued) Value
-------- -------------
Energy (continued)
43,800 (a)Global Marine.............. $ 881,475
5,894 Indiana Energy............. 142,929
15,060 MAPCO...................... 446,152
17,480 MCN........................ 500,365
11,682 Murphy Oil................. 508,167
24,600 (a)Nabors Industries.......... 461,250
9,837 National Fuel Gas.......... 409,465
14,677 Noble Affiliates........... 524,702
35,000 Noble Drilling............. 608,125
9,300 Parker & Parsley Petroleum. 306,900
19,537 Parker Drilling............ 151,411
9,386 Quaker State............... 140,790
10,648 Questar.................... 404,624
25,682 Ranger Oil................. 256,820
16,420 (a)Seagull Energy............. 281,192
10,410 (a)Smith International........ 493,173
16,205 Tidewater.................. 650,225
34,269 Tosco...................... 1,015,219
13,400 Transocean Offshore........ 812,375
19,400 Ultramar Diamond Shamrock.. 623,225
13,500 UtiliCorp United........... 351,000
11,476 Valero Energy.............. 403,094
8,165 (a)Varco International........ 187,795
11,360 Washington Gas Light....... 261,280
13,641 (a)Weatherford International.. 433,101
-------------
15,751,755
-------------
Health Care--7.4%
7,195 (a)Acuson..................... 174,478
3,734 (a)Advanced Technology Labratories 123,688
14,000 Allegiance................. 309,750
13,300 (a)Apria Healthcare Group..... 224,437
7,412 Beckman Instruments........ 311,304
10,431 Bergen Brunswig, Cl. A..... 355,957
18,652 (a)Biogen..................... 596,864
28,042 Cardinal Health............ 1,493,236
17,897 (a)Centocor................... 503,353
44,280 (a)Chiron..................... 830,250
14,700 Covance.................... 216,825
6,900 DENTSPLY International..... 341,550
4,219 (a)Datascope.................. 75,942
3,571 Diagnostic Products........ 102,219
10,900 (a)Forest Laboratories, Cl. A. 371,962
18,758 (a)Genzyme.................... 433,778
12,000 (a)Healthcare & Retirement.... 379,500
16,600 (a)Healthsource............... 348,600
13,615 (a)Horizon/CMS Healthcare..... 216,138
31,450 IVAX....................... 237,840
32,032 (a)Laboratory Corp. of
America Holdings......... 100,100
31,798 Mylan Laboratories......... 381,576
<PAGE>
Dreyfus MidCap Index Fund
- --------------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1997 (Unaudited)
Shares COMMON STOCKS (continued) Value
-------- -------------
Health Care (continued)
16,330 (a)Nellcor Puritan Bennett.... $ 277,610
16,248 (a)NovaCare................... 184,821
19,700 Oxford Health Plans........ 1,297,737
10,636 (a)PacifiCare Health Systems,
Ser. B................... 853,539
19,900 (a)Perrigo.................... 233,825
6,100 (a)Scherer (R.P.)............. 280,600
25,250 Stryker.................... 830,093
502 Talbert Medical Management
(rights)................. 8,785
14,138 (a)Value Health............... 284,527
18,400 (a)Vencor..................... 765,900
11,300 (a)Watson Pharmaceutical...... 403,975
-------------
13,550,759
-------------
Interest Sensitive--17.7%
36,434 AFLAC...................... 1,566,662
13,000 AMBAC...................... 841,750
15,859 American Financial......... 553,082
31,726 Bear Stearns Cos........... 967,643
15,588 Central Fidelity Banks..... 432,567
11,457 City National.............. 262,078
28,890 Crestar Financial.......... 1,068,930
7,954 Dauphin Deposit............ 338,045
16,583 Edwards (A.G.)............. 580,405
15,710 First of America Bank...... 1,044,715
19,659 First Security............. 700,351
17,572 First Tennessee National... 762,185
8,506 First Virginia Banks....... 440,185
39,200 Firstar.................... 1,151,500
33,320 Foundation Health.......... 899,640
32,912 Franklin Resources......... 1,945,922
5,296 Hartford Steam Boiler
Inspection & Insurance... 254,870
31,800 Hibernia, Cl. A............ 409,425
23,891 Marshall & Ilsley.......... 916,817
20,031 Mercantile Bancorporation.. 1,161,798
12,434 Mercantile Bankshares...... 456,949
29,448 Northern Trust............. 1,310,436
9,100 PMI Group.................. 465,237
10,685 Pacific Century Financial.. 456,783
24,400 Paine Webber Group......... 829,600
14,900 Price T Rowe............... 689,125
18,587 Progressive................ 1,414,935
17,364 Provident Cos.............. 970,213
16,314 Regions Financial.......... 925,819
45,748 Schwab (Chas).............. 1,675,520
24,995 SouthTrust................. 934,188
20,942 State Street............... 1,649,182
