-----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, RVNTYHb0djyQBeQsd2GYuvd+608xdyFRd0cMOYWDjIyJ30FXGZMZBg7auszgecT9 gDXbg7uej4T9PMnK7k6qkQ== 0000846800-94-000008.txt : 19940906 0000846800-94-000008.hdr.sgml : 19940906 ACCESSION NUMBER: 0000846800-94-000008 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940630 FILED AS OF DATE: 19940902 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: 1940 Act SEC FILE NUMBER: 811-05719 FILM NUMBER: 94547876 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 LETTER TO SHAREHOLDERS Dear Shareholder: During its latest semi-annual fiscal period, the Dreyfus Stock Index Fund continued its efforts to achieve a total return corresponding to that of the Standard & Poor's 500 Composite Stock Price Index. For the six-month period, January through June of this year, the S & P 500 Composite Stock Price Index achieved a total return of -3.38%, which includes dividend income as well as price changes in the component stocks.* For the same time period, the Dreyfus Stock Index Fund registered a total return of -3.55%.** The difference is accounted for by costs incurred by the Fund. Fund performance does not reflect the deduction of additional charges applicable to separate accounts of participating insurance companies using the Fund as an underlying investment. STOCK MARKET REVIEW The S & P 500, and similarly the net asset value per share of the Fund, began to decline in early February when the Federal Reserve Board initiated a series of four moves to raise interest rates. The purpose, said the Federal Reserve, was to head off threatened inflation in prices and wages. Between February 4 and the end of June, the Federal Reserve raised the Federal Funds rate from 3% to 4 1/4% and also increased the discount rate, which banks charge each other for loans, from 3% to 3 1/2%. Judging from the latest Government statistics, the Fed's anti-inflation medicine has been effective. Increases in consumer and producer prices have been moderate. Unemployment remains around 6%, which many regard as being close to a sustainable level. Some commodities have been rising in price, but that has not as yet worked through to prices paid by businesses or consumers. Bond prices, and to a lesser degree stock prices, have borne the brunt of the increase in interest rates. However, corporate profits have generally been good, and the outlook continues favorable for stocks. Barring some unforeseen event, we expect to see continued gradual improvement in economic conditions in the U.S. and among our major trading partners abroad. In due course, this should be reflected in stock prices as measured by the Standard & Poor's 500. Sincerely, The Dreyfus Corporation, Administrator July 19, 1994 New York, N.Y. * SOURCE: LIPPER ANALYTICAL SERVICES, INC. - Reflects the reinvestment of income dividends and, where applicable, capital gain distributions. The Standard & Poor's 500 Composite Stock Price Index is a widely accepted unmanaged index of stock market performance. ** Total return represents the change during the period in a hypothetical account with dividends reinvested.
DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 STATEMENT OF INVESTMENTS JUNE 30, 1994 (UNAUDITED) SHARES COMMON STOCKS--98.2% VALUE ----------- ------------ CAPITAL GOODS--15.7% 2,410 AMP..................... $ 166,892 2,125(a) Advanced Micro Devices.. 52,859 1,231 Alco Standard........... 70,321 6,525 Allied-Signal........... 225,928 2,645(a) Amdahl.................. 14,547 590(a) Andrew.................. 21,682 2,680 Apple Computer.......... 71,020 535 Autodesk................ 26,482 1,935 Black & Decker.......... 33,379 7,826 Boeing.................. 361,952 335 Briggs & Stratton....... 22,403 4,430 Browning-Ferris Industries 134,561 5,786(a) COMPAQ Computer......... 186,598 2,350 Caterpillar............. 235,000 1,020(a) Ceridian................ 25,117 760 Cincinnati Milacron..... 15,865 395(a) Clark Equipment......... 23,601 7,757 Columbia Healthcare..... 290,887 3,765 Computer Associates International 150,600 1,155(a) Computer Sciences....... 48,077 2,665 Cooper Industries....... 95,940 4,800 Corning................. 156,600 590(a) Cray Research........... 13,349 2,575(a) DSC Communications...... 50,373 780(a) Data General............ 