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Dreyfus
Stock Index Fund
SEMIANNUAL REPORT June 30, 1999
(reg.tm)
<PAGE>
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value
Year 2000 Issues (Unaudited)
The fund could be adversely affected if the computer systems used by The Dreyfus
Corporation and the fund's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. The Dreyfus
Corporation is working to avoid Year 2000-related problems in its systems and to
obtain assurances from other service providers that they are taking similar
steps. In addition, issuers of securities in which the fund invests may be
adversely affected by Year 2000-related problems. This could have an impact on
the value of the fund's investments and its share price.
<PAGE>
Contents
THE FUND
- --------------------------------------------------
2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
21 Statement of Financial Futures
22 Statement of Assets and Liabilities
23 Statement of Operations
24 Statement of Changes in Net Assets
25 Financial Highlights
26 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
<PAGE>
The Fund
Dreyfus Stock Index Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus Stock Index Fund,
covering the six-month period from January 1, 1999 through June 30, 1999. Inside
you' ll find valuable information about how the fund was managed during the
period, including a discussion with the fund's portfolio managers, Steven Falci
and Jocelin Reed.
The past six months have been rewarding for most equity investors. Strong
economic growth, low inflation and high levels of consumer spending supported
continued strength in the stocks of many large companies. Several major market
indices set new records, including the Dow Jones Industrial Average's first-ever
close above the 10,000 level. The broader Standard & Poor's 500 Composite Stock
Price Index and the technology-laden NASDAQ Index also recorded new highs.
Beginning in April, many previously out-of-favor market sectors rallied
strongly, including value-oriented stocks. At the same time, large-cap growth
stocks appear to have paused in their advance. This has helped narrow the
valuation gap that had developed over the past several years between the growth
and value sectors of the large-cap stock market.
We appreciate your confidence over the past six months, and we look forward to
your continued participation in Dreyfus Stock Index Fund.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
July 15, 1999
<PAGE 2>
DISCUSSION OF FUND PERFORMANCE
Steven Falci and Jocelin Reed, Portfolio Managers
How did Dreyfus Stock Index Fund perform relative to its benchmark?
For the six-month period ended June 30, 1999, Dreyfus Stock Index Fund produced
a total return of 12.14%.(1) The Standard & Poor's 500 Composite Stock Price
Index (S& P 500) , produced a 12.38% return for the same time period.(2) The
difference in returns is accounted for by transaction costs and other fund
operating expenses.
What is the fund's investment approach?
As an index fund, we seek to match the total return of the S&P 500. To reach
that goal, the portfolio generally invests in all 500 stocks in the S&P 500 in
proportion to their weighting in the S&P 500. Often considered a barometer for
the stock market in general, the S&P 500 is made up of 500 widely held common
stocks. It is dominated by large blue chip stocks, which, when combined, cover
nearly 75% of the total U.S. market capitalization.
However, it is important to note that the S&P 500 is not composed of the 500
largest companies; rather, it is designed to capture the returns of many
different sectors of the U.S. economy. Generally speaking, it is composed of 400
industrial, 40 utility, 40 financial and 20 transportation stocks. Each stock is
weighted by its market capitalization; that is, larger companies have greater
representation in the S& P 500 than smaller ones. The fund may also use stock
index futures as a substitute for the sale or purchase of stocks.
Dreyfus Stock Index Fund uses a passive management approach: all investment
decisions are made based on the fund's objective, which is to seek to match the
performance of the S& P 500. The fund does not attempt to manage market
volatility.
The Fund
<PAGE 3>
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
What other factors influenced the fund's performance?
During the first three months of the period, the S&P 500 was driven primarily by
a trend that had existed for some time, that is, by a very narrow list of highly
priced growth stocks. In fact, during that time period, the portfolio, mirroring
the S& P 500, benefited most notably from two holdings. The first is Microsoft,
the largest holding of the S&P 500 (and, accordingly, the largest holding of the
portfolio) as of June 30, 1999. The second is America Online, a stock that was
added to the S&P 500 in December 1998. In fact, these two stocks performed so
well that they are credited with producing a full third of the S&P 500's advance
in the first quarter of 1999.
However, mid-period, market sentiment shifted away from growth stocks and more
toward the value-oriented stocks that had previously been out of favor. In terms
of the strongest performing groups within the S&P 500 during the six-month
period, the largest gains came from the retail group, which includes footwear
and specialty apparel companies, and the financial area, including investment
banking and brokerage firms. In response to the stock market' s newly
rediscovered preference for traditional value-oriented stocks, including those
within the energy and basic materials sectors, the S&P 500's oil and gas
drilling and equipment holdings provided strong returns, as did many of its
metals, aluminum and specialty chemical stocks.
On the other hand, the poorest performing returns of the S&P 500, and therefore
of the portfolio as well, were generated from its food and health distributing
companies and housing manufacturers. In addition, its tobacco holdings provided
disappointing returns, primarily due to ongoing litigation problems.
<PAGE 4>
What is the fund's current strategy?
Because the fund is an index portfolio, its goal is to replicate the returns of
the S& P 500. To understand how index investing works, it's important to
recognize the differences associated with a passive index manager and an active
manager. The active manager typically makes decisions about buying and selling
stocks based on economic, financial and market conditions. The passive index
manager, on the other hand, buys and holds the stocks in the index in an effort
to match its returns.
A key advantage of indexing stocks is the lower costs incurred for professional
research. Because the portfolio's security selection is based strictly on the S&
P 500, the portfolio is able to avoid costly proprietary research.
