DREYFUS STOCK INDEX FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this semi-annual report for the
Dreyfus Stock Index Fund. In line with its investment goals, Dreyfus Stock
Index Fund closely mirrored the outstanding results of the Standard & Poor's
500 Composite Stock Price Index for the six-month reporting period ended June
30, 1997. Over this period your Fund produced a total return of 20.44%,*
which compares with a total return of 20.60% for the Standard & Poor's 500
Composite Stock Price Index over the same period.**
During the last six months, large capitalization equities, as represented
by the S&P 500 Index, provided performance that was significantly better than
both mid-cap and small-cap equities. During the same period, the Standard &
Poor's 400 MidCap Index had a total return of 13.04% while the Russell 2000
Index, made up of small-cap stocks, earned a total return of 10.20%.***
ECONOMIC REVIEW
Since ending its 1995 mid-cycle slowdown, the economy has sustained an
above-trend growth trajectory, slowing only briefly in the third quarter of
1996 and again in recent months. Meanwhile, the level of economic activity is
now at the point where economic resources are near full deployment. Yet price
inflation remains quiescent, boosting the purchasing power of incomes and
contributing to the best sense of economic well-being in decades. In this
environment, economic policy has been benign, allowing market interest rates
to sway within an eighteen-month trading range and corporate profits to rise
steadily. However, even while the jury is out on the inflation risks ahead,
the Federal Reserve Board (the "Fed") has again indicated a one-way bias
towards tighter future policy.
The Real Gross Domestic Product grew an above-trend 3.1% from year-end
1995 to year-end 1996, then accelerated to more than 4.0% in the first half
of this year. However, this year's pattern shows growth concentrated in the
first quarter, when GDP surged 5.9%, while a slowdown to near 2.5% is
apparent in the second quarter. The slower near-term growth is attributable
to a lackluster retail sector, even though exports and capital spending are
gaining. A key issue is whether the absence of pent-up demand could lead to a
sluggish consumer profile and, hence, a slow GDP growth from here on. Indeed,
factors that could underpin a resumption of stronger spending are rising:
real consumer purchasing power, soaring household wealth and all-time highs
in consumer confidence. Additionally, inventories remain lean, muting the
prospect of yet slower economic growth.
Alongside evidence of a slower retail sector in the second quarter are
reports showing that unemployment fell below 5% and industrial capacity
utilization tightened towards its 1994 highs. With these developments, the
economy now is operating at a high level with little slack. Yet wage
inflation abated in the second quarter while price inflation continued to
decelerate. The absence of any troublesome sign of inflation has kept market
interest rates in a long-standing trading range. Even corporate profits
continue to surprise on the upside.
Views on the need to tighten monetary policy are divergent. There are
those who believe that inflation pressure points are just different than in
the past and others who believe the inflation cycle has been eliminated by
global factors and technology. However, by leaning towards tighter future
policy, the Fed is at least willing to err on the cautious side in the next
several months.
MARKET OVERVIEW
It doesn't get much better than the performance of common stocks for the
first half of 1997. When the closing bell rang on June 30, the Standard &
Poor's 500 showed a six-month gain of 20.60%, the Dow Jones Industrial
Average was up 20.12%, the Nasdaq Composite Index had gained 11.70% and even
small capitalization stocks represented by the Russell 2000 Index were up by
10.20%.
All these major indexes set new records repeatedly during the half-year.
However, it wasn't clear sailing, and not all sectors profited equally. As
recently as April, just after the Fed voted its latest increase in interest
rates, broad stock averages were only modestly ahead for the year. Technology
and small-cap stocks were lagging the larger, better-known issues.
A turnaround began in mid-April that carried all markets to new highs.
The main propellant was the expanding yet noninflationary economy. At the
same time, corporate profits, generally speaking, showed continued strength.
Clearly, all the hard work of corporate reorganization and down-sizing in
recent years was paying off. Before each scheduled meeting of the Federal
Reserve, there was apprehension that interest rates might be boosted again.
Yet the underlying tone of the market was one of confidence and strength. No
doubt the steady influx of retirement money and other assets into mutual
funds was an important factor in the market's buoyancy.
The best performing industries in the past six months included financial
stocks, pharmaceuticals, semiconductor and computer shares and
communications. Laggards included casino gambling, heavy construction,
precious metals and electric utilities.
As the market averages advanced, an increasing number of warnings were
being issued to the investing public to remember that what goes up might come
down _ that many stocks appeared richly priced in relation to earnings
prospects. In day-to-day stock trading, however, there was little evidence by
the end of June that the cautionary advice was affecting stock prices.
We appreciate your investment in this Fund and your continued confidence
in The Dreyfus Corporation.
Sincerely,
[Steven A. Falci, CFA signature logo]
Steven A. Falci, CFA
Portfolio Manager
July 17, 1997
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains
paid.
**SOURCE: LIPPER ANALYTICAL SERVICES, INC. _ Reflects the reinvestment of
income dividends and, where applicable, capital gain distributions. The
Standard & Poor's 500 Composite Stock Price Index is a widely accepted
unmanaged index of U.S. stock market performance.
*** SOURCE: LIPPER ANALYTICAL SERVICES, INC. _ Reflects the reinvestment
of income dividends and, where applicable, capital gain distributions. The
Standard & Poor's 400 MidCap Index is a broad-based index of 400 companies
and is a widely accepted, unmanaged index of medium-cap stock market
performance. The Russell 2000 Index is a widely accepted unmanaged index of
small-cap stock performance.
