-----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, Juw8PzFqvS/BV7K3Zf2IwlDV/dYyqvw+hDyuqrDIDnm4sdDM1qQ134zGHxuFy3Nf y7zrs6w+JXP4QI+gnhLxJw== 0000846800-99-000008.txt : 19990830 0000846800-99-000008.hdr.sgml : 19990830 ACCESSION NUMBER: 0000846800-99-000008 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 19990827 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: 99700728 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 SEMIANNUAL REPORT June 30, 1999 (reg.tm) The views expressed herein are current to the date of this report. These views and the composition of the fund's portfolio are subject to change at any time based on market and other conditions. * Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value 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. Contents THE FUND - -------------------------------------------------- 2 Letter from the President 3 Discussion of Fund Performance 6 Statement of Investments 21 Statement of Financial Futures 22 Statement of Assets and Liabilities 23 Statement of Operations 24 Statement of Changes in Net Assets 25 Financial Highlights 26 Notes to Financial Statements FOR MORE INFORMATION - --------------------------------------------------------------------------- Back Cover The Fund Dreyfus Stock Index Fund LETTER FROM THE PRESIDENT Dear Shareholder: We are pleased to present this semiannual report for Dreyfus Stock Index Fund, covering the six-month period from January 1, 1999 through June 30, 1999. Inside you' ll find valuable information about how the fund was managed during the period, including a discussion with the fund's portfolio managers, Steven Falci and Jocelin Reed. The past six months have been rewarding for most equity investors. Strong economic growth, low inflation and high levels of consumer spending supported continued strength in the stocks of many large companies. Several major market indices set new records, including the Dow Jones Industrial Average's first-ever close above the 10,000 level. The broader Standard & Poor's 500 Composite Stock Price Index and the technology-laden NASDAQ Index also recorded new highs. Beginning in April, many previously out-of-favor market sectors rallied strongly, including value-oriented stocks. At the same time, large-cap growth stocks appear to have paused in their advance. This has helped narrow the valuation gap that had developed over the past several years between the growth and value sectors of the large-cap stock market. We appreciate your confidence over the past six months, and we look forward to your continued participation in Dreyfus Stock Index Fund. Sincerely, Stephen E. Canter President and Chief Investment Officer The Dreyfus Corporation July 15, 1999 DISCUSSION OF FUND PERFORMANCE Steven Falci and Jocelin Reed, Portfolio Managers How did Dreyfus Stock Index Fund perform relative to its benchmark? For the six-month period ended June 30, 1999, Dreyfus Stock Index Fund produced a total return of 12.14%.(1) The Standard & Poor's 500 Composite Stock Price Index (S& P 500) , produced a 12.38% return for the same time period.(2) The difference in returns is accounted for by transaction costs and other fund operating expenses. What is the fund's investment approach? As an index fund, we seek to match the total return of the S&P 500. To reach that goal, the portfolio generally invests in all 500 stocks in the S&P 500 in proportion to their weighting in the S&P 500. Often considered a barometer for the stock market in general, the S&P 500 is made up of 500 widely held common stocks. It is dominated by large blue chip stocks, which, when combined, cover nearly 75% of the total U.S. market capitalization. However, it is important to note that the S&P 500 is not composed of the 500 largest companies; rather, it is designed to capture the returns of many different sectors of the U.S. economy. Generally speaking, it is composed of 400 industrial, 40 utility, 40 financial and 20 transportation stocks. Each stock is weighted by its market capitalization; that is, larger companies have greater representation in the S& P 500 than smaller ones. The fund may also use stock index futures as a substitute for the sale or purchase of stocks. Dreyfus Stock Index Fund uses a passive management approach: all investment decisions are made based on the fund's objective, which is to seek to match the performance of the S& P 500. The fund does not attempt to manage market volatility. The Fund DISCUSSION OF FUND PERFORMANCE (CONTINUED) What other factors influenced the fund's performance? During the first three months of the period, the S&P 500 was driven primarily by a trend that had existed for some time, that is, by a very narrow