-----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, ODhcDWltmFD6I1QcCq2YckWbhoknusFlN+xZVVBxjCfBE2RKvifFQLQRMqNpXaKt uUDOee+fGDYOTA2RCS3jgQ== 0000846800-96-000006.txt : 19960813 0000846800-96-000006.hdr.sgml : 19960813 ACCESSION NUMBER: 0000846800-96-000006 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960531 FILED AS OF DATE: 19960812 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: 96608513 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 Semi-Annual Report June 30, 1996 Dreyfus Stock Index Fund - ------------------------------------------------------------------------------ Letter to Shareholders Dear Shareholder: Dreyfus Stock Index Fund completed its latest semi-annual fiscal period June 30, 1996. For the six months ended June 30, your Fund had registered a total return of 9.97%.* This compares with a total return of 10.09%** for the Standard & Poor's 500 Composite Stock Price Index,*** which the Fund is intended to mirror. The difference is accounted for by the Fund's fees and expenses, including transaction costs. THE ECONOMY The U.S. economy is rebounding in 1996 following its midcycle growth slowdown of last year. Yet overall corporate profit growth is slowing this year. This is the sixth expansion year for this business cycle, and we believe that it will prove to be a long cycle. Economic growth has accelerated since year-end. The first quarter's 2.3% real Gross Domestic Product growth brought with it a demand rebound that depleted inventories. Even stronger second quarter growth is apparent, led by manufacturers' attempts to rebuild inventories. In addition, steady job creation continues to support growth in consumer incomes and spending. As yet, there are few indications of economic cooling. Some previously strong capital goods sectors may now be slowing, but overall economic growth is broadening to more industries. Despite better economic performance this year than last, profit growth may have peaked last year. Non-oil price inflation has remained tame this year, although surging oil prices boosted overall inflation temporarily this spring. Nevertheless, signs of a faster economic pace have reignited fears of higher future inflation, especially coming from upward pressure on wages as the labor market tightens. Thus, bond yields have risen substantially this year. Short-term market rates are also higher on expectations for Federal Reserve tightening in coming months. So far, long-term rates have risen much more than short-term rates, forcing the yield curve to steepen. A steep yield curve is usually supportive of sustained growth in the real economy. As we look forward, the question arises whether the higher interest rates already in place and those in prospect will effectively cool the economy. At present, however, any advance signs of an eventual cooling off in the economy are hard to discern. The preoccupation at present is with the economy's impressive strength, and the problems such growth could create. MARKET OVERVIEW The broad trend of the stock market was strongly upward during the six months under review. However, there were many crosscurrents at work. Not all stock groups benefited equally. The blue chips in the Dow Jones Industrial Average enjoyed solid advances for the six months, as did the broader market as represented by the Nasdaq Composite Index and the Standard & Poor's 500 Composite Stock Price Index. However, as spring turned into summer, the S&P 500 receded from its May high, technology stocks began to lag, and small capitalization stocks were unable to maintain the very fast growth pace of earlier months. From time to time, unexpected signs of economic strength, particularly employment and unemployment numbers, jolted the equity markets with the specter of renewed inflation. Especially in the latter part of the half-year, concerns over inflation and higher interest rates restrained market performance in a number of industry categories. Profits, always a major element in stock performance, continued strong for a good part of the period. However, fear of rising labor costs and intensified competition at home and abroad have cast some shadows over the profit outlook. This has been balanced, however, by extremely large sums of money that continue to be invested in equity mutual funds, much of it from people planning for their retirement. As the half-year ended, broad market averages were still solidly above where they stood when the year began. This, however, was prior to the downdraft in stock prices that occurred in mid-July. There was considerable variation in performance by various industry sectors. The total return of sectors in the S&P 500 for the six months ended June 30 is shown in the following table: S&P 500 Total Return
Sector 1/1/96-6/30/96 ------ --------------- Consumer Nondurables......................................... 15.4% Technology................................................... 15.9 Capital Goods................................................ 14.8 Consumer Services............................................ 12.9 Energy....................................................... 10.4 Financial Services........................................... 10.0 Consumer Durables............................................ 9.6 Health Care.................................................. 8.2 Transportation............................................... 7.9 Basic Industries............................................. 7.1 Utilities.................................................... 0.1
We thank you for your confidence in Dreyfus and in this Fund. Sincerely, Steven A. Falci, CFA Portfolio Manager July 15, 1996 New York, N.Y. * Total return includes reinvestment of dividends and any capital gains paid. The Fund's performance does not reflect the deduction of additional charges appplicable to separate accounts of participating insurance companies using the Fund as an underlying investment. ** SOURCE: LIPPER ANALYTICAL SERVICES, INC. * Reflects the reinvestment of income dividends and, where applicable, capital gain distributions. The Standard & Poor's 500 Composite Stock Price Index is a widely accepted unmanaged index of U.S. stock market performance. *** The Fund is not sponsored, sold, endorsed or promoted by Standard & Poor's Corporation. Dreyfus Stock Index Fund - ------------------------------------------------------------------------------ Statement of Investments June 30, 1996 (Unaudited) Shares Common Stocks--93.0% Value ------ ------------ Basic Industries--4.8% 10,000 Air Products & Chemicals..................... $ 577,501 11,500 Alco Standard................................ 