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.
DREYFUS STOCK INDEX FUND
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this annual report for the Dreyfus Stock
Index Fund for the 12-month period ended December 31, 1998. Over this period,
your Fund produced a total return of 28.21%.* This compares with a total return
of 28.60% ** for the Standard & Poor's 500 Composite Stock Price Index ("S&P
500" ), which the Fund is designed to mirror. The difference is accounted for by
transaction costs and other Fund expenses.
ECONOMIC REVIEW
During 1998, the main regions of the world had very different economic
fundamentals. The U.S. entered the year with a strong economy near full
employment, with unemployment only slightly above 4%. The tight labor market led
the Federal Reserve Board to contemplate a rise in interest rates early in the
year, but world economic weakness generated powerful enough disinflationary
forces that the Fed acted instead to ease credit beginning in September. After
many years of subpar economic growth, continental Europe moved into a sustained
economic expansion. The overall European economy benefited as interest rates in
peripheral countries such as Spain and Italy fell, approaching the lower levels
established by Germany, on the eve of currency unification. Unlike the U.S.,
Europe has substantial excess capacity of productive plant and labor. In Asia,
weak economies were pervasive as a result of a financial crisis. The Latin
American economies weakened in turn as the financial stresses spread throughout
that region. On balance, there was a substantial weakening of the world economy
over the course of 1998 moderated mainly by the American consumer's role as
"spender of last resort."
A main influence on the U.S. economy during the year was the foreign financial
crisis and consequent cooling of the world economy. The positive effects hit
first. Actual inflation and expected inflation dropped, causing a decline in
long-term Treasury bond yields and mortgage rates. This caused a boom in
housing. The fall in inflation left more of the growth in consumer income with
which to buy goods and services. Thus, consumers benefited from a combination of
good growth in income after inflation, a strong labor market, and increases in
the prices of assets they owned, including bonds, stocks and real estate. In a
sense, 1998 was a year of disinflationary boom in the U.S., as above-trend
economic growth coincided with negligible inflation.
The negative effect of Asian weakness was felt in the industrial sector more
than in the consumer sector. Corporate profits weakened, especially in sectors
affected by the Asian crisis such as world-traded commodities (oil, metals and
paper) and exports.
Evidence of a weaker world economy accumulated during 1998 as the financial
stresses continued. A worsened financial crisis occurred between the Russian
default in mid-August and the fallout from the Long-Term Capital Management
hedge fund crisis through early October. However, energetic steps were taken to
stabilize the Japanese banks, design a support package for Brazil, ease monetary
policy, and help overinvested financial institutions rebuild their cash
reserves. Indications of a calming of financial fears were evident in the final
months of the year. In any case, there appears to have been a shift in the
priorities of key policymakers from fighting potential inflation to
restimulating future world economic growth.
The global economy survived a triple financial crisis in 1998 from Japan,
emerging market countries and overextended financial institutions. Excess
capacity persists in many worldwide industries after years of high capital
spending followed by the onset of a worldwide weakening in demand. Fortunately,
the U.S. has led the world in making the transition away from the old
manufacturing industries to the new growth industries, such as biotechnology,
software, computer hardware and the Internet. This contributed to the favorable
combination of low unemployment and low inflation in the U.S., and may yet lead
toward more efficient allocation of capital elsewhere in the world.
As 1998 ended, interest rates set by central banks remained in a downtrend in
most parts of the world including Europe and the U.S. A similar trend had even
begun in many emerging countries, as the stresses of financial crisis relaxed.
MARKET OVERVIEW
Volatility was the overriding characteristic of equity markets in the year
ended December 31. There was stock market strength during the early part of the
year. Small-cap indices started to erode in the spring and were joined by
large-cap indices by midsummer. Indices declined sharply until the end of August
followed by a rebound and then a renewed decline amidst financial fears until
early October. A strong rally followed in the last three months of the year in
response to the easing of monetary policy. Over the 12-month period, the total
return on the Standard and Poor's 500 Composite Stock Price Index was 28.60%.
Returns on mid-cap and small-cap stock indices continued to be weaker, with a
negative total return on small-cap indices.
Three key trends influenced stock market behavior during the year. First, the
Federal Reserve kept the Federal Funds rate flat at 5.5% for nearly nine months
of the year, but then began a succession of easing moves. Second, weakness in
the economies of emerging countries contributed to declining commodity prices
and a drop in long-term Treasury bond yields to multidecade lows. Third,
expectations for corporate profits dropped, first in the sectors sensitive to
Asian developments such as oil, basic materials and exports and then for a
broader list of stocks.
The trigger for the sharp decline in stocks in August appeared to be the
Russian default that month. This resulted in deepening concerns about weaker
economic growth and corporate profits. There was also a global margin call on
risky assets held by hedge funds and financial institutions. This raised the
cost of debt financing for many corporations and many emerging countries.