DREYFUS STOCK INDEX FUND
STATEMENT OF INVESTMENTS JUNE 30, 1997 (UNAUDITED)
Shares COMMON STOCKS_95.1% Value
_______ _______
Basic Industries_6.0%
21,800 Air Products & Chemicals $ 1,771,250
8,100 Armstrong World Industries 594,337
14,500 Ashland 672,437
20,400 Avery Dennison 818,550
6,000 Ball 180,375
10,200 Bemis 441,150
9,500 Boise Cascade 335,468
5,600 Centex 227,500
18,700 Champion International 1,033,175
25,100 Crown Cork & Seal 1,341,281
45,700 Dow Chemical 3,981,612
220,000 duPont (E.I.) de Nemours
& Co 13,832,500
15,200 Eastman Chemical 965,200
28,100 Engelhard 588,343
7,300 (a) FMC 579,893
16,400 Fluor 905,075
7,900 Foster Wheeler 319,950
17,900 Georgia Pacific 1,528,212
10,500 Goodrich (B.F.) 454,781
14,200 Grace (W.R.) 782,775
11,800 Great Lakes Chemical 618,025
20,000 Hercules 957,500
58,700 International Paper 2,850,618
16,800 James River 621,600
7,600 Kaufman & Broad Home 133,475
110,400 Kimberly-Clark 5,492,400
21,300 Louisiana Pacific 449,962
31,400 Masco 1,310,950
10,200 Mead 634,950
114,944 Monsanto 4,949,776
27,800 Morton International 839,212
13,200 Nalco Chemical 509,850
64,300 Occidental Petroleum 1,611,518
5,600 Potlach 253,400
30,600 Praxair 1,713,600
132,800 Procter & Gamble 18,758,000
12,500 Rohm & Haas 1,125,781
33,600 Sherwin-Williams 1,037,400
19,500 Sigma-Aldrich 683,718
19,400 Stone Container 277,662
10,800 Temple-Inland 583,200
33,400 Tenneco 1,509,262
13,600 Union Camp 680,000
24,900 Union Carbide 1,171,856
19,900 Westvaco 625,606
38,800 Weyerhaeuser 2,017,600
10,800 Willamette Industries 756,000
____________
83,526,785
Shares COMMON STOCKS (continued) Value
_______ _______
Capital Goods_ 22.7%
42,900 AMP $ 1,791,075
14,000 Adobe Systems 490,875
27,400 (a) Advanced Micro Devices 986,400
5,500 Aeroquip-Vickers 259,875
34,032 Allegheny Teledyne 918,864
55,300 AlliedSignal 4,645,200
23,700 (a) Amdahl 207,375
17,750 Andrew 499,218
24,400 Apple Computer 347,700
35,400 (a) Applied Materials 2,506,762
9,300 Autodesk 356,306
57,100 Automatic Data Processing 2,683,700
38,600 (a) Bay Networks 1,025,312
140,094 Boeing 7,433,737
5,100 Briggs & Stratton 255,000
41,600 Browning-Ferris Industries 1,383,200
52,900 (a) COMPAQ Computer 5,250,325
79,750 (a) CUC International 2,058,546
30,500 (a) Cabletron Systems 863,531
14,300 Case 984,912
37,400 Caterpillar 4,015,825
15,700 (a) Ceridian 663,325
7,800 Cincinnati Milacron 202,312
130,100 (a) Cisco Systems 8,732,962
33,300 Cognizant 1,348,650
70,950 Computer Associates
International 3,951,028
15,000 (a) Computer Sciences. 1,081,875
23,100 Cooper Industries 1,149,225
8,950 Crane 374,221
7,700 Cummins Engine 543,331
22,900 (a) DSC Communications 509,525
7,800 (a) Data General 202,800
50,000 Deere & Co 2,743,750
32,700 (a) Dell Computer 3,840,206
16,100 Deluxe 549,412
30,700 (a) Digital Equipment 1,087,931
22,000 Dover 1,353,000
18,900 Dow Jones & Co 759,543
34,400 Dresser Industries 1,281,400
33,300 Dun & Bradstreet 874,125
9,300 EG&G 209,250
48,000 (a) EMC 1,872,000
15,100 Eaton 1,318,418
87,400 Emerson Electric 4,812,462
87,500 First Data 3,844,531
12,300 General Dynamics 922,500
643,600 General Electric 42,075,350
9,700 General Signal 423,162
DREYFUS STOCK INDEX FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1997 (UNAUDITED)
Shares COMMON STOCKS (continued) Value
_______ ________
Capital Goods (continued)
35,250 Genuine Parts $ 1,194,093
6,500 Giddings & Lewis 135,687
10,400 Grainger (W.W.) 813,150
9,600 Harnischfeger Industries 398,400
7,600 Harris 638,400
198,200 Hewlett-Packard 11,099,200
24,800 Honeywell 1,881,700
23,100 ITT Industries 594,825
26,300 Ikon Office Solutions 655,856
48,400 Illinois Tool Works 2,416,975
21,400 Ingersoll-Rand 1,321,450
160,400 Intel 22,746,725
9,300 (a) Intergraph 79,050
194,700 International
Business Machines 17,559,506
15,800 Interpublic Group Cos 968,737
16,300 Johnson Controls 669,318
27,400 (a) LSI Logic 876,800
37,700 Lockheed Martin 3,904,306
124,698 Lucent Technologies 8,986,049
10,700 McDermott International 312,306
41,500 McDonnell Douglas 2,842,750
41,000 Micron Technology 1,637,437
235,200 (a) Microsoft 29,723,400
81,700 Minnesota Mining &
Manufacturing 8,333,400
115,900 Motorola 8,808,400
27,300 National Semiconductor 836,062
8,900 National Service Industries 433,318
50,500 Northern
Telecommunications 4,595,500
11,300 Northrop Grumman 992,281
67,600 (a) Novell 468,975
128,100 (a) Oracle 6,453,037
10,200 Owens-Corning 439,875
35,800 PPG Industries 2,080,875
24,601 Pall 571,973
24,900 Parametric Technology 1,059,806
14,500 Parker-Hannifin 879,968
8,500 Perkin-Elmer 676,281
29,000 Pitney Bowes 2,015,500
8,700 Raychem 647,062
46,100 Raytheon 2,351,100
42,800 Rockwell International 2,525,200