list of highly priced growth stocks. In fact, during that time period, the portfolio, mirroring the S& P 500, benefited most notably from two holdings. The first is Microsoft, the largest holding of the S&P 500 (and, accordingly, the largest holding of the portfolio) as of June 30, 1999. The second is America Online, a stock that was added to the S&P 500 in December 1998. In fact, these two stocks performed so well that they are credited with producing a full third of the S&P 500's advance in the first quarter of 1999. However, mid-period, market sentiment shifted away from growth stocks and more toward the value-oriented stocks that had previously been out of favor. In terms of the strongest performing groups within the S&P 500 during the six-month period, the largest gains came from the retail group, which includes footwear and specialty apparel companies, and the financial area, including investment banking and brokerage firms. In response to the stock market' s newly rediscovered preference for traditional value-oriented stocks, including those within the energy and basic materials sectors, the S&P 500's oil and gas drilling and equipment holdings provided strong returns, as did many of its metals, aluminum and specialty chemical stocks. On the other hand, the poorest performing returns of the S&P 500, and therefore of the portfolio as well, were generated from its food and health distributing companies and housing manufacturers. In addition, its tobacco holdings provided disappointing returns, primarily due to ongoing litigation problems. What is the fund's current strategy? Because the fund is an index portfolio, its goal is to replicate the returns of the S& P 500. To understand how index investing works, it's important to recognize the differences associated with a passive index manager and an active manager. The active manager typically makes decisions about buying and selling stocks based on economic, financial and market conditions. The passive index manager, on the other hand, buys and holds the stocks in the index in an effort to match its returns. A key advantage of indexing stocks is the lower costs incurred for professional research. Because the portfolio's security selection is based strictly on the S& P 500, the portfolio is able to avoid costly proprietary research. July 15, 1999 (1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE AND INVESTMENT RETURN FLUCTUATE SUCH THAT UPON REDEMPTION, FUND SHARES MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. 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. (2) SOURCE: LIPPER ANALYTICAL SERVICES, INC. -- REFLECTS THE REINVESTMENT OF INCOME DIVIDENDS AND, WHERE APPLICABLE, CAPITAL GAIN DISTRIBUTIONS. THE STANDARD & POOR'S 500 COMPOSITE STOCK PRICE INDEX IS A WIDELY ACCEPTED UNMANAGED INDEX OF U.S. STOCK MARKET PERFORMANCE. The Fund
STATEMENT OF INVESTMENTS (June 30, 1999 (Unaudited) COMMON STOCKS--97.4% Shares Value ($) - -------------------------------------------------------------------------------- BASIC INDUSTRIES--2.9% Air Products & Chemicals 89,300 3,594,325 Armstrong World Industries 15,600 901,875 Avery Dennison 44,300 2,674,613 Ball 11,900 502,775 Bemis 20,400 810,900 Boise Cascade 22,000 943,250 Centex 23,200 871,450 Champion International 37,300 1,785,738 Corning 95,100 6,668,888 Crown Cork & Seal 47,700 1,359,450 Dow Chemical 85,600 10,860,500 duPont (E.I.) deNemours & Co. 439,400 30,016,513 Eastman Chemical 30,500 1,578,375 Engelhard 48,800 1,104,100 FMC 12,600 (a) 860,738 Fluor 29,500 1,194,750 Fort James 86,000 3,257,250 Fortune Brands 65,100 2,693,513 Foster Wheeler 15,900 224,588 Georgia-Pacific 67,000 3,174,125 Grace (W.R.) & Co. 28,000 (a) 514,500 Great Lakes Chemical 22,800 1,050,225 Hercules 39,300 1,544,981 International Paper 159,960 8,077,980 Kaufman & Broad Home 18,700 465,163 Louisiana Pacific 41,800 992,750 Masco 131,300 3,791,288 Mead 39,500 1,649,125 Nalco Chemical 25,600 1,328,000 Occidental Petroleum 135,600 2,864,550 Owens-Illinois 60,700 (a) 1,984,131 PPG Industries 67,700 3,998,531 Potlach 11,300 496,494 Praxair 61,400 3,004,763 Rohm & Haas 82,906 3,554,604 Sealed Air 32,512 (a) 2,109,216 Sherwin-Williams 66,300 1,839,825 COMMON STOCKS (CONTINUED) Shares Value ($) - -------------------------------------------------------------------------------- BASIC INDUSTRIES (CONTINUED) Sigma-Aldrich 39,300 1,353,394 Temple-Inland 21,700 1,481,025 Tenneco 66,300 1,582,913 Union Carbide 51,800 2,525,250 Vulcan Materials 39,400 1,901,050 Westvaco 39,000 1,131,000 Weyerhaeuser 78,200 5,376,250 Willamette Industries 43,400 1,999,112 131,693,836 CAPITAL GOODS--29.6% Adobe Systems 23,800 1,955,319 Advanced Micro Devices 57,100 (a) 1,031,369 Allegheny