0000846800-95-000007.txt : 19950915
0000846800-95-000007.hdr.sgml : 19950915
ACCESSION NUMBER: 0000846800-95-000007
CONFORMED SUBMISSION TYPE: N-30D
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 19950630
FILED AS OF DATE: 19950913
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: 95573515
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
SEMI-ANNUAL REPORT
DREYFUS STOCK INDEX FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report that during the latest six-month fiscal period,
ended June 30, 1995, Dreyfus Stock Index Fund rose strongly in net asset
value, in tandem with the Standard & Poor's 500 Composite Stock Price Index.
Total return for the Fund was 19.84%.* This compares with 20.19% for the
S&P 500.** The difference is accounted for by the transaction costs and other
expenses incurred in managing the Fund. 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 Fund withstood the last of the Federal Reserve Board's increases in
interest rates last February. Since then, the course of stock prices, and
hence of the Fund, has been upward.
During the last few months, investors were concerned whether the Fed had
overdone its money-tightening steps to curb inflation, and perhaps induced
the makings of a recession. As more economic statistics were issued from
Washington, the consensus was that the economy was heading for the
much-acclaimed "soft landing" -- a slowdown without a recession.
In the meantime, the rate of inflation, which the Federal Reserve had set
out to curb, remained very subdued. This encouraged the Fed in early July to
make a modest reduction in interest rates. The stock market, as is its
function, had anticipated that this would occur, which was a major reason for
the market's strength as the end of June approached.
Now that the Fed has sanctioned still lower interest rates, market
observers seem to expect more of the same if the economy requires this kind
of boost. Declining interest rates are seen as favorable for stock prices
and, of course, also for the bond market. Now a new concern has arisen --
whether the Federal Reserve may have acted imprudently in cutting interest
rates, thus risking a revival of price and wage inflation.
The coming months will tell whether the economic scenario plays out as
the Federal Reserve expects.
Sincerely,
The Dreyfus Corporation
Administrator
July 12, 1995
New York, N.Y.
* Total return represents the change 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 stock market performance.
DREYFUS STOCK INDEX FUND
STATEMENT OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
SHARES COMMON STOCKS-94.3% VALUE
-------- -----------------
CAPITAL GOODS-18.1%
9,386 AMP................................. $ 396,558
4,643 Advanced Micro Devices...........(a) 168,889
2,497 Alco Standard ...................... 199,448
12,830 Allied-Signal ...................... 570,935
5,351 Amdahl ..........................(a) 59,530
1,727 Andrew ..........................(a) 99,950
5,461 Apple Computer...................... 253,595
3,779 Applied Materials ...............(a) 327,356
2,112 Autodesk .......... ................ 90,816
3,796 Black & Decker...................... 117,201
15,347 Boeing.............................. 961,106
1,315 Briggs & Stratton................... 45,367
9,573 Browning-Ferris Industries.......... 345,825
5,191 CUC International................(a) 218,022
9,017 Caterpillar......................... 579,342
2,062 Ceridian.........................(a) 76,036
1,554 Cincinnati Milacron................. 41,958
19,969 Columbia/HCA Healthcare............. 863,659
11,770 Compaq Computer..................(a) 534,064
7,164 Computer Associates
International....................... 485,361
2,521 Computer Sciences................(a) 143,382
5,321 Cooper Industries................... 210,179
10,270 Corning............................. 336,342
1,135 Cray Research....................(a) 27,666
5,157 DSC Communications...............(a) 239,800
7,176 Darden Restaurants.................. 78,039
1,574 Data General.....................(a) 15,150
3,934 Deere & Co.......................... 336,849
6,567 Digital Equipment................(a) 267,605
2,505 Dover............................... 182,239
2,391 EG & G.............................. 40,049
3,724 Eastman Chemical.................... 221,578
3,502 Eaton............................... 203,554
10,499 Emerson Electric ................... 750,678
3,712 Fluor............................... 193,024
2,828 General Dynamics.................... 125,493
76,217 General Electric.................... 4,296,733
2,131 General Signal...................... 84,707
1,544 Giddings & Lewis.................... 27,599
2,271 Grainger (W. W.).................... 133,421
2,068 Harnischfeger Industries............ 71,605
1,738 Harris.............................. 89,724
22,991 Hewlett-Packard..................... 1,712,830
5,694 Honeywell........................... 245,554
SHARES COMMON STOCKS (CONTINUED) VALUE
-------- ----------------
CAPITAL GOODS (CONTINUED)
5,192 Illinois Tool Works................. $ 285,560
4,753 Ingersoll-Rand...................... 181,802
37,266 Intel............................... 2,359,404
2,042 Intergraph.......................(a) 22,717
