-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, rWIaV05kUD+YCoQG11xMf78ISWd1FHjpeYyvIyICNRx81WjEYvVVa9m03nWej0F+ FIJk7Ms2n2zUKf5E5wCfYQ== 0000846800-94-000002.txt : 19940310 0000846800-94-000002.hdr.sgml : 19940310 ACCESSION NUMBER: 0000846800-94-000002 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940309 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS LIFE & ANNUITY INDEX FUND INC CENTRAL INDEX KEY: 0000846800 STANDARD INDUSTRIAL CLASSIFICATION: 0000 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 40 SEC FILE NUMBER: 811-05719 FILM NUMBER: 94515125 BUSINESS ADDRESS: STREET 1: 144 GLENN CURTISS BLVD CITY: UNIONDALE STATE: NY ZIP: 11566 BUSINESS PHONE: 2129226785 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 N-30D 1 ANNUAL REPORT PRESIDENT'S LETTER Dear Shareholder: We are pleased to report that for the fiscal year ended December 31, 1993, the Dreyfus Life and Annuity Index Fund, Inc. produced a total return of 9.33%.asterisk This performance does not reflect the deduction of additional charges applicable to separate accounts of participating insurance companies using the Fund as an underlying investment. This closely reflects the performance of the Standard & Poor's 500 Composite Stock Price Index(S&P 500 Index) which produced a total return of 10.06% during the same twelve month period.2 asterisk The stock market, as measured by the S&P 500 Index,3 asterisk was in a rising mode for a good part of the reporting period, which is reflected in the total return of your Fund. The difference between the Fund's return and that of the S&P 500 Index results from several factors, including the use of futures contracts, commissions associated with equity and futures trading, and other Fund expenses. For the most part, economic news during the reporting period was encouraging. Prices and wages were under little upward pressure. Interest rates continued to be low by standards of recent years. This provided a favorable background for higher industrial production and factory orders. A fairly stable U.S. dollar at reasonable rates of exchange continued to encourage exports, despite the fact that Japan and Europe are still gripped by recession. Consumer confidence has improved and there has been a strong inflow of assets into stocks by individuals seeking higher returns than they can obtain on bank and money market instruments. This has encouraged a large increase in the supply of new issues coming to market. So far, however, demand appears to have kept pace with supply. Although the economy continued to grow at an anemic pace throughout most of the year, by the 4th quarter it had begun to pick up steam. Inflation for the most part was not a threat during 1993. However, as the economy heats up, it could once again become an important factor. There are also other aspects of the U.S. economy that bear watching. Unemployment hovered stubbornly around the 7% level as many of America's largest companies continued to lay off thousands of employees in an effort to improve corporate bottom lines. In August, Congress passed the Budget Reconciliation Act, a combination of tax increases and spending cuts. The full impact of higher taxes on the economy may not be felt until the 2nd quarter of 1994. As we enter into the Fund's new fiscal year, we remain optimistic for stock market investments as represented by the Dreyfus Life and Annuity Index Fund. We look forward to serving your investment needs. Sincerely, Joseph S. DiMartino President January 19, 1994 New York, N.Y. asterisk Total return represents the change during the period in a hypothetical account with dividends reinvested. 2 asterisk SOURCE: LIPPER ANALYTICAL SERVICES, INC. - Reflects the reinvestment of income dividends and, where applicable, capital gain distributions. 3 asterisk The Standard & Poor's 500 Composite Stock Price Index is a widely accepted unmanaged index of stock market performance. "S&P registered" and "S&P 500 registered" are trademarks of Standard & Poor's Corporation and have been licensed for use by the Fund. The Fund is not sponsored, sold, endorsed or promoted by S&P. DREYFUS LIFE AND ANNUITY INDEX FUND, INC. DECEMBER 31, 1993 COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS LIFE AND ANNUITY INDEX FUND, INC. AND THE STANDARD & POOR'S 500 COMPOSITE STOCK PRICE INDEX (See exhibit A) Past performance is not predictive of future performance. THE FUND'S PERFORMANCE DOES NOT REFLECT THE DEDUCTION OF ADDITIONAL CHARGES APPLICABLE TO SEPARATE ACCOUNTS OF PARTICIPATING INSURANCE COMPANIES USING THE FUND AS AN UNDERLYING INVESTMENT. The above illustration compares a $10,000 investment made in Dreyfus Life and Annuity Index Fund on 9/29/89 (Inception Date) to a $10,000 investment made in the Standard & Poor's 500 Composite Stock Price Index on that date. For comparative purposes, the value of the Index on 9/30/89 is used as the beginning value on 9/29/89. All dividends and capital gain distributions are reinvested. The Fund's performance takes into account all applicable fees and expenses. The Standard & Poor's 500 Composite Stock Price Index is a widely accepted, unmanaged index of overall stock market performance which does not take into account charges, fees and other expenses. Further information relating to Fund performance, including expense reimbursement, if applicable, is contained in the Condensed Financial Information section of the Prospectus and elsewhere in this report. asterisk Source: Lipper Analytical Services, Inc. DREYFUS LIFE AND ANNUITY INDEX FUND, INC. STATEMENT OF INVESTMENTS DECEMBER 31, 1993 SHARES COMMON STOCKS--94.3% VALUE - ----------- -------- CAPITAL GOODS--13.7% 1,840 AMP................................................ $ 116,150 1,580 (a) Advanced Micro Devices............................. 28,045 911 Alco Standard...................................... 49,877 2,475 Allied-Signal...................................... 195,525 1,990 (a) Amdahl............................................. 11,940 280 (a) Andrew............................................. 10,780 2,035 Apple Computer..................................... 59,524 425 Autodesk........................................... 19,125 1,475 Black & Decker..................................... 29,131 5,961 Boeing............................................. 257,813 250 Briggs & Stratton.................................. 20,625 3,015 Browning-Ferris Industries......................... 77,636 1,452 (a) COMPAQ Computer.................................... 107,448 1,770 Caterpillar........................................ 157,530 750 (a) Ceridian........................................... 14,250 590 Cincinnati Milacron................................ 12,980 310 (a) Clark Equipment.................................... 16,236 2,617 Columbia Healthcare................................ 87,015 2,895 Computer Associates International.................. 115,800 300 (a) Computer Sciences.................................. 29,850 2,000 Cooper Industries.................................. 98,500 3,525 Corning............................................ 98,700 450 (a) Cray Research...................................... 11,531 950 (a) DSC Communications................................. 58,425 540 (a) Data General....................................... 5,063 1,463 Deere & Co......................................... 108,262 2,350 (a) Digital Equipment.................................. 80,488 1,000 Dover.............................................. 60,750 985 EG & G............................................. 18,099 580 E-Systems.......................................... 25,158 1,225 Eaton.............................................. 