25,442 Summit Bancorp............. 1,183,053
31,100 SunAmerica................. 1,430,600
Shares COMMON STOCKS (continued) Value
-------- -------------
Interest Sensitive (continued)
6,025 Transatlantic Holdings..... $ 498,568
17,000 Union Planters............. 758,625
9,100 Wilmington Trust........... 391,300
-------------
32,338,703
-------------
Mining And Metals--.7%
14,200 (a)Alumax..................... 518,300
4,129 Brush Wellman.............. 78,451
5,044 Carpenter Technology....... 204,912
3,068 Cleveland-Cliffs........... 130,006
3,828 Lukens..................... 73,210
2,300 (a)MAXXAM..................... 98,900
6,668 Oregon Steel Mills......... 110,022
-------------
1,213,801
-------------
Transportation--1.7%
6,712 APL, Ltd................... 197,165
8,080 ASA Holdings............... 171,700
5,469 Airborne Freight........... 192,098
3,787 Alaska Air Group........... 94,201
11,857 Alexander & Baldwin........ 314,210
7,000 Arnold Industries.......... 103,250
11,400 CNF Transportation......... 339,150
5,273 GATX....................... 288,696
16,011 Illinois Central, Ser. A... 532,365
9,900 Hunt (J.B.) Transport...... 137,362
9,796 Kansas City Southern Industries 504,494
8,800 Newport News Shipbuilding.. 132,000
9,470 Overseas Shipholding Group. 168,092
-------------
3,174,783
-------------
Utilities--11.3%
20,096 (a)AES........................ 1,311,264
9,568 Aliant Communications...... 149,500
31,622 Allegheny Power Systen..... 830,077
13,754 Atlantic Energy............ 221,783
3,795 Black Hills................ 106,734
24,145 CMS Energy................. 766,603
16,600 (a)Calenergy.................. 649,475
5,820 Central Lousiana Electric.. 149,137
8,515 Central Maine Power........ 94,729
15,558 Century Telephone Enterprises 464,795
15,834 Delmarva Power & Light..... 277,095
25,316 Florida Progress........... 778,467
7,929 Hawaiian Electric Industries 265,621
11,651 IPALCO Enterprises......... 355,355
9,783 Idaho Power................ 286,152
19,776 Illinova................... 444,960
16,180 Kansas City Power & Light.. 457,085
17,314 LG&E Energy................ 417,700
<PAGE>
Dreyfus MidCap Index Fund
- --------------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1997 (Unaudited)
Shares COMMON STOCKS (continued) Value
-------- -------------
Utilities (continued)
26,333 MidAmerican Energy Holdings $ 441,077
8,337 Minnesota Power & Light.... 232,393
14,215 Montana Power.............. 314,506
65,100 (a)NEXTEL Communications, Cl. A 858,506
17,348 NIPSCO Industries.......... 685,246
12,511 Nevada Power............... 250,220
16,916 New England Electric System 577,258
18,688 New York State Electric & Gas 392,448
33,360 Northeast Utilities........ 275,220
13,280 Octel Communications....... 215,800
10,573 OGE Energy................. 438,779
22,836 Pinnacle West Capital...... 650,826
13,357 Portland General........... 487,530
30,883 Potomac Electric Power..... 694,867
16,781 Public Service Company of
Colorado................. 650,263
10,894 Public Service of New Mexico 181,112
21,590 Puget Sound Power & Light.. 528,955
27,364 SCANA...................... 660,156
17,083 Southern New England
Telecommunications....... 623,529
10,682 Southwestern Public Service 391,228
32,200 360 Communications......... 559,475
30,618 TECO Energy................ 731,004
15,900 Telephone & Data Systems... 588,300
10,757 (a)Vanguard Cellular Systems.. 106,225
Shares COMMON STOCKS (continued) Value
-------- -------------
Utilities (continued)
8,079 WPL Holdings............... $ 219,142
28,887 Wisconsin Energy........... 722,175
-------------
20,502,772
-------------
TOTAL COMMON STOCKS
(cost $ 144,676,251)..... $180,247,687
=============
Principal SHORT-TERM
Amount INVESTMENTS--1.1%
- -----------
U.S. Government Agency--1.0%
$1,910,000 Federal Home Loan Mortgage,
5.28%, 5/1/1997.......... $ 1,910,000
-------------
U.S. Treasury Bills--.1%
203,000(b) 5.13%, 7/3/1997......... 201,252
-------------
TOTAL SHORT-TERM
INVESTMENTS
(cost $2,111,178)........ $ 2,111,252
=============
TOTAL INVESTMENTS
(cost $146,787,429)............ 100.0% $182,358,939
======= =============
LIABILITIES, LESS CASH
AND RECEIVABLES................ -- $ (77,108)
======= =============
NET ASSETS....................... 100.0% $182,281,831
======= =============
[FN]
Notes to Statement of Investments:
- --------------------------------------------------------------------------------
(a) Non-income producing.
