-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PQnuqUG467UK0mXWcZsQct3TK0KF5u4mHfBqR6qwiJAXb7/bJyrFWBf6Bjcmflbw FYtukjDgGhLWf6pBPpmIxw== 0000846800-96-000004.txt : 19960306 0000846800-96-000004.hdr.sgml : 19960306 ACCESSION NUMBER: 0000846800-96-000004 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960305 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: 96531199 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 Dreyfus Stock Index Fund _______________________________________ Letter to Shareholders Dear Shareholder: We are pleased to report that the Dreyfus Stock Index Fund achieved a total return of 36.78% for the fiscal year ended December 31, 1995.* As you know, the Fund's goal is to track, as closely as possible, the performance of the Standard & Poor's 500 Composite Stock Price Index,** which had a total return of 37.53%*** for the same period. The difference is accounted for by the costs of operating your Fund. ECONOMIC ENVIRONMENT The dominant influence on the U.S. economy in 1995 was the policy of the Federal Reserve Board's Open Market Committee, led by Federal Reserve Board Chairman Alan Greenspan. By deft handling of credit controls, the Fed managed to keep the U.S. economy growing at a moderate rate throughout the year. At the start of 1995, the central bank was still fighting inflation, culminating a year-long strategy of raising interest rates to prevent overheating of the economy. This approach appeared to work. The economy began to slow down, even raising some fear that the Fed might have caused a recession. Yet by midsummer, the Fed switched gears, and began a very modest lowering of interest rates. Its purpose was to maintain the growth of the economy and to place the Fed in a position to avoid blame for causing a business turndown, if one should come. By fall, the economic indicators confirmed that growth was indeed slowing. Construction activity was cooling off. Business inventories were creeping up. Creation of new jobs slowed, and unemployment inched upward. However, other sectors of the economy remained strong. U.S. merchandise exports were growing at 15 percent a year in constant dollars, reflecting the tremendous competitiveness of U.S. manufacturers on world markets. Fixed investments by business continued to grow. Orders for nondefense capital goods, after a slump in early summer, appeared to be picking up. Low interest rates sustained a good level of housing sales. Retail sales were weak. The economy was no longer being led by consumer spending. Yet, a sizable portion of the slowdown in consumer spending reflected lower retail prices rather than a drop in numbers of transactions. The consumer was very cautious and was looking for bargains, but still had money to spend - carefully. To be sure, consumers took on a lot of debt, but their assets rose in value, particularly investment assets. Thus they were in position to carry more debt. In December, the Federal Reserve lowered interest rates once again, but by the smallest amount possible. Other steps to reduce interest rates are expected in 1996 to deal with a continued slowing of the economy. MARKET OVERVIEW As one would expect from the key role played by the Federal Reserve, the stock market was heavily influenced during the year by the cost of money, and hence by the bond market. The 1995 economic climate was ideal for bonds - slow growth, no worrisome inflation, and pressure in Washington to reduce the Federal deficit, cutting back the Government's need to borrow money. The stock market took its cue from the rising prices of fixed income investments. As indicated by the performance of your index Fund, stocks enjoyed a very strong year. Of course, the rising tide did not lift all the boats, even though the Dow Jones Industrials broke through the 4000 and 5000 point levels during the year. Technology stocks, especially computer issues, rose stunningly until late in the year, when many investors concluded that their prices may have outrun their profit potential, at least for a while. Interest-sensitive stocks, such as financial companies and utilities, did well. As the year wore on, however, some manufacturing and retailing sectors, where profit margins were being squeezed by competition, reflected investor concern about future profit potential. Few analysts believe that market conditions will be as favorable this year as they were in 1995. Indeed, the market stumbled in early January. However, stock prices may not as yet fully reflect the possibilities for dramatically lower interest rates if the Federal Government does actually set its course toward eliminating the budget deficit in seven years. If that means that long-term Government borrowing will decline and perhaps eventually stop, the market environment could change dramatically. We thank you for your interest in the Dreyfus Stock Index Fund and wish you the best for the coming year. Sincerely, [Steven Falci signature logo] Steven Falci Portfolio Manager January 11, 1996 New York, N.Y. * Total return includes reinvestment of dividends and any capital gains paid. Figures do not reflect the deduction of any additional charges applicable to separate accounts of participating insurance companies which use the Fund as an underlying investment. ** The Fund is not sponsored, sold, endorsed or promoted by Standard & Poor's Corporation. *** 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 December 31, 1995 _______________________________________ COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS STOCK INDEX FUND AND THE STANDARD AND POOR'S 500 COMPOSITE STOCK PRICE INDEX Standard & Poor's 500 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 12/31/95 21,278 20,688 ____________________________ *Source: Lipper Analytical Services, Inc. [Exhibit A: ] Average Annual Total Returns _______________________________________________________ One Year Ended Five Years Ended From Inception (9/29/89) December 31, 1995 December 31, 1995 to December 31, 1995 ____________ ____________ ______________ 36.78% 15.94% 12.31%
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 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 shown in the line graph 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, if applicable, is contained in the Financial Highlights section of the Prospectus and elsewhere in this report. [CAPTION] Dreyfus Stock Index Fund ________________________________________ Statement of Investments December 31, 1995 Common Stocks-90.2% Shares Value ______ ______ Aerospace-1.9% Allied-Signal................................... 17,330 $ 823,175 Boeing.......................................... 21,047 1,649,559 General Dynamics................................ 3,828 226,331 Lockheed Martin................................. 12,245 967,355 McDonnell Douglas............................... 6,901 634,892 Northrop Grumman................................ 2,987 191,168 Rockwell International.......................... 13,361 706,463 Teledyne........................................ 3,425 87,772 United Technologies ............................ 7,445 706,344 ______ 5,993,059 ______ Agriculture & Food-2.8% Archer Daniels Midland ......................... 32,558 586,062 CPC International .............................. 8,981 616,321 Campbell Soup................................... 15,320 919,200 Conagra ........................................ 