61,863 3,950 Emerson Electric................................... 237,988 1,425 Fluor.............................................. 57,713 1 (a) GC Companies....................................... 17 544 General Dynamics................................... 50,184 14,921 General Electric................................... 1,564,837 834 General Signal..................................... 28,669 595 Giddings & Lewis................................... 15,321 900 Grainger (W.W.).................................... 51,750 590 Grumman............................................ 23,305 443 Harnischfeger Industries........................... 9,968 690 Harris............................................. 31,395 4,444 Hewlett-Packard.................................... 351,075 2,365 Honeywell.......................................... 81,001 1,970 Illinois Tool Works................................ 76,830 1,840 Ingersoll-Rand..................................... 70,380 7,279 Intel.............................................. 451,297 835 (a) Intergraph......................................... 8,872 10,122 International Business Machines.................... 571,892 1,080 Lockheed........................................... 73,710 1,439 Loral.............................................. 54,322 740 (a) Lotus Development.................................. 40,700 395 (a) M/A-COM............................................ 3,407 1,664 Martin Marietta.................................... 74,048 685 McDonnell Douglas.................................. 73,295 565 Morrison Knudson................................... 14,196 4,763 Motorola........................................... 439,982 1,915 (a) National Semiconductor............................. 30,879 1,281 (a) Navistar International............................. 30,264 4,380 Northern Telecommunications........................ 135,233 830 Northrop........................................... 31,021 5,500 (a) Novell............................................. 114,125 4,977 (a) Oracle Systems..................................... 143,089 2,025 Pall............................................... 37,209 845 Parker-Hannifin.................................... 31,899 763 Perkin-Elmer....................................... 29,376 1,875 Pet................................................ 32,813 2,755 Pitney Bowes....................................... 113,988 735 Raychem............................................ 27,563 2,385 Raytheon........................................... 157,410 3,856 Rockwell International............................. 143,154 660 Scientific-Atlanta................................. 21,780 1,805 (a) Sun Microsystems................................... 52,571 1,980 (a) Tandem Computers................................... 21,533 525 Tektronix.......................................... 12,338 1,583 Texas Instruments.................................. 100,521 330 Thomas & Betts..................................... 19,305 530 Timken............................................. 17,821 820 Tyco Laboratories.................................. 42,333 2,845 (a) Unisys............................................. 35,918 622 (a) Varity............................................. 27,835 8,448 WMX Technologies................................... 222,816 6,139 Westinghouse Electric.............................. 86,713 1,818 Xerox.............................................. 162,484 205 Zurn Industries.................................... 5,612 ----------- 8,387,876 ----------- CONSUMER BASIC--14.8% 1,370 (a) ALZA............................................... 38,360 14,465 Abbott Laboratories................................ 426,717 4,440 Albertson's........................................ 118,770 1,155 Allergan........................................... 26,132 3,526 American Brands.................................... 117,240 5,415 American Home Products............................. 350,621 2,390 (a) Amgen.............................................. 118,305 5,855 Archer-Daniels-Midland............................. 133,201 900 Bard (C.R.)........................................ 22,725 1,036 Bausch & Lomb...................................... 53,095 4,835 Baxter International............................... 117,853 1,315 Becton Dickinson & Co.............................. 47,176 1,435 (a) Beverly Enterprises................................ 19,014 2,020 (a) Biomet............................................. 20,705 2,460 Borden............................................. 41,820 9,080 Bristol-Myers Squibb............................... 527,774 1,360 Bruno's............................................ 12,070 2,640 CPC Intl........................................... 125,730 4,405 Campbell Soup...................................... 180,605 970 Clorox............................................. 52,623 2,723 Colgate-Palmolive.................................. 169,847 745 (a) Community Psychiatric Centers...................... 10,430 4,400 ConAgra............................................ 116,050 650 Fleming Companies.................................. 16,088 2,767 General Mills...................................... 168,095 1,215 Gerber Products.................................... 34,476 1,040 Giant Food......................................... 26,780 675 Great Atlantic & Pacific Tea....................... 18,225 4,445 Heinz (H.J.)....................................... 159,464 1,585 Hershey Foods...................................... 77,665 11,443 Johnson & Johnson.................................. 512,073 3,994 Kellogg............................................ 226,660 1,855 (a) Kroger............................................. 37,332 5,137 Lilly (Eli) & Co................................... 305,009 1,005 Manor Care......................................... 24,497 1,005 Medtronic.......................................... 82,536 22,439 Merck & Co......................................... 771,340 500 Millipore.......................................... 20,000 2,895 National Medical Enterprises....................... 40,530 5,560 Pfizer............................................. 383,640 15,348 Philip Morris Companies............................ 855,650 1,577 Pioneer Hi Bred International...................... 61,503 570 Premark International.............................. 45,743 11,943 Procter & Gamble................................... 680,750 1,184 Quaker Oats........................................ 84,064 1,827 Ralston Purina..................................... 72,623 850 (a) Ryan's Family Steak House.......................... 7,650 810 St. Jude Medical................................... 21,465 8,514 Sara Lee........................................... 212,850 3,363 Schering-Plough.................................... 230,366 400 Shared Medical Systems............................. 9,950 1,255 Super Valu Stores.................................. 45,494 3,875 Syntex............................................. 61,516 3,260 Sysco.............................................. 95,355 3,665 UST................................................ 101,704 2,797 Unilever N.V....................................... 323,054 980 U.S. Surgical...................................... 22,050 3,055 Upjohn............................................. 88,977 2,360 Warner-Lambert..................................... 159,300 1,340 Winn-Dixie Stores.................................. 71,858 2,038 Wrigley (Wm.) Jr................................... 89,927 ----------- 9,093,122 ----------- CONSUMER - DISCRETIONARY--15.6% 500 Alberto-Culver, Cl. B Convertible.................. 