<PAGE>
Dreyfus
Stock
Index Fund
Semi-Annual
Report
June 30, 1996
<PAGE>
Dreyfus Stock Index Fund
- ------------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
Dreyfus Stock Index Fund completed its latest semi-annual fiscal period
June 30, 1996. For the six months ended June 30, your Fund had registered a
total return of 9.97%.* This compares with a total return of 10.09%** for the
Standard & Poor's 500 Composite Stock Price Index,*** which the Fund is
intended to mirror. The difference is accounted for by the Fund's fees and
expenses, including transaction costs.
THE ECONOMY
The U.S. economy is rebounding in 1996 following its midcycle growth
slowdown of last year. Yet overall corporate profit growth is slowing this
year. This is the sixth expansion year for this business cycle, and we
believe that it will prove to be a long cycle.
Economic growth has accelerated since year-end. The first quarter's 2.3%
real Gross Domestic Product growth brought with it a demand rebound that
depleted inventories. Even stronger second quarter growth is apparent, led by
manufacturers' attempts to rebuild inventories. In addition, steady job
creation continues to support growth in consumer incomes and spending. As
yet, there are few indications of economic cooling. Some previously strong
capital goods sectors may now be slowing, but overall economic growth is
broadening to more industries. Despite better economic performance this year
than last, profit growth may have peaked last year.
Non-oil price inflation has remained tame this year, although surging oil
prices boosted overall inflation temporarily this spring. Nevertheless, signs
of a faster economic pace have reignited fears of higher future inflation,
especially coming from upward pressure on wages as the labor market tightens.
Thus, bond yields have risen substantially this year. Short-term market
rates are also higher on expectations for Federal Reserve tightening in
coming months. So far, long-term rates have risen much more than short-term
rates, forcing the yield curve to steepen. A steep yield curve is usually
supportive of sustained growth in the real economy.
As we look forward, the question arises whether the higher interest rates
already in place and those in prospect will effectively cool the economy. At
present, however, any advance signs of an eventual cooling off in the economy
are hard to discern. The preoccupation at present is with the economy's
impressive strength, and the problems such growth could create.
MARKET OVERVIEW
The broad trend of the stock market was strongly upward during the six
months under review. However, there were many crosscurrents at work. Not all
stock groups benefited equally. The blue chips in the Dow Jones Industrial
Average enjoyed solid advances for the six months, as did the broader market
as represented by the Nasdaq Composite Index and the Standard & Poor's 500
Composite Stock Price Index. However, as spring turned into summer, the S&P
500 receded from its May high, technology stocks began to lag, and small
capitalization stocks were unable to maintain the very fast growth pace of
earlier months.
From time to time, unexpected signs of economic strength, particularly
employment and unemployment numbers, jolted the equity markets with the
specter of renewed inflation. Especially in the latter part of the half-year,
concerns over inflation and higher interest rates restrained market
performance in a number of industry categories.
Profits, always a major element in stock performance, continued strong
for a good part of the period. However, fear of rising labor costs and
intensified competition at home and abroad have cast some shadows over the
profit outlook. This has been balanced, however, by extremely large sums of
money that continue to be invested in equity mutual funds, much of it from
people planning for their retirement.
As the half-year ended, broad market averages were still solidly above
where they stood when the year began. This, however, was prior to the
downdraft in stock prices that occurred in mid-July.
There was considerable variation in performance by various industry
sectors. The total return of sectors in the S&P 500 for the six months ended
June 30 is shown in the following table:
S&P 500 Total Return
<TABLE>
<CAPTION>
Sector 1/1/96-6/30/96
------ ---------------
<S> <C>
Consumer Nondurables......................................... 15.4%
Technology................................................... 15.9
Capital Goods................................................ 14.8
Consumer Services............................................ 12.9
Energy....................................................... 10.4
Financial Services........................................... 10.0
Consumer Durables............................................ 9.6
Health Care.................................................. 8.2
Transportation............................................... 7.9
Basic Industries............................................. 7.1
Utilities.................................................... 0.1
</TABLE>
We thank you for your confidence in Dreyfus and in this Fund.
Sincerely,
Steven A. Falci, CFA
Portfolio Manager
July 15, 1996
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains
paid. The Fund's performance does not reflect the deduction of additional
charges appplicable to separate accounts of participating insurance companies
using the Fund as an underlying investment.
** SOURCE: LIPPER ANALYTICAL SERVICES, INC. * Reflects the reinvestment of
income dividends and, where applicable, capital gain distributions. The
Standard & Poor's 500 Composite Stock Price Index is a widely accepted
unmanaged index of U.S. stock market performance.
*** The Fund is not sponsored, sold, endorsed or promoted by Standard & Poor's
Corporation.
