<PAGE>
Dreyfus
MidCap Index
Fund
Annual Report
October 31, 1996
<PAGE>
Dreyfus MidCap Index Fund
- -----------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
We are pleased to send you this annual report for the Dreyfus Midcap Index
Fund covering the fiscal year ended October 31, 1996.
For the 12-month period, the Fund provided a total return of 16.65%.* This
compares with a total return of 17.35% for the Standard & Poor's MidCap 400
Index, which the Fund is designed to mirror.** The difference is accounted for
by transaction fees and other Fund costs.
The last 12 months provided strong returns in the general equity market.
Large capitalization stocks were the leading performers. Midcap stocks
outperformed small capitalization equities as measured by the Russell 2000
Index, which returned 16.61% for the year under review.***
Economic Review
The U.S. economy is enjoying a good year. First, the tightening labor
market has failed to push price inflation higher. Second, economic growth has
slowed since midyear from the torrid pace of the first half. Third, corporate
profits are holding up quite well, albeit growing more slowly than last year.
These have vindicated Federal Reserve Board inaction, keeping market interest
rates stable. Although the economy has simmered down, it is nevertheless
operating with very little slack.
The Federal Reserve twice thwarted market expectations for tightening this
year, taking the view instead that steady growth won't so easily foster
inflation in this cycle. Indeed, the unemployment rate has plunged towards 5%
this year and wage growth has outpaced price inflation for the first time since
1989. Yet there is little evidence of accelerating price inflation to date.
Even higher oil prices have failed to lift prices elsewhere. This is very
different from 1994 when the Fed preemptively hiked interest rates to stem a
future price inflation that subsequently did not materialize.
After rising 3.3% in the first half of this year, real GDP growth slowed to
2.2% in the third quarter. Early evidence for the fourth quarter indicates
sustained growth. In particular, consumer spending has been lackluster since
midyear, despite solid income growth and high confidence levels. And new highs
in home sales have not been matched by new records in homebuilding. Spending on
capital goods has rebounded, however, while the strength of new export orders
indicates better growth ahead for this sector. Capital goods and exports
typically dominate the business cycle's late phase. Corporate profit growth,
albeit slower than in 1995, continues to surprise on the upside.
Interest rates this fall are not much different than in the spring.
Short-term rates have especially stabilized in recent months based on the view
that a Fed tightening is unlikely this year. Long-term rates have recently
fallen. Should the economy show signs of reaccelerating, then long-term rates
would likely rise.
As the U.S. economy moves into the late-cycle phase it is, as usual, out of
sync with most business cycles overseas which are at a much earlier stage. This
portends faster world growth in 1997. How well the U.S. economy can participate
in this accelerating world growth without igniting inflation remains to be
seen.
Market Overview
The stock market in the last 12 months shrugged off a variety of
potentially negative factors to barrel its way to new heights.
In late 1995 and early 1996 economic activity appeared to slow down, enough
to prompt the Federal Reserve to lower interest rates in January of this year.
By springtime, when the Fed had apparently suspended its anti-inflationary
measures, investors began to worry about signs of strength exhibited by the
economy. Though the Fed took no action to
<PAGE>
raise interest rates, investor worries about that possibility restrained an
ebullient stock market.
By July, fears of higher interest rates, plus concern that some stock
prices--technology issues in particular--might have gone too far, too fast,
caused a temporary retreat in equity prices.
As fall approached, however, the underlying factors of a strong economy,
low inflation and investor optimism, took hold again and propelled stock prices
to new highs.
Chief beneficiaries were the large capitalization stocks. It took a while
for technology stocks and small caps to recover the ground lost in the early
summer. However, the trend across the board was clearly bullish.
As the fiscal year closed, there were some negative factors on the horizon.
Corporate profits may have passed their peak. Consumer demand seemed to be
slowing in some sectors. There were also hints that employment costs, which
have been quite stable for a long time, might face upward pressures.
The market, however, seemed to soar above these factors. The prospect (now
a fact) of a split government in Washington, with Republicans controlling
Congress and Democrats in the White House, was seen as favorable for stock
prices. Moreover, the specter of renewed inflation remained just that--nothing
more than a specter.
Furthermore, individual investors continued to pour money into equity
mutual funds--not at constantly increasing rates, to be sure, but still at a
pace that gave strong impetus for higher stock prices.
We thank you for your investment in Dreyfus Midcap Index Fund. At this
season, we also would like to wish you a healthy and happy New Year.
Sincerely,
Steven Falci
Portfolio Manager
November 22, 1996
New York, N.Y.
*Total return includes reinvestment of dividends and any capital gains paid.
**SOURCE: LIPPER ANALYTICAL SERVICES, INC.--The Standard & Poor's MidCap 400
Index is a broad-based Index of 400 companies with market capitalization
generally ranging from $50 million to $10 billion and is a widely accepted,
unmanaged index of medium-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.
"Standard & Poor's," "S&P," "Standard & Poor's MidCap 400 Index" and "S&P 400"
are trademarks of Standard & Poor's Ratings Group, a division of The
McGraw-Hill Companies, Inc. and have been licensed for use by Dreyfus MidCap
Index Fund. The Fund is not sponsored, endorsed, sold or promoted by Standard &
Poor's and Standard & Poor's makes no representation regarding the advisability
of investing in the products.
