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Previous: MURDOCK DAVID H, SC TO-I/A, EX-99.(C)(5), 2000-06-28 |
Next: POWERTEL INC /DE/, 11-K, 2000-06-28 |
Dreyfus
MidCap Index Fund
SEMIANNUAL REPORT April 30, 2000
(reg.tm)
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value
Contents
THE FUND
--------------------------------------------------
2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
18 Statement of Financial Futures
19 Statement of Assets and Liabilities
20 Statement of Operations
21 Statement of Changes in Net Assets
22 Financial Highlights
23 Notes to Financial Statements
FOR MORE INFORMATION
---------------------------------------------------------------------------
Back Cover
The Fund
Dreyfus
MidCap Index Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus MidCap Index Fund,
covering the six-month period from November 1, 1999 through April 30, 2000.
Inside you' ll find valuable information about how the fund was managed during
the reporting period, including a discussion with the fund's portfolio managers,
Steve Falci and Jocelin Reed.
The past six months have been highly volatile for investors in midcap stocks.
Although the market' s advance through the last two months of 1999 was led
primarily by technology stocks and large-cap growth stocks in a fast-growing
economy, the large-cap sector of the stock market corrected substantially during
the first quarter of 2000. At the same time, prices of many midcap stocks rose,
helping midcap stocks to generally outperform large-cap stocks during that
period.
In March however, investor sentiment shifted once more, and large-cap companies
generally provided higher returns than mid-cap companies. In April, many stocks
of all sizes were adversely affected by a sharp decline in technology stock
prices. A major indicator of technology stock performance, the Nasdaq Composite
Index, fell substantially between mid-March and the end of April. This included
a considerably large single-day drop on April 14. We believe that many midcap
stocks continue to be attractively valued relative to their large-cap
counterparts.
We appreciate your confidence over the past six months and we look forward to
your continued participation in Dreyfus MidCap Index Fund.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
May 15, 2000
DISCUSSION OF FUND PERFORMANCE
Steve Falci and Jocelin Reed, Portfolio Managers
How did Dreyfus MidCap Index Fund perform relative to its benchmark?
For the six-month period ended April 30, 2000, Dreyfus MidCap Index Fund
produced a total return of 20.77%.(1) The Standard & Poor's MidCap 400 Index
(" S& P 400 Index"), the fund's benchmark, produced a total return of 21.26% for
the same period.(2) The difference in returns was primarily due to transaction
costs and other fund operating expenses.
What is the fund's investment approach?
The fund seeks to match the total return of the S&P 400 Index. To pursue that
goal, the fund generally invests in all 400 stocks in the S&P 400 Index, in
proportion to their weighting in the index. Often considered a barometer for the
midcap stock market in general, the S&P 400 Index is composed of 400 stocks of
medium-size domestic and some Canadian companies with market capitalizations
ranging between $50 million and $10 billion; the index contains approximately
310 industrial, 40 utility, 40 financial and 10 transportation stocks. Each
stock is weighted by its market capitalization; that is, larger companies have
greater representation in the index than smaller ones. The fund may also use
stock index futures as a substitute for the sale or purchase of stocks. The S&P
400 Index was the first benchmark to represent the performance of the midcap
stock market.
As an index fund, the fund uses a passive management approach; all investment
decisions are made based on the fund's objective, which is to seek to match the
performance of the S& P 400 Index. The fund does not attempt to manage market
volatility.
Compared to larger, more established companies, midsize companies are often
subject to more erratic market movements and may carry additional risks because
their earnings tend to be less predictable and their stocks less liquid
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
What other factors influenced the fund's performance?
The six-month reporting period was marked by high levels of stock market
volatility and changing investor preferences in three areas: technology versus
non-technology sectors; small-cap versus mid- and large-cap stocks; and growth
versus value investment styles.
From November 1, 1999, through mid-March 2000, the U.S. stock market advanced
sharply, driven primarily by strong gains within the volatile technology sector.
During this period, the prices of many high-flying tech stocks continued to
climb, especially those stocks that were related to the "new economy" of
Internet-related products and services. In addition, small- and mid-cap stocks
outpaced their large-cap counterparts.
By mid-March, however, those trends had reversed themselves when many technology
stocks quickly fell out of favor. Even during this downturn in the technology
sector as a whole, there were days when tech stocks bounced back to report
strong gains, which increased the stock market' s volatility levels.
During the six-month period, the largest gains within the S&P 400 Index, and
therefore the fund as well, came from its healthcare companies, specifically its
pharmaceutical and biotechnology companies and its technology group, which
includes computer and electrical equipment companies, computer software and
communications equipment firms. In addition, the S&P 400 Index's holdings in oil
and gas drilling companies provided strong returns, as did its independent power
production stocks.