<PAGE>
Dreyfus Stock Index Fund
- ------------------------------------------------------------------------------
Statement of Investments June 30, 1996 (Unaudited)
Shares Common Stocks--93.0% Value
------ ------------
Basic Industries--4.8%
10,000 Air Products & Chemicals..................... $ 577,501
11,500 Alco Standard................................ 520,375
3,300 Armstrong World Industries................... 190,163
4,800 Avery Dennison............................... 263,400
2,700 Ball......................................... 77,625
4,700 Bemis........................................ 164,500
4,300 Boise Cascade................................ 157,487
2,500 Centex....................................... 77,812
8,600 Champion International....................... 359,050
11,500 Crown Cork & Seal............................ 517,500
22,400 Dow Chemical................................. 1,702,400
50,300 duPont (E.I.) de Nemours..................... 3,979,987
7,100 Eastman Chemical............................. 432,212
3,300(a) FMC.......................................... 215,325
7,500 Fluor........................................ 490,312
8,200 Georgia Pacific.............................. 582,200
4,700 Goodrich (B.F.).............................. 175,662
8,800 Grace (W.R.)................................. 623,700
5,800 Great Lakes Chemical......................... 361,050
9,700 Hercules..................................... 535,925
26,800 International Paper.......................... 988,250
7,600 James River.................................. 200,450
25,200 Kimberly-Clark............................... 1,946,700
9,700 Louisiana Pacific............................ 214,612
4,700 Mead......................................... 243,812
52,544 Monsanto..................................... 1,707,680
13,200 Morton International......................... 491,700
6,000 Nalco Chemical............................... 189,000
28,600 Occidental Petroleum......................... 707,850
17,000 PPG Industries............................... 828,750
2,600 Potlach...................................... 101,725
13,900 Praxair...................................... 587,275
5,900 Rohm & Haas.................................. 370,225
7,700 Sherwin-Williams............................. 358,050
4,500 Sigma-Aldrich................................ 240,750
8,900 Stone Container.............................. 122,375
5,000 Temple-Inland................................ 233,750
6,200 Union Camp................................... 302,250
11,900 Union Carbide................................ 473,025
9,100 Westvaco..................................... 271,862
17,800 Weyerhaeuser................................. 756,500
5,000 Willamette Industries........................ 297,500
------------
23,638,277
------------
Capital Goods--20.1%
19,500 AMP.......................................... 782,438
12,000(a) Advanced Micro Devices....................... 163,501
4,000 Alexander & Alexander Services............... 79,001
25,400 Allied Signal................................ 1,450,976
10,700(a) Amdahl....................................... 115,026
Capital Goods (continued)
15,900 American Brands.............................. $ 721,463
5,400(a) Andrew....................................... 290,251
11,100 Apple Computer............................... 233,101
16,100(a) Applied Materials............................ 491,051
4,100 Autodesk..................................... 122,488
26,000 Automatic Data Processing.................... 1,004,251
16,900 Bay Networks................................. 435,176
31,100 Boeing....................................... 2,709,588
2,600 Briggs & Stratton............................ 106,926
19,100 Browning-Ferris Industries................... 553,901
17,100(a) CUC International............................ 607,050
6,500(a) Cabletron Systems............................ 446,062
6,500 Case......................................... 312,000
17,400 Caterpillar.................................. 1,178,850
6,100(a) Ceridian..................................... 308,050
3,600 Cincinnati Milacron.......................... 86,400
51,000(a) cisco Systems................................ 2,887,875
24,100(a) Compaq Computer.............................. 1,186,925
21,700 Computer Associates
International.............................. 1,546,125
5,000(a) Computer Sciences............................ 373,750
9,700 Cooper Industries............................ 402,550
2,700 Crane........................................ 110,700
3,600 Cummins Engine............................... 145,350
10,400(a) DSC Communications........................... 313,300
3,500(a) Data General................................. 45,500
23,600 Deere & Co. ................................. 944,000
7,400 Deluxe....................................... 262,700
13,700(a) Digital Equipment............................ 616,500
10,200 Dover........................................ 470,475
8,700 Dow Jones & Co. ............................. 363,225
16,300 Dresser Industries........................... 480,850
15,200 Dun & Bradstreet............................. 950,000
4,300 EG&G......................................... 91,912
20,700(a) EMC.......................................... 385,537
7,000 Eaton........................................ 410,375
20,100 Emerson Electric............................. 1,816,537
20,000 First Data................................... 1,592,500
3,600 Foster Wheeler............................... 161,550
5,700 General Dynamics............................. 353,400
149,200. General Electric............................. 12,905,800
4,500 General Signal............................... 170,437
10,900 Genuine Parts................................ 498,675
3,100 Giddings & Lewis............................. 50,375
4,600 Grainger (W.W.).............................. 356,500
9,300 H&R Block.................................... 303,412
4,200 Harnischfeger Industries..................... 139,650
3,500 Harris....................................... 213,500
45,800 Hewlett-Packard.............................. 4,562,825
11,400 Honeywell.................................... 621,300
<PAGE>
Dreyfus Stock Index Fund
- ------------------------------------------------------------------------------
Statement of Investments (continued) June 30, 1996 (Unaudited)
Shares Common Stocks (continued) Value
------ ------------
Capital Goods (continued)
10,700 Illinois Tool Works.......................... $ 723,587
9,800 Ingersoll-Rand............................... 428,750
48,800 International Business Machines.............. 4,831,200
73,700 Intel........................................ 5,412,343
4,200(a) Intergraph................................... 50,925
7,100 Interpublic Group Cos........................ 332,812
3,700 Johnson Controls............................. 257,150
11,500(a) LSI Logic.................................... 299,000
26,400 Laidlaw, Cl. B............................... 267,300
17,800 Lockheed Martin.............................. 1,495,200
6,700 Mallinckrodt Group........................... 260,462
6,500 Marsh & McLennan............................. 627,250
4,900 McDermott International...................... 102,287
19,900 McDonnell Douglas............................ 965,150
18,600 Micron Technology............................ 481,275