11,563 1,249 American Stores.................................... 53,707 4,680 Anheuser-Busch Companies........................... 229,905 1,260 Avon Products...................................... 61,268 740 (a) Bally Manufacturing................................ 6,290 253 Bassett Furniture.................................. 8,855 3,966 Blockbuster Entertainment.......................... 121,459 490 Brown-Forman....................................... 42,753 290 Brown Group........................................ 10,041 1,670 Brunswick.......................................... 30,060 1,785 Charming Shoppes................................... 21,197 6,147 Chrysler........................................... 327,328 22,723 Coca-Cola.......................................... 1,014,012 1,475 Cooper Tire & Rubber............................... 36,875 665 Coors (Adolph)..................................... 10,806 655 Cummins Engine..................................... 35,206 814 Dana............................................... 48,738 1,255 Dayton-Hudson...................................... 83,771 885 Delta Air Lines.................................... 48,343 1,975 Dillard Department Stores, Cl. A................... 75,050 9,380 Disney (Walt)...................................... 399,823 5,755 Eastman Kodak...................................... 322,280 1,010 Echlin............................................. 33,583 315 (a) Fedders............................................ 2,008 8,710 Ford Motor......................................... 561,794 2,530 Gap (The).......................................... 99,619 12,438 General Motors..................................... 682,534 360 (a) Genesco............................................ 1,890 2,180 Genuine Parts...................................... 82,023 3,860 Gillette........................................... 230,153 445 Goodrich (B.F.).................................... 17,911 2,613 Goodyear Tire & Rubber............................. 119,545 535 Handleman.......................................... 7,089 1,335 Harcourt General................................... 48,394 510 (a) Hartmarx........................................... 3,570 1,525 Hasbro............................................. 55,281 834 Hilton Hotels...................................... 50,666 675 International Flavors & Fragrances................. 76,781 805 Jostens............................................ 15,899 7,140 K mart............................................. 151,725 645 (a) King World Productions............................. 24,752 6,365 Limited............................................ 109,001 1,440 Liz Claiborne...................................... 32,760 351 Longs Drug Stores.................................. 11,539 1,275 Lowe's Companies................................... 75,544 480 Luby's Cafeterias.................................. 10,800 2,052 Marriott........................................... 59,508 2,374 Mattel............................................. 65,582 4,360 May Department Stores.............................. 171,675 1,865 Maytag............................................. 33,570 6,197 McDonald's......................................... 353,229 1,842 Melville........................................... 74,831 650 Mercantile Stores.................................. 23,563 1,330 NIKE, Cl. B........................................ 61,679 1,431 Nordstrom.......................................... 47,223 225 Oshkosh B'Gosh..................................... 4,388 315 Outboard Marine.................................... 7,048 596 PACCAR............................................. 36,505 4,114 Penney (J.C.)...................................... 215,471 1,070 Pep Boys-Manny Moe & Jack.......................... 28,088 13,891 PepsiCo............................................ 567,794 825 Polaroid........................................... 27,844 3,802 (a) Price/Costco....................................... 73,189 1,784 (a) Promus Companies................................... 81,618 1,505 Reebok International............................... 45,150 1,535 Rite-Aid........................................... 24,368 2,800 Rubbermaid......................................... 97,300 705 Russell............................................ 19,916 220 SPX................................................ 3,905 1,005 Safety-Kleen....................................... 16,331 6,550 Seagram............................................ 171,119 690 (a) Shoney's........................................... 15,956 295 Springs Industries................................. 11,136 880 Stride Rite........................................ 14,410 1,275 TJX................................................ 37,134 500 TRINOVA............................................ 15,688 1,100 Tandy.............................................. 54,450 5,105 (a) Toys R Us.......................................... 208,667 428 (a) UAL................................................ 62,488 1,008 (a) USAir Group........................................ 12,978 1,120 V.F. Corp.......................................... 51,660 40,195 Wal-Mart Stores.................................... 1,004,873 2,145 Walgreen........................................... 87,677 1,740 Wendy's International.............................. 30,233 1,240 Whirlpool.......................................... 82,460 2,295 Woolworth (F.W.)................................... 58,236 535 Zenith Electronics................................. 3,745 ----------- 9,566,876 ----------- ENERGY & RELATED--9.4% 1,618 Amerada Hess....................................... 73,012 8,713 Amoco.............................................. 460,700 1,042 Ashland Oil........................................ 35,558 2,785 Atlantic Richfield................................. 293,121 2,455 Baker Hughes....................................... 49,100 2,265 Burlington Resources............................... 95,979 5,710 Chevron............................................ 497,484 1,835 Coastal............................................ 51,609 2,411 Dresser Industries................................. 50,028 21,744 Exxon.............................................. 1,369,872 635 Foster Wheeler..................................... 21,273 2,006 Halliburton........................................ 63,941 405 Helmerich & Payne.................................. 11,289 846 Kerr-McGee......................................... 38,176 570 Louisiana Land & Exploration....................... 22,871 920 McDermott International............................ 24,380 7,010 Mobil.............................................. 553,790 813 (a) NL Industries...................................... 3,659 5,350 Occidental Petroleum............................... 91,619 1,690 Oryx Energy........................................ 29,153 800 Pennzoil........................................... 42,600 4,585 Phillips Petroleum................................. 132,965 1,460 (a) Rowan Companies.................................... 13,140 9,381 Royal Dutch Petroleum.............................. 979,142 1,578 Santa Fe Energy Resources.......................... 14,202 4,255 Schlumberger....................................... 251,577 1,860 Sun Co............................................. 54,638 4,535 Texaco............................................. 293,074 5,030 USX-Marathon Group................................. 82,995 4,215 Unocal............................................. 117,493 ----------- 5,818,440 ----------- FINANCE--9.5% 1,980 Aetna Life & Casualty.............................. 