520,375 3,300 Armstrong World Industries................... 190,163 4,800 Avery Dennison............................... 263,400 2,700 Ball......................................... 77,625 4,700 Bemis........................................ 164,500 4,300 Boise Cascade................................ 157,487 2,500 Centex....................................... 77,812 8,600 Champion International....................... 359,050 11,500 Crown Cork & Seal............................ 517,500 22,400 Dow Chemical................................. 1,702,400 50,300 duPont (E.I.) de Nemours..................... 3,979,987 7,100 Eastman Chemical............................. 432,212 3,300(a) FMC.......................................... 215,325 7,500 Fluor........................................ 490,312 8,200 Georgia Pacific.............................. 582,200 4,700 Goodrich (B.F.).............................. 175,662 8,800 Grace (W.R.)................................. 623,700 5,800 Great Lakes Chemical......................... 361,050 9,700 Hercules..................................... 535,925 26,800 International Paper.......................... 988,250 7,600 James River.................................. 200,450 25,200 Kimberly-Clark............................... 1,946,700 9,700 Louisiana Pacific............................ 214,612 4,700 Mead......................................... 243,812 52,544 Monsanto..................................... 1,707,680 13,200 Morton International......................... 491,700 6,000 Nalco Chemical............................... 189,000 28,600 Occidental Petroleum......................... 707,850 17,000 PPG Industries............................... 828,750 2,600 Potlach...................................... 101,725 13,900 Praxair...................................... 587,275 5,900 Rohm & Haas.................................. 370,225 7,700 Sherwin-Williams............................. 358,050 4,500 Sigma-Aldrich................................ 240,750 8,900 Stone Container.............................. 122,375 5,000 Temple-Inland................................ 233,750 6,200 Union Camp................................... 302,250 11,900 Union Carbide................................ 473,025 9,100 Westvaco..................................... 271,862 17,800 Weyerhaeuser................................. 756,500 5,000 Willamette Industries........................ 297,500 ------------ 23,638,277 ------------ Capital Goods--20.1% 19,500 AMP.......................................... 782,438 12,000(a) Advanced Micro Devices....................... 163,501 4,000 Alexander & Alexander Services............... 79,001 25,400 Allied Signal................................ 1,450,976 10,700(a) Amdahl....................................... 115,026 Capital Goods (continued) 15,900 American Brands.............................. $ 721,463 5,400(a) Andrew....................................... 290,251 11,100 Apple Computer............................... 233,101 16,100(a) Applied Materials............................ 491,051 4,100 Autodesk..................................... 122,488 26,000 Automatic Data Processing.................... 1,004,251 16,900 Bay Networks................................. 435,176 31,100 Boeing....................................... 2,709,588 2,600 Briggs & Stratton............................ 106,926 19,100 Browning-Ferris Industries................... 553,901 17,100(a) CUC International............................ 607,050 6,500(a) Cabletron Systems............................ 446,062 6,500 Case......................................... 312,000 17,400 Caterpillar.................................. 1,178,850 6,100(a) Ceridian..................................... 308,050 3,600 Cincinnati Milacron.......................... 86,400 51,000(a) cisco Systems................................ 2,887,875 24,100(a) Compaq Computer.............................. 1,186,925 21,700 Computer Associates International.............................. 1,546,125 5,000(a) Computer Sciences............................ 373,750 9,700 Cooper Industries............................ 402,550 2,700 Crane........................................ 110,700 3,600 Cummins Engine............................... 145,350 10,400(a) DSC Communications........................... 313,300 3,500(a) Data General................................. 45,500 23,600 Deere & Co. ................................. 944,000 7,400 Deluxe....................................... 262,700 13,700(a) Digital Equipment............................ 616,500 10,200 Dover........................................ 470,475 8,700 Dow Jones & Co. ............................. 363,225 16,300 Dresser Industries........................... 480,850 15,200 Dun & Bradstreet............................. 950,000 4,300 EG&G......................................... 91,912 20,700(a) EMC.......................................... 385,537 7,000 Eaton........................................ 410,375 20,100 Emerson Electric............................. 1,816,537 20,000 First Data................................... 1,592,500 3,600 Foster Wheeler............................... 161,550 5,700 General Dynamics............................. 353,400 149,200. General Electric............................. 12,905,800 4,500 General Signal............................... 170,437 10,900 Genuine Parts................................ 498,675 3,100 Giddings & Lewis............................. 50,375 4,600 Grainger (W.W.).............................. 356,500 9,300 H&R Block.................................... 303,412 4,200 Harnischfeger Industries..................... 139,650 3,500 Harris....................................... 213,500 45,800 Hewlett-Packard.............................. 4,562,825 11,400 Honeywell.................................... 621,300 Dreyfus Stock Index Fund - ------------------------------------------------------------------------------ Statement of Investments (continued) June 30, 1996 (Unaudited) Shares Common Stocks (continued) Value ------ ------------ Capital Goods (continued) 10,700 Illinois Tool Works.......................... $ 723,587 9,800 Ingersoll-Rand............................... 428,750 48,800 International Business Machines.............. 4,831,200 73,700 Intel........................................ 5,412,343 4,200(a) Intergraph................................... 50,925 7,100 Interpublic Group Cos........................ 332,812 3,700 Johnson Controls............................. 257,150 11,500(a) LSI Logic.................................... 