Dreyfus
MidCap Index Fund
ANNUAL REPORT October 31, 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 Fund Performance
7 Statement of Investments
20 Statement of Financial Futures
21 Statement of Assets and Liabilities
22 Statement of Operations
23 Statement of Changes in Net Assets
24 Financial Highlights
25 Notes to Financial Statements
30 Report of Independent Auditors
31 Important Tax Information
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus
MidCap Index Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this annual report for Dreyfus MidCap Index Fund,
covering the 12-month period from November 1, 1999 through October 31, 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 Standard & Poor' s MidCap 400 Index, a broad measure of midcap stock
performance, rose more than 30% for the 12-month reporting period. Over the past
year, positive returns for midcap stocks contrasted sharply with negative
returns posted by large- and small-cap stocks. Additionally, the moderating
effects of the Federal Reserve Board's (the "Fed") interest-rate hikes during
the first half of 2000 helped the Fed to achieve its goal of slowing the U.S.
economy. Other factors such as higher energy prices and a weak euro also served
to slow economic growth.
In our view, the stock market's recent weakness is a reminder that 20% annual
gains are not the norm, historically speaking. Since stocks provided returns
well above their historical averages during the second half of the 1990s, some
investors may have developed unrealistic expectations. Recent volatility has
reminded investors of both the risks of investing in equities and the importance
of fundamental research and investment selection.
For more information about the economy and financial markets, we encourage you
to visit the Market Commentary section of our website at www.dreyfus.com. Or, to
speak with a Dreyfus customer service representative, call us at 1-800-782-6620.
Thank you for investing in Dreyfus MidCap Index Fund.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
November 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 12-month period ended October 31, 2000, Dreyfus MidCap Index Fund
produced a total return of 30.77%.(1) The Standard & Poor's MidCap 400 Index
(" S&P 400 Index") produced a total return of 31.65% 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?
From November 1, 1999, through mid-March 2000, technology stocks produced the
lion' s share of gains in the U.S. stock market -- particularly those
high-flying, volatile technology stocks of companies providing Internet-related
products and services. During this period of technology dominance, the growth
style of investing produced higher returns than the value style. In addition,
the midcap stocks in the S&P 400 Index produced higher returns than their small-
and large-cap counterparts.
Beginning in mid-March and continuing through the end of October, a shift in
investor sentiment caused technology stocks to fall sharply, effectively
reversing earlier gains. Yet, from mid-March through the end of the period,
midcap stocks continued to record the strongest gains of any capitalization
range, followed by small- and large-cap stocks, respectively. However, the value
style of investing returned to favor, benefiting industry groups such as health
care, financial services, utilities and consumer staples across all market
capitalizations.
During the reporting period, the largest gains within the S&P 400 Index and the
fund came from electric utility companies, including independent power and gas
utilities and the health care group, which includes pharmaceutical and
biotechnology companies and health services firms. In addition, the S&P 400
Index' s holdings in communications services -- namely advertising firms,
electronic computer and equipment companies, and computer software companies --
provided strong returns. Oil and gas drillers, aerospace firms and defense
contractors also produced competitive returns.
On the other hand, retailing companies -- including companies that cater to home
shoppers -- generated the lowest returns of the S&P 400 Index and the fund.
Other disappointing performers included iron, steel and specialty metal
companies within the materials sector; air freight and airlines stocks within
the transportation area; and textile stocks within the consumer durables and
apparel group. In addition, auto parts manufacturers, building materials
producers, banks and consumer household and personal products companies 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. Accordingly, we intend to maintain our strategy of investing in all
400 stocks in the S&P 400 Index, in proportion to their weighting in the index.
As of the end of the reporting period, approximately 23% of the S&P 400 Index
and the fund were invested in technology stocks, followed by 15% in health care,
12% in services, 12% in interest-sensitive companies, 8% in producer goods, 8%
in utilities, 8% in consumer cyclicals and 7% in the energy area.
November 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 INC. -- REFLECTS REINVESTMENT OF DIVIDENDS AND, WHERE
APPLICABLE, CAPITAL GAIN DISTRIBUTIONS. THE STANDARD & POOR'S MIDCAP 400 INDEX
IS A WIDELY ACCEPTED, UNMANAGED TOTAL RETURN INDEX MEASURING THE PERFORMANCE OF
THE MIDSIZE COMPANY SEGMENT OF THE U.S. MARKET.