***SOURCE: LIPPER ANALYTICAL SERVICES, INC.--Reflects the reinvestment of
income dividends and, where applicable, capital gain distributions. The Russell
2000 Index is a widely accepted unmanaged index of small cap stock performance.
<PAGE>
Dreyfus MidCap Index Fund
(formerly Peoples S&P MidCap Index Fund, Inc.)--see Note 1
- ------------------------------------------------------------------------------
Statement of Investments October 31, 1996
Shares Common Stocks--93.4% Value
------- ------------
Basic Industries--6.8%
14,200 Albemarle......................... $ 228,975
6,904 Betz Laboratories................. 362,460
9,410 Bowater........................... 332,878
17,900 Cabot ............................ 431,837
10,089 Calgon Carbon .................... 100,890
5,833 CalMat ........................... 108,639
5,891 Chesapeake ....................... 166,420
23,833 Clayton Homes .................... 402,181
11,221 Consolidated Papers .............. 562,452
17,976 Crompton & Knowles ............... 323,568
5,943 Dexter ........................... 184,233
29,700 Ethyl ............................ 245,025
6,653 Ferro ............................ 179,631
3,542 Fuller (H.B.) .................... 147,878
8,351 GenCorp .......................... 137,791
9,179 Georgia Gulf ..................... 247,833
10,700 Glatfelter (P.H.) ................ 203,300
4,550 Granite Construction ............. 87,587
13,102 Hanna (M.A.) ..................... 278,417
23,022 IMC Global ....................... 863,337
6,421(a) Jacobs Engineering Group ......... 142,064
11,246 Lawter International ............. 132,140
8,018 Loctite .......................... 470,055
12,936 Longview Fibre ................... 224,763
15,288 Lubrizol ......................... 454,818
20,038 Lyondell Petrochemical ........... 425,807
5,700 Minerals Technologies ............ 223,725
1,917 NCH .............................. 106,872
12,540 Olin ............................. 532,950
19,411 RPM .............................. 325,134
7,400 Rayonier ......................... 293,225
9,425 Schulman (A.) .................... 199,103
10,612(a) Sealed Air ....................... 412,541
22,830 Sonoco Products .................. 607,848
4,341 Southdown ........................ 118,834
8,700 Vulcan Materials ................. 528,525
9,213 Wausau Paper Mills ............... 177,350
8,361 Wellman .......................... 148,407
14,216 Witco ............................ 440,696
------------
11,560,189
------------
Capital Goods--24.8%
16,256 ADC Telecommunications ........... 1,111,504
8,222 AMETEK ........................... 163,412
11,182(a) AST Research ..................... 51,716
18,209 Adobe Systems .................... 630,486
3,487 Alaska Air Group ................. 76,714
7,561 Albany International, Cl. A ...... 170,122
10,952 Altera ........................... 679,024
22,700(a) America Online ................... 615,737
23,500(a) American Power Conversion ........ 502,312
Capital Goods (continued)
19,400 American Water Works ............. $ 395,275
29,120(a) Analog Devices ................... 757,120
12,731(a) Arrow Electronics ................ 606,313
24,500(a) Atmel ............................ 621,687
10,904 Avnet ............................ 549,289
12,510(a) BMC Software ..................... 1,038,330
7,711(a) Borland International............. 39,036
19,505(a) Cadence Design System ............ 711,932
11,810 Cintas ........................... 687,932
15,928(a) Cirrus Logic ..................... 302,632
12,559 Comdisco ......................... 375,200
10,600(a) Compuware ........................ 559,150
12,036 Comsat ........................... 282,846
19,918(a) Cypress Semiconductor ............ 214,118
14,602 Danaher .......................... 596,856
11,534 Diebold .......................... 663,205
6,404 Donaldson ........................ 187,317
6,115 Duriron .......................... 163,576
13,200(a) Electronic Arts .................. 495,000
38,310 Equifax .......................... 1,139,722
5,484(a) Exabyte .......................... 72,663
11,413 Federal Signal ................... 293,884
11,300(a) Fiserv ........................... 433,637
7,688 Flightsafety International ....... 379,595
10,700 GTECH Holdings ................... 315,650
5,294 Goulds Pumps ..................... 122,423
6,273 Harsco ........................... 400,687
8,730(a) HealthCare COMPARE ............... 384,120
16,480 Hubbell .......................... 673,620
10,500 Imation .......................... 287,437
6,909 Information Resources............. 87,226
36,800(a) Informix ......................... 816,500
19,400(a) Intergrated Device Technology .... 160,050
9,596 Kansas City Southern Industries .. 451,012
4,144 Kaydon ........................... 168,868
9,485 Kelly Services, Cl. A ............ 265,580
6,700 Kennametal ....................... 227,800
8,879 Keystone International ........... 159,822
2,893 Lawson Products .................. 61,476
18,740 Linear Technology ................ 627,790
11,900(a) Litton Industries ................ 534,012
6,226(a) MagneTek.......................... 69,264
20,300 Manpower ......................... 576,012
15,783 Mark IV Industries ............... 341,307
15,100(a) Maxim Integrated Products ........ 528,500
3,955 Measurex ......................... 101,841
17,800(a) Medaphis ......................... 157,975
15,509(a) Mentor Graphics .................. 131,826
7,420 Modine Manufacturing ............. 183,645
25,213 Molex ............................ 907,668
4,568 Nordson .......................... 251,240
<PAGE>
Dreyfus MidCap Index Fund
(formerly Peoples S&P MidCap Index Fund, Inc.)--see Note 1
- -----------------------------------------------------------------------------
Statement of Investments (continued) October 31, 1996
Shares Common Stocks (continued) Value
------- ------------
Capital Goods (continued)
12,680(a) Octel Communications ............. $ 201,295
12,400 Ogden ............................ 224,750