Teledyne 75,032 1,697,599 AlliedSignal 215,300 13,563,900 America Online 423,300 (a) 46,774,650 Andrew 32,050 (a) 606,947 Apple Computer 62,000 (a) 2,871,375 Applied Materials 145,300 (a) 10,734,038 Autodesk 23,000 679,938 Automatic Data Processing 241,100 10,608,400 BMC Software 91,900 (a) 4,962,600 Boeing 379,524 16,770,217 Briggs & Stratton 9,100 525,525 Browning-Ferris Industries 61,100 2,627,300 Cabletron Systems 67,100 (a) 872,300 Carnival 238,900 11,586,650 Case 29,000 1,395,625 Caterpillar 138,600 8,316,000 Cendant 299,248 (a) 6,134,584 Ceridian 56,300 (a) 1,840,306 Cisco Systems 1,244,450 (a) 80,267,025 Compaq Computer 662,372 15,689,937 Computer Associates International 208,925 11,490,875 Computer Sciences 61,900 4,282,706 Compuware 143,200 (a) 4,555,550 Cooper Industries 36,800 1,913,600 Crane 26,475 832,308 The Fund The Fund STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED) COMMON STOCKS (CONTINUED) Shares Value ($) - -------------------------------------------------------------------------------- CAPITAL GOODS (CONTINUED) Cummins Engine 16,400 936,850 Danaher 52,800 3,069,000 Data General 19,700 (a) 286,881 Deere & Co. 90,800 3,597,950 Dell Computer 988,100 (a) 36,559,700 Deluxe 30,600 1,191,488 Dover 84,900 2,971,500 Dun & Bradstreet 63,900 2,264,456 EG&G 17,600 627,000 EMC 394,400 (a) 21,692,000 Eaton 28,000 2,576,000 Electronic Data Systems 191,800 10,848,688 Emerson Electric 169,600 10,663,600 Equifax 56,300 2,009,206 First Data 168,500 8,245,969 Gateway 61,000 (a) 3,599,000 General Dynamics 49,700 3,404,450 General Electric 1,274,700 144,041,100 Genuine Parts 69,750 2,441,250 Goodrich (B.F.) 29,000 1,232,500 Grainger (W.W.) 36,400 1,958,775 Harris 31,100 1,218,731 Hewlett-Packard 395,400 39,737,700 Honeywell 49,100 5,689,463 Ikon Office Solutions 57,900 868,500 Illinois Tool Works 97,600 8,003,200 IMS Health 123,400 3,856,250 Ingersoll-Rand 64,650 4,178,006 Intel 1,292,700 76,915,650 International Business Machines 707,100 91,392,675 Interpublic Group Cos. 54,800 4,747,050 ITT Industries 35,300 1,345,813 KLA-Tencor 34,300 (a) 2,225,213 LSI Logic 55,700 (a) 2,569,163 Lockheed Martin 153,600 5,721,600 Lucent Technologies 1,184,247 79,862,657 McDermott International 23,000 649,750 COMMON STOCKS (CONTINUED) Shares Value ($) - -------------------------------------------------------------------------------- CAPITAL GOODS (CONTINUED) McKesson HBOC 107,946 3,467,765 Micron Technology 97,600 (a) 3,934,500 Microsoft 1,988,500 (a) 179,337,844 Milacron 14,600 270,100 Millipore 17,200 697,675 Minnesota Mining & Manufacturing 156,900 13,640,494 Motorola 234,900 22,256,775 National Semiconductor 65,400 (a) 1,655,438 Network Appliance 27,400 (a) 1,530,975 Nortel Networks 258,520 22,442,768 Northrop Grumman 26,800 1,777,175 Novell 131,100 (a) 3,474,150 Omnicom Group 69,700 5,576,000 Oracle 560,875 (a) 20,822,484 Owens-Corning 21,400 735,625 PE Biosystems Group 19,900 2,283,525 Pall 48,601 1,078,335 Parametric Technology 105,500 (a) 1,463,813 Parker-Hannifin 42,250 1,932,938 Paychex 95,850 3,055,219 PeopleSoft 93,800 (a) 1,618,050 Pitney Bowes 104,700 (a) 6,726,975 Raychem 30,100 1,113,700 Raytheon, Cl. B 131,000 9,219,125 Rockwell International 74,200 4,507,650 Ryder System 27,600 717,600 Scientific-Atlanta 29,100 1,047,600 Seagate Technology 92,800 (a) 2,378,000 Service Corp. International 106,000 2,040,500 Shared Medical Systems 10,400 678,600 Silicon Graphics 73,500 (a) 1,203,563 Snap-On 26,650 964,397 Solectron 98,300 6,555,381 Stanley Works 34,600 1,113,688 Sun Microsystems 301,500 (a) 20,765,813 3COM 141,000 (a) 3,762,938 Tektronix 18,300 552,431 The Fund STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED) COMMON STOCKS (CONTINUED) Shares Value ($) - -------------------------------------------------------------------------------- CAPITAL GOODS (CONTINUED) Tellabs 152,500 (a) 10,303,281 Texas Instruments 152,700 22,141,500 Textron 60,300 4,963,444 Thermo Electron 61,500 (a) 1,233,844 Thomas & Betts 22,200 1,048,950 Timken 24,100 469,950 Tyco International 319,761 30,297,355 Unisys 105,100 (a) 4,092,331 United Technologies 187,900 13,470,081 Waste Management 237,272 12,753,370 Xerox 257,600 15,214,500 1,330,173,642 CONSUMER CYCLICAL--12.8% Albertson's 163,777 8,444,752 American Greetings, Cl. A 26,600 801,325 AutoZone 58,300 (a) 1,756,288 Best Buy 80,200 (a) 5,413,500 Black & Decker 33,900 2,139,938 Brunswick 35,800 997,925 CBS 277,400 12,049,563 CVS 152,300 7,729,225 Circuit City Group 39,100 3,636,300 Clear Channel Communications 129,400 (a) 8,920,513 Comcast, Cl. A 288,500 11,089,219 Consolidated Stores 42,700 (a) 1,152,900 Cooper Tire and Rubber 29,500 696,938 Costco Cos. 85,600 (a) 6,853,350 Dana 64,706 2,980,520 