53,300(a) Microsoft.................................... 6,402,662
37,500 Minnesota Mining &
Manufacturing.............................. 2,587,500
53,100 Motorola..................................... 3,338,662
12,100(a) National Semiconductor....................... 187,550
4,300 National Service Industries.................. 168,237
23,100 Northern Telecommunications.................. 1,256,062
5,100 Northrop Grumman............................. 347,437
32,800(a) Novell....................................... 455,100
4,500 Ogden........................................ 81,562
58,700(a) Oracle....................................... 2,314,981
4,600(a) Owens-Corning................................ 197,800
10,301 Pall......................................... 248,511
6,700 Parker-Hannifin.............................. 283,912
3,900 Perkin-Elmer................................. 188,175
13,400 Pitney Bowes................................. 639,850
4,000 Raychem...................................... 287,500
21,500 Raytheon..................................... 1,109,937
19,500 Rockwell International....................... 1,116,375
7,100 Ryder System................................. 199,687
5,200 Safety-Kleen................................. 91,000
6,900 Scientific-Atlanta........................... 106,950
10,500 Service Corp. International.................. 603,750
2,100 Shared Medical Systems....................... 134,925
14,600(a) Silicon Graphics............................. 350,400
3,600 Snap-On...................................... 170,550
7,900 Stanley Works................................ 235,025
16,400(a) Sun Microsystems............................. 965,550
2,600 TRINOVA...................................... 86,775
5,900 TRW.......................................... 530,262
10,500(a) Tandem Computers............................. 129,937
2,900 Tektronix.................................... 129,775
5,000 Teledyne..................................... 180,625
8,000(a) Tellabs...................................... 535,000
Capital Goods (continued)
17,000 Texas Instruments............................ $ 847,875
7,500 Textron...................................... 599,062
3,600 Thomas & Betts............................... 135,000
15,000(a) 3COM......................................... 686,250
2,800 Timken....................................... 108,500
13,700 Tyco International........................... 558,275
15,400(a) Unisys....................................... 109,725
10,900 United Technologies.......................... 1,253,500
44,400 WMX Technologies............................. 1,454,100
37,400 Westinghouse Electric........................ 701,250
29,100 Xerox........................................ 1,556,850
--------------
98,138,762
--------------
Consumer Cyclical--12.0%
22,600 Albertson's.................................. 935,076
6,700 American Greetings, Cl. A.................... 183,413
13,400 American Stores.............................. 552,751
4,500(a) Bally Entertainment.......................... 123,751
7,800 Black & Decker............................... 301,276
1,546 Brown Group.................................. 26,862
8,800 Brunswick.................................... 176,001
9,300(a) Charming Shoppes............................. 65,682
33,600 Chrysler..................................... 2,083,201
8,800 Circuit City Stores.......................... 317,901
21,500 Comcast, Cl. A............................... 397,751
7,500 Cooper Tire and Rubber....................... 166,876
9,100 Dana......................................... 282,101
14,300 Darden Restaurants........................... 153,725
6,500 Dayton Hudson................................ 670,312
10,200 Dillard Department Stores, Cl. A............. 372,300
60,900 Disney (Walt)................................ 3,829,087
13,800 Donnelley (R.R.) & Sons...................... 481,275
5,500 Echlin....................................... 208,312
18,600(a) Federated Department Stores.................. 634,725
4,100 Fleetwood Enterprises........................ 127,100
3,400 Fleming Cos.................................. 48,875
105,500 Ford Motor................................... 3,415,562
6,800(a) Fruit of the Loom, Cl. A..................... 173,400
12,600 Gannett...................................... 891,450
25,900 Gap.......................................... 832,037
11,300(a) General Instrument........................... 326,287
67,800 General Motors............................... 3,551,025
5,300 Giant Food, Cl. A............................ 190,137
13,900 Goodyear Tire & Rubber....................... 670,675
3,400 Great Atlantic & Pacific..................... 111,775
6,400 Harcourt General............................. 320,000
2,800 Harland (John H.)............................ 68,950
9,200(a) Harrah's Entertainment....................... 259,900
7,800 Hasbro....................................... 278,850
<PAGE>
Dreyfus Stock Index Fund
- ------------------------------------------------------------------------------
Statement of Investments (continued) June 30, 1996 (Unaudited)
Shares Common Stocks (continued) Value
------ ------------
Consumer Cyclical (continued)
4,400 Hilton Hotel................................. $ 495,000
42,900 Home Depot................................... 2,316,600
10,500 ITT.......................................... 695,625
10,600 ITT Industries............................... 266,325
3,500 Jostens...................................... 69,125
43,100 K mart....................................... 533,362
3,400(a) King World Productions....................... 123,675
4,400 Knight-Ridder................................ 319,000
11,100(a) Kroger....................................... 438,450
24,300 Limited...................................... 522,450
6,600 Liz Claiborne................................ 228,525
1,800 Longs Drug Stores............................ 80,325
14,500 Lowes........................................ 523,812
2,105 Luby's Cafeterias............................ 49,467
11,500 Marriott International....................... 618,125
14,400 Masco........................................ 435,600
24,900 Mattel....................................... 712,762
22,400 May Department Stores........................ 980,000
9,400 Maytag....................................... 196,225
62,900 McDonald's................................... 2,940,575
9,000 McGraw-Hill Cos.............................. 411,750
9,400 Melville..................................... 380,700
3,300 Mercantile Stores............................ 193,462
2,500 Meredith..................................... 104,375
9,000 Moore........................................ 169,875
733 NACCO Industries, Cl. A...................... 40,589
12,900 NIKE, Cl. B.................................. 1,325,475
6,800(a) Navistar International....................... 67,150
8,800 New York Times, Cl. A........................ 287,100
7,300 Nordstrom.................................... 324,850
1,800 Outboard Marine.............................. 32,625
3,500 PACCAR....................................... 171,500
20,200 Penney (J.C.)................................ 1,060,500
5,600 Pep Boys-Manny, Moe & Jack................... 190,400
17,600(a) Price/Costco................................. 380,600
6,700 Reebok International......................... 225,287