19,350 Olsten ........................... 387,000
19,998 Omnicom Group .................... 994,900
8,680 PHH .............................. 258,230
31,768(a) Parametric Technology ............ 1,552,685
17,168 Paychex .......................... 978,576
9,340 Pentair .......................... 235,835
10,400 Pittston Brinks .................. 296,400
4,677(a) Policy Management Systems ........ 168,372
5,123 Precision Castparts .............. 239,500
15,353(a) Quantum .......................... 310,898
5,449(a) Rohr Industries .................. 100,806
9,005(a) Rollins .......................... 172,220
18,621 Sensormatic Electronics .......... 304,918
2,436(a) Sequa, Cl. A ..................... 101,703
8,282(a) Sequent Computer Systems ......... 122,677
13,400(a) Solectron ........................ 716,900
14,018 Sotheby's Holdings, Cl. A ........ 238,306
18,711(a) Sterling Commerce ................ 526,247
8,326 Stewart & Stevenson Services ..... 176,927
13,413(a) Storage Technology ............... 571,729
6,494(a) Stratus Computer ................. 145,303
8,166(a) Structural Dynamics Research ..... 144,946
15,426 Sundstrand ....................... 620,896
13,576(a) Symantec ......................... 147,639
6,516(a) Symbol Technologies .............. 292,405
5,500 Tecumseh Products, Cl. A ......... 309,375
4,400 Teleflex ......................... 211,750
20,944(a) Teradyne ......................... 332,486
35,092 Thermo Electron .................. 1,280,858
4,571 Thiokol .......................... 191,410
10,451 Trinity Industries ............... 361,865
21,300 U.S. Robotics .................... 1,339,237
32,500 USA Waste Service ................ 1,040,000
7,738 Varian Associates ................ 349,177
6,303(a) VeriFone ......................... 211,938
24,300 Viad ............................. 352,350
15,350(a) Vishay Intertechnology ........... 276,300
7,182 Watts Industries, Cl. A .......... 149,924
18,066(a) Xilinx ........................... 591,661
10,850 York International ............... 524,868
------------
42,315,955
------------
Consumer Cyclical--14.2%
5,800(a) Ann Taylor Stores ................ 105,125
5,568 Arvin Industries ................. 127,368
7,786 Banta ............................ 164,479
17,100(a) Bed Bath & Beyond ................ 431,775
11,232 Belo (A.H.), Cl. A ............... 438,048
10,800(a) Best Buy ......................... 176,850
Consumer Cyclical (continued)
10,544 Bob Evans Farms .................. $ 131,800
19,871(a) Brinker International ............ 337,807
7,800(a) Buffets........................... 86,775
15,700(a) Burlington Industries ............ 178,587
18,200 Callaway Golf .................... 557,375
3,816 Carlilse Companies ............... 217,035
7,559(a) Chris-Craft Industries ........... 297,635
26,073(a) Circus Circus Enterprises ........ 899,518
11,952 Claire's Stores .................. 203,184
13,400 Consolidated Stores .............. 517,575
15,325 Cracker Barrel Old Country
Store .......................... 312,246
4,100 Cross (A.T.), Cl. A .............. 46,637
18,172 Dollar General ................... 504,273
6,812 Duty Free International .......... 108,992
4,161 Ennis Business Forms.............. 45,771
14,190 Family Dollar Stores ............. 241,230
9,500 Fastenal ......................... 439,375
8,817 Federal-Mogul .................... 197,280
11,600 Fingerhut ........................ 172,550
4,024 Gibson Greetings.................. 62,875
5,297 Golden Books Family
Entertainment................... 58,929
7,561 HON Industries ................... 264,635
5,419 Hancock Fabrics .................. 46,061
10,600 Hannaford Brothers ............... 319,325
18,912 Harley-Davidson .................. 853,404
12,170 Heilig-Meyers .................... 158,210
22,740(a) Home Shopping Network ............ 230,242
3,603 Houghton Mifflin ................. 178,798
8,684 Intelligent Electronics........... 77,070
31,376 International Game Technology .... 662,818
5,583(a) International Dairy Queen, Cl. A.. 107,472
13,200(a) Jones Apparel Group .............. 412,500
18,500(a) Kohl's ........................... 666,000
8,348(a) Lands' End ....................... 179,482
11,800 Lee Enterprises .................. 269,925
22,696 Leggett & Platt .................. 678,043
10,400(a) Lone Star Steakhouse/Saloon ...... 266,500
6,345(a) MacFrugals Bargains Closeouts .... 154,659
6,600 Media General, Cl. A ............. 196,350
7,600 Meyer (Fred) ..................... 266,950
8,500(a) Micro Warehouse .................. 195,500
6,265 Miller (Herman) .................. 270,178
46,150(a) Mirage Resorts ................... 1,015,311
1,804 National Presto Industries........ 67,650
8,900(a) Nine West Group .................. 443,887
5,188 OEA .............................. 195,847
39,268 Office Depot ..................... 770,634
31,500(a) OfficeMax ........................ 425,250
<PAGE>
Dreyfus MidCap Index Fund
(formerly Peoples S&P MidCap Index Fund, Inc.)--see Note 1
- -----------------------------------------------------------------------------
Statement of Investments (continued) October 31, 1996
Shares Common Stocks (continued) Value
------- ------------
Consumer Cyclical (continued)
12,000(a) Outback Steakhouse ............... $ 278,250
10,100 Payless ShoeSource ............... 342,137
12,842 Promus Hotel ..................... 407,733
20,352 Reynolds & Reynolds, Cl. A ....... 536,784
11,600 Ruddick .......................... 150,800
5,100 Sbarro ........................... 134,512
4,000(a) Scholastic ....................... 293,000
24,944(a) Service Merchandise .............. 146,546
33,932 Shaw Industreis .................. 398,701
7,207 Standard Register ................ 187,382
41,693(a) Staples .......................... 776,532
7,200 Superior Industries International. 175,500
6,248 TCA Cable TV ..................... 167,134
9,338 Tiffany & Co...................... 345,506
11,773(a) Topps............................. 44,884