119,543 2,055 Ahmanson (H.F.) & Co............................... 40,329 730 Alexander & Alexander Services..................... 14,235 8,515 American Express................................... 262,900 3,790 American General................................... 108,489 5,567 American International Group....................... 488,503 5,986 Banc One........................................... 234,202 1,840 Bank of Boston..................................... 42,320 6,281 BankAmerica........................................ 291,281 1,445 Bankers Trust NY................................... 114,336 1,705 Barnett Banks...................................... 70,758 886 Beneficial......................................... 33,890 1,805 Boatmen's Bancshares............................... 53,924 1,260 CIGNA.............................................. 79,065 1,085 (a) CNA Financial...................................... 84,088 1,765 Capital Holding.................................... 65,526 3,214 Chase Manhattan.................................... 108,874 4,411 Chemical Banking................................... 176,991 1,530 Chubb.............................................. 119,149 6,575 (a) Citicorp........................................... 241,631 975 Continental........................................ 26,934 2,065 CoreStates Financial............................... 53,948 3,145 Federal Home Loan.................................. 156,857 1,460 First Chicago...................................... 63,145 1,410 First Fidelity Bancorp............................. 64,155 1,375 First Interstate Bancorp........................... 88,172 2,950 First Union........................................ 121,688 2,400 Fleet/Norstar Financial Group...................... 80,100 1,480 General Re......................................... 158,360 1,130 Golden West Financial.............................. 44,070 2,315 Great Western Financial............................ 46,300 1,635 Household International............................ 53,342 895 Jefferson-Pilot.................................... 41,953 1,655 Lincoln National................................... 71,993 1,120 Mellon Bank........................................ 59,360 3,655 Merrill Lynch & Co................................. 153,510 3,374 Morgan (J.P.) & Co................................. 234,070 2,825 NBD Bancorp........................................ 83,338 5,100 Norwest............................................ 124,313 4,095 PNC Financial...................................... 118,755 1,095 SAFECO............................................. 60,225 740 St. Paul Companies................................. 66,508 6,142 Sears Roebuck & Co................................. 323,990 1,635 Shawmut National................................... 35,561 2,190 SunTrust Banks..................................... 98,550 1,297 Torchmark.......................................... 58,365 1,370 Transamerica....................................... 77,748 5,589 Travelers.......................................... 217,265 1,495 USF & G............................................ 22,051 405 USLIFE............................................. 15,542 1,745 U.S. Bancorp....................................... 43,625 3,039 Wachovia........................................... 101,807 967 Wells Fargo........................................ 125,106 ----------- 5,840,740 ----------- GENERAL BUSINESS--6.7% 1,290 American Greetings................................. 43,860 2,435 Automatic Data Processing.......................... 134,534 1,870 Block (H & R)...................................... 76,203 266 CBS................................................ 76,741 273 Capital Cities/ABC................................. 169,124 1,670 Circuit City Stores................................ 36,323 2,161 (a) Cisco Systems...................................... 139,655 2,568 Comcast, Cl. A..................................... 92,448 2,982 Dean Witter Discovery.............................. 103,252 1,455 Deluxe............................................. 52,744 825 Dial............................................... 33,309 2,705 Donnelley (R.R.) & Sons............................ 84,193 1,745 Dow Jones & Co..................................... 62,384 3,075 Dun & Bradstreet................................... 189,496 970 (a) Federal Express.................................... 68,749 2,580 Gannett............................................ 147,705 555 Harland (John H)................................... 12,002 2,095 ITT................................................ 191,168 1,325 Interpublic Group Companies........................ 42,400 950 Knight-Ridder...................................... 56,763 796 (a) Litton Industries.................................. 51,243 1,745 MBNA............................................... 58,239 1,274 Marsh & Mclennan................................... 103,513 852 McGraw-Hill........................................ 57,617 700 McKesson........................................... 37,800 265 Meredith........................................... 10,600 3,755 Minnesota Mining & Manufacturing................... 408,354 845 Morton International............................... 79,008 465 (a) National Education................................. 2,906 860 National Service Industries........................ 22,038 4,733 NationsBank........................................ 231,916 1,840 New York Times, Cl. A.............................. 48,300 940 Rollins Environmental Services..................... 5,405 1,950 Salomon............................................ 92,869 1,465 Service Corporation International.................. 38,456 1,120 TRW................................................ 77,560 7,867 (a) Tele-Communications, Cl. A......................... 237,976 980 Teledyne........................................... 25,480 1,525 Textron............................................ 88,831 6,575 Time Warner........................................ 290,943 2,258 Times Mirror....................................... 75,361 1,180 Tribune............................................ 70,948 2,170 United Technologies................................ 134,540 1,870 Whitman............................................ 30,388 ----------- 4,093,344 ----------- MANUFACTURING--6.3% 735 ASARCO............................................. 16,813 2,005 Air Products & Chemicals........................... 88,721 3,930 Alcan Aluminium.................................... 81,548 1,535 Aluminum Co. of America............................ 106,491 4,981 American Barrick Resources......................... 141,959 1,584 American Cyanamid.................................. 79,596 1,820 (a) Armco.............................................. 10,920 1,015 Avery Dennison..................................... 29,816 525 Ball............................................... 15,881 885 Bemis.............................................. 20,908 1,595 (a) Bethlehem Steel.................................... 32,498 1,535 (a) Crown Cork & Seal.................................. 64,278 1,600 Cyprus Amax Minerals............................... 41,400 4,789 Dow Chemical....................................... 271,775 11,865 DuPont (E.I.) de Nemours........................... 572,484 375 Eastern Enterprises................................ 9,563 1,950 Echo Bay Mines..................................... 25,106 565 Ecolab............................................. 25,425 1,677 Engelhard.......................................... 