The Fund
FUND PERFORMANCE
Comparison of change in value of $10,000 investment in Dreyfus MidCap Index Fund
and the Standard & Poor's MidCap 400 Index
--------------------------------------------------------------------------------
<TABLE>
Average Annual Total Returns AS OF 10/31/00
Inception From
Date 1 Year 5 Years Inception
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FUND 6/19/91 30.77% 20.77% 17.81%
</TABLE>
((+)) SOURCE: LIPPER INC.
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
THE ABOVE GRAPH COMPARES A $10,000 INVESTMENT MADE IN DREYFUS MIDCAP INDEX FUND
ON 6/19/91 (INCEPTION DATE) TO A $10,000 INVESTMENT MADE ON THAT DATE IN THE
STANDARD & POOR'S MIDCAP 400 INDEX. FOR COMPARATIVE PURPOSES, THE VALUE OF THE
INDEX ON 6/30/91 IS USED AS THE BEGINNING VALUE ON 6/19/91. ALL DIVIDENDS AND
CAPITAL GAIN DISTRIBUTIONS ARE REINVESTED.
THE FUND'S PERFORMANCE SHOWN IN THE LINE GRAPH TAKES INTO ACCOUNT ALL APPLICABLE
FEES AND EXPENSES. THE STANDARD & POOR'S MIDCAP 400 INDEX IS A WIDELY ACCEPTED,
UNMANAGED INDEX OF MEDIUM-CAP STOCK MARKET PERFORMANCE. THE FUND HOLDS STOCKS
IN GENERALLY THE SAME PROPORTION AS THE STOCKS WITHIN THE INDEX ITSELF. THE
INDEX DOES NOT TAKE INTO ACCOUNT CHARGES, FEES AND OTHER EXPENSES. FURTHER
INFORMATION RELATING TO FUND PERFORMANCE, INCLUDING EXPENSE REIMBURSEMENTS, IF
APPLICABLE, IS CONTAINED IN THE FINANCIAL HIGHLIGHTS SECTION OF THE PROSPECTUS
AND ELSEWHERE IN THIS REPORT.
<TABLE>
STATEMENT OF INVESTMENTS
October 31, 2000
COMMON STOCKS--96.2% Shares Value ($)
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<S> <C> <C>
BEVERAGES & TOBACCO--.5%
RJ Reynolds Tobacco Holdings 51,100 1,826,825
Universal 14,166 396,648
2,223,473
CONSUMER CYCLICAL--7.7%
Abercrombie & Fitch, Cl. A 50,500 (a) 1,189,906
Alaska Air Group 13,287 (a) 344,632
American Eagle Outfitters 23,400 (a) 805,838
ArvinMeritor 35,593 596,183
Atlas Air 19,100 (a) 692,375
BJ's Wholesale Club 36,714 (a) 1,209,267
Bandag 10,400 371,150
Barnes & Noble 32,200 (a) 607,775
Blyth Industries 24,000 624,000
Bob Evans Farms 17,744 333,809
Borders Group 39,300 (a) 545,288
Borg-Warner Automotive 13,100 494,525
Brinker International 32,771 (a) 1,286,262
CBRL Group 28,625 511,672
CDW Computer Centers 43,900 (a) 2,828,806
Callaway Golf 37,900 606,400
Claire's Stores 25,752 518,259
Dollar Tree Stores 53,900 (a) 2,108,838
Family Dollar Stores 85,870 1,669,098
Fastenal 19,000 1,091,313
Federal-Mogul 35,417 115,105
Furniture Brands International 24,900 (a) 420,188
GTECH Holdings 17,500 (a) 302,969
HON Industries 30,222 727,217
International Game Technology 36,376 (a) 1,332,271
International Speedway, Cl. A 26,600 (a) 854,525
Jones Apparel Group 59,561 (a) 1,656,540
Lands' End 15,148 (a) 388,546
Lear 33,200 (a) 904,700
Lone Star Steakhouse/Saloon 12,900 108,844
Mandalay Resort Group 39,173 (a) 815,288
Miller (Herman) 39,460 1,030,893
Modine Manufacturing 14,720 388,240
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
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CONSUMER CYCLICAL (CONTINUED)
Mohawk Industries 26,700 (a) 582,394
Neiman Marcus Group, Cl. A 23,800 (a) 883,575
OfficeMax 56,700 (a) 163,013
Outback Steakhouse 39,050 (a) 1,112,925
Papa John's International 12,100 (a) 304,013
Park Place Entertainment 150,600 (a) 1,920,150
Payless ShoeSource 11,200 (a) 648,900
Ross Stores 41,600 548,600
Ruddick 23,200 304,500
Saks 70,930 (a) 722,599
Shaw Industries 63,532 1,179,313
Superior Industries International 13,000 442,813
Unifi 28,537 (a) 247,915
Warnaco Group, Cl. A 26,400 69,300
Wellman 15,961 239,415
Westpoint Stevens 24,900 178,969
Williams-Sonoma 27,900 (a) 580,669
37,609,785
CONSUMER STAPLES--2.6%
Carter-Wallace 22,651 621,487