Darden Restaurants 52,400 1,142,975 Dayton Hudson 172,500 11,212,500 Delphi Automotive Systems 220,103 4,085,671 Dillard's, Cl. A 41,700 1,464,713 Disney (Walt) 802,300 24,720,869 Dollar General 86,150 2,498,350 Donnelley (R.R.) & Sons 51,100 1,893,894 Dow Jones & Co 35,700 1,894,331 Federated Department Stores 81,300 (a) 4,303,819 COMMON STOCKS (CONTINUED) Shares Value ($) - -------------------------------------------------------------------------------- CONSUMER CYCLICAL (CONTINUED) Fleetwood Enterprises 13,600 359,550 Ford Motor 471,700 26,621,569 Fruit Of The Loom, Cl. A 28,100 (a) 273,975 Gannett 108,900 7,772,738 Gap 334,800 16,865,550 General Instrument 67,300 (a) 2,860,250 General Motors 252,600 16,671,600 Goodyear Tire & Rubber 60,800 3,575,800 Great Atlantic & Pacific 14,900 503,806 Harcourt General 27,700 1,428,281 Harrah's Entertainment 49,700 (a) 1,093,400 Hasbro 76,175 2,128,139 Hilton Hotel 100,600 1,427,263 Home Depot 577,300 37,199,769 Johnson Controls 33,200 2,301,175 Jostens 13,500 284,344 K mart 192,900 (a) 3,170,794 King World Productions 27,600 (a) 960,825 Knight-Ridder 30,700 1,686,581 Kohl's 63,400 (a) 4,893,688 Kroger 321,800 (a) 8,990,288 Limited 83,100 3,770,663 Liz Claiborne 24,600 897,900 Longs Drug Stores 15,300 528,806 Lowes 144,700 8,202,681 Marriott International, Cl. A 97,200 3,632,850 Mattel 162,300 4,290,806 May Department Stores 133,350 5,450,681 Maytag 34,400 2,397,250 McDonald's 529,100 21,858,444 McGraw-Hill Cos. 77,100 4,158,581 MediaOne Group 235,900 (a) 17,545,063 Meredith 20,200 699,425 Mirage Resorts 77,500 (a) 1,298,125 NIKE, Cl. B 109,600 6,939,050 Navistar International 25,800 (a) 1,290,000 New York Times, Cl. A 69,400 2,554,788 The Fund STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED) COMMON STOCKS (CONTINUED) Shares Value ($) - -------------------------------------------------------------------------------- CONSUMER CYCLICAL (CONTINUED) Nordstrom 55,400 1,855,900 Office Depot 145,400 3,207,888 PACCAR 30,500 1,627,938 Penney (J.C.) 102,700 4,987,369 Pep Boys-Manny, Moe & Jack 20,500 443,313 Reebok International 21,800 (a) 406,025 Rite Aid 100,900 2,484,663 Russell 13,800 269,100 Safeway 193,500 (a) 9,578,250 Seagram 166,800 8,402,550 Sears, Roebuck & Co. 148,400 6,613,075 Springs Industries 7,000 305,375 Staples 181,050 (a) 5,601,234 Supervalu 46,500 1,194,469 Sysco 128,900 3,842,831 TJX Cos. 125,300 4,174,056 TRW 46,900 2,573,638 Tandy 75,400 3,685,175 Time Warner 464,700 34,155,450 Times Mirror, Cl. A 28,000 1,659,000 Toys R Us 96,800 (a) 2,002,550 Tribune 46,200 4,025,175 Tricon Global Restaurants 59,860 (a) 3,239,923 V.F. 46,700 1,996,425 Viacom, Cl. B 269,002 (a) 11,836,088 Walgreen 390,200 11,462,125 Wal-Mart Stores 1,733,800 83,655,850 Wendy's International 48,100 1,361,831 Whirlpool 29,300 2,168,200 Winn-Dixie Stores 57,900 2,138,681 575,418,023 CONSUMER STAPLES--7.6% Alberto-Culver, Cl. B 21,900 583,088 Anheuser-Busch Cos. 185,300 13,144,719 Archer Daniels Midland 229,158 3,537,627 Avon Products 102,000 5,661,000 Bestfoods 108,900 5,390,550 COMMON STOCKS (CONTINUED) Shares Value ($) - -------------------------------------------------------------------------------- CONSUMER STAPLES (CONTINUED) Brown-Forman, Cl. B 26,700 1,740,506 Campbell Soup 169,900 7,879,113 Clorox 46,000 4,913,375 Coca-Cola 961,400 60,087,500 Coca-Cola Enterprises 165,400 4,920,650 Colgate-Palmolive 113,800 11,237,750 ConAgra 190,200 5,064,075 Coors (Adolph), Cl. B 14,400 712,800 Eastman Kodak 125,300 8,489,075 Ecolab 50,500 2,203,063 General Mills 59,500 4,782,313 Gillette 432,100 17,716,100 Heinz (H.J.) 140,100 7,022,513 Hershey Foods 54,500 3,235,938 International Flavors & Fragrances 41,300 1,832,688 Kellogg 157,800 5,207,400 Kimberly-Clark 207,400 11,821,800 NACCO Industries, Cl. A 3,133 230,276 Nabisco Group Holdings 126,600 2,476,613 National Service Industries 15,900 572,400 Newell Rubbermaid 109,771 5,104,352 PepsiCo 575,400 22,260,788 Philip Morris Cos. 940,000 37,776,250 Pioneer Hi-Bred International 93,300 3,632,869 Polaroid 17,200 475,150 Procter & Gamble 517,600 46,195,800 Quaker Oats 52,500 3,484,688 Ralston-Purina Group 126,900 3,862,519 Sara Lee 352,000 7,986,000 Tupperware 22,400 571,200 UST 70,800 2,070,900 Unilever, N.V. 222,689 15,532,578 Wrigley, (Wm) Jr 45,300 4,077,000 343,493,026 ENERGY--6.4% Amerada Hess 35,200 2,094,400 Anadarko Petroleum 49,900 1,836,944 The Fund STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED) COMMON STOCKS (CONTINUED) Shares Value ($) - -------------------------------------------------------------------------------- ENERGY (CONTINUED) Apache 43,600 1,700,400 Ashland 28,500 1,143,563 Atlantic Richfield 125,400 10,478,738 Baker Hughes 127,520 4,271,920 