Expectations for economic activity in emerging countries in Asia and Latin
America sank; those for U.S. corporate profits were put on hold. Despite the
fall in Treasury bond yields, financial stocks led the summer selloff due to
concerns that financial difficulties might spread among emerging countries, who
might fail to repay loans. However, in the last three months of the year, these
fears began to ebb in response to Federal Reserve easing moves.
The erosion of expectations for corporate profit growth over the last year
contributed to an outperformance by a small group of "supercap" growth stocks
for much of the year. Investors had more confidence in the prospect for strong
persistent earnings growth for this small group of stocks than for the broad
market. Value stocks, which often have greater cyclical sensitivity to earnings
fluctuations, lagged behind these supercap growth stocks. In addition, many of
the financial stocks that fall into the value category fell sharply following
the Russian default and global margin call concerns, before rebounding strongly
after the Federal Reserve acted.
The year ended December 31, 1998 was characterized by very different
performances of the various market sectors. For example, the total return for
the year on the Russell 1000 Index with a heavy large-cap representation, was
27.02%, while the Russell 1000 Growth Index returned 38.71% and the Russell 1000
Value Index returned 15.63%. The return on the Russell Midcap Index was 10.09%
while the small-cap Russell 2000 Index return was negative 2.55%.**
Another pattern in 1998 was that high quality assets outperformed medium and
low quality assets. Treasury bonds outperformed junk bonds; U.S. and European
stocks outperformed emerging market stocks; blue chip stocks, especially major
growth stocks, generally rose more than the average stock. In an environment of
concern about financial risks, the high-grade assets were the market leaders.
PORTFOLIO FOCUS
As mentioned above, performance of the S&P 500 benefited from the fact that
large capitalization stocks had positive performance for the twelve months under
review, outperforming both mid- and small-cap issues.
Among the best performing groups in the S&P 500 for the year were stocks of
communications companies, retail stores (apparel) and retail stores (general).
The Dreyfus Stock Index Fund holds all stocks in direct proportion to their
weight in the Index.
Sincerely,
[Steven Falci signature]
Steven Falci
Portfolio Manager
January 20, 1999
New York, N.Y.
*Total return includes reinvestment of dividends and any capital gains paid.
The Fund's performance does not reflect the deduction of additional charges and
expenses imposed in connection with investing in variable insurance contracts,
which will reduce returns.
** 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 Russell 1000 Index measures the performance
of the 1,000 largest companies in the Russell 3000 Index, which represents
approximately 89% of the total market capitalization of the Russell 3000 Index.
The Russell 1000 Growth Index measures the performance of those Russell 1000
companies with higher price-to-book ratios and higher forecasted growth values.
The Russell 1000 Value Index measures the performance of those Russell 1000
companies with lower price-to-book ratios and lower forecasted growth values.
The Russell Midcap Index consists of the bottom 800 securities in the Russell
1000 Index as ranked by total market capitalization and is a widely accepted
measure of medium-cap stock market performance. The Russell 2000 Index is
composed of the 2,000 smallest companies in the Russell 3000 Index. The Russell
3000 Index is composed of 3,000 of the largest U.S. companies by market
capitalization. All indices are unmanaged and include reinvested dividends.
DREYFUS STOCK INDEX FUND DECEMBER 31, 1998
- -----------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS STOCK INDEX FUND
AND THE STANDARD & POOR'S 500 COMPOSITE STOCK PRICE INDEX
Dollars
$44,862
Standard & Poor's 500 Composite Stock Price Index*
$43,213
Dreyfus Stock Index Fund
*Source: Lipper Analytical Services, Inc.
Average Annual Total Returns
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
One Year Ended Five Years Ended From Inception (9/29/89)
December 31, 1998 December 31, 1998 to December 31, 1998
___________________ ___________________ ____________________
<S> <C> <C> <C>
28.21% 23.58% 17.12%
</TABLE>
- ------------------------
Past performance is not predictive of future performance.
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.
The above graph compares a $10,000 investment made 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. 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 of the Fund. 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.
DREYFUS STOCK INDEX FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS DECEMBER 31, 1998
Shares COMMON STOCKS--97.6% Value
_________ ________________
<S> <C> <C> <C>
Basic Industries--2.8%
77,600 Air Products & Chemicals . . . . . . . . . . . . . . . . . . . $ 3,104,000
13,400 Armstrong World Industries . . . . . . . . . . . . . . . . . . 808,188
39,200 Avery Dennison . . . . . . . . . . . . . . . . . . . . . . . . 1,766,450
10,200 Ball . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 466,650
17,900 Bemis . . . . . . . . . . . . . . . . . . . . . . . . . . . . 679,081
18,900 (a) Boise Cascade . . . . . . . . . . . . . . . . . . . . . . . . 585,900
20,000 Centex . . . . . . . . . . . . . . . . . . . . . . . . . . . . 901,250
32,100 Champion International . . . . . . . . . . . . . . . . . . . . 1,300,050
77,700 Corning . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,496,500
41,700 Crown Cork & Seal . . . . . . . . . . . . . . . . . . . . . . 1,284,881
44,800 Danaher . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,433,200
75,100 Dow Chemical . . . . . . . . . . . . . . . . . . . . . . . . . 6,829,406
379,300 duPont (E.I.)
