Dreyfus Stock Index Fund
_______________________________________
Letter to Shareholders
Dear Shareholder:
We are pleased to report that the Dreyfus Stock Index Fund achieved a
total return of 36.78% for the fiscal year ended December 31, 1995.* As you
know, the Fund's goal is to track, as closely as possible, the performance of
the Standard & Poor's 500 Composite Stock Price Index,** which had a total
return of 37.53%*** for the same period. The difference is accounted for by
the costs of operating your Fund.
ECONOMIC ENVIRONMENT
The dominant influence on the U.S. economy in 1995 was the policy of the
Federal Reserve Board's Open Market Committee, led by Federal Reserve Board
Chairman Alan Greenspan. By deft handling of credit controls, the Fed managed
to keep the U.S. economy growing at a moderate rate throughout the year.
At the start of 1995, the central bank was still fighting inflation,
culminating a year-long strategy of raising interest rates to prevent
overheating of the economy. This approach appeared to work. The economy began
to slow down, even raising some fear that the Fed might have caused a
recession. Yet by midsummer, the Fed switched gears, and began a very modest
lowering of interest rates. Its purpose was to maintain the growth of the
economy and to place the Fed in a position to avoid blame for causing a
business turndown, if one should come.
By fall, the economic indicators confirmed that growth was indeed
slowing. Construction activity was cooling off. Business inventories were
creeping up. Creation of new jobs slowed, and unemployment inched upward.
However, other sectors of the economy remained strong. U.S. merchandise
exports were growing at 15 percent a year in constant dollars, reflecting the
tremendous competitiveness of U.S. manufacturers on world markets. Fixed
investments by business continued to grow. Orders for nondefense capital
goods, after a slump in early summer, appeared to be picking up. Low interest
rates sustained a good level of housing sales.
Retail sales were weak. The economy was no longer being led by consumer
spending. Yet, a sizable portion of the slowdown in consumer spending
reflected lower retail prices rather than a drop in numbers of transactions.
The consumer was very cautious and was looking for bargains, but still had
money to spend - carefully. To be sure, consumers took on a lot of debt, but
their assets rose in value, particularly investment assets. Thus they were in
position to carry more debt.
In December, the Federal Reserve lowered interest rates once again, but
by the smallest amount possible. Other steps to reduce interest rates are
expected in 1996 to deal with a continued slowing of the economy.
MARKET OVERVIEW
As one would expect from the key role played by the Federal Reserve, the
stock market was heavily influenced during the year by the cost of money, and
hence by the bond market.
The 1995 economic climate was ideal for bonds - slow growth, no worrisome
inflation, and pressure in Washington to reduce the Federal deficit, cutting
back the Government's need to borrow money.
The stock market took its cue from the rising prices of fixed income
investments. As indicated by the performance of your index Fund, stocks
enjoyed a very strong year. Of course, the rising tide did not lift all the
boats, even though the Dow Jones Industrials broke through the 4000 and 5000
point levels
<PAGE>
during the year. Technology stocks, especially computer issues, rose
stunningly until late in the year, when many investors concluded that their
prices may have outrun their profit potential, at least for a while.
Interest-sensitive stocks, such as financial companies and utilities, did
well. As the year wore on, however, some manufacturing and retailing sectors,
where profit margins were being squeezed by competition, reflected investor
concern about future profit potential.
Few analysts believe that market conditions will be as favorable this
year as they were in 1995. Indeed, the market stumbled in early January.
However, stock prices may not as yet fully reflect the possibilities for
dramatically lower interest rates if the Federal Government does actually set
its course toward eliminating the budget deficit in seven years. If that
means that long-term Government borrowing will decline and perhaps eventually
stop, the market environment could change dramatically.
We thank you for your interest in the Dreyfus Stock Index Fund and wish
you the best for the coming year.
Sincerely,
[Steven Falci signature logo]
Steven Falci
Portfolio Manager
January 11, 1996
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains
paid. Figures do not reflect the deduction of any additional charges
applicable to separate accounts of participating insurance companies which
use the Fund as an underlying investment.
** The Fund is not sponsored, sold, endorsed or promoted by Standard & Poor's
Corporation.
*** 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 stock market performance.
<PAGE>
Dreyfus Stock Index Fund December 31, 1995
_______________________________________
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS STOCK INDEX
FUND AND THE STANDARD AND POOR'S 500 COMPOSITE STOCK PRICE INDEX
Standard & Poor's 500
Composite Stock Dreyfus Stock
Price Index * Index Fund
____________________________
9/29/89 10,000 10,000
12/31/89 10,205 10,216
12/31/90 9,888 9,860
12/31/91 12,893 12,803
12/31/92 13,875 13,713
12/31/93 15,270 14,993
12/31/94 15,471 15,125
12/31/95 21,278 20,688
____________________________
*Source: Lipper Analytical Services, Inc.
<TABLE>
[Exhibit A: ]
Average Annual Total Returns
_______________________________________________________
One Year Ended Five Years Ended From Inception (9/29/89)
December 31, 1995 December 31, 1995 to December 31, 1995
____________ ____________ ______________
<S> <C> <C>
36.78% 15.94% 12.31%
</TABLE>
Past performance is not predictive of future performance.
The Fund's performance does not reflect the deduction of additional charges
applicable to separate accounts of participating insurance companies using
the Fund as an underlying investment.
The above graph compares a $10,000 investment in Dreyfus Stock Index Fund on
9/29/89 (Inception Date) to a $10,000 investment made in the Standard &
Poor's 500 Composite Stock Price Index on that date. For comparative
purposes, the value of the Index on 9/30/89 is used as the beginning value on
9/29/89. All dividends and capital gain distributions are reinvested.
The Fund's performance shown in the line graph takes into account all
applicable fees and expenses. The Standard & Poor's 500 Composite Stock
Price Index is a widely accepted, unmanaged index of overall stock market
performance which does not take into account charges, fees and other
expenses. Further information relating to Fund performance, including
expense reimbursements, if applicable, is contained in the Financial
Highlights section of the Prospectus and elsewhere in this report.
