-----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, GWvTyybvs/ANdrETwRUsLTZKa657f8KfnFw8RVteB3CtbWnSpI1l/UnMSRTDQcY4 mFCCygowsUOBGwg0Yqz5cQ== 0000846800-99-000002.txt : 19990302 0000846800-99-000002.hdr.sgml : 19990302 ACCESSION NUMBER: 0000846800-99-000002 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990301 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: 99553187 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 YEAR 2000 ISSUES (UNAUDITED) The fund could be adversely affected if the computer systems used by The Dreyfus Corporation and the fund' s other service providers do not properly process and calculate date-related information from and after January 1, 2000. The Dreyfus Corporation is working to avoid Year 2000-related problems in its systems and to obtain assurances from other service providers that they are taking similar steps. In addition, issuers of securities in which the fund invests may be adversely affected by Year 2000-related problems. This could have an impact on the value of the fund's investments and its share price. DREYFUS STOCK INDEX FUND - ----------------------------------------------------------------------------- LETTER TO SHAREHOLDERS Dear Shareholder: We are pleased to provide you with this annual report for the Dreyfus Stock Index Fund for the 12-month period ended December 31, 1998. Over this period, your Fund produced a total return of 28.21%.* This compares with a total return of 28.60% ** for the Standard & Poor's 500 Composite Stock Price Index ("S&P 500" ), which the Fund is designed to mirror. The difference is accounted for by transaction costs and other Fund expenses. ECONOMIC REVIEW During 1998, the main regions of the world had very different economic fundamentals. The U.S. entered the year with a strong economy near full employment, with unemployment only slightly above 4%. The tight labor market led the Federal Reserve Board to contemplate a rise in interest rates early in the year, but world economic weakness generated powerful enough disinflationary forces that the Fed acted instead to ease credit beginning in September. After many years of subpar economic growth, continental Europe moved into a sustained economic expansion. The overall European economy benefited as interest rates in peripheral countries such as Spain and Italy fell, approaching the lower levels established by Germany, on the eve of currency unification. Unlike the U.S., Europe has substantial excess capacity of productive plant and labor. In Asia, weak economies were pervasive as a result of a financial crisis. The Latin American economies weakened in turn as the financial stresses spread throughout that region. On balance, there was a substantial weakening of the world economy over the course of 1998 moderated mainly by the American consumer's role as "spender of last resort." A main influence on the U.S. economy during the year was the foreign financial crisis and consequent cooling of the world economy. The positive effects hit first. Actual inflation and expected inflation dropped, causing a decline in long-term Treasury bond yields and mortgage rates. This caused a boom in housing. The fall in inflation left more of the growth in consumer income with which to buy goods and services. Thus, consumers benefited from a combination of good growth in income after inflation, a strong labor market, and increases in the prices of assets they owned, including bonds, stocks and real estate. In a sense, 1998 was a year of disinflationary boom in the U.S., as above-trend economic growth coincided with negligible inflation. The negative effect of Asian weakness was felt in the industrial sector more than in the consumer sector. Corporate profits weakened, especially in sectors affected by the Asian crisis such as world-traded commodities (oil, metals and paper) and exports. Evidence of a weaker world economy accumulated during 1998 as the financial stresses continued. A worsened financial crisis occurred between the Russian default in mid-August and the fallout from the Long-Term Capital Management hedge fund crisis through early October. However, energetic steps were taken to stabilize the Japanese banks, design a support package for Brazil, ease monetary policy, and help overinvested financial institutions rebuild their cash reserves. Indications of a calming of financial fears were evident in the final months of the year. In any case, there appears to have been a shift in the priorities of key policymakers from fighting potential inflation to restimulating future world economic growth. The global economy survived a triple financial crisis in 1998 from Japan, emerging market countries and overextended financial institutions. Excess capacity persists in many worldwide industries after years of high capital spending followed by the onset of a worldwide weakening in demand. Fortunately, the U.S. has led the world in making the transition away from the old manufacturing industries to the new growth industries, such as biotechnology, software, computer hardware and the Internet. This contributed to the favorable combination of low unemployment and low inflation in the U.S., and may yet lead toward more efficient allocation of capital elsewhere in the world. As 1998 ended, interest rates set by central banks remained in a downtrend in most parts of the world including Europe and the U.S. A similar trend had even begun in many emerging countries, as the stresses of financial crisis relaxed. MARKET OVERVIEW Volatility was the overriding characteristic of equity markets in the year ended December 31. There was stock market strength during the early part of the year. Small-cap indices started to erode in the spring and were joined by large-cap indices by midsummer. Indices declined sharply until the end of August followed by a rebound and then a renewed decline amidst financial fears until early October. A strong rally followed in the last three months of the year in response to the easing of monetary policy. Over the 12-month period, the total return on the Standard and Poor's 500 Composite Stock Price Index was 28.60%. Returns on mid-cap and small-cap stock indices continued to be weaker, with a negative total return on small-cap indices. Three key trends influenced stock market behavior during the year. First, the Federal Reserve kept the Federal Funds rate flat at 5.5% for nearly nine months of the year, but then began a succession of easing moves. Second, weakness in the economies of emerging countries contributed to declining commodity prices and a drop in long-term Treasury bond yields to multidecade lows. Third, expectations for corporate profits dropped, first in the sectors sensitive to Asian developments such as oil, basic materials and exports and then for a broader list of stocks. The trigger for the sharp decline in stocks in August appeared to be the Russian default that month. This resulted in deepening concerns about weaker economic growth and corporate profits. There was also a global margin call on risky assets held by hedge funds and financial institutions. This raised the cost of debt financing for many corporations and many emerging countries. Expectations for economic activity in emerging countries in Asia and Latin America sank; those for U.S. corporate profits were put on hold. Despite the fall in Treasury bond yields, financial stocks led the summer selloff due to concerns that financial difficulties might spread among emerging countries, who might fail to repay loans. However, in the last three months of the year, these fears began to ebb in response to Federal Reserve easing moves. The erosion of expectations for corporate profit growth over the last year contributed to an outperformance by a small group of "supercap" growth stocks for much of the year. Investors had more confidence in the prospect for strong persistent earnings growth for this small group of stocks than for the broad market. Value stocks, which often have greater cyclical sensitivity to earnings fluctuations, lagged behind these supercap growth stocks. In addition, many of the financial stocks that fall into the value category fell sharply following the Russian default and global margin call concerns, before rebounding strongly after the Federal Reserve acted. The year ended December 31, 1998 was characterized by very different performances of the various market sectors. For example, the total return for the year on the Russell 1000 Index with a heavy large-cap representation, was 27.02%, while the Russell 1000 Growth Index returned 38.71% and the Russell 1000 Value Index returned 15.63%. The return on the Russell Midcap Index was 10.09% while the small-cap Russell 2000 Index return was negative 2.55%.