de Nemours & Co. . . . . . . . . . . . . . . . . . . . . . . 20,126,606
26,600 Eastman Chemical . . . . . . . . . . . . . . . . . . . . . . . 1,190,350
48,400 Engelhard . . . . . . . . . . . . . . . . . . . . . . . . . . 943,800
11,600 (a) FMC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 649,600
26,500 Fluor . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,127,906
73,900 Fort James . . . . . . . . . . . . . . . . . . . . . . . . . . 2,956,000
57,900 Fortune Brands . . . . . . . . . . . . . . . . . . . . . . . . 1,831,088
13,700 Foster Wheeler . . . . . . . . . . . . . . . . . . . . . . . . 180,669
29,600 Georgia Pacific . . . . . . . . . . . . . . . . . . . . . . . 1,733,450
25,400 Grace (W.R.) & Co. . . . . . . . . . . . . . . . . . . . . . . 398,463
19,800 Great Lakes Chemical . . . . . . . . . . . . . . . . . . . . . 792,000
33,600 Hercules . . . . . . . . . . . . . . . . . . . . . . . . . . . 919,800
103,000 International Paper . . . . . . . . . . . . . . . . . . . . . 4,615,688
13,400 Kaufman & Broad Home . . . . . . . . . . . . . . . . . . . . . 385,250
36,800 Louisiana Pacific . . . . . . . . . . . . . . . . . . . . . . 673,900
114,000 Masco . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,277,500
34,800 Mead . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,020,075
40,500 Morton International . . . . . . . . . . . . . . . . . . . . . 992,250
22,100 Nalco Chemical . . . . . . . . . . . . . . . . . . . . . . . . 685,100
118,300 Occidental Petroleum . . . . . . . . . . . . . . . . . . . . . 1,996,313
52,100 (a) Owens-Illinois . . . . . . . . . . . . . . . . . . . . . . . 1,595,563
9,700 Potlatch . . . . . . . . . . . . . . . . . . . . . . . . . . . 357,688
59,300 PPG Industries . . . . . . . . . . . . . . . . . . . . . . . . 3,454,225
53,000 Praxair . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,868,250
56,500 Rohm & Haas . . . . . . . . . . . . . . . . . . . . . . . . . 1,702,063
27,912 (a) Sealed Air . . . . . . . . . . . . . . . . . . . . . . . . . . 1,425,257
57,900 Sherwin-Williams . . . . . . . . . . . . . . . . . . . . . . . 1,700,813
33,700 Sigma-Aldrich . . . . . . . . . . . . . . . . . . . . . . . . 989,938
18,600 Temple-Inland . . . . . . . . . . . . . . . . . . . . . . . . 1,103,213
56,900 Tenneco . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,938,156
23,200 Union Camp . . . . . . . . . . . . . . . . . . . . . . . . . . 1,566,000
45,300 Union Carbide . . . . . . . . . . . . . . . . . . . . . . . . 1,925,250
34,000 Westvaco . . . . . . . . . . . . . . . . . . . . . . . . . . . 911,625
66,700 Weyerhaeuser . . . . . . . . . . . . . . . . . . . . . . . . . 3,389,194
37,300 Willamette Industries . . . . . . . . . . . . . . . . . . . . 1,249,550
_______________
95,328,149
_______________
Capital Goods--26.8%
73,300 AMP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,816,181
22,500 Adobe Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,051,875
48,200 (a) Advanced Micro Devices . . . . . . . . . . . . . . . . . . . . . 1,394,788
9,500 Aeroquip-Vickers . . . . . . . . . . . . . . . . . . . . . . . . . . . 284,406
66,032 Allegheny Teledyne . . . . . . . . . . . . . . . . . . . . . . . . . . 1,349,529
188,100 AlliedSignal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,335,181
164,500 America Online . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,320,000
28,850 (a) Andrew . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 476,025
45,100 (a) Apple Computer . . . . . . . . . . . . . . . . . . . . . . . . . 1,846,281
122,800 (a) Applied Materials . . . . . . . . . . . . . . . . . . . . . . . 5,242,025
72,300 (a) Ascend Communications . . . . . . . . . . . . . . . . . . . . . 4,753,725
15,800 Autodesk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 674,463
100,900 Automatic Data Processing . . . . . . . . . . . . . . . . . . . . . . 8,090,919
69,200 (a) BMC Software . . . . . . . . . . . . . . . . . . . . . . . . . . 3,083,725
338,724 Boeing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,050,871
8,100 Briggs & Stratton . . . . . . . . . . . . . . . . . . . . . . . . . . 403,988
58,200 Browning-Ferris Industries . . . . . . . . . . . . . . . . . . . . . . 1,655,063
55,100 (a) Cabletron Systems . . . . . . . . . . . . . . . . . . . . . . . 461,463
25,000 Case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 545,313
122,200 Caterpillar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,621,200
287,548 (a) Cendant . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,481,384
24,300 (a) Ceridian . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,696,444
529,125 (a) Cisco Systems . . . . . . . . . . . . . . . . . . . . . . . . . 49,109,414
569,672 Compaq Computer . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,890,620
182,125 Computer Associates
International . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,763,078
52,900 Computer Sciences . . . . . . . . . . . . . . . . . . . . . . . . . . 3,408,744
65,700 Compuware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,132,813
35,800 Cooper Industries . . . . . . . . . . . . . . . . . . . . . . . . . . 1,707,213
23,075 Crane . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 696,577
