<PAGE>
DREYFUS
MidCap Index
Fund
Semi-Annual
Report
April 30, 1998
<PAGE>
Dreyfus MidCap Index Fund
- --------------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
We are pleased to provide you with this report for Dreyfus MidCap Index Fund
for the six-month period ended April 30, 1998. Your Fund produced a total return
of 18.69%.* This compares with a total return of 19.17% for the Standard &
Poor's MidCap 400 Index for the same period, which the Fund is designed to
replicate.** The difference is primarily accounted for by transaction fees and
other Fund expenses.
Economic Review
Although real Gross Domestic Product (GDP) sustained a growth trend
approaching 4% into the first quarter, incoming evidence suggests a shift to
somewhat slower economic growth in coming months. Aggregate profit margins
already have begun to narrow in some sectors. The conflicting pressures of a
softening economy and a still tightening labor market have kept the Federal
Reserve Board in neutral, although a bias favoring higher interest rates was
resumed recently. Market interest rates have likewise stayed within a narrow
range in recent months.
While manufacturing has turned appreciably sluggish since year-end, this was
overshadowed in the first quarter by a strong rebound in domestic demand. The
industrial sector has been slowed by the strong dollar and by weak exports.
However, with Asian economies still in turmoil, competition from Asian-made
imports has emerged only gradually. The first quarter rebound in domestic demand
was fueled primarily by strong housing market conditions and rising real
household incomes.
Rising real wages that have been such a boon to consumers in recent months
may also be taking a toll on corporate profit margins. The first sign of profit
pressure was seen last year as the dollar strengthened. This year, profit
margins have eroded further due to weak exports and falling prices in some
sectors. Accelerating wage growth that is apparent alongside limited pricing
power may also prove a harbinger of profit margin erosion. Hence, a shift to
slower economic growth that coexists with rising wage pressures creates a
further risk to overall profit growth.
The above pressures have kept Fed policy unchanged until now. However,
policymakers are more concerned about wage growth than economic strains, as
evidenced by a recent shift towards a tightening bias. Although long-term bond
yields were below year-ago levels at the end of April, substantially lower
yields have proven difficult to attain in the absence of lower short-term rates.
This, too, could restrain the economic growth rate.
Market Overview
Equity prices during the six months ended April 30, 1998 continued to display
considerable volatility, most of the time on the upside. Mid-capitalization
stocks moderately lagged large-cap equities and outperformed small-cap equities.
Last November, the markets were still trying to recover from the financial
crisis in Asia. As the months went by, however, the U.S. equity markets
rebounded from that severe blow.
Early in the new year, there were temporary setbacks due to worries about
inflation and concern about the corporate profit outlook. By midwinter, however,
the markets resumed their upward surge, which continued almost unbroken until
interest rate jitters struck again in late April. This time the cause was a
press report that the Fed was going to tilt its policy toward tightening credit.
As it turned out, even that scare was short-lived and, as the month of May
began, stock prices set new records once again, especially the stocks of the
large-capitalized corporations.
Despite the impressive gains in the broad market averages, it was not a
market that would allow investors simply to sit back and relax. Some
commentators had begun to refer to it as the "bubble market," a market that
could inflate to record heights one week, yet the next week could be deflated
just as quickly by unexpected national, international and corporate news.
<PAGE>
Now that most first-quarter corporate profits have been reported, it is
apparent that the quarter saw a slowdown in total profits. While some analysts
believe that there could be an increase in the growth of earnings in the second
quarter and beyond, many skeptics believe such possible increases to be
overoptimistic. The skeptics have cited several factors:
o possible delayed reaction to the collapse of Asian markets;
o the ever-present possibility that the Fed could still raise interest rates;
o the approaching shadow of the midterm elections next fall, with all the
political acrimony they could bring.
There was also the risk that Fed Chairman Greenspan might once again warn
against excessive enthusiasm in the equity markets, as he did in late 1996 when
he spoke of "irrational exuberance."
In this atmosphere, wary investors were as quick to sell as to buy, depending
on the ebb and flow of economic and political news. Volatility, it appeared, was
a condition the markets would need to live with for some time to come, in rising
as well as in falling markets.
We very much appreciate your investment in this Fund .
Sincerely,
/s/Steven A. Falci
Steven A. Falci
Portfolio Manager
May 26, 1998
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains paid.
** SOURCE: LIPPER ANALYTICAL SERVICES, INC. -- Reflects the reinvestment of
income dividends and, where applicable, capital gain distributions. The
Standard & Poor's MidCap 400 Index is a broad-based index of 400 companies
with market capitalizations generally ranging from $50 million to $10
billion and is a widely accepted, unmanaged index of overall mid-cap stock
market performance.