299,000 26,400 Laidlaw, Cl. B............................... 267,300 17,800 Lockheed Martin.............................. 1,495,200 6,700 Mallinckrodt Group........................... 260,462 6,500 Marsh & McLennan............................. 627,250 4,900 McDermott International...................... 102,287 19,900 McDonnell Douglas............................ 965,150 18,600 Micron Technology............................ 481,275 53,300(a) Microsoft.................................... 6,402,662 37,500 Minnesota Mining & Manufacturing.............................. 2,587,500 53,100 Motorola..................................... 3,338,662 12,100(a) National Semiconductor....................... 187,550 4,300 National Service Industries.................. 168,237 23,100 Northern Telecommunications.................. 1,256,062 5,100 Northrop Grumman............................. 347,437 32,800(a) Novell....................................... 455,100 4,500 Ogden........................................ 81,562 58,700(a) Oracle....................................... 2,314,981 4,600(a) Owens-Corning................................ 197,800 10,301 Pall......................................... 248,511 6,700 Parker-Hannifin.............................. 283,912 3,900 Perkin-Elmer................................. 188,175 13,400 Pitney Bowes................................. 639,850 4,000 Raychem...................................... 287,500 21,500 Raytheon..................................... 1,109,937 19,500 Rockwell International....................... 1,116,375 7,100 Ryder System................................. 199,687 5,200 Safety-Kleen................................. 91,000 6,900 Scientific-Atlanta........................... 106,950 10,500 Service Corp. International.................. 603,750 2,100 Shared Medical Systems....................... 134,925 14,600(a) Silicon Graphics............................. 350,400 3,600 Snap-On...................................... 170,550 7,900 Stanley Works................................ 235,025 16,400(a) Sun Microsystems............................. 965,550 2,600 TRINOVA...................................... 86,775 5,900 TRW.......................................... 530,262 10,500(a) Tandem Computers............................. 129,937 2,900 Tektronix.................................... 129,775 5,000 Teledyne..................................... 180,625 8,000(a) Tellabs...................................... 535,000 Capital Goods (continued) 17,000 Texas Instruments............................ $ 847,875 7,500 Textron...................................... 599,062 3,600 Thomas & Betts............................... 135,000 15,000(a) 3COM......................................... 686,250 2,800 Timken....................................... 108,500 13,700 Tyco International........................... 558,275 15,400(a) Unisys....................................... 109,725 10,900 United Technologies.......................... 1,253,500 44,400 WMX Technologies............................. 1,454,100 37,400 Westinghouse Electric........................ 701,250 29,100 Xerox........................................ 1,556,850 -------------- 98,138,762 -------------- Consumer Cyclical--12.0% 22,600 Albertson's.................................. 935,076 6,700 American Greetings, Cl. A.................... 183,413 13,400 American Stores.............................. 552,751 4,500(a) Bally Entertainment.......................... 123,751 7,800 Black & Decker............................... 301,276 1,546 Brown Group.................................. 26,862 8,800 Brunswick.................................... 176,001 9,300(a) Charming Shoppes............................. 65,682 33,600 Chrysler..................................... 2,083,201 8,800 Circuit City Stores.......................... 317,901 21,500 Comcast, Cl. A............................... 397,751 7,500 Cooper Tire and Rubber....................... 166,876 9,100 Dana......................................... 282,101 14,300 Darden Restaurants........................... 153,725 6,500 Dayton Hudson................................ 670,312 10,200 Dillard Department Stores, Cl. A............. 372,300 60,900 Disney (Walt)................................ 3,829,087 13,800 Donnelley (R.R.) & Sons...................... 481,275 5,500 Echlin....................................... 208,312 18,600(a) Federated Department Stores.................. 634,725 4,100 Fleetwood Enterprises........................ 127,100 3,400 Fleming Cos.................................. 48,875 105,500 Ford Motor................................... 3,415,562 6,800(a) Fruit of the Loom, Cl. A..................... 173,400 12,600 Gannett...................................... 891,450 25,900 Gap.......................................... 832,037 11,300(a) General Instrument........................... 326,287 67,800 General Motors............................... 3,551,025 5,300 Giant Food, Cl. A............................ 190,137 13,900 Goodyear Tire & Rubber....................... 670,675 3,400 Great Atlantic & Pacific..................... 111,775 6,400 Harcourt General............................. 320,000 2,800 Harland (John H.)............................ 68,950 9,200(a) Harrah's Entertainment....................... 259,900 7,800 Hasbro....................................... 278,850 Dreyfus Stock Index Fund - ------------------------------------------------------------------------------ Statement of Investments (continued) June 30, 1996 (Unaudited) Shares Common Stocks (continued) Value ------ ------------ Consumer Cyclical (continued) 4,400 Hilton Hotel................................. $ 495,000 42,900 Home Depot................................... 2,316,600 10,500 ITT.......................................... 695,625 10,600 ITT Industries............................... 266,325 3,500 Jostens...................................... 69,125 43,100 K mart....................................... 533,362 3,400(a) King World Productions....................... 123,675 4,400 Knight-Ridder................................ 319,000 11,100(a) Kroger....................................... 438,450 24,300 Limited...................................... 522,450 6,600 Liz Claiborne................................ 228,525 1,800 Longs Drug Stores............................ 80,325 14,500 Lowes........................................ 523,812 2,105 Luby's Cafeterias............................ 49,467 11,500 Marriott International....................... 618,125 14,400 Masco........................................ 