On the other hand, the poorest performing returns of the S&P 400 Index, and of
the fund as well, were generated from its basic materials companies, which
include iron and metal companies and specialty metal stocks, its financials,
including banks and miscellaneous financial holdings, its retailing stocks,
which include home shopping and consumer products companies and transportation
stocks, including airline firms. In addition, the stocks of food and beverage
companies and agricultural products firms provided disappointing returns
What is the fund's current strategy?
The fund is an index fund and its goal is to replicate the returns of the S&P
400 Index. We plan to maintain our strategy of investing in all 400 stocks in
the S& P 400 Index, in proportion to their weighting in the index, in order to
attempt to match the index's return.
As of the end of the reporting period, the largest sector weightings of the S&P
400 Index, and for the fund as well, were approximately as follows: technology -
24% ; services - 12%; healthcare - 10%; interest sensitive - 10%; producer goods
- 9%; consumer cyclicals - 9%; utilities - 8%; and energy - 8%.
May 15, 2000
(1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE AND INVESTMENT
RETURN FLUCTUATE SUCH THAT UPON REDEMPTION, FUND SHARES MAY BE WORTH MORE OR
LESS THAN THEIR ORIGINAL COST.
(2) SOURCE: LIPPER ANALYTICAL SERVICES, INC. -- REFLECTS THE REINVESTMENT OF
DIVIDENDS AND, WHERE APPLICABLE, CAPITAL GAIN DISTRIBUTIONS. THE STANDARD &
POOR'S MIDCAP 400 INDEX IS A WIDELY ACCEPTED, UNMANAGED TOTAL RETURN INDEX OF
MEDIUM-CAP STOCK MARKET PERFORMANCE.
The Fund
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS
April 30, 2000 (Unaudited)
STATEMENT OF INVESTMENTS
COMMON STOCKS--92.9% Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
BEVERAGES & TOBACCO--.3%
<S> <C> <C>
RJ Reynolds Tobacco Holdings 44,700 927,525
Universal 12,266 231,521
1,159,046
CONSUMER CYCLICAL--9.2%
Abercrombie & Fitch, Cl. A 41,600(a) a 457,600
Alaska Air Group 10,787 (a) 310,126
American Eagle Outfitters 19,000 (a) 323,000
Arvin Industries 10,468 227,679
Bandag 8,900 212,488
Barnes & Noble 28,300 (a) 523,550
BJ's Wholesale Club 30,014 (a) 1,063,621
Blyth Industries 19,600 581,875
Bob Evans Farms 15,644 204,350
Borders Group 31,500 (a) 500,063
Borg-Warner Automotive 11,100 464,119
Brinker International 26,571 (a) 846,951
Buffets 17,100 (a) 167,794
Burlington Industries 21,200 (a) 92,750
CBRL Group 23,925 331,959
CDW Computer Centers 17,600 (a) 1,830,400
Callaway Golf 31,000 515,375
Claire's Stores 20,952 386,303
Dollar Tree Stores 25,300 (a) 1,464,238
Family Dollar Stores 70,470 1,343,334
Fastenal 15,500 905,781
Federal-Mogul 30,117 408,462
Furniture Brands International 20,100 (a) 375,619
GTECH Holdings 14,200 (a) 294,650
HON Industries 24,622 614,011
Hannaford Brothers 17,200 1,244,850
International Game Technology 30,576 (a) 745,290
International Speedway, Cl. A 21,600 (a) 928,800
Jones Apparel Group 49,961 (a) 1,483,217
Lands' End 12,348 (a) 522,475
Lear 27,300 (a) 817,294
Lone Star Steakhouse/Saloon 13,400 158,288
Mandalay Resort Group 36,973 (a) 697,865
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICAL (CONTINUED)
Meritor Automotive 25,400 381,000
Miller (Herman) 32,260 883,118
Modine Manufacturing 11,920 262,985
Mohawk Industries 22,500 (a) 558,281
Neiman Marcus Group, Cl. A 20,000 (a) 515,000
OfficeMax 46,600 (a) 262,125
Outback Steakhouse 30,550 (a) 1,000,513