16,237 Unifi ............................ 505,376
21,800(a) Viking Office Products ........... 634,925
10,915(a) Vons ............................. 604,418
8,307(a) Waban ............................ 217,020
11,414 Wallace Computer Services ........ 335,286
13,000 Warnaco Group, Cl. A ............. 323,375
2,769 Washington Post, Cl. B ........... 911,001
------------
24,350,597
------------
Consumer Staples--4.6%
3,515 CPI .............................. 66,785
4,888 Church & Dwight .................. 105,092
31,436 Coca-Cola Enterprises ............ 1,339,964
10,077 Dean Foods ....................... 292,233
23,700 Dial ............................. 325,875
15,043 Dole Food ........................ 586,677
3,314 Dreyers Grand Ice Cream .......... 85,335
11,216 First Brands ..................... 318,254
14,517 Flowers Industries ............... 339,334
23,700 IBP .............................. 592,500
4,477 International Multifoods ......... 68,274
7,433 Lancaster Colony ................. 278,737
7,545 Lance ............................ 132,037
20,336 McCormick & Co.................... 490,606
4,871 Michael Foods..................... 60,887
17,100(a) Revco D.S......................... 515,137
6,581 Savannah Food & Industries ....... 105,296
7,320 Smucker (J.M.), Cl. A ............ 120,780
4,578 Stanhome ......................... 121,317
9,191 Tambrands ........................ 391,766
36,344 Tyson Foods, Cl. A................ 1,072,148
8,766 Universal ........................ 238,873
6,464 Universal Foods .................. 228,664
------------
7,876,571
------------
Energy--7.7%
13,862 AGL Resources .................... $ 291,102
16,100 Airgas ........................... 364,262
14,781 Anadarko Petroleum ............... 940,441
22,436 Apache ........................... 796,478
9,185(a) BJ Services ...................... 412,176
12,394 Brooklyn Union Gas ............... 359,426
7,348 Diamond Shamrock ................. 215,847
17,200(a) ENSCO International .............. 743,900
8,900 El Paso Natural Gas .............. 431,650
42,000(a) Global Marine .................... 771,757
5,594 Indiana Energy ................... 137,053
14,460 MAPCO ............................ 450,067
16,780 MCN .............................. 461,450
11,282 Murphy Oil ....................... 557,048
21,400(a) Nabors Industries ................ 355,775
9,437 National Fuel Gas ................ 351,528
12,577 Noble Affiliates ................. 547,099
8,900 Parker & Parsley Petroleum ....... 255,875
16,337(a) Parker Drilling .................. 138,864
8,986 Quaker State ..................... 150,515
10,248 Questar .......................... 368,928
24,682 Ranger Oil ....................... 185,115
15,420(a) Seagull Energy ................... 333,457
10,010(a) Smith International .............. 380,380
15,605 Tidewater ........................ 682,718
10,923 Tosco ............................ 613,053
12,900 Transocean Offshore .............. 815,925
10,976 Valero Energy .................... 260,680
7,565(a) Varco International .............. 149,408
10,860 Washington Gas Light ............. 242,992
12,841(a) Weatherford International ........ 372,389
------------
13,137,358
------------
Health Care--7.9%
6,695(a) Acuson ........................... 141,431
3,534(a) Advanced Technology
Labratories .................... 107,787
12,700(a) Apria Healthcare Group ........... 242,887
7,112 Beckman Instruments .............. 261,366
10,031 Bergen Brunswig, Cl.A ............ 314,722
8,926(a) Biogen ........................... 664,987
15,928 Cardinal Health .................. 1,250,348
11,651 Carter-Wallace ................... 180,590
16,897(a) Centocor ......................... 496,349
42,380(a) Chiron ........................... 969,442
6,700 DENTSPLY International ........... 282,237
4,019(a) Datascope......................... 68,323
3,371 Diagnostic Products .............. 100,287
10,454(a) FHP International ................ 356,742
11,200(a) Forest Laboratories, Cl. A ....... 431,200
<PAGE>
Dreyfus MidCap Index Fund
- -----------------------------------------------------------------------------
(formerly Peoples S&P MidCap Index Fund, Inc.)--see Note 1
Statement of Investments (continued) October 31, 1996
Shares Common Stocks (continued) Value
------- ------------
Health Care (continued)
14,700(a) Foundation Health ................ $ 439,162
16,858(a) Genzyme .......................... 387,734
38,739(a) HealthSouth ...................... 1,452,720
11,600(a) HealthCare & Retirement .......... 285,650
16,400(a) Healthsource ..................... 200,900
13,015(a) Horizon/CMS Healthcare ........... 135,030
30,250 IVAX Corporation ................. 499,125
30,832(a) Laboratory Corp of America
Holdings ....................... 104,058
10,800 McKesson ......................... 537,300
30,498 Mylan Laboratories ............... 461,282
14,330(a) Nellcor .......................... 279,435
15,048(a) NovaCare ......................... 124,146
7,761(a) PacifiCare Health Systems, Cl. B.. 545,210
19,300(a) Perrigo .......................... 183,350
5,900(a) Scherer (R.P.) ................... 273,612
24,250 Stryker .......................... 721,437
13,538(a) Value Health ..................... 235,222
17,600(a) Vencor ........................... 521,400
9,200(a) Watson Pharmaceutical ............ 307,050
------------
13,562,521
------------
Interest Sensitive--13.5%
35,134 AFLAC ............................ 1,409,751
15,259 American Financial ............... 547,416
10,285 Bancorp Hawaii ................... 407,543
30,154 Bear Streans Companies ........... 712,388
14,988 Central Fidelity Banks ........... 380,320
10,957 City National .................... 191,747
10,745 Crestar Financial ................ 660,817
7,654 Dauphin Deposit .................. 250,668
15,883 Edwards (A.G.) ................... 474,504
15,410 First of America Bank ............ 837,918
18,859 First Security ................... 553,983