14,680 605,550 General Mills .................................. 9,776 564,564 Heinz (H.J.) ................................... 22,701 751,987 Hershey Foods................................... 4,702 305,630 Kellogg ........................................ 13,368 1,032,678 Pioneer Hi-Bred International................... 5,098 283,576 Quaker Oats..................................... 8,272 285,384 Sara Lee ....................................... 29,692 946,432 Unilever, N.V................................... 9,866 1,388,639 Wrigley (Wm) Jr. ............................... 7,089 372,172 ______ 8,658,195 ______ Air Transport-.3% AMR..........................................(a) 4,728 351,055 Delta Air Lines................................. 3,166 233,888 Federal Express..............................(a) 3,451 254,943 Southwest Airlines.............................. 8,824 205,158 USAir Group..................................(a) 3,803 50,390 ______ 1,095,434 ______ Aluminum-.4% Alcan Aluminium................................. 13,869 431,673 Aluminum Co. of America......................... 10,915 577,131 Reynolds Metals................................. 3,870 219,139 ______ 1,227,943 ______ Apparel & Textiles-.4% Brown Group..................................... 1,146 16,331 Fruit of the Loom, Cl. A.....................(a) 4,675 113,953 Liz Claiborne................................... 4,577 127,012 NIKE, Cl. B..................................... 8,766 610,333 Reebok International............................ 4,667 131,843 Russell......................................... 2,368 65,712 Springs Industries.............................. 1,147 47,457 Stride Rite..................................... 3,017 22,627 V.F. ........................................... 3,894 205,408 ______ 1,340,676 ______
Dreyfus Stock Index Fund ________________________________________ Statement of Investments (continued) December 31, 1995 Common Stocks (continued) Shares Value ______ ______ Automotive-2.0% Chrysler........................................ 23,524 $ 1,302,642 Dana............................................ 6,222 181,994 Echlin.......................................... 3,680 134,320 Fleetwood Enterprises........................... 2,797 72,023 Ford Motor...................................... 65,874 1,910,346 General Motors.................................. 45,852 2,424,425 NACCO Industries, Cl. A ........................ 533 29,581 Navistar International.......................(a) 4,634 48,657 PACCAR.......................................... 2,423 102,069 ______ 6,206,057 ______ Banking-5.8% Banc One........................................ 24,061 908,303 Bank of Boston.................................. 6,883 318,339 Bank of New York................................ 12,269 598,114 BankAmerica..................................... 22,724 1,471,379 Bankers Trust New York.......................... 4,857 322,991 Barnett Banks................................... 5,959 351,581 Boatmens Bancshares............................. 7,951 324,997 Chase Manhattan................................. 11,015 667,784 Chemical Banking................................ 15,339 901,166 Citicorp........................................ 26,093 1,754,754 Comerica........................................ 7,000 280,875 CoreStates Financial............................ 8,576 324,816 First Bank Systems.............................. 7,984 396,206 First Chicago................................... 19,733 779,454 First Fidelity Bancorp.......................... 4,972 374,765 First Interstate Bancorp........................ 4,653 635,135 First Union..................................... 10,467 582,227 Fleet Financial Group........................... 15,766 642,465 KeyCorp......................................... 14,491 525,299 Mellon Bank..................................... 8,099 435,321 Morgan (J.P.) & Co.............................. 11,499 922,795 National City................................... 9,023 298,887 NationsBank..................................... 16,614 1,156,750 Norwest......................................... 21,648 714,384 PNC Financial................................... 16,267 524,611 Republic New York............................... 3,450 214,331 SunTrust Banks.................................. 7,041 482,308 U.S. Bancorp.................................... 6,009 202,052 Wachovia........................................ 10,496 480,192 Wells Fargo & Co................................ 2,887 623,592 ______ 18,215,873 ______ Beverages-3.4% Anheuser-Busch Cos.............................. 15,594 1,042,849 Brown-Forman, Cl. B............................. 4,252 155,198 Coca-Cola....................................... 77,029 5,719,403 Coors (Adolph), Cl. B........................... 2,283 50,511 PepsiCo......................................... 48,375 2,702,953 Seagram......................................... 22,856 791,389
Dreyfus Stock Index Fund ________________________________________ Statement of Investments (continued) December 31, 1995 Common Stocks (continued) Shares Value ______ ______ Beverages (continued) Whitman......................................... 6,448 $ 149,916 ______ 10,612,219 ______ Capital Goods-5.3% Amdahl.......................................(a) 7,351 62,484 Briggs & Stratton............................... 1,815 78,726 Caterpillar..................................... 12,117 711,874 Cincinnati Milacron............................. 2,054 53,918 Crane........................................... 1,900 70,063 Cummins Engine.................................. 2,498 92,426 DSC Communications...........................(a) 7,057 260,227 Deere & Co...................................... 16,102 567,596 Dover........................................... 7,010 258,494 Dresser Industries.............................. 11,185 272,634 Eaton........................................... 4,802 257,507 Foster Wheeler.................................. 2,509 106,633 General Electric................................ 102,517 7,381,224 General Signal.................................. 2,931 94,891 Genuine Parts................................... 7,530 308,730 Giddings & Lewis................................ 2,144 35,376 Grainger (W.W.)................................. 3,171 210,079 Harnischfeger Industries........................ 2,968 98,686 Illinois Tool Works............................. 7,192 424,328 Ingersoll-Rand.................................. 6,653 233,687 Johnson Controls................................ 2,483 170,706 Mallinckrodt Group.............................. 4,752 172,854 McDermott International......................... 3,356 73,832 Minnesota Mining & Manufacturing................ 25,724 1,704,215 National Service Industries..................... 2,997 97,028 Owens-Corning Fiberglas......................(a) 3,112 139,651 Pall............................................ 7,060 189,764 Parker-Hannifin................................. 4,565 156,351 Perkin-Elmer.................................... 2,611 98,565 Premark International........................... 3,799 192,324 Raychem......................................... 2,683 152,596 Snap-On Tools................................... 2,483 112,356 Stanley Works................................... 2,722 140,183 3Com............................................ 6,600 307,725 Textron......................................... 5,221 352,417 Timken.......................................... 1,929 73,784 TRINOVA......................................... 1,775 50,809 TRW............................................. 4,009 310,697 Tyco Laboratories............................... 9,348 333,022 Varity.......................................(a) 2,556 94,891 ______ 16,503,353 ______ Chemicals-3.0%. Air Products & Chemicals........................ 6,817 359,597 Ashland Oil..................................... 3,922 137,760 Avery Dennison.................................. 3,261 163,458
