-----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, MMwFHoONuUMJOS23+Zz28jclukspA/e7CQa4zACTmy2+v51bZ6f6BHxE+2FnjKBy nykXI/epBqhJM/KGhQsRZg== 0000846800-97-000008.txt : 19970912 0000846800-97-000008.hdr.sgml : 19970911 ACCESSION NUMBER: 0000846800-97-000008 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970828 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: SEC FILE NUMBER: 811-05719 FILM NUMBER: 97671571 BUSINESS ADDRESS: STREET 1: 144 GLENN CURTISS BLVD CITY: UNIONDALE STATE: NY ZIP: 11566 BUSINESS PHONE: 2129226785 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 N-30D 1 SEMI-ANNUAL REPORT DREYFUS STOCK INDEX FUND LETTER TO SHAREHOLDERS Dear Shareholder: We are pleased to provide you with this semi-annual report for the Dreyfus Stock Index Fund. In line with its investment goals, Dreyfus Stock Index Fund closely mirrored the outstanding results of the Standard & Poor's 500 Composite Stock Price Index for the six-month reporting period ended June 30, 1997. Over this period your Fund produced a total return of 20.44%,* which compares with a total return of 20.60% for the Standard & Poor's 500 Composite Stock Price Index over the same period.** During the last six months, large capitalization equities, as represented by the S&P 500 Index, provided performance that was significantly better than both mid-cap and small-cap equities. During the same period, the Standard & Poor's 400 MidCap Index had a total return of 13.04% while the Russell 2000 Index, made up of small-cap stocks, earned a total return of 10.20%.*** ECONOMIC REVIEW Since ending its 1995 mid-cycle slowdown, the economy has sustained an above-trend growth trajectory, slowing only briefly in the third quarter of 1996 and again in recent months. Meanwhile, the level of economic activity is now at the point where economic resources are near full deployment. Yet price inflation remains quiescent, boosting the purchasing power of incomes and contributing to the best sense of economic well-being in decades. In this environment, economic policy has been benign, allowing market interest rates to sway within an eighteen-month trading range and corporate profits to rise steadily. However, even while the jury is out on the inflation risks ahead, the Federal Reserve Board (the "Fed") has again indicated a one-way bias towards tighter future policy. The Real Gross Domestic Product grew an above-trend 3.1% from year-end 1995 to year-end 1996, then accelerated to more than 4.0% in the first half of this year. However, this year's pattern shows growth concentrated in the first quarter, when GDP surged 5.9%, while a slowdown to near 2.5% is apparent in the second quarter. The slower near-term growth is attributable to a lackluster retail sector, even though exports and capital spending are gaining. A key issue is whether the absence of pent-up demand could lead to a sluggish consumer profile and, hence, a slow GDP growth from here on. Indeed, factors that could underpin a resumption of stronger spending are rising: real consumer purchasing power, soaring household wealth and all-time highs in consumer confidence. Additionally, inventories remain lean, muting the prospect of yet slower economic growth. Alongside evidence of a slower retail sector in the second quarter are reports showing that unemployment fell below 5% and industrial capacity utilization tightened towards its 1994 highs. With these developments, the economy now is operating at a high level with little slack. Yet wage inflation abated in the second quarter while price inflation continued to decelerate. The absence of any troublesome sign of inflation has kept market interest rates in a long-standing trading range. Even corporate profits continue to surprise on the upside. Views on the need to tighten monetary policy are divergent. There are those who believe that inflation pressure points are just different than in the past and others who believe the inflation cycle has been eliminated by global factors and technology. However, by leaning towards tighter future policy, the Fed is at least willing to err on the cautious side in the next several months. MARKET OVERVIEW It doesn't get much better than the performance of common stocks for the first half of 1997. When the closing bell rang on June 30, the Standard & Poor's 500 showed a six-month gain of 20.60%, the Dow Jones Industrial Average was up 20.12%, the Nasdaq Composite Index had gained 11.70% and even small capitalization stocks represented by the Russell 2000 Index were