26,185 International Business Machines..... 2,513,760
9,045 Lockheed Martin..................... 570,966
3,860 Loral............................... 199,755
2,162 Lotus Development................(a) 137,828
1,160 M/A-COM..........................(a) 13,630
5,101 McDonnell Douglas................... 391,502
9,210 Micron Technology................... 505,399
26,211 Microsoft........................(a) 2,368,819
1,389 Morrison Knudsen.................... 9,376
26,513 Motorola............................ 1,779,685
5,560 National Semiconductor...........(a) 154,290
3,334 Navistar International...........(a) 50,427
11,460 Northern Telecom.................... 418,290
2,187 Northrop Grumman.................... 113,997
16,513 Novell...........................(a) 329,228
19,444 Oracle...........................(a) 751,025
5,261 Pall................................ 117,057
3,365 Parker-Hannifin..................... 121,981
1,911 Perkin-Elmer........................ 67,841
6,790 Pitney Bowes........................ 260,566
1,983 Raychem............................. 76,098
5,557 Raytheon............................ 431,362
9,761 Rockwell International.............. 446,566
5,904 Santa Fe Pacific Gold............... 71,586
3,473 Scientific-Atlanta.................. 76,406
7,141 Silicon Graphics.................(a) 284,747
4,285 Sun Microsystems.................(a) 207,823
5,266 Tandem Computers.................(a) 84,914
1,415 Tektronix........................... 69,689
4,153 Texas Instruments................... 555,983
896 Thomas & Betts...................... 61,264
5,098 Times Mirror, Cl.C.................. 121,715
1,429 Timken.............................. 65,913
3,474 Tyco Laboratories................... 187,596
7,777 Unisys...........................(a) 84,575
1,856 Varity...........................(a) 81,664
21,741 WMX Technologie..................... 616,901
2,417 Western Atlas....................(a) 107,254
16,122 Westinghouse Electric............... 235,784
4,781 Xerox............................... 560,572
557 Zurn Industries..................... 11,140
----------------
34,633,275
----------------
DREYFUS STOCK INDEX FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1995 (UNAUDITED)
SHARES COMMON STOCKS (CONTINUED) VALUE
------------ ---------------
CONSUMER BASIC-15.5%
3,680 ALZA.............................(a) $ 86,020
35,947 Abbott Laboratories................. 1,455,853
11,470 Albertson's......................... 341,232
2,909 Allergan............................ 78,907
8,472 American Brands..................... 336,762
13,909 American Home Products.............. 1,076,209
5,919 Amgen............................(a) 476,110
23,209 Archer-Daniels-Midland.............. 432,268
2,396 Bard (C. R.)........................ 71,880
2,651 Bausch & Lomb....................... 110,016
12,545 Baxter International................ 456,324
2,988 Becton Dickinson & Co............... 174,051
4,431 Beverly Enterprises..............(a) 54,834
5,242 Biomet...........................(a) 81,251
6,765 Boston Scientific................(a) 215,634
22,795 Bristol-Myers Squibb................ 1,552,909
3,457 Bruno's............................. 40,188
6,581 CPC International................... 406,377
11,220 Campbell Soup....................... 549,780
2,351 Clorox.............................. 153,403
6,499 Colgate-Palmolive................... 475,239
1,963 Community Psychiatric Centers....... 22,084
11,080 ConAgra............................. 386,415
1,668 Fleming Cos......................... 44,202
7,076 General Mills....................... 363,529
2,685 Giant Food.......................... 76,187
1,688 Great Atlantic & Pacific Tea........ 44,521
11,001 Heinz (H. J.)....................... 488,169
3,941 Hershey Foods....................... 217,740
29,073 Johnson & Johnson................... 1,966,062
9,868 Kellogg............................. 704,328
5,066 Kroger...........................(a) 136,149
13,175 Lilly (Eli) & Co.................... 1,034,237
2,770 Manor Care.......................... 80,676
5,147 Medtronic........................... 396,962
55,705 Merck & Co.......................... 2,729,545
990 Millipore........................... 66,825
14,218 Pfizer.............................. 1,313,388
38,023 Philip Morris Cos................... 2,827,961
3,798 Pioneer Hi Bred International....... 159,516
2,699 Premark International............... 140,011
30,979 Procter & Gamble.................... 2,226,616
6,072 Quaker Oats......................... 199,617
4,481 Ralston-Purina Group ............... 228,531
2,361 Ryan's Family Steak House........(a) 18,593
2,082 St. Jude Medical.................... 104,360
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- -----------------
CONSUMER BASIC (CONTINUED)
21,592 Sara Lee............................ $ 615,372
16,774 Schering-Plough..................... 740,153
1,026 Shared Medical Systems.............. 41,168
3,103 Supervalu........................... 90,375
8,260 Sysco............................... 243,670
8,990 Tenet Healthcare.................(a) 129,231
8,773 UST................................. 260,997
7,166 Unilever, N. V...................... 932,476
7,828 United Healthcare................... 323,884
7,255 US HealthCare....................... 222,184