Dreyfus Stock Index Fund ________________________________________ Statement of Investments (continued) December 31, 1995 Common Stocks (continued) Shares Value ______ ______ Chemicals (continued) Dow Chemical.................................... 16,092 $ 1,132,475 du Pont (E.I.) de Nemours....................... 34,130 2,384,834 Eastman Chemical................................ 4,924 308,366 Engelhard....................................... 8,823 191,900 FMC..........................................(a) 2,214 149,722 Goodrich (B.F.)................................. 1,595 108,659 Grace (W.R.) & Co............................... 5,925 350,316 Great Lakes Chemical............................ 3,934 283,248 Hercules........................................ 6,838 385,492 Monsanto........................................ 7,086 868,035 Morton International............................ 9,121 327,216 Nalco Chemical.................................. 4,139 124,687 Occidental Petroleum............................ 19,570 418,309 PPG Industries.................................. 12,031 550,418 Praxair......................................... 8,611 289,545 Rohm & Haas..................................... 4,109 264,517 Sigma Aldrich................................... 3,107 153,796 Union Carbide................................... 8,471 317,662 ______ 9,270,012 ______ Consumer Durables-.3% Black & Decker.................................. 5,296 186,684 Masco........................................... 9,834 308,542 Maytag.......................................... 6,643 134,521 Whirlpool....................................... 4,508 240,051 Zenith Electronics...........................(a) 2,492 17,132 ______ 886,930 ______ Construction-.2% Armstrong World Industries...................... 2,283 141,546 Centex.......................................... 1,600 55,600 Fluor........................................... 5,112 337,392 Sherwin-Williams................................ 5,206 212,144 ______ 746,682 ______ Containers-.2% Ball............................................ 1,850 50,875 Bemis........................................... 3,281 84,076 Crown Cork & Seal............................(a) 5,555 231,921 Temple-Inland................................... 3,446 152,055 ______ 518,927 ______ Cosmetics-1.2% Alberto Culver, Cl. B........................... 1,725 59,297 Avon Products................................... 4,198 316,424 Procter & Gamble................................ 42,079 3,492,557 ______ 3,868,278 ______ Drugs-7.3% ALZA.........................................(a) 5,080 125,730 Abbott Laboratories............................. 48,547 2,026,837 Allergan........................................ 3,909 127,043 American Home Products.......................... 19,209 1,863,273
Dreyfus Stock Index Fund ________________________________________ Statement of Investments (continued) December 31, 1995 Common Stocks (continued) Shares Value ______ ______ Drugs (continued) Amgen........................................(a) 16,338 $ 970,069 Bristol-Myers Squibb............................ 31,095 2,670,283 Johnson & Johnson............................... 39,773 3,405,563 Lilly (Eli) & Co................................ 33,860 1,904,625 Merck & Co...................................... 75,805 4,984,179 Pfizer.......................................... 38,936 2,452,968 Pharmacia & Upjohn.............................. 30,920 1,198,171 Schering-Plough................................. 22,574 1,235,926 ______ 22,964,667 ______ Electronics-3.6% AMP............................................. 13,310 510,771 Advanced Micro Devices.......................(a) 6,443 106,310 Andrew.......................................(a) 2,427 92,833 Cooper Industries............................... 6,621 243,322 Emerson Electric................................ 13,745 1,123,654 Harris.......................................... 2,438 133,176 Honeywell....................................... 7,794 378,983 Intel........................................... 50,566 2,869,620 LSI Logic....................................(a) 7,900 258,725 Loral........................................... 10,620 375,683 Micron Technology............................... 12,710 503,634 Motorola........................................ 36,213 2,064,141 National Semiconductor.......................(a) 7,560 168,210 Northern Telecom................................ 15,560 669,080 Raytheon........................................ 14,914 704,686 Scientific-Atlanta.............................. 4,773 71,595 Tektronix....................................... 2,015 98,987 Tellabs......................................(a) 5,414 200,318 Texas Instruments............................... 11,606 600,610 Thomas & Betts.................................. 1,096 80,830 ______ 11,255,168 ______ Finance-2.7% Ahmanson (H.F.) & Co............................ 7,201 190,827 American Express................................ 29,727 1,229,955 Beneficial...................................... 3,217 149,993 Dean Witter, Discover & Co...................... 10,363 487,107 Federal Home Loan Mortgage...................... 11,046 922,341 Federal National Mortgage Association........... 16,736 2,077,356 Golden West Financial........................... 3,610 199,453 Great Western Financial......................... 8,369 213,410 Household International......................... 6,019 355,873 MBNA............................................ 9,121 336,337 Merrill Lynch & Co.............................. 10,788 550,188 Morgan Stanley Group............................ 4,791 386,274 Salomon......................................... 6,578 233,519 Travelers Group................................. 19,572 1,230,589 ______ 8,563,222 ______