up by 10.20%. All these major indexes set new records repeatedly during the half-year. However, it wasn't clear sailing, and not all sectors profited equally. As recently as April, just after the Fed voted its latest increase in interest rates, broad stock averages were only modestly ahead for the year. Technology and small-cap stocks were lagging the larger, better-known issues. A turnaround began in mid-April that carried all markets to new highs. The main propellant was the expanding yet noninflationary economy. At the same time, corporate profits, generally speaking, showed continued strength. Clearly, all the hard work of corporate reorganization and down-sizing in recent years was paying off. Before each scheduled meeting of the Federal Reserve, there was apprehension that interest rates might be boosted again. Yet the underlying tone of the market was one of confidence and strength. No doubt the steady influx of retirement money and other assets into mutual funds was an important factor in the market's buoyancy. The best performing industries in the past six months included financial stocks, pharmaceuticals, semiconductor and computer shares and communications. Laggards included casino gambling, heavy construction, precious metals and electric utilities. As the market averages advanced, an increasing number of warnings were being issued to the investing public to remember that what goes up might come down _ that many stocks appeared richly priced in relation to earnings prospects. In day-to-day stock trading, however, there was little evidence by the end of June that the cautionary advice was affecting stock prices. We appreciate your investment in this Fund and your continued confidence in The Dreyfus Corporation. Sincerely, [Steven A. Falci, CFA signature logo] Steven A. Falci, CFA Portfolio Manager July 17, 1997 New York, N.Y. * Total return includes reinvestment of dividends and any capital gains paid. **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. *** SOURCE: LIPPER ANALYTICAL SERVICES, INC. _ Reflects the reinvestment of income dividends and, where applicable, capital gain distributions. The Standard & Poor's 400 MidCap Index is a broad-based index of 400 companies and is a widely accepted, unmanaged index of medium-cap stock market performance. The Russell 2000 Index is a widely accepted unmanaged index of small-cap stock performance. DREYFUS STOCK INDEX FUND STATEMENT OF INVESTMENTS JUNE 30, 1997 (UNAUDITED) Shares COMMON STOCKS_95.1% Value _______ _______ Basic Industries_6.0% 21,800 Air Products & Chemicals $ 1,771,250 8,100 Armstrong World Industries 594,337 14,500 Ashland 672,437 20,400 Avery Dennison 818,550 6,000 Ball 180,375 10,200 Bemis 441,150 9,500 Boise Cascade 335,468 5,600 Centex 227,500 18,700 Champion International 1,033,175 25,100 Crown Cork & Seal 1,341,281 45,700 Dow Chemical 3,981,612 220,000 duPont (E.I.) de Nemours & Co 13,832,500 15,200 Eastman Chemical 965,200 28,100 Engelhard 588,343 7,300 (a) FMC 579,893 16,400 Fluor 905,075 7,900 Foster Wheeler 319,950 17,900 Georgia Pacific 1,528,212 10,500 Goodrich (B.F.) 454,781 14,200 Grace (W.R.) 782,775 11,800 Great Lakes Chemical 618,025 20,000 Hercules 957,500 58,700 International Paper 2,850,618 16,800 James River 621,600 7,600 Kaufman & Broad Home 133,475 110,400 Kimberly-Clark 5,492,400 21,300 Louisiana Pacific 449,962 31,400 Masco 1,310,950 10,200 Mead 634,950 114,944 Monsanto 4,949,776 27,800 Morton International 839,212 13,200 Nalco Chemical 509,850 64,300 Occidental Petroleum 1,611,518 5,600 Potlach 253,400 30,600 Praxair 1,713,600 132,800 Procter & Gamble 18,758,000 12,500 Rohm & Haas 1,125,781 33,600 Sherwin-Williams 1,037,400 19,500 Sigma-Aldrich 683,718 19,400 Stone Container 277,662 10,800 Temple-Inland 583,200 33,400 Tenneco 1,509,262 13,600 Union Camp 680,000 24,900 Union Carbide 1,171,856 19,900 Westvaco 625,606 38,800 Weyerhaeuser 2,017,600 10,800 Willamette Industries 756,000 ____________ 83,526,785 Shares COMMON STOCKS (continued) Value _______ _______ Capital Goods_ 22.7% 42,900 AMP $ 1,791,075 14,000 Adobe Systems 490,875 27,400 (a) Advanced Micro Devices 986,400 5,500 Aeroquip-Vickers 259,875 34,032 Allegheny Teledyne 918,864 55,300 AlliedSignal 4,645,200 23,700 (a) Amdahl 207,375 17,750 Andrew 499,218 24,400 Apple Computer 347,700 35,400 (a) Applied Materials 2,506,762 9,300 Autodesk 356,306 57,100 Automatic Data Processing 2,683,700 38,600 (a) Bay Networks 1,025,312 140,094 Boeing 7,433,737 5,100 Briggs & Stratton 255,000 41,600 Browning-Ferris Industries 1,383,200 52,900 (a) COMPAQ Computer 5,250,325 79,750 (a) CUC International 2,058,546 30,500 (a) Cabletron Systems 863,531 14,300 Case 984,912 37,400 Caterpillar 4,015,825 15,700 (a) Ceridian 663,325 7,800 Cincinnati Milacron 202,312 130,100 (a) Cisco Systems 8,732,962 33,300 Cognizant 1,348,650 70,950 Computer Associates International 3,951,028 15,000 (a) Computer Sciences. 