<PAGE>
[CAPTION]
<TABLE>
Dreyfus Stock Index Fund
________________________________________
Statement of Investments December 31, 1995
Common Stocks-90.2% Shares Value
______ ______
<S> <C> <C> <C>
Aerospace-1.9% Allied-Signal................................... 17,330 $ 823,175
Boeing.......................................... 21,047 1,649,559
General Dynamics................................ 3,828 226,331
Lockheed Martin................................. 12,245 967,355
McDonnell Douglas............................... 6,901 634,892
Northrop Grumman................................ 2,987 191,168
Rockwell International.......................... 13,361 706,463
Teledyne........................................ 3,425 87,772
United Technologies ............................ 7,445 706,344
______
5,993,059
______
Agriculture & Food-2.8% Archer Daniels Midland ......................... 32,558 586,062
CPC International .............................. 8,981 616,321
Campbell Soup................................... 15,320 919,200
Conagra ........................................ 14,680 605,550
General Mills .................................. 9,776 564,564
Heinz (H.J.) ................................... 22,701 751,987
Hershey Foods................................... 4,702 305,630
Kellogg ........................................ 13,368 1,032,678
Pioneer Hi-Bred International................... 5,098 283,576
Quaker Oats..................................... 8,272 285,384
Sara Lee ....................................... 29,692 946,432
Unilever, N.V................................... 9,866 1,388,639
Wrigley (Wm) Jr. ............................... 7,089 372,172
______
8,658,195
______
Air Transport-.3% AMR..........................................(a) 4,728 351,055
Delta Air Lines................................. 3,166 233,888
Federal Express..............................(a) 3,451 254,943
Southwest Airlines.............................. 8,824 205,158
USAir Group..................................(a) 3,803 50,390
______
1,095,434
______
Aluminum-.4% Alcan Aluminium................................. 13,869 431,673
Aluminum Co. of America......................... 10,915 577,131
Reynolds Metals................................. 3,870 219,139
______
1,227,943
______
Apparel & Textiles-.4% Brown Group..................................... 1,146 16,331
Fruit of the Loom, Cl. A.....................(a) 4,675 113,953
Liz Claiborne................................... 4,577 127,012
NIKE, Cl. B..................................... 8,766 610,333
Reebok International............................ 4,667 131,843
Russell......................................... 2,368 65,712
Springs Industries.............................. 1,147 47,457
Stride Rite..................................... 3,017 22,627
V.F. ........................................... 3,894 205,408
______
1,340,676
______
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Stock Index Fund
________________________________________
Statement of Investments (continued) December 31, 1995
Common Stocks (continued) Shares Value
______ ______
<S> <C> <C> <C>
Automotive-2.0% Chrysler........................................ 23,524 $ 1,302,642
Dana............................................ 6,222 181,994
Echlin.......................................... 3,680 134,320
Fleetwood Enterprises........................... 2,797 72,023
Ford Motor...................................... 65,874 1,910,346
General Motors.................................. 45,852 2,424,425
NACCO Industries, Cl. A ........................ 533 29,581
Navistar International.......................(a) 4,634 48,657
PACCAR.......................................... 2,423 102,069
______
6,206,057
______
Banking-5.8% Banc One........................................ 24,061 908,303
Bank of Boston.................................. 6,883 318,339
Bank of New York................................ 12,269 598,114
BankAmerica..................................... 22,724 1,471,379
Bankers Trust New York.......................... 4,857 322,991
Barnett Banks................................... 5,959 351,581
Boatmens Bancshares............................. 7,951 324,997
Chase Manhattan................................. 11,015 667,784
Chemical Banking................................ 15,339 901,166
Citicorp........................................ 26,093 1,754,754
Comerica........................................ 7,000 280,875
CoreStates Financial............................ 8,576 324,816
First Bank Systems.............................. 7,984 396,206
First Chicago................................... 19,733 779,454
First Fidelity Bancorp.......................... 4,972 374,765
First Interstate Bancorp........................ 4,653 635,135
First Union..................................... 10,467 582,227
Fleet Financial Group........................... 15,766 642,465
KeyCorp......................................... 14,491 525,299
Mellon Bank..................................... 8,099 435,321
Morgan (J.P.) & Co.............................. 11,499 922,795
National City................................... 9,023 298,887
NationsBank..................................... 16,614 1,156,750
Norwest......................................... 21,648 714,384
PNC Financial................................... 16,267 524,611
Republic New York............................... 3,450 214,331
SunTrust Banks.................................. 7,041 482,308
U.S. Bancorp.................................... 6,009 202,052
Wachovia........................................ 10,496 480,192
Wells Fargo & Co................................ 2,887 623,592
______
18,215,873
______
Beverages-3.4% Anheuser-Busch Cos.............................. 15,594 1,042,849
Brown-Forman, Cl. B............................. 4,252 155,198
Coca-Cola....................................... 77,029 5,719,403
Coors (Adolph), Cl. B........................... 2,283 50,511
PepsiCo......................................... 48,375 2,702,953
Seagram......................................... 22,856 791,389
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Stock Index Fund
________________________________________
Statement of Investments (continued) December 31, 1995
Common Stocks (continued) Shares Value
______ ______
<S> <C> <C> <C>
Beverages (continued) Whitman......................................... 6,448 $ 149,916
______
10,612,219
______
Capital Goods-5.3% Amdahl.......................................(a) 7,351 62,484
Briggs & Stratton............................... 1,815 78,726
Caterpillar..................................... 12,117 711,874
Cincinnati Milacron............................. 2,054 53,918
Crane........................................... 1,900 70,063
Cummins Engine.................................. 2,498 92,426
DSC Communications...........................(a) 7,057 260,227
Deere & Co...................................... 16,102 567,596
Dover........................................... 7,010 258,494
Dresser Industries.............................. 11,185 272,634
Eaton........................................... 4,802 257,507
Foster Wheeler.................................. 2,509 106,633
General Electric................................ 102,517 7,381,224
General Signal.................................. 2,931 94,891
Genuine Parts................................... 7,530 308,730
Giddings & Lewis................................ 2,144 35,376
Grainger (W.W.)................................. 3,171 210,079
Harnischfeger Industries........................ 2,968 98,686
Illinois Tool Works............................. 7,192 424,328
Ingersoll-Rand.................................. 6,653 233,687