2,560 U.S. Surgical....................... 53,440
7,782 Upjohn.............................. 294,743
6,103 Warner-Lambert...................... 527,147
3,388 Winn-Dixie Stores................... 195,657
5,189 Wrigley (Wm) Jr..................... 240,640
-----------------
29,512,608
-----------------
CONSUMER DISCRETIONARY-14.1%
1,225 Alberto-Culver Cl. B Convertible.... 37,056
6,640 American Stores..................... 186,750
11,494 Anheuser-Busch Cos.................. 653,721
3,098 Avon Products....................... 207,566
2,067 Bally Entertainment..............(a) 25,321
630 Bassett Furniture Industries........ 17,640
3,152 Brown-Forman........................ 105,198
846 Brown Group......................... 19,246
4,290 Brunswick........................... 72,930
4,473 Charming Shoppes.................... 23,483
16,663 Chrysler............................ 797,741
57,045 Coca-Cola........................... 3,636,619
3,746 Cooper Tire & Rubber................ 91,309
1,683 Coors (Adolph)...................... 27,559
1,798 Cummins Engine...................... 78,438
4,522 Dana................................ 129,442
3,268 Dayton-Hudson....................... 234,479
2,266 Delta Air Lines..................... 167,117
5,047 Dillard Department Stores, Cl. A.... 148,256
23,476 Disney (Walt)....................... 1,305,852
15,306 Eastman Kodak....................... 927,926
2,680 Echlin.............................. 93,130
46,233 Ford Motor.......................... 1,375,432
3,375 Fruit of the Loom, Cl.A..........(a) 71,297
6,521 Gap................................. 227,420
33,652 General Motors...................... 1,577,437
5,530 Genuine Parts....................... 209,449
20,000 Gillette............................ 892,500
1,195 Goodrich (B. F.).................... 64,082
DREYFUS STOCK INDEX FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1995 (UNAUDITED)
SHARES COMMON STOCKS (CONTINUED) VALUE
--------- -----------------
CONSUMER DISCRETIONARY (CONTINUED)
6,853 Goodyear Tire & Rubber.............. $ 282,686
1,509 Handleman........................... 14,524
3,272 Harcourt General.................... 139,060
3,906 Hasbro.............................. 124,015
2,166 Hilton Hotels....................... 152,161
5,002 International Flavors
& Fragrances..................... 248,849
2,092 Jostens............................. 44,455
20,644 K mart.............................. 301,918
1,619 King World Productions...........(a) 65,570
16,098 Limited............................. 354,156
3,377 Liz Claiborne....................... 71,761
2,697 Loews............................... 326,337
942 Longs Drug Stores................... 35,325
7,224 Lowe's Cos.......................... 215,817
1,105 Luby's Cafeterias................... 22,238
5,493 Marriott International.............. 197,061
9,974 Matte............................... 259,324
11,190 May Department Stores............... 465,784
4,843 Maytag.............................. 77,488
31,263 McDonald's.......................... 1,223,165
4,755 Melville............................ 162,859
1,634 Mercantile Stores................... 75,981
3,283 NIKE, Cl. B......................... 275,772
3,668 Nordstrom........................... 151,764
941 Outboard Marine..................... 18,467
1,723 PACCAR.............................. 80,550
10,472 Penney (J. C.)...................... 502,656
2,740 Pep Boys-Manny, Moe & Jack.......... 73,295
35,475 PepsiCo............................. 1,618,547
2,012 Polaroid............................ 81,989
8,732 Price/Costco.....................(a) 141,895
4,537 Promus Cos.......................(a) 176,943
3,567 Reebok International................ 121,278
3,844 Rite-Aid............................ 98,503
7,274 Rubbermaid.......................... 201,854
1,768 Russell............................. 50,830
547 SPX................................. 6,222
2,600 Safety-Kleen........................ 41,925
16,756 Seagram............................. 580,177
1,808 Shoney's.........................(a) 21,244
6,424 Southwest Airlines.................. 153,373
947 Springs Industries.................. 35,276
2,217 Stride Rite......................... 23,001
3,253 TJX Cos............................. 43,102
1,275 TRINOVA............................. 44,625
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- -----------------
CONSUMER DISCRETIONARY (CONTINUED)
3,268 Tandy............................... $ 169,528
12,459 Toys R Us........................(a) 364,426
2,603 USAir Group......................(a) 30,260
2,894 V.F................................. 155,553
103,386 Wal-Mart Stores..................... 2,765,576
5,530 Walgreen............................ 277,191
4,629 Wendy's International............... 82,743
3,308 Whirlpool........................... 181,940
5,974 Woolworth (F. W.)................... 90,357
2,092 Zenith Electronics...............(a) 15,429
-----------------
26,941,221
-----------------
ENERGY & RELATED-8.8%
4,188 Amerada Hess........................ 204,689
22,384 Amoco............................... 1,491,334
2,822 Ashland Oil......................... 99,123
7,209 Atlantic Richfield.................. 791,188
6,372 Baker Hughes........................ 130,626