** Another pattern in 1998 was that high quality assets outperformed medium and low quality assets. Treasury bonds outperformed junk bonds; U.S. and European stocks outperformed emerging market stocks; blue chip stocks, especially major growth stocks, generally rose more than the average stock. In an environment of concern about financial risks, the high-grade assets were the market leaders. PORTFOLIO FOCUS As mentioned above, performance of the S&P 500 benefited from the fact that large capitalization stocks had positive performance for the twelve months under review, outperforming both mid- and small-cap issues. Among the best performing groups in the S&P 500 for the year were stocks of communications companies, retail stores (apparel) and retail stores (general). The Dreyfus Stock Index Fund holds all stocks in direct proportion to their weight in the Index. Sincerely, [Steven Falci signature] Steven Falci Portfolio Manager January 20, 1999 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 and expenses imposed in connection with investing in variable insurance contracts, which will reduce returns. ** 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 Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 89% of the total market capitalization of the Russell 3000 Index. The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap Index consists of the bottom 800 securities in the Russell 1000 Index as ranked by total market capitalization and is a widely accepted measure of medium-cap stock market performance. The Russell 2000 Index is composed of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index is composed of 3,000 of the largest U.S. companies by market capitalization. All indices are unmanaged and include reinvested dividends. DREYFUS STOCK INDEX FUND DECEMBER 31, 1998 - ----------------------------------------------------------------------------- COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS STOCK INDEX FUND AND THE STANDARD & POOR'S 500 COMPOSITE STOCK PRICE INDEX Dollars $44,862 Standard & Poor's 500 Composite Stock Price Index* $43,213 Dreyfus Stock Index Fund *Source: Lipper Analytical Services, Inc. Average Annual Total Returns - -----------------------------------------------------------------------------
One Year Ended Five Years Ended From Inception (9/29/89) December 31, 1998 December 31, 1998 to December 31, 1998 ___________________ ___________________ ____________________ 28.21% 23.58% 17.12%
- ------------------------ Past performance is not predictive of future performance. THE FUND'S PERFORMANCE DOES NOT REFLECT THE DEDUCTION OF ADDITIONAL CHARGES AND EXPENSES IMPOSED IN CONNECTION WITH INVESTING IN VARIABLE INSURANCE CONTRACTS WHICH WILL REDUCE RETURNS. The above graph compares a $10,000 investment made in Dreyfus Stock Index Fund on 9/29/89 (Inception Date) to a $10,000 investment made in the Standard & Poor' s 500 Composite Stock Price Index on that date. All dividends and capital gain distributions are reinvested. The Fund's performance shown in the line graph takes into account all applicable fees and expenses of the Fund. The Standard & Poor's 500 Composite Stock Price Index is a widely accepted, unmanaged index of overall stock market performance, which does not take into account charges, fees and other expenses. Further information relating to Fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the Prospectus and elsewhere in this report. DREYFUS STOCK INDEX FUND - --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS DECEMBER 31, 1998 Shares COMMON STOCKS--97.6% Value _________ ________________ Basic Industries--2.8% 77,600 Air Products & Chemicals . . . . . . . . . . . . . . . . . . . $ 3,104,000 13,400 Armstrong World Industries . . . . . . . . . . . . . . . . . . 808,188 39,200 Avery Dennison . . . . . . . . . . . . . . . . . . . . . . . . 1,766,450 10,200 Ball . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 466,650 17,900 Bemis . . . . . . . . . . . . . . . . . . . . . . . . . . . . 679,081 18,900 (a) Boise Cascade . . . . . . . . . . . . . . . . . . . . . . . . 585,900 20,000 Centex . . . . . . . . . . . . . . . . . . . . . . . . . . . . 901,250 32,100 Champion International . . . . . . . . . . . . . . . . . . . . 1,300,050 77,700 Corning . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,496,500 41,700 Crown Cork & Seal . . . . . . . . . . . . . . . . . . . . . . 1,284,881 44,800 Danaher . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,433,200 75,100 Dow Chemical . . . . . . . . . . . . . . . . . . . . . . . . . 6,829,406 379,300 duPont (E.I.) de Nemours & Co. . . . . . . . . . . . . . . . . . . . . . . 20,126,606 26,600 Eastman Chemical . . . . . . . . . . . . . . . . . . . . . . . 1,190,350 48,400 Engelhard . . . . . . . . . . . . . . . . . . . . . . . . . . 943,800 11,600 (a) FMC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 649,600 26,500 Fluor . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,127,906 73,900 Fort James . . . . . . . . . . . . . . . . . . . . . . . . . . 2,956,000 57,900 Fortune Brands . . . . . . . . . . . . . . . . . . . . . . . . 1,831,088 13,700 Foster Wheeler . . . . . . . . . . . . . . . . . . . . . . . . 180,669 29,600 Georgia Pacific . . . . . . . . . . . . . . . . . . . . . . . 1,733,450 25,400 Grace (W.R.) & Co. . . . . . . . . . . . . . . . . . . . . . . 398,463 19,800 Great Lakes Chemical . . . . . . . . . . . . . . . . . . . . . 792,000 33,600 Hercules . . . . . . . . . . . . . . . . . . . . . . . . . . . 919,800 103,000 International Paper . . . . . . . . . . . . . . . . . . . . . 4,615,688 13,400 Kaufman & Broad Home . . . . . . . . . . . . . . . . . . . . . 385,250 36,800 Louisiana Pacific . . . . . . . . . . . . . . . . . . . . . . 673,900 114,000 Masco . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,277,500 34,800 Mead . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,020,075 40,500 Morton International . . . . . . . . . . . . . . . . . . . . . 992,250 22,100 Nalco Chemical . . . . . . . . . . . . . . . . . . . . . . . . 685,100 118,300 Occidental Petroleum . . . . . . . . . . . . . . . . . . . . . 1,996,313 52,100 (a) Owens-Illinois . . . . . . . . . . . . . . . . . . . . . . . 1,595,563 9,700 Potlatch . . . . . . . . . . . . . . . . . . . . . . . . . . . 357,688 59,300 PPG Industries . . . . . . . . . . . . . . . . . . . . . . . . 3,454,225 53,000 Praxair . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,868,250 56,500 Rohm & Haas . . . . . . . . . . . . . . . . . . . . . . . . . 1,702,063 27,912 (a) Sealed Air . . . . . . . . . . . . . . . . . . . . . . . . . . 1,425,257 57,900 Sherwin-Williams . . . . . . . . . . . . . . . . . . . . . . . 1,700,813 33,700 Sigma-Aldrich . . . . . . . . . . . . . . . . . . . . . . . . 989,938 18,600 Temple-Inland . . . . . . . . . . . . . . . . . . . . . . . . 1,103,213 56,900 Tenneco . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,938,156 23,200 Union Camp . . . . . . . . . . . . . . . . . . . . . . . . . . 1,566,000 45,300 Union Carbide . . . . . . . . . . . . . . . . . . . . . . . . 1,925,250 34,000 Westvaco . . . . . . . . . . . . . . . . . . . . . . . . . . . 911,625 66,700 Weyerhaeuser . . . . . . . . . . . . . . . . . . . . . . . . . 3,389,194 37,300 Willamette Industries . . . . . . . . . . . . . . . . . . . . 1,249,550 _______________ 95,328,149 _______________ Capital Goods--26.8% 73,300 AMP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,816,181 22,500 Adobe Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,051,875 48,200 (a) Advanced Micro Devices . . . . . . . . . . . . . . . . . . . . . 1,394,788 9,500 Aeroquip-Vickers . . . . . . . . . . . . . . . . . . . . . . . . . . . 284,406 66,032 Allegheny Teledyne . . . . . . . . . . . . . . . . . . . . . . . . . . 1,349,529 188,100 AlliedSignal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,335,181 164,500 America Online . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,320,000 28,850 (a) Andrew . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 476,025 45,100 (a) Apple Computer . . . . . . . . . . . . . . . . . . . . . . . . . 1,846,281 122,800 (a) Applied Materials . . . . . . . . . . . . . . . . . . . . . . . 5,242,025 72,300 (a) Ascend Communications . . . . . . . . . . . . . . . . . . . . . 4,753,725 15,800 Autodesk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 674,463 100,900 Automatic Data Processing . . . . . . . . . . . . . . . . . . . . . . 