6,045 1,973 Deere & Co.............. 133,424 3,165(a) Digital Equipment....... 61,322 1,315 Dover................... 77,421 1,275 EG & G.................. 19,125 770 E-Systems............... 28,779 1,888 Eastman Chemical........ 90,152 1,740 Eaton................... 90,480 5,150 Emerson Electric........ 292,906 1,875 Fluor................... 95,391 1,463 General Dynamics........ 59,800 39,272 General Electric........ 1,831,057 1,089 General Signal.......... 35,937 775 Giddings & Lewis........ 12,012 1,155 Grainger (W.W.)......... 73,776 568 Harnischfeger Industries 11,076 920 Harris.................. 40,595 5,799 Hewlett-Packard......... 437,100 2,990 Honeywell............... 92,690 2,610 Illinois Tool Works..... 101,790 2,420 Ingersoll-Rand.......... 85,003 9,599 Intel................... 561,541 1,000(a) Intergraph.............. 9,750 13,347 International Business Machines 784,136 1,455 Lockheed................ 95,121 1,899 Loral................... 66,465 1,045(a) Lotus Development....... 38,404 565(a) M/A-COM................. 4,520 2,184 Martin Marietta......... 96,369 915 McDonnell Douglas....... 107,055 13,212(a) Microsoft............... 682,069 SHARES COMMON STOCKS (CONTINUED) VALUE ----------- ------------ CAPITAL GOODS (CONTINUED) 720 Morrison Knudson........ $ 15,480 12,798 Motorola................ 569,511 2,755(a) National Semiconductor.. 47,524 1,721(a) Navistar International.. 23,018 5,775 Northern Telecommunications 159,534 1,120 Northrop................ 41,580 8,447(a) Novell.................. 141,487 6,667(a) Oracle Systems.......... 250,013 2,655 Pall.................... 39,825 1,110 Parker-Hannifin......... 47,314 1,018 Perkin-Elmer............ 29,777 2,360 Pet..................... 43,955 3,640 Pitney Bowes............ 139,230 990 Raychem................. 35,640 3,115 Raytheon................ 201,696 5,071 Rockwell International.. 189,529 855 Scientific-Atlanta...... 29,391 2,150(a) Sun Microsystems........ 44,344 2,610(a) Tandem Computers........ 29,363 695 Tektronix............... 19,634 2,118 Texas Instruments....... 168,381 425 Thomas & Betts.......... 26,138 710 Timken.................. 23,253 1,065 Tyco Laboratories....... 48,724 3,905(a) Unisys.................. 36,121 1,014(a) Varity.................. 36,884 11,093 WMX Technologies........ 293,965 1,076(a) Western Atlas........... 51,245 8,129 Westinghouse Electric... 94,500 2,398 Xerox................... 234,405 285 Zurn Industries......... 5,771 ------------ 11,732,576 ------------ CONSUMER BASIC--14.8% 1,868(a) ALZA.................... 43,898 18,825 Abbott Laboratories..... 545,925 5,810 Albertson's............. 159,775 1,445 Allergan................ 31,248 4,631 American Brands......... 146,455 7,125 American Home Products.. 404,344 3,065(a) Amgen................... 131,412 7,500 Archer-Daniels-Midland.. 174,375 1,180 Bard (C.R.)............. 28,172 1,361 Bausch & Lomb........... 50,357 6,340 Baxter International.... 166,425 1,675 Becton Dickinson & Co... 68,466 1,895(a) Beverly Enterprises..... 22,977 2,635(a) Biomet.................. 27,338 3,235 Borden.................. 40,033 11,726 Bristol-Myers Squibb.... 628,807 1,720 Bruno's................. 12,470 3,430 CPC International....... 165,497 5,760 Campbell Soup........... 198,000 1,235 Clorox.................. 60,361 3,373 Colgate-Palmolive....... 175,396 DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1994 (UNAUDITED) SHARES COMMON STOCKS (CONTINUED) VALUE ----------- ------------ CONSUMER BASIC (CONTINUED) 995 Community Psychiatric Centers $ 11,816 5,695 ConAgra................. 173,697 850 Fleming Cos............. 23,587 3,652 General Mills........... 199,490 1,530 Gerber Products......... 78,030 1,370 Giant Food.............. 26,886 870 Great Atlantic & Pacific Tea 18,705 5,790 Heinz (H.J.)............ 184,556 2,005 Hershey Foods........... 86,967 14,750 Johnson & Johnson....... 632,406 5,154 Kellogg ................ 280,249 2,485(a) Kroger.................. 57,776 6,722 Lilly (Eli) & Co........ 382,314 1,430 Manor Care.............. 35,929 1,320 Medtronic............... 105,765 28,778 Merck & Co. ............ 856,145 645 Millipore............... 34,024 3,815(a) National Medical Enterprises 59,609 7,377 Pfizer.................. 