14,800 Ryder System 488,400
11,400 Safety-Kleen 192,375
15,100 Scientific-Atlanta 330,312
48,300 (a) Seagate Technology 1,699,556
Shares COMMON STOCKS (continued) Value
_______ _______
Capital Goods (continued)
46,100 Service Corp. International $ 1,515,537
4,600 Shared Medical Systems 248,400
34,500 (a) Silicon Graphics 517,500
11,950 Snap-On 470,531
17,400 Stanley Works 696,000
71,900 (a) Sun Microsystems 2,676,028
64,900 (a) 3COM 2,920,500
23,200 (a) Tandem Computers 469,800
6,500 Tektronix 390,000
35,000 (a) Tellabs 1,955,625
37,200 Texas Instruments 3,127,125
32,300 Textron 2,143,912
29,200 Thermo Electron 992,800
10,400 Thomas & Betts 546,650
12,200 Timken 433,862
32,600 Tyco International 2,267,737
34,200 (a) Unisys 260,775
46,400 United Technologies 3,851,200
88,500 Waste Management 2,843,062
63,400 Xerox 5,000,675
____________
317,353,127
____________
Consumer Cyclical_11.0%
49,100 Albertson's 1,792,150
14,600 American Greetings, Cl. A 542,025
28,500 American Stores 1,407,187
29,400 AutoZone 692,737
24,000 Becton, Dickinson & Co 1,215,000
18,400 Black & Decker 684,250
19,200 Brunswick 600,000
32,500 CVS 1,665,625
20,600 (a) Charming Shoppes 107,506
137,300 Chrysler 4,505,156
19,200 Circuit City Stores 682,800
63,800 Comcast, Cl. A 1,363,725
15,500 Cooper Tire and Rubber 341,000
41,000 Costco Cos 1,347,875
19,900 Dana 756,200
29,900 Darden Restaurants 270,968
42,400 Dayton Hudson 2,255,150
22,200 Dillard's, Cl. A 768,675
132,000 Disney (Walt) 10,593,000
29,500 Donnelley (R.R.) & Sons 1,080,437
12,200 Echlin 439,200
40,600 (a) Federated Department Stores 1,410,850
7,000 Fleetwood Enterprises 208,687
7,400 Fleming Cos 133,200
231,700 Ford Motor 8,746,675
DREYFUS STOCK INDEX FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1997 (UNAUDITED)
Shares COMMON STOCKS (continued) Value
_______ ________
Consumer Cyclical (continued)
15,000 (a) Fruit of the Loom, Cl. A $ 465,000
27,600 Gannett 2,725,500
54,600 Gap 2,122,575
26,800 (a) General Instrument 670,000
143,000 General Motors 7,963,312
11,700 Giant Food, Cl. A 381,712
30,400 Goodyear Tire & Rubber 1,924,700
7,500 Great Atlantic & Pacific 203,906
20,300 H&R Block 654,675
30,800 (a) HFS 1,786,400
13,900 Harcourt General 661,987
6,000 Harland (John H.) 136,875
20,100 (a) Harrah's Entertainment 366,825
25,250 Hasbro 716,468
48,300 Hilton Hotel 1,282,968
93,900 Home Depot 6,473,231
22,700 (a) ITT 1,386,118
7,600 Jostens 203,300
94,700 K mart 1,160,075
7,300 (a) King World Productions 255,500
18,300 Knight-Ridder 897,843
49,300 (a) Kroger 1,429,700
53,000 Limited 1,073,250
14,000 Liz Claiborne 652,750
7,600 Longs Drug Stores 199,025
33,800 Lowes 1,254,825
25,000 Marriott International 1,534,375
56,500 Mattel 1,913,937
47,900 May Department Stores 2,263,275
19,600 Maytag 512,050
136,400 McDonald's 6,589,825
19,400 McGraw-Hill Cos 1,140,962
7,200 Mercantile Stores 453,150
10,500 Meredith 304,500
17,200 Moore 338,625
1,633 NACCO Industries, Cl. A 92,162
56,400 NIKE, Cl. B 3,292,350
14,300 (a) Navistar International 246,675
18,900 New York Times, Cl. A 935,550
15,700 Nordstrom 770,281
15,200 PACCAR 705,850
48,300 Penney (J.C.) 2,520,656
11,800 Pep Boys-Manny,
Moe & Jack 401,937
10,900 Reebok International 509,575
24,000 Rite Aid 1,197,000
7,100 Russell 210,337
76,500 Sears, Roebuck & Co 4,111,875
Shares COMMON STOCKS (continued) Value
_______ _______
Consumer Cyclical (continued)
3,900 Springs Industries $ 205,725
9,700 Stride Rite 124,887
13,100 Supervalu 451,950
34,500 Sysco 1,259,250
30,400 TJX 801,800
24,800 TRW 1,408,950
11,400 Tandy 638,400
129,800 (a) Tele-Communications, Cl. A 1,930,775
111,100 Time Warner 5,360,575
18,300 Times Mirror, Cl. A 1,011,075
56,800 (a) Toys R Us 1,988,000
24,100 Tribune 1,158,306
12,500 V.F 1,064,062
69,201 (a) Viacom, Cl. B 2,076,030
444,200 Wal-Mart Stores 15,019,512
48,100 Walgreen 2,579,362
25,300 Wendy's International 656,218
124,200 Westinghouse Electric 2,872,125
14,500 Whirlpool 791,156
29,300 Winn-Dixie Stores 1,091,425
26,200 (a) Woolworth 628,800
____________
153,821,928
____________
Consumer Staples_11.6%
10,900 Alberto-Culver, Cl. B 305,200
97,600 Anheuser-Busch Cos 4,093,100
106,151 Archer Daniels Midland 2,494,548
26,000 Avon Products 1,834,625
13,500 Brown-Forman, Cl. B 658,968
28,100 CPC International 2,593,981
91,300 Campbell Soup 4,565,000
10,100 Clorox 1,333,200
486,300 Coca-Cola 32,825,250
57,400 Colgate-Palmolive 3,745,350
46,900 ConAgra 3,007,462
7,400 Coors (Adolph), Cl. B 197,025
44,700 Corning 2,486,437
65,100 Eastman Kodak 4,996,425
12,600 Ecolab 601,650
33,300 Fortune Brands 1,242,506
31,600 General Mills 2,057,950
108,400 Gillette 10,270,900
72,000 Heinz (H.J.) 3,321,000
30,000 Hershey Foods 1,659,375
