-----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, mzDiqM+r+v9EC4qASNEWYP+RwGkTgJ1IijveTYC8iCn75mcWNKMg1Xcef5EuYARd YcVHrdCB7BBzomScxgIdjQ== 0000846800-95-000002.txt : 19950601 0000846800-95-000002.hdr.sgml : 19950601 ACCESSION NUMBER: 0000846800-95-000002 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950301 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS LIFE & ANNUITY INDEX FUND INC CENTRAL INDEX KEY: 0000846800 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [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: 95517656 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: The Dreyfus Stock Index Fund, reflecting a difficult year for stocks in general, ended its fiscal year on December 31, 1994 with a total return for the 12 months of .88%.* As you know, the Fund is designed to track the performance of the Standard & Poor's 500 Composite Stock Price Index, which had a total return of 1.31% for the same period.** The difference is accounted for by transaction costs and other expenses in managing 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. Clearly, the major influence on the stock market during the year was the persistent series of steps by the Federal Reserve Board to raise interest rates, as a way of preventing severe inflation. From early February, 1994 through the end of the year, the Fed increased the basic Federal Funds rate six times for a total of 2 1/2% or 250 basis points. The U.S. economy obviously showed the need for some restraint. During the course of the year, unemployment decreased, industrial production rose, Gross Domestic Product improved markedly and most other signs of business activity showed steady improvement. Along with this, there was some upward pressure on industrial prices, some of which filtered through to the retail level. However, the usual measures of inflation, namely the Cost of Living Index and the Producer Price Index, showed only modest increases for the year. In spite of the Fed's efforts and the low level of inflationary pressures, the bond market had a very disappointing year, with sharp increases in interest rates and even sharper decreases in bond prices. The bond market's weakness was a depressant for stocks throughout the year, in spite of a constant stream of encouraging reports about the economy and good profit reports from many large corporations. As the new year begins, there is considerable division of opinion among analysts about the future. As long as the American economy keeps on expanding, the Federal Reserve is expected to apply more pressure to raise interest rates. In due course, we believe these moves should stabilize the economy, which would eventually allow the underlying strength of corporate business to reward investors. Sincerely, The Dreyfus Corporation Administrator January 9, 1995 New York, N.Y. * Total return represents the change during the period in a hypothetical account with dividends reinvested. ** 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 U.S. stock market performance. DREYFUS STOCK INDEX FUND DECEMBER 31, 1994 (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS STOCK INDEX FUND AND THE STANDARD & POOR'S 500 COMPOSITE STOCK PRICE INDEX [Exhibit A]
*Source: Lipper Analytical Services, Inc. AVERAGE ANNUAL TOTAL RETURNS ONE YEAR ENDED FIVE YEARS ENDED FROM INCEPTION (9/29/89) DECEMBER 31, 1994 DECEMBER 31, 1994 TO DECEMBER 31, 1994 --------------------- --------------------- --------------------------- .88% 8.16% 8.19%
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 graph compares a $10,000 investment made in Dreyfus Stock 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 reimbursements, is contained in the Condensed Financial Information section of the Prospectus and elsewhere in this report. DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 STATEMENT OF INVESTMENTS DECEMBER 31, 1994 SHARES COMMON STOCKS-90.6% VALUE ---------- ------------ CAPITAL GOODS-15.7% 2,760 AMP..................... $ 200,790 2,475(a) Advanced Micro Devices 61,566 1,431 Alco Standard........... 89,795 7,425 Allied-Signal........... 252,450 3,045(a) Amdahl................ 33,495 690(a) Andrew................ 36,052 3,105 Apple Computer.......... 121,095 1,220 Autodesk................ 48,342 2,210 Black & Decker.......... 52,487 8,926 Boeing.................. 417,290 770 Briggs & Stratton....... 25,217 5,155 Browning-Ferris Industries 146,273 5,300 Caterpillar............. 292,162 1,170(a) Ceridian 31,444 860 Cincinnati Milacron..... 20,317 445(a) Clark Equipment 24,141 9,499 Columbia/HCA Healthcare. 346,713 6,786(a) Compaq Computer 268,047 4,240 Computer Associates International 205,640 1,330(a) Computer Sciences 67,830 3,015 Cooper Industries....... 