<PAGE>
Dreyfus MidCap Index Fund
- -------------------------------------------------------------------------------
<TABLE>
Statement of Investments April 30, 1998 (Unaudited)
<CAPTION>
Shares COMMON STOCKS--92.2% Value
- --------- ------------------------- -----------
<S> <C> <C>
Basic Industries--6.5%
23,300(a) Airgas .................. $ 361,150
18,300 Albemarle ............... 455,213
9,604 BetzDearborn ............ 515,015
13,410 Bowater.................. 750,122
22,400 Cabot.................... 805,000
13,089 Calgon Carbon ........... 158,704
7,733 CalMat................... 202,508
7,591 Chesapeake............... 276,123
39,216 Clayton Homes............ 786,771
14,821 Consolidated Papers...... 980,965
24,276 Crompton & Knowles....... 726,763
14,800(a) Cytec Industries......... 810,300
7,643 Dexter .................. 315,751
27,600 Ethyl.................... 210,450
12,479 Ferro.................... 359,551
4,542 Fuller (H.B.)............ 285,011
13,551 GenCorp ................. 412,459
10,879 Georgia GulF ............ 279,454
13,900 Glatfelter (P.H.)........ 251,069
6,050 Granite Construction..... 178,853
16,802 Hanna(M.A.).............. 385,396
37,422 IMC Global............... 1,347,192
8,521(a) Jacobs Engineering Group. 284,388
15,046 Lawter International .... 157,983
17,036 Longview Fibre........... 288,547
18,888 Lubrizol ................ 696,495
26,238 Lyondell Petrochemical... 862,574
7,500 Minerals Technologies.... 408,281
2,417 NCH ..................... 153,177
16,340 Olin .................... 764,916
32,513 RPM...................... 560,849
9,400 Rayonier................. 471,175
11,825 Schulman (A.)............ 264,584
40,100 Solutia ................. 1,137,838
31,630 Sonoco Products.......... 1,271,131
7,841 Southdown ............... 554,751
32,100(a) Sybron International..... 850,650
30,600 Georgia Pacific (Timber Group) 784,125
22,800 Unisource Worldwide ..... 289,275
11,100 Vulcan Materials......... 1,277,194
19,113 Wausau-Mosinee Paper..... 404,957
10,261 Wellman.................. 232,155
19,016 Witco ................... 753,509
-----------
23,322,374
-----------
Capital Goods--24.8%
19,000(a) ACNielsen ............... 532,000
44,112(a) ADC Telecommunications .. 1,320,603
20,800 AGCO .................... 556,400
Shares COMMON STOCKS--(continued) Value
- --------- ------------------------- -----------
Capital Goods (continued)
10,922 AMETEK..................... $ 332,438
10,261 Albany International, Cl. A 292,439
29,504(a) Altera..................... 1,194,912
69,500(a) America Online............. 5,560,000
31,500(a) American Power Conversion.. 1,013,906
26,300 American Water Works....... 787,356
53,526 Analog Devices............. 2,084,169
32,462(a) Arrow Electronics.......... 886,618
32,900(a) Atmel...................... 664,169
13,204 Avnet...................... 814,522
33,620(a) BMC Software............... 3,145,571
69,010(a) Cadence Design System...... 2,505,926
32,320 Cintas..................... 1,539,240
22,528(a) Cirrus Logic............... 235,136
24,538 Comdisco................... 1,085,807
59,400 Compuware.................. 2,903,175
14,500(a) Comverse Technology........ 686,938
26,200(a) Corrections Corporation
of America.............. 727,050
19,000(a) Covance.................... 407,313
8,300(a) Culligan Water Technologies 481,919
30,018(a) Cypress Semiconductor...... 300,180
19,302 Danaher.................... 1,387,331
22,801 Diebold.................... 934,841
16,408 Donaldson.................. 416,353
19,600(a) Electronic Arts............ 906,500
15,113 Federal Signal............. 323,985
10,530(a) First Health Group......... 621,270
17,300(a) Fiserv..................... 1,130,988
13,415 Flowserve.................. 400,773
13,700(a) GTECH Holdings............. 491,488
22,180 Hubbell.................... 1,093,751
9,609(a) Information Resources...... 179,568
50,400(a) Informix................... 498,488
26,800(a) Intergrated Device Technology 323,275
11,188 Kaydon..................... 490,174
21,900(a) Keane...................... 1,100,475
12,585 Kelly Services, Cl. A...... 465,645
9,800 Kennametal................. 522,463
23,500(a) Lexmark International
Group, Cl. A............ 1,360,063
25,040 Linear Technology.......... 2,015,720
15,200(a) Litton Industries.......... 912,000
10,326(a) MagneTek................... 203,293