16,872 First Tennessee National ......... 613,719
8,406 First Virginia Banks ............. 376,168
18,400 Firstar .......................... 901,600
20,108 Franklin Resources ............... 1,417,625
5,096 Hartford Steam Boiler Inspection
& Insurance .................... 219,765
30,600 Hibernia, Cl. A .................. 340,425
23,191 Marshall & Iisley ................ 745,010
15,731 Mercantile Bancorporation ........ 780,650
11,934 Mercantile Bankshares ............ 359,511
14,224 Northern Trust ................... 985,012
8,800 PMI Group ........................ 502,700
23,500 Paine Webber Group ............... 552,250
18,087 Progressive ...................... 1,243,481
11,364 Provident ........................ 421,888
15,614 Regions Financial ................ 780,700
43,848 Schwab(Charles) .................. 1,096,200
Interest Sensitive (continued)
23,395 SouthTrust ....................... $ 774,959
20,042 State Street Boston .............. 1,270,161
23,442 Summit Bancorp ................... 958,191
29,900 SunAmerica ....................... 1,121,250
14,300 T. Rowe Price Associaties ........ 487,987
5,725 Transatlantic Holdings ........... 412,200
8,800 Wilmington Trust ................. 332,200
------------
23,120,707
------------
Mining and Metals--.5%
11,200(a) Alumax ........................... 359,800
3,929 Brush Wellman .................... 74,159
4,144 Carpenter Technology ............. 135,198
2,968 Cleveland-Cliffs ................. 121,688
3,728 Lukens............................ 51,260
2,200(a) MAXXAM............................ 92,400
6,368 Oregon Steel Mills ............... 101,092
------------
935,597
------------
Transportation--1.1%
6,412 APL, Ltd.......................... 141,064
5,269 Airborne Freight.................. 104,721
11,357 Alexander & Baldwin............... 279,666
6,700 Arnold Industries................. 106,362
7,880 Atlantic Southeast Airlines....... 165,480
5,073 GATX.............................. 242,235
15,411 Illinois Central, Ser. A.......... 498,933
9,500 Hunt (J.B.) Transport............. 138,937
9,070 Overseas Shipholding Group........ 154,190
------------
1,831,588
------------
Utilities--12.3%
18,796(a) AES............................... 824,674
9,168 Aliant Communications............. 148,980
30,322 Allegheny Power Systen............ 905,869
13,154 Atlantic Energy................... 231,839
3,595 Black Hills....................... 91,672
23,045 CMS Energy........................ 728,798
13,000(a) Calenergy......................... 377,000
5,620 Central Lousiana Electric......... 152,442
8,115 Central Maine Power............... 95,351
14,958 Century Telephone Enterprises..... 480,525
15,234 Delmarva Power & Light............ 302,775
24,216 Florida Progress.................. 808,209
40,722 Frontier.......................... 1,180,955
7,529 Hawaiian Electric Industries...... 268,220
14,251 IPALCO Enterprises................ 382,995
9,383 Idaho Power....................... 292,045
18,976 Illinova.......................... 517,096
<PAGE>
Dreyfus MidCap Index Fund
(formerly Peoples S&P MidCap Index Fund, Inc.)--see Note 1
- -----------------------------------------------------------------------------
Statement of Investments (continued) October 31, 1996
Shares Common Stocks (continued) Value
------- ------------
Utilities (continued)
15,480 Kansas City Power & Light......... $ 425,700
16,614 LG&E Energy....................... 384,198
25,233 MidAmerican Energy................ 391,111
7,937 Minnesota Power & Light........... 224,220
13,715 Montana Power..................... 291,443
11,911 Nevada Power...................... 242,686
56,300(a) NEXTEL Communications, Cl. A...... 900,800
15,348 NIPSCO Industries................. 581,305
16,216 New England Electric System....... 547,290
17,888 New York State Electric & Gas..... 373,412
31,960 Northeast Utilities............... 343,570
10,073 Oklahoma Gas & Electric........... 394,106
21,936 Pinnacle West Capital............. 677,274
12,757 Portland General.................. 558,118
29,683 Potomac Electric Power............ 760,626
16,081 Public Service Company of
Colorado........................ 594,997
10,494 Public Service of New Mexico...... 196,762
15,990 Puget Sound Power & Light......... 353,778
26,264 SCANA............................. 702,562
16,383 Southern New England
Telecommunications.............. 610,266
10,282 Southwestern Public Service....... 349,588
29,300 360 Communications................ 662,912
29,318 TECO Energy....................... 721,960
15,200 Telephone & Data Systems.......... 532,000
11,700 UtiliCorp United.................. 317,362
10,357(a) Vanguard Cellular Systems......... 171,537
Utilities (continued)
7,679 WPL Holdings...................... $ 215,971
27,787 Wisconsin Energy.................. 753,723
------------
21,068,722
------------
TOTAL COMMON STOCKS
(cost $131,303,969)............. $159,759,805
------------
------------
Principal SHORT-TERM
Amount INVESTMENTS--6.6%
- -----------
U.S. Government Agency--6.3%
Federal Home Loan Mortgage,
$10,775,000 5.53%, 11/1/1996. $ 10,775,000
------------
U.S. Treasury Bills--.3%
151,000(b) 5.15%, 11/14/1996................. 150,736
111,000 5.06%, 12/12/1996................. 110,367
215,000(b) 5.22%, 1/2/1997................... 213,170
------------
474,273
------------
TOTAL SHORT-TERM
INVESTMENTS
(cost $11,249,304).............. $ 11,249,273
------------
------------
TOTAL INVESTMENTS
(cost $142,553,273)........................ 100.0% $171,009,078
------ ------------
------ ------------
LIABILITIES, LESS CASH AND
RECEIVABLES................................ -- $ (22,567)
------ ------------
------ ------------
NET ASSETS................................... 100.0% $170,986,511
------ ------------
------ ------------
<PAGE>
Dreyfus MidCap Index Fund
(formerly Peoples S&P MidCap Index Fund, Inc.)--see Note 1
- ------------------------------------------------------------------------------
Notes to Statement of Investments:
(a) Non-income producing.