Papa John's International 12,400 (a) 341,000
Park Place Entertainment 124,300 (a) 1,592,594
Payless ShoeSource 9,300 (a) 512,663
Ross Stores 36,100 749,075
Ruddick 18,900 216,169
Saks 58,630 (a) 670,581
Shaw Industries 54,532 862,287
Starbucks 74,800 (a) 2,261,531
Superior Industries International 10,900 350,844
Tiffany & Co. 29,576 2,149,806
Unifi 24,137 (a) 245,896
Valassis Communications 22,900 (a) 780,031
Warnaco Group, Cl. A 22,700 241,188
Wellman 13,861 296,279
Westpoint Stevens 21,700 406,875
Williams-Sonoma 23,000 (a) 796,375
37,380,393
CONSUMER STAPLES--2.4%
Carter-Wallace 18,351 408,310
Church & Dwight 15,876 283,784
Dean Foods 15,077 369,387
Dial 43,000 599,313
Dole Food 22,743 399,424
Dreyers Grand Ice Cream 11,328 271,872
Energizer Holdings 41,000 (a) 699,563
Flowers Industries 40,925 624,106
Hormel Foods 58,200 887,550
IBP 43,400 716,100
Interstate Bakeries 27,900 355,725
International Multifoods 7,577 97,080
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES (CONTINUED)
Lancaster Colony 16,099 422,599
Lance 12,245 130,103
McCormick & Co. 28,836 899,323
Smucker (J.M.), Cl. A 11,820 189,120
Suiza Foods 12,700 (a) 494,506
Tyson Foods, Cl. A 92,366 964,070
Universal Foods 20,228 332,498
Whitman 57,500 657,656
9,802,089
ENERGY--7.7%
AGL Resources 23,162 405,335
American Water Works 39,500 896,156
BJ Services 31,070 (a) 2,182,668
Devon Energy 35,000 1,686,563
ENSCO International 56,000 1,858,500
Global Marine 71,100 (a) 1,706,400
Helmerich & Payne 20,200 632,513
KeySpan 54,594 1,603,699
Kinder Morgan 45,850 1,389,828
LG&E Energy 52,914 1,233,558
MCN Energy Group 34,880 869,820
Murphy Oil 18,382 1,084,538
Nabors Industries 56,600 (a) 2,232,163
National Fuel Gas 15,937 756,011
Noble Affiliates 23,277 839,427
Noble Drilling 53,600 (a) 2,140,650
Ocean Energy 68,020 (a) 880,009
Pennzoil-Quaker State 31,737 347,123
Pioneer Natural Resources 40,900 (a) 421,781
Questar 33,696 633,906
Santa Fe Snyder 75,200 (a) 690,900
Smith International 19,910 (a) 1,513,160
Tidewater 22,705 675,474
Ultramar Diamond Shamrock 35,400 876,150
Valero Energy 22,776 660,504
Varco International 26,630 (a) 332,875
Vectren 25,025 503,628
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
ENERGY (CONTINUED)
Washington Gas Light 18,960 485,850
Weatherford International 44,123 (a) 1,792,497
31,331,686
HEALTH CARE--9.7%
Acuson 10,895 (a) 134,145
Apria Healthcare Group 21,200 (a) 295,475
Beckman Coulter 11,812 765,565
Bergen Brunswig, Cl. A 54,776 273,880
Beverly Enterprises 41,800 (a) 141,075
Chiron 74,080 (a) 3,352,120
Covance 23,200 (a) 213,150
DENTSPLY International 21,500 624,844
Edwards Lifesciences 25,200 (a) 378,000
First Health Group 19,960 (a) 607,533
Forest Laboratories 34,400 (a) 2,891,750
Foundation Health Systems, Cl. A 49,820 (a) 501,314
Genzyme 34,258 (a) 1,672,219
Gilead Sciences 18,000 (a) 975,375
Health Management Associates, Cl. A 98,300 (a) 1,566,656
Hillenbrand Industries 25,700 774,213
ICN Pharmaceuticals 31,900 803,481
INCYTE Pharmaceuticals 11,600 (a) 893,200
IVAX 64,525 (a) 1,766,372
Lincare Holdings 22,000 (a) 671,000
MedImmune 27,500 (a) 4,398,281
Millennium Pharmaceuticals 36,400 (a) 2,889,250
Minimed 12,700 (a) 1,561,306
Mylan Laboratories 52,698 1,495,306
Omnicare 37,200 564,975
Oxford Health Plans 33,200 (a) 630,800
PSS World Medical 28,900 (a) 248,359
Pacificare Health Systems 17,736 (a) 912,296
Perrigo 29,900 (a) 170,056
Quorum Health Group 28,800 (a) 306,000