Johnson Controls................................ 2,483 170,706
Mallinckrodt Group.............................. 4,752 172,854
McDermott International......................... 3,356 73,832
Minnesota Mining & Manufacturing................ 25,724 1,704,215
National Service Industries..................... 2,997 97,028
Owens-Corning Fiberglas......................(a) 3,112 139,651
Pall............................................ 7,060 189,764
Parker-Hannifin................................. 4,565 156,351
Perkin-Elmer.................................... 2,611 98,565
Premark International........................... 3,799 192,324
Raychem......................................... 2,683 152,596
Snap-On Tools................................... 2,483 112,356
Stanley Works................................... 2,722 140,183
3Com............................................ 6,600 307,725
Textron......................................... 5,221 352,417
Timken.......................................... 1,929 73,784
TRINOVA......................................... 1,775 50,809
TRW............................................. 4,009 310,697
Tyco Laboratories............................... 9,348 333,022
Varity.......................................(a) 2,556 94,891
______
16,503,353
______
Chemicals-3.0%. Air Products & Chemicals........................ 6,817 359,597
Ashland Oil..................................... 3,922 137,760
Avery Dennison.................................. 3,261 163,458
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Stock Index Fund
________________________________________
Statement of Investments (continued) December 31, 1995
Common Stocks (continued) Shares Value
______ ______
<S> <C> <C> <C>
Chemicals (continued) Dow Chemical.................................... 16,092 $ 1,132,475
du Pont (E.I.) de Nemours....................... 34,130 2,384,834
Eastman Chemical................................ 4,924 308,366
Engelhard....................................... 8,823 191,900
FMC..........................................(a) 2,214 149,722
Goodrich (B.F.)................................. 1,595 108,659
Grace (W.R.) & Co............................... 5,925 350,316
Great Lakes Chemical............................ 3,934 283,248
Hercules........................................ 6,838 385,492
Monsanto........................................ 7,086 868,035
Morton International............................ 9,121 327,216
Nalco Chemical.................................. 4,139 124,687
Occidental Petroleum............................ 19,570 418,309
PPG Industries.................................. 12,031 550,418
Praxair......................................... 8,611 289,545
Rohm & Haas..................................... 4,109 264,517
Sigma Aldrich................................... 3,107 153,796
Union Carbide................................... 8,471 317,662
______
9,270,012
______
Consumer Durables-.3% Black & Decker.................................. 5,296 186,684
Masco........................................... 9,834 308,542
Maytag.......................................... 6,643 134,521
Whirlpool....................................... 4,508 240,051
Zenith Electronics...........................(a) 2,492 17,132
______
886,930
______
Construction-.2% Armstrong World Industries...................... 2,283 141,546
Centex.......................................... 1,600 55,600
Fluor........................................... 5,112 337,392
Sherwin-Williams................................ 5,206 212,144
______
746,682
______
Containers-.2% Ball............................................ 1,850 50,875
Bemis........................................... 3,281 84,076
Crown Cork & Seal............................(a) 5,555 231,921
Temple-Inland................................... 3,446 152,055
______
518,927
______
Cosmetics-1.2% Alberto Culver, Cl. B........................... 1,725 59,297
Avon Products................................... 4,198 316,424
Procter & Gamble................................ 42,079 3,492,557
______
3,868,278
______
Drugs-7.3% ALZA.........................................(a) 5,080 125,730
Abbott Laboratories............................. 48,547 2,026,837
Allergan........................................ 3,909 127,043
American Home Products.......................... 19,209 1,863,273
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Stock Index Fund
________________________________________
Statement of Investments (continued) December 31, 1995
Common Stocks (continued) Shares Value
______ ______
<S> <C> <C> <C>
Drugs (continued) Amgen........................................(a) 16,338 $ 970,069
Bristol-Myers Squibb............................ 31,095 2,670,283
Johnson & Johnson............................... 39,773 3,405,563
Lilly (Eli) & Co................................ 33,860 1,904,625
Merck & Co...................................... 75,805 4,984,179
Pfizer.......................................... 38,936 2,452,968
Pharmacia & Upjohn.............................. 30,920 1,198,171
Schering-Plough................................. 22,574 1,235,926
______
22,964,667
______
Electronics-3.6% AMP............................................. 13,310 510,771
Advanced Micro Devices.......................(a) 6,443 106,310
Andrew.......................................(a) 2,427 92,833
Cooper Industries............................... 6,621 243,322
Emerson Electric................................ 13,745 1,123,654
Harris.......................................... 2,438 133,176
Honeywell....................................... 7,794 378,983
Intel........................................... 50,566 2,869,620
LSI Logic....................................(a) 7,900 258,725
Loral........................................... 10,620 375,683
Micron Technology............................... 12,710 503,634
Motorola........................................ 36,213 2,064,141
National Semiconductor.......................(a) 7,560 168,210
Northern Telecom................................ 15,560 669,080
Raytheon........................................ 14,914 704,686
Scientific-Atlanta.............................. 4,773 71,595
Tektronix....................................... 2,015 98,987
Tellabs......................................(a) 5,414 200,318
Texas Instruments............................... 11,606 600,610
Thomas & Betts.................................. 1,096 80,830
______
11,255,168
______
Finance-2.7% Ahmanson (H.F.) & Co............................ 7,201 190,827
American Express................................ 29,727 1,229,955
Beneficial...................................... 3,217 149,993
Dean Witter, Discover & Co...................... 10,363 487,107
Federal Home Loan Mortgage...................... 11,046 922,341
Federal National Mortgage Association........... 16,736 2,077,356
Golden West Financial........................... 3,610 199,453
Great Western Financial......................... 8,369 213,410
Household International......................... 6,019 355,873
MBNA............................................ 9,121 336,337
Merrill Lynch & Co.............................. 10,788 550,188
Morgan Stanley Group............................ 4,791 386,274
Salomon......................................... 6,578 233,519
Travelers Group................................. 19,572 1,230,589
______
8,563,222
______
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Stock Index Fund
________________________________________
Statement of Investments (continued) December 31, 1995
Common Stocks (continued) Shares Value
______ ______
<S> <C> <C> <C>
Forest & Paper