July 15, 1999
(1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE AND INVESTMENT
RETURN FLUCTUATE SUCH THAT UPON REDEMPTION, FUND SHARES MAY BE WORTH MORE OR
LESS THAN THEIR ORIGINAL COST. THE FUND'S PERFORMANCE DOES NOT REFLECT THE
DEDUCTION OF ADDITIONAL CHARGES AND EXPENSES IMPOSED IN CONNECTION WITH
INVESTING IN VARIABLE INSURANCE CONTRACTS, WHICH WILL REDUCE RETURNS.
(2) SOURCE: LIPPER ANALYTICAL SERVICES, INC. -- REFLECTS THE REINVESTMENT OF
INCOME DIVIDENDS AND, WHERE APPLICABLE, CAPITAL GAIN DISTRIBUTIONS. THE STANDARD
& POOR'S 500 COMPOSITE STOCK PRICE INDEX IS A WIDELY ACCEPTED UNMANAGED INDEX OF
U.S. STOCK MARKET PERFORMANCE.
The Fund
<PAGE 5>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS (June 30, 1999 (Unaudited)
<S> <C> <C>
COMMON STOCKS--97.4% Shares Value ($)
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BASIC INDUSTRIES--2.9%
Air Products & Chemicals 89,300 3,594,325
Armstrong World Industries 15,600 901,875
Avery Dennison 44,300 2,674,613
Ball 11,900 502,775
Bemis 20,400 810,900
Boise Cascade 22,000 943,250
Centex 23,200 871,450
Champion International 37,300 1,785,738
Corning 95,100 6,668,888
Crown Cork & Seal 47,700 1,359,450
Dow Chemical 85,600 10,860,500
duPont (E.I.) deNemours & Co. 439,400 30,016,513
Eastman Chemical 30,500 1,578,375
Engelhard 48,800 1,104,100
FMC 12,600 (a) 860,738
Fluor 29,500 1,194,750
Fort James 86,000 3,257,250
Fortune Brands 65,100 2,693,513
Foster Wheeler 15,900 224,588
Georgia-Pacific 67,000 3,174,125
Grace (W.R.) & Co. 28,000 (a) 514,500
Great Lakes Chemical 22,800 1,050,225
Hercules 39,300 1,544,981
International Paper 159,960 8,077,980
Kaufman & Broad Home 18,700 465,163
Louisiana Pacific 41,800 992,750
Masco 131,300 3,791,288
Mead 39,500 1,649,125
Nalco Chemical 25,600 1,328,000
Occidental Petroleum 135,600 2,864,550
Owens-Illinois 60,700 (a) 1,984,131
PPG Industries 67,700 3,998,531
Potlach 11,300 496,494
Praxair 61,400 3,004,763
Rohm & Haas 82,906 3,554,604
Sealed Air 32,512 (a) 2,109,216
Sherwin-Williams 66,300 1,839,825
<PAGE 6>
COMMON STOCKS (CONTINUED) Shares Value ($)
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BASIC INDUSTRIES (CONTINUED)
Sigma-Aldrich 39,300 1,353,394
Temple-Inland 21,700 1,481,025
Tenneco 66,300 1,582,913
Union Carbide 51,800 2,525,250
Vulcan Materials 39,400 1,901,050
Westvaco 39,000 1,131,000
Weyerhaeuser 78,200 5,376,250
Willamette Industries 43,400 1,999,112
131,693,836
CAPITAL GOODS--29.6%
Adobe Systems 23,800 1,955,319
Advanced Micro Devices 57,100 (a) 1,031,369
Allegheny Teledyne 75,032 1,697,599
AlliedSignal 215,300 13,563,900
America Online 423,300 (a) 46,774,650
Andrew 32,050 (a) 606,947
Apple Computer 62,000 (a) 2,871,375
Applied Materials 145,300 (a) 10,734,038
Autodesk 23,000 679,938
Automatic Data Processing 241,100 10,608,400
BMC Software 91,900 (a) 4,962,600
Boeing 379,524 16,770,217
Briggs & Stratton 9,100 525,525
Browning-Ferris Industries 61,100 2,627,300
Cabletron Systems 67,100 (a) 872,300
Carnival 238,900 11,586,650
Case 29,000 1,395,625
Caterpillar 138,600 8,316,000
Cendant 299,248 (a) 6,134,584
Ceridian 56,300 (a) 1,840,306
Cisco Systems 1,244,450 (a) 80,267,025
Compaq Computer 662,372 15,689,937
Computer Associates International 208,925 11,490,875
Computer Sciences 61,900 4,282,706
Compuware 143,200 (a) 4,555,550
Cooper Industries 36,800 1,913,600
Crane 26,475 832,308
The Fund
The Fund
<PAGE 7>
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
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CAPITAL GOODS (CONTINUED)
Cummins Engine 16,400 936,850
Danaher 52,800 3,069,000
Data General 19,700 (a) 286,881
Deere & Co. 90,800 3,597,950
Dell Computer 988,100 (a) 36,559,700
Deluxe 30,600 1,191,488
Dover 84,900 2,971,500
Dun & Bradstreet 63,900 2,264,456
EG&G 17,600 627,000
EMC 394,400 (a) 21,692,000
Eaton 28,000 2,576,000
Electronic Data Systems 191,800 10,848,688
Emerson Electric 169,600 10,663,600
Equifax 56,300 2,009,206
First Data 168,500 8,245,969
Gateway 61,000 (a) 3,599,000
General Dynamics 49,700 3,404,450
General Electric 1,274,700 144,041,100
Genuine Parts 69,750 2,441,250
Goodrich (B.F.) 29,000 1,232,500