7,500 Rite Aid..................................... 223,125
3,500 Russell...................................... 96,687
4,700(a) Ryan's Family Steak House.................... 43,475
35,200 Sears, Roebuck & Co.......................... 1,711,600
3,700(a) Shoney's..................................... 40,237
1,800 Springs Industries........................... 90,900
4,400 Stride Rite.................................. 36,300
6,100 Supervalu.................................... 192,150
16,300 Sysco........................................ 558,275
6,500 TJX Cos...................................... 219,375
5,400 Tandy........................................ 255,825
58,600(a) Tele-Communications, Cl. A................... 1,062,125
Consumer Cyclical (continued)
35,200 Time Warner.................................. $ 1,381,600
9,400 Times Mirror, Cl. A.......................... 408,900
24,500(a) Toys R Us.................................... 698,250
5,500 Tribune...................................... 399,437
42,400 US West Media Group.......................... 773,800
5,700 V.F.......................................... 339,862
3,500(a) Varity....................................... 168,437
33,201(a) Viacom, Cl. B................................ 1,290,688
205,800 Wal-Mart Stores.............................. 5,222,175
22,100 Walgreen..................................... 740,350
11,400 Wendy's International........................ 212,325
6,700 Whirlpool.................................... 332,487
13,600 Winn-Dixie Stores............................ 481,100
11,900(a) Woolworth.................................... 267,750
--------------
58,386,902
--------------
Consumer Staples--12.7%
2,500 Alberto Culver, Cl. B........................ 115,938
22,700 Anheuser-Busch Cos........................... 1,702,501
46,701 Archer Daniels Midland....................... 893,157
12,000 Avon Products................................ 541,501
6,200 Brown-Forman, Cl. B.......................... 248,001
13,100 CPC International............................ 943,200
22,400 Campbell Soup................................ 1,579,201
4,700 Clorox....................................... 416,538
224,000 Coca-Cola.................................... 10,948,000
13,100 Colgate-Palmolive............................ 1,110,225
21,800 ConAgra...................................... 989,175
3,400 Coors (Adolph), Cl. B........................ 60,775
8,500 Dial......................................... 243,312
31,000 Eastman Kodak................................ 2,410,250
5,800 Ecolab....................................... 191,400
14,300 General Mills................................ 779,350
39,900 Gillette..................................... 2,488,762
33,200 Heinz (H.J.)................................. 1,008,450
6,900 Hershey Foods................................ 506,287
10,000 International Flavors &
Fragrances................................. 476,250
119,600 Johnson & Johnson............................ 5,920,200
19,100 Kellogg...................................... 1,399,075
14,200 Newell....................................... 434,875
140,600 PepsiCo...................................... 4,973,725
74,500 Philip Morris Cos............................ 7,748,000
7,500 Pioneer Hi-Bred International................ 396,562
4,100 Polaroid..................................... 187,062
61,500 Procter & Gamble............................. 5,573,437
12,100 Quaker Oats.................................. 412,912
9,500 Ralston-Purina Group......................... 609,187
<PAGE>
Dreyfus Stock Index Fund
- ------------------------------------------------------------------------------
Statement of Investments (continued) June 30, 1996 (Unaudited)
Shares Common Stocks (continued) Value
------ ------------
Consumer Staples (continued)
13,600 Rubbermaid................................... $ 370,600
43,400 Sara Lee..................................... 1,405,075
33,500 Seagram...................................... 1,126,437
5,500 Tupperware................................... 232,375
18,100 UST.......................................... 619,925
14,400 Unilever, N.V................................ 2,089,800
9,500 Whitman...................................... 229,187
10,400 Wrigley, (Wm) Jr............................. 525,200
--------------
61,905,907
--------------
Energy--9.0%
8,300 Amerada Hess................................. 445,088
44,600 Amoco........................................ 3,227,926
5,700 Ashland...................................... 225,863
14,400 Atlantic Richfield........................... 1,706,401
12,800 Baker Hughes................................. 420,801
11,400 Burlington Resources......................... 490,201
58,600 Chevron...................................... 3,457,401
9,500 Coastal...................................... 396,625
4,900 Columbia Gas System.......................... 255,412
8,400 Consolidated Natural Gas..................... 438,900
1,800 Eastern Enterprises.......................... 59,850
22,500 Enron........................................ 919,687
6,200 Enserch...................................... 134,850
111,500 Exxon........................................ 9,686,562
10,300 Halliburton.................................. 571,650
2,220 Helmerich & Payne............................ 81,307
4,500 Kerr-McGee................................... 273,937
3,000 Louisiana Land & Exploration................. 172,875
35,400 Mobil........................................ 3,969,225
4,500 Nicor........................................ 127,687
11,200 Noram Energy................................. 121,800
2,400 Oneok........................................ 60,000
9,400(a) Oryx Energy.................................. 152,750
7,400 Pacific Enterprises.......................... 219,225
13,500 Panenergy.................................... 443,812
4,200 Pennzoil..................................... 194,250
3,100 Peoples Energy............................... 103,850
23,500 Phillips Petroleum........................... 984,062
7,600(a) Rowan Cos.................................... 112,100
48,100 Royal Dutch Petroleum........................ 7,395,375
8,100(a) Santa Fe Energy Resources.................... 96,187
21,800 Schlumberger................................. 1,836,650
7,700 Sonat........................................ 346,500
6,600 Sun.......................................... 200,475
15,600 Tenneco...................................... 797,550
23,700 Texaco....................................... 1,987,837
25,800 USX-Marathon Group........................... 519,225
22,200 Unocal....................................... 749,250
Energy (continued)
4,800(a) Western Atlas................................ $ 279,600
9,400 Williams Cos................................. 465,300
--------------
44,128,046
--------------
Health Care--8.7%
7,600(a) ALZA......................................... 208,051
70,500 Abbott Laboratories.......................... 3,066,751
5,800 Allergan..................................... 227,650
56,800 American Home Products....................... 3,415,100
23,900(a) Amgen........................................ 1,290,600
5,100 Bard (C.R.).................................. 173,400
5,100 Bausch & Lomb................................ 216,750
24,600 Baxter International......................... 1,162,350