Products-1.6% Alco Standard................................... 6,894 $ 314,539
Boise Cascade................................... 2,913 100,863
Champion International.......................... 5,900 247,800
Federal Paper Board............................. 2,863 148,518
Georgia-Pacific................................. 5,622 385,810
International Paper............................. 15,596 590,698
James River..................................... 5,077 122,483
Kimberly-Clark.................................. 17,106 1,415,594
Louisiana-Pacific............................... 6,602 160,099
Mead............................................ 3,300 172,425
Potlatch........................................ 1,820 72,800
Stone Container................................. 5,905 84,884
Union Camp...................................... 4,298 204,692
Westvaco........................................ 6,233 172,966
Weyerhaeuser.................................... 12,347 534,008
Willamette Industries........................... 3,363 189,169
______
4,917,348
______
Health Care-2.4% Bard (C.R.)..................................... 3,496 112,746
Bausch & Lomb................................... 3,551 140,708
Baxter International............................ 16,645 697,009
Becton Dickinson & Co........................... 4,088 306,600
Beverly Enterprises..........................(a) 6,031 64,079
Biomet.......................................(a) 7,042 125,876
Boston Scientific............................(a) 9,965 488,285
Columbia/HCA Healthcare......................... 27,369 1,388,977
Community Psychiatric Centers................(a) 2,663 32,622
Corning......................................... 14,070 450,240
Humana.......................................(a) 9,900 271,013
Manor Care...................................... 3,870 135,450
Medtronic....................................... 14,294 798,677
Millipore....................................... 2,780 114,327
St. Jude Medical.............................(a) 4,273 183,739
Tenet Healthcare.............................(a) 12,290 255,017
U.S. HealthCare................................. 9,455 439,657
U.S. Surgical................................... 3,460 73,957
United Healthcare............................... 10,728 702,684
Warner-Lambert.................................. 8,303 806,429
______
7,588,092
______
Hotels & Restaurants-.9% Bally Entertainment..........................(a) 2,867 40,138
Darden Restaurants.............................. 9,776 116,090
Harrah's Entertainment.......................(a) 6,337 153,672
Hilton Hotels................................... 2,966 182,409
Luby's Cafeterias............................... 1,305 29,036
McDonald's...................................... 42,563 1,920,655
Marriott International.......................... 7,693 294,257
Ryan's Family Steak House....................(a) 3,261 22,827
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Stock Index Fund
________________________________________
Statement of Investments (continued) December 31, 1995
Common Stocks (continued) Shares Value
______ ______
<S> <C> <C> <C>
Hotels & Restaurants
(continued) Shoney's.....................................(a) 2,508 $ 25,707
Wendy's International........................... 6,329 134,491
______
2,919,282
______
Household Products-1.2% Clorox.......................................... 3,251 232,853
Colgate-Palmolive............................... 8,899 625,155
Dial ........................................... 5,770 170,936
Ecolab.......................................... 3,984 119,520
Gillette........................................ 27,200 1,417,800
International Flavors & Fragrances.............. 6,802 326,496
Newell.......................................... 9,694 250,832
Ralston-Purina Group............................ 6,481 404,252
Rubbermaid...................................... 9,674 246,687
______
3,794,531
______
Insurance-3.3% Aetna Life & Casualty........................... 7,042 487,659
Allstate........................................ 27,508 1,131,271
American General................................ 12,522 436,705
American International Group.................... 29,051 2,687,218
CIGNA........................................... 4,623 477,325
Chubb........................................... 5,361 518,677
General Re...................................... 4,992 773,760
ITT............................................. 7,151 379,003
ITT Hartford Group.............................. 7,151 345,930
ITT Industries.................................. 7,151 171,624
Jefferson-Pilot................................. 4,338 201,717
Lincoln National................................ 6,390 343,463
Loews........................................... 7,194 563,830
Providian....................................... 5,869 239,162
SAFECO.......................................... 7,770 268,065
St. Paul Cos.................................... 5,171 287,637
Torchmark....................................... 4,435 200,684
Transamerica.................................... 4,219 307,460
UNUM............................................ 4,498 247,390
USF&G........................................... 6,900 116,437
USLIFE.......................................... 2,071 61,871
______
10,246,888
______
Iron & Steel-.3% Armco........................................(a) 6,523 38,323
Bethlehem Steel..............................(a) 6,906 96,684
Inland Steel Industries......................... 3,007 75,551
Nucor........................................... 5,396 308,246
USX-U.S. Steel Group............................ 5,107 157,040
Worthington Industries.......................... 5,617 116,904
______
792,748
______
Leisure-.2% Brunswick....................................... 5,890 141,360
Hasbro.......................................... 5,406 167,586
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Stock Index Fund
________________________________________
Statement of Investments (continued) December 31, 1995
Common Stocks (continued) Shares Value
______ ______
<S> <C> <C> <C>
Leisure (continued) Mattel.......................................... 13,574 $ 417,401
Outboard Marine................................. 1,141 23,248
______
749,595
______
Media-2.2% Capital Cities/ABC.............................. 9,430 1,163,426
Comcast, Cl. A.................................. 14,686 267,102
Disney (Walt)................................... 32,076 1,892,484
Handleman....................................... 2,109 12,127
King World Productions.......................(a) 2,219 86,264
Tele-Communications, Cl. A...................(a) 40,089 796,769
Time Warner..................................... 23,705 897,827
Tribune......................................... 3,869 236,493
US West Media Group............................. 28,953 550,107
Viacom, Cl. B (non-voting)...................(a) 22,190 1,051,298
______
6,953,897
______
Mining-.4% ASARCO.......................................... 2,653 84,896
Cyprus Amax Minerals............................ 5,685 148,521
Freeport-McMoran Copper, Cl.B................... 12,443 349,959
Inco............................................ 7,311 243,091
Phelps Dodge.................................... 4,238 263,815
______
1,090,282
______
Oil-International-3.9% Chevron......................................... 40,057 2,102,993
Exxon........................................... 76,212 6,106,487
Mobil........................................... 24,317 2,723,504
Oryx Energy..................................(a) 6,424 85,921
Texaco.......................................... 16,214 1,272,799
______
12,291,704
______
Oil-Petroleum