5,710 Burlington Resources................ 210,556
29,357 Chevron............................. 1,368,770
4,738 Coastal............................. 143,917
8,185 Dresser Industries.................. 182,116
55,912 Exxon............................... 3,948,785
1,609 Foster Wheeler...................... 56,717
5,193 Halliburton......................... 185,650
1,120 Helmerich & Payne................... 33,040
2,292 Kerr-McGee.......................... 122,909
1,529 Louisiana Land & Exploration........ 60,969
2,456 McDermott International............. 59,251
17,817 Mobil............................... 1,710,432
14,270 Occidental Petroleum................ 326,426
4,624 Oryx Energy......................(a) 63,580
2,097 Pennzoil............................ 98,821
11,763 Phillips Petroleum.................. 392,590
3,696 Rowan Cos........................(a) 30,030
24,181 Royal Dutch Petroleum............... 2,947,059
3,978 Santa Fe Energy Resources........(a) 37,791
10,936 Schlumberger.....................(a) 679,399
4,803 Sun................................. 131,482
11,714 Texaco.............................. 768,731
13,349 USX-Marathon Group.................. 263,643
10,986 Unocal.............................. 303,488
-----------------
16,843,112
-----------------
FINANCE-9.7%
5,042 Aetna Life & Casualty............... 317,016
5,301 Ahmanson (H. F.) & Co............... 116,622
DREYFUS STOCK INDEX FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1995 (UNAUDITED)
SHARES COMMON STOCKS (CONTINUED) VALUE
-------- ------------
FINANCE (CONTINUED)
1,997 Alexander & Alexander Services...... $ 47,678
22,327 American Express.................... 784,236
9,222 American General.................... 311,242
14,201 American International Group........ 1,618,914
17,761 Banc One............................ 572,792
4,983 Bank of Boston...................... 186,862
8,569 Bank of New York.................... 345,973
16,824 BankAmerica......................... 885,363
3,557 Bankers Trust New York.............. 220,534
4,359 Barnett Banks....................... 223,399
2,417 Beneficial.......................... 106,348
5,651 Boatmen's Bancshares................ 199,198
3,223 CIGNA............................... 250,185
8,015 Chase Manhattan..................... 376,705
10,827 Chemical Banking.................... 511,576
3,961 Chubb............................... 317,375
17,893 Citicorp............................ 1,035,557
6,476 CoreStates Financial................ 225,850
8,146 Federal Home Loan Mortgage.......... 560,038
4,044 First Chicago....................... 242,135
3,672 First Fidelity Bancorp.............. 216,648
3,453 First Interstate Bancorp............ 277,103
7,767 First Union......................... 351,457
6,328 Fleet/Norstar Financial Group....(a) 234,927
3,692 General Re.......................... 494,267
2,610 Golden West Financial............... 122,996
6,069 Great Western Financial............. 125,173
4,319 Household International............. 213,791
2,192 Jefferson-Pilot..................... 120,012
10,691 KeyCorp............................. 335,430
4,290 Lincoln National.................... 187,688
6,599 Mellon Bank......................... 274,683
7,888 Merrill Lynch & Co.................. 414,120
8,399 Morgan (J. P.) & Co................. 588,980
7,185 NBD Bancorp......................... 229,920
6,623 National City....................... 194,551
14,548 Norwest............................. 418,255
10,267 PNC Financial....................... 270,792
4,369 Providian........................... 158,376
2,835 SAFECO.............................. 162,835
3,771 St. Paul Cos........................ 185,722
17,538 Sears, Roebuck & Co................. 1,050,088
5,904 Shawmut National.................... 188,190
5,141 SunTrust Banks...................... 299,463
3,235 Torchmark........................... 122,121
3,119 Transamerica........................ 181,682
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- -----------------
FINANCE (CONTINUED)
14,372 Travelers........................... $ 628,775
3,298 UNUM................................ 154,594
4,400 USF & G............................. 71,500
4,409 U. S. Bancorp....................... 106,092
1,081 USLIFE.............................. 43,510
7,696 Wachovia............................ 275,132
2,187 Wells Fargo & Co.................... 394,207
-----------------
18,548,678
-----------------
GENERAL BUSINESS-6.8%
22,239 AirTouch Communications..........(a) 633,812
3,343 American Greetings.................. 98,201
6,527 Automatic Data Processing........... 410,385
4,723 Block (H & R)....................... 194,233
2,755 CBS................................. 184,585
3,252 Cabletron Systems................(a) 173,169
6,930 Capital Cities/ABC.................. 748,440
4,314 Circuit City Stores................. 136,430
12,058 cisco Systems....................(a) 609,683
10,786 Comcast,, Cl. A..................... 200,215
7,564 Dean Witter, Discover & Co.......... 355,508
3,701 Deluxe.............................. 122,596
4,170 Dial................................ 103,208
6,865 Donnelley (R. R.) & Sons............ 247,140
4,409 Dow Jones & Co...................... 162,582
7,648 Dun & Bradstreet.................... 401,520