5,700 Becton, Dickinson & Co....................... 457,425
9,000(a) Beverly Enterprises.......................... 108,000
10,400(a) Biomet....................................... 149,500
16,000(a) Boston Scientific............................ 720,000
45,100 Bristol-Myers Squibb......................... 4,059,000
40,200 Columbia/HCA Healthcare...................... 2,145,675
4,000(a) Community Psychiatric Centers................ 38,000
20,700 Corning...................................... 794,362
14,600(a) Humana....................................... 260,975
49,400 Lilly (Eli).................................. 3,211,000
5,600 Manor Care................................... 220,500
21,000 Medtronic.................................... 1,176,000
110,200 Merck & Co................................... 7,121,675
4,000 Millipore.................................... 167,500
57,200 Pfizer....................................... 4,082,650
45,700 Pharmacia & Upjohn........................... 2,027,937
33,100 Schering-Plough.............................. 2,077,025
7,100(a) St. Jude Medical............................. 237,850
19,300(a) Tenet Healthcare............................. 412,537
5,500 U. S. Surgical............................... 170,500
13,800 U.S. HealthCare.............................. 759,000
16,400 United Healthcare............................ 828,200
24,300 Warner-Lambert............................... 1,336,500
--------------
42,322,463
--------------
Interest Sensitive--12.5%
10,300 Aetna Life & Casualty........................ 736,451
10,400 Ahmanson (H.F.) & Co......................... 280,801
39,900 Allstate..................................... 1,820,438
43,300 American Express............................. 1,932,263
18,600 American General............................. 676,576
42,500 American International Group................. 4,191,563
9,700 Aon.......................................... 492,276
40,800 Banc One..................................... 1,387,201
10,100 Bank of Boston............................... 499,950
17,500 Bank of New York............................. 896,875
<PAGE>
Dreyfus Stock Index Fund
- ------------------------------------------------------------------------------
Statement of Investments (continued) June 30, 1996 (Unaudited)
Shares Common Stocks (continued) Value
------ ------------
Interest Sensitive (continued)
32,800 BankAmerica.................................. $ 2,484,600
7,100 Bankers Trust New York....................... 524,512
8,400 Barnett Banks................................ 512,400
4,800 Beneficial................................... 269,400
14,200 Boatmens Bancshares.......................... 569,775
6,900 CIGNA........................................ 813,337
39,100 Chase Manhattan.............................. 2,761,437
15,800 Chubb........................................ 788,025
43,600 Citicorp..................................... 3,602,450
10,500 Comerica..................................... 468,562
19,900 CoreStates Financial......................... 766,150
15,001 Dean Witter, Discover & Co................... 858,807
98,000 Federal National Mortgage
Association................................ 3,283,000
16,000 Federal Home Loan Mortgage................... 1,368,000
9,200 Fifth Third Bancorp.......................... 496,800
12,400 First Bank Systems........................... 719,200
28,400 First Chicago NBD............................ 1,111,150
25,600 First Union.................................. 1,558,400
23,600 Fleet Financial Group........................ 1,026,600
7,300 General Re................................... 1,111,425
5,300 Golden West Financial........................ 296,800
12,300 Great Western Financial...................... 293,662
12,300 Green Tree Financial......................... 384,375
8,700 Household International...................... 661,200
10,500 ITT Hartford................................. 559,125
6,400 Jefferson Pilot.............................. 330,400
3,500 Kaufman & Broad Home......................... 50,750
20,800 Keycorp...................................... 806,000
9,400 Lincoln National............................. 434,750
10,600 Loews........................................ 836,075
20,000 MBNA......................................... 570,000
12,000 Mellon Bank.................................. 684,000
15,400 Merrill Lynch & Co........................... 1,002,925
16,900 Morgan (J.P.) & Co........................... 1,430,162
13,700 Morgan Stanley Group......................... 673,012
19,800 National City................................ 695,475
26,600 NationsBank.................................. 2,197,825
32,800 Norwest...................................... 1,143,900
30,600 PNC Bank..................................... 910,350
8,400 Providian.................................... 360,150
2,400 Pulte........................................ 64,200
5,000 Republic New York............................ 311,250
11,300 Safeco....................................... 399,737
9,400 Salomon...................................... 413,600
7,500 St. Paul Cos................................. 401,250
20,300 SunTrust Banks............................... 751,100
6,400 Torchmark.................................... 280,000
6,100 Transamerica................................. 494,100
Interest Sensitive (continued)
42,600 Travelers Group.............................. $ 1,943,625
6,600 UNUM......................................... 410,850
14,300 U.S. Bancorp................................. 516,587
10,700 USF&G........................................ 175,212
3,100 USLIFE....................................... 101,912
15,200 Wachovia..................................... 665,000
8,800 Wells Fargo.................................. 2,102,100
--------------
61,359,883
--------------
Mining And Metals--1.4%
3,800 ASARCO....................................... 104,976
20,300 Alcan Aluminium.............................. 619,151
15,800 Aluminum Co. of America...................... 906,526
9,600(a) Armco........................................ 48,001
32,100 Barrick Gold................................. 870,713
10,000(a) Bethlehem Steel.............................. 118,751
8,300 Cyprus Amax Minerals......................... 187,787
11,700 Echo Bay Mines............................... 125,775
12,900 Engelhard.................................... 296,700
17,500 Freeport-McMoran Copper, Cl. B............... 557,812
13,100 Homestake Mining............................. 224,337
10,500 Inco......................................... 338,625
4,400 Inland Steel Industries...................... 86,350
8,901 Newmont Mining............................... 439,486
7,900 Nucor........................................ 399,937
6,000 Phelps Dodge................................. 374,250
21,500 Placer Dome.................................. 513,312
5,700 Reynolds Metals.............................. 297,112
11,801 Santa Fe Pacific Gold........................ 166,689
7,500 USX-U.S. Steel Group......................... 212,812
8,100 Worthington Industries....................... 169,087
--------------
7,058,189
--------------
Transportation--1.5%
8,100(a) AMR.......................................... 737,101
13,600 Burlington Northern.......................... 1,099,900
19,000 CSX.......................................... 916,750