14,100 Cummins Engine . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,550
16,600 (a) Data General . . . . . . . . . . . . . . . . . . . . . . . . . . 272,863
82,100 Deere & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,719,563
426,700 (a) Dell Computer . . . . . . . . . . . . . . . . . . . . . . . . . 31,229,106
27,100 Deluxe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 990,844
74,800 Dover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,739,550
57,300 Dun & Bradstreet . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,808,531
15,400 EG&G . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 428,313
167,400 (a) EMC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,229,000
23,900 Eaton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,689,431
165,000 Electronic Data Systems . . . . . . . . . . . . . . . . . . . . . . . 8,291,250
147,600 Emerson Electric . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,234,225
49,600 Equifax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,695,700
149,700 First Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,743,619
52,200 (a) Gateway 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,671,988
42,400 General Dynamics . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,485,700
1,098,100 General Electric . . . . . . . . . . . . . . . . . . . . . . . . . . . 112,074,831
59,850 Genuine Parts . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,001,234
DREYFUS STOCK INDEX FUND
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1998
Shares COMMON STOCKS (continued) Value
_________ ________________
Capital Goods (continued)
24,800 Goodrich (B.F.) . . . . . . . . . . . . . . . . . . . . . . . $ 889,700
32,700 Grainger (W.W.) . . . . . . . . . . . . . . . . . . . . . . . 1,361,138
16,000 Harnischfeger Industries . . . . . . . . . . . . . . . . . . . 163,000
26,800 Harris . . . . . . . . . . . . . . . . . . . . . . . . . . . . 981,550
155,800 HBO & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 4,469,513
348,400 Hewlett-Packard . . . . . . . . . . . . . . . . . . . . . . . 23,800,075
42,300 Honeywell . . . . . . . . . . . . . . . . . . . . . . . . . . 3,185,719
45,400 Ikon Office Solutions . . . . . . . . . . . . . . . . . . . . 388,738
83,800 Illinois Tool Works . . . . . . . . . . . . . . . . . . . . . 4,860,400
55,700 IMS Health . . . . . . . . . . . . . . . . . . . . . . . . . . 4,201,869
55,350 Ingersoll-Rand . . . . . . . . . . . . . . . . . . . . . . . . 2,597,991
560,000 Intel . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,395,000
312,700 International Business Machines 57,771,325
45,600 Interpublic Group Cos. . . . . . . . . . . . . . . . . . . . . 3,636,600
33,300 ITT Industries . . . . . . . . . . . . . . . . . . . . . . . . 1,323,675
29,100 (a) KLA-Tencor . . . . . . . . . . . . . . . . . . . . . . . . . . 1,262,213
65,600 Lockheed Martin . . . . . . . . . . . . . . . . . . . . . . . 5,559,600
47,200 (a) LSI Logic . . . . . . . . . . . . . . . . . . . . . . . . . . 761,100
440,696 Lucent Technologies . . . . . . . . . . . . . . . . . . . . . 48,476,560
19,800 McDermott International . . . . . . . . . . . . . . . . . . . 488,813
71,400 (a) Micron Technology . . . . . . . . . . . . . . . . . . . . . . 3,610,163
835,600 (a) Microsoft . . . . . . . . . . . . . . . . . . . . . . . . . . 115,887,223
13,100 Milacron . . . . . . . . . . . . . . . . . . . . . . . . . . . 252,175
14,700 Millipore . . . . . . . . . . . . . . . . . . . . . . . . . . 418,031
135,400 Minnesota Mining
& Manufacturing . . . . . . . . . . . . . . . . . . . . . . 9,630,325
200,500 Motorola . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,243,031
55,000 (a) National Semiconductor . . . . . . . . . . . . . . . . . . . . 742,500
218,520 Northern Telecommunications . . . . . . . . . . . . . . . . . 10,953,315
23,100 Northrop Grumman . . . . . . . . . . . . . . . . . . . . . . . 1,689,188
118,500 (a) Novell . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,147,813
56,900 Omnicom Group . . . . . . . . . . . . . . . . . . . . . . . . 3,300,200
326,250 (a) Oracle . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,069,531
18,100 Owens-Corning . . . . . . . . . . . . . . . . . . . . . . . . 641,419
41,601 Pall . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,053,025
91,200 (a) Parametric Technology . . . . . . . . . . . . . . . . . . . . 1,493,400
37,050 Parker-Hannifin . . . . . . . . . . . . . . . . . . . . . . . 1,213,388
54,700 Paychex . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,813,631
77,200 (a) PeopleSoft . . . . . . . . . . . . . . . . . . . . . . . . . . 1,461,975
16,500 Perkin-Elmer . . . . . . . . . . . . . . . . . . . . . . . . . 1,609,781
92,000 Pitney Bowes . . . . . . . . . . . . . . . . . . . . . . . . . 6,077,750
24,900 Raychem . . . . . . . . . . . . . . . . . . . . . . . . . . . 804,581
113,600 Raytheon, Cl. B . . . . . . . . . . . . . . . . . . . . . . . 6,049,200
64,100 Rockwell International . . . . . . . . . . . . . . . . . . . . 3,112,856
24,500 Ryder System . . . . . . . . . . . . . . . . . . . . . . . . . 637,000