STERIS 27,500 (a) 247,500
Sepracor 27,000 (a) 2,484,000
Stewart Enterprises 43,300 208,381
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (CONTINUED)
Stryker 39,550 2,842,656
Trigon Healthcare 16,000 (a) 575,000
VISX 26,200 (a) 414,288
39,249,821
INTEREST SENSITIVE--9.6%
Allmerica Financial 22,200 1,201,575
Ambac Financial Group 28,500 1,368,000
American Financial Group 23,859 606,913
Associated Banc-Corp 26,025 665,264
Astoria Financial 22,200 611,888
CCB Financial 16,500 652,781
Charter One Financial 86,515 1,757,336
City National 19,457 716,261
Comdisco 62,276 1,934,448
Compass Bancshares 46,300 856,550
Concord EFS 83,900 (a) 1,877,263
Dime Bancorp 45,200 847,500
Edwards (A.G.) 36,274 1,364,809
Everest Re Group 19,100 558,675
Express Scripts, Cl. A 15,700 (a) 561,275
FINOVA Group 25,000 320,313
First Security 79,782 1,126,921
First Tennessee National 53,144 1,009,736
First Virginia Banks 20,209 737,629
FirstMerit Corp 36,600 599,325
GreenPoint Financial 44,000 819,500
HSB Group 11,844 343,476
Hibernia, Cl. A 65,400 694,875
Horace Mann Educators 16,800 244,650
Investment Technology Group 12,700 (a) 476,250
Keystone Financial 19,900 298,500
Legg Mason 23,400 884,813
Marshall & Ilsley 43,391 2,014,970
Mercantile Bankshares 28,151 802,304
NCO Group 10,300 (a) 354,063
National Commerce Bancorporation 44,100 724,894
North Fork Bancorp 71,800 1,162,263
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
INTEREST SENSITIVE (CONTINUED)
Ohio Casualty 24,500 407,313
Old Republic International 51,450 733,163
PMI Group 18,250 883,984
Pacific Century Financial 32,670 671,777
Protective Life 26,300 626,269
Provident Financial Group 19,800 580,388
ReliaStar Financial 36,100 1,554,556
Sovereign Bancorp 89,400 614,625
TCF Financial 33,800 790,075
Unitrin 28,900 975,375
Webster Financial 18,500 395,438
Westamerica Bancorporation 15,400 385,963
Wilmington Trust 13,200 608,850
Zions Bancorporation 34,800 1,444,200
38,866,996
INTERNET--1.1%
E Trade Group 117,900 (a) 2,534,850
Macromedia 20,100 (a) 1,748,700
4,283,550
PRODUCER GOODS--9.3%
AGCO 24,300 288,563
AK Steel Holding 45,300 501,131
AMETEK 13,122 269,821
Airborne Freight 19,838 425,277
Airgas 28,400 (a) 166,850
Albany International, Cl. A 12,402 (a) 188,355
Albemarle 19,000 397,813
Alexander & Baldwin 17,557 368,697
American Power Conversion 78,500 (a) 2,772,031
American Standard 28,800 (a) 1,180,800
Arnold Industries 10,000 116,875
Bowater 21,110 1,161,050
C.H. Robinson Worldwide 16,800 840,000
CK Witco 48,533 (a) 570,263
CNF Transportation 19,700 550,369
Cabot 27,300 737,100
Carlisle Cos. 12,332 507,924
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
PRODUCER GOODS (CONTINUED)
Carpenter Technology 8,944 179,439
Chesapeake 7,191 224,719
Clayton Homes 56,970 541,215
Cleveland-Cliffs 4,468 109,745
Consolidated Papers 37,042 1,402,966
Cordant Technologies 14,942 846,091
Cytec Industries 17,200 (a) 518,150
Dexter 9,443 518,185
Donaldson 18,708 434,961
Ethyl 34,000 106,250
Ferro 14,379 328,920
Flowserve 15,215 (a) 214,912
Fuller (H.B.) 5,742 220,708
Georgia Gulf 12,679 305,088
Georgia Pacific (Timber Group) 33,800 783,738
Glatfelter (P.H.) 17,200 184,900
Granite Construction 11,025 261,844
Grant Prideco 44,123 (a) 849,368
Hanna (M.A.) 19,902 228,873
Harsco 16,346 485,272
Hubbell 26,480 690,135
IMC Global 46,722 721,271
Hunt (J.B.) Transport 14,500 (a) 239,250
Jacobs Engineering Group 10,521 (a) 329,439
Kaydon 12,588 294,245