3,500 Caliber System............................... 119,000
7,400 Conrail...................................... 491,175
3,900 Consolidated Freightways..................... 82,387
5,500 Delta Air Lines.............................. 456,500
5,100(a) Federal Express.............................. 418,200
11,400 Norfolk Southern............................. 966,150
13,000 Southwest Airlines........................... 378,625
5,700(a) USAir Group.................................. 102,600
18,400 Union Pacific................................ 1,285,700
2,500(a) Yellow....................................... 33,125
--------------
7,087,213
--------------
<PAGE>
Dreyfus Stock Index Fund
- ------------------------------------------------------------------------------
Statement of Investments (continued) June 30, 1996 (Unaudited)
Shares Common Stocks (continued) Value
------ ------------
Utilities--10.3%
17,000 ALLTEL....................................... $ 522,751
144,200 AT&T......................................... 8,940,401
44,700(a) Airtouch Communications...................... 1,262,776
16,700 American Electric Power...................... 711,837
49,800 Ameritech.................................... 2,956,875
13,200 Baltimore Gas & Electric..................... 374,550
39,300 Bell Allantic................................ 2,505,375
89,200 BellSouth.................................... 3,779,850
14,100 CINergy...................................... 451,200
13,600 Carolina Power & Light....................... 516,800
18,800 Central & Southwest.......................... 545,200
21,100 Consolidated Edison.......................... 617,175
13,000 DTE Energy................................... 401,375
15,900 Dominion Resources........................... 636,000
18,400 Duke Power................................... 943,000
40,000 Edison International......................... 705,000
20,500 Entergy...................................... 581,687
16,600 FPL Group.................................... 763,600
87,500 GTE.......................................... 3,915,625
10,800 General Public Utilities..................... 380,700
23,600 Houston Industries........................... 581,150
62,000 MCI Communications........................... 1,588,750
39,200 NYNEX........................................ 1,862,000
13,000 Niagara Mohawk Power......................... 100,750
6,100 Northern States Power........................ 301,187
13,700 Ohio Edison.................................. 299,687
19,900 PECO Energy.................................. 517,400
14,300 PP&L Resources............................... 337,837
37,400 Pacific Gas & Electric....................... 869,550
38,400 Pacific Telesis Group........................ 1,296,000
26,300 PacifiCorp................................... 585,175
22,000 Public Service Enterprise Group.............. 602,250
54,700 SBC Communications........................... 2,693,975
60,200 Southern..................................... 1,482,425
Utilities (continued)
39,000 Sprint....................................... $ 1,638,000
20,300 Texas Utilities.............................. 867,825
19,300 UniCom....................................... 537,987
9,200 Union Electric............................... 370,300
42,600 US West...................................... 1,357,875
17,400(a) WorldCom..................................... 963,525
-------------
50,365,425
-------------
TOTAL COMMON STOCKS
(cost $380,143,621)........................ $ 454,391,067
-------------
-------------
Principal SHORT-TERM
Amount INVESTMENTS--6.3%
--------
U.S. Treasury Bills:
$20,764,000(b) 5%, 7/5/1996................................ $ 20,749,050
1,713,000 5.10%, 8/22/1996............................ 1,700,221
1,946,000 5.10%, 9/12/1996............................ 1,925,606
6,222,000 5.20%, 9/19/1996............................ 6,150,260
-------------
-------------
TOTAL SHORT-TERM
INVESTMENTS
(cost $30,530,949)........................ $ 30,525,137
-------------
-------------
TOTAL INVESTMENTS
(cost $410,674,570).................................. 99.3% $ 484,916,204
------- -------------
------- -------------
CASH AND RECEIVABLES
(NET)................................................ .7% $ 3,615,115
------- -------------
------- -------------
NET ASSETS............................................. 100.0% $ 488,531,319
------- -------------
------- -------------
Notes to Statement of Investments:
- ------------------------------------------------------------------------------
(a) Non-income producing.
(b) Partially held by the custodian in a segregated account as collateral for
open financial futures positions.
Statement of Financial Futures June 30, 1996 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market Value Unrealized
Number of Covered Appreciation
Financial Futures Purchased; Contracts by Contracts Expiration at 6/30/96
- -------------------------------- ------------ ------------- ------------- --------------
<S> <C> <C> <C> <C>
Standard & Poor's 500........................ 94 $31,809,600 September 1996 $33,585
---------
---------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Stock Index Fund
- ------------------------------------------------------------------------------
Statement of Assets and Liabilities June 30, 1996 (Unaudited)
<TABLE>
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $410,674,570)--see statement................................... $484,916,204
Cash.................................................................... 3,016,165
Dividends receivable.................................................... 669,133
Receivable for futures variation margin--Note 3(a)...................... 200,960
Prepaid expenses........................................................ 2,911
--------------
488,805,373
LIABILITIES:
Due to The Dreyfus Corporation and affiliates........................... $133,806
Payable for investment securities purchased............................. 27,340
Accrued expenses........................................................ 112,908 274,054
--------- --------------
NET ASSETS ................................................................ $488,531,319
--------------
--------------
REPRESENTED BY:
Paid-in capital......................................................... $405,836,909
Accumulated distributions in excess of investment income--net........... (57,982)
Accumulated undistributed net realized gain on investments.............. 8,477,173
Accumulated net unrealized appreciation on investments (including $33,585
net unrealized appreciation on financial futures)--Note 3(b)......... 74,275,219
--------------
NET ASSETS at value applicable to 26,099,315 shares outstanding
(200 million shares of $.001 par value Common Stock authorized)......... $488,531,319
--------------
--------------
NET ASSET VALUE, per share
($488,531,319 / 26,099,315 shares)...................................... $18.72
-------
-------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Stock Index Fund
- ------------------------------------------------------------------------------
Statement of Operations six months ended June 30, 1996 (Unaudited)
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Income:
Cash dividends (net of foreign taxes withheld at source of $33,567)... $3,970,748
Interest.............................................................. 1,115,453
------------