40,877 2,085 Ethyl.............................................. 36,488 640 (a) FMC................................................ 30,160 745 Federal Paper Board................................ 15,831 320 First Mississippi.................................. 4,200 1,630 Grace (W.R.)....................................... 66,219 1,255 Great Lakes Chemical............................... 93,654 745 Hercules........................................... 84,185 2,385 Homestake Mining................................... 52,470 1,340 IMCERA Group....................................... 45,058 1,915 Inco Ltd........................................... 51,466 610 (a) Inland Steel Industries............................ 20,206 2,163 International Paper................................ 146,543 1,430 James River........................................ 27,528 2,827 Kimberly-Clark..................................... 146,650 2,355 (a) Maxus Energy....................................... 12,953 1,045 Mead............................................... 47,025 2,100 Monsanto........................................... 154,087 1,735 Moore.............................................. 33,182 160 NACCO Industries, Cl. A............................ 8,240 1,210 Nalco Chemical..................................... 45,375 220 (a) National Intergroup................................ 2,915 1,185 Newmont Mining..................................... 68,286 1,510 Nucor.............................................. 80,030 755 Ogden.............................................. 17,176 1,860 PPG Industries..................................... 141,128 1,235 Phelps Dodge....................................... 60,206 700 Pittston........................................... 20,213 4,175 Placer Dome........................................ 103,853 2,328 Praxair............................................ 38,703 1,040 Reynolds Metals.................................... 47,190 1,180 Rohm & Haas........................................ 70,210 1,285 Scott Paper........................................ 52,846 1,250 (a) Stone Container.................................... 12,031 975 Temple-Inland...................................... 49,116 1,213 USX-US Steel Group................................. 52,614 1,230 Union Camp......................................... 58,579 2,645 Union Carbide...................................... 59,182 1,170 Westvaco........................................... 41,681 1,798 Williams Companies................................. 43,826 1,588 Worthington Industries............................. 32,544 ----------- 3,849,908 ----------- SHELTER--2.6% 655 Armstrong World Industries......................... 34,879 670 Boise Cascade...................................... 15,745 555 Centex............................................. 23,310 1,620 Champion International............................. 54,068 530 Crane.............................................. 13,118 4,790 Federal National Mtg. Association.................. 376,014 810 Fleetwood Enterprises.............................. 19,238 1,562 Georgia-Pacific.................................... 107,388 7,836 Home Depot......................................... 309,521 720 Johnson Controls................................... 38,250 600 Kaufman & Broad Home............................... 14,250 1,915 Louisiana-Pacific.................................. 78,994 2,675 Masco.............................................. 98,975 1,390 Newell............................................. 56,121 740 Owens-Corning Fiberglas............................ 32,838 505 Potlatch........................................... 23,798 485 Pulte.............................................. 17,581 1,560 Sherwin-Williams................................... 55,770 165 Skyline............................................ 3,259 745 Snap-On Tools...................................... 28,217 785 Stanley Works...................................... 34,933 3,590 Weyerhaeuser....................................... 160,203 ----------- 1,596,470 ----------- TRANSPORTATION--1.6% 1,330 (a) AMR................................................ 89,110 1,560 Burlington Northern................................ 90,285 1,815 CSX................................................ 147,015 610 (a) Consolidated Freightways........................... 14,411 1,405 Consolidated Rail.................................. 93,959 2,435 Norfolk Southern................................... 171,668 690 Roadway Services................................... 41,400 1,325 Ryder System....................................... 35,113 3,204 Santa Fe Pacific................................... 71,289 3,585 Union Pacific...................................... 224,510 500 Yellow Freight Systems............................. 12,438 ----------- 991,198 ----------- UTILITIES--14.1% 3,228 American Electric Power............................ 119,840 23,656 American Telephone & Telegraph..................... 1,241,937 4,765 Ameritech.......................................... 365,714 2,135 Arkla.............................................. 16,813 2,542 Baltimore Gas & Electric........................... 64,503 7,655 Bell Atlantic...................................... 451,645 8,685 BellSouth.......................................... 502,643 2,805 Carolina Power & Light............................. 84,501 3,295 Central & South West............................... 99,674 895 (a) Columbia Gas System................................ 20,026 3,750 Commonwealth Edison................................ 105,938 4,110 Consolidated Edison................................ 132,034 1,615 Consolidated Natural Gas........................... 75,905 2,585 Detroit Edison..................................... 77,550 2,935 Dominion Resources................................. 133,176 3,595 Duke Power......................................... 152,338 4,200 Enron.............................................. 121,800 1,165 Enserch............................................ 18,931 3,080 Entergy............................................ 110,880 3,290 FPL Group.......................................... 128,721 16,555 GTE................................................ 579,425 2,270 Houston Industries................................. 108,109 9,385 MCI Communications................................. 265,126 3,604 (a) McCaw Cellular Communications...................... 182,002 990 NICOR.............................................. 27,720 7,236 NYNEX.............................................. 290,345 2,485 Niagara Mohawk Power............................... 50,321 1,170 Northern States Power.............................. 50,456 430 ONEOK.............................................. 8,116 2,675 Ohio Edison........................................ 60,856 985 PSI Holdings....................................... 26,103 1,466 Pacific Enterprises................................ 34,818 7,575 Pacific Gas & Electric............................. 266,072 7,280 Pacific Telesis Group.............................. 393,120 4,895 PacifiCorp......................................... 94,229 2,068 Panhandle Eastern.................................. 48,857 605 Peoples Energy..................................... 18,453 3,868 Philadelphia Electric.............................. 117,007 4,230 Public Service Enterprise Group.................... 135,360 7,835 SCEcorp............................................ 156,700 1,525 Sonat.............................................. 44,034 5,595 Southern........................................... 246,879 10,480 Southwestern Bell.................................. 434,920 5,950 Sprint............................................. 