Kennametal 12,400 356,500
Longview Fibre 21,136 269,484
Lubrizol 22,288 571,130
Lyondell Petrochemical 47,938 880,861
MAXXAM 2,900 (a) 78,300
Mark IV Industries 18,107 383,642
Martin Marietta Materials 19,000 1,007,000
Minerals Technologies 8,600 397,750
NCH 2,217 95,885
Newport News Shipbuilding 13,400 447,225
Nordson 6,768 302,445
Olin 18,340 325,535
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
PRODUCER GOODS (CONTINUED)
Overseas Shipholding Group 13,770 360,602
Pentair 19,640 751,230
Precision Castparts 10,023 418,460
RPM 43,413 439,557
Rayonier 11,200 525,700
Ryerson Tull 10,100 124,988
Schulman (A.) 12,625 162,547
Sequa, Cl. A 4,236 (a) 208,623
Solutia 44,900 611,763
Sonoco Products 41,593 868,254
Southdown 14,641 851,008
Stewart & Stevenson Services 11,426 137,826
Swift Transportation 26,200 (a) 525,638
Sybron International 42,500 (a) 1,322,813
Tecumseh Products, Cl. A 8,200 380,788
Teleflex 15,500 535,719
Trinity Industries 15,951 354,910
UCAR International 18,400 (a) 242,650
USG 20,100 839,175
Wausau-Mosinee Paper 21,013 254,783
Wisconsin Central Transportation 20,900 (a) 304,356
York International 15,850 382,381
37,782,131
SERVICES--11.5%
ACNielsen 23,700 (a) 546,581
Affiliated Computer Services, Cl. A 20,100 (a) 665,813
Apollo 31,000 (a) 899,000
Banta 10,886 212,957
Belo (A.H.), Cl. A 48,264 805,406
CSG Systems International 21,200 (a) 977,850
Cambridge Technology Partners 24,600 (a) 270,600
Chris-Craft Industries 14,168 (a) 870,447
Cintas 68,230 2,703,614
Convergys 62,300 (a) 2,741,200
DeVRY 28,400 (a) 676,275
DST Systems 25,800 (a) 1,914,038
Fiserv 50,000 (a) 2,296,875
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
SERVICES (CONTINUED)
GATX 20,046 716,645
Gartner Group, Cl. B 36,000 (a) 389,250
Hanover Compressor 11,700 (a) 681,525
Harte-Hanks 28,000 693,000
Hispanic Broadcasting 22,200 (a) 2,243,588
Houghton Mifflin 12,706 528,093
Keane 29,200 (a) 843,150
Kelly Services, Cl. A 14,585 343,659
Lee Enterprises 18,100 410,644
Manpower 31,000 1,094,688
Media General, Cl. A 10,900 536,144
Modis Professional Services 39,100 (a) 295,694
NOVA 30,000 (a) 948,750
Navigant Consulting 17,000 (a) 168,938
Ogden 20,200 (a) 198,213
Pittston Brinks Group 20,200 330,775
Premier Parks 31,900 (a) 687,844
Reader's Digest Association 43,400 1,388,800
Reynolds & Reynolds, Cl. A 31,152 739,860
Robert Half International 36,650 (a) 2,240,231
Rollins 12,305 176,884
Scholastic 6,800 (a) 317,475
Sotheby's Holdings, Cl. A 24,018 (a) 397,798
Standard Register 11,407 149,004
SunGuard Data Systems 52,300 (a) 1,807,619
Sykes Enterprises 17,300 (a) 346,000
Sylvan Learning Systems 20,800 (a) 313,300
Telephone & Data Systems 25,200 2,570,400
Univision Communications, Cl. A 41,500 (a) 4,533,875
Viad 38,700 982,013
Wallace Computer Services 17,114 187,184
Washington Post, Cl. B 3,869 1,888,072
Westwood One 45,200 (a) 1,598,950
46,328,721
TECHNOLOGY--24.2%
ANTEC 15,300 (a) 822,375
Acxiom 35,300 (a) 953,100
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY (CONTINUED)
Adtran 16,100 (a) 1,087,756
Arrow Electronics 39,062 (a) 1,711,404
Atmel 89,700 (a) 4,389,694
Avnet 17,904 1,407,702
Cadence Design System 99,310 (a) 1,669,649
CheckFree Holdings 22,400 (a) 1,138,200
Cirrus Logic 26,928 (a) 440,946
Cypress Semiconductor 44,518 (a) 2,312,154
Diebold 28,101 811,416
Electronic Arts 26,200 (a) 1,585,100
Federal Signal 18,813 382,139
Harris 28,200 911,213
Imation 14,800 (a) 415,325