Church & Dwight 19,176 378,726
Dean Foods 17,777 568,864
Dial 47,600 532,525
Dole Food 28,043 338,269
Dreyers Grand Ice Cream 14,128 347,902
Energizer Holdings 47,900 (a) 946,025
Flowers Industries 50,125 770,672
Hormel Foods 70,400 1,183,600
IBP 53,000 1,089,813
Interstate Bakeries 33,100 463,400
Lancaster Colony 19,699 465,389
Lance 14,545 146,359
McCormick & Co. 34,336 1,088,022
J. M. Smucker 12,120 269,670
Suiza Foods 14,000 (a) 648,375
Tyson Foods, Cl. A 112,966 1,263,807
Universal Foods 24,428 482,453
COMMON STOCKS (CONTINUED) Shares Value ($)
--------------------------------------------------------------------------------------
CONSUMER STAPLES (CONTINUED)
Whitman 68,400 889,200
12,494,558
ENERGY--7.3%
AGL Resources 27,162 553,426
American Water Works 49,200 1,199,250
BJ Services 41,670 (a) 2,185,071
Cooper Cameron 26,600 (a) 1,449,700
ENSCO International 69,300 2,304,225
Global Marine 88,000 (a) 2,332,000
Grant Prideco 54,423 (a) 1,010,227
Helmerich & Payne 25,000 785,938
Kinder Morgan 57,350 2,211,559
LG&E Energy 65,014 1,596,906
MCN Energy Group 45,280 1,115,020
Murphy Oil 22,582 1,308,345
National Fuel Gas 19,737 1,058,397
Noble Affiliates 27,977 1,026,406
Noble Drilling 66,900 (a) 2,780,531
Ocean Energy 83,720 (a) 1,161,615
Pennzoil-Quaker State 39,437 463,385
Pioneer Natural Resources 49,800 (a) 650,513
Questar 40,196 1,087,804
Smith International 25,310 (a) 1,784,355
Tidewater 27,905 1,288,862
Ultramar Diamond Shamrock 43,600 1,144,500
Valero Energy 30,876 1,020,838
Varco International 46,598 (a) 803,816
Vectren 30,725 710,516
Washington Gas Light 23,260 (a) 593,130
Weatherford International 54,423 (a) 1,986,440
35,612,775
HEALTH CARE--15.2%
Acuson 13,795 (a) 314,698
AmeriSource Health, Cl. A 26,000 (a) 1,129,375
Apria Healthcare Group 26,300 (a) 526,000
Beckman Coulter 14,812 1,037,766
Bergen Brunswig, Cl. A 67,576 612,408
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
---------------------------------------------------------------------------------------
HEALTH CARE (CONTINUED)
Chiron 91,680 (a) 3,970,890
Covance 28,700 (a) 247,538
DENTSPLY International 25,900 898,406
Edwards Lifesciences 29,300 (a) 393,719
First Health Group 24,260 (a) 946,140
Forest Laboratories 43,800 (a) 5,803,500
Foundation Health Systems, Cl. A 61,420 (a) 1,239,916
Genzyme 43,258 (a) 3,071,318
Gilead Sciences 23,400 (a) 2,012,400
Health Management Associates, Cl. A 121,800 (a) 2,413,163
Hillenbrand Industries 31,400 1,452,250
ICN Pharmaceuticals 39,900 1,518,694
IDEC Pharmaceuticals 22,500 (a) 4,412,813
INCYTE Pharmaceuticals 32,100 (a) 1,175,663
IVAX 79,525 (a) 3,459,338
Lincare Holdings 26,800 (a) 1,127,275
Millennium Pharmaceuticals 99,600 (a) 7,227,225
MiniMed 32,100 (a) 2,341,294
Mylan Laboratories 62,598 1,752,744
Omnicare 46,200 808,500
Oxford Health Plans 42,100 (a) 1,420,875
PSS World Medical 35,700 (a) 107,100
Pacificare Health Systems 17,536 (a) 183,032
Perrigo 36,800 (a) 243,800
Protein Design Labs 21,300 (a) 2,877,164
Quest Diagnostics 22,900 (a) 2,204,125
Quorum Health Group 35,700 (a) 477,488
STERIS 33,800 (a) 507,000
Sepracor 36,700 (a) 2,500,188
Stryker 98,000 4,618,250
Trigon Healthcare 18,900 (a) 1,354,894
VISX 30,400 (a) 651,700
Vertex Pharmaceuticals 26,700 (a) 2,486,020
Waters 64,100 (a) 4,651,256
74,175,925
COMMON STOCKS (CONTINUED) Shares Value ($)
---------------------------------------------------------------------------------------
INTEREST SENSITIVE--11.8%
Allmerica Financial 26,600 1,677,463
Ambac Financial Group 35,000 2,793,438
American Financial Group 29,359 629,384
Associated Banc-Corp 34,427 828,400
Astoria Financial 25,500 956,250
Banknorth Group 72,500 1,314,063
City National 23,957 823,522
Comdisco 76,376 940,380