26,800 Manpower................... 1,180,875
21,007 Mark IV Industries......... 442,460
43,300(a) Maxim Integrated Products.. 1,748,238
24,200(a) Medaphis................... 222,338
21,509(a) Mentor Graphics............ 225,845
</TABLE>
<PAGE>
Dreyfus MidCap Index Fund
- -------------------------------------------------------------------------------
<TABLE>
Statement of Investments (continued) April 30, 1998 (Unaudited)
<CAPTION>
Shares COMMON STOCKS (continued) Value
- --------- ------------------------- -----------
<S> <C> <C>
Capital Goods (continued)
51,763 Molex..................... $ 1,481,716
34,000(a) NCR....................... 1,247,375
22,800(a) Networks Associates....... 1,561,800
5,668 Nordson .................. 267,105
16,600 Ogden .................... 510,450
26,850 Olsten ................... 367,509
35,902 Paychex................... 1,949,927
12,540 Pentair .................. 542,355
13,600 Pittston Brinks Group..... 532,100
6,077(a) Policy Management Systems. 489,958
8,023 Precision Castparts....... 498,429
20,500 Premark International .... 684,188
22,800(a) QUALCOMM.................. 1,282,500
45,106(a) Quantum................... 1,059,991
30,050(a) Robert Half International. 1,626,456
11,105 Rollins .................. 221,406
19,800(a) SCl Systems............... 815,513
24,621 Sensormatic Electronics... 384,703
3,336(a) Sequa, Cl. A.............. 246,864
14,082(a) Sequent Computer Systems.. 276,359
38,100(a) Solectron ................ 1,688,306
18,518 Sothebys Holdings, Cl. A.. 427,071
29,711(a) Sterling Commerce ........ 1,264,574
25,600(a) Sterling Software......... 676,800
10,926 Stewart & Stevenson Services 243,104
32,200 Stewart Enterprises ....... 829,150
17,713(a) Storage Technology ....... 1,495,641
7,894(a) Stratus Computer.......... 343,882
11,169(a) Structural Dynamics Research 315,524
19,626 Sundstrand ................ 1,355,421
33,000(a) SunGuard Data Systems ..... 1,175,625
18,676(a) Symantec................... 541,604
19,611 Symbol Technologies........ 755,024
21,400(a) Synopsys................... 920,200
7,200 Tecumseh Products, Cl. A .. 362,700
27,544(a) Teradyne .................. 1,005,356
12,042 Thiokol ................... 648,763
14,351 Trinity Industries......... 731,901
34,300 U.S.Filter................. 1,119,038
15,220(a) UCAR International ........ 494,650
71,600(a) USA Waste Service.......... 3,512,875
9,938 Varian Associates.......... 486,341
32,800 Viad....................... 846,650
21,247(a) Vishay Intertechnology..... 389,086
8,982 Watts Industries, Cl. A.... 230,164
24,566(a) Xilinx..................... 1,123,895
13,650 York International ........ 673,116
------------
89,359,152
------------
Shares COMMON STOCKS (continued) Value
- --------- ------------------------- -----------
Consumer Cyclical--14.9%
8,068 Arvin Industries........... $ 330,284
7,500 Bandag..................... 417,656
9,886 Banta...................... 316,352
22,400(a) Barnes & Noble............. 758,800
22,800(a) Bed Bath & Beyond.......... 1,122,900
20,532 Belo (A.H.), Cl. A......... 1,086,913
14,500(a) Best Buy................... 1,018,625
12,407 BJ's Wholesale Club........ 497,055
14,144 Bob Evans Farms............ 288,184
7,800 Borg-Warner Automotive..... 485,063
21,671 Brinker International...... 520,104
15,000(a) Buffets.................... 222,188
19,700(a) Burlington Industries...... 344,750
24,700 Callaway Golf.............. 673,075
9,932 Carlisle Cos............... 504,049
10,766(a) Chris-Craft Industries..... 617,699
31,473(a) Circus Circus Enterprises.. 568,481
15,952 Claire's Stores............ 347,953
30,200(a) CompUSA.................... 560,588
20,325 Cracker Barrel Old Country Store 746,944
47,583 Dollar General............. 1,802,206
28,385 Family Dollar Stores....... 965,090
12,500 Fastenal................... 699,219
13,317 Federal-Mogul.............. 861,443
15,300 Fingerhut.................. 453,263
26,960(a) General Nutrition.......... 967,190
20,322 HON Industries............. 650,304
14,000 Hannaford Brothers......... 622,125
50,324 Harley-Davidson............ 1,811,664
18,870 Heilig-Meyers.............. 265,359
10,006 Houghton Mifflin........... 325,820
37,676 International Game Technology 1,047,864
17,000(a) Jones Apparel Group........ 1,016,813
52,200(a) Kohl's..................... 2,156,513