Informix 109,800 (a) 1,207,800
Intergrated Device Technology 38,200 (a) 1,835,988
Intuit 79,700 (a) 2,864,219
Jabil Circuit 70,900 (a) 2,902,469
L-3 Communications Holdings 13,300 (a) 708,225
Legato Systems 34,600 (a) 447,638
Litton Industries 18,600 (a) 807,938
MagneTek 9,526 (a) 79,185
Maxim Integrated Products 113,200 (a) 7,336,775
Mentor Graphics 26,109 (a) 342,681
Micrel 17,000 (a) 1,470,500
Microchip Technology 31,200 (a) 1,936,350
NVIDIA 12,500 (a) 1,114,063
Network Associates 56,800 (a) 1,444,850
Novellus Systems 51,300 (a) 3,421,069
Policy Management Systems 14,454 (a) 191,516
Polycom 13,300 (a) 1,052,363
Powerwave Technologies 8,200 (a) 1,706,113
Qlogic 30,000 (a) 3,009,375
Quantum - DLT & Storage Systems 65,506 (a) 769,696
Rational Software 36,100 (a) 3,073,013
SCI Systems 59,000 (a) 3,141,750
SPX 12,700 (a) 1,395,413
Sanmina 51,800 (a) 3,111,238
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY (CONTINUED)
Sawtek 17,200 (a) 822,375
Sensormatic Electronics 31,321 (a) 522,669
Siebel Systems 78,600 (a) 9,657,936
Storage Technology 40,926 (a) 532,038
Structural Dynamics Research 14,569 (a) 194,860
Sybase 33,200 (a) 670,225
Symantec 24,176 (a) 1,509,489
Symbol Technologies 54,174 3,020,201
Synopsys 28,300 (a) 1,188,600
Tech Data 21,300 (a) 893,269
Titan 20,600 (a) 884,513
Transaction Systems Architects, Cl. A 13,300 (a) 216,956
TranSwitch 15,900 (a) 1,400,194
Triquint Semiconductor 15,400 (a) 1,583,313
Vishay Intertechnology 34,536 (a) 2,896,707
Vitesse Semiconductor 64,200 (a) 4,369,613
Waters 25,400 (a) 2,406,650
98,178,008
UTILITIES--7.9%
Allegheny Energy 45,022 1,367,543
Alliant Energy 32,179 965,370
Black Hills 8,692 199,373
BroadWing 88,200 (a) 2,497,163
CMP Group 13,215 382,409
Calpine 25,700 (a) 2,351,550
Cleco 9,120 314,070
Comsat 21,636 528,730
Conectiv 37,999 674,482
DPL 54,500 1,267,125
DQE 30,800 1,178,100
Dynegy, Cl. A 56,876 3,721,823
Energy East 50,476 1,053,687
Hawaiian Electric Industries 13,129 485,773
IPALCO Enterprises 35,002 715,353
Idacorp 15,383 567,248
Kansas City Power & Light 25,280 649,380
Minnesota Power 29,974 552,646
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (CONTINUED)
Montana Power 44,930 1,979,728
NSTAR 24,500 1,079,531
NiSource 50,996 943,426
Northeast Utilities 58,260 1,252,590
OGE Energy 31,746 628,968
Potomac Electric Power 48,383 1,133,977
Public Service of New Mexico 16,694 300,492
Puget Sound Energy 34,490 819,138
SCANA 42,264 1,093,581
Sierra Pacific Resources 31,911 482,654
TECO Energy 52,818 1,155,394
UtiliCorp United 37,950 730,538
Wisconsin Energy 48,087 1,027,860
32,099,702
TOTAL COMMON STOCKS
(cost $327,631,727) 376,462,143
------------------------------------------------------------------------------------------------------------------------------------
Principal
SHORT-TERM INVESTMENTS--6.8% Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT--6.3%
Greenwich Capital Markets, 5.72% dated
4/28/2000, due 5/1/2000 in the amount
of $25,446,218 (fully collateralized by
$26,520,000 of various U.S. Government
Agency Obligations, value $25,947,514) 25,434,094 25,434,094
U.S. TREASURY BILLS--.5%
5.64%, 7/20/2000 1,500,000 1,481,295
5.64%, 7/27/2000 500,000 (b) 493,185
1,974,480
TOTAL SHORT-TERM INVESTMENTS
(cost $27,408,469) 27,408,574
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $355,040,196) 99.7% 403,870,717
CASH AND RECEIVABLES (NET) .3% 1,363,322
NET ASSETS 100.0% 405,234,039
(A) NON-INCOME PRODUCING.