102,887 5,956 Corning................. 177,935 690(a) Cray Research 10,867 2,975(a) DSC Communications 106,728 930(a) Data General 9,300 2,248 Deere & Co.............. 148,930 3,740(a) Digital Equipment 124,355 1,490 Dover................... 76,921 1,425 EG & G.................. 20,128 870 E-Systems............... 36,214 2,188 Eastman Chemical........ 110,494 1,990 Eaton................... 98,505 5,875 Emerson Electric........ 367,187 2,150 Fluor................... 92,719 1,638 General Dynamics........ 71,253 44,797 General Electric........ 2,284,647 1,239 General Signal.......... 39,493 900 Giddings & Lewis........ 13,275 1,330 Grainger (W.W.)......... 76,807 1,226 Harnischfeger Industries 34,481 1,045 Harris.................. 44,412 6,649 Hewlett-Packard......... 664,069 3,390 Honeywell .............. 106,785 2,960 Illinois Tool Works..... 129,500 2,770 Ingersoll-Rand.......... 87,255 SHARES COMMON STOCKS (CONTINUED) VALUE ---------- ------------ CAPITAL GOODS (CONTINUED) 10,874 Intel................... $ 694,577 1,150(a) Intergraph 9,344 15,372 International Business Machines 1,129,842 1,655 Lockheed ............... 120,194 2,224 Loral................... 84,234 1,270(a) Lotus Development 52,070 665(a) M/A-Com 4,821 2,484 Martin Marietta......... 110,228 1,040 McDonnell Douglas....... 147,680 2,671 Micron Technology....... 117,858 15,204(a) Microsoft 929,345 820 Morrison Knudsen........ 10,455 15,306 Motorola................ 885,835 3,205(a) National Semiconductor 62,498 1,921(a) Navistar International 29,055 6,600 Northern Telecom........ 220,275 1,295 Northrop ............... 54,390 9,647(a) Novell 165,205 7,517(a) Oracle Systems 331,688 3,005 Pall.................... 56,344 1,285 Parker-Hannifin......... 58,468 1,168 Perkin-Elmer............ 29,930 2,610 Pet..................... 51,548 4,090 Pitney Bowes............ 129,858 1,140 Raychem................. 40,613 3,465 Raytheon................ 221,327 5,721 Rockwell International . 204,526 3,375(a) Santa Fe Pacific Gold 43,453 1,960 Scientific-Atlanta...... 41,160 2,500(a) Sun Microsystems 88,750 2,960(a) Tandem Computers 50,690 820 Tektronix .............. 28,085 2,443 Texas Instruments....... 182,920 500 Thomas & Betts.......... 33,563 785 Timken.................. 27,671 1,961 Tyco Laboratories....... 93,148 4,430(a) Unisys 38,209 1,164(a) Varity 42,195 12,668 WMX Technologies........ 332,535 1,376 Western Atlas........... 51,772 9,254 Westinghouse Electric... 113,362 2,773 Xerox................... 274,527 310 Zurn Industries......... 5,580 ------------ 15,176,121 ------------ DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1994 SHARES COMMON STOCKS (CONTINUED) VALUE ---------- ------------ CONSUMER BASIC-15.0% 2,118(a) ALZA $ 38,124 21,125 Abbott Laboratories..... 689,203 6,635 Albertson's............. 192,415 1,645 Allergan................ 46,471 5,256 American Brands......... 197,100 8,008 American Home Products.. 502,502 3,490(a) Amgen 205,910 13,541 Archer-Daniels-Midland.. 279,283 1,355 Bard (C.R.)............. 36,585 1,561 Bausch & Lomb........... 52,879 7,415 Baxter International.... 209,474 1,875 Becton Dickinson & Co... 90,000 2,245(a) Beverly Enterprises 32,272 2,985(a) Biomet 41,790 13,401 Bristol-Myers Squibb.... 775,583 1,995 Bruno's................. 16,708 3,855 CPC International....... 205,279 6,535 Campbell Soup........... 288,357 1,410 Clorox.................. 83,014 3,823 Colgate-Palmolive....... 242,283 1,095 Community Psychiatric Centers 12,045 6,495 ConAgra................. 202,969 950 Fleming Cos............. 22,087 4,127 General Mills........... 235,239 1,545 Giant Food.............. 33,604 970 Great Atlantic & Pacific Tea 17,581 6,515 Heinz (H.J.)............ 239,426 2,255 Hershey Foods........... 109,086 16,850 Johnson & Johnson....... 922,537 5,829 Kellogg................. 338,811 3,035(a) Kroger 73,219 7,672 Lilly (Eli) & Co........ 503,475 1,630 Manor Care.............. 44,621 3,040 Medtronic .............. 169,100 32,953 Merck & Co.............. 1,256,333 720 Millipore............... 34,830 4,315(a) National Medical Enterprises 60,949 8,218 Pfizer.................. 634,840 22,438 Philip Morris Cos....... 1,290,185 2,312 Pioneer Hi Bred International 79,764 1,660 Premark International... 74,285 17,938 Procter & Gamble........ 1,112,156 3,518 Quaker Oats............. 108,178 2,597 Ralston-Purina Group.... 115,891 1,345(a) Ryan's Family Steak House 10,087 SHARES COMMON STOCKS (CONTINUED) VALUE ---------- ------------ CONSUMER BASIC (CONTINUED) 1,240 St. Jude Medical........ $ 49,290 12,619 Sara Lee ............... 