1,081,875 23,100 Cooper Industries 1,149,225 8,950 Crane 374,221 7,700 Cummins Engine 543,331 22,900 (a) DSC Communications 509,525 7,800 (a) Data General 202,800 50,000 Deere & Co 2,743,750 32,700 (a) Dell Computer 3,840,206 16,100 Deluxe 549,412 30,700 (a) Digital Equipment 1,087,931 22,000 Dover 1,353,000 18,900 Dow Jones & Co 759,543 34,400 Dresser Industries 1,281,400 33,300 Dun & Bradstreet 874,125 9,300 EG&G 209,250 48,000 (a) EMC 1,872,000 15,100 Eaton 1,318,418 87,400 Emerson Electric 4,812,462 87,500 First Data 3,844,531 12,300 General Dynamics 922,500 643,600 General Electric 42,075,350 9,700 General Signal 423,162 DREYFUS STOCK INDEX FUND STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1997 (UNAUDITED) Shares COMMON STOCKS (continued) Value _______ ________ Capital Goods (continued) 35,250 Genuine Parts $ 1,194,093 6,500 Giddings & Lewis 135,687 10,400 Grainger (W.W.) 813,150 9,600 Harnischfeger Industries 398,400 7,600 Harris 638,400 198,200 Hewlett-Packard 11,099,200 24,800 Honeywell 1,881,700 23,100 ITT Industries 594,825 26,300 Ikon Office Solutions 655,856 48,400 Illinois Tool Works 2,416,975 21,400 Ingersoll-Rand 1,321,450 160,400 Intel 22,746,725 9,300 (a) Intergraph 79,050 194,700 International Business Machines 17,559,506 15,800 Interpublic Group Cos 968,737 16,300 Johnson Controls 669,318 27,400 (a) LSI Logic 876,800 37,700 Lockheed Martin 3,904,306 124,698 Lucent Technologies 8,986,049 10,700 McDermott International 312,306 41,500 McDonnell Douglas 2,842,750 41,000 Micron Technology 1,637,437 235,200 (a) Microsoft 29,723,400 81,700 Minnesota Mining & Manufacturing 8,333,400 115,900 Motorola 8,808,400 27,300 National Semiconductor 836,062 8,900 National Service Industries 433,318 50,500 Northern Telecommunications 4,595,500 11,300 Northrop Grumman 992,281 67,600 (a) Novell 468,975 128,100 (a) Oracle 6,453,037 10,200 Owens-Corning 439,875 35,800 PPG Industries 2,080,875 24,601 Pall 571,973 24,900 Parametric Technology 1,059,806 14,500 Parker-Hannifin 879,968 8,500 Perkin-Elmer 676,281 29,000 Pitney Bowes 2,015,500 8,700 Raychem 647,062 46,100 Raytheon 2,351,100 42,800 Rockwell International 2,525,200 14,800 Ryder System 488,400 11,400 Safety-Kleen 192,375 15,100 Scientific-Atlanta 330,312 48,300 (a) Seagate Technology 1,699,556 Shares COMMON STOCKS (continued) Value _______ _______ Capital Goods (continued) 46,100 Service Corp. International $ 1,515,537 4,600 Shared Medical Systems 248,400 34,500 (a) Silicon Graphics 517,500 11,950 Snap-On 470,531 17,400 Stanley Works 696,000 71,900 (a) Sun Microsystems 2,676,028 64,900 (a) 3COM 2,920,500 23,200 (a) Tandem Computers 469,800 6,500 Tektronix 390,000 35,000 (a) Tellabs 1,955,625 37,200 Texas Instruments 3,127,125 32,300 Textron 2,143,912 29,200 Thermo Electron 992,800 10,400 Thomas & Betts 546,650 12,200 Timken 433,862 32,600 Tyco International 2,267,737 34,200 (a) Unisys 260,775 46,400 United Technologies 3,851,200 88,500 Waste Management 2,843,062 63,400 Xerox 5,000,675 ____________ 317,353,127 ____________ Consumer Cyclical_11.0% 49,100 Albertson's 1,792,150 14,600 American Greetings, Cl. A 542,025 28,500 American Stores 1,407,187 29,400 AutoZone 692,737 24,000 Becton, Dickinson & Co 1,215,000 18,400 Black & Decker 684,250 19,200 Brunswick 600,000 32,500 CVS 1,665,625 20,600 (a) Charming Shoppes 107,506 137,300 Chrysler 4,505,156 19,200 Circuit City Stores 682,800 63,800 Comcast, Cl. A 1,363,725 15,500 Cooper Tire and Rubber 341,000 41,000 Costco Cos 1,347,875 19,900 Dana 756,200 29,900 Darden Restaurants 270,968 42,400 Dayton Hudson 2,255,150 22,200 Dillard's, Cl. A 768,675 132,000 Disney (Walt) 10,593,000 29,500 Donnelley (R.R.) & Sons 1,080,437 12,200 Echlin 439,200 40,600 (a) Federated Department Stores 1,410,850 7,000 Fleetwood Enterprises 208,687 7,400 Fleming Cos 133,200 231,700 Ford Motor 8,746,675 DREYFUS STOCK INDEX FUND STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1997 (UNAUDITED) Shares COMMON STOCKS (continued) Value _______ ________ Consumer Cyclical (continued) 15,000 (a) Fruit of the Loom, Cl. A $ 465,000 27,600 Gannett 2,725,500 54,600 Gap 2,122,575 26,800 (a) General Instrument 