2,551 Federal Express..................(a) 154,973
5,414 First Data.......................... 307,921
6,297 Gannett............................. 341,612
1,325 Harland (John H.)................... 30,309
4,719 ITT................................. 554,483
3,562 Interpublic Group of Cos............ 133,575
2,256 Knight-Ridder....................... 128,310
12,456 Laidlaw, Cl. B...................... 119,889
6,721 MBNA................................ 226,834
3,247 Marsh & McLennan Cos................ 263,413
2,199 McGraw-Hill......................... 166,849
1,214 Meredith............................ 30,805
18,924 Minnesota Mining
& Manufacturing................. 1,083,399
6,621 Morton International................ 193,664
2,197 National Service Industries......... 63,438
12,214 NationsBank......................... 654,976
4,344 New York Times, Cl. A............... 102,084
4,778 Salomon............................. 191,717
4,346 Service Corporation
International....................... 137,442
DREYFUS STOCK INDEX FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1995 (UNAUDITED)
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- -----------------
GENERAL BUSINESS (CONTINUED)
2,909 TRW ................................ $ 232,356
29,389 Tele-Communications, Cl. A.......(a) 688,805
2,526 Teledyne............................ 61,887
3,821 Textron............................. 222,096
17,105 Time Warner......................... 703,443
2,969 Tribune............................. 182,222
5,545 United Technologies................. 433,203
16,191 Viacom, Cl. B (non-voting).......(a) 750,858
4,748 Whitman............................. 91,993
-----------------
13,034,263
-----------------
MANUFACTURING-PROCESSING-6.1%
1,953 ASARCO.............................. 59,566
5,017 Air Products & Chemicals............ 279,698
10,169 Alcan Aluminium..................... 307,612
8,015 Aluminum Co. Of America............. 401,752
4,623 Armco............................(a) 31,205
2,361 Avery Dennison...................... 94,440
1,350 Ball................................ 47,081
15,892 Barrick Gold........................ 401,273
2,281 Bemis............................... 59,306
4,906 Bethlehem Steel..................(a) 79,722
4,055 Crown Cork & Seal................(a) 203,257
4,185 Cyprus Amax Minerals................ 119,272
12,384 Dow Chemical........................ 890,100
24,830 du Pont (E. I.) de Nemours.......... 1,707,062
871 Eastern Enterprises................. 26,021
5,142 Echo Bay Mines...................... 46,278
2,984 Ecolab.............................. 73,108
4,282 Engelhard........................... 183,591
1,614 FMC..............................(a) 108,541
1,963 Federal Paper Board................. 69,441
951 First Mississippi................... 32,453
4,225 Grace (W. R.) & Co.................. 259,309
2,934 Great Lakes Chemical................ 176,773
5,238 Hercules............................ 255,353
6,237 Homestake Mining.................... 102,911
5,311 Inco................................ 150,036
2,207 Inland Steel Industries............. 67,314
5,698 International Paper................. 488,604
3,677 James River......................... 101,577
7,236 Kimberly-Clark...................... 433,256
3,452 Mallinckrodt Group.................. 122,546
2,500 Mead................................ 148,438
5,186 Monsanto............................ 467,388
4,454 Moore............................... 98,545
433 NACCO Industries.................... 25,926
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- -----------------
MANUFACTURING-PROCESSING (CONTINUED)
3,039 Nalco Chemical...................... $ 110,544
3,858 Newmont Mining...................... 161,554
3,896 Nucor............................... 208,436
2,169 Ogden............................... 47,447
9,331 PPG Industries...................... 401,233
3,138 Phelps Dodge........................ 185,142
1,848 Pittston............................ 44,352
10,697 Placer Dome......................... 279,459
6,211 Praxair............................. 155,275
2,870 Reynolds Metals..................... 148,523
3,009 Rohm & Haas......................... 165,119
6,796 Scott Paper......................... 336,402
2,207 Sigma Aldrich....................... 108,419
4,105 Stone Container..................(a) 87,231
2,546 Temple-Inland....................... 121,253
3,407 USX-U.S. Steel Group................ 117,116
3,198 Union Camp.......................... 185,084
6,171 Union Carbide....................... 205,957
2,989 Westvaco............................ 132,263
4,527 Williams Cos........................ 157,879
4,117 Worthington Industries.............. 84,141
-----------------
11,561,584
-----------------
SHELTER-2.3%
1,683 Armstrong World Industries.......... 84,360
2,113 Boise Cascade....................... 85,576
1,300 Centex.............................. 36,725
4,200 Champion International.............. 218,925
1,400 Crane............................... 50,750
12,236 Federal National
Mortgage Association............. 1,154,772
2,097 Fleetwood Enterprises............... 41,416
4,122 Georgia-Pacific..................... 357,583
20,374 Home Depot.......................... 827,694