(B) PARTIALLY HELD BY THE CUSTODIAN IN A SEGREGATED ACCOUNT AS COLLATERAL FOR OPEN FINANCIAL FUTURES POSITIONS.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF FINANCIAL FUTURES
April 30, 2000 (Unaudited)
Market Value Unrealized
Covered by Appreciation
FINANCIAL FUTURES LONG Contracts Contracts ($) Expiration at 4/30/2000 ($)
------------------------------------------------------------------------------------------------------------------------------------
Standard & Poor's MidCap 400 119 28,723,625 June 2000 466,925
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF ASSETS AND LIABILITIES
</TABLE>
April 30, 2000 (Unaudited)
Cost Value
--------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments--Note 1(c) 355,040,196 403,870,717
Cash 885,154
Receivable for shares of Common Stock subscribed 578,848
Receivable for futures variation margin--Note 4(a) 317,125
Dividends and interest receivable 265,150
405,916,994
--------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 158,957
Payable for shares of Common Stock redeemed 523,998
682,955
--------------------------------------------------------------------------------
NET ASSETS ($) 405,234,039
--------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 326,197,643
Accumulated undistributed investment income--net 1,252,053
Accumulated net realized gain (loss) on investments 28,486,897
Accumulated net unrealized appreciation (depreciation)
on investments (including $466,925 net unrealized
appreciation on financial futures)--Note 4(b) 49,297,446
--------------------------------------------------------------------------------
NET ASSETS ($) 405,234,039
--------------------------------------------------------------------------------
SHARES OUTSTANDING
(200 million shares of $.001 par value Common Stock authorized) 17,032,473
NET ASSET VALUE, offering and redemption price per share--Note 3(c) ($) 23.79
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Six Months Ended April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INCOME:
Cash dividends 1,797,884
Interest 683,196
TOTAL INCOME 2,481,080
EXPENSES:
Management fee--Note 3(a) 428,214
Shareholder servicing costs--Note 3(b) 428,214
Loan commitment fees--Note 2 2,455
TOTAL EXPENSES 858,883
INVESTMENT INCOME--NET 1,622,197
--------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments 35,064,737
Net realized gain (loss) on financial futures 2,685,349
NET REALIZED GAIN (LOSS) 37,750,086
Net unrealized appreciation (depreciation) on investments
[including ($113,650) net unrealized (depreciation) on financial
futures] 22,134,969
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 59,885,055
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 61,507,252
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
April 30, 2000 Year Ended
(Unaudited) October 31, 1999
--------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 1,622,197 2,499,633
Net realized gain (loss) from investments 37,750,086 46,650,342
Net unrealized appreciation (depreciation)
on investments 22,134,969 880,954
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 61,507,252 50,030,929
--------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net (2,304,794) (2,854,654)
Net realized gain on investments (51,454,524) (55,435,548)
TOTAL DIVIDENDS (53,759,318) (58,290,202)
--------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($):
Net proceeds from shares sold 178,642,868 145,586,089
Dividends reinvested 47,031,131 52,323,673
Cost of shares redeemed (110,777,327) (158,893,516)
Redemption fee 45,134 15,761
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS 114,941,806 39,032,007
TOTAL INCREASE (DECREASE) IN NET ASSETS 122,689,740 30,772,734
--------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 282,544,299 251,771,565
END OF PERIOD 405,234,039 282,544,299
Undistributed investment income--net 1,252,053 1,934,650
--------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (SHARES):
Shares sold 7,876,152 6,218,390
Shares issued for dividends reinvested 2,273,134 2,377,268
Shares redeemed (4,820,678) (6,651,956)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 5,328,608 1,943,702
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the fund would have increased (or
decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the fund's financial
statements.
Six Months Ended
April 30, 2000 Year Ended October 31,
-----------------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value,
<S> <C> <C> <C> <C> <C> <C>
beginning of period 24.14 25.80 26.55 21.32 19.40 17.14
Investment Operations:
Investment income--net .11(a) .21(a) .27 .25 .28 .29
Net realized and unrealized gain
(loss) on investments 4.21 4.46 1.16 6.25 2.81 3.00
Total from Investment Operations 4.32 4.67 1.43 6.50 3.09 3.29
Distributions:
Dividends from investment
income--net (.20) (.31) (.23) (.27) (.30) (.28)
Dividends from net realized gain
on investments (4.47) (6.02) (1.99) (1.00) (.87) (.75)
Total Distributions (4.67) (6.33) (2.22) (1.27) (1.17) (1.03)
Redemption fee added to
paid-in capital .00(b) .00(b) .04 -- -- --
Net asset value, end of period 23.79 24.14 25.80 26.55 21.32 19.40
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 20.77(c) 20.48 5.88 32.02 16.65 20.78
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net
assets .25(c) .50 .50 .50 .50 .50
Ratio of net investment income
to average net assets .47(c) .90 .98 1.07 1.49 1.80
Decrease reflected in above expense
ratios due to undertakings by
The Dreyfus Corporation -- -- -- .09 .17 .35
Portfolio Turnover Rate 21.26(c) 50.17 67.85 20.15 14.66 20.46
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 405,234 282,544 251,772 221,017 170,987 122,982
(A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(B) AMOUNT REPRESENTS LESS THAN $.01.
(C) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
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, as amended (the "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 (" Manager" ) serves as the fund's investment adviser. Dreyfus is a
direct subsidiary of Mellon Bank, N.A., which is a wholly-owned subsidiary of
Mellon Financial Corporation.
Effective March 22, 2000, Dreyfus Service Corporation ("DSC"), a wholly-owned
subsidiary of the Manager, became the distributor of the fund's shares. Prior to
March 22, 2000, Premier Mutual Fund Services, Inc. was the distributor.
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. Securities for which there are no such
valuations are valued at fair value as determined in good faith under the
direction of Board of Directors.