435,600 24,900 Mattel....................................... 712,762 22,400 May Department Stores........................ 980,000 9,400 Maytag....................................... 196,225 62,900 McDonald's................................... 2,940,575 9,000 McGraw-Hill Cos.............................. 411,750 9,400 Melville..................................... 380,700 3,300 Mercantile Stores............................ 193,462 2,500 Meredith..................................... 104,375 9,000 Moore........................................ 169,875 733 NACCO Industries, Cl. A...................... 40,589 12,900 NIKE, Cl. B.................................. 1,325,475 6,800(a) Navistar International....................... 67,150 8,800 New York Times, Cl. A........................ 287,100 7,300 Nordstrom.................................... 324,850 1,800 Outboard Marine.............................. 32,625 3,500 PACCAR....................................... 171,500 20,200 Penney (J.C.)................................ 1,060,500 5,600 Pep Boys-Manny, Moe & Jack................... 190,400 17,600(a) Price/Costco................................. 380,600 6,700 Reebok International......................... 225,287 7,500 Rite Aid..................................... 223,125 3,500 Russell...................................... 96,687 4,700(a) Ryan's Family Steak House.................... 43,475 35,200 Sears, Roebuck & Co.......................... 1,711,600 3,700(a) Shoney's..................................... 40,237 1,800 Springs Industries........................... 90,900 4,400 Stride Rite.................................. 36,300 6,100 Supervalu.................................... 192,150 16,300 Sysco........................................ 558,275 6,500 TJX Cos...................................... 219,375 5,400 Tandy........................................ 255,825 58,600(a) Tele-Communications, Cl. A................... 1,062,125 Consumer Cyclical (continued) 35,200 Time Warner.................................. $ 1,381,600 9,400 Times Mirror, Cl. A.......................... 408,900 24,500(a) Toys R Us.................................... 698,250 5,500 Tribune...................................... 399,437 42,400 US West Media Group.......................... 773,800 5,700 V.F.......................................... 339,862 3,500(a) Varity....................................... 168,437 33,201(a) Viacom, Cl. B................................ 1,290,688 205,800 Wal-Mart Stores.............................. 5,222,175 22,100 Walgreen..................................... 740,350 11,400 Wendy's International........................ 212,325 6,700 Whirlpool.................................... 332,487 13,600 Winn-Dixie Stores............................ 481,100 11,900(a) Woolworth.................................... 267,750 -------------- 58,386,902 -------------- Consumer Staples--12.7% 2,500 Alberto Culver, Cl. B........................ 115,938 22,700 Anheuser-Busch Cos........................... 1,702,501 46,701 Archer Daniels Midland....................... 893,157 12,000 Avon Products................................ 541,501 6,200 Brown-Forman, Cl. B.......................... 248,001 13,100 CPC International............................ 943,200 22,400 Campbell Soup................................ 1,579,201 4,700 Clorox....................................... 416,538 224,000 Coca-Cola.................................... 10,948,000 13,100 Colgate-Palmolive............................ 1,110,225 21,800 ConAgra...................................... 989,175 3,400 Coors (Adolph), Cl. B........................ 60,775 8,500 Dial......................................... 243,312 31,000 Eastman Kodak................................ 2,410,250 5,800 Ecolab....................................... 191,400 14,300 General Mills................................ 779,350 39,900 Gillette..................................... 2,488,762 33,200 Heinz (H.J.)................................. 1,008,450 6,900 Hershey Foods................................ 506,287 10,000 International Flavors & Fragrances................................. 476,250 119,600 Johnson & Johnson............................ 5,920,200 19,100 Kellogg...................................... 1,399,075 14,200 Newell....................................... 434,875 140,600 PepsiCo...................................... 4,973,725 74,500 Philip Morris Cos............................ 7,748,000 7,500 Pioneer Hi-Bred International................ 396,562 4,100 Polaroid..................................... 187,062 61,500 Procter & Gamble............................. 5,573,437 12,100 Quaker Oats.................................. 412,912 9,500 Ralston-Purina Group......................... 609,187 Dreyfus Stock Index Fund - ------------------------------------------------------------------------------ Statement of Investments (continued) June 30, 1996 (Unaudited) Shares Common Stocks (continued) Value ------ ------------ Consumer Staples (continued) 13,600 Rubbermaid................................... $ 370,600 43,400 Sara Lee..................................... 1,405,075 33,500 Seagram...................................... 1,126,437 5,500 Tupperware................................... 232,375 18,100 UST.......................................... 619,925 14,400 Unilever, N.V................................ 2,089,800 9,500 Whitman...................................... 229,187 10,400 Wrigley, (Wm) Jr............................. 525,200 -------------- 61,905,907 -------------- Energy--9.0% 8,300 Amerada Hess................................. 445,088 44,600 Amoco........................................ 3,227,926 5,700 Ashland...................................... 225,863 14,400 Atlantic Richfield........................... 1,706,401 12,800 Baker Hughes................................. 420,801 11,400 Burlington Resources......................... 490,201 58,600 Chevron...................................... 3,457,401 9,500 Coastal...................................... 396,625 4,900 Columbia Gas System.......................... 255,412 8,400 Consolidated Natural Gas..................... 438,900 1,800 Eastern Enterprises.......................... 59,850 22,500 Enron........................................ 919,687 6,200 Enserch...................................... 134,850 111,500 Exxon........................................ 9,686,562 10,300 Halliburton.................................. 571,650 2,220 Helmerich & Payne............................ 81,307 4,500 Kerr-McGee................................... 