670,000 143,000 General Motors 7,963,312 11,700 Giant Food, Cl. A 381,712 30,400 Goodyear Tire & Rubber 1,924,700 7,500 Great Atlantic & Pacific 203,906 20,300 H&R Block 654,675 30,800 (a) HFS 1,786,400 13,900 Harcourt General 661,987 6,000 Harland (John H.) 136,875 20,100 (a) Harrah's Entertainment 366,825 25,250 Hasbro 716,468 48,300 Hilton Hotel 1,282,968 93,900 Home Depot 6,473,231 22,700 (a) ITT 1,386,118 7,600 Jostens 203,300 94,700 K mart 1,160,075 7,300 (a) King World Productions 255,500 18,300 Knight-Ridder 897,843 49,300 (a) Kroger 1,429,700 53,000 Limited 1,073,250 14,000 Liz Claiborne 652,750 7,600 Longs Drug Stores 199,025 33,800 Lowes 1,254,825 25,000 Marriott International 1,534,375 56,500 Mattel 1,913,937 47,900 May Department Stores 2,263,275 19,600 Maytag 512,050 136,400 McDonald's 6,589,825 19,400 McGraw-Hill Cos 1,140,962 7,200 Mercantile Stores 453,150 10,500 Meredith 304,500 17,200 Moore 338,625 1,633 NACCO Industries, Cl. A 92,162 56,400 NIKE, Cl. B 3,292,350 14,300 (a) Navistar International 246,675 18,900 New York Times, Cl. A 935,550 15,700 Nordstrom 770,281 15,200 PACCAR 705,850 48,300 Penney (J.C.) 2,520,656 11,800 Pep Boys-Manny, Moe & Jack 401,937 10,900 Reebok International 509,575 24,000 Rite Aid 1,197,000 7,100 Russell 210,337 76,500 Sears, Roebuck & Co 4,111,875 Shares COMMON STOCKS (continued) Value _______ _______ Consumer Cyclical (continued) 3,900 Springs Industries $ 205,725 9,700 Stride Rite 124,887 13,100 Supervalu 451,950 34,500 Sysco 1,259,250 30,400 TJX 801,800 24,800 TRW 1,408,950 11,400 Tandy 638,400 129,800 (a) Tele-Communications, Cl. A 1,930,775 111,100 Time Warner 5,360,575 18,300 Times Mirror, Cl. A 1,011,075 56,800 (a) Toys R Us 1,988,000 24,100 Tribune 1,158,306 12,500 V.F 1,064,062 69,201 (a) Viacom, Cl. B 2,076,030 444,200 Wal-Mart Stores 15,019,512 48,100 Walgreen 2,579,362 25,300 Wendy's International 656,218 124,200 Westinghouse Electric 2,872,125 14,500 Whirlpool 791,156 29,300 Winn-Dixie Stores 1,091,425 26,200 (a) Woolworth 628,800 ____________ 153,821,928 ____________ Consumer Staples_11.6% 10,900 Alberto-Culver, Cl. B 305,200 97,600 Anheuser-Busch Cos 4,093,100 106,151 Archer Daniels Midland 2,494,548 26,000 Avon Products 1,834,625 13,500 Brown-Forman, Cl. B 658,968 28,100 CPC International 2,593,981 91,300 Campbell Soup 4,565,000 10,100 Clorox 1,333,200 486,300 Coca-Cola 32,825,250 57,400 Colgate-Palmolive 3,745,350 46,900 ConAgra 3,007,462 7,400 Coors (Adolph), Cl. B 197,025 44,700 Corning 2,486,437 65,100 Eastman Kodak 4,996,425 12,600 Ecolab 601,650 33,300 Fortune Brands 1,242,506 31,600 General Mills 2,057,950 108,400 Gillette 10,270,900 72,000 Heinz (H.J.) 3,321,000 30,000 Hershey Foods 1,659,375 21,600 International Flavors & Fragrances 1,090,800 260,300 Johnson & Johnson 16,756,812 41,200 Kellogg 3,527,750 DREYFUS STOCK INDEX FUND STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1997 (UNAUDITED) Shares COMMON STOCKS (continued) Value _______ ________ Consumer Staples (continued) 31,000 Newell $ 1,228,375 303,700 PepsiCo 11,407,731 477,600 Philip Morris Cos 21,193,500 16,100 Pioneer Hi-Bred International 1,288,000 8,900 Polaroid 493,950 26,600 Quaker Oats 1,193,675 20,800 Ralston-Ralston Purina Group 1,709,500 29,300 Rubbermaid 871,675 94,000 Sara Lee 3,912,750 72,500 Seagram 2,918,125 12,200 Tupperware 445,300 36,400 UST 1,010,100 31,300 Unilever, NV 6,823,400 20,300 Whitman 513,843 22,700 Wrigley, (Wm) Jr 1,520,900 ____________ 162,196,138 ____________ Energy_8.8% 18,200 Amerada Hess 1,011,237 97,200 Amoco 8,450,325 63,000 Atlantic Richfield 4,441,500 28,400 Baker Hughes 1,098,725 24,400 Burlington Resources 1,076,650 127,500 Chevron 9,427,031 20,600 Coastal 1,095,662 10,800 Columbia Gas System 704,700 18,500 Consolidated Natural Gas 995,531 4,000 Eastern Enterprises 138,750 49,700 Enron 2,028,381 13,600 Enserch 302,600 485,400 Exxon 29,852,190 24,500 Halliburton 1,941,625 4,920 Helmerich & Payne 283,515 9,500 Kerr-McGee 602,062 6,700 Louisiana Land & Exploration 382,737 154,000 Mobil 10,760,750 9,700 Nicor 347,987 26,800 Noram Energy 408,700 5,300 Oneok 170,593 20,500 (a) Oryx Energy 433,062 16,600 Pacific Enterprises 558,175 9,100 Pennzoil 698,425 6,800 Peoples Energy 254,575 51,400 Phillips Petroleum 2,248,750 16,700 (a) Rowan Cos 470,731 419,200 Royal Dutch Petroleum 22,794,000 19,500 (a) Santa Fe Energy Resources 286,406 48,100 Schlumberger 6,012,500 Energy (continued) 16,900 Sonat $ 866,125 14,300 Sun 443,300 51,700 Texaco 5,622,375 48,844 Union Pacific Resources Group 1,214,994 48,900 Unocal 1,897,931 56,200 USX-Marathon Group 1,622,775 10,500 (a) Western Atlas 769,125 30,700 Williams Cos 1,343,125 ____________ 123,057,625 ____________ Health Care_9.6% 16,500 (a) ALZA 478,500 151,800 Abbott Laboratories 10,132,650 12,800 Allergan 407,200 126,200 American Home Products 9,654,300 51,700 (a) Amgen 3,005,062 11,100 Bard (C.R.) 403,068 10,900 Bausch & Lomb 513,662 53,300 Baxter International 2,784,925 19,400 (a) Beverly Enterprises 315,250 22,400 (a) Biomet 417,200 37,900 (a) Boston Scientific. 