465,673 20,123 Philip Morris Cos....... 1,036,334 2,062 Pioneer Hi Bred International 67,531 730 Premark International... 54,933 15,713 Procter & Gamble........ 838,681 1,534 Quaker Oats............. 107,188 2,297 Ralston Purina.......... 79,534 1,170(a) Ryan's Family Steak House 8,483 1,065 St. Jude Medical........ 34,613 10,994 Sara Lee................ 233,623 4,443 Schering-Plough......... 272,134 505 Shared Medical Systems.. 12,120 1,665 Super Valu Stores....... 50,366 4,240 Sysco................... 95,930 4,705 UST..................... 127,623 3,667 Unilever, N.V........... 369,450 3,706 U.S. Health Care Systems 137,122 1,295 U.S. Surgical .......... 28,814 3,960 Upjohn Co............... 115,335 3,075 Warner-Lambert.......... 202,950 1,700 Winn-Dixie Stores....... 73,100 2,683 Wrigley (Wm.) Jr........ 127,443 ------------ 11,068,662 ------------ CONSUMER - DISCRETIONARY--15.7% 630 Alberto-Culver, Cl. B Convertible 13,624 3,263 American Stores......... 79,943 6,110 Anheuser-Busch Cos...... 310,082 1,660 Avon Products........... 97,732 1,025(a) Bally Manufacturing..... 6,662 333 Bassett Furniture....... 9,490 5,715 Blockbuster Entertainment 147,876 1,588 Brown-Forman............ 44,861 400 Brown Group............. 15,050 2,180 Brunswick............... 47,960 2,365 Charming Shoppes........ 22,172 8,127 Chrysler................ 382,985 SHARES COMMON STOCKS (CONTINUED) VALUE ----------- ------------ CONSUMER - DISCRETIONARY (CONTINUED) 29,703 Coca-Cola............... $ 1,206,684 1,910 Cooper Tire & Rubber.... 44,169 890 Coors (Adolph).......... 15,575 955 Cummins Engine.......... 41,304 2,263 Dana.................... 64,495 1,630 Dayton-Hudson........... 132,030 1,150 Delta Air Lines......... 52,037 2,590 Dillard Department Stores, Cl. A 79,966 12,315 Disney (Walt)........... 512,612 7,585 Eastman Kodak........... 365,028 1,365 Echlin.................. 41,121 11,485 Ford Motor.............. 677,615 3,345 Gap (The).............. 142,999 17,097 General Motors.......... 859,124 535(a) Genesco................. 1,739 2,850 Genuine Parts........... 102,956 5,085 Gillette................ 331,161 575 Goodrich (B.F.)......... 25,012 3,478 Goodyear Tire & Rubber.. 125,208 740 Handleman............... 7,492 1,785 Harcourt General........ 62,698 705(a) Hartmarx................ 4,318 2,020 Hasbro.................. 59,843 1,099 Hilton Hotels........... 58,247 2,570 International Flavors & Fragrances 100,551 1,050 Jostens................. 16,931 9,370 K mart.................. 145,235 850(a) King World Productions 33,894 8,330 Limited ................ 143,693 1,815 Liz Claiborne........... 36,300 471 Longs Drug Stores....... 16,838 3,385 Lowe's Cos.............. 115,936 585 Luby's Cafeterias....... 13,163 2,913 Marriott................ 77,559 3,852 Mattel.................. 97,745 5,705 May Department Stores... 223,921 2,460 Maytag.................. 45,510 16,224 McDonald's.............. 468,468 2,422 Melville................ 93,853 840 Mercantile Stores....... 26,985 1,695 NIKE, Cl. B............. 101,276 1,881 Nordstrom............... 79,943 315 Oshkosh B'Gosh.......... 4,410 445 Outboard Marine......... 8,900 905 PACCAR.................. 41,856 5,409 Penney (J.C.)........... 293,438 1,400 Pep Boys-Manny Moe & Jack 44,275 18,326 PepsiCo................. 561,234 1,070 Polaroid................ 34,106 4,992(a) Price/Costco............ 74,568 2,354(a) Promus Cos.............. 69,737 1,905 Reebok International.... 56,912 2,033 Rite-Aid................ 41,168 3,675 Rubbermaid.............. 96,469 950 Russell................. 27,669 DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1994 (UNAUDITED) SHARES COMMON STOCKS (CONTINUED) VALUE ----------- ------------ CONSUMER - DISCRETIONARY (CONTINUED) 300 SPX..................... $ 4,650 1,335 Safety-Kleen............ 22,695 8,565 Seagram................. 259,091 940(a) Shoney's................ 14,335 400 Springs Industries...... 11,950 1,150 Stride Rite............. 14,950 1,690 TJX..................... 36,969 655 TRINOVA................. 22,679 1,465 Tandy................... 50,543 6,680(a) Toys R Us............... 218,770 573(a) UAL..................... 72,341 1,313(a) USAir Group............. 8,370 1,480 V.F..................... 70,300 52,775 Wal-Mart Stores......... 1,279,794 2,825 Walgreen................ 