Grainger (W.W.) 36,400 1,958,775
Harris 31,100 1,218,731
Hewlett-Packard 395,400 39,737,700
Honeywell 49,100 5,689,463
Ikon Office Solutions 57,900 868,500
Illinois Tool Works 97,600 8,003,200
IMS Health 123,400 3,856,250
Ingersoll-Rand 64,650 4,178,006
Intel 1,292,700 76,915,650
International Business Machines 707,100 91,392,675
Interpublic Group Cos. 54,800 4,747,050
ITT Industries 35,300 1,345,813
KLA-Tencor 34,300 (a) 2,225,213
LSI Logic 55,700 (a) 2,569,163
Lockheed Martin 153,600 5,721,600
Lucent Technologies 1,184,247 79,862,657
McDermott International 23,000 649,750
<PAGE 8>
COMMON STOCKS (CONTINUED) Shares Value ($)
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CAPITAL GOODS (CONTINUED)
McKesson HBOC 107,946 3,467,765
Micron Technology 97,600 (a) 3,934,500
Microsoft 1,988,500 (a) 179,337,844
Milacron 14,600 270,100
Millipore 17,200 697,675
Minnesota Mining & Manufacturing 156,900 13,640,494
Motorola 234,900 22,256,775
National Semiconductor 65,400 (a) 1,655,438
Network Appliance 27,400 (a) 1,530,975
Nortel Networks 258,520 22,442,768
Northrop Grumman 26,800 1,777,175
Novell 131,100 (a) 3,474,150
Omnicom Group 69,700 5,576,000
Oracle 560,875 (a) 20,822,484
Owens-Corning 21,400 735,625
PE Biosystems Group 19,900 2,283,525
Pall 48,601 1,078,335
Parametric Technology 105,500 (a) 1,463,813
Parker-Hannifin 42,250 1,932,938
Paychex 95,850 3,055,219
PeopleSoft 93,800 (a) 1,618,050
Pitney Bowes 104,700 (a) 6,726,975
Raychem 30,100 1,113,700
Raytheon, Cl. B 131,000 9,219,125
Rockwell International 74,200 4,507,650
Ryder System 27,600 717,600
Scientific-Atlanta 29,100 1,047,600
Seagate Technology 92,800 (a) 2,378,000
Service Corp. International 106,000 2,040,500
Shared Medical Systems 10,400 678,600
Silicon Graphics 73,500 (a) 1,203,563
Snap-On 26,650 964,397
Solectron 98,300 6,555,381
Stanley Works 34,600 1,113,688
Sun Microsystems 301,500 (a) 20,765,813
3COM 141,000 (a) 3,762,938
Tektronix 18,300 552,431
The Fund
<PAGE 9>
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
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CAPITAL GOODS (CONTINUED)
Tellabs 152,500 (a) 10,303,281
Texas Instruments 152,700 22,141,500
Textron 60,300 4,963,444
Thermo Electron 61,500 (a) 1,233,844
Thomas & Betts 22,200 1,048,950
Timken 24,100 469,950
Tyco International 319,761 30,297,355
Unisys 105,100 (a) 4,092,331
United Technologies 187,900 13,470,081
Waste Management 237,272 12,753,370
Xerox 257,600 15,214,500
1,330,173,642
CONSUMER CYCLICAL--12.8%
Albertson's 163,777 8,444,752
American Greetings, Cl. A 26,600 801,325
AutoZone 58,300 (a) 1,756,288
Best Buy 80,200 (a) 5,413,500
Black & Decker 33,900 2,139,938
Brunswick 35,800 997,925
CBS 277,400 12,049,563
CVS 152,300 7,729,225
Circuit City Group 39,100 3,636,300
Clear Channel Communications 129,400 (a) 8,920,513
Comcast, Cl. A 288,500 11,089,219
Consolidated Stores 42,700 (a) 1,152,900
Cooper Tire and Rubber 29,500 696,938
Costco Cos. 85,600 (a) 6,853,350
Dana 64,706 2,980,520
Darden Restaurants 52,400 1,142,975
Dayton Hudson 172,500 11,212,500
Delphi Automotive Systems 220,103 4,085,671
Dillard's, Cl. A 41,700 1,464,713
Disney (Walt) 802,300 24,720,869
Dollar General 86,150 2,498,350
Donnelley (R.R.) & Sons 51,100 1,893,894
Dow Jones & Co 35,700 1,894,331
Federated Department Stores 81,300 (a) 4,303,819
<PAGE 10>
COMMON STOCKS (CONTINUED) Shares Value ($)
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CONSUMER CYCLICAL (CONTINUED)
Fleetwood Enterprises 13,600 359,550
Ford Motor 471,700 26,621,569
Fruit Of The Loom, Cl. A 28,100 (a) 273,975
Gannett 108,900 7,772,738
Gap 334,800 16,865,550
General Instrument 67,300 (a) 2,860,250
General Motors 252,600 16,671,600
Goodyear Tire & Rubber 60,800 3,575,800
Great Atlantic & Pacific 14,900 503,806
Harcourt General 27,700 1,428,281
Harrah's Entertainment 49,700 (a) 1,093,400
Hasbro 76,175 2,128,139
Hilton Hotel 100,600 1,427,263
Home Depot 577,300 37,199,769
Johnson Controls 33,200 2,301,175
Jostens 13,500 284,344
K mart 192,900 (a) 3,170,794
King World Productions 27,600 (a) 960,825
Knight-Ridder 30,700 1,686,581
Kohl's 63,400 (a) 4,893,688