1,883 Johnson Controls.................... 106,390
1,389 Kaufman & Broad Home................ 20,141
4,902 Louisiana-Pacific................... 128,678
7,034 Masco............................... 189,918
7,094 Newell.............................. 173,803
2,112 Owens-Corning Fiberglas..........(a) 77,880
1,320 Potlatch............................ 55,110
1,260 Pulte............................... 35,280
3,806 Sherwin-Williams.................... 135,589
533 Skyline............................. 9,661
1,783 Snap-On Tools....................... 69,091
2,022 Stanley Works....................... 76,583
9,247 Weyerhaeuser........................ 435,765
-----------------
4,371,690
-----------------
DREYFUS STOCK INDEX FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1995 (UNAUDITED)
SHARES COMMON STOCKS (CONTINUED) VALUE
----------- -----------------
TRANSPORTATION-1.3%
3,428 AMR..............................(a) $ 255,814
4,055 Burlington Northern................. 256,986
4,733 CSX................................. 355,567
3,482 Conrail............................. 193,686
1,899 Consolidated Freightways............ 42,015
5,988 Norfolk Southern.................... 403,441
1,738 Roadway Services.................... 82,120
3,502 Ryder System........................ 83,610
6,893 Santa Fe Pacific.................(a) 175,772
9,242 Union Pacific....................... 511,776
1,220 Yellow.............................. 22,113
-----------------
2,382,900
-----------------
UTILITIES-11.6%
8,456 ALLTEL.............................. 214,571
71,220 AT&T................................ 3,783,562
8,338 American Electric Power............. 292,872
24,887 Ameritech........................... 1,095,028
6,618 Baltimore Gas & Electric............ 165,450
19,635 Bell Atlantic....................... 1,099,560
22,361 BellSouth........................... 1,419,923
7,004 Carolina Power & Light.............. 211,871
8,644 Central & South West................ 226,905
6,979 Cinergy............................. 183,199
2,266 Columbia Gas System..............(a) 71,945
10,557 Consolidated Edison Co.
of New York...................... 311,431
4,195 Consolidated Natural Gas............ 158,361
6,511 Detroit Edison...................... 192,074
7,817 Dominion Resources.................. 285,320
9,217 Duke Power.......................... 382,505
3,039 ENSERCH............................. 52,043
11,355 Enron............................... 398,844
10,227 Entergy............................. 246,726
8,315 FPL Group........................... 321,167
43,652 GTE................................. 1,489,625
5,241 General Public Utilities............ 155,920
5,889 Houston Industries.................. 248,074
30,583 MCI Communications.................. 672,826
2,331 NICOR............................... 62,646
19,149 NYNEX............................... 770,747
6,487 Niagara Mohawk Power................ 95,683
5,395 Noram Energy........................ 35,068
3,084 Northern States Power............... 142,250
SHARES COMMON STOCKS (CONTINUED) VALUE
---------- -----------------
UTILITIES (CONTINUED)
1,175 ONEOK............................... $ 25,116
6,910 Ohio Edison......................... 156,339
9,943 PECO Energy......................... 274,675
3,703 Pacific Enterprises................. 90,724
19,371 Pacific Gas & Electric.............. 561,759
19,062 Pacific Telesis Group............... 509,909
12,765 PacifiCorp.......................... 239,344
6,766 Panhandle Eastern................... 164,921
1,564 Peoples Energy...................... 40,469
11,051 Public Service Enterprise Group..... 306,665
27,355 SBC Communications.................. 1,302,782
20,189 SCEcorp............................. 345,737
3,896 Sonat............................... 118,828
29,991 Southern............................ 671,049
15,659 Sprint.............................. 526,534
8,169 Tenneco............................. 375,774
10,174 Texas Utilities..................... 349,731
9,646 Unicom.............................. 256,825
4,618 Union Electric...................... 172,021
21,153 US West............................. 880,494
-----------------
22,155,892
-----------------
TOTAL COMMON STOCKS
(cost $155,793,857)................. $ 179,985,223
=================
SHORT-TERM INVESTMENTS-5.9%
PRINCIPAL
AMOUNT VALUE
------------ ----------------
U. S. TREASURY BILLS:
$610,000 5.70%, 7/6/95....................(b) $ 602,463
282,000 5.59%, 7/27/95...................(b) 278,328
376,000 5.62%, 8/10/95...................(b) 370,921
8,559,000 5.52%, 9/7/95....................(b) 8,450,277
1,557,000 5.64%, 9/21/95...................(b) 1,536,252
----------------
TOTAL SHORT-TERM INVESTMENTS
(cost $11,238,241).................. $ 11,238,241
================
TOTAL INVESTMENTS
(cost $167,032,098)..............................100.2% $ 191,223,464
======= ================
LIABILITIES, LESS CASH
AND RECEIVABLES............................... (.2%) $ (356,659)
======= ================
NET ASSETS.......................................100.0% $ 190,866,805
======= ================
NOTES TO STATEMENT
(a)Non-income producing.
(b)Held by the Custodian in a segregated account as collateral for open
financial future positions.
See notes to financial statements.