103,113 2,370 Wendy's International... 37,031 1,695 Whirlpool............... 88,988 3,020 Woolworth (F.W.)........ 47,943 875(a) Zenith Electronics...... 7,766 ------------ 11,756,691 ------------ ENERGY & RELATED--10.0% 2,128 Amerada Hess............ 104,804 11,388 Amoco................... 649,116 1,382 Ashland Oil............. 46,470 3,660 Atlantic Richfield...... 373,777 3,220 Baker Hughes............ 66,010 2,980 Burlington Resources.... 123,297 14,960 Chevron................. 626,450 2,405 Coastal................. 64,935 4,015 Dresser Industries...... 82,307 28,509 Exxon................... 1,614,322 815 Foster Wheeler.......... 29,646 2,611 Halliburton............. 88,121 550 Helmerich & Payne....... 14,575 1,176 Kerr-McGee.............. 55,419 760 Louisiana Land & Exploration 32,300 1,215 McDermott International. 30,375 9,155 Mobil................... 747,277 7,020 Occidental Petroleum.... 132,502 2,215(a) Oryx Energy............. 33,225 1,055 Pennzoil................ 54,069 6,005 Phillips Petroleum...... 187,656 1,860(a) Rowan Cos............... 16,275 12,316 Royal Dutch Petroleum... 1,288,562 2,068(a) Santa Fe Energy Resources 19,388 5,600 Schlumberger............ 331,100 2,445 Sun..................... 65,709 5,955 Texaco.................. 359,533 6,570 USX-Marathon Group...... 110,048 5,550 Unocal.................. 158,869 ------------ 7,506,137 ------------ FINANCE--10.3% 2,585 Aetna Life & Casualty... 144,437 SHARES COMMON STOCKS (CONTINUED) VALUE ----------- ------------ FINANCE (CONTINUED) 2,695 Ahmanson (H.F.) & Co.... $ 50,868 1,005 Alexander & Alexander Services 16,331 11,355 American Express........ 292,391 4,905 American General........ 135,501 7,302 American International Group 632,536 8,762 Banc One................ 300,098 2,425 Bank of Boston.......... 59,716 8,045 BankAmerica............. 368,059 1,820 Bankers Trust NY........ 121,257 2,225 Barnett Banks........... 97,344 1,201 Beneficial.............. 43,836 2,400 Boatmen's Bancshares.... 75,600 1,660 CIGNA................... 121,387 4,244 Chase Manhattan......... 162,333 5,791 Chemical Banking........ 222,953 2,025 Chubb................... 155,166 8,881 Citicorp................ 354,130 1,280 Continental............. 19,840 3,299 CoreStates Financial.... 84,949 4,150 Federal Home Loan Mortgage 251,075 1,995 First Chicago........... 96,009 1,835 First Fidelity Bancorp.. 85,098 1,897 First Interstate Bancorp 146,069 3,920 First Union............. 180,810 3,150 Fleet/Norstar Financial Group 118,912 1,930 General Re.............. 210,370 1,470 Golden West Financial... 56,779 3,040 Great Western Financial. 55,860 2,160 Household International. 73,440 1,125 Jefferson-Pilot......... 54,844 5,555 Keycorp................. 177,066 2,155 Lincoln National........ 91,318 1,460 Mellon Bank............. 82,125 4,680 Merrill Lynch & Co...... 163,800 4,429 Morgan (J.P.) & Co...... 274,044 3,685 NBD Bancorp............. 116,538 7,316 Norwest................. 191,131 5,380 PNC Financial........... 155,348 2,310 Providian............... 69,878 1,445 SAFECO.................. 80,378 1,935 St. Paul Cos............ 77,642 8,057 Sears, Roebuck & Co..... 386,736 2,531 Shawmut National........ 55,682 2,810 SunTrust Banks.......... 135,934 1,672 Torchmark............... 65,208 1,631 Transamerica............ 85,016 7,423 Travelers............... 239,392 1,735 UNUM.................... 77,641 1,965 USF & G................. 24,071 510 USLIFE.................. 18,105 2,300 U.S. Bancorp............ 59,513 3,924 Wachovia................ 129,983 1,262 Wells Fargo............. 189,773 ------------ 7,734,320 ------------ DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1994 (UNAUDITED) SHARES COMMON STOCKS (CONTINUED) VALUE ----------- ------------ GENERAL BUSINESS--6.9% 11,317(a) Airtouch Communications. $ 267,364 1,705 American Greetings...... 51,150 3,250 Automatic Data Processing 172,656 2,440 Block (H & R)........... 95,770 366 CBS..................... 113,460 3,530 Capital Cities/ABC...... 251,071 2,205 Circuit City Stores..... 45,202 5,882(a) cisco Systems........... 137,492 5,474 Comcast, Cl. A.......... 98,532 3,917 Dean Witter Discovery... 146,887 1,890 Deluxe.................. 