273,937 3,000 Louisiana Land & Exploration................. 172,875 35,400 Mobil........................................ 3,969,225 4,500 Nicor........................................ 127,687 11,200 Noram Energy................................. 121,800 2,400 Oneok........................................ 60,000 9,400(a) Oryx Energy.................................. 152,750 7,400 Pacific Enterprises.......................... 219,225 13,500 Panenergy.................................... 443,812 4,200 Pennzoil..................................... 194,250 3,100 Peoples Energy............................... 103,850 23,500 Phillips Petroleum........................... 984,062 7,600(a) Rowan Cos.................................... 112,100 48,100 Royal Dutch Petroleum........................ 7,395,375 8,100(a) Santa Fe Energy Resources.................... 96,187 21,800 Schlumberger................................. 1,836,650 7,700 Sonat........................................ 346,500 6,600 Sun.......................................... 200,475 15,600 Tenneco...................................... 797,550 23,700 Texaco....................................... 1,987,837 25,800 USX-Marathon Group........................... 519,225 22,200 Unocal....................................... 749,250 Energy (continued) 4,800(a) Western Atlas................................ $ 279,600 9,400 Williams Cos................................. 465,300 -------------- 44,128,046 -------------- Health Care--8.7% 7,600(a) ALZA......................................... 208,051 70,500 Abbott Laboratories.......................... 3,066,751 5,800 Allergan..................................... 227,650 56,800 American Home Products....................... 3,415,100 23,900(a) Amgen........................................ 1,290,600 5,100 Bard (C.R.).................................. 173,400 5,100 Bausch & Lomb................................ 216,750 24,600 Baxter International......................... 1,162,350 5,700 Becton, Dickinson & Co....................... 457,425 9,000(a) Beverly Enterprises.......................... 108,000 10,400(a) Biomet....................................... 149,500 16,000(a) Boston Scientific............................ 720,000 45,100 Bristol-Myers Squibb......................... 4,059,000 40,200 Columbia/HCA Healthcare...................... 2,145,675 4,000(a) Community Psychiatric Centers................ 38,000 20,700 Corning...................................... 794,362 14,600(a) Humana....................................... 260,975 49,400 Lilly (Eli).................................. 3,211,000 5,600 Manor Care................................... 220,500 21,000 Medtronic.................................... 1,176,000 110,200 Merck & Co................................... 7,121,675 4,000 Millipore.................................... 167,500 57,200 Pfizer....................................... 4,082,650 45,700 Pharmacia & Upjohn........................... 2,027,937 33,100 Schering-Plough.............................. 2,077,025 7,100(a) St. Jude Medical............................. 237,850 19,300(a) Tenet Healthcare............................. 412,537 5,500 U. S. Surgical............................... 170,500 13,800 U.S. HealthCare.............................. 759,000 16,400 United Healthcare............................ 828,200 24,300 Warner-Lambert............................... 1,336,500 -------------- 42,322,463 -------------- Interest Sensitive--12.5% 10,300 Aetna Life & Casualty........................ 736,451 10,400 Ahmanson (H.F.) & Co......................... 280,801 39,900 Allstate..................................... 1,820,438 43,300 American Express............................. 1,932,263 18,600 American General............................. 676,576 42,500 American International Group................. 4,191,563 9,700 Aon.......................................... 492,276 40,800 Banc One..................................... 1,387,201 10,100 Bank of Boston............................... 499,950 17,500 Bank of New York............................. 896,875 Dreyfus Stock Index Fund - ------------------------------------------------------------------------------ Statement of Investments (continued) June 30, 1996 (Unaudited) Shares Common Stocks (continued) Value ------ ------------ Interest Sensitive (continued) 32,800 BankAmerica.................................. $ 2,484,600 7,100 Bankers Trust New York....................... 524,512 8,400 Barnett Banks................................ 512,400 4,800 Beneficial................................... 269,400 14,200 Boatmens Bancshares.......................... 569,775 6,900 CIGNA........................................ 813,337 39,100 Chase Manhattan.............................. 2,761,437 15,800 Chubb........................................ 788,025 43,600 Citicorp..................................... 3,602,450 10,500 Comerica..................................... 468,562 19,900 CoreStates Financial......................... 766,150 15,001 Dean Witter, Discover & Co................... 858,807 98,000 Federal National Mortgage Association................................ 3,283,000 16,000 Federal Home Loan Mortgage................... 1,368,000 9,200 Fifth Third Bancorp.......................... 496,800 12,400 First Bank Systems........................... 719,200 28,400 First Chicago NBD............................ 1,111,150 25,600 First Union.................................. 1,558,400 23,600 Fleet Financial Group........................ 1,026,600 7,300 General Re................................... 1,111,425 5,300 Golden West Financial........................ 296,800 12,300 Great Western Financial...................... 293,662 12,300 Green Tree Financial......................... 384,375 8,700 Household International...................... 661,200 10,500 ITT Hartford................................. 559,125 6,400 Jefferson Pilot.............................. 330,400 3,500 Kaufman & Broad Home......................... 50,750 20,800 Keycorp...................................... 806,000 9,400 Lincoln National............................. 434,750 10,600 Loews........................................ 836,075 20,000 MBNA......................................... 570,000 12,000 Mellon Bank.................................. 684,000 15,400 Merrill Lynch & Co........................... 1,002,925 16,900 Morgan (J.P.) & Co........................... 1,430,162 13,700 Morgan Stanley Group......................... 673,012 19,800 National City................................ 695,475 26,600 NationsBank.................................. 