(b) Securities transactions and investment income: Securities transactions are
recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Dividend income is
recognized on the ex-dividend date and interest The Fun
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
income, including, where applicable, amortization of discount on investments, is
recognized on the accrual basis.
(c) Repurchase agreements: The fund may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the fund,
through its custodian and sub-custodian, takes possession of an underlying debt
obligation subject to an obligation of the seller to repurchase, and the fund to
resell, the obligation at an agreed-upon price and time, thereby determining the
yield during the fund's holding period. This arrangement results in a fixed rate
of return that is not subject to market fluctuations during the fund's holding
period. The value of the collateral is at least equal, at all times, to the
total amount of the repurchase obligation, including interest. In the event of a
counterparty default, the fund has the right to use the collateral to offset
losses incurred. There is potential loss to the fund in the event the fund is
delayed or prevented from exercising its rights to dispose of the collateral
securities, including the risk of a possible decline in the value of the
underlying securities during the period while the fund seeks to assert its
rights. The Manager, acting under the supervision of the Board of Directors,
reviews the value of the collateral and the creditworthiness of those banks and
dealers with which the fund enters into repurchase agreements to evaluate
potential risks.
(d) Dividends to shareholders: Dividends are recorded on the ex-dividend date.
Dividends from investment income-net and dividends from net realized capital
gain are normally declared and paid annually, but the fund may make
distributions on a more frequent basis to comply with the distribution
requirements of the Internal Revenue Code of 1986, as amended (the "Code"). To
the extent that net realized capital gain can be offset by capital loss
carryovers, if any, it is the policy of the fund not to distribute such gain.
(e) Federal income taxes: It is the policy of the fund to continue to qualify as
a regulated investment company, if such qualification is in the best interests
of its shareholders, by complying with the applicable provisions of the Code,
and to make distributions of taxable income sufficient to relieve it from
substantially all Federal income and excise taxes.
NOTE 2--Bank Line of Credit:
The fund participates with other Dreyfus-managed funds in a $500 million
redemption credit facility (the "Facility" ) to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the fund has agreed to pay commitment fees on its pro rata portion of
the Facility. Interest is charged to the fund at rates based on prevailing
market rates in effect at the time of borrowings. During the period ended April
30, 2000, the fund did not borrow under the Facility.
NOTE 3--Management Fee and Other Transactions With Affiliates:
(a) Pursuant to management agreement (" Agreement" ) with the Manager, 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 Board members (including counsel fees) ,
Shareholder Services Plan fees and extraordinary expenses. In addition, the
Manager is required to reduce its fee in an amount equal to the fees and
expenses of the non-interested Board members (including counsel fees). Each
Board member also serves as a Board member of other funds within the Dreyfus
complex (collectively, the "Fund Group"). Effective April 25, 2000, each Board
member receives an annual fee of $25,000 and a fee of $4,000 for each meeting
held in person and $500 for telephone meetings. These fees are allocated among
the funds in the Fund Group. The Chairman of the Board receives an additional
25% of such compensation. Prior to April 25, 2000, each Board member who was not
an "affiliated person" as defined in the Act received from the fund an annual
fee of $5,000 and an attendance fee of $500 per meeting. The Chairman of the
Board received an additional 25% of such compensation. Subject to the fund's
Director Emeritus Program Guidelines, Emeritus Board members, if The Fun
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
any, receive 50% of the fund's annual retainer fee and per meeting fee paid at
the time the Board member achieved emeritus status. Amounts required to be paid
by the fund directly to the non-interested Board members, that would be applied
to offset a portion of the management fee payable to Dreyfus, are in fact paid
directly by the Manager to the non-interested Board members.
(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, 2000, the fund was charged $428,214 pursuant to the Shareholder
Services Plan, of which $106,312 was paid to DSC.
(c) A 1% redemption fee is charged by the fund on shares redeemed within a six
months following the date of issuance, including redemptions made through the
use of the fund' s exchange privilege.
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, 2000, amounted to $121,167,670 and $68,482,886, 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 at April 30, 2000, are set forth in the Statement of Financial
Futures.
(b) At April 30, 2000, accumulated net unrealized appreciation on investments
and financial futures was $49,297,446, consisting of $87,959,637 gross
unrealized appreciation and $38,662,191 gross unrealized depreciation.
At April 30, 2000, 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).
The Fund
NOTES
For More Information
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 02940
Distributor
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
To obtain information:
BY TELEPHONE Call 1-800-645-6561
BY MAIL Write to: The Dreyfus Family of Funds 144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
BY E-MAIL Send your request to [email protected]
ON THE INTERNET Information can be viewed online or downloaded from:
http://www.dreyfus.com
(c) 2000 Dreyfus Service Corporation 113SA004
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