Total Income.................................................... $ 5,086,201
Expenses:
Management fee--Note 2(a)............................................. 475,262
Registration fees..................................................... 49,780
Professional fees..................................................... 42,095
Prospectus and shareholders' reports.................................. 19,728
Directors' fees and expenses--Note 2(c)............................... 12,779
Miscellaneous......................................................... 452
------------
Total Expenses.................................................. 600,096
-------------
INVESTMENT INCOME--NET........................................... 4,486,105
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments--Note 3(a).............................. $1,073,427
Net realized gain on financial futures--Note 3(a)........................ 2,549,630
------------
Net Realized Gain............................................... 3,623,057
Net unrealized appreciation on investments (including $268,400
net unrealized appreciation on financial futures)..................... 27,932,595
-------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................. 31,555,652
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $36,041,757
-------------
-------------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Stock Index Fund
- ------------------------------------------------------------------------------
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended Six Months Ended
December 31, June 30, 1996
1995 (Unaudited)
---------------- ---------------------
<S> <C> <C>
OPERATIONS:
Investment income--net............................................. $ 4,465,773 $ 4,486,105
Net realized gain on investments.................................. 8,075,002 3,623,057
Net unrealized appreciation on investments for the period......... 43,128,888 27,932,595
-------------- --------------
Net Increase In Net Assets Resulting From Operations............ 55,669,663 36,041,757
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net............................................. (4,476,568) (4,558,981)
Net realized gain on investments.................................. (2,357,447) --
-------------- --------------
Total Dividends................................................. (6,834,015) (4,558,981)
-------------- --------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold..................................... 219,772,239 184,387,608
Dividends reinvested.............................................. 6,834,015 4,558,983
Cost of shares redeemed........................................... (59,561,665) (44,584,508)
-------------- --------------
Increase In Net Assets From Capital Stock Transactions.......... 167,044,589 144,362,083
-------------- --------------
Total Increase In Net Assets.................................. 215,880,237 175,844,859
NET ASSETS:
Beginning of period............................................... 96,806,223 312,686,460
-------------- --------------
End of period [including undistributed investment income--net;
$14,894 in 1995 and distributions in excess of investment
income--net; ($57,982) in 1996].................................. $312,686,460 $488,531,319
-------------- --------------
-------------- --------------
Shares Shares
-------------- --------------
CAPITAL SHARE TRANSACTIONS:
Shares sold....................................................... 14,313,682 10,123,540
Shares issued for dividends reinvested............................ 417,105 247,579
Shares redeemed................................................... (4,033,543) (2,449,164)
-------------- --------------
Net Increase In Shares Outstanding.............................. 10,697,244 7,921,955
-------------- --------------
-------------- --------------
</TABLE>
See notes to financial statements.
<PAGE>
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.
<TABLE>
<CAPTION>
Four Months Year Ended Six Months
Year Ended August 31, Ended December 31, Ended
------------------ December 31, --------------------------- June 30, 1996
PER SHARE DATA: 1991 1992 1992 1993 1994 1995 (Unaudited)
------- ------- ------- ------- ------- ------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period................... $11.62 $14.20 $14.87 $15.32 $13.20 $12.94 $17.20
------ ------ ------ ------ ------ ------ ------
Investment Operations:
Investment income--net......... .39 .37 .13 .37 .32 .33 .19
Net realized and unrealized
gain (loss) on investments.. 2.60 .68 .77 1.04 (.21) 4.39 1.52
------ ------ ------ ------ ------ ------ ------
Total from Investment
Operations.............. 2.99 1.05 .90 1.41 .11 4.72 1.71
------ ------ ------ ------ ------ ------ ------
Distributions;
Dividends from investment
income--net.................. (.39) (.38) (.21) (.34) (.31) (.33) (.19)
Dividends in excess of investment
income--net.................. -- -- -- (.03) -- -- --
Dividends from net realized gain
on investments................ (.02) -- (.24) (3.00) -- (.13) --
Dividends in excess of net realized
gain on investments.......... -- -- -- (.16) (.06) -- --
------ ------ ------ ------ ------ ------ ------
Total Distributions......... (.41) (.38) (.45) (3.53) (.37) (.46) (.19)
------ ------ ------ ------ ------ ------ ------
Net asset value, end of period $14.20 $14.87 $15.32 $13.20 $12.94 $17.20 $18.72
------ ------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------ ------
TOTAL INVESTMENT RETURN .......... 26.26% 7.49% 6.05%(1) 9.33% .88% 36.78% 9.97%(1)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average
net assets.................. .40% .40% .13%(1) .40% .40% .39% .15%(1)
Ratio of net investment income
to average net assets....... 3.05% 2.63% .85%(1) 2.38% 2.57% 2.38% 1.12%(1)
Decrease reflected in above expense
ratios due to undertakings by
WFNIA and Dreyfus........... .11% .13% .03%(1) .27% .16% .03% --
Portfolio Turnover Rate....... 1.02% 7.66% 6.94%(1) 71.71% 2.82% 11.95% .90%(1)
Average commission rate paid(2) -- -- -- -- -- -- $.0348
Net Assets, end of period
(000's Omitted)............. $62,400 $74,446 $70,072 $61,319 $96,806 $312,686 $488,531
<FN>
- --------------
(1) Not annualized.
(2) For fiscal years beginning January 1, 1996, the Fund is required to
disclose its average commission rate paid per share for purchases and sales
of investment securities.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Stock Index Fund
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus Stock Index Fund (the "Fund") is registered under the Investment
Company Act of 1940 ("Act") as a non-diversified open-end management
investment company, that is intended to be a funding vehicle for variable
annuity contracts and variable life insurance policies to be offered by the
separate accounts of life insurance companies. The Fund's investment
objective is to provide investment results that correspond to the price and
yield performance of publicly traded common stocks as represented by the
Standard and Poor's 500 Composite Stock Price Index. The Dreyfus Corporation
("Dreyfus") serves as the Fund's manager and Mellon Equity Associates
("Mellon Equity"), an affiliate of Dreyfus serves as the Fund's index
manager. Boston Safe Deposit and Trust Company, an affiliate of Dreyfus, is
the Fund's custodian. Dreyfus is a direct subsidiary of Mellon Bank, N.A.