2,197,825 32,800 Norwest...................................... 1,143,900 30,600 PNC Bank..................................... 910,350 8,400 Providian.................................... 360,150 2,400 Pulte........................................ 64,200 5,000 Republic New York............................ 311,250 11,300 Safeco....................................... 399,737 9,400 Salomon...................................... 413,600 7,500 St. Paul Cos................................. 401,250 20,300 SunTrust Banks............................... 751,100 6,400 Torchmark.................................... 280,000 6,100 Transamerica................................. 494,100 Interest Sensitive (continued) 42,600 Travelers Group.............................. $ 1,943,625 6,600 UNUM......................................... 410,850 14,300 U.S. Bancorp................................. 516,587 10,700 USF&G........................................ 175,212 3,100 USLIFE....................................... 101,912 15,200 Wachovia..................................... 665,000 8,800 Wells Fargo.................................. 2,102,100 -------------- 61,359,883 -------------- Mining And Metals--1.4% 3,800 ASARCO....................................... 104,976 20,300 Alcan Aluminium.............................. 619,151 15,800 Aluminum Co. of America...................... 906,526 9,600(a) Armco........................................ 48,001 32,100 Barrick Gold................................. 870,713 10,000(a) Bethlehem Steel.............................. 118,751 8,300 Cyprus Amax Minerals......................... 187,787 11,700 Echo Bay Mines............................... 125,775 12,900 Engelhard.................................... 296,700 17,500 Freeport-McMoran Copper, Cl. B............... 557,812 13,100 Homestake Mining............................. 224,337 10,500 Inco......................................... 338,625 4,400 Inland Steel Industries...................... 86,350 8,901 Newmont Mining............................... 439,486 7,900 Nucor........................................ 399,937 6,000 Phelps Dodge................................. 374,250 21,500 Placer Dome.................................. 513,312 5,700 Reynolds Metals.............................. 297,112 11,801 Santa Fe Pacific Gold........................ 166,689 7,500 USX-U.S. Steel Group......................... 212,812 8,100 Worthington Industries....................... 169,087 -------------- 7,058,189 -------------- Transportation--1.5% 8,100(a) AMR.......................................... 737,101 13,600 Burlington Northern.......................... 1,099,900 19,000 CSX.......................................... 916,750 3,500 Caliber System............................... 119,000 7,400 Conrail...................................... 491,175 3,900 Consolidated Freightways..................... 82,387 5,500 Delta Air Lines.............................. 456,500 5,100(a) Federal Express.............................. 418,200 11,400 Norfolk Southern............................. 966,150 13,000 Southwest Airlines........................... 378,625 5,700(a) USAir Group.................................. 102,600 18,400 Union Pacific................................ 1,285,700 2,500(a) Yellow....................................... 33,125 -------------- 7,087,213 -------------- Dreyfus Stock Index Fund - ------------------------------------------------------------------------------ Statement of Investments (continued) June 30, 1996 (Unaudited) Shares Common Stocks (continued) Value ------ ------------ Utilities--10.3% 17,000 ALLTEL....................................... $ 522,751 144,200 AT&T......................................... 8,940,401 44,700(a) Airtouch Communications...................... 1,262,776 16,700 American Electric Power...................... 711,837 49,800 Ameritech.................................... 2,956,875 13,200 Baltimore Gas & Electric..................... 374,550 39,300 Bell Allantic................................ 2,505,375 89,200 BellSouth.................................... 3,779,850 14,100 CINergy...................................... 451,200 13,600 Carolina Power & Light....................... 516,800 18,800 Central & Southwest.......................... 545,200 21,100 Consolidated Edison.......................... 617,175 13,000 DTE Energy................................... 401,375 15,900 Dominion Resources........................... 636,000 18,400 Duke Power................................... 943,000 40,000 Edison International......................... 705,000 20,500 Entergy...................................... 581,687 16,600 FPL Group.................................... 763,600 87,500 GTE.......................................... 3,915,625 10,800 General Public Utilities..................... 380,700 23,600 Houston Industries........................... 581,150 62,000 MCI Communications........................... 1,588,750 39,200 NYNEX........................................ 1,862,000 13,000 Niagara Mohawk Power......................... 100,750 6,100 Northern States Power........................ 301,187 13,700 Ohio Edison.................................. 299,687 19,900 PECO Energy.................................. 517,400 14,300 PP&L Resources............................... 337,837 37,400 Pacific Gas & Electric....................... 869,550 38,400 Pacific Telesis Group........................ 1,296,000 26,300 PacifiCorp................................... 585,175 22,000 Public Service Enterprise Group.............. 602,250 54,700 SBC Communications........................... 2,693,975 60,200 Southern..................................... 1,482,425 Utilities (continued) 39,000 Sprint....................................... $ 1,638,000 20,300 Texas Utilities.............................. 867,825 19,300 UniCom....................................... 537,987 9,200 Union Electric............................... 370,300 42,600 US West...................................... 1,357,875 17,400(a) WorldCom..................................... 963,525 ------------- 50,365,425 ------------- TOTAL COMMON STOCKS (cost $380,143,621)........................ $ 454,391,067 ------------- ------------- Principal SHORT-TERM Amount INVESTMENTS--6.3% -------- U.S. Treasury Bills: $20,764,000(b) 5%, 7/5/1996................................ $ 20,749,050 1,713,000 5.10%, 8/22/1996............................ 1,700,221 1,946,000 5.10%, 9/12/1996............................ 1,925,606 6,222,000 5.20%, 9/19/1996............................ 6,150,260 ------------- ------------- TOTAL SHORT-TERM INVESTMENTS (cost $30,530,949)........................ $ 30,525,137 ------------- ------------- TOTAL INVESTMENTS (cost $410,674,570).................................. 99.3% $ 484,916,204 ------- ------------- ------- ------------- CASH AND RECEIVABLES (NET)................................................ .7% $ 3,615,115 ------- ------------- ------- ------------- NET ASSETS............................................. 100.0% $ 488,531,319 ------- ------------- ------- ------------- 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. Statement of Financial Futures June 30, 1996 (Unaudited) - ------------------------------------------------------------------------------