Burlington Resources 69,090 2,988,143 Chevron 255,300 24,301,369 Coastal 83,100 3,324,000 Columbia Energy Group 32,250 2,021,672 Consolidated Natural Gas 37,300 2,265,975 Eastern Enterprises 8,800 349,800 Enron 137,800 11,265,150 Exxon 945,900 72,952,538 Halliburton 171,700 7,769,425 Helmerich & Payne 19,240 458,153 Kerr-McGee 33,658 1,689,211 Mobil 304,900 30,185,100 Nicor 18,500 704,156 ONEOK 12,300 390,525 Peoples Energy 13,800 520,088 Phillips Petroleum 98,400 4,950,750 Rowan Cos. 32,400 (a) 597,375 Royal Dutch Petroleum 835,400 50,332,850 Schlumberger 213,100 13,571,806 Sempra Energy 93,591 2,117,496 Sonat 42,900 1,421,063 Sunoco 35,600 1,074,675 Texaco 209,000 13,062,500 USX-Marathon Group 120,300 3,917,269 Union Pacific Resources Group 98,244 1,602,605 Unocal 94,400 3,740,600 Williams Cos. 168,500 7,171,781 286,272,040 HEALTH CARE--10.7% ALZA 39,300 (a) 1,999,388 Abbott Laboratories 592,400 26,954,200 Allergan 25,900 2,874,900 American Home Products 510,300 29,342,250 COMMON STOCKS (CONTINUED) Shares Value ($) - -------------------------------------------------------------------------------- HEALTH CARE (CONTINUED) Amgen 199,500 (a) 12,144,563 Bard (C.R.) 20,400 975,375 Bausch & Lomb 22,200 1,698,300 Baxter International 113,600 6,887,000 Becton, Dickinson & Co. 97,300 2,919,000 Biomet 43,800 1,741,050 Boston Scientific 154,200 (a) 6,775,163 Bristol-Myers Squibb 773,700 54,497,494 Cardinal Health 106,150 6,806,869 Columbia/HCA Healthcare 221,350 5,049,547 Guidant 117,700 6,054,194 HCR Manor Care 43,300 (a) 1,047,319 HEALTHSOUTH 161,600 (a) 2,413,900 Humana 65,300 (a) 844,819 Johnson & Johnson 524,100 51,361,800 Lilly (Eli) 428,900 30,719,963 Mallinckrodt Group 27,700 1,007,588 Medtronic 227,600 17,724,350 Merck & Co. 919,700 68,057,800 Monsanto 246,044 9,703,360 Pfizer 504,300 55,346,925 Pharmacia & Upjohn 197,400 11,214,788 St. Jude Medical 32,800 (a) 1,168,500 Schering-Plough 573,500 30,395,500 Tenet Healthcare 121,000 (a) 2,246,063 United Healthcare 67,600 4,233,450 Warner-Lambert 331,400 22,990,875 Watson Pharmaceuticals 37,300 (a) 1,307,831 Wellpoint Health Networks 26,300 (a) 2,232,213 480,736,337 INTEREST SENSITIVE--15.6% AFLAC 104,100 4,983,788 Aetna 54,899 4,910,029 Allstate 314,400 11,279,100 American Express 175,500 22,836,938 American General 97,715 7,365,268 American International Group 482,660 56,501,386 The Fund STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED) COMMON STOCKS (CONTINUED) Shares Value ($) - -------------------------------------------------------------------------------- INTEREST SENSITIVE (CONTINUED) Amsouth Bancorp 68,650 1,591,822 Aon 99,825 4,117,781 Associates First Capital, Cl. A 283,638 12,568,709 BB&T 122,500 4,494,219 BankAmerica 679,846 49,841,210 Bank of New York 296,600 10,881,513 Bank One 460,110 27,405,302 BankBoston 115,600 5,910,050 Bear Stearns Cos. 45,350 2,120,113 CIGNA 79,300 7,057,700 Capital One Financial 77,000 4,287,938 Chase Manhattan 329,300 28,525,613 Chubb 63,000 4,378,500 Cincinnati Financial 64,300 2,415,269 Citigroup 1,316,511 62,534,217 Comerica 60,900 3,619,744 Conseco 126,001 3,835,155 Countrywide Credit Industries 43,900 1,876,725 Federal Home Loan Mortgage 270,800 15,706,400 Federal National Mortgage Association 399,300 27,302,138 Fifth Third Bancorp 104,725 6,970,758 First Union 377,090 17,723,230 Firstar 262,600 7,352,800 Fleet Financial Group 222,200 9,860,125 Franklin Resources 98,200 3,989,375 Golden West Financial 21,900 2,146,200 H&R Block 37,900 1,895,000 Hartford Financial Services Group 88,900 5,183,981 Household International 186,825 8,850,834 Huntington Bancshares 81,850 2,864,750 Jefferson-Pilot 41,250 2,730,234 Keycorp 174,500 5,605,813 Lehman Brothers Holdings 46,300 2,882,175 Lincoln National 78,000 4,080,375 Loews 43,300 3,426,113 MBIA 38,900 2,518,775 COMMON STOCKS (CONTINUED) Shares Value ($) - -------------------------------------------------------------------------------- INTEREST SENSITIVE (CONTINUED) MBNA 312,387 9,566,852 Marsh & McLennan Cos. 102,550 7,742,525 Mellon Bank 203,000 7,384,125 Mercantile Bancorp 61,500 3,513,188 Merrill Lynch 143,300 11,455,044 MGIC Investment 42,500 2,066,563 Morgan (J.P.) 69,100 9,708,550 Morgan Stanley Dean Witter & Co. 222,267 22,782,368 National City 124,200 8,135,100 Northern Trust 43,500 4,219,500 PNC Bank 118,400 6,822,800 Paine Webber Group 56,900 2,660,075 Progressive 28,400 4,118,000 Provident Cos. 52,800 2,112,000 Providian Financial 55,400 5,179,900 Pulte 16,900 389,756 Regions Financial 87,300 3,355,594 Republic New York 41,000 2,795,688 St. Paul Companies 89,690 2,853,263 SLM Holding 63,500 2,909,094 Safeco 53,100 2,343,038 Schwab (Charles) 159,075 17,478,366 SouthTrust 65,200 2,502,050 State