10,248(a) Lands' End................. 377,895
14,900 Lee Enterprises............ 466,556
31,796 Leggett & Platt............ 1,651,405
13,600(a) Lone Star Steakhouse/Saloon 289,000
8,800 Media General, Cl. A....... 418,000
22,800 Meritor Automotive......... 588,525
49,400(a) Meyer (Fred)............... 2,216,825
11,400(a) Micro Warehouse............ 178,125
29,660 Miller (Herman)............ 895,361
9,820 Modine Manufacturing....... 365,181
11,900(a) Nine West Group............ 330,969
22,200 North Fork Bancorp......... 824,175
6,788 OEA........................ 129,396
</TABLE>
<PAGE>
Dreyfus MidCap Index Fund
- -------------------------------------------------------------------------------
<TABLE>
Statement of Investments (continued) April 30, 1998 (Unaudited)
<CAPTION>
Shares COMMON STOCKS (continued) Value
- --------- ---------------------------- -----------
<S> <C> <C>
Consumer Cyclical (continued)
52,268(a) Office Depot................ $ 1,731,378
41,000(a) OfficeMax .................. 771,313
15,800(a) Outback Steakhouse ......... 602,375
12,300(a) Payless ShoeSource ......... 879,450
29,400(a) Proffitts .................. 1,168,650
28,423(a) Promus Hotel................ 1,284,364
26,052 Reynolds & Reynolds, Cl A .. 599,196
15,400 Ruddick .................... 276,238
21,000(a) Saks Holdings .............. 468,563
6,800 Sbarro...................... 200,600
5,400(a) Scholastic.................. 201,150
41,132 Shaw Industries............. 665,824
9,407 Standard Register........... 375,692
82,689(a) Staples..................... 2,041,385
28,600(a) Starbucks................... 1,376,375
9,200 Superior Industries
International............. 295,550
8,248 TCA Cable TV ............... 509,314
11,638 Tiffany..................... 529,529
14,900(a) U.S. Foodservice............ 526,156
43,650 U.S. Office Products ....... 772,059
20,337 Unifi....................... 779,161
28,000(a) Viking Office Products ..... 677,250
14,214 Wallace Computer Services... 512,592
20,700 Warnaco Group, Cl. A........ 874,575
3,469 Washington Post, Cl. B...... 1,818,623
-----------
53,741,311
-----------
Consumer Staples--4.6%
6,388 Church & Dwight............. 196,830
127,708 Coca-Cola Enterprises ...... 4,820,950
13,477 Dean Foods ................. 631,734
33,600 Dial ....................... 819,000
19,843 Dole Food................... 891,695
8,928 Dreyers Grand Ice Cream .... 225,432
13,116 First Brands................ 351,673
29,225 Flowers Industries ......... 624,684
25,000 Hormel Foods ............... 850,000
30,600 IBP......................... 631,125
13,400(a) Imation .................... 252,925
24,200 Interstate Bakeries ........ 766,838
6,177 International Multifoods ... 179,519
14,299 Lancaster Colony............ 552,299
9,845 Lance ...................... 211,668
24,636 McCormick & Co.............. 843,783
9,620 Smucker (J.M.), Cl. A....... 236,291
5,778 Stanhome . ................. 193,563
76,566 Tyson Foods, Cl. A.......... 1,478,681
11,666 Universal .................. 436,746
Shares COMMON STOCKS (continued) Value
- --------- ---------------------------- -----------
Consumer Staples (continued)
8,464 Universal Foods............ $ 427,961
14,900 Vlasic Foods International. 343,631
33,600 Whitman.................... 657,300
-----------
16,624,328
-----------
Energy--7.1%
18,762 AGL Resources.............. 390,484
25,570(a) BJ Services................ 958,875
12,700 Camco International........ 862,013
39,600 El Paso Natural Gas........ 1,462,725
47,000 ENSCO International........ 1,327,750
56,900 Global Marine.............. 1,340,706
7,494 Indiana Energy............. 236,061
16,894 Keyspan Energy............. 576,508
22,014 LG&E Energy................ 583,371
25,880 MCN........................ 976,970
14,882 Murphy Oil................. 765,493
33,300(a) Nabors Industries.......... 838,744
12,637 National Fuel Gas.......... 581,302
18,777 Noble Affiliates........... 809,758
43,400(a) Noble Drilling............. 1,402,363
32,016(a) Ocean Energy............... 784,392
25,337(a) Parker Drilling............ 259,704
33,000 Pioneer Natural Resources.. 789,938
11,586 Quaker State............... 209,272
13,548 Questar.................... 587,645
41,582 Ranger Oil................. 288,475
20,920(a) Seagull Energy............. 356,948
13,310(a) Smith International........ 781,963