49,849 1,055 Dial.................... 45,101 3,640 Donnelley (R.R.) & Sons. 101,010 2,300 Dow Jones & Co.......... 71,300 3,900 Dun & Bradstreet........ 216,450 1,285(a) Federal Express......... 95,893 3,380 Gannett................. 167,310 680 Harland (John H.)....... 14,790 2,690 ITT..................... 219,571 1,725 Interpublic Group Cos... 53,475 1,240 Knight-Ridder........... 63,395 3,420 MBNA.................... 76,950 1,709 Marsh & McLennan ....... 142,488 1,132 McGraw-Hill............. 75,278 940 McKesson................ 67,797 335 Meredith................ 14,238 9,716 Minnesota Mining & Manufacturing 480,942 1,115 Morton International.... 86,970 650(a) National Education...... 3,656 1,130 National Service Industries 29,380 6,183 NationsBank............. 317,652 2,460 New York Times, Cl. A... 58,733 1,340 Rollins Environmental Services 6,365 2,545 Salomon................. 121,524 1,960 Service Corporation International 50,470 1,470 TRW..................... 94,815 10,327(a) Tele-Communications, Cl. A 210,413 1,285(a) Teledyne................ 20,560 2,035 Textron................. 106,583 8,690 Time Warner............. 305,236 2,923 Times Mirror............ 88,055 1,530 Tribune................. 81,473 2,915 United Technologies..... 187,289 2,415 Whitman................. 37,433 ------------ 5,142,028 ------------ MANUFACTURING - PROCESSING--7.0% 960 ASARCO.................. 27,000 2,635 Air Products & Chemicals 111,658 5,155 Alcan Aluminium ........ 117,276 2,035 Aluminum Co. of America. 148,809 6,581 American Barrick Resources 157,121 2,069 American Cyanamid....... 115,864 2,290(a) Armco................... 12,881 1,270 Avery Dennison.......... 36,830 SHARES COMMON STOCKS (CONTINUED) VALUE ----------- ------------ MANUFACTURING - PROCESSING (CONTINUED) 680 Ball.................... $ 17,680 1,165 Bemis................... 25,921 2,449(a) Bethlehem Steel......... 45,613 2,045(a) Crown Cork & Seal....... 76,176 2,125 Cyprus Amax Minerals.... 63,219 6,329 Dow Chemical............ 413,758 15,585 DuPont (E.I.) de Nemours 909,774 475 Eastern Enterprises..... 10,866 2,560 Echo Bay Mines.......... 27,520 1,445 Ecolab.................. 31,790 2,197 Engelhard............... 55,474 820(a) FMC..................... 44,382 970 Federal Paper Board..... 22,189 455 First Mississippi....... 6,939 2,165 Grace (W.R.)............ 86,329 1,645 Great Lakes Chemical.... 89,036 940 Hercules................ 100,580 3,160 Homestake Mining........ 59,250 2,680 Inco ................... 65,325 940(a) Inland Steel Industries. 32,782 2,843 International Paper..... 188,349 1,865 James River............. 31,705 3,687 Kimberly-Clark.......... 194,950 1,765 Mallinckrodt Group...... 57,362 3,085(a) Maxus Energy............ 15,425 1,360 Mead.................... 60,010 2,730 Monsanto................ 206,456 2,295 Moore .................. 38,728 210 NACCO Industries, Cl. A. 11,288 1,575 Nalco Chemical.......... 50,203 275(a) National Intergroup..... 4,813 1,972 Newmont Mining.......... 79,373 2,010 Nucor................... 137,685 1,000 Ogden................... 22,000 4,890 PPG Industries.......... 183,375 1,625 Phelps Dodge............ 92,625 955 Pittston................ 25,546 5,460 Placer Dome............. 117,390 3,083 Praxair................. 60,119 1,380 Reynolds Metals......... 66,240 1,545 Rohm & Haas............. 96,176 1,710 Scott Paper............. 89,348 2,070(a) Stone Container......... 30,274 1,280 Temple-Inland........... 60,960 1,744 USX-US Steel Group...... 59,078 1,610 Union Camp.............. 73,054 3,470 Union Carbide........... 92,823 1,550 Westvaco................ 47,663 2,393 Williams Cos............ 68,500 2,082 Worthington Industries.. 38,517 ------------ 5,212,077 ------------ SHELTER--2.6% 865 Armstrong World Industries 40,331 870 Boise Cascade........... 19,249 DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1994 (UNAUDITED) SHARES COMMON STOCKS (CONTINUED) VALUE ----------- ------------ SHELTER (CONTINUED) 705 Centex.................. $ 18,154 2,140 Champion International.. 70,352 680 Crane................... 17,935 6,280 Federal National Mortgage Association 524,380 1,055 Fleetwood Enterprises... 20,177 2,062 Georgia-Pacific......... 123,462 10,296 Home Depot.............. 433,719 940 Johnson Controls........ 45,472 720 Kaufman & Broad Home.... 9,630 2,520 Louisiana-Pacific....... 