Dreyfus Stock Index Fund ________________________________________ Statement of Investments (continued) December 31, 1995 Common Stocks (continued) Shares Value ______ ______ Forest & Paper Products-1.6% Alco Standard................................... 6,894 $ 314,539 Boise Cascade................................... 2,913 100,863 Champion International.......................... 5,900 247,800 Federal Paper Board............................. 2,863 148,518 Georgia-Pacific................................. 5,622 385,810 International Paper............................. 15,596 590,698 James River..................................... 5,077 122,483 Kimberly-Clark.................................. 17,106 1,415,594 Louisiana-Pacific............................... 6,602 160,099 Mead............................................ 3,300 172,425 Potlatch........................................ 1,820 72,800 Stone Container................................. 5,905 84,884 Union Camp...................................... 4,298 204,692 Westvaco........................................ 6,233 172,966 Weyerhaeuser.................................... 12,347 534,008 Willamette Industries........................... 3,363 189,169 ______ 4,917,348 ______ Health Care-2.4% Bard (C.R.)..................................... 3,496 112,746 Bausch & Lomb................................... 3,551 140,708 Baxter International............................ 16,645 697,009 Becton Dickinson & Co........................... 4,088 306,600 Beverly Enterprises..........................(a) 6,031 64,079 Biomet.......................................(a) 7,042 125,876 Boston Scientific............................(a) 9,965 488,285 Columbia/HCA Healthcare......................... 27,369 1,388,977 Community Psychiatric Centers................(a) 2,663 32,622 Corning......................................... 14,070 450,240 Humana.......................................(a) 9,900 271,013 Manor Care...................................... 3,870 135,450 Medtronic....................................... 14,294 798,677 Millipore....................................... 2,780 114,327 St. Jude Medical.............................(a) 4,273 183,739 Tenet Healthcare.............................(a) 12,290 255,017 U.S. HealthCare................................. 9,455 439,657 U.S. Surgical................................... 3,460 73,957 United Healthcare............................... 10,728 702,684 Warner-Lambert.................................. 8,303 806,429 ______ 7,588,092 ______ Hotels & Restaurants-.9% Bally Entertainment..........................(a) 2,867 40,138 Darden Restaurants.............................. 9,776 116,090 Harrah's Entertainment.......................(a) 6,337 153,672 Hilton Hotels................................... 2,966 182,409 Luby's Cafeterias............................... 1,305 29,036 McDonald's...................................... 42,563 1,920,655 Marriott International.......................... 7,693 294,257 Ryan's Family Steak House....................(a) 3,261 22,827
Dreyfus Stock Index Fund ________________________________________ Statement of Investments (continued) December 31, 1995 Common Stocks (continued) Shares Value ______ ______ Hotels & Restaurants (continued) Shoney's.....................................(a) 2,508 $ 25,707 Wendy's International........................... 6,329 134,491 ______ 2,919,282 ______ Household Products-1.2% Clorox.......................................... 3,251 232,853 Colgate-Palmolive............................... 8,899 625,155 Dial ........................................... 5,770 170,936 Ecolab.......................................... 3,984 119,520 Gillette........................................ 27,200 1,417,800 International Flavors & Fragrances.............. 6,802 326,496 Newell.......................................... 9,694 250,832 Ralston-Purina Group............................ 6,481 404,252 Rubbermaid...................................... 9,674 246,687 ______ 3,794,531 ______ Insurance-3.3% Aetna Life & Casualty........................... 7,042 487,659 Allstate........................................ 27,508 1,131,271 American General................................ 12,522 436,705 American International Group.................... 29,051 2,687,218 CIGNA........................................... 4,623 477,325 Chubb........................................... 5,361 518,677 General Re...................................... 4,992 773,760 ITT............................................. 7,151 379,003 ITT Hartford Group.............................. 7,151 345,930 ITT Industries.................................. 7,151 171,624 Jefferson-Pilot................................. 4,338 201,717 Lincoln National................................ 6,390 343,463 Loews........................................... 7,194 563,830 Providian....................................... 5,869 239,162 SAFECO.......................................... 7,770 268,065 St. Paul Cos.................................... 5,171 287,637 Torchmark....................................... 4,435 200,684 Transamerica.................................... 4,219 307,460 UNUM............................................ 4,498 247,390 USF&G........................................... 6,900 116,437 USLIFE.......................................... 2,071 61,871 ______ 10,246,888 ______ Iron & Steel-.3% Armco........................................(a) 6,523 38,323 Bethlehem Steel..............................(a) 6,906 96,684 Inland Steel Industries......................... 3,007 75,551 Nucor........................................... 5,396 308,246 USX-U.S. Steel Group............................ 5,107 157,040 Worthington Industries.......................... 5,617 116,904 ______ 792,748 ______ Leisure-.2% Brunswick....................................... 5,890 141,360 Hasbro.......................................... 5,406 167,586
Dreyfus Stock Index Fund ________________________________________ Statement of Investments (continued) December 31, 1995 Common Stocks (continued) Shares Value ______ ______ Leisure (continued) Mattel.......................................... 13,574 $ 417,401 Outboard Marine................................. 1,141 23,248 ______ 749,595 ______ Media-2.2% Capital Cities/ABC.............................. 9,430 1,163,426 Comcast, Cl. A.................................. 14,686 267,102 Disney (Walt)................................... 32,076 1,892,484 Handleman....................................... 2,109 12,127 King World Productions.......................(a) 2,219 86,264 Tele-Communications, Cl. A...................(a) 40,089 796,769 Time Warner..................................... 23,705 897,827 Tribune......................................... 3,869 236,493 US West Media Group............................. 28,953 550,107 Viacom, Cl. B (non-voting)...................(a) 22,190 1,051,298 ______ 6,953,897 ______ Mining-.4% ASARCO.......................................... 2,653 84,896 Cyprus Amax Minerals............................ 5,685 148,521 Freeport-McMoran Copper, Cl.B................... 12,443 349,959 Inco............................................ 7,311 243,091 Phelps Dodge.................................... 4,238 263,815 ______ 1,090,282 ______ Oil-International-3.9% Chevron......................................... 40,057 2,102,993 Exxon........................................... 76,212 6,106,487 Mobil........................................... 24,317 2,723,504 Oryx Energy..................................(a) 6,424 85,921 Texaco.......................................... 16,214 1,272,799 ______ 12,291,704 ______ Oil-Petroleum Reserves-.8% Atlantic Richfield.............................. 9,909 1,097,422 Burlington Resources............................ 7,810 306,543 Kerr-McGee...................................... 3,192 202,692 Louisiana Land & Exploration.................... 2,029 86,993 Pennzoil........................................ 2,797 118,173 Phillips Petroleum.............................. 16,063 548,150 Santa Fe Energy Resources....................(a) 5,578 53,688 ______ 2,413,661 ______ Oil-Refining & Distribution-2.7% Amerada Hess.................................... 5,688 301,464 Amoco........................................... 30,484 2,191,038 Coastal......................................... 6,438 239,816 Royal Dutch Petroleum........................... 32,881 4,640,331 Sun............................................. 4,606 126,089 Unocal.......................................... 15,186 442,292 USX-Marathon Group.............................. 17,649 344,155 ______ 8,285,185 ______