Market Value Unrealized Number of Covered Appreciation Financial Futures Purchased; Contracts by Contracts Expiration at 6/30/96 - -------------------------------- ------------ ------------- ------------- -------------- Standard & Poor's 500........................ 94 $31,809,600 September 1996 $33,585 --------- ---------
See notes to financial statements. Dreyfus Stock Index Fund - ------------------------------------------------------------------------------ Statement of Assets and Liabilities June 30, 1996 (Unaudited) ASSETS: Investments in securities, at value (cost $410,674,570)--see statement................................... $484,916,204 Cash.................................................................... 3,016,165 Dividends receivable.................................................... 669,133 Receivable for futures variation margin--Note 3(a)...................... 200,960 Prepaid expenses........................................................ 2,911 -------------- 488,805,373 LIABILITIES: Due to The Dreyfus Corporation and affiliates........................... $133,806 Payable for investment securities purchased............................. 27,340 Accrued expenses........................................................ 112,908 274,054 --------- -------------- NET ASSETS ................................................................ $488,531,319 -------------- -------------- REPRESENTED BY: Paid-in capital......................................................... $405,836,909 Accumulated distributions in excess of investment income--net........... (57,982) Accumulated undistributed net realized gain on investments.............. 8,477,173 Accumulated net unrealized appreciation on investments (including $33,585 net unrealized appreciation on financial futures)--Note 3(b)......... 74,275,219 -------------- NET ASSETS at value applicable to 26,099,315 shares outstanding (200 million shares of $.001 par value Common Stock authorized)......... $488,531,319 -------------- -------------- NET ASSET VALUE, per share ($488,531,319 / 26,099,315 shares)...................................... $18.72 ------- -------
See notes to financial statements. Dreyfus Stock Index Fund - ------------------------------------------------------------------------------ Statement of Operations six months ended June 30, 1996 (Unaudited) INVESTMENT INCOME: Income: Cash dividends (net of foreign taxes withheld at source of $33,567)... $3,970,748 Interest.............................................................. 1,115,453 ------------ Total Income.................................................... $ 5,086,201 Expenses: Management fee--Note 2(a)............................................. 475,262 Registration fees..................................................... 49,780 Professional fees..................................................... 42,095 Prospectus and shareholders' reports.................................. 19,728 Directors' fees and expenses--Note 2(c)............................... 12,779 Miscellaneous......................................................... 452 ------------ Total Expenses.................................................. 600,096 ------------- INVESTMENT INCOME--NET........................................... 4,486,105 REALIZED AND UNREALIZED GAIN ON INVESTMENTS: Net realized gain on investments--Note 3(a).............................. $1,073,427 Net realized gain on financial futures--Note 3(a)........................ 2,549,630 ------------ Net Realized Gain............................................... 3,623,057 Net unrealized appreciation on investments (including $268,400 net unrealized appreciation on financial futures)..................... 27,932,595 ------------- NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................. 31,555,652 ------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $36,041,757 ------------- -------------
See notes to financial statements. Dreyfus Stock Index Fund - ------------------------------------------------------------------------------ Statement of Changes in Net Assets
Year Ended Six Months Ended December 31, June 30, 1996 1995 (Unaudited) ---------------- --------------------- OPERATIONS: Investment income--net............................................. $ 4,465,773 $ 4,486,105 Net realized gain on investments.................................. 8,075,002 3,623,057 Net unrealized appreciation on investments for the period......... 43,128,888 27,932,595 -------------- -------------- Net Increase In Net Assets Resulting From Operations............ 55,669,663 36,041,757 -------------- -------------- DIVIDENDS TO SHAREHOLDERS FROM: Investment income--net............................................. (4,476,568) (4,558,981) Net realized gain on investments.................................. (2,357,447) -- -------------- -------------- Total Dividends................................................. (6,834,015) (4,558,981) -------------- -------------- CAPITAL STOCK TRANSACTIONS: Net proceeds from shares sold..................................... 219,772,239 184,387,608 Dividends reinvested.............................................. 6,834,015 4,558,983 Cost of shares redeemed........................................... (59,561,665) (44,584,508) -------------- -------------- Increase In Net Assets From Capital Stock Transactions.......... 167,044,589 144,362,083 -------------- -------------- Total Increase In Net Assets.................................. 215,880,237 175,844,859 NET ASSETS: Beginning of period............................................... 96,806,223 312,686,460 -------------- -------------- End of period [including undistributed investment income--net; $14,894 in 1995 and distributions in excess of investment income--net; ($57,982) in 1996].................................. $312,686,460 $488,531,319 -------------- -------------- -------------- -------------- Shares Shares -------------- -------------- CAPITAL SHARE TRANSACTIONS: Shares sold....................................................... 14,313,682 10,123,540 Shares issued for dividends reinvested............................ 417,105 247,579 Shares redeemed................................................... (4,033,543) (2,449,164) -------------- -------------- Net Increase In Shares Outstanding.............................. 10,697,244 7,921,955 -------------- -------------- -------------- --------------