Compass Bancshares 60,600 1,102,163
Concord EFS 106,700 (a) 4,408,044
Dime Bancorp 54,800 1,339,175
Dun & Bradstreet 40,700 (a) 880,138
Edwards (A.G.) 41,274 2,094,656
Everest Re Group 23,000 1,348,375
Express Scripts, Cl. A 19,000 (a) 1,276,563
First Tennessee National 65,044 1,496,012
First Virginia Banks 23,109 956,135
FirstMerit Corp 44,300 1,010,594
Greater Bay Bancorp 20,000 651,250
GreenPoint Financial 51,100 1,520,225
HSB Group 14,544 575,397
Hibernia, Cl. A 79,800 952,613
Horace Mann Educators 20,300 341,294
Investment Technology Group 15,600 (a) 561,600
Legg Mason 30,600 1,589,288
MONY Group 23,200 954,100
Marshall & Ilsley 52,191 2,364,905
Mercantile Bankshares 35,251 1,326,319
NCO Group 12,800 (a) 280,000
National Commerce Bancorporation 101,865 2,164,631
North Fork Bancorp 87,300 1,762,369
Ohio Casualty 30,100 253,028
Old Republic International 58,850 1,530,100
PMI Group 22,150 1,636,331
Pacific Century Financial 39,870 505,851
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
---------------------------------------------------------------------------------------
INTEREST SENSITIVE (CONTINUED)
Protective Life 32,400 749,250
Provident Financial Group 24,500 741,125
Roslyn Bancorp 32,500 704,844
Silicon Valley Bancshares 24,300 (a) 1,123,875
Sovereign Bancorp 113,300 941,806
TCF Financial 40,300 1,629,631
Unitrin 34,200 1,062,338
Waddell & Reed Financial, Cl. A 41,200 1,313,250
Webster Financial 26,700 650,813
Westamerica Bancorporation 18,100 650,469
Wilmington Trust 16,200 852,525
Zions Bancorporation 43,600 2,504,275
57,768,257
INTERNET--.9%
E Trade Group 150,400 (a) 2,190,200
Macromedia 26,200 (a) 2,019,038
4,209,238
PRODUCER GOODS--7.8%
AGCO 29,900 340,113
AK Steel Holding 55,000 508,750
AMETEK 16,022 348,479
Airborne Freight 24,638 249,460
Airgas 33,200 (a) 224,100
Albany International, Cl. A 15,402 (a) 165,572
Albemarle 23,000 533,313
Alexander & Baldwin 20,257 505,159
American Standard 35,100 (a) 1,610,213
Arnold Industries 12,300 216,019
Bowater 25,110 1,359,079
C.H. Robinson Worldwide 21,200 1,159,375
CNF Transportation 24,400 651,175
Cabot 33,300 (a) 732,600
Carlisle Cos. 15,132 629,870
Carpenter Technology 11,044 342,364
Clayton Homes 69,170 635,499
Commscope 25,700 (a) 650,531
Crompton 57,133 457,064
COMMON STOCKS (CONTINUED) Shares Value ($)
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PRODUCER GOODS (CONTINUED)
Cytec Industries 20,300 (a) 702,888
Donaldson 22,708 513,769
EGL 23,200 (a) 661,200
Ferro 17,379 356,270
Flowserve 18,815 (a) 378,652
Fuller (H.B.) 7,042 238,108
Glatfelter (P.H.) 21,200 221,275
Granite Construction 13,725 313,102
Harsco 20,046 404,679
Hubbell 30,480 729,615
IMC Global 57,622 745,485
Hunt (J.B.) Transport 17,600 (a) 229,900
Jacobs Engineering Group 13,121 (a) 542,881
Kaydon 14,988 328,799
Kennametal 15,300 449,438
Lennar 30,900 992,663
Longview Fibre 25,936 353,378
Lubrizol 26,588 576,627
Lyondell Chemical 58,938 847,234
MAXXAM 3,400 (a) 64,600
Martin Marietta Materials 23,500 902,400
Minerals Technologies 10,200 319,388
NCH 2,717 105,963
Newport News Shipbuilding 15,300 752,569
Nordson 16,236 465,770
Olin 22,640 401,860
Overseas Shipholding Group 16,970 407,280
Pentair 24,340 725,636
Precision Castparts 24,846 937,937
Quanta Services 32,200 (a) 1,000,213
RPM 52,813 472,016
Rayonier 13,600 478,550
Ryerson Tull 12,400 93,000
Schulman (A.) 14,825 162,148
Sequa, Cl. A 5,236 (a) 193,078
Solutia 53,400 680,850
Sonoco Products 49,893 963,559
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
-----------------------------------------------------------------------------------------
PRODUCER GOODS (CONTINUED)
Southdown 18,041 1,278,656
Stewart & Stevenson Services 14,026 336,624