(b) Partially held by custodian in segregated account for open financial
futures positions.
Statement of Financial Futures April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Financial Futures Purchased:
- --------------------------------------------------------------------------------
Market Value Unrealized
Number of Covered (Depreciation)
Issuer Contracts by Contracts Expiration at 4/30/97
- ------ ---------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Standard & Poor's MidCap 400..................... 18 $2,316,150 June '97 ($85,275)
========
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus MidCap Index Fund
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Cost Value
------------- -------------
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of Investments $146,787,429 $182,358,939
Cash............................................. 43,160
Receivable for investment securities sold........ 439,820
Dividends and interest receivable................ 152,721
Prepaid expenses................................. 28,401
------------
183,023,041
------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates.... 51,007
Payable for investment securities purchased...... 609,000
Payable for futures variation margin--Note 4(a)... 3,150
Accrued expenses................................. 78,053
------------
741,210
------------
NET ASSETS..................................................................... $182,281,831
============
REPRESENTED BY: Paid-in capital.................................. $143,489,348
Accumulated undistributed investment income--net.. 555,317
Accumulated net realized gain (loss) on investments 2,750,931
Accumulated net unrealized appreciation (depreciation)
on investments [including ($85,275) net unrealized
(depreciation) on financial futures]--Note 4(b). 35,486,235
------------
NET ASSETS..................................................................... $182,281,831
============
SHARES OUTSTANDING
(200 million shares of $.001 par value Common Stock authorized)................ 8,502,639
NET ASSET VALUE, offering and redemption price per share--Note 3(d)............. $21.44
======
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus MidCap Index Fund
- --------------------------------------------------------------------------------
Statement of Operations Six Months Ended April 30, 1997 (Unaudited)
<TABLE>
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME: Cash dividends (net of $308 foreign taxes
withheld at source)........................... $1,352,741
Interest......................................... 142,001
----------
Total Income................................ $ 1,494,742
EXPENSES: Management fee--Note 3(a)......................... 358,714
Shareholder servicing costs--Note 3(b)............ 130,209
Professional fees................................ 27,459
Directors' fees and expenses--Note 3(c).......... 23,533
Registration fees................................ 17,948
Prospectus and shareholders' reports............. 13,631
Loan commitment fees--Note 2...................... 1,049
Miscellaneous.................................... 7,946
----------
Total Expenses.............................. 580,489
Less--reduction in management fee due to
undertaking--Note 3(a).......................... (124,490)
----------
Net Expenses................................ 455,999
-----------
INVESTMENT INCOME--NET.......................................................... 1,038,743
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments.......... $2,728,257
Net realized gain (loss) on financial futures.... 448,290
----------
Net Realized Gain (Loss).................... 3,176,547
Net unrealized appreciation (depreciation) on investments
(including ($41,775) net unrealized (depreciation) on
financial futures)............................. 7,073,930
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS......................... 10,250,477
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......................... $11,289,220
===========
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus MidCap Index Fund
- --------------------------------------------------------------------------------
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Ended
April 30, 1997 Year Ended
(Unaudited) October 31, 1996
---------------- ----------------
<S> <C> <C>
OPERATIONS:
Investment income--net................................................ $ 1,038,743 $ 2,191,854
Net realized gain (loss) on investments.............................. 3,176,547 7,900,741
Net unrealized appreciation (depreciation) on investments............ 7,073,930 11,691,375
------------ ------------
Net Increase (Decrease) in Net Assets Resulting from Operations.. 11,289,220 21,783,970
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net................................................ (2,236,912) (1,926,246)
Net realized gain on investments..................................... (8,243,435) (5,586,113)
------------ ------------
Total Dividends.................................................. (10,480,347) (7,512,359)