Reserves-.8% Atlantic Richfield.............................. 9,909 1,097,422
Burlington Resources............................ 7,810 306,543
Kerr-McGee...................................... 3,192 202,692
Louisiana Land & Exploration.................... 2,029 86,993
Pennzoil........................................ 2,797 118,173
Phillips Petroleum.............................. 16,063 548,150
Santa Fe Energy Resources....................(a) 5,578 53,688
______
2,413,661
______
Oil-Refining &
Distribution-2.7% Amerada Hess.................................... 5,688 301,464
Amoco........................................... 30,484 2,191,038
Coastal......................................... 6,438 239,816
Royal Dutch Petroleum........................... 32,881 4,640,331
Sun............................................. 4,606 126,089
Unocal.......................................... 15,186 442,292
USX-Marathon Group.............................. 17,649 344,155
______
8,285,185
______
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Stock Index Fund
________________________________________
Statement of Investments (continued) December 31, 1995
Common Stocks (continued) Shares Value
______ ______
<S> <C> <C> <C>
Oil-Service-.6% Baker Hughes.................................... 8,672 $ 211,380
Halliburton..................................... 6,993 354,021
Helmerich & Payne............................... 1,520 45,220
Rowan Cos....................................(a) 5,196 51,310
Schlumberger.................................... 14,836 1,027,393
Western Atlas................................(a) 3,217 162,458
______
1,851,782
______
Photography-.5% Eastman Kodak................................... 21,006 1,407,402
Polaroid........................................ 2,812 133,218
______
1,540,620
______
Pollution Control-.5% Browning-Ferris Industries...................... 13,073 385,654
Laidlaw Cl.B.................................... 18,056 185,074
Safety-Kleen.................................... 3,600 56,250
WMX Technologies................................ 29,841 891,500
______
1,518,478
______
Precious Metals-.5% Barrick Gold.................................... 21,692 572,127
Echo Bay Mines.................................. 7,742 80,323
Homestake Mining................................ 8,437 131,828
Newmont Mining.................................. 5,757 260,549
Placer Dome..................................... 14,697 354,565
Santa Fe Pacific Gold........................... 8,103 98,261
______
1,497,653
______
Producer Goods-3.8% Apple Computer.................................. 7,561 241,007
Applied Materials............................(a) 10,958 431,471
Cabletron Systems............................(a) 4,452 360,612
cisco Systems................................(a) 16,758 1,250,566
Compaq Computer..............................(a) 16,270 780,960
Cray Research................................(a) 1,435 35,516
Data General.................................(a) 2,274 31,268
Digital Equipment............................(a) 9,267 594,246
Hewlett-Packard................................. 31,391 2,628,996
International Business Machines................. 34,939 3,205,653
Pitney Bowes.................................... 9,290 436,630
Silicon Graphics.............................(a) 9,841 270,627
Sun Microsystems.............................(a) 11,670 532,444
Tandem Computers.............................(a) 7,166 76,139
Unisys.......................................(a) 10,477 58,933
Xerox........................................... 6,581 901,597
______
11,836,665
______
Publishing-.7% American Greetings.............................. 4,543 125,500
Donnelley (R R) & Sons.......................... 9,465 372,684
Gannett......................................... 8,597 527,641
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Stock Index Fund
________________________________________
Statement of Investments (continued) December 31, 1995
Common Stocks (continued) Shares Value
______ ______
<S> <C> <C> <C>
Publishing (continued) Harland (John H.)............................... 1,925 $ 40,184
Jostens......................................... 2,292 55,581
Knight-Ridder................................... 3,056 191,000
McGraw-Hill..................................... 3,099 270,000
Meredith........................................ 1,714 71,774
Moore........................................... 6,154 114,618
New York Times, Cl. A........................... 5,944 176,091
Times Mirror, Cl. A............................. 6,898 233,670
______
2,178,743
______
Railroads & Transit-1.1% Burlington Northern............................. 8,679 676,962
CSX............................................. 12,866 587,011
Conrail......................................... 5,082 355,740
Consolidated Freightways........................ 2,699 71,524
Norfolk Southern................................ 7,988 634,047
Roadway Services................................ 2,438 119,157
Union Pacific................................... 12,642 834,372
Yellow.......................................... 1,720 21,285
______
3,300,098
______
Real Estate-0% Kaufman & Broad Home............................ 1,989 29,586
Pulte........................................... 1,660 55,817
______
85,403
______
Retail-4.3% Albertson's..................................... 15,470 508,576
American Stores................................. 9,040 241,820
Charming Shoppes................................ 6,373 18,322
Circuit City Stores............................. 6,014 166,137
Dayton-Hudson................................... 4,368 327,600
Dillard Department Stores, Cl. A................ 6,947 197,990
Federated Department Stores..................(a) 12,400 341,000
Fleming Cos..................................... 2,268 46,778
Gap............................................. 8,821 370,482
Giant Food, Cl. A............................... 3,685 116,078
Great Atlantic & Pacific Tea.................... 2,388 54,924
Harcourt General................................ 4,472 187,265
Home Depot...................................... 29,281 1,401,828
K mart.......................................... 28,144 204,044
Kroger.......................................(a) 7,566 283,725
Limited......................................... 21,998 382,215
Longs Drug Stores............................... 1,142 54,673
Lowes Cos....................................... 9,824 329,104
May Department Stores........................... 15,290 646,003
Melville........................................ 6,455 198,491
Mercantile Stores............................... 2,234 103,322
Nordstrom....................................... 4,968 201,204
Penney (J.C.)................................... 13,872 660,654
Pep Boys-Manny, Moe & Jack...................... 3,840 98,400
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Stock Index Fund
________________________________________
Statement of Investments (continued) December 31, 1995
Common Stocks (continued) Shares Value
______ ______
<S> <C> <C> <C>
Retail (continued) Price/Costco.................................(a) 11,932 $ 181,963
Rite Aid........................................ 5,144 176,182
Sears, Roebuck & Co............................. 23,938 933,582
Supervalu....................................... 4,203 132,394
Sysco........................................... 11,160 362,700
TJX Cos......................................... 4,453 84,050
Tandy........................................... 3,863 160,314
Toys R Us....................................(a) 16,759 364,508
Wal-Mart Stores................................. 140,786 3,150,087