318,630 5,018 Schering-Plough......... 371,332 580 Shared Medical Systems . 18,995 1,865 Supervalu............... 45,693 4,790 Sysco................... 123,343 5,305 UST..................... 147,214 4,217 Unilever, N.V........... 491,281 4,531 United Healthcare....... 204,461 4,206 U.S. HealthCare......... 173,498 1,470 U.S. Surgical........... 27,930 4,535 Upjohn.................. 139,451 3,500 Warner-Lambert.......... 269,500 1,925 Winn-Dixie Stores....... 98,897 3,058 Wrigley (Wm.) Jr........ 150,989 ------------ 14,557,034 ------------ CONSUMER DISCRETIONARY-13.8% 730 Alberto-Culver, Cl. B Convertible 19,892 3,713 American Stores......... 99,787 6,810 Anheuser-Busch Cos...... 346,459 1,860 Avon Products........... 111,135 1,200(a) Bally Entertainment 7,350 383 Bassett Furniture Industries 10,915 1,788 Brown-Forman............ 54,534 450 Brown Group............. 14,400 2,455 Brunswick............... 46,338 2,615 Charming Shoppes........ 17,324 9,277 Chrysler ............... 454,573 33,703 Coca-Cola............... 1,735,704 2,160 Cooper Tire & Rubber.... 51,030 965 Coors (Adolph).......... 16,164 1,105 Cummins Engine.......... 50,001 2,588 Dana.................... 60,494 1,855 Dayton-Hudson........... 131,241 1,325 Delta Air Lines......... 66,912 2,965 Dillard Department Stores, Cl. A 79,314 14,015 Disney (Walt)........... 646,442 8,885 Eastman Kodak........... 424,259 1,540 Echlin.................. 46,200 26,770 Ford Motor ............. 749,560 3,795 Gap..................... 115,747 19,722 General Motors.......... 833,254 3,250 Genuine Parts........... 117,000 5,810 Gillette................ 434,297 700 Goodrich (B.F.)......... 30,362 DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1994 SHARES COMMON STOCKS (CONTINUED) VALUE ---------- ------------ CONSUMER DISCRETIONARY (CONTINUED) 3,978 Goodyear Tire & Rubber.. $ 133,760 840 Handleman............... 9,555 2,035 Harcourt General........ 71,734 805(a) Hartmarx 4,729 2,270 Hasbro.................. 66,397 1,274 Hilton Hotels........... 85,836 2,920 International Flavors & Fragrances 135,050 1,150 Jostens................. 21,419 11,867 K mart.................. 154,271 975(a) King World Productions 33,638 9,330 Limited................. 169,106 2,040 Liz Claiborne........... 34,425 546 Longs Drug Stores....... 17,336 4,150 Lowe's Cos.............. 144,213 635 Luby's Cafeterias....... 14,208 3,238 Marriott International.. 91,069 4,668 Mattel.................. 117,284 6,505 May Department Stores... 219,544 2,760 Maytag.................. 41,400 18,299 McDonald's.............. 535,246 2,772 Melville ............... 85,586 940 Mercantile Stores....... 37,130 1,920 NIKE, Cl. B............. 143,280 2,131 Nordstrom .............. 89,502 365 Oshkosh B'Gosh.......... 5,110 495 Outboard Marine......... 9,714 1,030 PACCAR.................. 45,578 6,159 Penney (J.C.)........... 274,845 1,600 Pep Boys-Manny, Moe & Jack 49,600 20,776 PepsiCo................. 753,130 1,220 Polaroid ............... 39,650 5,692(a) Price/Costco 73,285 2,654(a) Promus Cos. 82,274 2,130 Reebok International.... 84,135 2,208 Rite Aid................ 51,612 4,225 Rubbermaid.............. 121,469 1,025 Russell................. 32,159 300 SPX..................... 4,988 1,485 Safety-Kleen............ 21,904 9,740 Seagram................. 287,330 1,040(a) Shoney's 13,260 3,722 Southwest Airlines...... 62,344 450 Springs Industries...... 16,650 1,250 Stride Rite............. 13,906 SHARES COMMON STOCKS (CONTINUED) VALUE ---------- ------------ CONSUMER DISCRETIONARY (CONTINUED) 1,890 TJX Cos................. $ 29,531 730 TRINOVA................. 21,444 1,665 Tandy................... 83,458 7,480(a) Toys R Us 228,140 1,538(a) USAir Group 6,729 1,680 V.F..................... 81,690 60,164 Wal-Mart Stores......... 1,278,485 3,225 Walgreen................ 141,094 2,620 Wendy's International... 37,663 1,945 Whirlpool............... 97,736 3,420 Woolworth (F.W.)........ 51,300 1,150(a) Zenith Electronics 13,369 ------------ 13,339,988 ------------ ENERGY & RELATED-9.0% 2,453 Amerada Hess............ 111,918 13,038 Amoco................... 770,872 1,582 Ashland Oil............. 54,579 4,210 Atlantic Richfield...... 428,367 3,670 Baker Hughes............ 66,977 3,380 Burlington Resources.... 118,300 17,060 Chevron................. 761,302 2,705 Coastal................. 69,654 4,790 Dresser Industries...... 90,411 32,534 Exxon................... 1,976,440 915 Foster Wheeler.......... 27,221 2,986 Halliburton............. 98,911 625 Helmerich & Payne....... 16,016 1,351 Kerr-McGee.............. 62,146 885 Louisiana Land & Exploration 32,192 1,415 McDermott International. 35,021 10,405 Mobil................... 