------------ ------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold........................................ 36,846,597 65,932,645
Dividends reinvested................................................. 9,015,232 6,623,156
Cost of shares redeemed.............................................. (35,375,382) (38,822,556)
------------ ------------
Increase (Decrease) in Net Assets from Capital Stock Transactions 10,486,447 33,733,245
------------ ------------
Total Increase (Decrease) in Net Assets........................ 11,295,320 48,004,856
NET ASSETS:
Beginning of Period.................................................. 170,986,511 122,981,655
------------ ------------
End of Period........................................................ $182,281,831 $170,986,511
============ ============
Undistributed investment income--net.................................... $ 555,317 $ 1,753,486
------------ ------------
Shares Shares
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold.......................................................... 1,699,988 3,243,154
Shares issued for dividends reinvested............................... 428,888 350,989
Shares redeemed...................................................... (1,644,860) (1,913,500)
------------ ------------
Net Increase (Decrease) in Shares Outstanding.................... 484,016 1,680,643
============ ============
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus MidCap Index Fund
- --------------------------------------------------------------------------------
Financial Highlights
Contained below is per share operating performance data for a share of Common
Stock outstanding, total investment return, ratios to average net assets and
other supplemental data for each period indicated. This information has been
derived from the Fund's financial statements.
<TABLE>
<CAPTION>
Six Months Ended
April 30, 1997 Year Ended October 31,
--------------------------------------------
PER SHARE DATA: (Unaudited) 1996 1995 1994 1993 1992
---------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period....... $21.32 $19.40 $17.14 $17.63 $15.02 $13.69
------ ------ ------ ------ ------ ------
Investment Operations:
Investment income--net...................... .12 .28 .29 .26 .30 .17
Net realized and unrealized gain (loss)
on investments.......................... 1.27 2.81 3.00 .08 2.83 1.29
------ ------ ------ ------ ------ ------
Total from Investment Operations........... 1.39 3.09 3.29 .34 3.13 1.46
------ ------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net....... (.27) (.30) (.28) (.27) (.27) (.08)
Dividends from net realized gain on investments (1.00) (.87) (.75) (.56) (.25) (.05)
------ ------ ------ ------ ------ ------
Total Distributions........................ (1.27) (1.17) (1.03) (.83) (.52) (.13)
------ ------ ------ ------ ------ ------
Net asset value, end of period............. $21.44 $21.32 $19.40 $17.14 $17.63 $15.02
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN....................... 6.62%(1) 16.65% 20.78% 1.89% 21.22% 10.69%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.... .25%(1) .50% .50% .40% .09% --
Ratio of net investment income
to average net assets................... .57%(1) 1.49% 1.80% 1.68% 1.97% 2.22%
Decrease reflected in above expense ratios
due to undertakings by Dreyfus.......... .07%(1) .17% .35% .43% .77% 1.17%
Portfolio Turnover Rate.................... 5.10%(1) 14.66% 20.46% 19.81% 16.80% 16.31%
Average commission rate paid(2)............ $.0360 $.0338 -- -- -- --
Net Assets, end of period (000's Omitted).. $182,282 $170,987 $122,982 $75,404 $65,690 $45,989
<FN>
- ----------------
(1) Not annualized.
(2) For fiscal years beginning November 1, 1995, the Fund is required to
disclose its average commission rate paid per share for purchases and
sales of investment securities.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus MidCap Index Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus MidCap Index Fund (the "Fund") is registered under the Investment
Company Act of 1940 ("Act") as a non-diversified open-end management investment
company. The Fund's investment objective is to provide investment results that
correspond to the price and yield performance of publicly-traded common stocks
of medium-size domestic companies in the aggregate, as represented by the
Standard & Poor's MidCap 400 Index. The Dreyfus Corporation ("Dreyfus") serves
as the Fund's Manager and Mellon Equity Associates ("Mellon Equity"), an
affiliate of Dreyfus, serves as the Fund's index manager. Boston Safe Deposit
and Trust Company, an affiliate of Dreyfus, is the Fund's custodian. Dreyfus is
a direct subsidiary of Mellon Bank, N.A. Premier Mutual Fund Services, Inc. is
the distributor of the Fund's shares, which are sold to the public without a
sales charge.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: Investments in securities (including options and
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.
(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. To the extent that net realized
capital gain can be offset by capital loss carryovers, if any, it is the policy
of the Fund not to distribute such gain.