Walgreen........................................ 15,060 449,917
Winn-Dixie Stores............................... 9,276 342,052
Woolworth (F.W.)................................ 8,174 106,262
______
13,584,646
______
Services-3.5% Alexander & Alexander Services.................. 2,697 51,243
Autodesk........................................ 2,912 99,736
Automatic Data Processing....................... 8,827 655,405
Block (H&R)..................................... 6,423 260,132
Ceridian.....................................(a) 4,062 167,558
Computer Associates International............... 14,796 841,523
Computer Sciences............................(a) 3,421 240,325
CUC International............................(a) 10,986 374,897
Deluxe.......................................... 5,101 147,929
Dow Jones & Co.................................. 5,909 235,621
Dun & Bradstreet................................ 10,348 670,033
EG&G............................................ 3,191 77,382
First Data...................................... 13,644 912,443
Intergraph...................................(a) 2,842 44,761
Interpublic Group of Cos........................ 4,762 206,552
Marsh & McLennan Cos............................ 4,447 394,671
Microsoft....................................(a) 36,311 3,186,290
Novell.......................................(a) 22,713 323,660
Ogden........................................... 2,969 63,462
Oracle.......................................(a) 26,644 1,129,039
Pittston........................................ 2,548 79,943
Ryder System.................................... 4,902 121,324
Service Corporation International............... 6,446 283,624
Shared Medical Systems.......................... 1,426 77,539
Westinghouse Electric........................... 25,522 421,113
______
11,066,205
______
Tire & Rubber-.2% Cooper Tire and Rubber.......................... 5,146 126,720
Goodyear Tire & Rubber.......................... 9,353 424,392
______
551,112
______
Tobacco-1.8% American Brands................................. 11,172 498,551
Philip Morris Cos............................... 51,523 4,662,831
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Stock Index Fund
________________________________________
Statement of Investments (continued) December 31, 1995
Common Stocks (continued) Shares Value
______ ______
<S> <C> <C> <C>
Tobacco (contined) Schweitzer-Mauduit International................ 883 $ 20,433
UST............................................. 11,873 396,261
______
5,578,076
______
Utilities-Electric-3.4% American Electric Power......................... 11,438 463,239
Baltimore Gas & Electric........................ 9,018 257,013
Carolina Power & Light.......................... 9,404 324,438
Central & South West............................ 11,844 330,152
Cinergy......................................... 9,679 296,419
Consolidated Edison Co. of New York............. 14,457 462,624
Detroit Edison.................................. 8,911 307,430
Dominion Resources.............................. 10,617 437,951
Duke Power...................................... 12,617 597,730
Entergy......................................... 14,027 410,290
FPL Group....................................... 11,315 524,733
General Public Utilities........................ 7,141 242,794
Houston Industries.............................. 16,078 389,892
Niagara Mohawk Power............................ 8,887 85,537
Northern States Power........................... 4,184 205,539
Ohio Edison..................................... 9,410 221,135
PacifiCorp...................................... 17,465 371,131
Pacific Gas & Electric.......................... 26,071 739,765
PECO Energy..................................... 13,643 410,995
PP&L Resources.................................. 9,800 245,000
Public Service Enterprise Group................. 15,051 460,937
SCEcorp......................................... 27,289 484,380
Southern........................................ 40,891 1,006,941
Texas Utilities................................. 13,874 570,568
UniCom.......................................... 13,146 430,531
Union Electric.................................. 6,218 259,601
______
10,536,765
______
Utilities-Gas-.9% Columbia Gas System..........................(a) 3,066 134,521
Consolidated Natural Gas........................ 5,695 258,411
Eastern Enterprises............................. 1,271 44,803
ENSERCH......................................... 4,239 68,884
Enron........................................... 15,455 589,222
NICOR........................................... 3,131 86,102
Noram Energy.................................... 7,595 67,406
ONEOK........................................... 1,675 38,316
Pacific Enterprises............................. 5,203 146,985
Panhandle Eastern............................... 9,166 255,502
Peoples Energy.................................. 2,164 68,707
Sonat........................................... 5,296 188,670
Tenneco......................................... 10,969 544,337
Williams Cos.................................... 6,227 273,210
______
2,765,076
______
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Stock Index Fund
________________________________________
Statement of Investments (continued) December 31, 1995
Common Stocks (continued) Shares Value
______ ______
<S> <C> <C> <C>
Utilities-Telephone-7.7% ALLTEL.......................................... 11,556 $ 340,902
AT&T............................................ 97,720 6,327,370
AirTouch Communications......................(a) 30,439 859,902
Ameritech....................................... 33,987 2,005,233
Bell Atlantic................................... 26,835 1,794,591
BellSouth....................................... 61,022 2,654,457
GTE............................................. 59,452 2,615,888
MCI Communications.............................. 41,583 1,086,356
NYNEX........................................... 26,249 1,417,446
Pacific Telesis Group........................... 26,262 883,060
SBC Communications.............................. 37,355 2,147,912
Sprint.......................................... 21,359 851,690
US West......................................... 28,853 1,031,495
______
24,016,302
______
TOTAL COMMON STOCKS
(cost $235,303,221)........................... $281,877,532
======
<CAPTION>
Preferred Stocks
______________________________________
<S> <C> <C> <C>
Teledyne, Ser. E
(cost $446)................................... 30 $ 435
======
<CAPTION>
Principal
Short-Term Investments-9.1% Amount
______________________________________ _____
<S> <C> <C> <C>
U.S. Treasury Bills: 4.50%, 1/4/1996................................. $ 301,000 $ 300,904
5.28%, 1/11/1996................................ 8,400,000 8,386,812
5.25%, 1/18/1996.............................(b) 5,662,000 5,648,355
5.33%, 1/25/1996................................ 6,809,000 6,787,075
5.27%, 2/29/1996................................ 4,456,000 4,420,619
4.82%, 3/7/1996................................. 1,211,000 1,199,859
4.80%, 3/14/1996................................ 909,000 899,683
4.82%, 3/28/1996................................ 911,000 899,876
______
TOTAL SHORT-TERM INVESTMENTS
(cost $28,540,044) $ 28,543,183
======
TOTAL INVESTMENTS (cost $263,843,711)....................................... 99.3% $310,421,150
===== ======
CASH AND RECEIVABLES (NET).................................................. .7% $ 2,265,310
===== ======
NET ASSETS.................................................................. 100.0% $312,686,460
===== ======
</TABLE>
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.