876,621 8,170 Occidental Petroleum.... 157,272 2,590 Oryx Energy............. 30,756 1,205 Pennzoil................ 53,171 6,830 Phillips Petroleum...... 223,683 2,135(a) Rowan Cos. 13,077 14,041 Royal Dutch Petroleum... 1,509,408 2,318(a) Santa Fe Energy Resources 18,544 6,375 Schlumberger............ 321,141 2,795 Sun..................... 80,356 6,780 Texaco.................. 405,953 7,495 USX-Marathon Group...... 122,731 6,375 Unocal.................. 173,719 ------------ 8,706,759 ------------ DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1994 SHARES COMMON STOCKS (CONTINUED) VALUE ---------- ------------ FINANCE-8.9% 2,960 Aetna Life & Casualty... $ 139,490 3,045 Ahmanson (H.F.) & Co.... 49,101 1,105 Alexander & Alexander Services 20,442 13,305 American Express........ 392,497 5,455 American General........ 154,104 8,277 American International Group 811,146 10,650 Banc One ............... 270,244 2,800 Bank of Boston.......... 72,450 9,708 BankAmerica............. 383,466 2,070 Bankers Trust New York.. 114,626 2,525 Barnett Banks........... 96,897 1,376 Beneficial.............. 53,664 2,750 Boatmen's Bancshares.... 74,594 1,885 CIGNA................... 119,933 4,844 Chase Manhattan......... 166,512 6,416 Chemical Banking........ 230,174 2,275 Chubb................... 176,028 10,306 Citicorp................ 426,411 1,430 Continental............. 27,170 3,749 CoreStates Financial.... 97,474 4,725 Federal Home Loan Mortgage 238,612 2,409 First Chicago........... 115,030 2,135 First Fidelity Bancorp.. 95,808 1,991 First Interstate Bancorp 134,641 4,595 First Union............. 190,118 3,525 Fleet Financial Group... 114,562 2,130 General Re.............. 263,587 1,620 Golden West Financial... 57,105 3,465 Great Western Financial. 55,440 2,510 Household International 93,184 1,300 Jefferson-Pilot......... 67,438 6,380 KeyCorp................. 159,500 2,505 Lincoln National........ 87,675 3,873 Mellon Bank............. 118,611 5,076 Merrill Lynch & Co...... 181,467 4,954 Morgan (J.P.) & Co...... 277,424 4,210 NBD Bancorp............. 115,249 3,897 National City........... 100,835 8,066 Norwest................. 188,543 6,105 PNC Financial........... 128,968 2,560 Providian............... 79,040 1,645 SAFECO.................. 85,540 2,185 St. Paul Cos............ 97,779 9,207 Sears, Roebuck & Co..... 423,522 3,130 Shawmut National........ 51,254 SHARES COMMON STOCKS (CONTINUED) VALUE ---------- ------------ FINANCE (CONTINUED) 3,110 SunTrust Banks.......... $ 148,503 1,897 Torchmark............... 66,158 1,831 Transamerica............ 91,092 8,448 Travelers .............. 274,560 1,960 UNUM.................... 73,990 2,365 USF & G................. 32,223 585 USLIFE.................. 20,402 2,575 U.S. Bancorp............ 58,259 4,499 Wachovia ............... 145,093 1,362 Wells Fargo & Co........ 197,490 ------------ 8,505,125 ------------ GENERAL BUSINESS-6.7% 12,942(a) Airtouch Communications 376,936 1,930 American Greetings...... 52,110 3,675 Automatic Data Processing 214,987 2,790 Block (H & R)........... 103,579 1,615 CBS..................... 89,431 4,055 Capital Cities/ABC...... 345,689 2,530 Circuit City Stores..... 56,292 6,832(a) Cisco Systems 239,974 6,199 Comcast, Cl. A.......... 97,247 4,467 Dean Witter, Discover & Co. 151,320 2,140 Deluxe.................. 56,710 2,385 Dial.................... 50,681 4,015 Donnelley (R.R.) & Sons. 118,442 2,625 Dow Jones & Co.......... 81,375 4,450 Dun & Bradstreet........ 244,750 1,460(a) Federal Express 87,965 2,888 First Data.............. 136,819 3,720 Gannett ................ 198,090 780 Harland (John H.)....... 15,600 2,786 ITT..................... 246,909 2,000 Interpublic Group of Cos. 64,250 1,415 Knight-Ridder........... 71,457 3,870 MBNA.................... 90,461 1,909 Marsh & McLennan Cos.... 151,288 1,307 McGraw-Hill............. 87,406 360 Meredith ............... 16,785 11,016 Minnesota Mining & Manufacturing 587,979 3,845 Morton International.... 109,582 750(a) National Education 3,094 1,305 National Service Industries 33,441 7,258 NationsBank............. 327,517 2,760 New York Times, Cl. A... 61,065 DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1994 SHARES COMMON STOCKS (CONTINUED) VALUE ---------- ------------ GENERAL BUSINESS (CONTINUED) 1,540(a) Rollins Environmental Services $ 7,508 2,770 Salomon................. 103,875 2,260 Service Corporation International 62,715 1,695 TRW..................... 111,870 15,053(a) Tele-Communications, Cl. A 327,403 1,435 Teledyne................ 28,879 2,310 Textron................. 116,366 9,940 Time Warner............. 349,143 3,348 Times Mirror............ 105,044 1,755 Tribune................. 