Swift Transportation 31,700 (a) 451,725
Sybron International 52,800 (a) 1,306,800
Tecumseh Products, Cl. A 9,600 382,800
Teleflex 19,200 663,600
Georgia Pacific (Timber Group) 40,100 1,135,331
Trinity Industries 18,951 456,008
UCAR International 22,600 (a) 186,450
USG 22,300 380,494
Valspar 21,400 584,434
Wausau-Mosinee Paper 25,813 225,864
Wisconsin Central Transportation 24,700 (a) 316,469
York International 19,050 517,922
38,254,692
SERVICES--12.0%
ACNielsen 29,000 (a) 694,188
Affiliated Computer Services, Cl. A 24,800 (a) 1,381,050
Apollo 37,700 (a) 1,475,013
Banta 12,486 287,958
Belo (A.H.), Cl. A 59,064 1,133,291
CSG Systems International 26,300 (a) 1,221,306
Cambridge Technology Partners 31,600 (a) 122,450
Chris-Craft Industries 17,568 (a) 1,291,248
Cintas 84,030 3,896,891
DeVry 34,900 (a) 1,289,119
DST Systems 62,900 (a) 3,876,213
Fiserv 61,800 (a) 3,240,638
GATX 23,846 1,003,022
Galileo International 44,900 886,775
Gartner Group, Cl. B 43,100 (a) 377,125
Hanover Compressor 29,400 (a) 959,175
Harte-Hanks 34,000 752,250
Hispanic Broadcasting 54,600 (a) 1,706,250
Houghton Mifflin 15,306 563,452
Keane 34,900 (a) 453,700
Kelly Services, Cl. A 17,885 396,823
COMMON STOCKS (CONTINUED) Shares Value ($)
----------------------------------------------------------------------------------------
SERVICES (CONTINUED)
Korn/Ferry International 18,900 (a) 661,500
Lee Enterprises 22,000 607,750
Manpower 38,000 1,322,875
MarchFirst 75,400 (a) 438,263
Media General, Cl. A 11,600 440,800
Modis Professional Services 48,400 (a) 199,650
NOVA 35,200 (a) 552,200
Ogden 24,900 342,375
Pittston Brinks Group 26,000 412,750
Price Communications 28,100 (a) 607,663
Reader's Digest Association, Cl. A 52,800 1,937,100
Reynolds & Reynolds, Cl. A 38,452 687,330
Robert Half International 89,700 (a) 2,735,850
Rollins 15,105 272,834
Scholastic 8,500 (a) 680,000
Six Flags 39,500 (a) 617,188
Sotheby's Holdings, Cl. A 29,518 (a) 802,521
SunGard Data Systems 66,200 (a) 3,384,475
Sykes Enterprises 20,800 (a) 111,800
Sylvan Learning Systems 21,000 (a) 324,188
Telephone & Data Systems 30,100 3,175,550
True North Communications 24,800 934,650
United Rentals 35,300 (a) 758,950
Univision Communications, Cl. A 103,400 (a) 3,955,050
Valassis Communications 27,200 (a) 754,800
Viad 47,000 1,004,625
Wallace Computer Services 20,214 293,103
Washington Post, Cl. B 4,769 2,547,242
Westwood One 56,200 (a) 1,064,288
58,635,307
TECHNOLOGY--22.6%
ADTRAN 19,400 (a) 737,200
ANTEC 19,000 (a) 231,563
Acxiom 44,300 (a) 1,783,075
Arrow Electronics 49,062 (a) 1,569,984
Atmel 231,300 (a) 3,455,044
Avnet 45,808 1,231,090
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
----------------------------------------------------------------------------------------
TECHNOLOGY (CONTINUED)
Avocent 21,600 (a) 1,532,250
Cabot Microelectronics 11,862 524,152
Cadence Design System 123,510 (a) 3,172,663
CheckFree 37,600 (a) 1,870,600
Cirrus Logic 33,028 (a) 1,424,333
Credence Systems 26,300 493,125
Cypress Semiconductor 60,518 (a) 2,265,643
DSP Group 13,500 (a) 383,063
Diebold 35,701 928,226
Electronic Arts 65,200 (a) 3,260,000
Federal Signal 22,713 530,916
Harris 34,700 1,099,556
Imation 17,800 (a) 352,663
Infocus 18,900 (a) 835,144
Informix 142,400 (a) 605,200
Intergrated Device Technology 52,200 (a) 2,939,513
International Rectifier 30,800 (a) 1,374,450
Intuit 102,100 (a) 6,272,769
Jabil Circuit 95,300 (a) 5,438,056
L-3 Communications Holdings 16,700 (a) 1,101,156
Lattice Semiconductor 49,600 (a) 1,447,700
Lam Research 62,500 (a) 1,210,938
Legato Systems 43,600 (a) 388,313
Litton Industries 22,700 (a) 1,178,981
MYND 17,854 (a) 227,639
MagneTek 11,726 (a) 127,520
MasTec 23,700 (a) 685,819
Mentor Graphics 32,209 (a) 754,898