DREYFUS STOCK INDEX FUND
STATEMENT OF FINANCIAL FUTURES JUNE 30, 1995 (UNAUDITED)
FINANCIAL FUTURES LONG
MARKET VALUE UNREALIZED
NUMBER OF COVERED APPRECIATION
ISSUER CONTRACTS BY CONTRACTS EXPIRATION AT 6/30/95
------------ -------------- ------------- --------------
Standard & Poor's 500..................................... 38 $10,395,850 September '95 $115,350
==============
See notes to financial statements.
DREYFUS STOCK INDEX FUND
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1995 (UNAUDITED)
ASSETS:
Investments in securities, at value
(cost $167,032,098)-see statement..................................... $191,223,464
Dividends and interest receivable....................................... 409,672
Receivable for subscriptions to Common Stock............................ 384,086
Receivable for investment securities sold............................... 212
---------------
192,017,434
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 75,471
Due to Wells Fargo Nikko Investment Advisors............................ 75,471
Payable for investment securities purchased............................. 846,769
Payable for futures variation margin-Note 3(a).......................... 24,700
Due to Wells Fargo Institutional Trust Company, N.A..................... 20,493
Payable for Common Stock redeemed....................................... 1,391
Accrued expenses and other liabilities.................................. 106,334 1,150,629
---------------- ---------------
NET ASSETS.................................................................. $190,866,805
===============
REPRESENTED BY:
Paid-in capital......................................................... $165,563,015
Accumulated undistributed investment income-net......................... 58,732
Accumulated undistributed net realized gain on investments.............. 938,342
Accumulated net unrealized appreciation on investments
(including $115,350 net unrealized appreciation on financial
futures)-Note 3(b).................................................... 24,306,716
---------------
NET ASSETS at value applicable to 12,440,552 outstanding shares of Common
Stock, equivalent to $15.34 per share (200 million shares of $.001
par value authorized)................................................... $190,866,805
===============
See notes to financial statements.
DREYFUS STOCK INDEX FUND
STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
INVESTMENT INCOME:
INCOME:
Cash dividends (net of foreign taxes witheld at source of $18,909).... $1,712,964
Interest.............................................................. 343,638
-------------
TOTAL INCOME...................................................... $ 2,056,602
EXPENSES:
Index management fee-Note 2(a)........................................ $ 102,595
Administration fee-Note 2(a).......................................... 102,595
Custodian fees-Note 2(c).............................................. 36,670
Registration fees..................................................... 23,494
Professional fees..................................................... 15,876
Directors' fees and expenses-Note 2(d)................................ 11,526
Prospectus and shareholders' reports.................................. 4,754
Shareholder servicing costs-Note 2(b)................................. 1,725
Miscellaneous......................................................... 3,279
-------------
302,514
Less-reduction in index management fee and administration fee
due to undertaking-Note 2(a)...................................... 28,018
-------------
TOTAL EXPENSES.................................................... 274,496
--------------
INVESTMENT INCOME-NET............................................. 1,782,106
--------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments-Note 3(a).............................. $ 747,776
Net realized gain on financial futures-Note 3(a)........................ 1,054,005
-------------
NET REALIZED GAIN..................................................... 1,801,781
Net unrealized appreciation on investments (including $14,900 net
unrealized appreciation on financial futures)......................... 21,092,980
---------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................... 22,894,761
---------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $24,676,867
===============
See notes to financial statements.
DREYFUS STOCK INDEX FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
DECEMBER 31, JUNE 30, 1995
1994 (UNAUDITED)
--------------- -------------------
OPERATIONS:
Investment income-net.................................................. $ 1,991,399 $ 1,782,106
Net realized gain on investments....................................... 199,553 1,801,781
Net unrealized appreciation (depreciation) on investments for the period (1,356,172) 21,092,980
--------------- -------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................. 834,780 24,676,867
--------------- -------------------
DIVIDENDS TO SHAREHOLDERS:
From investment income-net............................................. (1,968,656) (1,749,063)
In excess of net realized gain on investments.......................... (429,123) ---
------------------ -------------------
TOTAL DIVIDENDS...................................................... (2,397,779) (1,749,063)
------------------ -------------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold.......................................... 47,033,174 102,713,750
Dividends reinvested................................................... 2,397,779 1,749,063
Cost of shares redeemed................................................ (12,380,738) (33,330,035)
------------------ -------------------
INCREASE IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS............... 37,050,215 71,132,778
------------------ -------------------
TOTAL INCREASE IN NET ASSETS..................................... 35,487,216 94,060,582
NET ASSETS:
Beginning of period.................................................... 61,319,007 96,806,223
------------------ -------------------
End of period (including undistributed investment
income-net; $25,689 in 1994 and $58,732 in 1995)..................... $ 96,806,223 $190,866,805
================== ===================
SHARES SHARES
------------------ -------------------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................ 3,593,641 7,246,592
Shares issued for dividends reinvested................................. 186,922 118,332
Shares redeemed........................................................ (945,685) (2,404,488)
------------------- -------------------
NET INCREASE IN SHARES OUTSTANDING................................... 2,834,878 4,960,436
------------------- ===================
See notes to financial statements.