20,105 Tidewater.................. 796,661
51,669 Tosco...................... 1,840,708
33,400 Transocean Offshore........ 1,866,225
29,000 Ultramar Diamond Shamrock.. 937,063
17,800 UtiliCorp United........... 669,725
18,576 Valero Energy.............. 601,398
21,130(a) Varco International........ 649,748
14,460 Washington Gas Light....... 393,131
17,441(a) Weatherford International.. 873,140
------------
25,799,259
------------
Health Care--8.2%
4,734(a) ATL Ultrasound............. 229,007
9,495(a) Acuson..................... 178,031
19,200 Allegiance................. 876,000
17,000 Apria Healthcare Group..... 162,563
9,412 Beckman Coulter............ 524,131
16,638 Bergen Brunswig, Cl. A..... 754,949
36,300(a) Beverly Enterprises........ 571,725
</TABLE>
<PAGE>
Dreyfus MidCap Index Fund
- -------------------------------------------------------------------------------
<TABLE>
Statement of Investments (continued) April 30, 1998 (Unaudited)
<CAPTION>
Shares COMMON STOCKS (continued) Value
- --------- ---------------------------- -----------
<S> <C> <C>
Health Care (continued)
24,452(a) Biogen...................... $ 1,085,058
15,151 Carter-Wallace ............. 273,665
23,197(a) Centocor ................... 978,623
58,080(a) Chiron...................... 1,125,300
15,200(a) Concentra Managed Care ..... 473,100
17,900 DENTSPLY International ..... 588,463
26,600(a) Forest Laboratories......... 962,588
40,120(a) Foundation Health........... 1,160,973
25,658(a) Genzyme..................... 793,794
14,700(a) Healthcare & Retirement .... 599,025
54,100(a) Health Management Association 1,704,150
22,700 Hillenbrand Industries...... 1,415,913
23,200 ICN Pharmaceuticals......... 1,142,600
40,150(a) IVAX ....................... 391,463
30,600 McKesson.................... 2,163,038
40,398 Mylan Laboratories ......... 1,095,796
20,248(a) NovaCare ................... 282,207
26,900 Omnicare ................... 921,325
26,300(a) Oxford Health Plans......... 450,388
23,000(a) PSS World Medical........... 516,063
13,836(a) PacifiCare Health Systems,
Ser. B.................... 991,004
25,300(a) Perrigo .................... 327,319
24,700(a) Quorum Health Group......... 793,487
26,180(a) Quintiles Transnational..... 1,295,910
8,000(a) Scherer (R.P.) ............. 584,000
31,750 Stryker .................... 1,428,750
12,200 Teleflex.................... 518,500
25,800(a) Total Renal Care Holdings... 854,625
29,000(a) Watson Pharmaceuticals...... 1,247,000
-----------
29,460,533
-----------
Interest Sensitive--13.0%
44,834 AFLAC....................... 2,914,210
23,200 AMBAC....................... 1,315,150
19,459 American Financial Group.... 847,683
16,900 Associated Banc-Corp........ 887,250
38,926 Bear Stearns Cos............ 2,221,215
21,700 Capital One Financial....... 2,084,556
21,090 Charter One Financial ...... 1,427,529
15,157 City National .............. 563,651
36,490 Crestar Financial .......... 2,182,558
41,200 Dime Bancorp ............... 1,264,325
31,674 Edwards (A.G.) ............. 1,425,330
18,600 FINOVA Group................ 1,089,263
57,482 First Security ............. 1,408,309
42,344 First Tennessee National.... 1,458,222
17,109 First Virginia Banks........ 955,965
47,900 Firstar..................... 1,787,269
6,296 HSB Group .................. 415,536
Shares COMMON STOCKS (continued) Value
- --------- ---------------------------- -----------
Interest Sensitive (continued)
47,200 Hibernia, Cl. A............ $ 964,650
33,491 Marshall & Iisley.......... 1,959,224
23,751 Mercantile Bankshares...... 911,445
31,100 Old Kent Financial......... 1,209,013
30,700 Old Republic International. 1,389,175
10,700 PMI Group.................. 869,375
26,570 Pacific Century Financial.. 655,947
43,750 Paine Webber Group......... 1,960,547
44,628 Provident Cos.............. 1,743,281
46,228 Regions Financial.......... 2,016,697
51,042 SouthTrust................. 2,178,855
30,600 TCF Financial Corp......... 996,413
19,300 T. Rowe Price Associates... 1,457,150
11,437 Transatlantic Holdings..... 878,505
26,800 Union Planters............. 1,648,200
11,100 Wilmington Trust........... 717,338
22,500 Zions Bancorporation....... 1,150,313
-----------
46,954,149
-----------
Mining And Metals--1.1%
20,100 AK Steel Holding........... 422,100
17,700 Alumax..................... 873,938