2,328,481 195,800 Bristol-Myers Squibb 15,859,800 21,300 Cardinal Health 1,219,425 131,250 Columbia/HCA Healthcare 5,159,765 14,500 Guidant 1,232,500 63,200 HEALTHSOUTH 1,576,050 31,800 (a) Humana 735,375 108,900 Lilly (Eli) 11,904,131 14,500 Mallinckrodt Group 551,000 12,300 Manor Care 401,287 46,900 Medtronic 3,798,900 236,700 Merck & Co 24,498,450 8,500 Millipore 374,000 126,000 Pfizer 15,057,000 99,300 Pharmacia & Upjohn 3,450,675 144,400 Schering-Plough 6,913,150 17,900 (a) St. Jude Medical 698,100 58,900 (a) Tenet Healthcare 1,741,231 14,300 U.S. Surgical 532,675 36,000 United Healthcare 1,872,000 53,000 Warner-Lambert 6,585,250 ____________ 134,601,062 ____________ Interest Sensitive_14.8% 29,499 Aetna 3,019,960 20,600 Ahmanson (H.F.) & Co 885,800 86,900 Allstate 6,343,700 DREYFUS STOCK INDEX FUND STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1997 (UNAUDITED) Shares COMMON STOCKS (continued) Value _______ ________ Interest Sensitive (continued) 92,600 American Express $ 6,898,700 47,216 American General 2,254,564 91,800 American International Group 13,712,625 31,750 Aon 1,643,062 29,900 BANKBOSTON 2,154,668 112,000 Banc One 5,425,000 76,700 Bank of New York 3,336,450 140,200 BankAmerica 9,051,662 15,100 Bankers Trust New York 1,313,700 38,800 Barnett Banks 2,037,000 10,600 Beneficial 753,262 14,700 CIGNA 2,609,250 90,500 Citicorp 10,910,906 85,800 Chase Manhattan 8,327,962 34,000 Chubb 2,273,750 21,000 Comerica 1,428,000 37,300 Conseco 1,380,100 40,300 CoreStates Financial 2,166,125 21,000 Countrywide Credit Industries 654,937 28,500 Equifax 1,059,843 208,000 Fannie Mae 9,074,000 139,800 Federal Home Loan Mortgage 4,805,625 20,700 Fifth Third Bancorp 1,698,693 26,300 First Bank Systems 2,245,362 62,300 First Chicago NBD 3,769,150 55,500 First Union 5,133,750 51,300 Fleet Financial Group 3,244,725 16,100 General Re 2,930,200 11,200 Golden West Financial 784,000 26,900 Great Western Financial 1,445,875 26,900 Green Tree Financial 958,312 23,000 Hartford Financial Services Group 1,903,250 20,900 Household International 2,454,443 13,800 Jefferson Pilot 964,275 44,100 Keycorp 2,464,087 20,400 Lincoln National 1,313,250 22,500 Loews 2,252,812 8,400 MBIA 947,625 65,350 MBNA 2,393,443 23,000 MGIC Investment 1,102,562 32,000 Marsh & McLennan 2,284,000 50,600 Mellon Bank 2,283,325 Shares COMMON STOCKS (continued) Value _______ _______ Interest Sensitive (continued) 64,400 Merrill Lynch & Co $ 3,839,850 36,200 Morgan (J.P.) & Co 3,778,375 111,967 Morgan Stanley, Dean Witter, Discover and Co. 4,821,578 43,600 National City 2,289,000 142,790 NationsBank 9,209,955 72,400 Norwest 4,072,500 65,600 PNC Bank 2,730,600 18,300 Providian Financial 587,887 4,100 Pulte 141,706 10,800 Republic New York 1,161,000 24,600 Safeco 1,148,512 21,300 Salomon 1,184,812 34,200 Schwab (Charles) 1,391,512 16,200 St. Paul Cos 1,235,250 43,600 SunTrust Banks 2,400,725 13,800 Torchmark 983,250 12,900 Transamerica 1,206,956 124,866 Travelers Group 7,874,362 21,600 USF&G 518,400 29,500 U.S. Bancorp 1,891,687 27,200 UNUM 1,142,400 32,300 Wachovia 1,883,493 17,500 Wells Fargo 4,716,250 ____________ 206,303,850 ____________ Mining and Metals_1.1% 20,800 (a) ARMCO 80,600 8,400 ASARCO 257,250 44,200 Alcan Aluminium 1,533,187 33,900 Aluminum Co. of America 2,555,212 73,300 Barrick Gold 1,612,600 43,900 Battle Mountain Gold 249,681 21,800 (a) Bethlehem Steel 227,537 18,200 Cyprus Amax Minerals 445,900 27,200 Echo Bay Mines 156,400 39,100 Freeport-McMoRan Copper, Cl. B 1,216,987 28,700 Homestake Mining 374,893 32,900 Inco 989,056 9,600 Inland Steel Industries 250,800 30,519 Newmont Mining 1,190,241 17,100 Nucor 966,150 12,700 Phelps Dodge 1,081,881 46,800 Placer Dome 766,350 14,200 Reynolds Metals 1,011,750 DREYFUS STOCK INDEX FUND STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1997 (UNAUDITED) Shares COMMON STOCKS (continued) Value _______ ________ Mining and Metals (continued) 16,600 USX-U.S. Steel $ 582,037 18,900 Worthington Industries 346,106 ____________ 15,894,618 ____________ Transportation_1.2% 17,800 (a) AMR 1,646,500 29,900 Burlington Northern Santa Fe 2,687,262 42,400 CSX 2,353,200 7,700 Caliber System 286,825 14,300 Delta Air Lines 1,172,600 22,300 (a) Federal Express 1,287,825 61,400 Laidlaw, Cl. B 848,087 24,500 Norfolk Southern 2,468,375 28,300 Southwest Airlines 732,262 15,400 (a) USAir Group 539,000 47,800 Union Pacific 3,369,900 ____________ 17,391,836 ____________ Utilities_8.3% 316,700 AT&T 11,104,293 36,600 ALLTEL 1,223,812 98,000 (a) Airtouch Communications 2,682,750 36,600 American Electric Power 1,537,200 107,400 Ameritech 7,296,487 28,800 Baltimore Gas & Electric 768,600 85,600 Bell Atlantic 6,494,900 193,700 BellSouth 8,982,837 30,800 CINergy 1,072,225 29,600 Carolina Power & Light 1,061,900 41,200 Central & Southwest 875,500 45,900 Consolidated Edison 1,351,181 28,400 DTE Energy 784,550 36,000 Dominion Resources 1,318,500 70,209 Duke Power 3,365,643 84,700 Edison International 2,106,912 46,400 Entergy 1,270,200 35,800 FPL Group 1,649,037 32,000 Frontier 638,000 23,600 GPU 846,650 188,000 GTE 8,248,500 45,800 Houston Industries 981,837 133,900 MCI Communications 5,125,859 Shares COMMON STOCKS (continued) Value _______ _______ Utilities (continued) 86,000 NYNEX $ 4,955,750 28,200 Niagara Mohawk Power 241,462 13,500 Northern States Power 698,625 29,800 Ohio Edison 650,012 80,600 PG&E 1,954,550 31,700 PP&L Resources 632,018 43,500 PECO Energy 913,500 57,600 PacifiCorp 1,267,200 46,600 Public Service Enterprise Group 1,165,000 179,189 SBC Communications 11,087,319 131,700 Southern 2,880,937 84,100 Sprint 4,425,762 43,900 Texas Utilities 1,511,806 93,700 US West 3,531,318 122,100 US West Media Group 2,472,525 42,200 UniCom 938,950 20,000 Union Electric 753,750 174,200 WorldCom 5,574,400 ____________ 116,442,257 ____________ TOTAL COMMON STOCKS (cost $1,036,038,886) $1,330,589,226 ================ Principal Amount SHORT-TERM INVESTMENTS_5.0% __________ U.S. Treasury Bills: $ 6,168,000 4.84%, 8/14/1997 $ 6,129,882 31,291,000 (b) 4.98%, 8/21/1997 31,066,330 28,884,000 4.92%, 9/18/1997 28,562,232 4,805,000 5.03%, 9/25/1997 4,747,052 ____________ TOTAL SHORT-TERM INVESTMENTS (cost $70,521,398) $ 70,505,496 ================ TOTAL INVESTMENTS (cost $1,106,560,284).... 100.1% $1,401,094,722 ======== ================ LIABILITIES, LESS CASH AND RECEIVABLES.......... (.1%) $ (2,021,221) ======== ================ NET ASSETS................. 100.0% $1,399,073,501 ======== ================ Notes to Statement of Investments: (a) Non-income producing. (b) Partially held by the custodian in a segregated account as collateral for open financial future positions. SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS STOCK INDEX FUND STATEMENT OF FINANCIAL FUTURES JUNE 30, 1997 (UNAUDITED) Market Value Unrealized Covered Appreciation Financial Futures Purchased Contracts by Contracts Expiration at 6/30/97 ______________ _____ _____________ ____________ ______________ Standard & Poor's 500........................ 161 $71,665,125 September `97 $899,790 ========== SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS STOCK INDEX FUND STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1997 (UNAUDITED) Cost Value _____________ _____________ ASSETS: Investments in securities_See Statement of Investments $1,106,560,284 $1,401,094,722 Cash....................................... 1,067,994 Dividends receivable....................... 1,520,046 Prepaid expenses........................... 6,989 _____________ 1,403,689,751 _____________ LIABILITIES: Due to The Dreyfus Corporation and affiliates 279,253 Payable for shares of Common Stock redeemed 2,186,582 Payable for investment securities purchased 1,425,570 Payable for futures variation margin_Note 4(a) 534,185 Accrued expenses........................... 190,660 _____________ 4,616,250 _____________ NET ASSETS.................................................................. $1,399,073,501 ================= REPRESENTED BY: Paid-in capital............................ $1,067,429,925 Accumulated undistributed investment income_net 200,226 Accumulated net realized gain (loss) on investments 36,009,122 Accumulated net unrealized appreciation (depreciation) on investments (including $899,790 net unrealized appreciation on financial futures)_Note 4(b).............. 295,434,228 _____________ NET ASSETS.................................................................. $1,399,073,501 ================= SHARES OUTSTANDING (200 million shares of $.001 par value Common Stock authorized)............. 