Kroger 321,800 (a) 8,990,288
Limited 83,100 3,770,663
Liz Claiborne 24,600 897,900
Longs Drug Stores 15,300 528,806
Lowes 144,700 8,202,681
Marriott International, Cl. A 97,200 3,632,850
Mattel 162,300 4,290,806
May Department Stores 133,350 5,450,681
Maytag 34,400 2,397,250
McDonald's 529,100 21,858,444
McGraw-Hill Cos. 77,100 4,158,581
MediaOne Group 235,900 (a) 17,545,063
Meredith 20,200 699,425
Mirage Resorts 77,500 (a) 1,298,125
NIKE, Cl. B 109,600 6,939,050
Navistar International 25,800 (a) 1,290,000
New York Times, Cl. A 69,400 2,554,788
The Fund
<PAGE 11>
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
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CONSUMER CYCLICAL (CONTINUED)
Nordstrom 55,400 1,855,900
Office Depot 145,400 3,207,888
PACCAR 30,500 1,627,938
Penney (J.C.) 102,700 4,987,369
Pep Boys-Manny, Moe & Jack 20,500 443,313
Reebok International 21,800 (a) 406,025
Rite Aid 100,900 2,484,663
Russell 13,800 269,100
Safeway 193,500 (a) 9,578,250
Seagram 166,800 8,402,550
Sears, Roebuck & Co. 148,400 6,613,075
Springs Industries 7,000 305,375
Staples 181,050 (a) 5,601,234
Supervalu 46,500 1,194,469
Sysco 128,900 3,842,831
TJX Cos. 125,300 4,174,056
TRW 46,900 2,573,638
Tandy 75,400 3,685,175
Time Warner 464,700 34,155,450
Times Mirror, Cl. A 28,000 1,659,000
Toys R Us 96,800 (a) 2,002,550
Tribune 46,200 4,025,175
Tricon Global Restaurants 59,860 (a) 3,239,923
V.F. 46,700 1,996,425
Viacom, Cl. B 269,002 (a) 11,836,088
Walgreen 390,200 11,462,125
Wal-Mart Stores 1,733,800 83,655,850
Wendy's International 48,100 1,361,831
Whirlpool 29,300 2,168,200
Winn-Dixie Stores 57,900 2,138,681
575,418,023
CONSUMER STAPLES--7.6%
Alberto-Culver, Cl. B 21,900 583,088
Anheuser-Busch Cos. 185,300 13,144,719
Archer Daniels Midland 229,158 3,537,627
Avon Products 102,000 5,661,000
Bestfoods 108,900 5,390,550
<PAGE 12>
COMMON STOCKS (CONTINUED) Shares Value ($)
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CONSUMER STAPLES (CONTINUED)
Brown-Forman, Cl. B 26,700 1,740,506
Campbell Soup 169,900 7,879,113
Clorox 46,000 4,913,375
Coca-Cola 961,400 60,087,500
Coca-Cola Enterprises 165,400 4,920,650
Colgate-Palmolive 113,800 11,237,750
ConAgra 190,200 5,064,075
Coors (Adolph), Cl. B 14,400 712,800
Eastman Kodak 125,300 8,489,075
Ecolab 50,500 2,203,063
General Mills 59,500 4,782,313
Gillette 432,100 17,716,100
Heinz (H.J.) 140,100 7,022,513
Hershey Foods 54,500 3,235,938
International Flavors & Fragrances 41,300 1,832,688
Kellogg 157,800 5,207,400
Kimberly-Clark 207,400 11,821,800
NACCO Industries, Cl. A 3,133 230,276
Nabisco Group Holdings 126,600 2,476,613
National Service Industries 15,900 572,400
Newell Rubbermaid 109,771 5,104,352
PepsiCo 575,400 22,260,788
Philip Morris Cos. 940,000 37,776,250
Pioneer Hi-Bred International 93,300 3,632,869
Polaroid 17,200 475,150
Procter & Gamble 517,600 46,195,800
Quaker Oats 52,500 3,484,688
Ralston-Purina Group 126,900 3,862,519
Sara Lee 352,000 7,986,000
Tupperware 22,400 571,200
UST 70,800 2,070,900
Unilever, N.V. 222,689 15,532,578
Wrigley, (Wm) Jr 45,300 4,077,000
343,493,026
ENERGY--6.4%
Amerada Hess 35,200 2,094,400
Anadarko Petroleum 49,900 1,836,944
The Fund
<PAGE 13>
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
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ENERGY (CONTINUED)
Apache 43,600 1,700,400
Ashland 28,500 1,143,563
Atlantic Richfield 125,400 10,478,738
Baker Hughes 127,520 4,271,920
Burlington Resources 69,090 2,988,143
Chevron 255,300 24,301,369
Coastal 83,100 3,324,000
Columbia Energy Group 32,250 2,021,672
Consolidated Natural Gas 37,300 2,265,975
Eastern Enterprises 8,800 349,800
Enron 137,800 11,265,150
Exxon 945,900 72,952,538
Halliburton 171,700 7,769,425
Helmerich & Payne 19,240 458,153
Kerr-McGee 33,658 1,689,211
Mobil 304,900 30,185,100
Nicor 18,500 704,156
ONEOK 12,300 390,525
Peoples Energy 13,800 520,088
Phillips Petroleum 98,400 4,950,750
Rowan Cos. 32,400 (a) 597,375
Royal Dutch Petroleum 835,400 50,332,850
Schlumberger 213,100 13,571,806
Sempra Energy 93,591 2,117,496
Sonat 42,900 1,421,063
Sunoco 35,600 1,074,675
Texaco 209,000 13,062,500