21,600 International Flavors
& Fragrances 1,090,800
260,300 Johnson & Johnson 16,756,812
41,200 Kellogg 3,527,750
DREYFUS STOCK INDEX FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1997 (UNAUDITED)
Shares COMMON STOCKS (continued) Value
_______ ________
Consumer Staples (continued)
31,000 Newell $ 1,228,375
303,700 PepsiCo 11,407,731
477,600 Philip Morris Cos 21,193,500
16,100 Pioneer Hi-Bred International 1,288,000
8,900 Polaroid 493,950
26,600 Quaker Oats 1,193,675
20,800 Ralston-Ralston Purina Group 1,709,500
29,300 Rubbermaid 871,675
94,000 Sara Lee 3,912,750
72,500 Seagram 2,918,125
12,200 Tupperware 445,300
36,400 UST 1,010,100
31,300 Unilever, NV 6,823,400
20,300 Whitman 513,843
22,700 Wrigley, (Wm) Jr 1,520,900
____________
162,196,138
____________
Energy_8.8%
18,200 Amerada Hess 1,011,237
97,200 Amoco 8,450,325
63,000 Atlantic Richfield 4,441,500
28,400 Baker Hughes 1,098,725
24,400 Burlington Resources 1,076,650
127,500 Chevron 9,427,031
20,600 Coastal 1,095,662
10,800 Columbia Gas System 704,700
18,500 Consolidated Natural Gas 995,531
4,000 Eastern Enterprises 138,750
49,700 Enron 2,028,381
13,600 Enserch 302,600
485,400 Exxon 29,852,190
24,500 Halliburton 1,941,625
4,920 Helmerich & Payne 283,515
9,500 Kerr-McGee 602,062
6,700 Louisiana Land & Exploration 382,737
154,000 Mobil 10,760,750
9,700 Nicor 347,987
26,800 Noram Energy 408,700
5,300 Oneok 170,593
20,500 (a) Oryx Energy 433,062
16,600 Pacific Enterprises 558,175
9,100 Pennzoil 698,425
6,800 Peoples Energy 254,575
51,400 Phillips Petroleum 2,248,750
16,700 (a) Rowan Cos 470,731
419,200 Royal Dutch Petroleum 22,794,000
19,500 (a) Santa Fe Energy Resources 286,406
48,100 Schlumberger 6,012,500
Energy (continued)
16,900 Sonat $ 866,125
14,300 Sun 443,300
51,700 Texaco 5,622,375
48,844 Union Pacific
Resources Group 1,214,994
48,900 Unocal 1,897,931
56,200 USX-Marathon Group 1,622,775
10,500 (a) Western Atlas 769,125
30,700 Williams Cos 1,343,125
____________
123,057,625
____________
Health Care_9.6%
16,500 (a) ALZA 478,500
151,800 Abbott Laboratories 10,132,650
12,800 Allergan 407,200
126,200 American Home Products 9,654,300
51,700 (a) Amgen 3,005,062
11,100 Bard (C.R.) 403,068
10,900 Bausch & Lomb 513,662
53,300 Baxter International 2,784,925
19,400 (a) Beverly Enterprises 315,250
22,400 (a) Biomet 417,200
37,900 (a) Boston Scientific. 2,328,481
195,800 Bristol-Myers Squibb 15,859,800
21,300 Cardinal Health 1,219,425
131,250 Columbia/HCA Healthcare 5,159,765
14,500 Guidant 1,232,500
63,200 HEALTHSOUTH 1,576,050
31,800 (a) Humana 735,375
108,900 Lilly (Eli) 11,904,131
14,500 Mallinckrodt Group 551,000
12,300 Manor Care 401,287
46,900 Medtronic 3,798,900
236,700 Merck & Co 24,498,450
8,500 Millipore 374,000
126,000 Pfizer 15,057,000
99,300 Pharmacia & Upjohn 3,450,675
144,400 Schering-Plough 6,913,150
17,900 (a) St. Jude Medical 698,100
58,900 (a) Tenet Healthcare 1,741,231
14,300 U.S. Surgical 532,675
36,000 United Healthcare 1,872,000
53,000 Warner-Lambert 6,585,250
____________
134,601,062
____________
Interest Sensitive_14.8%
29,499 Aetna 3,019,960
20,600 Ahmanson (H.F.) & Co 885,800
86,900 Allstate 6,343,700
DREYFUS STOCK INDEX FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1997 (UNAUDITED)
Shares COMMON STOCKS (continued) Value
_______ ________
Interest Sensitive (continued)
92,600 American Express $ 6,898,700
47,216 American General 2,254,564
91,800 American
International Group 13,712,625
31,750 Aon 1,643,062
29,900 BANKBOSTON 2,154,668
112,000 Banc One 5,425,000
76,700 Bank of New York 3,336,450
140,200 BankAmerica 9,051,662
15,100 Bankers Trust New York 1,313,700
38,800 Barnett Banks 2,037,000
10,600 Beneficial 753,262
14,700 CIGNA 2,609,250
90,500 Citicorp 10,910,906
85,800 Chase Manhattan 8,327,962
34,000 Chubb 2,273,750
21,000 Comerica 1,428,000
37,300 Conseco 1,380,100
40,300 CoreStates Financial 2,166,125
21,000 Countrywide
Credit Industries 654,937
28,500 Equifax 1,059,843
208,000 Fannie Mae 9,074,000
139,800 Federal Home
Loan Mortgage 4,805,625
20,700 Fifth Third Bancorp 1,698,693
26,300 First Bank Systems 2,245,362
62,300 First Chicago NBD 3,769,150
55,500 First Union 5,133,750
51,300 Fleet Financial Group 3,244,725
16,100 General Re 2,930,200
11,200 Golden West Financial 784,000
26,900 Great Western Financial 1,445,875
26,900 Green Tree Financial 958,312
23,000 Hartford Financial
Services Group 1,903,250
20,900 Household International 2,454,443
13,800 Jefferson Pilot 964,275
44,100 Keycorp 2,464,087
20,400 Lincoln National 1,313,250
22,500 Loews 2,252,812
8,400 MBIA 947,625
65,350 MBNA 2,393,443
23,000 MGIC Investment 1,102,562
32,000 Marsh & McLennan 2,284,000
50,600 Mellon Bank 2,283,325