(b) Partially held by the custodian in a segregated account for open financial
futures positions.
Statement of Financial Futures October 31, 1996
Financial Futures Purchased:
- ----------------------------
<TABLE>
<CAPTION>
Market Value Unrealized
Number of Covered (Depreciation)
Issuer Contracts by Contracts Expiration at 10/31/96
- ------ --------- ------------ ---------- --------------
<S> <C> <C> <C> <C>
Standard & Poor's MidCap 400.................................. 93 $11,348,325 December '96 ($43,500)
---------
---------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus MidCap Index Fund
(formerly Peoples S&P MidCap Index Fund, Inc.)--see Note 1
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities October 31, 1996
<TABLE>
<CAPTION>
Cost Value
------------ ------------
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of Investments............ $142,553,273 $171,009,078
Cash............................................................... 216,843
Dividends and interest receivable.................................. 158,447
Receivable for futures variation margin--Note 4(a)................. 73,664
Prepaid expenses................................................... 16,009
------------
171,474,041
------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates...................... 63,323
Payable for Common Stock redeemed.................................. 328,505
Accrued expenses................................................... 95,702
------------
487,530
------------
NET ASSETS............................................................................... $170,986,511
------------
------------
REPRESENTED BY: Paid-in capital.................................................... $133,002,901
Accumulated undistributed investment income--net................... 1,753,486
Accumulated net realized gain (loss) on investments................ 7,817,819
Accumulated net unrealized appreciation (depreciation)
on investments [including ($43,500) net unrealized
(depreciation) on financial futures]--Note 4(b).................. 28,412,305
------------
NET ASSETS............................................................................... $170,986,511
------------
------------
SHARES OUTSTANDING
(200 million shares of $.001 par value Common Stock authorized).......................... 8,018,623
NET ASSET VALUE, offering and redemption price per share................................. $21.32
------
------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus MidCap Index Fund
(formerly Peoples S&P MidCap Index Fund, Inc.)--see Note 1
- -------------------------------------------------------------------------------
Statement of Operations Year Ended October 31, 1996
<TABLE>
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME: Cash dividends (net of $263 foreign taxes withheld
at source).................................................... $2,245,845
Interest........................................................ 686,199
----------
Total Income............................................ $ 2,932,044
EXPENSES: Management fee--Note 3(a)....................................... 582,857
Shareholder servicing costs--Note 3(b).......................... 245,004
Audit fees...................................................... 45,835
Directors' fees and expenses--Note 3(c)......................... 32,918
Legal fees...................................................... 25,405
Prospectus and shareholders' reports............................ 24,368
Registration fees............................................... 20,552
Miscellaneous................................................... 16,138
----------
Total Expenses.......................................... 993,077
Less--reduction in management fee due to
undertaking--Note 3(a)........................................ (252,887)
----------
Net Expenses............................................ 740,190
-----------
INVESTMENT INCOME--NET............................................................. 2,191,854
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments......................... $7,470,923
Net realized gain (loss) on financial futures
Long transactions............................................. 429,818
----------
Net Realized Gain (Loss)................................ 7,900,741
Net unrealized appreciation (depreciation) on investments
(including $378,185 net unrealized appreciation on
financial futures)............................................ 11,691,375
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS............................. 19,592,116
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............................... $21,783,970
-----------
-----------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus MidCap Index Fund
(formerly Peoples S&P MidCap Index Fund, Inc.)--see Note 1
- -------------------------------------------------------------------------------
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended Year Ended
October 31, 1996 October 31, 1995
---------------- ----------------
<S> <C> <C>
OPERATIONS:
Investment income--net...................................................... $ 2,191,854 $ 1,764,765
Net realized gain (loss) on investments..................................... 7,900,741 5,648,773
Net unrealized appreciation (depreciation) on investments................... 11,691,375 11,878,944
------------- -------------
Net Increase (Decrease) in Net Assets Resulting from Operations........... 21,783,970 19,292,482
------------- -------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net...................................................... (1,926,246) (1,274,372)
Net realized gain on investments............................................ (5,586,113) (3,413,496)
------------- -------------
Total Dividends........................................................... (7,512,359) (4,687,868)
------------- -------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold............................................... 65,932,645 44,222,299
Dividends reinvested........................................................ 6,623,156 4,181,647