See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Stock Index Fund
________________________________________
Statement of Financial Futures December 31, 1995
Financial Futures Purchased;
________________________________________
Market Value Unrealized
Number of Covered (Depreciation)
Issuer Contracts by Contracts Expiration at 12/31/95
____ ______ _______ ______ ______
<S> <C> <C> <C> <C>
Standard & Poor's 500........................ 94 $29,067,150 March 1996 ($234,815)
======
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Stock Index Fund
________________________________________
Statement of Assets and Liabilities December 31, 1995
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $263,843,711)-see statement..................................... $310,421,150
Cash.................................................................... 6,369,576
Dividends receivable.................................................... 612,437
Receivable for futures variation margin-Note 3(a)....................... 31,780
Prepaid expenses........................................................ 437
______
317,435,380
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 133,785
Dividends payable....................................................... 3,921,624
Payable for investment securities purchased............................. 460,307
Accrued expenses........................................................ 233,204 4,748,920
_____ ______
NET ASSETS.................................................................. $312,686,460
======
REPRESENTED BY:
Paid-in capital......................................................... $261,474,826
Accumulated undistributed investment income-net......................... 14,894
Accumulated undistributed net realized gain on investments.............. 4,854,116
Accumulated net unrealized appreciation on investments
[including ($234,815) net unrealized (depreciation) on financial
futures]-Note 3(b).................................................... 46,342,624
______
NET ASSETS at value applicable to 18,177,360 shares outstanding (200 million
shares of $.001 par value Common Stock authorized)...................... $312,686,460
======
NET ASSET VALUE, per share
($312,686,460 / 18,177,360 shares)...................................... $17.20
======
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Stock Index Fund
________________________________________
Statement of Operations year ended December 31, 1995
<S> <C> <C>
INVESTMENT INCOME:
Income:
Cash dividends (net of foreign taxes witheld at source of $18,048).... $4,429,014
Interest.............................................................. 763,272
______
Total Income...................................................... $ 5,192,286
Expenses:
Index management fee-Note 2(a)........................................ $223,935
Administration fee-Note 2(a).......................................... 318,306
Custodian fees-Note 2(c).............................................. 74,016
Professional fees..................................................... 58,508
Registration fees..................................................... 57,806
Directors' fees and expenses-Note 2(d)................................ 25,709
Prospectus and shareholders' reports.................................. 16,003
Shareholder servicing costs-Note 2(b)................................. 5,453
Miscellaneous......................................................... 4,722
______
Total Expenses.................................................... 784,458
Less-reduction in index management fee and administration fee
due to undertaking-Note 2(a)...................................... 57,945
______
Net Expenses...................................................... 726,513
______
INVESTMENT INCOME-NET............................................. 4,465,773
______
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments-Note 3(a).............................. $5,260,106
Net realized gain on financial futures-Note 3(a)........................ 2,814,896
______
Net Realized Gain................................................. 8,075,002
Net unrealized appreciation on investments [including ($335,265) net
unrealized (depreciation) on financial futures]....................... 43,128,888
______
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS.................. 51,203,890
______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS....................... $55,669,663
======
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Stock Index Fund
________________________________________
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended December 31,
____________________________
1994 1995
________ ______
<S> <C> <C>
OPERATIONS:
Investment income-net................................................ $ 1,991,399 $ 4,465,773
Net realized gain on investments..................................... 199,553 8,075,002
Net unrealized appreciation (depreciation) on investments for the year (1,356,172) 43,128,888
______ ______
Net Increase In Net Assets Resulting From Operations............... 834,780 55,669,663
______ ______
DIVIDENDS TO SHAREHOLDERS:
From investment income-net........................................... (1,968,656) (4,476,568)
From net realized gain on investments................................ - (2,357,447)
In excess of net realized gain on investments........................ (429,123) -
______ ______
Total Dividends.................................................... (2,397,779) (6,834,015)
______ ______
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold........................................ 47,033,174 219,772,239
Dividends reinvested................................................. 2,397,779 6,834,015
Cost of shares redeemed.............................................. (12,380,738) (59,561,665)
______ ______
Increase In Net Assets From Capital Stock Transactions............. 37,050,215 167,044,589
______ ______
Total Increase In Net Assets..................................... 35,487,216 215,880,237
NET ASSETS:
Beginning of year.................................................... 61,319,007 96,806,223
______ ______
End of year (including undistributed investment income-net:
$25,689 in 1994 and $14,894 in 1995)............................... $ 96,806,223 $312,686,460
====== ======
Shares Shares
______ ______
CAPITAL SHARE TRANSACTIONS:
Shares sold.......................................................... 3,593,641 14,313,682
Shares issued for dividends reinvested............................... 186,922 417,105
Shares redeemed...................................................... (945,685) (4,033,543)
______ ______
Net Increase In Shares Outstanding................................. 2,834,878 10,697,244
====== ======
</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 year indicated. This information
has been derived from the Fund's financial statements.
<TABLE>
<CAPTION>
Year Ended Four Months
August 31, Ended Year Ended December 31,
_________ December 31, _______________________________
1991 1992 1992 1993 1994 1995
___ ___ ___ ___ ___ ___
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
Net asset value, beginning of year $11.62 $14.20 $14.87 $15.32 $13.20 $12.94
___ ___ ___ ___ ___ ___
Investment Operations:
Investment income-net............ .39 .37 .13 .37 .32 .33
Net realized and unrealized gain
(loss) on investments......... 2.60 .68 .77 1.04 (.21) 4.39
___ ___ ___ ___ ___ ___
Total from Investment Operations 2.99 1.05 .90 1.41 .11 4.72
___ ___ ____ ___ ___ ___
Distributions:
Dividends from investment income-net (.39) (.38) (.21) (.34) (.31) (.33)
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)
___ ___ ___ ___ ___ ___
Net asset value, end of year..... $14.20 $14.87 $15.32 $13.20 $12.94 $17.20
==== === ==== === === ===
TOTAL INVESTMENT RETURN.............. 26.26% 7.49% 6.05%(1) 9.33% .88% 36.78%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .40% .40% .13%(1) .40% .40% .39%
Ratio of net investment income to
average net assets............. 3.05% 2.63% .85%(1) 2.38% 2.57% 2.38%
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%
Net Assets, end of year (000's Omitted) $62,400 $74,446 $70,072 $61,319 $96,806 $312,686
<FN>
___________
(1) Not annualized.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Stock Index Fund
________________________________________
NOTES TO FINANCIAL STATEMENTS
NOTE 1-Significant Accounting Policies:
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. Effective November 13, 1995, The Dreyfus Corporation ("Dreyfus")
serves as the Fund's manager and Mellon Equity Associates, an affiliate of
Dreyfus ("Mellon Equity"), serves as the Fund's index manager. Boston Safe
Deposit and Trust Company, an affiliate of Dreyfus, became 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 to the public without a sales charge. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of FDI Services, Inc., a provider of mutual fund administration
services, which in turn is a wholly-owned subsidiary of FDI Holdings, Inc.,
the parent company of which is Boston Institutional Group, Inc.