96,086 3,290 United Technologies..... 206,859 9,349(a) Viacom, Cl. B (non-voting) 379,803 2,740 Whitman................. 47,265 ------------ 6,512,047 ------------ MANUFACTURING-PROCESSING--6.2% 1,110 ASARCO.................. 31,635 2,960 Air Products & Chemicals 132,090 5,880 Alcan Aluminium......... 149,205 2,360 Aluminum Co. Of America. 204,435 9,123 American Barrick Resources 202,987 2,640(a) Armco 17,490 1,470 Avery Dennison.......... 52,185 755 Ball.................... 23,782 1,340 Bemis................... 32,160 2,849(a) Bethlehem Steel 51,282 2,320(a) Crown Cork & Seal 87,580 2,400 Cyprus Amax Minerals.... 62,700 7,254 Dow Chemical............ 487,831 17,860 DuPont (E.I.) de Nemours 1,004,625 525 Eastern Enterprises..... 13,781 2,885 Echo Bay Mines.......... 30,653 1,645 Ecolab.................. 34,545 2,497 Engelhard............... 55,558 970(a) FMC 56,017 1,120 Federal Paper Board..... 32,480 505 First Mississippi....... 12,625 2,440 Grace (W.R.) & Co....... 94,245 1,820 Great Lakes Chemical.... 103,740 1,065 Hercules................ 122,874 3,585 Homestake Mining........ 61,393 3,055 Inco.................... 87,449 1,165(a) Inland Steel Industries 40,921 3,268 International Paper..... 246,325 2,115 James River............. 42,829 4,187 Kimberly-Clark.......... 211,444 SHARES COMMON STOCKS (CONTINUED) VALUE ---------- ------------ MANUFACTURING-PROCESSING (CONTINUED) 1,990 Mallinckrodt Group...... $ 59,451 3,435(a) Maxus Energy 11,593 1,560 Mead.................... 75,855 3,080 Monsanto................ 217,140 2,570 Moore................... 48,509 235 NACCO Industries........ 11,368 1,800 Nalco Chemical.......... 60,300 2,272 Newmont Mining.......... 81,792 2,310 Nucor................... 128,205 1,150 Ogden................... 21,563 5,590 PPG Industries.......... 207,529 1,850 Phelps Dodge............ 114,469 1,055 Pittston................ 27,958 6,235 Placer Dome............. 135,611 3,583 Praxair................. 73,452 1,630 Reynolds Metals......... 79,870 1,770 Rohm & Haas............. 101,111 1,985 Scott Paper............. 137,213 1,315 Sigma Aldrich........... 43,395 2,320(a) Stone Container 40,020 1,455 Temple-Inland........... 65,657 1,969 USX-U.S. Steel.......... 69,900 1,835 Union Camp.............. 86,474 3,945 Union Carbide........... 115,884 1,750 Westvaco ............... 68,688 2,493 Williams Cos............ 62,637 2,332 Worthington Industries.. 46,640 ------------ 5,979,150 ------------ SHELTER--2.3% 990 Armstrong World Industries 38,115 970 Boise Cascade........... 25,947 805 Centex.................. 18,314 2,415 Champion International . 88,147 805 Crane................... 21,634 7,180 Federal National Mortgage Association 523,242 1,205 Fleetwood Enterprises... 22,594 2,387 Georgia-Pacific......... 170,670 11,821 Home Depot.............. 543,766 1,090 Johnson Controls........ 53,410 820 Kaufman & Broad Home.... 10,558 2,920 Louisiana-Pacific....... 79,570 4,210 Masco................... 95,251 4,095 Newell.................. 85,995 1,145(a) Owens Corning Fiberglas 36,640 DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1994 SHARES COMMON STOCKS (CONTINUED) VALUE ---------- ------------ SHELTER (CONTINUED) 750 Potlatch................ $ 27,938 690 Pulte................... 15,870 2,220 Sherwin-Williams........ 73,538 285 Skyline................. 5,486 1,090 Snap-on Tools........... 36,243 1,180 Stanley Works........... 42,185 5,405 Weyerhaeuser............ 202,688 ------------ 2,217,801 ------------ TRANSPORTATION--1.2% 1,965(a) AMR 104,636 2,320 Burlington Northern..... 111,650 2,750 CSX..................... 191,469 2,045 Conrail................. 103,272 955(a) Consolidated Freightways 21,368 3,560 Norfolk Southern........ 215,825 1,045 Roadway Services........ 59,304 2,015 Ryder System............ 44,330 4,824(a) Santa Fe Pacific 84,420 5,350 Union Pacific........... 244,094 700 Yellow.................. 16,713 ------------ 1,197,081 ------------ UTILITIES--11.8% 4,906 ALLTEL.................. 147,793 40,945 AT&T.................... 2,057,486 4,818 American Electric Power. 158,392 14,425 Ameritech............... 582,409 3,842 Baltimore Gas & Electric 85,004 11,455 Bell Atlantic........... 569,886 12,990 BellSouth............... 703,084 4,180 Carolina Power & Light.. 111,292 4,950 Central & South West.... 111,994 3,828 Cinergy................. 89,479 1,325(a) Columbia Gas System 31,137 6,145 Consolidated Edison Co. of New York 158,234 2,410 Consolidated Natural Gas 85,555 3,835 Detroit Edison.......... 100,189 4,495 Dominion Resources...... 160,696 5,350 Duke Power ............. 203,969 1,725 ENSERCH................. 22,641 6,645 Enron................... 