5,429 Brush Wellman.............. 147,940
7,544 Carpenter Technology....... 438,024
3,768 Cleveland-Cliffs........... 211,008
15,946 Harsco..................... 733,516
2,700(a) MAXXAM..................... 165,544
15,300 Martin Marietta Materials.. 718,144
8,468 Oregon Steel Mills......... 201,115
-----------
3,911,329
-----------
Transportation--1.7%
9,880 ASA Holdings............... 375,440
16,438 Airborne Freight........... 651,356
6,387(a) Alaska Air Group........... 358,470
14,957 Alexander & Baldwin........ 428,144
8,600 Arnold Industries.......... 137,600
15,500 CNF Transportation......... 598,688
8,073 GATX....................... 669,050
909 Illinois Central, Ser. A... 36,133
12,000 Hunt (J.B.) Transport...... 384,000
35,588 Kansas City Southern Industries 1,608,133
11,600 Newport News Shipbuilding.. 315,375
12,170 Overseas Shipholding Group. 258,613
16,900(a) Wisconsin Central Transportation 414,050
-----------
6,235,052
-----------
Utilities--10.3%
57,692(a) AES........................ 3,183,877
</TABLE>
<PAGE>
Dreyfus MidCap Index Fund
- ------------------------------------------------------------------------------
<TABLE>
Statement of Investments (continued) April 30, 1998 (Unaudited)
<CAPTION>
Shares COMMON STOCKS (continued) Value
- --------- ---------------------------- -----------
<S> <C> <C>
Utilities (continued)
11,968 Aliant Communications....... $ 339,592
40,422 Allegheny Energy............ 1,237,924
7,192 Black Hills................. 150,583
31,845 CMS Energy ................. 1,391,228
27,200 Calenergy................... 887,400
10,715 Central Maine Power ........ 194,879
30,087 Century Telephone Enterprises 1,280,578
45,000 Cincinnati Bell............. 1,721,250
7,420 Cleco ...................... 238,367
16,436 Comsat...................... 663,604
35,399 Conectiv ................... 741,167
32,116 Florida Progress ........... 1,304,713
10,529 Hawaiian Electric Industries 426,425
14,751 IPALCO Enterprises.......... 642,590
12,383 Idaho Power................. 441,144
23,676 Illinova ................... 723,598
23,579 Interstate Energy........... 744,212
20,480 Kansas City Power & Light... 609,280
33,400(a) LCI International........... 1,327,650
31,833 Mid American Energy Holdings 672,472
11,037 Minnesota Power & Light .... 449,758
18,115 Montana Power............... 673,652
16,511 Nevada Power................ 405,551
41,496 NIPSCO Industries........... 1,112,612
36,528 New Century Energies ....... 1,735,080
21,416 New England Electric System. 931,596
21,688 New York State Electric & Gas 905,474
42,960 Northeast Utilities ........ 606,810
13,373 OGE Energy.................. 734,679
28,036 Pinnacle West Capital. ..... 1,240,593
39,183 Potomac Electric Power ..... 959,984
13,794 Public Service of New Mexico 318,124
27,990 Puget Sound Power & Light... 736,487
Shares COMMON STOCKS (continued) Value
- --------- ---------------------------- -----------
Utilities (continued)
35,464 SCANA...................... $ 1,059,487
21,983 Southern New England
Telecommunications....... 1,538,810
40,300(a) 360 Communications......... 1,231,669
43,218 TECO Energy................ 1,150,679
19,700 Telephone & Data Systems... 935,750
13,357(a) Vanguard Cellular Systems.. 253,783
36,787 Wisconsin Energy........... 1,122,004
------------
37,025,115
------------
TOTAL COMMON STOCKS
(cost $238,392,540)...... $332,432,602
============
Principal
Amount SHORT-TERM INVESTMENTS--6.9%
- ----------
U.S. Government Agency--6.7%
$24,260,000 Federal Home Loan Mortgage,
5.43%, 5/1/1998.......... $ 24,260,000
------------
U.S. Treasury Bills--.2%
246,000(b) 5.05%, 5/28/1998......... 245,159
426,000(b) 4.96%, 7/2/1998.......... 422,447
184,000 4.91%, 7/23/1998......... 181,947
------------
849,553
------------
TOTAL SHORT-TERM INVESTMENTS
(cost $25,109,343)....... $ 25,109,553
============
TOTAL INVESTMENTS
(cost $263,501,883).............. 99.1% $357,542,155
====== ============
CASH AND RECEIVABLES (NET)......... .9% $ 3,079,990
====== ============
NET ASSETS......................... 100.0% $360,622,145
====== ============
<FN>
Notes to Statement of Investments:
- ------------------------------------------------------------------------------
(a) Non-income producing.
(b) Partially held by the custodian in a segregated account as
collateral for open financial futures positions.