206,763 2,952 Tenneco............................................ 155,349 3,900 Texas Utilities.................................... 168,675 705 Transco Energy..................................... 9,958 1,780 Union Electric..................................... 69,865 7,695 US West............................................ 353,008 ----------- 8,627,215 ----------- TOTAL COMMON STOCKS (cost $53,293,656)............................... $57,865,189 =========== PRINCIPAL AMOUNT SHORT-TERM INVESTMENTS--5.4% VALUE - ---------- ----------- COMMERICAL PAPER MASTER NOTES--5.0% General Electric Credit Corp., $3,071,000 3.026%, 01/03/94................................... $ 3,071,000 U.S. TREASURY BILLS--.4% 225,000 (b) 3.020%, 03/24/94................................. 223,260 ----------- TOTAL SHORT-TERM INVESTMENTS (cost $3,294,260)................................ $ 3,294,260 =========== TOTAL INVESTMENTS (cost $56,587,916)................................ 99.7% $61,159,449 ===== =========== CASH AND RECEIVABLES (NET).......................... .3% $ 159,558 ===== =========== TOTAL NET ASSETS..................................... 100.0% $61,319,007 ===== =========== (a) Non-income producing. (b) Partially held by the custodian in a segregated account as collateral for open financial futures position.
DREYFUS LIFE AND ANNUITY INDEX FUND, INC. STATEMENT OF FINANCIAL FUTURES DECEMBER 31, 1993 FINANCIAL FUTURES LONG MARKET VALUE UNREALIZED NUMBER OF COVERED (DEPRECIATION) ISSUER CONTRACTS BY CONTRACTS EXPIRATION AT 12/31/93 - ------ --------- ------------ ---------- -------------- Standard & Poor's 500.......... 14 $3,268,650 March '94 ($1,625) ========
See notes to financial statements DREYFUS LIFE AND ANNUITY INDEX FUND, INC. STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1993 ASSETS: Investments in securities, at value (cost $56,587,916)--see statement.............................................. $61,159,449 Cash............................................................................. 42,764 Receivable for subscriptions to Common Stock..................................... 199,409 Dividends and interest receivable................................................ 136,322 Receivable for investment securities sold........................................ 22,070 Prepaid expenses................................................................. 13,235 ----------- 61,573,249 LIABILITIES: Due to The Dreyfus Corporation................................................... $ 6,390 Due to Wells Fargo Nikko Investment advisors..................................... 6,390 Payable for investment securities purchased...................................... 141,207 Due to Wells Fargo Institutional Trust Company, N.A.............................. 23,035 Payable for futures variation margin--Note 3(a).................................. 19,600 Payable for redemptions to Common Stock.......................................... 15 Accrued expenses................................................................. 57,605 254,242 ---------- ----------- NET ASSETS......................................................................... $61,319,007 =========== REPRESENTED BY: Paid-in capital.................................................................. $57,480,956 Accumulated distributions in excess of investment income--net.................... (90,054) Accumulated distributions in excess of net realized gain on investments.......... (641,803) Accumulated net unrealized appreciation on investments [including $1,625 net unrealized (depreciation) on financial futures]--Note 3(b)............................................................ 4,569,908 ----------- NET ASSETS at value applicable to 4,645,238 shares outstanding (200 million shares of $.001 par value Common Stock authorized)............................... $61,319,007 =========== NET ASSET VALUE, per share ($61,319,007 divide 4,645,238 shares)............................................ $13.20 ====== See notes to financial statements. DREYFUS LIFE AND ANNUITY INDEX FUND, INC. STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1993 INVESTMENT INCOME: INCOME: Cash dividends (net of foreign taxes witheld at source of $5,887).............. $1,162,999 Interest....................................................................... 122,426 ---------- TOTAL INCOME................................................................. $ 1,285,425 EXPENSES: Index management fee--Note 2(a)................................................ $ 69,306 Administration fee--Note 2(a).................................................. 69,306 Auditing fees.................................................................. 57,389 Custodian fees--Note 2(c)...................................................... 44,388 Directors' fees and expenses--Note 2(d)........................................ 19,372 Organization expenses.......................................................... 17,695 Shareholder servicing costs--Note 2(b)......................................... 11,631 Legal fees..................................................................... 9,480 Prospectus and shareholders' reports........................................... 6,779 Miscellaneous.................................................................. 5,043 ---------- 310,389 Less--reduction in index management fee and administration fee due to undertaking--Note 2(a)................................................ 125,566 ---------- TOTAL EXPENSES............................................................... 184,823 ----------- INVESTMENT INCOME--NET....................................................... 1,100,602 REALIZED AND UNREALIZED GAIN ON INVESTMENTS: Net realized gain on investments--Note 3(a)...................................... $8,399,300 Net realized gain on financial futures--Note 3(a)................................ 113,023 ---------- NET REALIZED GAIN.............................................................. 8,512,323 Net unrealized depreciation on investments [including ($6,750) net unrealized depreciation on financial futures].................................. (5,843,385) ----------- NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS.............................. 2,668,938 ----------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............................... $ 3,769,540 =========== See notes to financial statements. DREYFUS LIFE AND ANNUITY INDEX FUND, INC. STATEMENT OF CHANGES IN NET ASSETS FOUR MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, 1992 1993 ----------------- ------------- OPERATIONS: Investment income-net........................................................... $ 636,808 $ 1,100,602 Net realized gain on investments................................................ 2,914,710 8,512,323 Net unrealized appreciation (depreciation) on investments for the year.......... 898,217 (5,843,385) ----------- ----------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......................... 4,449,735 3,769,540 ----------- ----------- DIVIDENDS TO SHAREHOLDERS FROM: Investment income-net........................................................... (1,011,624) (1,029,496) Excess investment income-net.................................................... -- (90,054) Net realized gain on investments................................................ (1,074,591) (11,029,996) Excess net realized gain on investments......................................... -- (641,803) ----------- ----------- TOTAL DIVIDENDS.............................................................. (2,086,215) (12,791,349) ----------- ----------- CAPITAL STOCK TRANSACTIONS: Net proceeds from shares sold.................................................. 9,341,690 40,165,929 Dividends reinvested........................................................... 