Dreyfus Stock Index Fund ________________________________________ Statement of Investments (continued) December 31, 1995 Common Stocks (continued) Shares Value ______ ______ Oil-Service-.6% Baker Hughes.................................... 8,672 $ 211,380 Halliburton..................................... 6,993 354,021 Helmerich & Payne............................... 1,520 45,220 Rowan Cos....................................(a) 5,196 51,310 Schlumberger.................................... 14,836 1,027,393 Western Atlas................................(a) 3,217 162,458 ______ 1,851,782 ______ Photography-.5% Eastman Kodak................................... 21,006 1,407,402 Polaroid........................................ 2,812 133,218 ______ 1,540,620 ______ Pollution Control-.5% Browning-Ferris Industries...................... 13,073 385,654 Laidlaw Cl.B.................................... 18,056 185,074 Safety-Kleen.................................... 3,600 56,250 WMX Technologies................................ 29,841 891,500 ______ 1,518,478 ______ Precious Metals-.5% Barrick Gold.................................... 21,692 572,127 Echo Bay Mines.................................. 7,742 80,323 Homestake Mining................................ 8,437 131,828 Newmont Mining.................................. 5,757 260,549 Placer Dome..................................... 14,697 354,565 Santa Fe Pacific Gold........................... 8,103 98,261 ______ 1,497,653 ______ Producer Goods-3.8% Apple Computer.................................. 7,561 241,007 Applied Materials............................(a) 10,958 431,471 Cabletron Systems............................(a) 4,452 360,612 cisco Systems................................(a) 16,758 1,250,566 Compaq Computer..............................(a) 16,270 780,960 Cray Research................................(a) 1,435 35,516 Data General.................................(a) 2,274 31,268 Digital Equipment............................(a) 9,267 594,246 Hewlett-Packard................................. 31,391 2,628,996 International Business Machines................. 34,939 3,205,653 Pitney Bowes.................................... 9,290 436,630 Silicon Graphics.............................(a) 9,841 270,627 Sun Microsystems.............................(a) 11,670 532,444 Tandem Computers.............................(a) 7,166 76,139 Unisys.......................................(a) 10,477 58,933 Xerox........................................... 6,581 901,597 ______ 11,836,665 ______ Publishing-.7% American Greetings.............................. 4,543 125,500 Donnelley (R R) & Sons.......................... 9,465 372,684 Gannett......................................... 8,597 527,641
Dreyfus Stock Index Fund ________________________________________ Statement of Investments (continued) December 31, 1995 Common Stocks (continued) Shares Value ______ ______ Publishing (continued) Harland (John H.)............................... 1,925 $ 40,184 Jostens......................................... 2,292 55,581 Knight-Ridder................................... 3,056 191,000 McGraw-Hill..................................... 3,099 270,000 Meredith........................................ 1,714 71,774 Moore........................................... 6,154 114,618 New York Times, Cl. A........................... 5,944 176,091 Times Mirror, Cl. A............................. 6,898 233,670 ______ 2,178,743 ______ Railroads & Transit-1.1% Burlington Northern............................. 8,679 676,962 CSX............................................. 12,866 587,011 Conrail......................................... 5,082 355,740 Consolidated Freightways........................ 2,699 71,524 Norfolk Southern................................ 7,988 634,047 Roadway Services................................ 2,438 119,157 Union Pacific................................... 12,642 834,372 Yellow.......................................... 1,720 21,285 ______ 3,300,098 ______ Real Estate-0% Kaufman & Broad Home............................ 1,989 29,586 Pulte........................................... 1,660 55,817 ______ 85,403 ______ Retail-4.3% Albertson's..................................... 15,470 508,576 American Stores................................. 9,040 241,820 Charming Shoppes................................ 6,373 18,322 Circuit City Stores............................. 6,014 166,137 Dayton-Hudson................................... 4,368 327,600 Dillard Department Stores, Cl. A................ 6,947 197,990 Federated Department Stores..................(a) 12,400 341,000 Fleming Cos..................................... 2,268 46,778 Gap............................................. 8,821 370,482 Giant Food, Cl. A............................... 3,685 116,078 Great Atlantic & Pacific Tea.................... 2,388 54,924 Harcourt General................................ 4,472 187,265 Home Depot...................................... 29,281 1,401,828 K mart.......................................... 28,144 204,044 Kroger.......................................(a) 7,566 283,725 Limited......................................... 21,998 382,215 Longs Drug Stores............................... 1,142 54,673 Lowes Cos....................................... 9,824 329,104 May Department Stores........................... 15,290 646,003 Melville........................................ 6,455 198,491 Mercantile Stores............................... 2,234 103,322 Nordstrom....................................... 4,968 201,204 Penney (J.C.)................................... 13,872 660,654 Pep Boys-Manny, Moe & Jack...................... 3,840 98,400
Dreyfus Stock Index Fund ________________________________________ Statement of Investments (continued) December 31, 1995 Common Stocks (continued) Shares Value ______ ______ Retail (continued) Price/Costco.................................(a) 11,932 $ 181,963 Rite Aid........................................ 5,144 176,182 Sears, Roebuck & Co............................. 23,938 933,582 Supervalu....................................... 4,203 132,394 Sysco........................................... 11,160 362,700 TJX Cos......................................... 4,453 84,050 Tandy........................................... 3,863 160,314 Toys R Us....................................(a) 16,759 364,508 Wal-Mart Stores................................. 140,786 3,150,087 Walgreen........................................ 15,060 449,917 Winn-Dixie Stores............................... 9,276 342,052 Woolworth (F.W.)................................ 8,174 106,262 ______ 13,584,646 ______ Services-3.5% Alexander & Alexander Services.................. 2,697 51,243 Autodesk........................................ 2,912 99,736 Automatic Data Processing....................... 8,827 655,405 Block (H&R)..................................... 6,423 260,132 Ceridian.....................................(a) 4,062 167,558 Computer Associates International............... 14,796 841,523 Computer Sciences............................(a) 3,421 240,325 CUC International............................