25,600 Scientific-Atlanta . . . . . . . . . . . . . . . . . . . . . . 584,000
81,500 (a) Seagate Technology . . . . . . . . . . . . . . . . . . . . . . 2,465,375
86,200 Service Corp. International . . . . . . . . . . . . . . . . . 3,280,988
8,900 Shared Medical Systems . . . . . . . . . . . . . . . . . . . . 443,888
63,300 (a) Silicon Graphics . . . . . . . . . . . . . . . . . . . . . . . 814,988
19,850 Snap-On . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 691,028
40,000 Solectron . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,717,500
29,800 Stanley Works . . . . . . . . . . . . . . . . . . . . . . . . . . . . 826,950
127,000 (a) Sun Microsystems . . . . . . . . . . . . . . . . . . . . . . . . 10,874,375
120,300 (a) 3COM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,390,944
15,900 Tektronix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 477,994
64,900 (a) Tellabs . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,449,706
130,800 Texas Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . 11,191,575
54,900 Textron . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,168,969
55,700 (a) Thermo Electron . . . . . . . . . . . . . . . . . . . . . . . . 943,419
19,000 Thomas & Betts . . . . . . . . . . . . . . . . . . . . . . . . . . . . 822,938
20,900 Timken . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 394,488
215,930 Tyco International . . . . . . . . . . . . . . . . . . . . . . . . . . 16,289,219
85,200 (a) Unisys . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,934,075
76,400 United Technologies . . . . . . . . . . . . . . . . . . . . . . . . . 8,308,500
191,672 Waste Management . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,936,707
110,100 Xerox . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,991,800
_______________
920,635,112
_______________
Consumer Cyclical--13.2%
82,400 Albertson's . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,247,850
23,700 American Greetings, Cl. A . . . . . . . . . . . . . . . . . . . . . . 973,181
92,000 American Stores . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,398,250
51,200 (a) AutoZone . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,686,400
28,000 Black & Decker . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,569,750
33,200 Brunswick . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 821,700
239,900 CBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,856,725
130,500 CVS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,177,500
199,300 Carnival, Cl. A . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,566,400
33,500 Circuit City Stores . . . . . . . . . . . . . . . . . . . . . . . . . 1,672,906
84,600 (a) Clear Channel Communications . . . . . . . . . . . . . 4,610,700
123,700 Comcast, Cl. A . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,259,644
36,600 (a) Consolidated Stores . . . . . . . . . . . . . . . . . . . . . . 738,863
26,000 Cooper Tire and Rubber . . . . . . . . . . . . . . . . . . . . . . . . 531,375
72,600 (a) Costco Cos. . . . . . . . . . . . . . . . . . . . . . . . . . . 5,240,813
55,306 Dana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,260,633
46,600 Darden Restaurants . . . . . . . . . . . . . . . . . . . . . . . . . . 838,800
147,200 Dayton Hudson . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,985,600
37,200 Dillard's, Cl. A . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,055,550
686,600 Disney (Walt) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,598,000
61,900 Dollar General . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,462,388
46,600 Donnelley (R.R.) & Sons . . . . . . . . . . . . . . . . . . . . . . . 2,041,663
31,400 Dow Jones & Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,511,125
70,700 (a) Federated Department Stores . . . . . . . . . . . . . . . . . . 3,079,869
11,500 Fleetwood Enterprises . . . . . . . . . . . . . . . . . . . . . . . . 399,625
406,100 Ford Motor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,832,994
24,200 (a) Fruit of the Loom, Cl. A . . . . . . . . . . . . . . . . . . . . 334,263
95,400 Gannett . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,314,288
197,500 Gap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,109,375
57,000 (a) General Instrument . . . . . . . . . . . . . . . . . . . . . . . 1,934,438
DREYFUS STOCK INDEX FUND
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1998
Shares COMMON STOCKS (continued) Value
_________ ________________
Consumer Cyclical (continued)
219,300 General Motors . . . . . . . . . . . . . . . . . . . . . . . . $ 15,693,656
52,600 Goodyear Tire & Rubber . . . . . . . . . . . . . . . . . . . . 2,653,013
12,800 Great Atlantic & Pacific . . . . . . . . . . . . . . . . . . . 379,200
23,800 Harcourt General . . . . . . . . . . . . . . . . . . . . . . . 1,265,863
33,900 (a) Harrah's Entertainment . . . . . . . . . . . . . . . . . . . . 531,806
44,050 Hasbro . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,591,306
87,300 Hilton Hotels . . . . . . . . . . . . . . . . . . . . . . . . 1,669,613
524,400 Home Depot . . . . . . . . . . . . . . . . . . . . . . . . . . 32,086,725
28,400 Johnson Controls . . . . . . . . . . . . . . . . . . . . . . . 1,675,600