USX-Marathon Group 120,300 3,917,269
Union Pacific Resources Group 98,244 1,602,605
Unocal 94,400 3,740,600
Williams Cos. 168,500 7,171,781
286,272,040
HEALTH CARE--10.7%
ALZA 39,300 (a) 1,999,388
Abbott Laboratories 592,400 26,954,200
Allergan 25,900 2,874,900
American Home Products 510,300 29,342,250
<PAGE 14>
COMMON STOCKS (CONTINUED) Shares Value ($)
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HEALTH CARE (CONTINUED)
Amgen 199,500 (a) 12,144,563
Bard (C.R.) 20,400 975,375
Bausch & Lomb 22,200 1,698,300
Baxter International 113,600 6,887,000
Becton, Dickinson & Co. 97,300 2,919,000
Biomet 43,800 1,741,050
Boston Scientific 154,200 (a) 6,775,163
Bristol-Myers Squibb 773,700 54,497,494
Cardinal Health 106,150 6,806,869
Columbia/HCA Healthcare 221,350 5,049,547
Guidant 117,700 6,054,194
HCR Manor Care 43,300 (a) 1,047,319
HEALTHSOUTH 161,600 (a) 2,413,900
Humana 65,300 (a) 844,819
Johnson & Johnson 524,100 51,361,800
Lilly (Eli) 428,900 30,719,963
Mallinckrodt Group 27,700 1,007,588
Medtronic 227,600 17,724,350
Merck & Co. 919,700 68,057,800
Monsanto 246,044 9,703,360
Pfizer 504,300 55,346,925
Pharmacia & Upjohn 197,400 11,214,788
St. Jude Medical 32,800 (a) 1,168,500
Schering-Plough 573,500 30,395,500
Tenet Healthcare 121,000 (a) 2,246,063
United Healthcare 67,600 4,233,450
Warner-Lambert 331,400 22,990,875
Watson Pharmaceuticals 37,300 (a) 1,307,831
Wellpoint Health Networks 26,300 (a) 2,232,213
480,736,337
INTEREST SENSITIVE--15.6%
AFLAC 104,100 4,983,788
Aetna 54,899 4,910,029
Allstate 314,400 11,279,100
American Express 175,500 22,836,938
American General 97,715 7,365,268
American International Group 482,660 56,501,386
The Fund
<PAGE 15>
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
- --------------------------------------------------------------------------------
INTEREST SENSITIVE (CONTINUED)
Amsouth Bancorp 68,650 1,591,822
Aon 99,825 4,117,781
Associates First Capital, Cl. A 283,638 12,568,709
BB&T 122,500 4,494,219
BankAmerica 679,846 49,841,210
Bank of New York 296,600 10,881,513
Bank One 460,110 27,405,302
BankBoston 115,600 5,910,050
Bear Stearns Cos. 45,350 2,120,113
CIGNA 79,300 7,057,700
Capital One Financial 77,000 4,287,938
Chase Manhattan 329,300 28,525,613
Chubb 63,000 4,378,500
Cincinnati Financial 64,300 2,415,269
Citigroup 1,316,511 62,534,217
Comerica 60,900 3,619,744
Conseco 126,001 3,835,155
Countrywide Credit Industries 43,900 1,876,725
Federal Home Loan Mortgage 270,800 15,706,400
Federal National Mortgage Association 399,300 27,302,138
Fifth Third Bancorp 104,725 6,970,758
First Union 377,090 17,723,230
Firstar 262,600 7,352,800
Fleet Financial Group 222,200 9,860,125
Franklin Resources 98,200 3,989,375
Golden West Financial 21,900 2,146,200
H&R Block 37,900 1,895,000
Hartford Financial Services Group 88,900 5,183,981
Household International 186,825 8,850,834
Huntington Bancshares 81,850 2,864,750
Jefferson-Pilot 41,250 2,730,234
Keycorp 174,500 5,605,813
Lehman Brothers Holdings 46,300 2,882,175
Lincoln National 78,000 4,080,375
Loews 43,300 3,426,113
MBIA 38,900 2,518,775
<PAGE 16>
COMMON STOCKS (CONTINUED) Shares Value ($)
- --------------------------------------------------------------------------------
INTEREST SENSITIVE (CONTINUED)
MBNA 312,387 9,566,852
Marsh & McLennan Cos. 102,550 7,742,525
Mellon Bank 203,000 7,384,125
Mercantile Bancorp 61,500 3,513,188
Merrill Lynch 143,300 11,455,044
MGIC Investment 42,500 2,066,563
Morgan (J.P.) 69,100 9,708,550
Morgan Stanley Dean Witter & Co. 222,267 22,782,368
National City 124,200 8,135,100
Northern Trust 43,500 4,219,500
PNC Bank 118,400 6,822,800
Paine Webber Group 56,900 2,660,075
Progressive 28,400 4,118,000
Provident Cos. 52,800 2,112,000
Providian Financial 55,400 5,179,900
Pulte 16,900 389,756
Regions Financial 87,300 3,355,594
Republic New York 41,000 2,795,688
St. Paul Companies 89,690 2,853,263
SLM Holding 63,500 2,909,094
Safeco 53,100 2,343,038
Schwab (Charles) 159,075 17,478,366
SouthTrust 65,200 2,502,050
State Street 62,800 5,361,550
Summit Bancorp 66,700 2,788,894
SunTrust Banks 125,300 8,700,519
Synovus Financial 105,600 2,098,800