(a) 10,986 374,897 Deluxe.......................................... 5,101 147,929 Dow Jones & Co.................................. 5,909 235,621 Dun & Bradstreet................................ 10,348 670,033 EG&G............................................ 3,191 77,382 First Data...................................... 13,644 912,443 Intergraph...................................(a) 2,842 44,761 Interpublic Group of Cos........................ 4,762 206,552 Marsh & McLennan Cos............................ 4,447 394,671 Microsoft....................................(a) 36,311 3,186,290 Novell.......................................(a) 22,713 323,660 Ogden........................................... 2,969 63,462 Oracle.......................................(a) 26,644 1,129,039 Pittston........................................ 2,548 79,943 Ryder System.................................... 4,902 121,324 Service Corporation International............... 6,446 283,624 Shared Medical Systems.......................... 1,426 77,539 Westinghouse Electric........................... 25,522 421,113 ______ 11,066,205 ______ Tire & Rubber-.2% Cooper Tire and Rubber.......................... 5,146 126,720 Goodyear Tire & Rubber.......................... 9,353 424,392 ______ 551,112 ______ Tobacco-1.8% American Brands................................. 11,172 498,551 Philip Morris Cos............................... 51,523 4,662,831
Dreyfus Stock Index Fund ________________________________________ Statement of Investments (continued) December 31, 1995 Common Stocks (continued) Shares Value ______ ______ Tobacco (contined) Schweitzer-Mauduit International................ 883 $ 20,433 UST............................................. 11,873 396,261 ______ 5,578,076 ______ Utilities-Electric-3.4% American Electric Power......................... 11,438 463,239 Baltimore Gas & Electric........................ 9,018 257,013 Carolina Power & Light.......................... 9,404 324,438 Central & South West............................ 11,844 330,152 Cinergy......................................... 9,679 296,419 Consolidated Edison Co. of New York............. 14,457 462,624 Detroit Edison.................................. 8,911 307,430 Dominion Resources.............................. 10,617 437,951 Duke Power...................................... 12,617 597,730 Entergy......................................... 14,027 410,290 FPL Group....................................... 11,315 524,733 General Public Utilities........................ 7,141 242,794 Houston Industries.............................. 16,078 389,892 Niagara Mohawk Power............................ 8,887 85,537 Northern States Power........................... 4,184 205,539 Ohio Edison..................................... 9,410 221,135 PacifiCorp...................................... 17,465 371,131 Pacific Gas & Electric.......................... 26,071 739,765 PECO Energy..................................... 13,643 410,995 PP&L Resources.................................. 9,800 245,000 Public Service Enterprise Group................. 15,051 460,937 SCEcorp......................................... 27,289 484,380 Southern........................................ 40,891 1,006,941 Texas Utilities................................. 13,874 570,568 UniCom.......................................... 13,146 430,531 Union Electric.................................. 6,218 259,601 ______ 10,536,765 ______ Utilities-Gas-.9% Columbia Gas System..........................(a) 3,066 134,521 Consolidated Natural Gas........................ 5,695 258,411 Eastern Enterprises............................. 1,271 44,803 ENSERCH......................................... 4,239 68,884 Enron........................................... 15,455 589,222 NICOR........................................... 3,131 86,102 Noram Energy.................................... 7,595 67,406 ONEOK........................................... 1,675 38,316 Pacific Enterprises............................. 5,203 146,985 Panhandle Eastern............................... 9,166 255,502 Peoples Energy.................................. 2,164 68,707 Sonat........................................... 5,296 188,670 Tenneco......................................... 10,969 544,337 Williams Cos.................................... 6,227 273,210 ______ 2,765,076 ______
Dreyfus Stock Index Fund ________________________________________ Statement of Investments (continued) December 31, 1995 Common Stocks (continued) Shares Value ______ ______ Utilities-Telephone-7.7% ALLTEL.......................................... 11,556 $ 340,902 AT&T............................................ 97,720 6,327,370 AirTouch Communications......................(a) 30,439 859,902 Ameritech....................................... 33,987 2,005,233 Bell Atlantic................................... 26,835 1,794,591 BellSouth....................................... 61,022 2,654,457 GTE............................................. 59,452 2,615,888 MCI Communications.............................. 41,583 1,086,356 NYNEX........................................... 26,249 1,417,446 Pacific Telesis Group........................... 26,262 883,060 SBC Communications.............................. 37,355 2,147,912 Sprint.......................................... 21,359 851,690 US West......................................... 28,853 1,031,495 ______ 24,016,302 ______ TOTAL COMMON STOCKS (cost $235,303,221)........................... $281,877,532 ====== Preferred Stocks ______________________________________ Teledyne, Ser. E (cost $446)................................... 30 $ 435 ====== Principal Short-Term Investments-9.1% Amount ______________________________________ _____ U.S. Treasury Bills: 4.50%, 1/4/1996................................. $ 301,000 $ 300,904 5.28%, 1/11/1996................................ 8,400,000 8,386,812 5.25%, 1/18/1996.............................(b) 5,662,000 5,648,355 5.33%, 1/25/1996................................ 6,809,000 6,787,075 5.27%, 2/29/1996................................ 4,456,000 4,420,619 4.82%, 3/7/1996................................. 1,211,000 1,199,859 4.80%, 3/14/1996................................ 909,000 899,683 4.82%, 3/28/1996................................ 911,000 899,876 ______ TOTAL SHORT-TERM INVESTMENTS (cost $28,540,044) $ 28,543,183 ====== TOTAL INVESTMENTS (cost $263,843,711)....................................... 99.3% $310,421,150 ===== ====== CASH AND RECEIVABLES (NET).................................................. .7% $ 2,265,310 ===== ====== NET ASSETS.................................................................. 100.0% $312,686,460 ===== ======
Notes to Statement of Investments: ________________________________________ (a) Non-income producing. (b) Partially held by the custodian in a segregated account as collateral for open financial futures positions. See notes to financial statements.
Dreyfus Stock Index Fund ________________________________________ Statement of Financial Futures December 31, 1995 Financial Futures Purchased; ________________________________________ Market Value Unrealized Number of Covered (Depreciation) Issuer Contracts by Contracts Expiration at 12/31/95 ____ ______ _______ ______ ______ Standard & Poor's 500........................ 94 $29,067,150 March 1996 ($234,815) ======
See notes to financial statements.