12,300 Jostens . . . . . . . . . . . . . . . . . . . . . . . . . . . 322,106
165,000 (a) K mart . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,526,563
24,500 (a) King World Productions . . . . . . . . . . . . . . . . . . . . 721,219
26,400 Knight-Ridder . . . . . . . . . . . . . . . . . . . . . . . . 1,349,700
52,900 (a) Kohl's . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,250,044
86,000 (a) Kroger . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,203,000
76,400 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,225,150
22,100 Liz Claiborne . . . . . . . . . . . . . . . . . . . . . . . . 697,531
13,000 Longs Drug Stores . . . . . . . . . . . . . . . . . . . . . . 487,500
117,900 Lowes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,035,006
83,800 Marriott International, Cl. A . . . . . . . . . . . . . . . . 2,430,200
98,100 Mattel . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,237,906
77,400 May Department Stores . . . . . . . . . . . . . . . . . . . . 4,673,025
30,700 Maytag . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,911,075
227,600 McDonald's . . . . . . . . . . . . . . . . . . . . . . . . . . 17,439,850
33,300 McGraw-Hill Cos. . . . . . . . . . . . . . . . . . . . . . . . 3,392,438
204,200 (a) MediaOne Group . . . . . . . . . . . . . . . . . . . . . . . . 9,597,400
17,700 Meredith . . . . . . . . . . . . . . . . . . . . . . . . . . . 670,388
51,600 (a) Meyer (Fred) . . . . . . . . . . . . . . . . . . . . . . . . . 3,108,900
60,200 (a) Mirage Resorts . . . . . . . . . . . . . . . . . . . . . . . . 899,238
29,600 Moore . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325,600
22,500 (a) Navistar International . . . . . . . . . . . . . . . . . . . . 641,250
63,500 New York Times, Cl. A . . . . . . . . . . . . . . . . . . . . 2,202,656
96,400 NIKE, Cl. B . . . . . . . . . . . . . . . . . . . . . . . . . 3,910,225
49,900 Nordstrom . . . . . . . . . . . . . . . . . . . . . . . . . . 1,730,906
26,200 PACCAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,077,475
84,800 Penney (J.C.) . . . . . . . . . . . . . . . . . . . . . . . . 3,975,000
21,400 Pep Boys-Manny, Moe & Jack . . . . . . . . . . . . . . . . . . 335,713
18,900 (a) Reebok International . . . . . . . . . . . . . . . . . . . . . 281,138
86,600 Rite Aid . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,292,113
12,100 Russell . . . . . . . . . . . . . . . . . . . . . . . . . . . 245,781
162,900 Safeway . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,926,719
132,100 Seagram . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,019,800
131,500 Sears, Roebuck & Co. . . . . . . . . . . . . . . . . . . . . . 5,588,750
6,200 Springs Industries . . . . . . . . . . . . . . . . . . . . . . 256,913
105,900 (a) Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,626,506
40,500 Supervalu . . . . . . . . . . . . . . . . . . . . . . . . . . 1,134,000
113,100 Sysco . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,103,181
106,300 TJX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,082,700
40,900 TRW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,298,069
33,600 Tandy . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,383,900
180,300 (a) Tele-Communications, Cl. A,
TCI Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,972,844
411,200 Time Warner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,520,100
26,700 Times Mirror, Cl. A . . . . . . . . . . . . . . . . . . . . . . . . . 1,495,200
87,600 (a) Toys R Us . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,478,250
40,900 Tribune . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,699,400
51,160 (a) Tricon Global Restaurants . . . . . . . . . . . . . . . . . . . 2,564,395
40,700 V.F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,907,813
117,601 (a) Viacom, Cl. B . . . . . . . . . . . . . . . . . . . . . . . . . 8,702,474
754,900 Wal-Mart Stores . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,477,169
166,700 Walgreen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,762,369
42,600 Wendy's International . . . . . . . . . . . . . . . . . . . . . . . . 929,213
25,500 Whirlpool . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,412,063
49,800 Winn-Dixie Stores . . . . . . . . . . . . . . . . . . . . . . . . . . 2,234,775
_______________
455,430,149
_______________
Consumer Staples--9.4%
18,500 Alberto-Culver, Cl. B . . . . . . . . . . . . . . . . . . . . . . . . 493,719
161,600 Anheuser-Busch . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,605,000
200,758 Archer Daniels Midland . . . . . . . . . . . . . . . . . . . . . . . . 3,450,528
88,300 Avon Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,907,275
96,300 Bestfoods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,127,975
23,000 Brown-Forman, Cl. B . . . . . . . . . . . . . . . . . . . . . . . . . 1,740,813
150,500 Campbell Soup . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,277,500
34,800 Clorox . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,065,075
826,300 Coca-Cola . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,258,813
135,600 Coca-Cola Enterprises . . . . . . . . . . . . . . . . . . . . . . . . 4,847,700