202,672 5,938 Entergy................. 129,894 4,970 FPL Group............... 174,571 25,205 GTE..................... 765,602 3,410 Houston Industries...... 121,481 17,741 MCI Communications...... 325,991 1,390 NICOR................... 31,623 11,066 NYNEX................... 406,676 3,735 Niagara Mohawk Power.... 53,224 SHARES COMMON STOCKS (CONTINUED) VALUE ---------- ------------ UTILITIES (CONTINUED) 3,115 Noram Energy............ $ 16,743 1,745 Northern States Power... 76,780 680 ONEOK................... 12,240 3,960 Ohio Edison............. 73,260 5,803 PECO Energy............. 142,174 2,116 Pacific Enterprises..... 44,965 11,315 Pacific Gas & Electric.. 275,803 11,105 Pacific Telesis Group... 316,493 7,410 PacifiCorp.............. 134,306 3,785 Panhandle Eastern....... 74,754 920 Peoples Energy.......... 24,035 6,390 Public Service Enterprise Group 169,335 11,710 SCEcorp................. 171,259 2,260 Sonat................... 63,280 17,145 Southern................ 342,900 15,700 Southwestern Bell....... 633,888 9,115 Sprint.................. 251,802 4,472 Tenneco................. 190,060 5,885 Texas Utilities......... 188,320 1,035 Transco Energy.......... 17,207 5,605 Unicom.................. 134,520 2,685 Union Electric.......... 94,982 11,967 US West................. 426,324 ------------ 11,466,404 ------------ TOTAL COMMON STOCKS (cost $84,544,224) $87,657,510 ============ PRINCIPAL SHORT-TERM AMOUNT INVESTMENTS--9.3% VALUE ---------- ------------ U. S. TREASURY BILLS: $1,559,000(b) 4.86%, 1/5/95........... $ 1,542,432 1,250,000(b) 5.00%, 1/26/95 1,234,253 563,000(b) 5.09%, 2/9/95 555,378 1,591,000(b) 5.21%, 2/16/95 1,569,720 310,000(b) 5.33%, 2/23/95 305,983 1,934,000(b) 5.59%, 3/9/95 1,906,310 521,000(b) 5.67%, 3/16/95 513,749 430,000(b) 5.71%, 3/23/95 423,923 999,000(b) 5.55%, 4/6/95 983,312 ------------ TOTAL SHORT-TERM INVESTMENTS (cost $9,035,060) $ 9,035,060 ============ TOTAL INVESTMENTS (cost $93,579,284).......... 99.9% $96,692,570 ====== ============ CASH AND RECEIVABLES (NET).. .1% $ 113,653 ====== ============ NET ASSETS.................. 100.0% $96,806,223 ====== ============ (a) Non-income producing. (b) Held in a segregated account as collateral for open financial futures positions. See notes to financial statements.
DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 STATEMENT OF FINANCIAL FUTURES DECEMBER 31, 1994 FINANCIAL FUTURES LONG; - ------------------------------- MARKET VALUE UNREALIZED NUMBER OF COVERED APPRECIATION CONTRACTS BY CONTRACTS EXPIRATION AT 12/31/94 ------------ -------------- ------------- ------------- Standard & Poor's 500........................ 38 $8,765,650 March '95 $100,450 ==========
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 DECEMBER 31, 1994 ASSETS: Investments in securities, at value (cost $93,579,284)--see statement..................................... $96,692,570 Cash.................................................................... 26,080 Dividends and interest receivable....................................... 302,183 Receivable for subscriptions to Common Stock............................ 190,843 ------------- 97,211,676 LIABILITIES: Due to The Dreyfus Corporation.......................................... $ 46,508 Due to Wells Fargo Nikko Investment Advisors............................ 46,508 Payable for Common Stock redeemed ...................................... 153,971 Payable for futures variation margin_Note 3(a).......................... 60,250 Due to Wells Fargo Institutional Trust Company, N.A..................... 16,736 Payable for investment securities purchased............................. 2,173 Accrued expenses........................................................ 79,307 405,453 ---------- ------------- NET ASSETS ................................................................ $96,806,223 ============= REPRESENTED BY: Paid-in capital......................................................... $94,430,237 Accumulated undistributed investment income--net........................ 25,689 Accumulated distributions in excess of net realized gain on investments_Note 1(c) (863,439) Accumulated net unrealized appreciation on investments (including $100,450 net unrealized appreciation on financial futures)_Note 3(b).................................................... 3,213,736 ------------- NET ASSETS at value applicable to 7,480,116 shares outstanding (200 million shares of $.001 par value Common Stock authorized)...................... $96,806,223 ============= NET ASSET VALUE, per share ($96,806,223 / 7,480,116 shares)........................................ $12.94 =======
See notes to financial statements.
DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1994 INVESTMENT INCOME: INCOME: Cash dividends (net of foreign taxes witheld at source of $7,034)..... $2,111,790 Interest.............................................................. 193,576 ------------ TOTAL INCOME.................................................... $2,305,366 EXPENSES: Index management fee--Note 2(a)....................................... $ 116,361 Administration fee_Note 2(a).......................................... 116,361 Auditing fees......................................................... 84,907 Prospectus and shareholders' reports.................................. 27,984 Custodian fees_Note 2(c).............................................. 22,284 Shareholder servicing costs_Note 2(b)................................. 18,359 Directors' fees and expenses_Note 2(d)................................ 16,432 Legal fees............................................................ 15,517 Registration fees..................................................... 5,670 Miscellaneous......................................................... 17,245 ------------ 441,120 Less_reduction in index management fee and administration fee due to undertaking_Note 2(a)...................................... 127,153 ------------ TOTAL EXPENSES.................................................. 313,967 ------------ INVESTMENT INCOME--NET.......................................... 1,991,399 ------------ REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS: Net realized gain on investments--Note 3(a)............................. $ 439,443 Net realized (loss) on financial futures_Note 3(a)...................... (239,890) ------------ NET REALIZED GAIN..................................................... 199,553 Net unrealized (depreciation) on investments (including $102,075 net unrealized appreciation on financial futures)......................... (1,356,172) ------------ NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS............... (1,156,619) ------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 834,780 ============
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 DECEMBER 31, ------------------------------- 1993 1994 ------------- ------------- OPERATIONS: Investment income--net.................................................. $ 1,100,602 $ 1,991,399 Net realized gain on investments........................................ 8,512,323 199,553 Net unrealized (depreciation) on investments for the year............... (5,843,385) (1,356,172) ------------- ------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. 3,769,540 834,780 ------------- ------------- DIVIDENDS TO SHAREHOLDERS: From investment income--net............................................. (1,029,496) (1,968,656) 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) (429,123) ------------- ------------- TOTAL DIVIDENDS....................................................... (12,791,349) (2,397,779) ------------- ------------- CAPITAL STOCK TRANSACTIONS: Net proceeds from shares sold........................................... 40,165,929 47,033,174 Dividends reinvested.................................................... 14,046,814 2,397,779 Cost of shares redeemed................................................. (53,943,720) (12,380,738) ------------- ------------- INCREASE IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS................ 269,023 37,050,215 ------------- ------------- TOTAL INCREASE (DECREASE) IN NET ASSETS........................... (8,752,786) 35,487,216 NET ASSETS: Beginning of year....................................................... 70,071,793 61,319,007 ------------- ------------- End of year [including distributions in excess of investment income-net; ($90,054) in 1993 and undistributed investment income_net; $25,689 in 1994]..... $61,319,007 $96,806,223 ============= ============== SHARES SHARES ------------- ------------- CAPITAL SHARE TRANSACTIONS: Shares sold............................................................. 2,578,683 3,593,641 Shares issued for dividends reinvested.................................. 1,010,623 186,922 Shares redeemed......................................................... (3,516,794) (945,685) ------------- ------------- NET INCREASE IN SHARES OUTSTANDING.................................... 72,512 2,834,878 ============= ==============
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 year indicated. This information has been derived from the Fund's financial statements. FOUR MONTHS YEAR ENDED ENDED YEAR ENDED AUGUST 31, DECEMBER 31, DECEMBER 31, ----------------------------- ------------------ PER SHARE DATA: 1990(1) 1991 1992 1992 1993 1994 ------ ------ ------ ------ ------ ------ Net asset value, beginning of year............. $12.50 $11.62 $14.20 $14.87 $15.32 $13.20 ------ ------ ------ ------ ------ ------ INVESTMENT OPERATIONS: Investment income--net......................... .38 .39 .37 .13 .37 .32 Net realized and unrealized gain (loss) on investments (.95) 2.60 .68 .77 1.04 (.21) ------ ------ ------ ------ ------ ------ TOTAL FROM INVESTMENT OPERATIONS............. (.57) 2.99 1.05 .90 1.41 .11 ------ ------ ------ ------ ------ ------ DISTRIBUTIONS: Dividends from investment income--net.......... (.31) (.39) (.38) (.21) (.34) (.31) Dividends in excess of investment income_net... -- -- -- -- (.03) -- Dividends from net realized gain on investments -- (.02) -- (.24) (3.00) -- Dividends in excess of net realized gain on investments............................... -- -- -- -- (.16) (.06) ------ ------ ------ ------ ------ ------ TOTAL DISTRIBUTIONS.......................... (.31) (.41) (.38) (.45) (3.53) (.37) ------ ------ ------ ------ ------ ------ Net asset value, end of year................... $11.62 $14.20 $14.87 $15.32 $13.20 $12.94 ====== ====== ====== ====== ====== ====== TOTAL INVESTMENT RETURN (4.73%)(2) 26.26% 7.49% 6.05%(2) 9.33% .88% RATIOS/SUPPLEMENTAL DATA: Ratio of expenses to average net assets........ .37%(2) .40% .40% .13%(2) .40% .40% Ratio of net investment income to average net assets 3.12%(2) 3.05% 2.63% .85%(2) 2.38% 2.57% Decrease reflected in above expense ratios due to undertakings by WFNIA and Dreyfus............ .17%(2) .11% .13% .03%(2) .27% .16% Portfolio Turnover Rate........................ .99%(2) 1.02% 7.66% 6.94%(2) 71.71% 2.82% Net Assets, end of year (000's Omitted)........ $48,184 $62,400 $74,446 $70,072 $61,319 $96,806