Dreyfus Stock Index Fund ________________________________________ Statement of Assets and Liabilities December 31, 1995 ASSETS: Investments in securities, at value (cost $263,843,711)-see statement..................................... $310,421,150 Cash.................................................................... 6,369,576 Dividends receivable.................................................... 612,437 Receivable for futures variation margin-Note 3(a)....................... 31,780 Prepaid expenses........................................................ 437 ______ 317,435,380 LIABILITIES: Due to The Dreyfus Corporation.......................................... $ 133,785 Dividends payable....................................................... 3,921,624 Payable for investment securities purchased............................. 460,307 Accrued expenses........................................................ 233,204 4,748,920 _____ ______ NET ASSETS.................................................................. $312,686,460 ====== REPRESENTED BY: Paid-in capital......................................................... $261,474,826 Accumulated undistributed investment income-net......................... 14,894 Accumulated undistributed net realized gain on investments.............. 4,854,116 Accumulated net unrealized appreciation on investments [including ($234,815) net unrealized (depreciation) on financial futures]-Note 3(b).................................................... 46,342,624 ______ NET ASSETS at value applicable to 18,177,360 shares outstanding (200 million shares of $.001 par value Common Stock authorized)...................... $312,686,460 ====== NET ASSET VALUE, per share ($312,686,460 / 18,177,360 shares)...................................... $17.20 ======
See notes to financial statements.
Dreyfus Stock Index Fund ________________________________________ Statement of Operations year ended December 31, 1995 INVESTMENT INCOME: Income: Cash dividends (net of foreign taxes witheld at source of $18,048).... $4,429,014 Interest.............................................................. 763,272 ______ Total Income...................................................... $ 5,192,286 Expenses: Index management fee-Note 2(a)........................................ $223,935 Administration fee-Note 2(a).......................................... 318,306 Custodian fees-Note 2(c).............................................. 74,016 Professional fees..................................................... 58,508 Registration fees..................................................... 57,806 Directors' fees and expenses-Note 2(d)................................ 25,709 Prospectus and shareholders' reports.................................. 16,003 Shareholder servicing costs-Note 2(b)................................. 5,453 Miscellaneous......................................................... 4,722 ______ Total Expenses.................................................... 784,458 Less-reduction in index management fee and administration fee due to undertaking-Note 2(a)...................................... 57,945 ______ Net Expenses...................................................... 726,513 ______ INVESTMENT INCOME-NET............................................. 4,465,773 ______ REALIZED AND UNREALIZED GAIN ON INVESTMENTS: Net realized gain on investments-Note 3(a).............................. $5,260,106 Net realized gain on financial futures-Note 3(a)........................ 2,814,896 ______ Net Realized Gain................................................. 8,075,002 Net unrealized appreciation on investments [including ($335,265) net unrealized (depreciation) on financial futures]....................... 43,128,888 ______ NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS.................. 51,203,890 ______ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS....................... $55,669,663 ======
See notes to financial statements. Dreyfus Stock Index Fund ________________________________________ Statement of Changes in Net Assets
Year Ended December 31, ____________________________ 1994 1995 ________ ______ OPERATIONS: Investment income-net................................................ $ 1,991,399 $ 4,465,773 Net realized gain on investments..................................... 199,553 8,075,002 Net unrealized appreciation (depreciation) on investments for the year (1,356,172) 43,128,888 ______ ______ Net Increase In Net Assets Resulting From Operations............... 834,780 55,669,663 ______ ______ DIVIDENDS TO SHAREHOLDERS: From investment income-net........................................... (1,968,656) (4,476,568) From net realized gain on investments................................ - (2,357,447) In excess of net realized gain on investments........................ (429,123) - ______ ______ Total Dividends.................................................... (2,397,779) (6,834,015) ______ ______ CAPITAL STOCK TRANSACTIONS: Net proceeds from shares sold........................................ 47,033,174 219,772,239 Dividends reinvested................................................. 2,397,779 6,834,015 Cost of shares redeemed.............................................. (12,380,738) (59,561,665) ______ ______ Increase In Net Assets From Capital Stock Transactions............. 37,050,215 167,044,589 ______ ______ Total Increase In Net Assets..................................... 35,487,216 215,880,237 NET ASSETS: Beginning of year.................................................... 61,319,007 96,806,223 ______ ______ End of year (including undistributed investment income-net: $25,689 in 1994 and $14,894 in 1995)............................... $ 96,806,223 $312,686,460 ====== ====== Shares Shares ______ ______ CAPITAL SHARE TRANSACTIONS: Shares sold.......................................................... 3,593,641 14,313,682 Shares issued for dividends reinvested............................... 186,922 417,105 Shares redeemed...................................................... (945,685) (4,033,543) ______ ______ Net Increase In Shares Outstanding................................. 2,834,878 10,697,244 ====== ======
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 year indicated. This information has been derived from the Fund's financial statements.
Year Ended Four Months August 31, Ended Year Ended December 31, _________ December 31, _______________________________ 1991 1992 1992 1993 1994 1995 ___ ___ ___ ___ ___ ___ PER SHARE DATA: Net asset value, beginning of year $11.62 $14.20 $14.87 $15.32 $13.20 $12.94 ___ ___ ___ ___ ___ ___ Investment Operations: Investment income-net............ .39 .37 .13 .37 .32 .33 Net realized and unrealized gain (loss) on investments......... 2.60 .68 .77 1.04 (.21) 4.39 ___ ___ ___ ___ ___ ___ Total from Investment Operations 2.99 1.05 .90 1.41 .11 4.72 ___ ___ ____ ___ ___ ___ Distributions: Dividends from investment income-net (.39) (.38) (.21) (.34) (.31) (.33) Dividends in excess of investment income-net..................... - - - (.03) - - Dividends from net realized gain on investments................. (.02) - (.24) (3.00) - (.13) Dividends in excess of net realized gain on investments... - - - (.16) (.06) - ___ ___ ___ ___ ___ ___ Total Distributions............ (.41) (.38) (.45) (3.53) (.37) (.46) ___ ___ ___ ___ ___ ___ Net asset value, end of year..... $14.20 $14.87 $15.32 $13.20 $12.94 $17.20 ==== === ==== === === === TOTAL INVESTMENT RETURN.............. 26.26% 7.49% 6.05%(1) 9.33% .88% 36.78% RATIOS/SUPPLEMENTAL DATA: Ratio of expenses to average net assets .40% .40% .13%(1) .40% .40% .39% Ratio of net investment income to average net assets............. 3.05% 2.63% .85%(1) 2.38% 2.57% 2.38% Decrease reflected in above expense ratios due to undertakings by WFNIA and Dreyfus.............. .11% .13% .03%(1) .27% .16% .03% Portfolio Turnover Rate.......... 1.02% 7.66% 6.94%(1) 71.71% 2.82% 11.95% Net Assets, end of year (000's Omitted) $62,400 $74,446 $70,072 $61,319 $96,806 $312,686 ___________ (1) Not annualized.