Street 62,800 5,361,550 Summit Bancorp 66,700 2,788,894 SunTrust Banks 125,300 8,700,519 Synovus Financial 105,600 2,098,800 Torchmark 53,400 1,822,275 Transamerica 48,600 3,645,000 U.S. Bancorp 283,215 9,629,310 UNUM 54,200 2,967,450 Union Planters 55,600 2,484,625 Wachovia 79,100 6,767,994 Washington Mutual 231,709 8,196,706 Wells Fargo 643,900 27,526,725 700,510,452 The Fund STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED) COMMON STOCKS (CONTINUED) Shares Value ($) - -------------------------------------------------------------------------------- MINING AND METALS--.6% ASARCO 15,500 291,594 Alcan Aluminium 88,100 2,813,694 Alcoa 144,000 8,910,000 Barrick Gold 151,900 2,943,063 Battle Mountain Gold 89,600 218,400 Bethlehem Steel 50,800 (a) 390,525 Cyprus Amax Minerals 35,200 534,600 Freeport-McMoRan Copper & Gold, Cl. B 63,700 1,142,619 Homestake Mining 101,400 830,213 Inco 74,800 1,346,400 Newmont Mining 65,219 1,296,228 Nucor 34,000 1,612,875 Phelps Dodge 22,600 1,399,788 Placer Dome 126,800 1,497,825 Reynolds Metals 25,100 1,480,900 USX-U.S. Steel Group 34,400 928,800 Worthington Industries 35,800 588,463 28,225,987 TRANSPORTATION--.9% AMR 59,800 (a) 4,081,350 Burlington Northern Santa Fe 183,100 5,676,100 CSX 84,700 3,837,969 Delta Air Lines 54,700 3,152,088 FDX 115,840 (a) 6,284,320 Kansas City Southern Industries 43,000 2,743,938 Laidlaw 128,600 948,425 Norfolk Southern 148,000 4,458,500 Southwest Airlines 130,700 4,068,038 US Airways Group 28,700 (a) 1,250,244 Union Pacific 96,500 5,627,156 42,128,128 UTILITIES--10.3% AT&T 1,239,765 69,194,384 AES 74,400 (a) 4,324,500 ALLTEL 109,600 7,836,400 Ameren 53,500 2,053,063 American Electric Power 75,100 2,820,944 COMMON STOCKS (CONTINUED) Shares Value ($) - -------------------------------------------------------------------------------- UTILITIES (CONTINUED) Ameritech 428,200 31,472,700 Bell Atlantic 604,760 39,536,185 BellSouth 737,900 34,589,063 CINergy 61,900 1,980,800 CMS Energy 45,900 1,922,063 Carolina Power & Light 59,000 2,525,938 Central & Southwest 82,800 1,935,450 CenturyTel 54,250 2,156,438 Consolidated Edison 88,800 4,018,200 Constellation Energy Group 58,300 1,727,138 DTE Energy 56,500 2,260,000 Dominion Resources 74,800 3,239,775 Duke Energy 141,909 7,716,302 Edison International 135,300 3,619,275 Entergy 96,100 3,003,125 FPL Group 70,200 3,834,675 FirstEnergy 91,400 2,833,400 Florida Progress 36,900 1,524,431 Frontier 67,500 3,982,500 GPU 49,000 2,067,188 GTE 378,600 28,678,950 MCI WorldCom 724,936 (a) 62,525,730 New Century Energies 44,800 1,738,800 NEXTEL Communications, Cl. A 115,300 (a) 5,786,619 Niagara Mohawk Power 73,000 (a) 1,172,563 Northern States Power 59,800 1,446,413 PG&E 149,400 4,855,500 PP&L Resources 61,400 1,888,050 PECO Energy 74,800 3,132,250 PacifiCorp 115,800 2,127,825 Public Service Enterprise Group 85,500 3,494,813 Reliant Energy 115,439 3,189,002 SBC Communications 765,078 44,374,524 Southern 271,600 7,197,400 Sprint (FON Group) 340,200 17,966,813 Sprint (PCS Group) 171,300 9,785,513 Texas Utilities 109,330 4,509,863 The Fund STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED) COMMON STOCK (CONTINUED) Shares Value ($) - -------------------------------------------------------------------------------- UTILITIES (CONTINUED) U S West 196,166 11,524,753 UniCom 84,600 3,262,388 460,831,706 TOTAL COMMON STOCKS (cost $2,965,755,791) 4,379,483,177 - --------------------------------------------------------------------------------------------------------------------------------- Principal SHORT-TERM INVESTMENTS--1.9% Amount ($) Value ($) - --------------------------------------------------------------------------------------------------------------------------------- U.S. TREASURY BILLS: 4.37%, 7/22/1999 10,629,000 10,603,575 4.41%, 7/29/1999 8,450,000 8,423,053 4.46%, 8/5/1999 12,345,000 (b) 12,298,706 4.44%, 8/12/1999 7,758,000 7,718,442 4.49%, 8/26/1999 8,840,000 8,780,038 4.48%,9/2/1999 12,000,000 11,905,704 4.55%,9/9/1999 17,225,000 17,072,214 4.59%,9/23/1999 3,876,000 3,834,849 4.65%,9/30/1999 5,313,000 5,250,520 TOTAL SHORT-TERM INVESTMENTS (cost $85,873,690) 85,887,101 - -------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS (cost $3,051,629,481) 99.3% 4,465,370,278 CASH AND RECEIVABLES (NET) .7% 29,955,941 NET ASSETS 100.0% 4,495,326,219 (A) NON-INCOME PRODUCING. (B) PARTIALLY HELD BY THE CUSTODIAN IN A SEGREGATED ACCOUNT AS COLLATERAL FOR OPEN FINANCIAL FUTURES POSITIONS. SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF FINANCIAL FUTURES June 30, 1999 (Unaudited) Market Value Unrealized Covered Appreciation Contracts by Contracts ($) Expiration at 6/30/99 ($) - --------------------------------------------------------------------------------------------------------------------------------- FINANCIAL FUTURES LONG Standard & Poor's 500 303 104,663,775 Sep. '99 3,113,714 SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF ASSETS AND LIABILITIES June 30, 1999 (Unaudited) Cost Value - -------------------------------------------------------------------------------- ASSETS ($): Investments in securities--See Statement of Investments 3,051,629,481 4,465,370,278 Cash 8,471,167 Receivable for investment securities sold 24,113,717 Dividends receivable 3,743,058 Receivable for futures variation margin--Note 4(a) 1,935,480 Prepaid expenses 40,469 4,503,674,169 - --------------------------------------------------------------------------------------------------------------------------------- LIABILITIES ($): Due to The Dreyfus Corporation and affiliates 870,195 Payable for investment securities purchased 7,195,840 Accrued expenses 281,915 8,347,950 - --------------------------------------------------------------------------------------------------------------------------------- NET ASSETS ($) 4,495,326,219 - --------------------------------------------------------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS ($): Paid-in capital 3,057,912,044 Accumulated undistributed investment income--net 261,677 Accumulated net realized gain (loss) on investments 20,297,987 Accumulated net unrealized appreciation (depreciation) on investments (including $3,113,714 net unrealized appreciation on financial futures)--Note 4(b) 1,416,854,511 - -------------------------------------------------------------------------------------------------------------------------------- NET ASSETS ($) 4,495,326,219 - -------------------------------------------------------------------------------------------------------------------------------- SHARES OUTSTANDING (200 million shares of $.001 par value Common Stock authorized) 124,488,557 NET ASSET VALUE, offering and redemption price per share ($) 36.11 SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF OPERATIONS Six Months Ended June 30, 1999 (Unaudited) - --------------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME ($): INCOME: Cash dividends (net of $414,258 foreign taxes withheld at source) 25,780,219 Interest 2,623,472 TOTAL INCOME 28,403,691 EXPENSES: Management fee--Note 3(a) 4,814,834 Registration fees 177,885 Professional fees 36,565 Prospectus and shareholders' reports 34,728 Directors' fees and expenses--Note 3(c) 24,181 Loan commitment fees--Note 2 6,897 Shareholder servicing costs--Note 3(b) 6,134 Miscellaneous 182,807 TOTAL EXPENSES 5,284,031 INVESTMENT INCOME--NET 23,119,660 - -------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($): Net realized gain (loss) on investments 12,361,027 Net realized gain (loss) on financial futures 11,907,508 NET REALIZED GAIN (LOSS) 24,268,535 Net unrealized appreciation (depreciation) on investments (including $874,778 net unrealized appreciation on financial futures) 407,939,139 NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 432,207,674 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 455,327,334 SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF CHANGES IN NET ASSETS Six Months Ended June 30, 1999 Year Ended (Unaudited) December 31, 199 - -------------------------------------------------------------------------------- OPERATIONS ($): Investment income--net 23,119,660 34,943,946 Net realized gain (loss) on investments 24,268,535 17,387,491 Net unrealized appreciation (depreciation) on investments 407,939,139 593,180,285 NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 455,327,334 645,511,722 - --------------------------------------------------------------------------------------------------------------------------------- DIVIDENDS TO SHAREHOLDERS FROM ($): Investment income--net (22,857,983) (35,513,218) Net realized gain on investments (17,560,965) (6,552,514) TOTAL DIVIDENDS (40,418,948) (42,065,732) - -------------------------------------------------------------------------------- CAPITAL STOCK TRANSACTIONS ($): Net proceeds from shares sold 1,039,188,646 1,531,271,100 Dividends reinvested 40,418,946 42,065,732 Cost of shares redeemed (439,731,938) (604,913,124) INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS 639,875,654 968,423,708 TOTAL INCREASE (DECREASE) IN NET ASSETS 1,054,784,040 1,571,869,698 - --------------------------------------------------------------------------------------------------------------------------------- NET ASSETS ($): Beginning of Period 3,440,542,179 1,868,672,481 END OF PERIOD 4,495,326,219 3,440,542,179 Undistributed investment income--net 261,677 -- - -------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS (SHARES): Shares sold 30,516,520 52,994,265 Shares issued for dividends reinvested 1,170,905 1,413,619 Shares redeemed (12,984,616) (21,196,391) NET INCREASE (DECREASE) IN SHARES OUTSTANDING 18,702,809 33,211,493 SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS The following table describes the performance for the fiscal periods indicated. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the fund's financial statements. Six Months Ended June 30, 1999 Year Ended December 31, -------------------------------------------- (Unaudited) 1998 1997 1996 1995 1994 - --------------------------------------------------------------------------------------------------------------------------------- PER SHARE DATA ($): Net asset value, beginning of period 32.52 25.75 20.28 17.20 12.94 13.20 Investment Operations: Investment income--net .20(a) .37 .37 .39 .33 .32 Net realized and unrealized gain (loss) on investments 3.73 6.85 6.26 3.43 4.39 (.21) Total from Investment Operations 3.93 7.22 6.63 3.82 4.72 .11 Distributions: Dividends from investment income--net (.19) (.38) (.37) (.39) (.33) (.31) Dividends from net realized gain on investments (.15) (.07) (.79) (.35) (.13) -- Dividends in excess of net realized gain on investments -- -- -- -- -- (.06) Total Distributions (.34) (.45) (1.16) (.74) (.46) (.37) Net asset value, end of period 36.11 32.52 25.75 20.28 17.20 12.94 - --------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN (%) 12.14(b) 28.21 32.96 22.54 36.78 .88 - --------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA (%): Ratio of expenses to average net assets .13(b) .26 .28 .30 .39 .40 Ratio of net investment income to average net assets .58(b) 1.35 1.66 2.24 2.38 2.57 Decrease reflected in above expense ratios due to undertakings by Dreyfus -- -- -- -- .03 .16 Portfolio Turnover Rate 1.32(b) 2.40 3.53 10.92 11.95 2.82 - --------------------------------------------------------------------------------------------------------------------------------- Net Assets, end of period ($ x 1,000) 4,495,326 3,440,542 1,868,672 813,959 312,686 96,806 (A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END. (B) NOT ANNUALIZED. SEE NOTES TO FINANCIAL STATEMENTS.
The 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, 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. 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. (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 applicable provisions of the 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 (the "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 June 30, 1999, the fund did not borrow under the Facility. NOTE 3--Management Fee, Index-Management Fee and Other Transactions With Affiliates: (A) Pursuant to a Management Agreement with Dreyfus, the Management 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. The Fund NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED) Dreyfus has agreed to pay Mellon Equity, a monthly index-management 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, 1999 until such a 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 and extraordinary expenses, exceed an annual rate of .40 of 1% 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 June 30, 1999, there was no expense reimbursement pursuant to the undertaking. (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, 1999, the fund was charged $2,380 pursuant to the Shareholder Services Plan. The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing personnel and facilities to perform transfer agency services for the fund. During the period ended June 30, 1999, the fund was charged $310 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 June 30, 1999, amounted to $652,051,343 and $50,767,617, 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 June 30, 1999 are set forth in the Statement of Financial Futures. (B) At June 30, 1999, accumulated net unrealized appreciation on investments and financial futures was $1,416,854,511, consisting of $1,466,258,527 gross unrealized appreciation and $49,404,016 gross unrealized depreciation. At June 30, 1999, 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). The Fund For More Information 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 02109 Transfer Agent & Dividend Disbursing Agent Dreyfus Transfer, Inc. P.O. Box 9671 Providence, RI 02940 Distributor Premier Mutual Fund Services, Inc. 60 State Street Boston, MA 02109 To obtain information: BY TELEPHONE Call 1-800-554-4611 or 516-338-3300 BY MAIL Write to: The Dreyfus Family of Funds 144 Glenn Curtiss Boulevard Uniondale, NY 11556-0144 Attn: Institutional Servicing (c) 1999 Dreyfus Service Corporation 763SA996 -----END PRIVACY-ENHANCED MESSAGE-----