99,100 Colgate-Palmolive . . . . . . . . . . . . . . . . . . . . . . . . . . 9,203,913
163,500 ConAgra . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,150,250
12,200 Coors (Adolph), Cl. B . . . . . . . . . . . . . . . . . . . . . . . . 688,538
108,200 Eastman Kodak . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,790,400
43,400 Ecolab . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,570,538
51,900 General Mills . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,035,225
373,700 Gillette . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,054,381
121,300 Heinz (H.J.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,868,613
48,000 Hershey Foods . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,985,000
35,900 International Flavors &
Fragrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,586,331
136,400 Kellogg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,654,650
183,500 Kimberly-Clark . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,750
2,733 NACCO Industries, Cl. A . . . . . . . . . . . . . . . . . . . . . . . 251,436
13,900 National Service Industries . . . . . . . . . . . . . . . . . . . . . 528,200
54,500 Newell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,248,125
493,600 PepsiCo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,206,750
815,100 Philip Morris . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,607,850
81,000 Pioneer Hi-Bred International . . . . . . . . . . . . . . . . . . . . 2,187,000
14,800 Polaroid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276,575
445,900 Procter & Gamble . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,716,244
45,700 Quaker Oats . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,719,150
104,600 Ralston Purina Group . . . . . . . . . . . . . . . . . . . . . . . . . 3,386,425
DREYFUS STOCK INDEX FUND
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1998
Shares COMMON STOCKS (continued) Value
_________ ________________
Consumer Staples (continued)
108,900 RJR Nabisco Holdings . . . . . . . . . . . . . . . . . . . . . $ 3,232,969
50,300 Rubbermaid . . . . . . . . . . . . . . . . . . . . . . . . . . 1,581,306
309,400 Sara Lee . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,721,213
19,300 Tupperware . . . . . . . . . . . . . . . . . . . . . . . . . . 317,244
214,500 Unilever . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,790,094
62,300 UST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,172,713
38,900 Wrigley, (Wm) Jr . . . . . . . . . . . . . . . . . . . . . . . 3,483,981
_______________
323,790,262
_______________
Energy--6.0%
30,500 Amerada Hess . . . . . . . . . . . . . . . . . . . . . . . . . 1,517,375
40,200 Anadarko Petroleum . . . . . . . . . . . . . . . . . . . . . . 1,241,175
33,000 Apache . . . . . . . . . . . . . . . . . . . . . . . . . . . . 835,313
25,600 Ashland . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,238,400
107,600 Atlantic Richfield . . . . . . . . . . . . . . . . . . . . . . 7,020,900
106,520 Baker Hughes . . . . . . . . . . . . . . . . . . . . . . . . . 1,884,073
59,490 Burlington Resources . . . . . . . . . . . . . . . . . . . . . 2,130,486
219,300 Chevron . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,188,194
71,200 Coastal . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,487,550
27,950 Columbia Energy Group . . . . . . . . . . . . . . . . . . . . 1,614,113
32,100 Consolidated Natural Gas . . . . . . . . . . . . . . . . . . . 1,733,400
7,500 Eastern Enterprises . . . . . . . . . . . . . . . . . . . . . 328,125
110,400 Enron . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,299,700
817,200 Exxon . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,757,750
147,100 Halliburton . . . . . . . . . . . . . . . . . . . . . . . . . 4,357,838
16,840 Helmerich & Payne . . . . . . . . . . . . . . . . . . . . . . 326,275
16,000 Kerr-McGee . . . . . . . . . . . . . . . . . . . . . . . . . . 612,000
262,000 Mobil . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,826,750
16,000 Nicor . . . . . . . . . . . . . . . . . . . . . . . . . . . . 676,000
10,600 ONEOK . . . . . . . . . . . . . . . . . . . . . . . . . . . . 382,925
35,600 (a) Oryx Energy . . . . . . . . . . . . . . . . . . . . . . . . . 478,375
11,900 Peoples Energy . . . . . . . . . . . . . . . . . . . . . . . . 474,513
86,600 Phillips Petroleum . . . . . . . . . . . . . . . . . . . . . . 3,691,325
28,500 (a) Rowan Cos. . . . . . . . . . . . . . . . . . . . . . . . . . . 285,000
718,700 Royal Dutch Petroleum, A.D.R. . . . . . . . . . . . . . . . . 34,407,763
182,400 Schlumberger . . . . . . . . . . . . . . . . . . . . . . . . . 8,413,200
80,691 Sempra Energy . . . . . . . . . . . . . . . . . . . . . . . . 2,047,534
36,900 Sonat . . . . . . . . . . . . . . . . . . . . . . . . . . . . 998,606
31,300 Sunoco . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,128,756
179,600 Texaco . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,496,350
84,144 Union Pacific Resources Group . . . . . . . . . . . . . . . . 762,555
80,900 Unocal . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,361,269
105,200 USX-Marathon Group . . . . . . . . . . . . . . . . . . . . . . 3,169,150