See notes to financial statements. Dreyfus Stock Index Fund ________________________________________ 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, that is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of life insurance companies. Effective November 13, 1995, The Dreyfus Corporation ("Dreyfus") serves as the Fund's manager and Mellon Equity Associates, an affiliate of Dreyfus ("Mellon Equity"), serves as the Fund's index manager. Boston Safe Deposit and Trust Company, an affiliate of Dreyfus, became the Fund's custodian. 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 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. Prior to November 13, 1995, Wells Fargo Nikko Investment Advisor ("WFNIA") served as the Fund's index manager. In addition, Wells Fargo Institutional Trust Company, N.A. ("WFITC"), an affiliate of WFNIA, was the custodian of the Fund's investments. The Dreyfus Corporation ("Dreyfus") served as the Fund's administrator. (a) Portfolio valuation: Investments in securities (including financial futures) are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. Bid price is used when no asked price is available. 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 (continued) NOTE 2-Management Fee, Administration Fee and Other Transactions With Affiliates: (a) Effective November 13, 1995, pursuant to an Investment Advisory Agreement with Dreyfus, the investment advisory fee is computed at the annual rate of .245 of 1% of the average daily value of the Fund's net assets, and is payable monthly. Dreyfus has agreed to pay Mellon Equity, an affiliate of Dreyfus, a fee of .095 of 1% of the average daily value of the Fund's net assets. Prior to November 13, 1995, the Fund had an Index Management Agreement with WFNIA and an Administration Agreement with Dreyfus whereby, WFNIA and Dreyfus each received annual fees of .15 of 1% of the average daily value of the Fund's net assets. 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. The Dreyfus Corporation (and WFNIA through November 12, 1995) has currently undertaken from January 1, 1995 until December 31, 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 Dreyfus. Pursuant to an undertaking, WFNIA and Dreyfus reduced the index management fee and the administration fee during the period January 1, 1995 to November 13, 1995, by $28,973 and $28,972, respectively. Effective December 1, 1995, the Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the Manager, under a transfer agency agreement for providing personnel and facilities to perform transfer agency services for the Fund. Such compensation amounted to $21 for the period from December 1, 1995 through December 31, 1995. (b) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an amount not to exceed an annual rate of .25 of 1% of the value of the Fund's average daily net assets for certain allocated expenses with respect to servicing and/or maintaining shareholder accounts. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the Fund and providing reports and other information, and services related to the maintenance of shareholder accounts. During the year ended December 31, 1995, the Fund was charged an aggregate of $9,048 pursuant to the Shareholder Services Plan. (c) During the year ended December 31, 1995, Wells Fargo Institutional Trust Company, N.A. earned $74,016 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. Dreyfus Stock Index Fund ________________________________________ NOTES TO FINANCIAL STATEMENTS (continued) NOTE 3-Securities Transactions: (a) The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the year ended December 31, 1995 amounted to $166,667,593 and $21,149,100, respectively. The Fund may invest in trading financial futures contracts in order to gain exposure to or protect against changes in the market. The Fund is exposed to market risk as a result of changes in the value of the underlying financial instruments (see the 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 received or made to reflect daily unrealized gains or losses. When the contracts are closed, the Fund recognizes a realized gain or loss. These investments require initial margin deposits with a custodian, which consist of cash or cash equivalents, up to approximately 10% of the contract amount. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Contracts open at December 31, 1995 and their related unrealized market depreciation are set forth in the Statement of Financial Futures. (b) At December 31, 1995, accumulated net unrealized appreciation on investments was $46,342,624, consisting of $49,269,498 gross unrealized appreciation and $2,926,874 gross unrealized depreciation. At December 31, 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 ________________________________________ 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, including the statements of investments and financial futures, as of December 31, 1995, 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 three years in the period then ended, for the period September 1, 1992 to December 31, 1992, and the years ended August 31, 1992 and 1991. 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, 1995, 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, 1995, 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 13, 1996 Dreyfus Stock Index Fund _______________________________________ Important Tax Information (Unaudited) For Federal tax purposes the Fund hereby designates $.001 per share as a long-term capital gain distribution of the $.003 per share paid on August 30, 1995. The Fund also designates $.10 per share as a long-term capital gain distribution of the $.22 per share paid on December 29, 1995. Dreyfus Stock Index Fund _______________________________________ Proxy Results (Unaudited) A special meeting of stockholders of the Fund was held on November 3, 1995, at which shareholders approved a new management agreement between the Fund and Dreyfus by a vote of 10,816,873 shares in favor of, and 167,119 shares against the agreement, with 888,457 shares abstaining (including broker non-votes). Also approved at the meeting was a new index management agreement between Dreyfus and Mellon Equity Associates, by a vote of 10,633,940 shares in favor of, and 227,309 shares against the agreement, with 1,011,199 shares abstaining (including broker non-votes). [Dreyfus lion "d" logo] Dreyfus Stock Index Fund 200 Park Avenue New York, NY 10166 Manager The Dreyfus Corporation 200 Park Avenue New York, NY 10166 Custodian Boston Safe Deposit and Trust Company One Boston Place Boston, MA 02108 Transfer Agent & Dividend Disbursing Agent Dreyfus Transfer, Inc. One American Express Plaza Providence, RI 02903 Further information is contained in the Prospectus, which must precede or accompany this report. Printed in U.S.A. 763AR9512 [Dreyfus logo] Dreyfus Stock Index Fund Annual Report December 31, 1995 EX-99.A 2 GRAPH IN THE 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 | | 12/31/95 | 21,278 | 20,688 | | ----------------------------------------------------- *Source: Lipper Analytical Services, Inc. -----END PRIVACY-ENHANCED MESSAGE-----