Torchmark 53,400 1,822,275
Transamerica 48,600 3,645,000
U.S. Bancorp 283,215 9,629,310
UNUM 54,200 2,967,450
Union Planters 55,600 2,484,625
Wachovia 79,100 6,767,994
Washington Mutual 231,709 8,196,706
Wells Fargo 643,900 27,526,725
700,510,452
The Fund
<PAGE 17>
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
- --------------------------------------------------------------------------------
MINING AND METALS--.6%
ASARCO 15,500 291,594
Alcan Aluminium 88,100 2,813,694
Alcoa 144,000 8,910,000
Barrick Gold 151,900 2,943,063
Battle Mountain Gold 89,600 218,400
Bethlehem Steel 50,800 (a) 390,525
Cyprus Amax Minerals 35,200 534,600
Freeport-McMoRan Copper & Gold, Cl. B 63,700 1,142,619
Homestake Mining 101,400 830,213
Inco 74,800 1,346,400
Newmont Mining 65,219 1,296,228
Nucor 34,000 1,612,875
Phelps Dodge 22,600 1,399,788
Placer Dome 126,800 1,497,825
Reynolds Metals 25,100 1,480,900
USX-U.S. Steel Group 34,400 928,800
Worthington Industries 35,800 588,463
28,225,987
TRANSPORTATION--.9%
AMR 59,800 (a) 4,081,350
Burlington Northern Santa Fe 183,100 5,676,100
CSX 84,700 3,837,969
Delta Air Lines 54,700 3,152,088
FDX 115,840 (a) 6,284,320
Kansas City Southern Industries 43,000 2,743,938
Laidlaw 128,600 948,425
Norfolk Southern 148,000 4,458,500
Southwest Airlines 130,700 4,068,038
US Airways Group 28,700 (a) 1,250,244
Union Pacific 96,500 5,627,156
42,128,128
UTILITIES--10.3%
AT&T 1,239,765 69,194,384
AES 74,400 (a) 4,324,500
ALLTEL 109,600 7,836,400
Ameren 53,500 2,053,063
American Electric Power 75,100 2,820,944
<PAGE 18>
COMMON STOCKS (CONTINUED) Shares Value ($)
- --------------------------------------------------------------------------------
UTILITIES (CONTINUED)
Ameritech 428,200 31,472,700
Bell Atlantic 604,760 39,536,185
BellSouth 737,900 34,589,063
CINergy 61,900 1,980,800
CMS Energy 45,900 1,922,063
Carolina Power & Light 59,000 2,525,938
Central & Southwest 82,800 1,935,450
CenturyTel 54,250 2,156,438
Consolidated Edison 88,800 4,018,200
Constellation Energy Group 58,300 1,727,138
DTE Energy 56,500 2,260,000
Dominion Resources 74,800 3,239,775
Duke Energy 141,909 7,716,302
Edison International 135,300 3,619,275
Entergy 96,100 3,003,125
FPL Group 70,200 3,834,675
FirstEnergy 91,400 2,833,400
Florida Progress 36,900 1,524,431
Frontier 67,500 3,982,500
GPU 49,000 2,067,188
GTE 378,600 28,678,950
MCI WorldCom 724,936 (a) 62,525,730
New Century Energies 44,800 1,738,800
NEXTEL Communications, Cl. A 115,300 (a) 5,786,619
Niagara Mohawk Power 73,000 (a) 1,172,563
Northern States Power 59,800 1,446,413
PG&E 149,400 4,855,500
PP&L Resources 61,400 1,888,050
PECO Energy 74,800 3,132,250
PacifiCorp 115,800 2,127,825
Public Service Enterprise Group 85,500 3,494,813
Reliant Energy 115,439 3,189,002
SBC Communications 765,078 44,374,524
Southern 271,600 7,197,400
Sprint (FON Group) 340,200 17,966,813
Sprint (PCS Group) 171,300 9,785,513
Texas Utilities 109,330 4,509,863
The Fund
<PAGE 19>
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCK (CONTINUED) Shares Value ($)
- --------------------------------------------------------------------------------
UTILITIES (CONTINUED)
U S West 196,166 11,524,753
UniCom 84,600 3,262,388
460,831,706
TOTAL COMMON STOCKS
(cost $2,965,755,791) 4,379,483,177
- ---------------------------------------------------------------------------------------------------------------------------------
Principal
SHORT-TERM INVESTMENTS--1.9% Amount ($) Value ($)
- ---------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY BILLS:
4.37%, 7/22/1999 10,629,000 10,603,575
4.41%, 7/29/1999 8,450,000 8,423,053
4.46%, 8/5/1999 12,345,000 (b) 12,298,706
4.44%, 8/12/1999 7,758,000 7,718,442
4.49%, 8/26/1999 8,840,000 8,780,038
4.48%,9/2/1999 12,000,000 11,905,704
4.55%,9/9/1999 17,225,000 17,072,214
4.59%,9/23/1999 3,876,000 3,834,849
4.65%,9/30/1999 5,313,000 5,250,520
TOTAL SHORT-TERM INVESTMENTS
(cost $85,873,690) 85,887,101
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $3,051,629,481) 99.3% 4,465,370,278
CASH AND RECEIVABLES (NET) .7% 29,955,941
NET ASSETS 100.0% 4,495,326,219
(A) NON-INCOME PRODUCING.