57,734,964 NET ASSET VALUE, offering and redemption price per share.................... $24.23 ======== SEE NOTES TO FINANCIAL STATEMENTS. DREYFUS STOCK INDEX FUND STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED) INVESTMENT INCOME INCOME: Cash dividends (net of $74,244 foreign taxes withheld at source).................... $ 9,338,268 Interest................................... 1,795,602 _____________ Total Income......................... $ 11,133,870 EXPENSES: Management fee_Note 3(a)................... 1,301,869 Registration fees.......................... 118,721 Professional fees.......................... 72,425 Directors' fees and expenses_Note 3(c)..... 19,386 Prospectus and shareholders' reports....... 17,821 Shareholder servicing costs_Note 3(b)...... 7,681 Loan commitment fees_Note 2................ 5,821 Miscellaneous.............................. 15,927 _____________ Total Expenses....................... 1,559,651 _____________ INVESTMENT INCOME_NET....................................................... 9,574,219 _____________ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS_Note 4: Net realized gain (loss) on investments.... $ 2,821,756 Net realized gain (loss) on financial futures 9,123,600 _____________ Net Realized Gain...................... 11,945,356 Net unrealized appreciation (depreciation) on investments (including $1,166,960 net unrealized appreciation on financial futures) 181,309,458 _____________ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS...................... 193,254,814 _____________ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $202,829,033 ============== SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS STOCK INDEX FUND STATEMENT OF CHANGES IN NET ASSETS Six Months Ended June 30, 1997 Year Ended (Unaudited) December 31, 1996 _________________ ______________________ OPERATIONS: Investment income_net................................................... $ 9,574,219 $ 11,787,770 Net realized gain (loss) on investments................................. 11,945,356 31,884,780 Net unrealized appreciation (depreciation) on investments............... 181,309,458 67,782,146 _________________ ______________________ Net Increase (Decrease) in Net Assets Resulting from Operations..... 202,829,033 111,454,696 _________________ ______________________ DIVIDENDS TO SHAREHOLDERS FROM: Investment income_net................................................... (9,470,686) (11,705,971) Net realized gain on investments........................................ _____ (12,675,130) _________________ ______________________ Total Dividends..................................................... (9,470,686) (24,381,101) _________________ ______________________ CAPITAL STOCK TRANSACTIONS: Net proceeds from shares sold........................................... 471,299,853 520,828,128 Dividends reinvested.................................................... 9,470,686 24,381,101 Cost of shares redeemed................................................. (89,014,158) (131,010,511) _________________ _____________________ Increase (Decrease) in Net Assets from Capital Stock Transactions... 391,756,381 414,198,718 _________________ _____________________ Total Increase (Decrease) in Net Assets........................... 585,114,728 501,272,313 NET ASSETS: Beginning of Period..................................................... 813,958,773 312,686,460 _________________ _____________________ End of Period.......................................................... $1,399,073,501 $ 813,958,773 ================ ======================= Undistributed investment income_net....................................... $ 200,226 $ 96,693 _________________ _____________________ Shares Shares _________________ _____________________ CAPITAL SHARE TRANSACTIONS: Shares sold............................................................. 21,337,254 27,543,376 Shares issued for dividends reinvested.................................. 420,856 1,269,483 Shares redeemed......................................................... (4,151,759) (6,861,606) _________________ _____________________ Net Increase (Decrease) in Shares Outstanding....................... 17,606,351 21,951,253 ================ ======================= 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 Six Months Ended Ended June 30, 1997 Year Ended December 31, December 31, Year Ended __________________________________ PER SHARE DATA: (Unaudited) 1996 1995 1994 1993 1992 August 31, 1992 _________ _______ _______ _______ _______ _______ ________________ Net asset value, beginning of period $20.28 $17.20 $12.94 $13.20 $15.32 $14.87 $14.20 _________ _______ _______ _______ _______ _______ _________ Investment Operations: Investment income_net .18 .39 .33 .32 .37 .13 .37 Net realized and unrealized gain (loss) on investments......... 