</FN>
</TABLE>
<TABLE>
Statement of Financial Futures April 30, 1998 (Unaudited)
<CAPTION>
Market Value Unrealized
Covered by Appreciation
Financial Futures Purchased: Contracts Contracts Expiration at 4/30/98
- ---------------------------- --------- ----------- ---------- --------------
ISSUER
- ------
<S> <C> <C> <C>
Standard & Poor's MidCap 400..................... 154 $29,044,400 June '98 $358,875
========
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus MidCap Index Fund
- -------------------------------------------------------------------------------
<TABLE>
Statement of Assets and Liabilities April 30, 1998 (Unaudited)
<CAPTION>
Cost Value
------------ ------------
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of Investments $263,501,883 $357,542,155
Cash................................................... 288,604
Receivable for investment securities sold.............. 5,082,148
Receivable for futures variation margin--Note 4(a)..... 403,300
Dividends and interest receivable...................... 250,377
Receivable for shares of Common Stock subscribed....... 54,606
------------
363,621,190
------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates.......... 147,389
Payable for investment securities purchased............ 1,935,220
Payable for shares of Common Stock redeemed............ 915,941
Loan commitment fees payable--Note 2................... 495
------------
2,999,045
------------
NET ASSETS........................................................................ $360,622,145
============
REPRESENTED BY: Paid-in capital........................................ 248,176,876
Accumulated undistributed investment income--net....... 916,412
Accumulated net realized gain (loss) on investments.... 17,129,710
Accumulated net unrealized appreciation (depreciation)
on investments (including $358,875 net unrealized
appreciation on financial futures)--Note 4(b)........ 94,399,147
------------
NET ASSETS........................................................................ $360,622,145
============
SHARES OUTSTANDING
(200 million shares of $.001 par value Common Stock authorized)................... 12,467,844
NET ASSET VALUE, offering and redemption price per share--Note 3(c)............... $28.92
======
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus MidCap Index Fund
- -------------------------------------------------------------------------------
<TABLE>
Statement of Operations Six Months Ended April 30, 1998 (Unaudited)
<CAPTION>
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME: Cash dividends.................................. $ 1,528,287
Interest........................................ 455,658
------------
Total Income............................... $ 1,983,945
EXPENSES: Management fee--Note 3(a)....................... 342,124
Shareholder servicing costs--Note 3(b).......... 342,124
Interest expense--Note 2........................ 1,239
------------
Total Expenses......................... 685,487
-----------
INVESTMENT INCOME--NET.................................................... 1,298,458
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments......... $16,250,766
Net realized gain (loss) on financial futures... 1,809,988
-----------
Net Realized Gain (Loss)................... 18,060,754
Net unrealized appreciation (depreciation) on
investments (including $296,575 net unrealized
appreciation on financial futures)............ 29,742,585
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS.................... 47,803,339
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS...................... $49,101,797
===========
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus MidCap Index Fund
- -------------------------------------------------------------------------------
<TABLE>
Statement of Changes in Net Assets
<CAPTION>
Six Months Ended
April 30, 1998 Year Ended
(Unaudited) October 31, 1997
---------------- ----------------
<S> <C> <C>
OPERATIONS:
Investment income--net................................................. $ 1,298,458 $ 2,140,753
Net realized gain (loss) on investments................................ 18,060,754 17,095,238
Net unrealized appreciation (depreciation) on investments.............. 29,742,585 36,244,257
------------ ------------
Net Increase (Decrease) in Net Assets Resulting from Operations..... 49,101,797 55,480,248
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net................................................. (2,039,373) (2,236,912)
Net realized gain on investments....................................... (17,600,666) (8,243,435)
------------ ------------
Total Dividends..................................................... (19,640,039) (10,480,347)
------------ ------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold.......................................... 135,934,179 76,561,680
Dividends reinvested................................................... 16,175,235 9,015,232
Cost of shares redeemed................................................ (41,965,798) (80,546,553)
------------ ------------
Increase (Decrease) in Net Assets from Capital Stock Transactions... 110,143,616 5,030,359
------------ ------------
Total Increase (Decrease) in Net Assets.......................... 139,605,374 50,030,260
NET ASSETS:
Beginning of Period.................................................... 221,016,771 170,986,511
------------ ------------
End of Period.......................................................... $360,622,145 $221,016,771
============ ============
Undistributed investment income--net...................................... $ 916,412 $ 1,657,327
------------ ------------
Shares Shares
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................ 5,043,506 3,242,152
Shares issued for dividends reinvested................................. 654,969 428,888
Shares redeemed........................................................ (1,554,035) (3,366,259)
------------ ------------
Net Increase (Decrease) in Shares Outstanding....................... 4,144,440 304,781
============ ============
</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 YEAR ENDED OCTOBER 31,
APRIL 30, 1998 ----------------------------------------------
PER SHARE DATA: (UNAUDITED) 1997 1996 1995 1994 1993
---------------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period....... $26.55 $21.32 $19.40 $17.14 $17.63 $15.02
------ ------ ------ ------ ------ ------
Investment Operations:
Investment income--net..................... .10 .25 .28 .29 .26 .30
Net realized and unrealized gain (loss)
on investments.......................... 4.49 6.25 2.81 3.00 .08 2.83
------ ------ ------ ------ ------ ------
Total from Investment Operations........... 4.59 6.50 3.09 3.29 .34 3.13
------ ------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net...... (.23) (.27) (.30) (.28) (.27) (.27)
Dividends from net realized gain
on investments.......................... (1.99) (1.00) (.87) (.75) (.56) (.25)
------ ------ ------ ------ ------ ------
Total Distributions........................ (2.22) (1.27) (1.17) (1.03) (.83) (.52)
------ ------ ------ ------ ------ ------
Net asset value, end of period............. $28.92 $26.55 $21.32 $19.40 $17.14 $17.63
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN....................... 18.69%(1) 32.02% 16.65% 20.78% 1.89% 21.22%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.... .25%(1) .50% .50% .50% .40% .09%
Ratio of net investment income to average
net assets.............................. .47%(1) 1.07% 1.49% 1.80% 1.68% 1.97%
Decrease reflected in above expense ratios
due to undertakings by the Manager...... -- .09% .17% .35% .43% .77%
Portfolio Turnover Rate.................... 15.56%(1) 20.15% 14.66% 20.46% 19.81% 16.80%
Average commission rate paid (2)........... $.0293 $.0316 $.0338 -- -- --
Net assets, end of period (000's Omitted).. $360,622 $221,017 $170,987 $122,982 $75,404 $65,690
<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.