(B) PARTIALLY HELD BY THE CUSTODIAN IN A SEGREGATED ACCOUNT AS COLLATERAL FOR OPEN FINANCIAL FUTURES POSITIONS.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<PAGE 20>
<TABLE>
<CAPTION>
STATEMENT OF FINANCIAL FUTURES
June 30, 1999 (Unaudited)
Market Value Unrealized
Covered Appreciation
Contracts by Contracts ($) Expiration at 6/30/99 ($)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FINANCIAL FUTURES LONG
Standard & Poor's 500 303 104,663,775 Sep. '99 3,113,714
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
<PAGE 21>
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1999 (Unaudited)
Cost Value
- --------------------------------------------------------------------------------
<S> <C> <C>
ASSETS ($):
Investments in securities--See Statement of
Investments 3,051,629,481 4,465,370,278
Cash 8,471,167
Receivable for investment securities sold 24,113,717
Dividends receivable 3,743,058
Receivable for futures variation margin--Note 4(a) 1,935,480
Prepaid expenses 40,469
4,503,674,169
- ---------------------------------------------------------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 870,195
Payable for investment securities purchased 7,195,840
Accrued expenses 281,915
8,347,950
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($) 4,495,326,219
- ---------------------------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 3,057,912,044
Accumulated undistributed investment income--net 261,677
Accumulated net realized gain (loss) on investments 20,297,987
Accumulated net unrealized appreciation (depreciation)
on investments (including $3,113,714 net unrealized
appreciation on financial futures)--Note 4(b) 1,416,854,511
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($) 4,495,326,219
- --------------------------------------------------------------------------------------------------------------------------------
SHARES OUTSTANDING
(200 million shares of $.001 par value Common Stock authorized) 124,488,557
NET ASSET VALUE, offering and redemption price per share ($) 36.11
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<PAGE 22>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
Six Months Ended June 30, 1999 (Unaudited)
<S> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INCOME:
Cash dividends (net of $414,258 foreign taxes withheld at source) 25,780,219
Interest 2,623,472
TOTAL INCOME 28,403,691
EXPENSES:
Management fee--Note 3(a) 4,814,834
Registration fees 177,885
Professional fees 36,565
Prospectus and shareholders' reports 34,728
Directors' fees and expenses--Note 3(c) 24,181
Loan commitment fees--Note 2 6,897
Shareholder servicing costs--Note 3(b) 6,134
Miscellaneous 182,807
TOTAL EXPENSES 5,284,031
INVESTMENT INCOME--NET 23,119,660
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments 12,361,027
Net realized gain (loss) on financial futures 11,907,508
NET REALIZED GAIN (LOSS) 24,268,535
Net unrealized appreciation (depreciation) on investments
(including $874,778 net unrealized appreciation
on financial futures) 407,939,139
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 432,207,674
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 455,327,334
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
<PAGE 23>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
June 30, 1999 Year Ended
(Unaudited) December 31, 199
- --------------------------------------------------------------------------------
<S> <C> <C>
OPERATIONS ($):
Investment income--net 23,119,660 34,943,946
Net realized gain (loss) on investments 24,268,535 17,387,491
Net unrealized appreciation (depreciation)
on investments 407,939,139 593,180,285
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 455,327,334 645,511,722
- ---------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net (22,857,983) (35,513,218)
Net realized gain on investments (17,560,965) (6,552,514)
TOTAL DIVIDENDS (40,418,948) (42,065,732)
- --------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($):
Net proceeds from shares sold 1,039,188,646 1,531,271,100
Dividends reinvested 40,418,946 42,065,732
Cost of shares redeemed (439,731,938) (604,913,124)
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS 639,875,654 968,423,708
TOTAL INCREASE (DECREASE) IN NET ASSETS 1,054,784,040 1,571,869,698
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 3,440,542,179 1,868,672,481
END OF PERIOD 4,495,326,219 3,440,542,179
Undistributed investment income--net 261,677 --
- --------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (SHARES):
Shares sold 30,516,520 52,994,265
Shares issued for dividends reinvested 1,170,905 1,413,619
Shares redeemed (12,984,616) (21,196,391)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 18,702,809 33,211,493
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<PAGE 24>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the fund would have increased
(or decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the fund's financial
statements.
Six Months Ended
June 30, 1999 Year Ended December 31,
--------------------------------------------
(Unaudited) 1998 1997 1996 1995 1994
- ---------------------------------------------------------------------------------------------------------------------------------
<S>
PER SHARE DATA ($): <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period 32.52 25.75 20.28 17.20 12.94 13.20
Investment Operations:
Investment income--net .20(a) .37 .37 .39 .33 .32
Net realized and unrealized
gain (loss) on investments 3.73 6.85 6.26 3.43 4.39 (.21)
Total from Investment Operations 3.93 7.22 6.63 3.82 4.72 .11
Distributions:
Dividends from investment
income--net (.19) (.38) (.37) (.39) (.33) (.31)
Dividends from net realized gain
on investments (.15) (.07) (.79) (.35) (.13) --
Dividends in excess of net realized
gain on investments -- -- -- -- -- (.06)
Total Distributions (.34) (.45) (1.16) (.74) (.46) (.37)
Net asset value, end of period 36.11 32.52 25.75 20.28 17.20 12.94
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 12.14(b) 28.21 32.96 22.54 36.78 .88
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average
net assets .13(b) .26 .28 .30 .39 .40
Ratio of net investment income
to average net assets .58(b) 1.35 1.66 2.24 2.38 2.57
Decrease reflected in above
expense ratios due to
undertakings by Dreyfus -- -- -- -- .03 .16
Portfolio Turnover Rate 1.32(b) 2.40 3.53 10.92 11.95 2.82
- ---------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 4,495,326 3,440,542 1,868,672 813,959 312,686 96,806
(A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(B) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
<PAGE 25>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus Stock Index Fund (the "fund") is registered under the Investment Company
Act of 1940, as amended (the "Act"), as a non-diversified open-end management
investment company, that is intended to be a funding vehicle for variable
annuity contracts and variable life insurance policies to be offered by the
separate accounts of life insurance companies. The fund's investment objective
is to provide investment results that correspond to the price and yield
performance of publicly traded common stocks as represented by the Standard and
Poor' s 500 Composite Stock Price Index. The Dreyfus Corporation ("Dreyfus")
serves as the fund's manager and Mellon Equity Associates ("Mellon Equity"), an
affiliate of Dreyfus, serves as the fund's index manager. Dreyfus is a direct
subsidiary of Mellon Bank, N.A. Premier Mutual Fund Services, Inc. is the
distributor of the fund's shares, which are sold without a sales charge.