Micrel 42,200 (a) 1,909,550
Microchip Technology 59,550 (a) 1,883,269
NVIDIA 32,300 (a) 2,007,142
Network Associates 69,100 (a) 1,330,175
Polycom 35,600 (a) 2,314,000
Powerwave Technologies 30,900 (a) 1,487,063
QLogic 45,000 (a) 4,353,750
Quantum--DLT & Storage Systems 74,706 (a) 1,120,590
Rational Software 93,600 (a) 5,586,750
COMMON STOCKS (CONTINUED) Shares Value ($)
--------------------------------------------------------------------------------------
TECHNOLOGY (CONTINUED)
Retek 23,800 (a) 938,613
SCI Systems 72,700 (a) 3,126,100
SEI Investments 26,700 2,423,025
SPX 15,900 (a) 1,965,638
Sawtek 21,300 (a) 1,083,638
Semtech 32,700 (a) 1,054,575
Sensormatic Electronics 38,621 (a) 695,178
Storage Technology 50,926 (a) 496,529
Structural Dynamics Research 18,169 (a) 187,368
Sybase 44,700 (a) 935,906
Symantec 30,576 (a) 1,194,375
Symbol Technologies 68,874 3,129,462
Synopsys 32,600 (a) 1,136,925
3COM 177,300 (a) 3,147,075
Tech Data 26,600 (a) 1,107,225
Titan 27,000 (a) 361,125
Transaction Systems Architects, Cl. A 16,600 (a) 224,100
TranSwitch 41,000 (a) 2,367,750
Triquint Semiconductor 39,200 (a) 1,501,850
Vishay Intertechnology 69,304 (a) 2,079,120
Vitesse Semiconductor 90,100 (a) 6,301,369
Wind River Systems 36,300 (a) 1,490,569
110,373,046
UTILITIES--7.8%
Allegheny Energy 55,422 2,268,838
Allete 37,274 803,721
Alliant Energy 39,679 1,202,770
Black Hills 11,492 359,125
BroadWing 108,200 (a) 3,056,650
Calpine 69,200 (a) 5,462,475
Cleco 11,320 538,408
Conectiv 44,499 798,201
DPL 66,300 1,881,263
DQE 29,700 1,037,644
Energy East 65,476 1,321,797
Hawaiian Electric Industries 16,329 537,836
IPALCO Enterprises 43,002 964,857
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
----------------------------------------------------------------------------------------
UTILITIES (CONTINUED)
Idacorp 18,883 931,168
Kansas City Power & Light 30,980 745,456
Montana Power 53,030 1,498,098
NSTAR 27,000 1,044,563
NiSource 60,796 1,516,100
Northeast Utilities 74,560 1,519,160
OGE Energy 39,046 802,883
Potomac Electric Power 56,883 1,301,199
Public Service of New Mexico 19,794 545,572
Puget Sound Energy 42,790 1,051,029
SCANA 52,564 1,392,946
Sierra Pacific Resources 39,311 675,658
TECO Energy 63,018 1,756,627
UtiliCorp United 46,450 1,233,828
Western Resources 34,800 743,850
Wisconsin Energy 61,187 1,151,040
38,142,762
TOTAL COMMON STOCKS
(cost $411,916,594) 469,499,818
Principal
SHORT-TERM INVESTMENTS--4.3% Amount ($) Value ($)
--------------------------------------------------------------------------------------
REPURCHASE AGREEMENT--3.6%
Greenwich Capital Markets, 6.55% dated 10/31/2000, due 11/1/2000 in the amount
of $17,583,199 (fully collateralized by $17,910,000 Federal Home Loan Mortgage
Notes, 6.625% maturing 9/15/2009, value $17,931,980) 17,580,000 17,580,000
U.S. TREASURY BILLS--.7%
5.97%, 12/7/2000 2,000,000 (b) 1,987,860
5.91%, 12/14/2000 1,315,000 (b) 1,305,492
3,293,352
TOTAL SHORT-TERM INVESTMENTS
(cost $20,873,785) 20,873,352
-------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $432,790,379) 100.5% 490,373,170
LIABILITIES, LESS CASH AND RECEIVABLES (.5%) (2,617,070)
NET ASSETS 100.0% 487,756,100
(A) NON-INCOME PRODUCING.
(B) PARTIALLY HELD BY THE CUSTODIAN IN A SEGREGATED ACCOUNT AS COLLATERAL FOR
OPEN FINANCIAL FUTURES POSITIONS.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
<TABLE>
STATEMENT OF FINANCIAL FUTURES
October 31, 2000
Market Value Unrealized
Covered by Appreciation
FINANCIAL FUTURES LONG Contracts Contracts ($) Expiration at 10/31/2000 ($)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Standard & Poor's MidCap 400 74 19,286,250 December 2000 467,575
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