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 Year Ended Six Months Year Ended August 31, Ended December 31, Ended ------------------ December 31, --------------------------- June 30, 1996 PER SHARE DATA: 1991 1992 1992 1993 1994 1995 (Unaudited) ------- ------- ------- ------- ------- ------- ----------- Net asset value, beginning of period................... $11.62 $14.20 $14.87 $15.32 $13.20 $12.94 $17.20 ------ ------ ------ ------ ------ ------ ------ Investment Operations: Investment income--net......... .39 .37 .13 .37 .32 .33 .19 Net realized and unrealized gain (loss) on investments.. 2.60 .68 .77 1.04 (.21) 4.39 1.52 ------ ------ ------ ------ ------ ------ ------ Total from Investment Operations.............. 2.99 1.05 .90 1.41 .11 4.72 1.71 ------ ------ ------ ------ ------ ------ ------ Distributions; Dividends from investment income--net.................. (.39) (.38) (.21) (.34) (.31) (.33) (.19) 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) (.19) ------ ------ ------ ------ ------ ------ ------ Net asset value, end of period $14.20 $14.87 $15.32 $13.20 $12.94 $17.20 $18.72 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ TOTAL INVESTMENT RETURN .......... 26.26% 7.49% 6.05%(1) 9.33% .88% 36.78% 9.97%(1) RATIOS/SUPPLEMENTAL DATA: Ratio of expenses to average net assets.................. .40% .40% .13%(1) .40% .40% .39% .15%(1) Ratio of net investment income to average net assets....... 3.05% 2.63% .85%(1) 2.38% 2.57% 2.38% 1.12%(1) 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% .90%(1) Average commission rate paid(2) -- -- -- -- -- -- $.0348 Net Assets, end of period (000's Omitted)............. $62,400 $74,446 $70,072 $61,319 $96,806 $312,686 $488,531 - -------------- (1) Not annualized. (2) For fiscal years beginning January 1, 1996, the Fund is required to disclose its average commission rate paid per share for purchases and sales of investment securities.
See notes to financial statements. Dreyfus Stock Index Fund - ------------------------------------------------------------------------------ NOTES TO FINANCIAL STATEMENTS (Unaudited) NOTE 1--Significant Accounting Policies: Dreyfus Stock Index Fund (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. The Fund's investment objective is to provide investment results that correspond to the price and yield performance of publicly traded common stocks as represented by the Standard and Poor's 500 Composite Stock Price Index. The Dreyfus Corporation ("Dreyfus") serves as the Fund's manager and Mellon Equity Associates ("Mellon Equity"), an affiliate of Dreyfus serves as the Fund's index manager. Boston Safe Deposit and Trust Company, an affiliate of Dreyfus, is 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 without a sales charge. (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 investment income-net 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. NOTE 2--Management Fee and Other Transactions With Affiliates: (a) Pursuant to an Investment Advisory Agreement with Dreyfus, the investment advisory fee is computed at the annual rate of .245 of 1% of the value of the Fund's average daily net assets, and is payable monthly. Dreyfus has agreed to pay Mellon Equity, a monthly fee at the annual rate of .095 of 1% of the value of the Fund's average daily net assets. The Investment Advisory Agreement further provides that Dreyfus Stock Index Fund - ------------------------------------------------------------------------------ NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued) if the aggregate expenses of the Fund, exclusive of taxes, brokerage, interest on borrowings 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 Dreyfus, and Dreyfus may deduct from the fees paid to Mellon Equity, or Dreyfus and Mellon Equity will bear, in the same proportion as in the agreement, the amount of such excess to the extent required by state law. The most stringent state expense limitation applicable to the Fund presently requires reimbursement of expenses in any full year that such expenses (exclusive of certain expenses as described above) 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. Dreyfus has currently undertaken from January 1, 1996 until June 30, 1996 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 value of the Fund's average daily net assets, the Fund may deduct from the payments to be made to Dreyfus, or Dreyfus will bear, such excess expense. There was no expense reimbursement for the six months ended June 30, 1996. (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 certain allocated expenses with respect to servicing and/or maintaining shareholder accounts. During the six months ended June 30, 1996, the Fund was charged an aggregate of $2,311 pursuant to the Shareholder Services Plan. 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. (c) 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, excluding short-term securities, during the six months ended June 30, 1996 amounted to $147,046,374 and $3,223,990, respectively. The Fund may invest in 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 Dreyfus Stock Index Fund - ------------------------------------------------------------------------------ NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued) open at June 30, 1996 and their related unrealized market appreciation are set forth in the Statement of Financial Futures. (b) At June 30, 1996, accumulated net unrealized appreciation on investments was $74,275,219, consisting of $77,367,887 gross unrealized appreciation and $3,092,668 gross unrealized depreciation. At June 30, 1996, the cost of investments for Federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments). [LOGO] Dreyfus Stock Index Fund 200 Park Avenue New York, NY 10166 Manager The Dreyfus Corporation 200 Park Avenue New York, NY 10166 Index Fund Manager Mellon Equity Associates 500 Grant Street Pittsburgh, PA 15258 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 Printed in U.S.A. 763SA966 -----END PRIVACY-ENHANCED MESSAGE-----