105,760 14,046,814 Cost of shares redeemed........................................................ (16,185,227) (53,943,720) ----------- ----------- INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS............ (6,737,777) 269,023 ----------- ----------- TOTAL (DECREASE) IN NET ASSETS............................................. (4,374,257) (8,752,786) NET ASSETS: Beginning of year.............................................................. 74,446,050 70,071,793 ----------- ----------- End of year (including distributions in excess of investment income-net; ($71,106) in 1992 and ($90,054) in 1993)......................... $70,071,793 $61,319,007 =========== =========== SHARES SHARES ----------- ----------- CAPITAL SHARE TRANSACTIONS: Shares sold.................................................................... 613,493 2,578,683 Shares issued for dividends reinvested......................................... 7,103 1,010,623 Shares redeemed................................................................ (1,055,946) (3,516,794) ----------- ----------- NET INCREASE (DECREASE) IN SHARES OUTSTANDING................................ (435,350) 72,512 =========== =========== See notes to financial statements.
DREYFUS LIFE AND ANNUITY INDEX FUND, INC. 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 year indicated. This information has been derived from information provided in the Fund's financial statements.
FOUR MONTHS YEAR ENDED AUGUST 31, ENDED YEAR ENDED ------------------------------ DECEMBER 31, DECEMBER 31, 1990(1) 1991 1992 1992 1993 ------ ------ ------ ------ ------ PER SHARE DATA: Net asset value, beginning of year...................... $12.50 $11.62 $14.20 $14.87 $15.32 ------ ------ ------ ------ ------ INVESTMENT OPERATIONS: Investment income-net................................... .38 .39 .37 .13 .37 Net realized and unrealized gain (loss) on investments.. (.95) 2.60 .68 .77 1.04 ------ ------ ------ ------ ------ TOTAL FROM INVESTMENT OPERATIONS..................... (.57) 2.99 1.05 .90 1.41 ------ ------ ------ ------ ------ DISTRIBUTIONS: Dividends from investment income-net.................... (.31) (.39) (.38) (.21) (.37) Dividends from net realized gain on investments......... -- (.02) -- (.24) (3.00) Excess dividends from net realized gain on investments. -- -- -- -- (.16) ------ ------ ------ ------ ------ TOTAL DISTRIBUTIONS.................................. (.31) (.41) (.38) (.45) (3.53) ------ ------ ------ ------ ------ Net asset value, end of year............................ $11.62 $14.20 $14.87 $15.32 $13.20 ====== ====== ====== ====== ====== TOTAL INVESTMENT RETURN................................... (4.73%)(2) 26.26% 7.49% 6.05%(2) 9.33% RATIOS/SUPPLEMENTAL DATA: Ratio of expenses to average net assets................. .37%(2) .40% .40% .13%(2) .40% Ratio of net investment income to average net assets.... 3.12%(2) 3.05% 2.63% .85%(2) 2.38% Decrease reflected in above expense ratios due to undertakings by WFNIA and Dreyfus.................... .17%(2) .11% .13% .03%(2) .27% Portfolio Turnover Rate................................. .99%(2) 1.02% 7.66% 6.94%(2) 71.71% Net Assets, end of year (000's Omitted)................. $48,184 $62,400 $74,446 $70,072 $61,319 - ---------------------- (1) From September 29, 1989 (commencement of operations) to August 31, 1990. (2) Not annualized. See notes to financial statements.
DREYFUS LIFE AND ANNUITY INDEX FUND, INC. NOTES TO FINANCIAL STATEMENTS NOTE 1--SIGNIFICANT ACCOUNTING POLICIES: The Fund is registered under the Investment Company Act of 1940 ("Act") as a non-diversified open-end management investment company. Wells Fargo Nikko Investment Advisors ("WFNIA") serves as the Fund's index manager. Wells Fargo Investment Advisors ("WFIA"), the predecessor index manager of the Fund, and The Nikko Securities Co., Ltd. and an affiliate ("Nikko") each own 50% of WFNIA. Wells Fargo Institutional Trust Company, N.A. ("WFITC"), an affiliate of WFNIA, is the custodian of the Fund's investments. The Dreyfus Corporation ("Dreyfus") serves as the Fund's administrator. Dreyfus Service Corporation ("Distributor"), a wholly-owned subsidiary of Dreyfus, acts as the exclusive distributor of the Fund's shares, which are sold without a sales charge. (A) PORTFOLIO VALUATION: Investments in securities 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. Short-term investments are carried at amortized cost, which approximates value. Investments traded 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 are declared and paid on a quarterly basis. 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. This may result in distributions that are in excess of net realized gains on a fiscal year basis. 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. Dividends in excess of investment income net and net realized gain for financial statement purposes result from Federal income tax distribution requirements, primarily losses from security transactions incurred in prior years. (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 provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of taxable income sufficient to relieve it from all, or substantially all, Federal income taxes. NOTE 2--MANAGEMENT FEE, ADMINISTRATION FEE AND OTHER TRANSACTIONS WITH AFFILIATES: (A) Fees paid by the Fund pursuant to the provisions of an Index Management Agreement with WFNIA and an Administration Agreement with Dreyfus are payable monthly. WFNIA and Dreyfus each receive annual fees of .15 of 1% of the average daily value of the Fund's net assets. The agreements further provide that if in any full year the aggregate expenses of the Fund, exclusive of interest, taxes, brokerage and extraordinary expenses, exceed the expense limitation of any state having jurisdiction over the Fund, the Fund may deduct from the fees to be paid to each of WFNIA and Dreyfus, or WFNIA and Dreyfus will each bear 50% of such excess expenses. The most stringent state expense limitation applicable to the Fund presently requires reimbursement of expenses in any full year that such expenses exceed 2-1/2% of the first $30 million, 2% of the next $70 million and 1-1/2% of the excess over $100 million of the average value of the Fund's net assets in accordance with California "blue sky" regulations. However, WFNIA and Dreyfus have currently undertaken from January 1, 1993 until December 31, 1993 and thereafter until such a time as they give shareholders at least 180 days notice to the contrary that if the Fund's aggregate expenses (exclusive of brokerage commissions, transaction fees and extraordinary expenses) exceed an annual rate of .40 of 1% of the average daily value of the Fund's net assets, the Fund may deduct from the payments to be made to WFNIA and Dreyfus, or WFNIA and Dreyfus will bear, such excess expense. Pursuant to undertakings, WFNIA and Dreyfus reduced the index management fee and the administration fee for the year ended December 31, 1993 62,783 each. (B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses the Distributor an amount not to exceed an annual rate of .25 of 1% of the Value of the Fund's average daily net assets for servicing shareholder accounts. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the Fund and providing reports and other information, and services related to the maintenance of shareholder accounts. During the year ended December 31, 1993, the Fund was charged an aggregate of $508 pursuant to the Shareholder Services Plan. (C) During the year ended December 31, 1993, Wells Fargo Institutional Trust Company, N.A. earned $44,388 for custodian services provided to the Fund. (D) Certain officers and directors of the Fund are "affiliated persons," as defined in the Act, of Dreyfus. Each director who is not an "affiliated person" receives an annual fee of $2,500 and an attendance fee of $500 per meeting. (E) On December 5, 1993, Dreyfus entered into an Agreement and Plan of Merger providing for the merger of Dreyfus with a subsidiary of Mellon Bank Corporation ("Mellon"). Upon closing of the merger, it is planned that Dreyfus will retain its New York headquarters and will be a separate subsidiary within the Mellon organization. It is expected that the Dreyfus' management team and mutual fund managers will remain in place, and the Dreyfus mutual funds will be operated in the same manner as they are currently. Following the merger, Dreyfus will be either a direct or indirect subsidiary of Mellon, whose principal banking subsidiary is Mellon Bank, N.A. Closing of this merger is subject to a number of contingencies, including the receipt of certain regulatory approvals and the approvals of the stockholders of Dreyfus and of Mellon. The merger is expected to occur in mid-1994, but could occur later. NOTE 3--SECURITIES TRANSACTIONS: (A) The aggregate amount of purchases and sales of investment securities, other than short-term securities, for the year ended December 31, 1993 amounted to $31,318,067 and $42,988,046, respectively. The Fund is engaged in trading financial futures contracts. The Fund is exposed to market risk as a result of changes in the value of the underlying financial instruments (see Statement of Financial Futures). Investments in financial futures require the Fund to "mark to market" on a daily basis, which reflects the change in the market value of the contract at the close of each day's trading. Accordingly, variation margin payments are made or received 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. (B) At December 31, 1993, accumulated net unrealized appreciation on investments was $4,569,908, consisting of $5,981,076, gross unrealized appreciation and $1,411,168 gross unrealized depreciation. At December 31, 1993, the costs of investments for Federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments). DREYFUS LIFE AND ANNUITY INDEX FUND, INC. REPORT OF INDEPENDENT ACCOUNTANTS TO THE SHAREHOLDERS AND BOARD OF DIRECTORS OF DREYFUS LIFE AND ANNUITY INDEX FUND, INC.: We have audited the accompanying statement of assets and liabilities of the Dreyfus Life and Annuity Index Fund, Inc. (the Fund), including the statements of investments and financial futures, as of December 31, 1993, and the related statement of operations for the year then ended, the statements of changes in net assets for the year then ended and for the period September 1, 1992 to December 31, 1992, and the financial highlights for the year then ended, for the period September 1, 1992 to December 31, 1992, the years ended August 31, 1992 and 1991, and for the period September 29, 1989 (commencement of operations) to August 31, 1990. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 1993, by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Dreyfus Life and Annuity Index Fund, Inc. as of December 31, 1993, the results of its operations for the year then ended, the changes in its net assets for the year then ended and for the period from September 1, 1992 to December 31, 1992, and the financial highlights for the year then ended, for the period from September 1, 1992 to December 31, 1992, for the years ended August 31, 1992 and 1991, and for the period September 29, 1989 (commencement of operations) to August 31, 1990, in conformity with generally accepted accounting principles. COOPERS & LYBRAND New York, New York February 10, 1994 DREYFUS LIFE AND ANNUITY INDEX FUND, INC. IMPORTANT TAX INFORMATION (UNAUDITED) For Federal Tax purposes the Fund hereby designates $.945 per share as long-term capital gain distribution of the $.960 per share paid on September 1, 1993. The Fund also designates $2.175 per share as a long- term capital gain distribution of the $2.29 per share paid on December 31, 1993. DREYFUS LIFE AND ANNUITY INDEX FUND, INC. 144 Glenn Curtiss Boulevard Uniondale, NY 11556 INDEX FUND MANAGER Wells Fargo Nikko Investment Advisors 45 Fremont Street San Francisco, CA 94105 ADMINISTRATOR The Dreyfus Corporation 200 Park Avenue New York, NY 10166 DISTRIBUTOR Dreyfus Service Corporation 200 Park Avenue New York, NY 10166 CUSTODIAN Wells Fargo Institutional Trust Company, N.A. 45 Fremont Street San Francisco, CA 94105 TRANSFER AGENT & DIVIDEND DISBURSING AGENT The Shareholder Services Group, Inc. P.O. Box 9671 Providence, RI 02940 Further information is contained in the Prospectus, which must precede or accompany this report. Printed in U.S.A. 763AR9312 Life and Annuity Index Fund, Inc. Annual Report December 31, 1993 (Dreyfus Lion Logo) EX-99.A 2 GRAPH IN THE PRESIDENT'S LTR OF THE ANNUAL REPORT COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS LIFE AND ANNUITY INDEX FUND, INC. AND THE STANDARD & POOR'S 500 COMPOSITE STOCK PRICE INDEX EXHIBIT A: ____________________________________________________________________ | | STANDARD | | | | & POOR'S 500 | DREYFUS | | PERIOD | COMPOSITE STOCK | LIFE AND ANNUNITY | | | PRICE INDEX * | INDEX FUND | | --------- | --------------- | ----------------- | | 9/29/89 | 10,000 | 10,000 | | 9/30/89 | 10,000 | 10,000 | | 10/31/89 | 9,768 | 9,784 | | 11/30/89 | 9,966 | 9,976 | | 12/31/89 | 10,205 | 10,216 | | 1/31/90 | 9,521 | 9,530 | | 2/28/90 | 9,644 | 9,643 | | 3/31/90 | 9,899 | 9,901 | | 4/30/90 | 9,653 | 9,649 | | 5/31/90 | 10,592 | 10,577 | | 6/30/90 | 10,521 | 10,503 | | 7/31/90 | 10,487 | 10,470 | | 8/31/90 | 9,540 | 9,527 | | 9/30/90 | 9,077 | 9,068 | | 10/31/90 | 9,038 | 9,029 | | 11/30/90 | 9,621 | 9,599 | | 12/31/90 | 9,889 | 9,860 | | 1/31/91 | 10,318 | 10,286 | | 2/28/91 | 11,055 | 11,013 | | 3/31/91 | 11,322 | 11,280 | | 4/30/91 | 11,349 | 11,294 | | 5/31/91 | 11,837 | 11,773 | | 6/30/91 | 11,295 | 11,243 | | 7/31/91 | 11,822 | 11,758 | | 8/31/91 | 12,101 | 12,030 | | 9/30/91 | 11,899 | 11,826 | | 10/31/91 | 12,058 | 11,984 | | 11/30/91 | 11,573 | 11,498 | | 12/31/91 | 12,895 | 12,803 | | 1/31/92 | 12,655 | 12,562 | | 2/29/92 | 12,820 | 12,717 | | 3/31/92 | 12,571 | 12,468 | | 4/30/92 | 12,939 | 12,826 | | 5/31/92 | 13,003 | 12,878 | | 6/30/92 | 12,809 | 12,688 | | 7/31/92 | 13,331 | 13,200 | | 8/31/92 | 13,060 | 12,930 | | 9/30/92 | 13,214 | 13,070 | | 10/31/92 | 13,259 | 13,118 | | 11/30/92 | 13,709 | 13,555 | | 12/31/92 | 13,878 | 13,713 | | 1/31/93 | 13,995 | 13,811 | | 2/28/93 | 14,185 | 13,982 | | 3/31/93 | 14,484 | 14,277 | | 4/30/93 | 14,134 | 13,917 | | 5/31/93 | 14,511 | 14,286 | | 6/30/93 | 14,553 | 14,322 | | 7/31/93 | 14,495 | 14,259 | | 8/31/93 | 15,044 | 14,794 | | 9/30/93 | 14,928 | 14,669 | | 10/31/93 | 15,237 | 14,973 | | 11/30/93 | 15,093 | 14,819 | | 12/31/93 | 15,271 | 14,993 | | | | | ----------------------------------------------------------------------------| | DREYFUS LIFE AND ANNUITY INDEX FUND | | ----------------------------------------------------------------------------| | AVERAGE ANNUAL TOTAL RETURNS ENDED ON 12/31/93 | | ----------------------------------------------------------------------------| | | SINCE INCEPTION | | 1 YEAR | (9/29/89) | | ----------------------------------------------------------------------------| | 9.33% | 9.98% | | ----------------------------------------------------------------------------| -----END PRIVACY-ENHANCED MESSAGE-----