The fund' s financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from those estimates.
(A) PORTFOLIO VALUATION: Investments in securities (including financial futures)
are valued at the last sales price on the securities exchange on which such
securities are primarily traded or at the last sales price on the national
securities market. Securities not listed on an exchange or the national
securities market, or securities for which there were no transactions, are
valued at the average of the most recent bid and asked prices. Bid price is
used when no asked price is available. Securities for which there are no such
valuations are valued at fair value as determined in good faith under the
direction of the Board of Directors.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Dividend income is
recognized on the ex-dividend date and interest
<PAGE 26>
income, including, where applicable, amortization of discount on investments, is
recognized on the accrual basis.
(C) DIVIDENDS TO SHAREHOLDERS: Dividends are recorded on the ex-dividend date.
Dividends from investment income-net are declared and paid on a quarterly basis.
Dividends from net realized capital gain are normally declared and paid
annually, but the fund may make distributions on a more frequent basis to comply
with the distribution requirements of the Internal Revenue Code of 1986, as
amended (the "Code" ). To the extent that net realized capital gain can be
offset by capital loss carryovers, if any, it is the policy of the fund not to
distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the fund to continue to qualify as
a regulated investment company, if such qualification is in the best interests
of its shareholders, by complying with the applicable provisions of the Code,
and to make distributions of taxable income sufficient to relieve it from
substantially all Federal income and excise taxes.
NOTE 2--Bank Line of Credit:
The fund participates with other Dreyfus-managed funds in a $600 million
redemption credit facility (the "Facility" ) to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the fund has agreed to pay commitment fees on its pro rata portion of
the Facility. Interest is charged to the fund at rates based on prevailing
market rates in effect at the time of borrowings. During the period ended June
30, 1999, the fund did not borrow under the Facility.
NOTE 3--Management Fee, Index-Management Fee and Other Transactions With
Affiliates:
(A) Pursuant to a Management Agreement with Dreyfus, the Management fee is
computed at the annual rate of .245 of 1% of the value of the fund's average
daily net assets, and is payable monthly. The Fund
<PAGE 27>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
Dreyfus has agreed to pay Mellon Equity, a monthly index-management fee at the
annual rate of .095 of 1% of the value of the fund's average daily net assets.
Dreyfus has undertaken from January 1, 1999 until such a time as they give
shareholders at least 180 days notice to the contrary that if any full fiscal
year the fund' s aggregate expenses, exclusive of brokerage commissions,
transaction fees and extraordinary expenses, exceed an annual rate of .40 of 1%
of the fund's average daily net assets, the fund may deduct from the payments to
be made to Dreyfus, or Dreyfus will bear, such excess expense. During the
period ended June 30, 1999, there was no expense reimbursement pursuant to the
undertaking.
(B) Under the Shareholder Services Plan, the fund reimburses Dreyfus Service
Corporation, a wholly-owned subsidiary of Dreyfus, an amount not to exceed an
annual rate of .25 of 1% of the value of the fund's average daily net assets for
certain allocated expenses with respect to servicing and/or maintaining
shareholder accounts. During the period ended June 30, 1999, the fund was
charged $2,380 pursuant to the Shareholder Services Plan.
The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
Dreyfus, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the fund. During the period
ended June 30, 1999, the fund was charged $310 pursuant to the transfer agency
agreement.
(C) Each director who is not an "affiliated person" as defined in the Act
receives from the fund an annual fee of $2,500 and an attendance fee of $500 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation.
NOTE 4--Securities Transactions:
(A) The aggregate amount of purchases and sales of investment securities,
excluding short-term securities and financial futures, during the period ended
June 30, 1999, amounted to $652,051,343 and $50,767,617, respectively.
<PAGE 28>
The fund may invest in financial futures contracts in order to gain exposure to
or protect against changes in the market. The fund is exposed to market risk as
a result of changes in the value of the underlying financial instruments.
Investments in financial futures require the fund to "mark to market" on a daily
basis, which reflects the change in the market value of the contract at the
close of each day's trading. Typically, variation margin payments are received
or made to reflect daily unrealized gains or losses. When the contracts are
closed, the fund recognizes a realized gain or loss. These investments require
initial margin deposits with a custodian, which consist of cash or cash
equivalents, up to approximately 10% of the contract amount. The amount of
these deposits is determined by the exchange or Board of Trade on which the
contract is traded and is subject to change. Contracts open at June 30, 1999 are
set forth in the Statement of Financial Futures.
(B) At June 30, 1999, accumulated net unrealized appreciation on investments and
financial futures was $1,416,854,511, consisting of $1,466,258,527 gross
unrealized appreciation and $49,404,016 gross unrealized depreciation.
At June 30, 1999, the cost of investments for Federal income tax purposes was
substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
The Fund
<PAGE 29>
For More Information
Dreyfus Stock Index Fund
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Index Fund Manager
Mellon Equity Associates
500 Grant Street
Pittsburgh, PA 15258
Custodian
Boston Safe Deposit and Trust Company
One Boston Place
Boston, MA 02109
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
To obtain information:
BY TELEPHONE Call 1-800-554-4611 or 516-338-3300
BY MAIL Write to: The Dreyfus Family of Funds 144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
Attn: Institutional Servicing
(c) 1999 Dreyfus Service Corporation 763SA996
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