76,860 3,585 Masco................... 98,587 1,810 Newell.................. 83,712 995(a) Owens-Corning Fiberglas. 30,969 675 Potlatch................ 25,988 615 Pulte .................. 14,145 1,995 Sherwin-Williams........ 62,843 260 Skyline................. 4,810 990 Snap-On Tools........... 36,878 1,030 Stanley Works........... 41,458 4,730 Weyerhaeuser............ 189,200 ------------ 1,988,311 ------------ TRANSPORTATION--1.6% 1,740(a) AMR..................... 103,312 2,045 Burlington Northern..... 109,152 2,400 CSX..................... 181,200 830(a) Consolidated Freightways 19,712 1,820 Consolidated Rail ...... 99,645 3,185 Norfolk Southern........ 200,655 895 Roadway Services........ 56,385 1,765 Ryder System............ 44,346 4,249 Santa Fe Pacific........ 88,698 4,700 Union Pacific........... 266,138 625 Yellow Freight Systems.. 10,859 ------------ 1,180,102 ------------ UTILITIES--13.6% 31,176 AT & T.................. 1,695,195 4,243 American Electric Power. 119,865 12,550 Ameritech............... 480,037 3,342 Baltimore Gas & Electric 71,017 10,005 Bell Atlantic........... 560,280 11,390 BellSouth............... 703,332 3,680 Carolina Power & Light.. 85,100 4,325 Central & South West.... 91,906 1,150(a) Columbia Gas System..... 31,050 4,905 Commonwealth Edison..... 111,589 5,370 Consolidated Edison..... 142,305 2,135 Consolidated Natural Gas 80,596 3,385 Detroit Edison.......... 83,779 3,870 Dominion Resources...... 140,771 4,700 Duke Power.............. 168,025 5,720 Enron................... 187,330 1,525 Enserch................. 21,922 5,288 Entergy................. 130,878 SHARES COMMON STOCKS (CONTINUED) VALUE ----------- ------------ UTILITIES (CONTINUED) 4,370 FPL Group............... $ 130,554 21,955 GTE..................... 691,583 3,010 Houston Industries...... 98,201 12,455 MCI Communications...... 275,567 4,794(a) McCaw Cellular Communications 248,090 1,215 NICOR................... 32,046 9,516 NYNEX................... 360,419 3,285 Niagara Mohawk Power.... 49,686 2,815 Noram Energy............ 16,890 1,545 Northern States Power... 63,538 580 ONEOK................... 9,933 3,510 Ohio Edison............. 62,741 1,315 PSI Holdings............ 27,779 1,941 Pacific Enterprises..... 38,577 9,815 Pacific Gas & Electric.. 233,106 9,680 Pacific Telesis Group... 298,870 ` 6,485 PacifiCorp.............. 109,434 2,748 Panhandle Eastern....... 54,273 795 Peoples Energy.......... 18,583 5,078 Philadelphia Electric... 133,932 5,615 Public Service Enterprise Group 145,990 10,285 SCEcorp................. 132,419 2,010 Sonat................... 61,808 14,895 Southern................ 279,281 13,775 Southwestern Bell....... 599,213 7,890 Sprint.................. 275,164 3,872 Tenneco................. 179,564 5,185 Texas Utilities......... 162,679 935 Transco Energy ......... 15,194 10,392 US West................. 435,165 2,335 Union Electric.......... 74,136 ------------ 10,219,392 ------------ TOTAL COMMON STOCKS..... (cost $72,629,927).... $73,540,296 ============ PRINCIPAL AMOUNT SHORT-TERM INVESTMENTS-5.4% VALUE ----------- ------------ U.S. TREASURY BILLS: $ 480,000 4.10%, 7/21/94.......... $ 476,263 776,000 3.84%, 7/28/94.......... 768,578 1,190,000 4.03%, 8/4/94........... 1,183,279 1,386,000 4.07%, 9/8/94........... 1,374,054 285,000(b) 4.16%, 9/22/94.......... 281,996 ------------ TOTAL SHORT-TERM INVESTMENTS (cost $4,084,170)..... $ 4,084,170 ============ TOTAL INVESTMENTS (cost $76,714,097)........... 103.6% $77,624,466 ======= ============ LIABILITIES, LESS CASH AND RECEIVABLES.............. (3.6%) $ (2,712,963) ======= ============ NET ASSETS................... 100.0% $74,911,503 ======= ============ (a) Non-income producing. (b) Wholly held by the custodian in a segregated account as collateral for open financial future positions.
DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 STATEMENT OF FINANCIAL FUTURES JUNE 30, 1994 (UNAUDITED) FINANCIAL FUTURES LONG - ------------------------------ MARKET VALUE UNREALIZED NUMBER OF COVERED (DEPRECIATION) ISSUER CONTRACTS BY CONTRACTS EXPIRATION AT 6/30/94 - ------ ------------ -------------- -------------- --------------- Standard & Poor's 500............... 5 $1,112,625 September '94 ($32,150) ========= See notes to financial statements.
DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1994 (UNAUDITED) ASSETS: Investments in securities, at value (cost $76,714,097)--see statement... $77,624,466 Cash.................................................................... 22,647 Dividends and interest receivable....................................... 188,577 Receivable for subscriptions to Common Stock............................ 128,239 Prepaid expenses........................................................ 4,460 ------------- 77,968,389 LIABILITIES: Due to The Dreyfus Corporation.......................................... $ 12,662 Due to Wells Fargo Nikko Investment Advisors............................ 12,662 Payable for investment securities purchased............................. 2,949,328 Due to Wells Fargo Institutional Trust Company, N.A..................... 20,263 Payable for futures variation margin_Note 3(a).......................... 9,375 Payable for redemptions to Common Stock................................. 416 Accrued expenses........................................................ 52,180 3,056,886 ------------ ------------- NET ASSETS ................................................................ $74,911,503 ============= REPRESENTED BY: Paid-in capital......................................................... $74,118,980 Accumulated undistributed investment income_net......................... 413,763 Accumulated distributions in excess of net realized gain on investments. (499,460) Accumulated net unrealized appreciation on investments [including ($32,150) net unrealized (depreciation) on financial futures]_Note 3(b).................................................... 878,220 ------------- NET ASSETS at value applicable to 5,918,668 outstanding shares of Common Stock, equivalent to $12.66 per share (200 million shares of $.001 par value authorized)................................................... $74,911,503 ============= See notes to financial statements.
DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1994 (UNAUDITED) INVESTMENT INCOME: INCOME: Cash dividends (net of foreign taxes withheld at source of $5,895).... $926,829 Interest.............................................................. 81,285 ---------- TOTAL INCOME...................................................... $ 1,008,114 EXPENSES: Index management fee--Note 2(a)....................................... $ 50,924 Administration fee_Note 2(a).......................................... 50,924 Auditing fees......................................................... 57,440 Custodian fees_Note 2(c).............................................. 14,895 Prospectus and shareholders' reports.................................. 14,577 Legal fees............................................................ 8,951 Organization expenses................................................. 8,775 Shareholder servicing costs_Note 2(b)................................. 8,119 Directors' fees and expenses_Note 2(d)................................ 6,649 Miscellaneous......................................................... 3,834 ---------- 225,088 Less_reduction in index management fee and administration fee due to undertaking_Note 2(a)...................................... 89,304 ---------- TOTAL EXPENSES.................................................. 135,784 ------------ INVESTMENT INCOME--NET.......................................... 872,330 REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS: Net realized gain on investments--Note 3(a)............................. $236,015 Net realized loss on financial futures_Note 3(a)........................ (93,672) ---------- NET REALIZED GAIN..................................................... 142,343 Net unrealized (depreciation) on investments [including ($30,525) net unrealized (depreciation) on financial futures]....................... (3,691,688) ------------ NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS............... (3,549,345) ------------ NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $(2,677,015) ============= See notes to financial statements.
DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 STATEMENT OF CHANGES IN NET ASSETS YEAR ENDED SIX MONTHS ENDED DECEMBER 31, JUNE 30, 1994 1993 (UNAUDITED) --------------- ---------------- OPERATIONS: Investment income--net............................................... $ 1,100,602 $ 872,330 Net realized gain on investments..................................... 8,512,323 142,343 Net unrealized (depreciation) on investments for the period.......... (5,843,385) (3,691,688) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.... 3,769,540 (2,677,015) ------------- ------------- DIVIDENDS TO SHAREHOLDERS: From investment income--net.......................................... (1,029,496) (368,513) In excess of investment income_net................................... (90,054) ___ From net realized gain on investments................................ (11,029,996) ___ In excess of net realized gain on investments........................ (641,803) ___ ------------- ------------- TOTAL DIVIDENDS.................................................... (12,791,349) (368,513) ------------- ------------- CAPITAL STOCK TRANSACTIONS: Net proceeds from shares sold........................................ 40,165,929 21,511,706 Dividends reinvested................................................. 14,046,814 368,513 Cost of shares redeemed.............................................. (53,943,720) (5,242,195) ------------- ------------- INCREASE IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS............. 269,023 16,638,024 ------------- ------------- TOTAL INCREASE (DECREASE) IN NET ASSETS........................ (8,752,786) 13,592,496 NET ASSETS: Beginning of period.................................................. 70,071,793 61,319,007 ------------- ------------- End of period (including distributions in excess of investment income-net; ($90,054) in 1993 and undistributed investment income_net; $413,763 in 1994)...................................... $61,319,007 $74,911,503 ============= ============= SHARES SHARES ------------- ------------- CAPITAL SHARE TRANSACTIONS: Shares sold.......................................................... 2,578,683 1,646,400 Shares issued for dividends reinvested............................... 1,010,623 29,647 Shares redeemed...................................................... (3,516,794) (402,617) ------------- ------------- NET INCREASE IN SHARES OUTSTANDING................................. 72,512 1,273,430 ============= ============= See notes to financial statements.
DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 FINANCIAL HIGHLIGHTS Contained below is per share operating performance data for a share of Common Stock outstanding, total investment return, ratios to average net assets and other supplemental data for each period indicated. This information has been derived from the Fund's financial statements. SIX MONTHS FOUR MONTHS YEAR ENDED YEAR ENDED AUGUST 31, ENDED ENDED JUNE 30, ------------------------------ DECEMBER 31, DECEMBER 31, 1994 PER SHARE DATA: 1990(1) 1991 1992 1992 1993 (UNAUDITED) ------- ------- ------- --------------- ----------- ------------- Net asset value, beginning of period... $12.50 $11.62 $14.20 $14.87 $15.32 $13.20 ------- ------- ------- ------- ------- ------- INVESTMENT OPERATIONS: Investment income--net................. .38 .39 .37 .13 .37 .16 Net realized and unrealized gain (loss) on investments....................... (.95) 2.60 .68 .77 1.04 (.63) ------- ------- ------- ------- ------- ------- TOTAL FROM INVESTMENT OPERATIONS.. (.57) 2.99 1.05 .90 1.41 (.47) ------- ------- ------- ------- ------- ------- DISTRIBUTIONS: Dividends from investment income--net.. (.31) (.39) (.38) (.21) (.37) (.07) Dividends from net realized gain on investments.................... -- (.02) -- (.24) (3.00) -- In excess of dividends from net realized gain on investments....................... -- -- -- -- (.16) -- ------- ------- ------- ------- ------- ------- TOTAL DISTRIBUTIONS.............. (.31) (.41) (.38) (.45) (3.53) (.07) ------- ------- ------- ------- ------- ------- Net asset value, end of period......... $11.62 $14.20 $14.87 $15.32 $13.20 $12.66 ======= ======= ======= ======= ======= ======= TOTAL INVESTMENT RETURN (4.73%)(2) 26.26% 7.49% 6.05%(2) 9.33% (3.55%)(2) RATIOS/SUPPLEMENTAL DATA: Ratio of expenses to average net assets .37%(2) .40% .40% .13%(2) .40% .20%(2) Ratio of net investment income to average net assets................... 3.12%(2) 3.05% 2.63% .85%(2) 2.38% 1.27%(2) Decrease reflected in above expense ratios due to undertakings by WFNIA and Dreyfus.... .17%(2) .11% .13% .03%(2) .27% .13%(2) Portfolio Turnover Rate................ .99%(2) 1.02% 7.66% 6.94%(2) 71.71% 2.03%(2) Net Assets, end of period (000's Omitted) $48,184 $62,400 $74,446 $70,072 $61,319 $74,912 - ------------------------------ (1) From September 29, 1989 (commencement of operations) to August 31, 1990. (2) Not annualized. See notes to financial statements.
DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 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. Effective May 1, 1994, your Fund began operating under the name Dreyfus Stock Index Fund. (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 denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange. (B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, amortization of discount on investments, is recognized on the accrual basis. (C) DIVIDENDS TO SHAREHOLDERS: Dividends are recorded on the ex-dividend date. Dividends from investment income-net 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. (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 21/2% of the first $30 million, 2% of the next $70 million and 11/2% of the excess over $100 million of the average value DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) of the Fund's net assets in accordance with California "blue sky" regulations. However, WFNIA and Dreyfus have currently undertaken from January 1, 1994 until June 30, 1994 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 undertaking WFNIA and Dreyfus reduced the index management fee and the administration fee for the six months ended June 30, 1994, $44,652 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 account, 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 June 30, 1994, the Fund was charged an aggregate of $1,185 pursuant to the Shareholder Services Plan. (C) During the six months ended June 30, 1994, Wells Fargo Institutional Trust Company, N.A. earned $14,895 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 (the "Merger Agreement") providing for the merger of Dreyfus with a subsidiary of Mellon Bank Corporation ("Mellon"). Following the merger, it is planned that Dreyfus will be a direct subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a number of contingencies, including receipt of certain regulatory approvals and approvals of the stockholders of Dreyfus and of Mellon. The merger is expected to occur in August 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 six months ended June 30, 1994 amounted to $24,480,753 and $1,294,588 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 June 30, 1994, accumulated net unrealized appreciation on investments was $878,220, consisting of $4,583,029 gross unrealized appreciation and $3,704,809 gross unrealized depreciation. At June 30, 1994, 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 Logo) Stock Index Fund Semi-Annual Report June 30, 1994 (Dreyfus Lion Logo) (Dreyfus `D' Logo) DREYFUS STOCK INDEX FUND 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 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. 763SA946 Registration Mark -----END PRIVACY-ENHANCED MESSAGE-----