3.95 3.43 4.39 (.21) 1.04 .77 .68 _________ _______ _______ _______ _______ _______ _________ Total from Investment Operations 4.13 3.82 4.72 .11 1.41 .90 1.05 _________ _______ _______ _______ _______ _______ _________ Distributions: Dividends from investment income_net....... (.18) (.39) (.33) (.31) (.34) (.21) (.38) Dividends in excess of investment income_net __ __ __ __ (.03) __ __ Dividends from net realized gain on investments __ (.35) (.13) __ (3.00) (.24) __ Dividends in excess of net realized gain on investments......... __ __ __ (.06) (.16) __ __ _________ _______ _______ _______ _______ _______ _________ Total Distributions (.18) (.74) (.46) (.37) (3.53) (.45) (.38) _________ _______ _______ _______ _______ _______ _________ Net asset value, end of period.... $24.23 $20.28 $17.20 $12.94 $13.20 $15.32 $14.87 ========= ======= ====== ====== ====== ====== ======== TOTAL INVESTMENT RETURN 20.44%(1) 22.54% 36.78% .88% 9.33% 6.05%(1) 7.49% RATIOS/SUPPLEMENTAL DATA: Ratio of expenses to average net assets .15%(1) .30% .39% .40% .40% .13%(1) .40% Ratio of net investment income to average net assets .89%(1) 2.24% 2.38% 2.57% 2.38% .85%(1) 2.63% Decrease reflected in above expense ratios due to undertakings by the Manager __........ __ .03% .16% .27% .03%(1) .13% Portfolio Turnover Rate .80%(1) 10.92% 11.95% 2.82% 71.71% 6.94%(1) 7.66% Average commission rate paid (2).... $.0325 $.0317 __ __ __ __ __ Net Assets, end of period (000's Omitted).. $ 1,399,074 $813,959 $312,686 $ 96,806 $61,319 $ 70,072 $74,446 (1) Not annualized. (2) For the 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. is the distributor of the Fund's shares, which are sold without a sales charge. The Fund's financial statements are prepared in accordance with generally accepted accounting principles which may require the use of management estimates and assumptions. Actual results could differ from those estimates. (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. 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_BANK LINE OF CREDIT: The Fund participates with other Dreyfus-managed funds in a $600 million redemption credit facility ("Facility") to be utilized for temporary or emergency purposes, including the financing of redemptions. In connection therewith, the Fund has agreed to pay commitment fees on its pro rata portion of the Facility. Interest is charged to the Fund at rates based on prevailing market rates in effect at the time of borrowings. For the period ended June 30, 1997, the Fund did not borrow under the Facility. DREYFUS STOCK INDEX FUND NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) NOTE 3_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. Dreyfus has undertaken from January 1, 1997 until June 30, 1997 and thereafter until such a time as they give shareholders at least 180 days notice to the contrary that if in any full fiscal year the Fund's aggregate expenses (exclusive of brokerage commissions, transaction fees, commitment 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 period ended June 30, 1997. (B) Under the 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 period ended June 30, 1997, the Fund was charged an aggregate of $6,500 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 4_SECURITIES TRANSACTIONS: (A) The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended June 30, 1997 amounted to $410,601,437 and $8,095,042, 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. Typically, 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 June 30, 1997 and their related unrealized market appreciation are set forth in the Statement of Financial Futures. (B) At June 30, 1997, accumulated net unrealized appreciation on investments and financial futures was $295,434,228, consisting of $303,863,811 gross unrealized appreciation and $8,429,583 gross unrealized depreciation. At June 30, 1997, 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). [Dreyfus lion "d" logo] Registration Mark 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. P.O. Box 9671 Providence, RI 02940 Printed in U.S.A. 763SA976 [Dreyfus logo] Registration Mark Stock Index Fund Semi-Annual Report June 30, 1997 -----END PRIVACY-ENHANCED MESSAGE-----