Shares COMMON STOCKS (continued) Value
_______ _______
Interest Sensitive (continued)
64,400 Merrill Lynch & Co $ 3,839,850
36,200 Morgan (J.P.) & Co 3,778,375
111,967 Morgan Stanley, Dean Witter,
Discover and Co. 4,821,578
43,600 National City 2,289,000
142,790 NationsBank 9,209,955
72,400 Norwest 4,072,500
65,600 PNC Bank 2,730,600
18,300 Providian Financial 587,887
4,100 Pulte 141,706
10,800 Republic New York 1,161,000
24,600 Safeco 1,148,512
21,300 Salomon 1,184,812
34,200 Schwab (Charles) 1,391,512
16,200 St. Paul Cos 1,235,250
43,600 SunTrust Banks 2,400,725
13,800 Torchmark 983,250
12,900 Transamerica 1,206,956
124,866 Travelers Group 7,874,362
21,600 USF&G 518,400
29,500 U.S. Bancorp 1,891,687
27,200 UNUM 1,142,400
32,300 Wachovia 1,883,493
17,500 Wells Fargo 4,716,250
____________
206,303,850
____________
Mining and Metals_1.1%
20,800 (a) ARMCO 80,600
8,400 ASARCO 257,250
44,200 Alcan Aluminium 1,533,187
33,900 Aluminum Co. of America 2,555,212
73,300 Barrick Gold 1,612,600
43,900 Battle Mountain Gold 249,681
21,800 (a) Bethlehem Steel 227,537
18,200 Cyprus Amax Minerals 445,900
27,200 Echo Bay Mines 156,400
39,100 Freeport-McMoRan
Copper, Cl. B 1,216,987
28,700 Homestake Mining 374,893
32,900 Inco 989,056
9,600 Inland Steel Industries 250,800
30,519 Newmont Mining 1,190,241
17,100 Nucor 966,150
12,700 Phelps Dodge 1,081,881
46,800 Placer Dome 766,350
14,200 Reynolds Metals 1,011,750
DREYFUS STOCK INDEX FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1997 (UNAUDITED)
Shares COMMON STOCKS (continued) Value
_______ ________
Mining and Metals (continued)
16,600 USX-U.S. Steel $ 582,037
18,900 Worthington Industries 346,106
____________
15,894,618
____________
Transportation_1.2%
17,800 (a) AMR 1,646,500
29,900 Burlington Northern
Santa Fe 2,687,262
42,400 CSX 2,353,200
7,700 Caliber System 286,825
14,300 Delta Air Lines 1,172,600
22,300 (a) Federal Express 1,287,825
61,400 Laidlaw, Cl. B 848,087
24,500 Norfolk Southern 2,468,375
28,300 Southwest Airlines 732,262
15,400 (a) USAir Group 539,000
47,800 Union Pacific 3,369,900
____________
17,391,836
____________
Utilities_8.3%
316,700 AT&T 11,104,293
36,600 ALLTEL 1,223,812
98,000 (a) Airtouch Communications 2,682,750
36,600 American Electric Power 1,537,200
107,400 Ameritech 7,296,487
28,800 Baltimore Gas & Electric 768,600
85,600 Bell Atlantic 6,494,900
193,700 BellSouth 8,982,837
30,800 CINergy 1,072,225
29,600 Carolina Power & Light 1,061,900
41,200 Central & Southwest 875,500
45,900 Consolidated Edison 1,351,181
28,400 DTE Energy 784,550
36,000 Dominion Resources 1,318,500
70,209 Duke Power 3,365,643
84,700 Edison International 2,106,912
46,400 Entergy 1,270,200
35,800 FPL Group 1,649,037
32,000 Frontier 638,000
23,600 GPU 846,650
188,000 GTE 8,248,500
45,800 Houston Industries 981,837
133,900 MCI Communications 5,125,859
Shares COMMON STOCKS (continued) Value
_______ _______
Utilities (continued)
86,000 NYNEX $ 4,955,750
28,200 Niagara Mohawk Power 241,462
13,500 Northern States Power 698,625
29,800 Ohio Edison 650,012
80,600 PG&E 1,954,550
31,700 PP&L Resources 632,018
43,500 PECO Energy 913,500
57,600 PacifiCorp 1,267,200
46,600 Public Service
Enterprise Group 1,165,000
179,189 SBC Communications 11,087,319
131,700 Southern 2,880,937
84,100 Sprint 4,425,762
43,900 Texas Utilities 1,511,806
93,700 US West 3,531,318
122,100 US West Media Group 2,472,525
42,200 UniCom 938,950
20,000 Union Electric 753,750
174,200 WorldCom 5,574,400
____________
116,442,257
____________
TOTAL COMMON STOCKS
(cost $1,036,038,886) $1,330,589,226
================
Principal
Amount SHORT-TERM INVESTMENTS_5.0%
__________
U.S. Treasury Bills:
$ 6,168,000 4.84%, 8/14/1997 $ 6,129,882
31,291,000 (b) 4.98%, 8/21/1997 31,066,330
28,884,000 4.92%, 9/18/1997 28,562,232
4,805,000 5.03%, 9/25/1997 4,747,052
____________
TOTAL SHORT-TERM
INVESTMENTS
(cost $70,521,398) $ 70,505,496
================
TOTAL INVESTMENTS
(cost $1,106,560,284).... 100.1% $1,401,094,722
======== ================
LIABILITIES, LESS CASH
AND RECEIVABLES.......... (.1%) $ (2,021,221)
======== ================
NET ASSETS................. 100.0% $1,399,073,501
======== ================
Notes to Statement of Investments:
(a) Non-income producing.
(b) Partially held by the custodian in a segregated account as
collateral for open financial future positions.
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
DREYFUS STOCK INDEX FUND
STATEMENT OF FINANCIAL FUTURES JUNE 30, 1997 (UNAUDITED)
Market Value Unrealized
Covered Appreciation
Financial Futures Purchased Contracts by Contracts Expiration at 6/30/97
______________ _____ _____________ ____________ ______________
<S> <C> <C> <C> <C>