STATEMENT OF ASSETS AND LIABILITIES
October 31, 2000
Cost Value
--------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--
See Statement of Investments--Note 1(c) 432,790,379 490,373,170
Cash 737,784
Receivable for shares of Common Stock subscribed 1,063,605
Receivable for futures variation margin--Note 4(a) 507,405
Receivable for investment securities sold 374,041
Dividends and interest receivable 265,411
493,321,416
--------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 197,395
Payable for investment securities purchased 5,357,768
Payable for shares of Common Stock redeemed 10,153
5,565,316
--------------------------------------------------------------------------------
NET ASSETS ($) 487,756,100
--------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 376,121,323
Accumulated undistributed investment income--net 3,147,768
Accumulated net realized gain (loss) on investments 50,436,643
Accumulated net unrealized appreciation (depreciation)
on investments (including $467,575 net unrealized
appreciation on financial futures)--Note 4(b) 58,050,366
--------------------------------------------------------------------------------
NET ASSETS ($) 487,756,100
--------------------------------------------------------------------------------
SHARES OUTSTANDING
(200 million shares of $.001 par value Common Stock authorized) 18,934,958
NET ASSET VALUE, offering and redemption price per share--Note 3(c) ($) 25.76
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Year Ended October 31, 2000
--------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INCOME:
Cash dividends 4,131,439
Interest 1,349,369
TOTAL INCOME 5,480,808
EXPENSES:
Management fee--Note 3(a) 978,653
Shareholder servicing costs--Note 3(b) 978,653
Interest expense--Note 2 2,555
Loan commitment fees--Note 2 3,035
TOTAL EXPENSES 1,962,896
INVESTMENT INCOME--NET 3,517,912
--------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments 57,682,737
Net realized gain (loss) on financial futures 2,017,095
NET REALIZED GAIN (LOSS) 59,699,832
Net unrealized appreciation (depreciation) on investments
[including ($113,000) net unrealized (depreciation) on financial
futures] 30,887,889
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 90,587,721
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 94,105,633
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Year Ended October 31,
---------------------------------
2000 1999
--------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 3,517,912 2,499,633
Net realized gain (loss) on investments 59,699,832 46,650,342
Net unrealized appreciation (depreciation)
on investments 30,887,889 880,954
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 94,105,633 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 321,929,878 145,586,089
Dividends reinvested 47,031,131 52,323,673
Cost of shares redeemed (204,156,247) (158,893,516)
Redemption fee 60,724 15,761
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS 164,865,486 39,032,007
TOTAL INCREASE (DECREASE) IN NET ASSETS 205,211,801 30,772,734
-------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 282,544,299 251,771,565
END OF PERIOD 487,756,100 282,544,299
Undistributed investment income--net 3,147,768 1,934,650
--------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (SHARES):
Shares sold 13,563,456 6,218,390
Shares issued for dividends reinvested 2,273,133 2,377,268
Shares redeemed (8,605,496) (6,651,956)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 7,231,093 1,943,702
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the fund would have increased (or
decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the fund's financial
statements.