Prior to November 13, 1995, Wells Fargo Nikko Investment Advisor
("WFNIA") served as the Fund's index manager. In addition, Wells Fargo
Institutional Trust Company, N.A. ("WFITC"), an affiliate of WFNIA, was the
custodian of the Fund's investments. The Dreyfus Corporation ("Dreyfus")
served as the Fund's administrator.
(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 net
realized gains 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.
<PAGE>
Dreyfus Stock Index Fund
_______________________________________
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 2-Management Fee, Administration Fee and Other Transactions With
Affiliates:
(a) Effective November 13, 1995, pursuant to an Investment Advisory
Agreement with Dreyfus, the investment advisory fee is computed at the annual
rate of .245 of 1% of the average daily value of the Fund's net assets, and
is payable monthly. Dreyfus has agreed to pay Mellon Equity, an affiliate of
Dreyfus, a fee of .095 of 1% of the average daily value of the Fund's net
assets. Prior to November 13, 1995, the Fund had an Index Management
Agreement with WFNIA and an Administration Agreement with Dreyfus whereby,
WFNIA and Dreyfus each received annual fees of .15 of 1% of the average daily
value of the Fund's net assets. The most stringent state expense limitation
applicable to the Fund presently requires reimbursement of expenses in any
full year that such expenses 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. The Dreyfus Corporation (and WFNIA through November 12, 1995)
has currently undertaken from January 1, 1995 until December 31, 1995 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 average daily value of the Fund's net assets,
the Fund may deduct from the payments to be made to Dreyfus. Pursuant to an
undertaking, WFNIA and Dreyfus reduced the index management fee and the
administration fee during the period January 1, 1995 to November 13, 1995, by
$28,973 and $28,972, respectively.
Effective December 1, 1995, 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. Such compensation amounted to $21 for the period from December
1, 1995 through December 31, 1995.
(b) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an
amount not to exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for certain allocated expenses with respect to
servicing and/or maintaining shareholder accounts. The services provided may
include personal services relating to shareholder accounts, such as answering
shareholder inquiries regarding the Fund and providing reports and other
information, and services related to the maintenance of shareholder accounts.
During the year ended December 31, 1995, the Fund was charged an aggregate
of $9,048 pursuant to the Shareholder Services Plan.
(c) During the year ended December 31, 1995, Wells Fargo Institutional
Trust Company, N.A. earned $74,016 for custodian services provided to the
Fund.
(d) 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.
<PAGE>
Dreyfus Stock Index Fund
________________________________________
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 3-Securities Transactions:
(a) The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the year ended December 31, 1995
amounted to $166,667,593 and $21,149,100, respectively.
The Fund may invest in trading 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 open at December
31, 1995 and their related unrealized market depreciation are set forth in
the Statement of Financial Futures.
(b) At December 31, 1995, accumulated net unrealized appreciation on
investments was $46,342,624, consisting of $49,269,498 gross unrealized
appreciation and $2,926,874 gross unrealized depreciation.
At December 31, 1995, the costs of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
<PAGE>
Dreyfus Stock Index Fund
________________________________________
Report of Independent Accountants
To the Shareholders and Board of Directors of
Dreyfus Stock Index Fund:
We have audited the accompanying statement of assets and liabilities of
Dreyfus Stock Index Fund, including the statements of investments and
financial futures, as of December 31, 1995, and the related statement of
operations for the year then ended, the statement of changes in net assets
for each of the two years in the period then ended, and the financial
highlights for each of the three years in the period then ended, for the
period September 1, 1992 to December 31, 1992, and the years ended August 31,
1992 and 1991. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 1995, by correspondence with the custodian
and brokers. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Dreyfus Stock Index Fund as of December 31, 1995, the results of
its operations, the changes in its net assets, and the financial highlights
for the periods referred to above, in conformity with generally accepted
accounting principles.
COOPERS & LYBRAND L.L.P.
New York, New York
February 13, 1996
<PAGE>
Dreyfus Stock Index Fund
_______________________________________
Important Tax Information (Unaudited)
For Federal tax purposes the Fund hereby designates $.001 per share as a
long-term capital gain distribution of the $.003 per share paid on August 30,
1995. The Fund also designates $.10 per share as a long-term capital gain
distribution of the $.22 per share paid on December 29, 1995.
<PAGE>
Dreyfus Stock Index Fund
_______________________________________
Proxy Results (Unaudited)
A special meeting of stockholders of the Fund was held on November 3,
1995, at which shareholders approved a new management agreement between the
Fund and Dreyfus by a vote of 10,816,873 shares in favor of, and 167,119
shares against the agreement, with 888,457 shares abstaining (including
broker non-votes). Also approved at the meeting was a new index management
agreement between Dreyfus and Mellon Equity Associates, by a vote of
10,633,940 shares in favor of, and 227,309 shares against the agreement, with
1,011,199 shares abstaining (including broker
non-votes).
<PAGE>
[Dreyfus lion "d" logo]
Dreyfus Stock Index Fund
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
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
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 763AR9512
[Dreyfus logo]
<PAGE>
Dreyfus
Stock
Index Fund
Annual Report
December 31, 1995
<PAGE>
COMPARISON OF CHANGE IN VALUE OF $10,000
INVESTMENT IN DREYFUS STOCK INDEX FUND
AND THE STANDARD & POOR'S 500 COMPOSITE
STOCK PRICE INDEX
EXHIBIT A:
_____________________________________________________
| | STANDARD | |
| | & POOR'S 500 | |
| PERIOD | COMPOSITE STOCK | DREYFUS STOCK |
| | PRICE INDEX * | INDEX FUND |
| ---------| ------------------|-----------------|
| 9/29/89 | 10,000 | 10,000 |
| 12/31/89 | 10,205 | 10,216 |
| 12/31/90 | 9,888 | 9,860 |
| 12/31/91 | 12,893 | 12,803 |
| 12/31/92 | 13,875 | 13,713 |
| 12/31/93 | 15,270 | 14,993 |
| 12/31/94 | 15,471 | 15,125 |
| 12/31/95 | 21,278 | 20,688 |
| -----------------------------------------------------
*Source: Lipper Analytical Services, Inc.