DREYFUS STOCK INDEX FUND
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.
FOUR MONTHS
ENDED YEAR ENDED SIX MONTHS ENDED
YEAR ENDED AUGUST 31, DECEMBER 31, DECEMBER 31, JUNE 30, 1995
------------------------------ -----------------
PER SHARE DATA: 1990(1) 1991 1992 1992 1993 1994 (UNAUDITED)
--------- ------- -------- ------------- -------- ------- -----------------
Net asset value,
beginning of period................ $12.50 $11.62 $14.20 $14.87 $15.32 $13.20 $12.94
--------- ------- -------- ------------- -------- ------- -----------------
INVESTMENT OPERATIONS:
Investment income-net................ .38 .39 .37 .13 .37 .32 .16
Net realized and unrealized
gain (loss) on investments (.95) 2.60 .68 .77 1.04 (.21) 2.40
--------- ------- -------- ------------- -------- ------- -----------------
TOTAL FROM INVESTMENT
OPERATIONS..................... (.57) 2.99 1.05 .90 1.41 .11 2.56
--------- ------- -------- ------------- -------- ------- -----------------
DISTRIBUTIONS:
Dividends from investment
income-net......................... (.31) (.39) (.38) (.21) (.34) (.31) (.16)
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) (.16)
--------- ------- -------- ------------- -------- ------- -----------------
Net asset value, end of period $11.62 $14.20 $14.87 $15.32 $13.20 $12.94 $15.34
========= ======= ======== ============= ======== ======= =================
TOTAL INVESTMENT RETURN.................. (4.73%)(2) 26.26% 7.49% 6.05%(2) 9.33% .88% 19.84%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to
average net assets................. .37%(2) .40% .40% .13%(2) .40% .40% .20%(2)
Ratio of net investment income
to average net assets.............. 3.12%(2) 3.05% 2.63% .85%(2) 2.38% 2.57% 1.29%(2)
Decrease reflected in above
expense ratios due to undertakings
by WFNIA and Dreyfus.................. .17%(2) .11% .13% .03%(2) .27% .16% .02%(2)
Portfolio Turnover Rate. .99%(2) 1.02% 7.66% 6.94%(2) 71.71% 2.82% 2.11%(2)
Net Assets, end of period
(000's Omitted)....... $48,184 $62,400 $74,446 $70,072 $61,319 $96,806 $190,867
(1) From September 29, 1989 (commencement of operations) to August 31, 1990.
(2) Not annualized.
See notes to financial statements.
DREYFUS STOCK INDEX FUND
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 invest-
ments. The Dreyfus Corporation ("Dreyfus") serves as the Fund's
administrator. Dreyfus is a direct subsidiary of Mellon Bank, N.A. Premier
Mutual Fund Services, Inc. (the "Distributor") acts as the distributor of the
Fund's shares, which are sold to the public without a sales charge. The
Distributor, located at One Exchange Place, Boston, Massachusetts 02109, is a
wholly-owned subsidiary of FDI Distribution Services, Inc., a provider of
mutual fund administration services, which in turn is a wholly-owned subsidiary
of FDI Holdings, Inc., the parent company of which is Boston Institutional
Group, Inc.
Subject to shareholder approval, the Fund's Board of Directors approved
a new Management Agreement between the Fund and Dreyfus and a new Index
Management Agreement between Dreyfus and Mellon Equity Associates. On the
same day, Dreyfus will terminate its Administration Agreement with the Fund
and Wells Fargo Nikko Investment Advisors will terminate its Index Management
Agreement with the 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 substantially all Federal income and excise
taxes.
DREYFUS STOCK INDEX FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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, 1995 until June 30, 1995 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,
1995, $14,009 and $14,009, respectively.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of Dreyfus, an amount
not to exceed an annual rate of .25 of 1% of the value of the Fund's average
daily net assets for servicing shareholder accounts. The services provided
may include personal services relating to shareholder accounts, such as
answering shareholder inquiries regarding the Fund and providing reports and
other information, and services related to the maintenance of shareholder
accounts. During the six months ended June 30, 1995, the Fund was charged an
aggregate of $6,386 pursuant to the Shareholder Services Plan.
(C) During the six months ended June 30, 1995, Wells Fargo Institutional
Trust Company, N.A. earned $36,670 for custodian services provided to the
Fund.
(D) Each director who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $2,500 and an attendance fee of $500
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
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, 1995
amounted to $73,244,148 and $2,742,291, 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. Contracts open at June 30,
1995 and their related unrealized market appreciation are set forth in the
Statement of Financial Futures.
(B) At June 30, 1995, accumulated net unrealized appreciation on
investments was $24,306,716, consisting of $25,548,409, gross unrealized
appreciation and $1,241,693 gross unrealized depreciation.
At June 30, 1995, 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
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. 763SA956
Stock
Index Fund
Semi-Annual
Report
June 30, 1995
(Dreyfus Logo)