- ------------------------------ (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 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. Prior to August 24, 1994, Dreyfus Service Corporation, a wholly-owned subsidiary of Dreyfus, acted as the exclusive distributor of the Fund's shares, which are sold without a sales charge. Effective August 24, 1994, Dreyfus became a direct subsidiary of Mellon Bank, N.A. Effective May 1, 1994, your Fund began operating under the name Dreyfus Stock Index Fund. On August 24, 1994, Premier Mutual Fund Services, Inc. (the "Distributor") was engaged as the Fund's distributor. The Distributor, located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned subsidiary of Institutional Administration Services, Inc., a provider of mutual fund administration services, the parent company of which is Boston Institutional Group, Inc. (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. Dividends in excess of net realized gain for financial statement purposes result from Federal income tax distribution requirements, primarily losses from securities transactions incurred in prior years. During the year ended 1994, the Fund reclassified $100,934 of expenses from undistributed investment income to paid-in capital and net assets were not affected by the change. (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 DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)-SEE NOTE 1 NOTES TO FINANCIAL STATEMENTS (CONTINUED) 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 substantially all Federal income and excise 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, 1994 until December 31, 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 year ended December 31, 1994, $63,576 and $63,577, respectively. (B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses Dreyfus Service Corporation 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 year ended December 31, 1994, the Fund was charged an aggregate of $2,179 pursuant to the Shareholder Services Plan. (C) During the year ended December 31, 1994, Wells Fargo Institutional Trust Company, N.A. earned $22,284 for custodian services provided to the Fund. (D) Prior to August 24, 1994, certain officers and directors of the Fund were "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. 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, 1994 amounted to $32,879,576 and $2,068,451, respectively. DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)-SEE NOTE 1 NOTES TO FINANCIAL STATEMENTS (CONTINUED) 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, 1994, accumulated net unrealized appreciation on investments was $3,213,736, consisting of $7,122,194 gross unrealized appreciation and $3,908,458 gross unrealized depreciation. At December 31, 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 STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)-SEE NOTE 1 REPORT OF INDEPENDENT ACCOUNTANTS TO THE SHAREHOLDERS AND BOARD OF DIRECTORS OF DREYFUS STOCK INDEX FUND: We have audited the accompanying statement of assets and liabilities of Dreyfus Stock Index Fund, incorporated as Dreyfus Life and Annuity Index Fund, Inc. (the Fund), including the statements of investments and financial futures, as of December 31, 1994, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended, for the period September 1, 1992 to December 31, 1992, the years ended August 31, 1992, and 1991, and for the period from September 28, 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, 1994, 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 Dreyfus Stock Index Fund as of December 31, 1994, the results of its operations, the changes in its net assets, and the financial highlights for the periods referred to above, in conformity with generally accepted accounting principles. COOPERS & LYBRAND L.L.P. New York, New York February 17, 1995 DREYFUS STOCK INDEX FUND (INCORPORATED AS DREYFUS LIFE AND ANNUITY INDEX FUND, INC.)--SEE NOTE 1 IMPORTANT TAX INFORMATION (UNAUDITED) For Federal tax purposes the Fund hereby designates $.0015 per share as a long-term capital gain distribution of the $.0035 per share paid on September 1, 1994. The Fund also designates $.050 per share as a long-term capital gain distribution of the $.1450 per share paid on December 30, 1994. (Dreyfus `D' Logo) DREYFUS STOCK INDEX FUND 200 Park Avenue New York, NY 10166 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. 763AR9412 (Dreyfus Logo) Stock Index Fund Annual Report December 31, 1994 (Dreyfus Lion Logo) EX-99.A 2 TABLE FOR GRAPH IN PRESIDENT'S LETTER COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS STOCK INDEX FUND AND THE STANDARD & POOR'S 500 COMPOSITE STOCK PRICE INDEX EXHIBIT A: ___________________________________________________ | | STANDARD | | | | & POOR'S 500 | | | PERIOD | COMPOSITE STOCK | DREYFUS STOCK | | | PRICE INDEX * | INDEX FUND | | ---------| ------------------ | -----------------| | 9/29/89 | 10,000 | 10,000 | | 12/31/89 | 10,205 | 10,216 | | 12/31/90 | 9,888 | 9,860 | | 12/31/91 | 12,893 | 12,803 | | 12/31/92 | 13,875 | 13,713 | | 12/31/93 | 15,270 | 14,993 | | 12/31/94 | 15,471 | 15,125 | | --------------------------------------------------- *Source: Lipper Analytical Services, Inc. -----END PRIVACY-ENHANCED MESSAGE-----