(d) Federal income taxes: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such qualification is in the best
interests of its shareholders, by complying with the applicable provisions of
the Internal Revenue Code, and to make distributions of taxable income
sufficient to relieve it from substantially all Federal income and excise taxes.
NOTE 2--Bank Line of Credit:
The Fund participates with other Dreyfus-managed funds in a $600 million
redemption credit facility ("Facility") to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the Fund has agreed to pay commitment fees on its pro rata portion of
the Facility. Interest is charged to the Fund at rates based on prevailing
market rates in effect at the time of borrowings. For the period ended April 30,
1997, the Fund did not borrow under the Facility.
<PAGE>
Dreyfus MidCap Index Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 3--Management Fee and Other Transactions With Affiliates:
(a) Pursuant to the provisions of a Management Agreement with Dreyfus, the
management fee is computed at the annual rate of .395 of 1% of the value of the
Fund's average daily net assets, and is payable monthly. Dreyfus has agreed to
pay Mellon Equity, an affiliate of Dreyfus, a fee of .095 of 1% of the value of
the Fund's average daily net assets. Dreyfus has undertaken from November 1,
1996 through October 31, 1997, to reduce the management fee paid by the Fund
exclusive of taxes, brokerage, interest on borrowings, commitment fees and
extraordinary expenses, and to assume all expenses in excess of an annual rate
of .50 of 1% of the value of the Fund's average daily net assets.
During the period ended April 30, 1997, pursuant to the undertaking,
Dreyfus waived $124,490 of its management fee. In addition, Mellon Equity has
agreed to pay Boston Safe Deposit and Trust Company for custodian services
provided to the Fund.
(b) Under the Shareholder Services Plan, the Fund reimburses Dreyfus
Service Corporation, a wholly-owned subsidiary of Dreyfus, an amount not to
exceed an annual rate of .25 of 1% of the value of the Fund's average daily net
assets for certain allocated expenses of providing personal services and/or
maintaining shareholder accounts. The services provided may include personal
services relating to shareholder accounts, such as answering shareholder
inquiries regarding the Fund and providing reports and other information, and
services related to the maintenance of shareholder accounts. During the period
ended April 30, 1997, the Fund was charged an aggregate of $88,903 pursuant to
the Shareholder Services Plan.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
Dreyfus, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services to the Fund. Such compensation
amounted to $16,699 during the period ended April 30, 1997.
(c) Each director who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $2,500 and an attendance fee of $500 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation.
(d) A 1% redemption fee is charged on certain redemptions of Fund shares
(including redemptions through use of the Exchange Privilege) where the shares
being redeemed were issued subsequent to a specified effective date and the
redemption or exchange occurs within a six-month period following the date of
issuance. During the period ended April 30, 1997, redemption fees amounted to
$2,177.
NOTE 4--Securities Transactions:
(a) The aggregate amount of purchases and sales of investment securities,
excluding short-term securities and financial futures, during the period ended
April 30, 1997 amounted to $19,839,211 and $8,992,399 respectively.
The Fund may invest in financial futures contracts in order to gain
exposure to or protect against changes in the market. The Fund is exposed to
market risk as a result of changes in the value of the underlying financial
instruments (see the Statement of Financial Futures). Investments in financial
futures require the Fund to "mark 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
<PAGE>
Dreyfus MidCap Index Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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 at April 30, 1997 and their related
unrealized market depreciation are set forth in the Statement of Financial
Futures.
(b) At April 30, 1997, accumulated net unrealized appreciation on
investments and financial futures was $35,486,235, consisting of $47,448,525
gross unrealized appreciation and $11,962,290 gross unrealized depreciation.
At April 30, 1997, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
<PAGE>
Dreyfus MidCap Index Fund
- --------------------------------------------------------------------------------
IMPORTANT TAX INFORMATION (Unaudited)
For Federal tax purposes the Fund hereby designates $.75 per share as a
long-term capital gain distribution of the $1.265 per share paid on December
19, 1996.
The Fund also designates 87.83% of the ordinary dividends paid during the
fiscal year ended April 30, 1997 as qualifying for the corporate dividends
received deduction. Shareholders will receive notification in January 1998 of
the percentage applicable to the preparation of their 1997 income tax returns.
<PAGE>
[LOGO]
Dreyfus MidCap Index Fund
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Index Fund Manager
Mellon Equity Associates
500 Grant Street
Pittsburgh, PA 15258
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. 113SA974