8,090,919 69,200 (a) BMC Software . . . . . . . . . . . . . . . . . . . . . . . . . . 3,083,725 338,724 Boeing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,050,871 8,100 Briggs & Stratton . . . . . . . . . . . . . . . . . . . . . . . . . . 403,988 58,200 Browning-Ferris Industries . . . . . . . . . . . . . . . . . . . . . . 1,655,063 55,100 (a) Cabletron Systems . . . . . . . . . . . . . . . . . . . . . . . 461,463 25,000 Case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 545,313 122,200 Caterpillar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,621,200 287,548 (a) Cendant . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,481,384 24,300 (a) Ceridian . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,696,444 529,125 (a) Cisco Systems . . . . . . . . . . . . . . . . . . . . . . . . . 49,109,414 569,672 Compaq Computer . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,890,620 182,125 Computer Associates International . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,763,078 52,900 Computer Sciences . . . . . . . . . . . . . . . . . . . . . . . . . . 3,408,744 65,700 Compuware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,132,813 35,800 Cooper Industries . . . . . . . . . . . . . . . . . . . . . . . . . . 1,707,213 23,075 Crane . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 696,577 14,100 Cummins Engine . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,550 16,600 (a) Data General . . . . . . . . . . . . . . . . . . . . . . . . . . 272,863 82,100 Deere & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,719,563 426,700 (a) Dell Computer . . . . . . . . . . . . . . . . . . . . . . . . . 31,229,106 27,100 Deluxe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 990,844 74,800 Dover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,739,550 57,300 Dun & Bradstreet . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,808,531 15,400 EG&G . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 428,313 167,400 (a) EMC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,229,000 23,900 Eaton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,689,431 165,000 Electronic Data Systems . . . . . . . . . . . . . . . . . . . . . . . 8,291,250 147,600 Emerson Electric . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,234,225 49,600 Equifax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,695,700 149,700 First Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,743,619 52,200 (a) Gateway 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,671,988 42,400 General Dynamics . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,485,700 1,098,100 General Electric . . . . . . . . . . . . . . . . . . . . . . . . . . . 112,074,831 59,850 Genuine Parts . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,001,234 DREYFUS STOCK INDEX FUND - -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1998 Shares COMMON STOCKS (continued) Value _________ ________________ Capital Goods (continued) 24,800 Goodrich (B.F.) . . . . . . . . . . . . . . . . . . . . . . . $ 889,700 32,700 Grainger (W.W.) . . . . . . . . . . . . . . . . . . . . . . . 1,361,138 16,000 Harnischfeger Industries . . . . . . . . . . . . . . . . . . . 163,000 26,800 Harris . . . . . . . . . . . . . . . . . . . . . . . . . . . . 981,550 155,800 HBO & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 4,469,513 348,400 Hewlett-Packard . . . . . . . . . . . . . . . . . . . . . . . 23,800,075 42,300 Honeywell . . . . . . . . . . . . . . . . . . . . . . . . . . 3,185,719 45,400 Ikon Office Solutions . . . . . . . . . . . . . . . . . . . . 388,738 83,800 Illinois Tool Works . . . . . . . . . . . . . . . . . . . . . 4,860,400 55,700 IMS Health . . . . . . . . . . . . . . . . . . . . . . . . . . 4,201,869 55,350 Ingersoll-Rand . . . . . . . . . . . . . . . . . . . . . . . . 2,597,991 560,000 Intel . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,395,000 312,700 International Business Machines 57,771,325 45,600 Interpublic Group Cos. . . . . . . . . . . . . . . . . . . . . 3,636,600 33,300 ITT Industries . . . . . . . . . . . . . . . . . . . . . . . . 1,323,675 29,100 (a) KLA-Tencor . . . . . . . . . . . . . . . . . . . . . . . . . . 1,262,213 65,600 Lockheed Martin . . . . . . . . . . . . . . . . . . . . . . . 5,559,600 47,200 (a) LSI Logic . . . . . . . . . . . . . . . . . . . . . . . . . . 761,100 440,696 Lucent Technologies . . . . . . . . . . . . . . . . . . . . . 48,476,560 19,800 McDermott International . . . . . . . . . . . . . . . . . . . 488,813 71,400 (a) Micron Technology . . . . . . . . . . . . . . . . . . . . . . 3,610,163 835,600 (a) Microsoft . . . . . . . . . . . . . . . . . . . . . . . . . . 115,887,223 13,100 Milacron . . . . . . . . . . . . . . . . . . . . . . . . . . . 252,175 14,700 Millipore . . . . . . . . . . . . . . . . . . . . . . . . . . 418,031 135,400 Minnesota Mining & Manufacturing . . . . . . . . . . . . . . . . . . . . . . 9,630,325 200,500 Motorola . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,243,031 55,000 (a) National Semiconductor . . . . . . . . . . . . . . . . . . . . 742,500 218,520 Northern Telecommunications . . . . . . . . . . . . . . . . . 10,953,315 23,100 Northrop Grumman . . . . . . . . . . . . . . . . . . . . . . . 1,689,188 118,500 (a) Novell . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,147,813 56,900 Omnicom Group . . . . . . . . . . . . . . . . . . . . . . . . 3,300,200 326,250 (a) Oracle . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,069,531 18,100 Owens-Corning . . . . . . . . . . . . . . . . . . . . . . . . 641,419 41,601 Pall . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,053,025 91,200 (a) Parametric Technology . . . . . . . . . . . . . . . . . . . . 1,493,400 37,050 Parker-Hannifin . . . . . . . . . . . . . . . . . . . . . . . 1,213,388 54,700 Paychex . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,813,631 77,200 (a) PeopleSoft . . . . . . . . . . . . . . . . . . . . . . . . . . 1,461,975 16,500 Perkin-Elmer . . . . . . . . . . . . . . . . . . . . . . . . . 1,609,781 92,000 Pitney Bowes . . . . . . . . . . . . . . . . . . . . . . . . . 6,077,750 24,900 Raychem . . . . . . . . . . . . . . . . . . . . . . . . . . . 804,581 113,600 Raytheon, Cl. B . . . . . . . . . . . . . . . . . . . . . . . 6,049,200 64,100 Rockwell International . . . . . . . . . . . . . . . . . . . . 3,112,856 24,500 Ryder System . . . . . . . . . . . . . . . . . . . . . . . . . 637,000 25,600 Scientific-Atlanta . . . . . . . . . . . . . . . . . . . . . . 584,000 81,500 (a) Seagate Technology . . . . . . . . . . . . . . . . . . . . . . 2,465,375 86,200 Service Corp. International . . . . . . . . . . . . . . . . . 3,280,988 8,900 Shared Medical Systems . . . . . . . . . . . . . . . . . . . . 443,888 63,300 (a) Silicon Graphics . . . . . . . . . . . . . . . . . . . . . . . 814,988 19,850 Snap-On . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 691,028 40,000 Solectron . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,717,500 29,800 Stanley Works . . . . . . . . . . . . . . . . . . . . . . . . . . . . 826,950 127,000 (a) Sun Microsystems . . . . . . . . . . . . . . . . . . . . . . . . 10,874,375 120,300 (a) 3COM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,390,944 15,900 Tektronix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 477,994 64,900 (a) Tellabs . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,449,706 130,800 Texas Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . 11,191,575 54,900 Textron . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,168,969 55,700 (a) Thermo Electron . . . . . . . . . . . . . . . . . . . . . . . . 943,419 19,000 Thomas & Betts . . . . . . . . . . . . . . . . . . . . . . . . . . . . 822,938 20,900 Timken . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 394,488 215,930 Tyco International . . . . . . . . . . . . . . . . . . . . . . . . . . 16,289,219 85,200 (a) Unisys . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,934,075 76,400 United Technologies . . . . . . . . . . . . . . . . . . . . . . . . . 8,308,500 191,672 Waste Management . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,936,707 110,100 Xerox . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,991,800 _______________ 920,635,112 _______________ Consumer Cyclical--13.2% 82,400 Albertson's . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,247,850 23,700 American Greetings, Cl. A . . . . . . . . . . . . . . . . . . . . . . 973,181 92,000 American Stores . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,398,250 51,200 (a) AutoZone . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,686,400 28,000 Black & Decker . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,569,750 33,200 Brunswick . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 821,700 239,900 CBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,856,725 130,500 CVS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,177,500 199,300 Carnival, Cl. A . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,566,400 33,500 Circuit City Stores . . . . . . . . . . . . . . . . . . . . . . . . . 1,672,906 84,600 (a) Clear Channel Communications . . . . . . . . . . . . . 4,610,700 123,700 Comcast, Cl. A . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,259,644 36,600 (a) Consolidated Stores . . . . . . . . . . . . . . . . . . . . . . 738,863 26,000 Cooper Tire and Rubber . . . . . . . . . . . . . . . . . . . . . . . . 531,375 72,600 (a) Costco Cos. . . . . . . . . . . . . . . . . . . . . . . . . . . 5,240,813 55,306 Dana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,260,633 46,600 Darden Restaurants . . . . . . . . . . . . . . . . . . . . . . . . . . 838,800 147,200 Dayton Hudson . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,985,600 37,200 Dillard's, Cl. A . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,055,550 686,600 Disney (Walt) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,598,000 61,900 Dollar General . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,462,388 46,600 Donnelley (R.R.) & Sons . . . . . . . . . . . . . . . . . . . . . . . 2,041,663 31,400 Dow Jones & Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,511,125 70,700 (a) Federated Department Stores . . . . . . . . . . . . . . . . . . 3,079,869 11,500 Fleetwood Enterprises . . . . . . . . . . . . . . . . . . . . . . . . 399,625 406,100 Ford Motor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,832,994 24,200 (a) Fruit of the Loom, Cl. A . . . . . . . . . . . . . . . . . . . . 334,263 95,400 Gannett . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,314,288 197,500 Gap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,109,375 57,000 (a) General Instrument . . . . . . . . . . . . . . . . . . . . . . . 1,934,438 DREYFUS STOCK INDEX FUND - -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1998 Shares COMMON STOCKS (continued) Value _________ ________________ Consumer Cyclical (continued) 219,300 General Motors . . . . . . . . . . . . . . . . . . . . . . . . $ 15,693,656 52,600 Goodyear Tire & Rubber . . . . . . . . . . . . . . . . . . . . 2,653,013 12,800 Great Atlantic & Pacific . . . . . . . . . . . . . . . . . . . 379,200 23,800 Harcourt General . . . . . . . . . . . . . . . . . . . . . . . 1,265,863 33,900 (a) Harrah's Entertainment . . . . . . . . . . . . . . . . . . . . 531,806 44,050 Hasbro . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,591,306 87,300 Hilton Hotels . . . . . . . . . . . . . . . . . . . . . . . . 1,669,613 524,400 Home Depot . . . . . . . . . . . . . . . . . . . . . . . . . . 32,086,725 28,400 Johnson Controls . . . . . . . . . . . . . . . . . . . . . . . 1,675,600 12,300 Jostens . . . . . . . . . . . . . . . . . . . . . . . . . . . 322,106 165,000 (a) K mart . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,526,563 24,500 (a) King World Productions . . . . . . . . . . . . . . . . . . . . 721,219 26,400 Knight-Ridder . . . . . . . . . . . . . . . . . . . . . . . . 1,349,700 52,900 (a) Kohl's . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,250,044 86,000 (a) Kroger . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,203,000 76,400 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,225,150 22,100 Liz Claiborne . . . . . . . . . . . . . . . . . . . . . . . . 697,531 13,000 Longs Drug Stores . . . . . . . . . . . . . . . . . . . . . . 487,500 117,900 Lowes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,035,006 83,800 Marriott International, Cl. A . . . . . . . . . . . . . . . . 2,430,200 98,100 Mattel . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,237,906 77,400 May Department Stores . . . . . . . . . . . . . . . . . . . . 4,673,025 30,700 Maytag . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,911,075 227,600 McDonald's . . . . . . . . . . . . . . . . . . . . . . . . . . 17,439,850 33,300 McGraw-Hill Cos. . . . . . . . . . . . . . . . . . . . . . . . 3,392,438 204,200 (a) MediaOne Group . . . . . . . . . . . . . . . . . . . . . . . . 9,597,400 17,700 Meredith . . . . . . . . . . . . . . . . . . . . . . . . . . . 670,388 51,600 (a) Meyer (Fred) . . . . . . . . . . . . . . . . . . . . . . . . . 3,108,900 60,200 (a) Mirage Resorts . . . . . . . . . . . . . . . . . . . . . . . . 899,238 29,600 Moore . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325,600 22,500 (a) Navistar International . . . . . . . . . . . . . . . . . . . . 641,250 63,500 New York Times, Cl. A . . . . . . . . . . . . . . . . . . . . 2,202,656 96,400 NIKE, Cl. B . . . . . . . . . . . . . . . . . . . . . . . . . 3,910,225 49,900 Nordstrom . . . . . . . . . . . . . . . . . . . . . . . . . . 1,730,906 26,200 PACCAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,077,475 84,800 Penney (J.C.) . . . . . . . . . . . . . . . . . . . . . . . . 3,975,000 21,400 Pep Boys-Manny, Moe & Jack . . . . . . . . . . . . . . . . . . 335,713 18,900 (a) Reebok International . . . . . . . . . . . . . . . . . . . . . 281,138 86,600 Rite Aid . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,292,113 12,100 Russell . . . . . . . . . . . . . . . . . . . . . . . . . . . 245,781 162,900 Safeway . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,926,719 132,100 Seagram . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,019,800 131,500 Sears, Roebuck & Co. . . . . . . . . . . . . . . . . . . . . . 5,588,750 6,200 Springs Industries . . . . . . . . . . . . . . . . . . . . . . 256,913 105,900 (a) Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,626,506 40,500 Supervalu . . . . . . . . . . . . . . . . . . . . . . . . . . 1,134,000 113,100 Sysco . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,103,181 106,300 TJX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,082,700 40,900 TRW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,298,069 33,600 Tandy . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,383,900 180,300 (a) Tele-Communications, Cl. A, TCI Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,972,844 411,200 Time Warner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,520,100 26,700 Times Mirror, Cl. A . . . . . . . . . . . . . . . . . . . . . . . . . 1,495,200 87,600 (a) Toys R Us . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,478,250 40,900 Tribune . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,699,400 51,160 (a) Tricon Global Restaurants . . . . . . . . . . . . . . . . . . . 2,564,395 40,700 V.F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,907,813 117,601 (a) Viacom, Cl. B . . . . . . . . . . . . . . . . . . . . . . . . . 8,702,474 754,900 Wal-Mart Stores . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,477,169 166,700 Walgreen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,762,369 42,600 Wendy's International . . . . . . . . . . . . . . . . . . . . . . . . 929,213 25,500 Whirlpool . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,412,063 49,800 Winn-Dixie Stores . . . . . . . . . . . . . . . . . . . . . . . . . . 2,234,775 _______________ 455,430,149 _______________ Consumer Staples--9.4% 18,500 Alberto-Culver, Cl. B . . . . . . . . . . . . . . . . . . . . . . . . 493,719 161,600 Anheuser-Busch . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,605,000 200,758 Archer Daniels Midland . . . . . . . . . . . . . . . . . . . . . . . . 3,450,528 88,300 Avon Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,907,275 96,300 Bestfoods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,127,975 23,000 Brown-Forman, Cl. B . . . . . . . . . . . . . . . . . . . . . . . . . 1,740,813 150,500 Campbell Soup . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,277,500 34,800 Clorox . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,065,075 826,300 Coca-Cola . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,258,813 135,600 Coca-Cola Enterprises . . . . . . . . . . . . . . . . . . . . . . . . 4,847,700 99,100 Colgate-Palmolive . . . . . . . . . . . . . . . . . . . . . . . . . . 9,203,913 163,500 ConAgra . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,150,250 12,200 Coors (Adolph), Cl. B . . . . . . . . . . . . . . . . . . . . . . . . 688,538 108,200 Eastman Kodak . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,790,400 43,400 Ecolab . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,570,538 51,900 General Mills . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,035,225 373,700 Gillette . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,054,381 121,300 Heinz (H.J.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,868,613 48,000 Hershey Foods . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,985,000 35,900 International Flavors & Fragrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,586,331 136,400 Kellogg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,654,650 183,500 Kimberly-Clark . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,750 2,733 NACCO Industries, Cl. A . . . . . . . . . . . . . . . . . . . . . . . 251,436 13,900 National Service Industries . . . . . . . . . . . . . . . . . . . . . 528,200 54,500 Newell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,248,125 493,600 PepsiCo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,206,750 815,100 Philip Morris . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,607,850 81,000 Pioneer Hi-Bred International . . . . . . . . . . . . . . . . . . . . 2,187,000 14,800 Polaroid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276,575 445,900 Procter & Gamble . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,716,244 45,700 Quaker Oats . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,719,150 104,600 Ralston Purina Group . . . . . . . . . . . . . . . . . . . . . . . . . 3,386,425 DREYFUS STOCK INDEX FUND - -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1998 Shares COMMON STOCKS (continued) Value _________ ________________ Consumer Staples (continued) 108,900 RJR Nabisco Holdings . . . . . . . . . . . . . . . . . . . . . $ 3,232,969 50,300 Rubbermaid . . . . . . . . . . . . . . . . . . . . . . . . . . 1,581,306 309,400 Sara Lee . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,721,213 19,300 Tupperware . . . . . . . . . . . . . . . . . . . . . . . . . . 317,244 214,500 Unilever . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,790,094 62,300 UST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,172,713 38,900 Wrigley, (Wm) Jr . . . . . . . . . . . . . . . . . . . . . . . 3,483,981 _______________ 323,790,262 _______________ Energy--6.0% 30,500 Amerada Hess . . . . . . . . . . . . . . . . . . . . . . . . . 1,517,375 40,200 Anadarko Petroleum . . . . . . . . . . . . . . . . . . . . . . 1,241,175 33,000 Apache . . . . . . . . . . . . . . . . . . . . . . . . . . . . 835,313 25,600 Ashland . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,238,400 107,600 Atlantic Richfield . . . . . . . . . . . . . . . . . . . . . . 7,020,900 106,520 Baker Hughes . . . . . . . . . . . . . . . . . . . . . . . . . 1,884,073 59,490 Burlington Resources . . . . . . . . . . . . . . . . . . . . . 2,130,486 219,300 Chevron . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,188,194 71,200 Coastal . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,487,550 27,950 Columbia Energy Group . . . . . . . . . . . . . . . . . . . . 1,614,113 32,100 Consolidated Natural Gas . . . . . . . . . . . . . . . . . . . 1,733,400 7,500 Eastern Enterprises . . . . . . . . . . . . . . . . . . . . . 328,125 110,400 Enron . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,299,700 817,200 Exxon . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,757,750 147,100 Halliburton . . . . . . . . . . . . . . . . . . . . . . . . . 4,357,838 16,840 Helmerich & Payne . . . . . . . . . . . . . . . . . . . . . . 326,275 16,000 Kerr-McGee . . . . . . . . . . . . . . . . . . . . . . . . . . 612,000 262,000 Mobil . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,826,750 16,000 Nicor . . . . . . . . . . . . . . . . . . . . . . . . . . . . 676,000 10,600 ONEOK . . . . . . . . . . . . . . . . . . . . . . . . . . . . 382,925 35,600 (a) Oryx Energy . . . . . . . . . . . . . . . . . . . . . . . . . 478,375 11,900 Peoples Energy . . . . . . . . . . . . . . . . . . . . . . . . 474,513 86,600 Phillips Petroleum . . . . . . . . . . . . . . . . . . . . . . 3,691,325 28,500 (a) Rowan Cos. . . . . . . . . . . . . . . . . . . . . . . . . . . 285,000 718,700 Royal Dutch Petroleum, A.D.R. . . . . . . . . . . . . . . . . 34,407,763 182,400 Schlumberger . . . . . . . . . . . . . . . . . . . . . . . . . 8,413,200 80,691 Sempra Energy . . . . . . . . . . . . . . . . . . . . . . . . 2,047,534 36,900 Sonat . . . . . . . . . . . . . . . . . . . . . . . . . . . . 998,606 31,300 Sunoco . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,128,756 179,600 Texaco . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,496,350 84,144 Union Pacific Resources Group . . . . . . . . . . . . . . . . 762,555 80,900 Unocal . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,361,269 105,200 USX-Marathon Group . . . . . . . . . . . . . . . . . . . . . . 3,169,150 142,400 Williams Cos. . . . . . . . . . . . . . . . . . . . . . . . . 4,441,100 _______________ 207,613,838 _______________ Health Care--12.0% 29,000 (a) ALZA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,515,250 510,500 Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . 25,014,500 21,900 Allergan . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,418,025 441,000 American Home Products . . . . . . . . . . . . . . . . . . . . 24,833,813 85,100 (a) Amgen . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,898,269 18,800 Bard (C.R.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 930,600 18,700 Bausch & Lomb . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,122,000 95,700 Baxter International . . . . . . . . . . . . . . . . . . . . . . . . . 6,154,706 82,900 Becton, Dickinson & Co. . . . . . . . . . . . . . . . . . . . . . . . 3,538,794 37,600 Biomet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,513,400 131,200 (a) Boston Scientific . . . . . . . . . . . . . . . . . . . . . . . 3,517,800 333,400 Bristol-Myers Squibb . . . . . . . . . . . . . . . . . . . . . . . . . 44,613,088 67,050 Cardinal Health . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,087,419 216,250 Columbia/HCA Healthcare . . . . . . . . . . . . . . . . . . . . . . . 5,352,188 50,500 Guidant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,567,625 36,400 (a) HCR Manor Care . . . . . . . . . . . . . . . . . . . . . . . . . 1,069,250 141,600 (a) HEALTHSOUTH . . . . . . . . . . . . . . . . . . . . . . . . . . 2,185,950 56,000 (a Humana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 997,500 450,700 Johnson & Johnson . . . . . . . . . . . . . . . . . . . . . . . . . . 37,802,463 369,100 Lilly (Eli) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,803,763 24,500 Mallinckrodt Group . . . . . . . . . . . . . . . . . . . . . . . . . . 754,906 164,300 Medtronic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,199,275 399,100 Merck & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,942,081 209,944 Monsanto . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,972,340 435,900 Pfizer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,678,206 170,300 Pharmacia & Upjohn . . . . . . . . . . . . . . . . . . . . . . . . . . 9,643,238 492,000 Schering-Plough . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,183,000 28,200 (a) St. Jude Medical . . . . . . . . . . . . . . . . . . . . . . . . 780,788 103,300 Tenet Healthcare . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,711,625 65,500 United Healthcare . . . . . . . . . . . . . . . . . . . . . . . . . . 2,820,594 275,100 Warner-Lambert . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,684,081 _______________ 414,306,537 _______________ Interest Sensitive--15.4% 48,399 Aetna . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,805,371 277,700 Allstate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,726,163 153,000 American Express . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,644,250 84,815 American General . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,615,570 351,900 American International Group . . . . . . . . . . . . . . . . . . . . . 34,002,338 56,550 Aon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,131,456 242,238 Associates First Capital, Cl. A . . . . . . . . . . . . . . . . . . . 10,264,835 95,900 BB&T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,865,969 98,600 BANKBOSTON . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,839,238 392,410 Banc One . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,037,436 254,900 Bank of New York . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,259,725 582,346 BankAmerica . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,013,553 32,200 Bankers Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,751,088 38,100 Bear Stearns Cos. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,423,988 71,100 CIGNA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,496,919 22,100 Capital One Financial . . . . . . . . . . . . . . . . . . . . . . . . 2,541,500 284,400 Chase Manhattan . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,356,975 55,500 Chubb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,600,563 56,000 Cincinnati Financial . . . . . . . . . . . . . . . . . . . . . . . . . 2,051,000 762,574 Citigroup . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,747,413 52,100 Comerica . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,552,569 104,701 Conseco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,199,924 37,200 Countrywide Credit Industries . . . . . . . . . . . . . . . . . . . . 1,866,975 DREYFUS STOCK INDEX FUND - -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1998 Shares COMMON STOCKS (continued) Value _________ ________________ Interest Sensitive (continued) 347,500 Federal National Mortgage Association . . . . . . . . . . . . . . . . . . . . . . . . $ 25,715,000 89,825 Fifth Third Bancorp . . . . . . . . . . . . . . . . . . . . . 6,405,645 82,800 Firstar . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,721,100 331,990 First Union . . . . . . . . . . . . . . . . . . . . . . . . . 20,189,142 190,300 Fleet Financial Group . . . . . . . . . . . . . . . . . . . . 8,504,031 84,800 Franklin Resources . . . . . . . . . . . . . . . . . . . . . . 2,713,600 227,400 Federal Home Loan Mortgage . . . . . . . . . . . . . . . . . . 14,653,088 19,300 Golden West Financial . . . . . . . . . . . . . . . . . . . . 1,769,569 33,700 H&R Block . . . . . . . . . . . . . . . . . . . . . . . . . . 1,516,500 78,200 Hartford Financial Services Group . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,291,225 165,025 Household International . . . . . . . . . . . . . . . . . . . 6,539,116 70,950 Huntington Bancshares . . . . . . . . . . . . . . . . . . . . 2,132,934 35,550 Jefferson Pilot . . . . . . . . . . . . . . . . . . . . . . . 2,666,250 152,500 Keycorp . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,880,000 39,600 Lehman Brothers Holdings . . . . . . . . . . . . . . . . . . . 1,744,875 33,700 Lincoln National . . . . . . . . . . . . . . . . . . . . . . . 2,757,081 38,400 Loews . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,772,800 33,300 MBIA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,183,231 251,987 MBNA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,283,926 85,650 Marsh & McLennan . . . . . . . . . . . . . . . . . . . . . . . 5,005,172 87,400 Mellon Bank . . . . . . . . . . . . . . . . . . . . . . . . . 6,008,750 50,900 Mercantile Bancorp . . . . . . . . . . . . . . . . . . . . . . 2,347,763 118,900 Merrill Lynch & Co. . . . . . . . . . . . . . . . . . . . . . 7,936,575 38,000 MGIC Investment . . . . . . . . . . . . . . . . . . . . . . . 1,512,875 59,200 Morgan (J.P.) . . . . . . . . . . . . . . . . . . . . . . . . 6,219,700 194,967 Morgan Stanley, Dean Witter, Discover and Co. . . . . . . . . . . . . . . . . . . . . . . 13,842,657 110,500 National City . . . . . . . . . . . . . . . . . . . . . . . . 8,011,250 37,300 Northern Trust . . . . . . . . . . . . . . . . . . . . . . . . 3,256,756 101,100 PNC Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,472,038 24,400 Progressive . . . . . . . . . . . . . . . . . . . . . . . . . 4,132,750 45,300 Provident Cos. . . . . . . . . . . . . . . . . . . . . . . . . 1,879,950 47,700 Providian Financial . . . . . . . . . . . . . . . . . . . . . 3,577,500 14,500 Pulte . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403,281 71,800 Regions Financial . . . . . . . . . . . . . . . . . . . . . . 2,894,438 36,200 Republic New York . . . . . . . . . . . . . . . . . . . . . . 1,649,363 47,300 Safeco . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,030,944 134,175 Schwab (Charles) . . . . . . . . . . . . . . . . . . . . . . . 7,538,958 56,100 SLM Holding . . . . . . . . . . . . . . . . . . . . . . . . . 2,692,800 79,090 St. Paul Companies . . . . . . . . . . . . . . . . . . . . . . 2,748,378 54,100 State Street . . . . . . . . . . . . . . . . . . . . . . . . . 3,763,331 58,300 Summit Bancorp . . . . . . . . . . . . . . . . . . . . . . . . 2,546,981 72,000 SunAmerica . . . . . . . . . . . . . . . . . . . . . . . . . . 5,841,000 70,000 SunTrust Banks . . . . . . . . . . . . . . . . . . . . . . . . 5,355,000 88,300 Synovus Financial . . . . . . . . . . . . . . . . . . . . . . 2,152,313 47,000 Torchmark . . . . . . . . . . . . . . . . . . . . . . . . . . 1,659,688 21,000 Transamerica . . . . . . . . . . . . . . . . . . . . . . . . . 2,425,500 46,300 UNUM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,702,763 45,800 Union Planters . . . . . . . . . . . . . . . . . . . . . . . . 2,075,313 Interest Sensitive (continued) 245,315 U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,708,683 69,200 Wachovia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,050,675 198,709 Washington Mutual . . . . . . . . . . . . . . . . . . . . . . . . 7,588,200 542,000 Wells Fargo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,646,125 _______________ 528,911,401 _______________ Mining and Metals--.6% 13,300 ASARCO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,331 76,300 Alcan Aluminium . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,064,869 62,600 Aluminum Co. of America . . . . . . . . . . . . . . . . . . . . . . . 4,667,613 125,000 Barrick Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,437,500 77,000 Battle Mountain Gold . . . . . . . . . . . . . . . . . . . . . . . . . 317,625 43,400 (a) Bethlehem Steel . . . . . . . . . . . . . . . . . . . . . . . . 363,475 31,400 Cyprus Amax Minerals . . . . . . . . . . . . . . . . . . . . . . . . . 314,000 57,100 Freeport-McMoRan Copper, Cl. B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 595,981 80,100 Homestake Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . 735,919 55,700 Inco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 588,331 56,019 Newmont Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,011,843 29,500 Nucor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,275,875 19,700 Phelps Dodge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,002,238 83,800 Placer Dome . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 963,700 22,500 Reynolds Metals . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,185,469 29,500 USX-U.S. Steel . . . . . . . . . . . . . . . . . . . . . . . . . . . . 678,500 32,400 Worthington Industries . . . . . . . . . . . . . . . . . . . . . . . . 405,000 _______________ 18,808,269 _______________ Transportation--.9% 61,100 (a) AMR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,627,813 158,500 Burlington Northern Santa Fe . . . . . . . . . . . . . . . . . . . . . 5,349,375 73,300 CSX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,041,950 47,600 Delta Air Lines . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,475,200 49,420 (a) FDX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,398,380 110,500 Laidlaw . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,111,906 127,000 Norfolk Southern . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,024,313 112,500 Southwest Airlines . . . . . . . . . . . . . . . . . . . . . . . . . . 2,524,219 82,900 Union Pacific . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,735,681 28,300 (a) USAir Group . . . . . . . . . . . . . . . . . . . . . . . . . . 1,471,600 _______________ 31,760,437 _______________ Utilities--10.5% 605,400 AT&T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,556,350 58,900 (a) AES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,790,388 91,900 ALLTEL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,496,769 192,300 (a) Airtouch Communications . . . . . . . . . . . . . . . . . . . . 13,869,638 46,000 Ameren . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,963,625 64,000 American Electric Power . . . . . . . . . . . . . . . . . . . . . . . 3,012,000 369,500 Ameritech . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,417,063 49,800 Baltimore Gas & Electric . . . . . . . . . . . . . . . . . . . . . . . 1,537,575 520,660 Bell Atlantic . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,594,980 659,400 BellSouth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,887,575 50,700 Carolina Power & Light . . . . . . . . . . . . . . . . . . . . . . . . 