Standard & Poor's 500........................ 161 $71,665,125 September `97 $899,790
==========
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS STOCK INDEX FUND
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1997 (UNAUDITED)
Cost Value
_____________ _____________
<S> <C> <C> <C>
ASSETS: Investments in securities_See Statement of Investments $1,106,560,284 $1,401,094,722
Cash....................................... 1,067,994
Dividends receivable....................... 1,520,046
Prepaid expenses........................... 6,989
_____________
1,403,689,751
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates 279,253
Payable for shares of Common Stock redeemed 2,186,582
Payable for investment securities purchased 1,425,570
Payable for futures variation margin_Note 4(a) 534,185
Accrued expenses........................... 190,660
_____________
4,616,250
_____________
NET ASSETS.................................................................. $1,399,073,501
=================
REPRESENTED BY: Paid-in capital............................ $1,067,429,925
Accumulated undistributed investment income_net 200,226
Accumulated net realized gain (loss) on investments 36,009,122
Accumulated net unrealized appreciation (depreciation)
on investments (including $899,790 net unrealized
appreciation on financial futures)_Note 4(b).............. 295,434,228
_____________
NET ASSETS.................................................................. $1,399,073,501
=================
SHARES OUTSTANDING
(200 million shares of $.001 par value Common Stock authorized)............. 57,734,964
NET ASSET VALUE, offering and redemption price per share.................... $24.23
========
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS STOCK INDEX FUND
STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED)
INVESTMENT INCOME
INCOME: Cash dividends (net of $74,244 foreign taxes
withheld at source).................... $ 9,338,268
Interest................................... 1,795,602
_____________
Total Income......................... $ 11,133,870
EXPENSES: Management fee_Note 3(a)................... 1,301,869
Registration fees.......................... 118,721
Professional fees.......................... 72,425
Directors' fees and expenses_Note 3(c)..... 19,386
Prospectus and shareholders' reports....... 17,821
Shareholder servicing costs_Note 3(b)...... 7,681
Loan commitment fees_Note 2................ 5,821
Miscellaneous.............................. 15,927
_____________
Total Expenses....................... 1,559,651
_____________
INVESTMENT INCOME_NET....................................................... 9,574,219
_____________
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS_Note 4:
Net realized gain (loss) on investments.... $ 2,821,756
Net realized gain (loss) on financial futures 9,123,600
_____________
Net Realized Gain...................... 11,945,356
Net unrealized appreciation (depreciation) on investments
(including $1,166,960 net unrealized appreciation
on financial futures) 181,309,458
_____________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS...................... 193,254,814
_____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $202,829,033
==============
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS STOCK INDEX FUND
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
June 30, 1997 Year Ended
(Unaudited) December 31, 1996
_________________ ______________________
<S> <C> <C>
OPERATIONS:
Investment income_net................................................... $ 9,574,219 $ 11,787,770
Net realized gain (loss) on investments................................. 11,945,356 31,884,780
Net unrealized appreciation (depreciation) on investments............... 181,309,458 67,782,146
_________________ ______________________
Net Increase (Decrease) in Net Assets Resulting from Operations..... 202,829,033 111,454,696
_________________ ______________________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income_net................................................... (9,470,686) (11,705,971)
Net realized gain on investments........................................ _____ (12,675,130)
_________________ ______________________
Total Dividends..................................................... (9,470,686) (24,381,101)
_________________ ______________________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold........................................... 471,299,853 520,828,128
Dividends reinvested.................................................... 9,470,686 24,381,101
Cost of shares redeemed................................................. (89,014,158) (131,010,511)