Cost of shares redeemed..................................................... (38,822,556) (15,431,258)
------------- -------------
Increase (Decrease) in Net Assets from Capital Stock Transactions......... 33,733,245 32,972,688
------------- -------------
Total Increase (Decrease) in Net Assets................................. 48,004,856 47,577,302
NET ASSETS:
Beginning of Period......................................................... 122,981,655 75,404,353
------------- -------------
End of Period............................................................... $ 170,986,511 $ 122,981,655
------------- -------------
------------- -------------
Undistributed investment income--net.......................................... $ 1,753,486 $ 1,487,878
------------- -------------
CAPITAL SHARE TRANSACTIONS: Shares Shares
------------- -------------
Shares sold................................................................. 3,243,154 2,528,662
Shares issued for dividends reinvested...................................... 350,989 270,132
Shares redeemed............................................................. (1,913,500) (859,974)
------------- -------------
Net Increase (Decrease) in Shares Outstanding............................. 1,680,643 1,938,820
------------- -------------
------------- -------------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus MidCap Index Fund
(formerly Peoples S&P MidCap Index Fund, Inc.)--see Note 1
- ------------------------------------------------------------------------------
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>
Year Ended October 31,
--------------------------------------------------
PER SHARE DATA: 1996 1995 1994 1993 1992
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.............. $19.40 $17.14 $17.63 $15.02 $13.69
------ ------ ------ ------ ------
Investment Operations:
Investment income--net............................ .28 .29 .26 .30 .17
Net realized and unrealized gain (loss)
on investments.................................. 2.81 3.00 .08 2.83 1.29
------ ------ ------ ------ ------
Total from Investment Operations.................. 3.09 3.29 .34 3.13 1.46
------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net............. (.30) (.28) (.27) (.27) (.08)
Dividends from net realized gain on investments... (.87) (.75) (.56) (.25) (.05)
------ ------ ------ ------ ------
Total Distributions............................... (1.17) (1.03) (.83) (.52) (.13)
------ ------ ------ ------ ------
Net asset value, end of period.................... $21.32 $19.40 $17.14 $17.63 $15.02
------ ------ ------ ------ ------
------ ------ ------ ------ ------
TOTAL INVESTMENT RETURN............................. 16.65% 20.78% 1.89% 21.22% 10.69%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets........... .50% .50% .40% .09% --
Ratio of net investment income
to average net assets........................... 1.49% 1.80% 1.68% 1.97% 2.22%
Decrease reflected in above expense ratios
due to undertakings by Dreyfus.................. .17% .35% .43% .77% 1.17%
Portfolio Turnover Rate........................... 14.66% 20.46% 19.81% 16.80% 16.31%
Average commission rate paid*..................... $.0338 -- -- -- --
Net Assets, end of period (000's Omitted)......... $170,987 $122,982 $75,404 $65,690 $45,989
<FN>
- -----------------
* 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
(formerly Peoples S&P MidCap Index Fund, Inc.)--see Note 1
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
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. Effective November 13, 1995, 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,
became the Fund's custodian. Dreyfus is a direct subsidiary of Mellon Bank,
N.A. Premier Mutual Fund Services, Inc. (the "Distributor") acts as the
distributor of the Fund's shares, which are sold to the public without a sales
charge.
Effective November 13, 1995, the Fund changed its name from "Peoples S&P
MidCap Index Fund, Inc." to "Dreyfus MidCap Index Fund."
Prior to November 13, 1995, World Asset Management, Inc. ("World") served as
the Fund's index manager. In addition, Comerica Bank served as the Fund's
custodian.
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.
<PAGE>
Dreyfus MidCap Index Fund
(formerly Peoples S&P MidCap Index Fund, Inc.)--see Note 1
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 2--Bank Line of Credit:
The Fund participates with other Dreyfus-managed funds in a $100 million
unsecured line of credit primarily to be utilized for temporary or emergency
purposes, including the financing of redemptions. Interest is charged to the
Fund at rates which are related to the Federal Funds rate in effect at the time
of borrowings. For the period ended October 31, 1996, the Fund did not borrow
under the line of credit.
NOTE 3--Management Fee, Administration Fee and Other Transactions With
Affiliates:
(a) Effective November 13, 1995, 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 a fee of .095 of 1% of the
value of the Fund's average daily net assets. The agreements provide that if in
any full fiscal year the aggregate expenses of the Fund, exclusive of taxes,
brokerage, interest on borrowings and extraordinary expenses, exceed the
expense limitation of any state having jurisdiction over the Fund, the Fund may
deduct from the fees to be paid to Dreyfus, and Dreyfus may deduct from the
fees paid to Mellon Equity, or Dreyfus and Mellon Equity will bear, such excess
expense in proportion to their management fee and index fee respectively. The
most stringent state expense limitation applicable to the Fund presently
requires reimbursement of expenses in any full fiscal year that such expenses
(exclusive of certain expenses as described above) exceed 2-1/2% of the first
$30 million, 2% of the next $70 million and 1-1/2% of the excess over $100
million of the average value of the Fund's net assets in accordance with
California "blue sky" regulations. However, Dreyfus has undertaken from
November 1, 1995 through October 31, 1997, to reduce the management fee paid by
the Fund (exclusive of certain expenses as described above), 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.