Premier Mutual Fund Services, Inc. (the "Distributor") acts as the
distributor of the Fund's shares, which are sold without a sales charge.
(a) Portfolio valuation: Investments in securities (including financial
futures) are valued at the last sales price on the securities exchange on
which such securities are primarily traded or at the last sales price on the
national securities market. Securities not listed on an exchange or the
national securities market, or securities for which there were no
transactions, are valued at the average of the most recent bid and asked
prices. Bid price is used when no asked price is available. Investments
denominated in foreign currencies are translated to U.S. dollars at the
prevailing rates of exchange.
(b) Securities transactions and investment income: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Dividend
income is recognized on the ex-dividend date and interest income, including,
where applicable, amortization of discount on investments, is recognized on
the accrual basis.
(c) Dividends to shareholders: Dividends are recorded on the ex-dividend
date. Dividends from investment income-net are declared and paid on a
quarterly basis. Dividends from net realized capital gain are normally
declared and paid annually, but the Fund may make distributions on a more
frequent basis to comply with the distribution requirements of the Internal
Revenue Code. This may result in distributions that are in excess of
investment income-net on a fiscal year basis. To the extent that net realized
capital gain can be offset by capital loss carryovers, if any, it is the
policy of the Fund not to distribute such gain.
(d) Federal income taxes: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with the provisions
available to certain investment companies, as defined in applicable sections
of the Internal Revenue Code, and to make distributions of taxable income
sufficient to relieve it from substantially all Federal income and excise
taxes.
NOTE 2--Management Fee and Other Transactions With Affiliates:
(a) Pursuant to an Investment Advisory Agreement with Dreyfus, the
investment advisory fee is computed at the annual rate of .245 of 1% of the
value of the Fund's average daily net assets, and is payable monthly. Dreyfus
has agreed to pay Mellon Equity, a monthly fee at the annual rate of .095 of
1% of the value of the Fund's average daily net assets. The Investment
Advisory Agreement further provides that
<PAGE>
Dreyfus Stock Index Fund
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
if the aggregate expenses of the Fund, exclusive of taxes, brokerage,
interest on borrowings and extraordinary expenses, exceed the expense
limitation of any state having jurisdiction over the Fund, the Fund may
deduct from the fees to be paid to Dreyfus, and Dreyfus may deduct from the
fees paid to Mellon Equity, or Dreyfus and Mellon Equity will bear, in the
same proportion as in the agreement, the amount of such excess to the extent
required by state law. The most stringent state expense limitation applicable
to the Fund presently requires reimbursement of expenses in any full year
that such expenses (exclusive of certain expenses as described above) exceed
2-1/2% of the first $30 million, 2% of the next $70 million and 1-1/2% of the
excess over $100 million of the average value of the Fund's net assets in
accordance with California "blue sky" regulations. Dreyfus has currently
undertaken from January 1, 1996 until June 30, 1996 and thereafter until such
a time as they give shareholders at least 180 days notice to the contrary
that if the Fund's aggregate expenses (exclusive of brokerage commissions,
transaction fees and extraordinary expenses) exceed an annual rate of .40 of
1% of the value of the Fund's average daily net assets, the Fund may deduct
from the payments to be made to Dreyfus, or Dreyfus will bear, such excess
expense. There was no expense reimbursement for the six months ended June 30,
1996.
(b) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of Dreyfus, an amount
not to exceed an annual rate of .25 of 1% of the value of the Fund's average
daily net assets for certain allocated expenses with respect to servicing
and/or maintaining shareholder accounts. During the six months ended June 30,
1996, the Fund was charged an aggregate of $2,311 pursuant to the Shareholder
Services Plan.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
the Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund.
(c) Each director who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $2,500 and an attendance fee of $500
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
NOTE 3--Securities Transactions:
(a) The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the six months ended June 30, 1996
amounted to $147,046,374 and $3,223,990, respectively.
The Fund may invest in financial futures contracts in order to gain
exposure to or protect against changes in the market. The Fund is exposed to
market risk as a result of changes in the value of the underlying financial
instruments (see the Statement of Financial Futures). Investments in
financial futures require the Fund to "mark to market" on a daily basis,
which reflects the change in the market value of the contract at the close of
each day's trading. Accordingly, variation margin payments are received or
made to reflect daily unrealized gains or losses. When the contracts are
closed, the Fund recognizes a realized gain or loss. These investments
require initial margin deposits with a custodian, which consist of cash or
cash equivalents, up to approximately 10% of the contract amount. The amount
of these deposits is determined by the exchange or Board of Trade on which
the contract is traded and is subject to change. Contracts
<PAGE>
Dreyfus Stock Index Fund
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
open at June 30, 1996 and their related unrealized market appreciation
are set forth in the Statement of Financial Futures.
(b) At June 30, 1996, accumulated net unrealized appreciation on
investments was $74,275,219, consisting of $77,367,887 gross unrealized
appreciation and $3,092,668 gross unrealized depreciation.
At June 30, 1996, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see
the Statement of Investments).
<PAGE>
[LOGO]
Dreyfus Stock Index Fund
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Index Fund Manager
Mellon Equity Associates
500 Grant Street
Pittsburgh, PA 15258
Custodian
Boston Safe Deposit and Trust Company
One Boston Place
Boston, MA 02108
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
One American Express Plaza
Providence, RI 02903
Printed in U.S.A. 763SA966