</FN>
</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 investment adviser. Boston Safe Deposit and Trust Company, an
affiliate of Dreyfus, is the Fund's custodian. Dreyfus is a direct subsidiary of
Mellon Bank, N.A. Premier Mutual Fund Services, Inc. (the "Distributor") is the
distributor of the Fund's shares, which are sold to the public without a sales
charge.
The 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 form 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. 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.
The average daily amount of borrowings outstanding during the period ended
April 30, 1998 was approximately $41,400, with a related weighted average
annualized interest rate of 6.03%.
<PAGE>
Dreyfus MidCap Index Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 3--Management Fee and Other Transactions With Affiliates:
(a) Pursuant to management agreement ("Agreement") with Dreyfus, the
management fee is computed at the annual rate of .25 of 1% of the value of the
Fund's average daily net assets, and is payable monthly. Under the terms of the
Agreement, Dreyfus has agreed to pay all of the Fund's expenses, except
management fees, brokerage commissions, taxes, commitment fees, interest, fees
and expenses of non-interested Directors (including counsel fees), Shareholder
Services Plan fees and extraordinary expenses. In addition, Dreyfus is required
to reduce its fee in an amount equal to the Fund's allocable portion of the fees
and expenses of non-interested Directors (including counsel). Each director
receives an annual fee of $2,500 and an attendance fee of $500 per meeting and
is reimbursed for travel and out-of-pocket expenses. The Chairman of the Board
receives an additional 25% of such compensation. Amounts required to be paid by
the Fund directly to the non-interested Directors, that would be applied to
offset a portion of the management fee payable to Dreyfus, are in fact paid
directly by Dreyfus to the non-interested Directors.
(b) Under the Shareholder Services Plan, the Fund pays the Distributor for
the provision of certain services at the annual rate of .25 of 1% of the value
of the Fund's average daily net assets. The services provided may include
personal services relating to shareholder accounts, such as answering
shareholder inquiries regarding the Fund and providing reports and other
information, and services related to the maintenance of shareholder accounts.
The Distributor may make payments to Service Agents (a securities dealer,
financial institution or other industry professional) in respect of these
services. The distributor determines the amounts to be paid to Service Agents.
During the period ended April 30, 1998, the Fund was charged $342,124 pursuant
to the Shareholder Services Plan.
(c) A 1% redemption fee is charged and retained by the Fund on certain
redemptions of Fund shares (including redemptions through use of the Fund
Exchanges service) 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,
1998, redemption fees amounted to $1,682.
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, 1998 amounted to $112,093,750 and $40,492,537, respectively.
The Fund may invest in financial futures contracts in order to gain exposure
to or protect against changes in the market. The Fund is exposed to market risk
as a result of changes in the value of the underlying financial instruments.
Investments in financial futures require the Fund to "mark to market" on a daily
basis, which reflects the change in the market value of the contract at the
close of each day's trading. Accordingly, variation margin payments are received
or made to reflect daily unrealized gains or losses. When the contracts are
closed, the Fund recognizes a realized gain or loss. These investments require
initial margin deposits with a custodian, which consist of cash or cash
equivalents, up to approximately 10% of the contract amount. The amount of these
deposits is determined by the exchange or Board of Trade on which the contract
is traded and is subject to change. Contracts open as of April 30, 1998 are set
forth in the Statement of Financial Futures.
(b) At April 30, 1998, accumulated net unrealized appreciation on investments
and financial futures was $94,399,147, consisting of $101,698,457 gross
unrealized appreciation and $7,299,310 gross unrealized depreciation.
At April 30, 1998, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
<PAGE>
Dreyfus MidCap Index Fund
- --------------------------------------------------------------------------------
Important Tax Information (Unaudited)
For Federal tax purposes the Fund hereby designates $1.75 per share as a
long-term capital gain distribution (of which 78% is subject to the 20% maximum
Federal tax rate) of the $2.215 per share paid on December 22, 1997.
The Fund also designates 12.25% of the ordinary dividends paid during the
fiscal year ended April 30, 1998 as qualifying for the corporate dividends
received deduction. Shareholders will receive notification in January 1999 of
the percentage applicable to the preparation of their 1998 income tax returns.
<PAGE>
Dreyfus MidCap Index Fund
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
Boston Safe Deposit and Trust Company
One Boston Place
Boston, MA 02109
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02904
Printed in U.S.A. 113SA984