_________________ _____________________
Increase (Decrease) in Net Assets from Capital Stock Transactions... 391,756,381 414,198,718
_________________ _____________________
Total Increase (Decrease) in Net Assets........................... 585,114,728 501,272,313
NET ASSETS:
Beginning of Period..................................................... 813,958,773 312,686,460
_________________ _____________________
End of Period.......................................................... $1,399,073,501 $ 813,958,773
================ =======================
Undistributed investment income_net....................................... $ 200,226 $ 96,693
_________________ _____________________
Shares Shares
_________________ _____________________
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................. 21,337,254 27,543,376
Shares issued for dividends reinvested.................................. 420,856 1,269,483
Shares redeemed......................................................... (4,151,759) (6,861,606)
_________________ _____________________
Net Increase (Decrease) in Shares Outstanding....................... 17,606,351 21,951,253
================ =======================
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS STOCK INDEX FUND
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This
information has been derived from the Fund's financial statements.
Four Months
Six Months Ended Ended
June 30, 1997 Year Ended December 31, December 31, Year Ended
__________________________________
PER SHARE DATA: (Unaudited) 1996 1995 1994 1993 1992 August 31, 1992
_________ _______ _______ _______ _______ _______ ________________
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $20.28 $17.20 $12.94 $13.20 $15.32 $14.87 $14.20
_________ _______ _______ _______ _______ _______ _________
Investment Operations:
Investment income_net .18 .39 .33 .32 .37 .13 .37
Net realized and unrealized
gain (loss)
on investments......... 3.95 3.43 4.39 (.21) 1.04 .77 .68
_________ _______ _______ _______ _______ _______ _________
Total from
Investment Operations 4.13 3.82 4.72 .11 1.41 .90 1.05
_________ _______ _______ _______ _______ _______ _________
Distributions:
Dividends from investment
income_net....... (.18) (.39) (.33) (.31) (.34) (.21) (.38)
Dividends in excess of
investment income_net __ __ __ __ (.03) __ __
Dividends from net realized
gain on investments __ (.35) (.13) __ (3.00) (.24) __
Dividends in excess of net
realized gain
on investments......... __ __ __ (.06) (.16) __ __
_________ _______ _______ _______ _______ _______ _________
Total Distributions (.18) (.74) (.46) (.37) (3.53) (.45) (.38)
_________ _______ _______ _______ _______ _______ _________
Net asset value,
end of period.... $24.23 $20.28 $17.20 $12.94 $13.20 $15.32 $14.87
========= ======= ====== ====== ====== ====== ========
TOTAL INVESTMENT RETURN 20.44%(1) 22.54% 36.78% .88% 9.33% 6.05%(1) 7.49%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to
average net assets .15%(1) .30% .39% .40% .40% .13%(1) .40%
Ratio of net investment income
to average net assets .89%(1) 2.24% 2.38% 2.57% 2.38% .85%(1) 2.63%
Decrease reflected in above
expense ratios due to
undertakings by
the Manager __........ __ .03% .16% .27% .03%(1) .13%
Portfolio Turnover Rate .80%(1) 10.92% 11.95% 2.82% 71.71% 6.94%(1) 7.66%
Average commission
rate paid (2).... $.0325 $.0317 __ __ __ __ __
Net Assets, end of period
(000's Omitted).. $ 1,399,074 $813,959 $312,686 $ 96,806 $61,319 $ 70,072 $74,446
(1) Not annualized.
(2) For the years beginning January 1, 1996, the Fund is required to
disclose its average commission rate paid per share for
purchases and sales of investment securities.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
DREYFUS STOCK INDEX FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1_SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Stock Index Fund (the "Fund") is registered under the Investment
Company Act of 1940 ("Act") as a non-diversified open-end management
investment company, that is intended to be a funding vehicle for variable
annuity contracts and variable life insurance policies to be offered by the
separate accounts of life insurance companies. The Fund's investment
objective is to provide investment results that correspond to the price and
yield performance of publicly traded common stocks as represented by the
Standard and Poor's 500 Composite Stock Price Index. The Dreyfus Corporation
("Dreyfus") serves as the Fund's manager and Mellon Equity Associates
("Mellon Equity"), an affiliate of Dreyfus, serves as the Fund's index
manager. Boston Safe Deposit and Trust Company, an affiliate of Dreyfus, is
the Fund's custodian. Dreyfus is a direct subsidiary of Mellon Bank, N.A.