<TABLE>
Year Ended October 31,
-------------------------------------------------------------
2000 1999 1998 1997 1996
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value, beginning of period 24.14 25.80 26.55 21.32 19.40
Investment Operations:
Investment income--net .22(a) .21(a) .27 .25 .28
Net realized and unrealized
gain (loss) on investments 6.07 4.46 1.16 6.25 2.81
Total from Investment Operations 6.29 4.67 1.43 6.50 3.09
Distributions:
Dividends from investment income--net (.20) (.31) (.23) (.27) (.30)
Dividends from net realized gain
on investments (4.47) (6.02) (1.99) (1.00) (.87)
Total Distributions (4.67) (6.33) (2.22) (1.27) (1.17)
Redemption fee added to paid--in capital .00(b) .00(b) .04 -- --
Net asset value, end of period 25.76 24.14 25.80 26.55 21.32
-----------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 30.77 20.48 5.88 32.02 16.65
-----------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .50 .50 .50 .50 .50
Ratio of net investment income
to average net assets .90 .90 .98 1.07 1.49
Decrease reflected in above expense ratios
due to undertakings by
The Dreyfus Corporation -- -- -- .09 .17
Portfolio Turnover Rate 45.74 50.17 67.85 20.15 14.66
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 487,756 282,544 251,772 221,017 170,987
(A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(B) AMOUNT REPRESENTS LESS THAN $.01 PER SHARE.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
NOTES TO FINANCIAL STATEMENTS
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, which
are sold to the public without a sales charge. Prior to March 22, 2000, Premier
Mutual Fund Services, Inc. was the distributor.
The fund' s financial statements are prepared in accordance with accounting
principles generally accepted in the United States, 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 the Board of Directors.
(b) Securities transactions and investment income: Securities transactions are
recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Dividend income is
recognized on the ex-dividend date and interest
The Fund
NOTES TO FINANCIAL STATEMENTS (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, 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.
The average daily amount of borrowings outstanding during the period ended
October 31, 2000, was approximately $36,000, with a related weighted average
annualized interest rate of 7.09%.
NOTE 3--Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a 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 who is not an "affiliated person" as defined in the Act, receives an
annual fee of $25,000 and a fee of $4,000 for each meeting attended 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
The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 (with the exceptions
of reimbursable amounts) . Subject to the fund's Emeritus Program Guidelines,
Emeritus Board members, if any, receive 50% of the fund's annual retainer fee
and per meeting fee paid at the time the Board member achieves 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
October 31, 2000, the fund was charged $978,653 pursuant to the Shareholder
Services Plan, of which $713,102 was paid to DSC.
(c) A 1% redemption fee is charged and retained by the fund on shares redeemed
within 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
October 31, 2000, amounted to $283,241,521 and $168,890,242, 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 October 31, 2000, are set
forth in the Statement of Financial Futures.
(b) At October 31, 2000, accumulated net unrealized appreciation on investments
and financial futures was $58,050,366, consisting of $100,181,833 gross
unrealized appreciation and $42,131,467 gross unrealized depreciation.
At October 31, 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
REPORT OF 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, 2000, 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 auditing standards generally accepted
in the United States. 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 and financial highlights. Our procedures included
verification by examination of securities held by the custodian as of October
31, 2000 and confirmation of securities not held by the custodian by
correspondence with others. 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, 2000, 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 accounting principles generally accepted in the United
States.
New York, New York
December 7, 2000
IMPORTANT TAX INFORAMTION (Unaudited)
For Federal tax purposes, the fund hereby designates $3.36 per share as a
long-term capital gain distribution of the $4.67 per share paid on December 16,
1999.
The fund also designates 21.56% of the ordinary dividends paid during the fiscal
year ended October 31, 2000 as qualifying for the corporate dividends received
deduction. Shareholders will receive notification in January 2001 of the
percentage applicable to the preparation of their 2000 income tax returns.
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 113AR010