Prior to November 13, 1995, the Fund had an Index Management Agreement with
World and an Administration Agreement with Dreyfus whereby, World and Dreyfus
received annual fees of .10 of 1 % and .30 of 1%, respectively, of the value of
the Fund's average daily net assets.
During period ended October 31, 1996, pursuant to the undertaking, Dreyfus
waived $252,887 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. During the period ended October 31, 1996, the Fund earned $7,076 in
redemption fees.
The undertaking may be extended, modified or terminated by the Manager,
provided that the resulting expense reimbursement would not be less than the
amount required pursuant to the Agreement.
(b) Pursuant to the Fund's 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 October 31, 1996, the Fund was charged an aggregate of
$182,052 pursuant to the Shareholder Services Plan.
<PAGE>
Dreyfus MidCap Index Fund
(formerly Peoples S&P MidCap Index Fund, Inc.)--see Note 1
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
Effective December 1, 1995, 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 $15,002 during the period from December 1,
1995 through October 31, 1996.
(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.
NOTE 4--Securities Transactions:
(a) The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended October 31, 1996
amounted to $49,679,192 and $19,887,964 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 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 October 31, 1996 and their related unrealized market
depreciation are set forth in the Statement of Financial Futures.
(b) At October 31, 1996, accumulated net unrealized appreciation on
investments was $28,412,305, consisting of $37,328,587 gross unrealized
appreciation and $8,916,282 gross unrealized depreciation.
At October 31, 1996, 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
(formerly Peoples S&P MidCap Index Fund, Inc.)--see Note 1
- -------------------------------------------------------------------------------
Report of Ernst & Young LLP, Independent Auditors
Shareholders and Board of Directors
Dreyfus MidCap Index Fund
We have audited the accompanying statement of assets and liabilities of
Dreyfus MidCap Index Fund including the statements of investments and financial
futures, as of October 31, 1996, and the related statement of operations for
the year then ended, the statement of changes in net assets for each of the two
years in the period then ended and financial highlights for each of the years
indicated therein. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included verification by examination of securities
held by the custodian as of October 31, 1996 and confirmation of securities not
held by the custodian by correspondence with brokers. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Dreyfus MidCap Index Fund at October 31, 1996, the results of its operations
for the year then ended, the changes in its net assets for each of the two
years in the period then ended, and the financial highlights for each of the
indicated years, in conformity with generally accepted accounting principles.
ERNST & YOUNG LLP
New York, New York
December 6, 1996
<PAGE>
Dreyfus MidCap Index Fund
(formerly Peoples S&P MidCap Index Fund, Inc.)--see Note 1
- ------------------------------------------------------------------------------
Proxy Results (Unaudited)
A special meeting of stockholders of the Fund was held on July 26, 1996,
at which shareholders approved the election of the following Board members:
Joseph S. DiMartino, by a vote of 4,330,405 shares in favor of and 53,473
shares withholding authority to vote; John M. Fraser, Jr., by a vote of
4,324,988 shares in favor of and 58,890 shares withholding authority to vote;
Ehud Houminer, by a vote of 4,326,980 shares in favor of and 56,898 shares
withholding authority to vote; David J. Mahoney, by a vote of 4,330,861 shares
in favor of and 53,017 shares withholding authority to vote; Gloria Messinger,
by a vote of 4,330,948 shares in favor of and 52,930 shares withholding
authority to vote; David P. Feldman, by a vote of 4,331,418 shares in favor of
and 52,460 shares withholding authority to vote, Jack R. Meyer, by a vote of
4,333,638 shares in favor of and 50,240 shares withholding authority to vote;
John Szarkowski, by a vote of 4,322,175 shares in favor of and 61,703 shares
withholding authority to vote; and Anne Wexler, by a vote of 4,329,499 shares
in favor of and 54,379 shares withholding authority to vote. The shareholders
also ratified the selection Ernst & Young L.L.P. as independent auditors by a
vote of 4,313,942 shares in favor of, and 28,307 shares against the selection,
with 41,628 shares abstaining (including broker non-votes). Also considered at
the meeting was a change from fundamental policy to a non-fundamental policy an
investment restriction which prohibits the Fund from purchasing securities of
any company having less than three years continuous operations if such purchase
would cause the value of such investments in all such companies to exceed 5% of
the value of the Fund's total assets. The change from fundamental to
non-fundamental policy was proposed to afford the Fund the investment
flexibility to permit it to be competitive with other similar funds, and was
approved by shareholders by a vote of 2,949,649 shares with 280,131 shares
voting against the change and 1,424,098 shares abstaining (including broker
non-votes).
<PAGE>
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. 113AR9610
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
DREYFUS MIDCAP INDEX FUND WITH THE STANDARD &
POOR'S MIDCAP 400 INDEX AND THE STANDARD & POOR'S
500 COMPOSITE STOCK PRICE INDEX
EXHIBIT A:
______________________________________________________
| STANDARD STANDARD
| DREYFUS & POOR'S 500 & POOR'S
| PERIOD MIDCAP COMPOSITE STOCK MIDCAP 400
| INDEX FUND PRICE INDEX * INDEX *
|------------------------------------------------------
| 6/19/91 10,000 10,000 10,000
| 10/31/91 10,952 10,675 11,547
| 10/31/92 12,123 11,737 12,612
| 10/31/93 14,695 13,487 15,327
| 10/31/94 14,973 14,007 15,691
| 10/31/95 18,084 17,706 19,020
| 10/31/96 21,095 21,970 22,320
|------------------------------------------------------
* Source: Lipper Analytical Services, Inc.