Premier Mutual Fund Services, Inc. is the distributor of the Fund's shares,
which are sold without a sales charge.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management
estimates and assumptions. Actual results could differ from those estimates.
(A) PORTFOLIO VALUATION: Investments in securities (including financial
futures) are valued at the last sales price on the securities exchange on
which such securities are primarily traded or at the last sales price on the
national securities market. Securities not listed on an exchange or the
national securities market, or securities for which there were no
transactions, are valued at the average of the most recent bid and asked
prices. Bid price is used when no asked price is available. Investments
denominated in foreign currencies are translated to U.S. dollars at the
prevailing rates of exchange.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Dividend
income is recognized on the ex-dividend date and interest income, including,
where applicable, amortization of discount on investments, is recognized on
the accrual basis.
(C) DIVIDENDS TO SHAREHOLDERS: Dividends are recorded on the ex-dividend
date. Dividends from investment income-net are declared and paid on a
quarterly basis. Dividends from net realized capital gain are normally
declared and paid annually, but the Fund may make distributions on a more
frequent basis to comply with the distribution requirements of the Internal
Revenue Code. To the extent that net realized capital gain can be offset by
capital loss carryovers, if any, it is the policy of the Fund not to
distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with the provisions
available to certain investment companies, as defined in applicable sections
of the Internal Revenue Code, and to make distributions of taxable income
sufficient to relieve it from substantially all Federal income and excise
taxes.
NOTE 2_BANK LINE OF CREDIT:
The Fund participates with other Dreyfus-managed funds in a $600 million
redemption credit facility ("Facility") to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the Fund has agreed to pay commitment fees on its pro rata portion
of the Facility. Interest is charged to the Fund at rates based on
prevailing market rates in effect at the time of borrowings. For the period
ended June 30, 1997, the Fund did not borrow under the Facility.
DREYFUS STOCK INDEX FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 3_MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to an Investment Advisory Agreement with Dreyfus, the
investment advisory fee is computed at the annual rate of .245 of 1% of the
value of the Fund's average daily net assets, and is payable monthly. Dreyfus
has agreed to pay Mellon Equity, a monthly fee at the annual rate of .095 of
1% of the value of the Fund's average daily net assets. Dreyfus has
undertaken from January 1, 1997 until June 30, 1997 and thereafter until such
a time as they give shareholders at least 180 days notice to the contrary
that if in any full fiscal year the Fund's aggregate expenses (exclusive of
brokerage commissions, transaction fees, commitment fees and extraordinary
expenses) exceed an annual rate of .40 of 1% of the value of the Fund's
average daily net assets, the Fund may deduct from the payments to be made to
Dreyfus, or Dreyfus will bear, such excess expense. There was no expense
reimbursement for the period ended June 30, 1997.
(B) Under the Shareholder Services Plan, the Fund reimburses Dreyfus
Service Corporation, a wholly-owned subsidiary of Dreyfus, an amount not to
exceed an annual rate of .25 of 1% of the value of the Fund's average daily
net assets for certain allocated expenses with respect to servicing and/or
maintaining shareholder accounts. During the period ended June 30, 1997, the
Fund was charged an aggregate of $6,500 pursuant to the Shareholder Services
Plan.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
the Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund.
(C) Each director who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $2,500 and an attendance fee of $500
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
NOTE 4_SECURITIES TRANSACTIONS:
(A) The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended June 30, 1997
amounted to $410,601,437 and $8,095,042, respectively.
The Fund may invest in financial futures contracts in order to gain
exposure to or protect against changes in the market. The Fund is exposed to
market risk as a result of changes in the value of the underlying financial
instruments (see the Statement of Financial Futures). Investments in
financial futures require the Fund to "mark to market" on a daily basis,
which reflects the change in the market value of the contract at the close of
each day's trading. Typically, variation margin payments are received or
made to reflect daily unrealized gains or losses. When the contracts are
closed, the Fund recognizes a realized gain or loss. These investments
require initial margin deposits with a custodian, which consist of cash or
cash equivalents, up to approximately 10% of the contract amount. The amount
of these deposits is determined by the exchange or Board of Trade on which
the contract is traded and is subject to change. Contracts open at June 30,
1997 and their related unrealized market appreciation are set forth in the
Statement of Financial Futures.
(B) At June 30, 1997, accumulated net unrealized appreciation on
investments and financial futures was $295,434,228, consisting of
$303,863,811 gross unrealized appreciation and $8,429,583 gross unrealized
depreciation.
At June 30, 1997, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see
the Statement of Investments).
[Dreyfus lion "d" logo]
Registration Mark
DREYFUS STOCK INDEX FUND
200 Park Avenue
New York, NY 10166
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
INDEX FUND MANAGER
Mellon Equity Associates
500 Grant Street
Pittsburgh, PA 15258
CUSTODIAN
Boston Safe Deposit and Trust Company
One Boston Place
Boston, MA 02108
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 763SA976
[Dreyfus logo]
Registration Mark
Stock
Index Fund
Semi-Annual
Report
June 30, 1997