2,386,069 71,200 Central & Southwest . . . . . . . . . . . . . . . . . . . . . . . . . 1,953,550 DREYFUS STOCK INDEX FUND - -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1998 Shares COMMON STOCKS (continued) Value _________ ________________ Utilities (continued) 53,100 CINergy . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,825,313 78,400 Consolidated Edison . . . . . . . . . . . . . . . . . . . . . 4,145,400 65,900 Dominion Resources . . . . . . . . . . . . . . . . . . . . . . 3,080,825 48,600 DTE Energy . . . . . . . . . . . . . . . . . . . . . . . . . . 2,083,725 121,009 Duke Energy . . . . . . . . . . . . . . . . . . . . . . . . . 7,752,139 118,500 Edison International . . . . . . . . . . . . . . . . . . . . . 3,303,188 82,600 Entergy . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,570,925 79,500 FirstEnergy . . . . . . . . . . . . . . . . . . . . . . . . . 2,588,719 60,700 FPL Group . . . . . . . . . . . . . . . . . . . . . . . . . . 3,740,638 57,500 Frontier . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,955,000 42,900 GPU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,895,644 323,100 GTE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,789,056 99,239 Houston Industries . . . . . . . . . . . . . . . . . . . . . . 3,188,053 614,336 MCI WorldCom . . . . . . . . . . . . . . . . . . . . . . . . . 44,078,608 95,800 (a) NEXTEL Communications, Cl. A . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,263,275 37,400 New Century Energies . . . . . . . . . . . . . . . . . . . . . 1,823,250 62,800 (a) Niagara Mohawk Power . . . . . . . . . . . . . . . . . . . . . 1,012,650 50,700 Northern States Power . . . . . . . . . . . . . . . . . . . . 1,406,925 128,000 PG&E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,032,000 50,700 PP&L Resources . . . . . . . . . . . . . . . . . . . . . . . . 1,413,263 99,600 PacifiCorp . . . . . . . . . . . . . . . . . . . . . . . . . . 2,097,825 74,700 PECO Energy . . . . . . . . . . . . . . . . . . . . . . . . . 3,109,388 77,700 Public Service Enterprise Group . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,108,000 655,978 SBC Communications . . . . . . . . . . . . . . . . . . . . . . 35,176,820 233,900 Southern . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,797,719 144,100 Sprint (FON Group) . . . . . . . . . . . . . . . . . . . . . . 12,122,413 140,800 Sprint (PCS Group) . . . . . . . . . . . . . . . . . . . . . . 3,256,000 Utilities (continued) 93,630 Texas Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,371,351 72,700 UniCom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,803,494 168,066 U S West . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,861,265 _______________ 362,118,453 _______________ TOTAL COMMON STOCKS (cost $2,352,051,485) . . . . . . . . . . . . . . . . . . . . . . . $3,358,702,607 _______________ Principal SHORT-TERM Amount INVESTMENTS--2.8% __________ U.S. Treasury Bills: $ 1,664,000 4.10%, 1/21/1999 . . . . . . . . . . . . . . . . . . . . . . . . $ 1,659,932 14,193,000 (b) 4.32%, 2/04/1999 . . . . . . . . . . . . . . . . . . . . 14,134,823 6,006,000 4.32%, 2/18/1999 . . . . . . . . . . . . . . . . . . . . . . . . 5,973,327 11,085,000 4.35%, 3/04/1999 . . . . . . . . . . . . . . . . . . . . . . . . 11,001,563 57,148,000 4.37%, 3/18/1999 . . . . . . . . . . . . . . . . . . . . . . . . 56,642,240 597,000 4.43%, 3/25/1999 . . . . . . . . . . . . . . . . . . . . . . . . 591,026 7,213,000 4.47%, 4/01/1999 . . . . . . . . . . . . . . . . . . . . . . . . 7,134,378 _______________ TOTAL SHORT-TERM INVESTMENTS (cost $97,111,975) . . . . . . . . . . . . . . . . . . . . . . $ 97,137,289 _______________ TOTAL INVESTMENTS (cost $2,449,163,460). . . . . . . . . . . . . . . . . . . . . . . . . . . 100.4% $3,455,839,896 _______ _______________ LIABILITIES, LESS CASH AND RECEIVABLES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (.4%) $ (15,297,717) _______ _______________ NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $3,440,542,179 _______ _______________ 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.
STATEMENT OF FINANCIAL FUTURES DECEMBER 31, 1998 Market Value Unrealized Covered Appreciation Financial Futures Purchased Contracts by Contracts Expiration at 12/31/98 ________________________ ________ ____________ _________ ____________ Standard & Poor's 500. . . . . . . . . . . . . . . . . . 269 $83,759,875 March '99 $2,238,936 __________ SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS STOCK INDEX FUND - ----------------------------------------------------------------------------- STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1998 Cost Value _______________ _______________ ASSETS: Investments in securities--See Statement of Investments . . $2,449,163,460 $3,455,839,896 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 5,842,328 Receivable for investment securities sold . . . . . . . . 19,654,003 Dividend receivable . . . . . . . . . . . . . . . . . . . 3,483,411 Prepaid expenses . . . . . . . . . . . . . . . . . . . . 3,955 _______________ 3,484,823,593 _______________ LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 687,125 Payable for investment securities purchased . . . . . . . 42,905,183 Payable for futures variation margin--Note 4(a) . . . . . 341,330 Accrued expenses . . . . . . . . . . . . . . . . . . . . 347,776 _______________ 44,281,414 _______________ NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,440,542,179 _______________ REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $2,418,036,390 Accumulated net realized gain (loss) on investments . . . 13,590,417 Accumulated net unrealized appreciation (depreciation) on investments (including $2,238,936 net unrealized appreciation on financial futures)--Note 4(b) . . . . . 1,008,915,372 _______________ NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,440,542,179 _______________ SHARES OUTSTANDING (200 MILLION SHARES OF $.001 PAR VALUE COMMON STOCK AUTHORIZED). . . . . . . . . . . . . . 105,785,748 NET ASSET VALUE, offering and redemption price per share . . . . . . . . . . . . . . . . . $32.52 _______ SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS STOCK INDEX FUND - ----------------------------------------------------------------------------- STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1998 INVESTMENT INCOME INCOME: Cash dividends (net of $214,852 foreign taxes withheld at source) . . . . . . . . . . . . . $ 37,008,323 Interest . . . . . . . . . . . . . . . . . . . 4,703,701 _____________ Total Income . . . . . . . . . . . . . . . $ 41,712,024 EXPENSES: Investment Advisory fee--Note 3(a) . . . . . . . $ 6,318,869 Registration fees . . . . . . . . . . . . . . . . 269,222 Prospectus and shareholders' reports . . . . . . 47,856 Professional fees . . . . . . . . . . . . . . . . 47,028 Directors' fees and expenses--Note 3(c) . . . . . 40,773 Loan commitment fees--Note 2 . . . . . . . . . . 13,566 Shareholder servicing costs--Note 3(b) . . . . . 4,938 Miscellaneous . . . . . . . . . . . . . . . . . . 25,826 _____________ Total Expenses . . . . . . . . . . . . . . 6,768,078 ______________ INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,943,946 ______________ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4: Net realized gain (loss) on investments . . . . . $ 9,467,927 Net realized gain (loss) on financial futures . . 7,919,564 _____________ Net Realized Gain (Loss) . . . . . . . . . 17,387,491 ______________ Net unrealized appreciation (depreciation) on investments (including $2,260,386 net unrealized appreciation on financial futures) . . . . . . 593,180,285 ______________ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS . . . . . . . . . . . . . . 610,567,776 ______________ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . $645,511,722 ______________ SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS STOCK INDEX FUND - ----------------------------------------------------------------------------- STATEMENT OF CHANGES IN NET ASSETS Year Ended Year Ended December 31, 1998 December 31, 1997 ___________________ __________________ OPERATIONS: Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 34,943,946 $ 22,750,609 Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . 17,387,491 31,107,216 Net unrealized appreciation (depreciation) on investments . . . . . . . . . . . . 593,180,285 301,610,317 ________________ ________________ Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . . . 645,511,722 355,468,142 ________________ ________________ DIVIDENDS TO SHAREHOLDERS FROM: Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (35,513,218) (22,484,033) Net realized gain on investments . . . . . . . . . . . . . . . . . . . . . . . . (6,552,514) (52,209,539) ________________ ________________ Total Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (42,065,732) (74,693,572) ________________ ________________ CAPITAL STOCK TRANSACTIONS: Net proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . 1,531,271,100 968,080,279 Dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,065,732 74,693,572 Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (604,913,124) (268,834,713) ________________ ________________ Increase (Decrease) in Net Assets from Capital Stock Transactions . . . . . . 968,423,708 773,939,138 ________________ ________________ Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . . 1,571,869,698 1,054,713,708 NET ASSETS: Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,868,672,481 813,958,773 ________________ ________________ End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,440,542,179 $1,868,672,481 ________________ ________________ UNDISTRIBUTED INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . --- $ 363,269 ________________ ________________ Shares Shares ________________ ________________ CAPITAL SHARE TRANSACTIONS: Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,994,265 40,703,214 Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . . 1,413,619 2,981,897 Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21,196,391) (11,239,469) ________________ ________________ Net Increase (Decrease) in Shares Outstanding . . . . . . . . . . . . . . . . 33,211,493 32,445,642 ________________ ________________ 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.
Year Ended December 31, _______________________________________________________ PER SHARE DATA: 1998 1997 1996 1995 1994 _______ _______ _______ _______ _______ Net asset value, beginning of period . . . . . . . . . . $25.75 $20.28 $17.20 $12.94 $13.20 _______ _______ _______ _______ _______ Investment Operations: Investment income--net . . . . . . . . . . . . . . . . . .37 .37 .39 .33 .32 Net realized and unrealized gain (loss) on investments . . . . . . . . . . . . . . . . . . . 6.85 6.26 3.43 4.39 (.21) _______ _______ _______ _______ _______ Total from Investment Operations . . . . . . . . . . . . 7.22 6.63 3.82 4.72 .11 _______ _______ _______ _______ _______ Distributions: Dividends from investment income--net . . . . . . . . . . (.38) (.37) (.39) (.33) (.31) Dividends from net realized gain on investments . . . . . (.07) (.79) (.35) (.13) -- Dividends in excess of net realized gain on investments . -- -- -- -- (.06) _______ _______ _______ _______ _______ Total Distributions . . . . . . . . . . . . . . . . . . . (.45) (1.16) (.74) (.46) (.37) _______ _______ _______ _______ _______ Net asset value, end of period . . . . . . . . . . . . . $32.52 $25.75 $20.28 $17.20 $12.94 _______ _______ _______ _______ _______ TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . . . . . 28.21% 32.96% 22.54% 36.78% .88% RATIOS/SUPPLEMENTAL DATA: Ratio of expenses to average net assets . . . . . . . . .. .26% .28% .30% .39% .40% Ratio of net investment income to average net assets . . . . . . . . . . . . . . . . . 1.35% 1.66% 2.24% 2.38% 2.57% Decrease reflected in above expense ratios due to undertakings by the Manager . . . . . . . . . -- -- -- .03% .16% Portfolio Turnover Rate . . . . . . . . . . . . . . . . . 2.40% 3.53% 10.92% 11.95% 2.82% Net Assets, end of period (000's Omitted) . . . . . . . . $3,440,542 $1,868,672 $813,959 $312,686 $96,806 SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS STOCK INDEX FUND - ----------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS NOTE 1--SIGNIFICANT ACCOUNTING POLICIES: Dreyfus Stock Index Fund (the "Fund" ) is registered under the Investment Company Act of 1940, as amended (the "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. Securities for which there are no such valuations are valued at fair value as determined in good faith under the direction of the Board of Directors. 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 of 1986, as amended (the "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 Code, and to make distributions of taxable income sufficient to relieve it from substantially all Federal income and excise taxes. During the period ended December 31, 1998, the Fund reclassified $206,003 between accumulated net realized gain on investments and accumulated undistributed investment income-net. Net assets were not affected by this reclassification. 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. During the period ended December 31, 1998, the Fund did not borrow under the Facility. DREYFUS STOCK INDEX FUND - ----------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (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, 1998 until such time as they give shareholders at least 180 days notice to the contrary that if 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. During the period ended December 31, 1998, there was no expense reimbursement pursuant to the Investment Advisory Agreement. (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. 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. During the period ended December 31, 1998, the Fund was charged $768 pursuant to the transfer agency agreement. (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 and financial futures, during the period ended December 31, 1998 amounted to $997,059,738 and $59,438,808, 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. 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 December 31, 1998 are set forth in the Statement of Financial Futures. (B) At December 31, 1998, accumulated net unrealized appreciation on investments and financial futures was $1,008,915,372, consisting of $1,071,439,141 gross unrealized appreciation and $62,523,769 gross unrealized depreciation. At December 31, 1998, 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 STOCK INDEX FUND - ----------------------------------------------------------------------------- REPORT OF INDEPENDENT ACCOUNTANTS TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF DREYFUS STOCK INDEX FUND: In our opinion, the accompanying statements of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and financial highlights present fairly, in all material respects, the financial position of Dreyfus Stock Index Fund (the "Fund") as of December 31, 1998, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for each of the five years presented, in conformity with generally accepted accounting principles. These financial statements and financial highlights (hereafter referred to as "financial statements" ) are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities owned at December 31, 1998 by correspondence with the custodian and brokers, provide a reasonable basis for the opinion expressed above. PricewaterhouseCoopers LLP New York, New York February 8, 1999 DREYFUS STOCK INDEX FUND - ----------------------------------------------------------------------------- IMPORTANT TAX INFORMATION (UNAUDITED) For Federal tax purposes the Fund hereby designates $.022 per share as a long-term capital gain distribution of the $.114 per share paid on December 30, 1998, the Fund also designates $.0253 per share as a long-term capital gain distribution of the $.1449 per share paid on June 30, 1998. The Fund also designates 88.53% of the ordinary dividends paid during the fiscal year ended December 31, 1998 as qualifying for the corporate dividends received deduction. [reg.tm logo] (reg.tm) 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 2500 Grant Street Pittsburgh, PA 15258 CUSTODIAN Boston Safe Deposit and Trust Company One Boston Place Boston, MA 02109 TRANSFER AGENT & DIVIDEND DISBURSING AGENT Dreyfus Transfer, Inc. P.O. Box 9671 Providence, RI 02904 Printed in U.S.A. 763AR9812 Stock Index Fund Annual Report December 31, 1998 EX-99 2 TABLE FOR GRAPH IN PRESIDENT'S LETTER COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS STOCK INDEX FUND AND THE STANDARD & POOR'S 500 COMPOSITE STOCK PRICE INDEX EXHIBIT A: STANDARD & POOR'S 500 PERIOD COMPOSITE STOCK DREYFUS STOCK PRICE INDEX* INDEX FUND 9/29/89 10,000 10,000 12/31/89 10,205 10,216 12/31/90 9,888 9,860 12/31/91 12,893 12,803 12/31/92 13,875 13,713 12/31/93 15,270 14,993 12/31/94 15,471 15,125 12/31/95 21,278 20,688 12/31/96 26,161 25,350 12/31/97 34,885 33,704 12/31/98 44,862 43,213 *Source: Lipper Analytical Services, Inc. -----END PRIVACY-ENHANCED MESSAGE-----