142,400 Williams Cos. . . . . . . . . . . . . . . . . . . . . . . . . 4,441,100
_______________
207,613,838
_______________
Health Care--12.0%
29,000 (a) ALZA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,515,250
510,500 Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . 25,014,500
21,900 Allergan . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,418,025
441,000 American Home Products . . . . . . . . . . . . . . . . . . . . 24,833,813
85,100 (a) Amgen . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,898,269
18,800 Bard (C.R.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 930,600
18,700 Bausch & Lomb . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,122,000
95,700 Baxter International . . . . . . . . . . . . . . . . . . . . . . . . . 6,154,706
82,900 Becton, Dickinson & Co. . . . . . . . . . . . . . . . . . . . . . . . 3,538,794
37,600 Biomet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,513,400
131,200 (a) Boston Scientific . . . . . . . . . . . . . . . . . . . . . . . 3,517,800
333,400 Bristol-Myers Squibb . . . . . . . . . . . . . . . . . . . . . . . . . 44,613,088
67,050 Cardinal Health . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,087,419
216,250 Columbia/HCA Healthcare . . . . . . . . . . . . . . . . . . . . . . . 5,352,188
50,500 Guidant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,567,625
36,400 (a) HCR Manor Care . . . . . . . . . . . . . . . . . . . . . . . . . 1,069,250
141,600 (a) HEALTHSOUTH . . . . . . . . . . . . . . . . . . . . . . . . . . 2,185,950
56,000 (a Humana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 997,500
450,700 Johnson & Johnson . . . . . . . . . . . . . . . . . . . . . . . . . . 37,802,463
369,100 Lilly (Eli) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,803,763
24,500 Mallinckrodt Group . . . . . . . . . . . . . . . . . . . . . . . . . . 754,906
164,300 Medtronic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,199,275
399,100 Merck & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,942,081
209,944 Monsanto . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,972,340
435,900 Pfizer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,678,206
170,300 Pharmacia & Upjohn . . . . . . . . . . . . . . . . . . . . . . . . . . 9,643,238
492,000 Schering-Plough . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,183,000
28,200 (a) St. Jude Medical . . . . . . . . . . . . . . . . . . . . . . . . 780,788
103,300 Tenet Healthcare . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,711,625
65,500 United Healthcare . . . . . . . . . . . . . . . . . . . . . . . . . . 2,820,594
275,100 Warner-Lambert . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,684,081
_______________
414,306,537
_______________
Interest Sensitive--15.4%
48,399 Aetna . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,805,371
277,700 Allstate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,726,163
153,000 American Express . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,644,250
84,815 American General . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,615,570
351,900 American International Group . . . . . . . . . . . . . . . . . . . . . 34,002,338
56,550 Aon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,131,456
242,238 Associates First Capital, Cl. A . . . . . . . . . . . . . . . . . . . 10,264,835
95,900 BB&T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,865,969
98,600 BANKBOSTON . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,839,238
392,410 Banc One . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,037,436
254,900 Bank of New York . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,259,725
582,346 BankAmerica . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,013,553
32,200 Bankers Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,751,088
38,100 Bear Stearns Cos. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,423,988
71,100 CIGNA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,496,919
22,100 Capital One Financial . . . . . . . . . . . . . . . . . . . . . . . . 2,541,500
284,400 Chase Manhattan . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,356,975
55,500 Chubb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,600,563
56,000 Cincinnati Financial . . . . . . . . . . . . . . . . . . . . . . . . . 2,051,000
762,574 Citigroup . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,747,413
52,100 Comerica . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,552,569
104,701 Conseco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,199,924
37,200 Countrywide Credit Industries . . . . . . . . . . . . . . . . . . . . 1,866,975
DREYFUS STOCK INDEX FUND
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1998
Shares COMMON STOCKS (continued) Value
_________ ________________
Interest Sensitive (continued)
347,500 Federal National Mortgage
Association . . . . . . . . . . . . . . . . . . . . . . . . $ 25,715,000
89,825 Fifth Third Bancorp . . . . . . . . . . . . . . . . . . . . . 6,405,645
82,800 Firstar . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,721,100
331,990 First Union . . . . . . . . . . . . . . . . . . . . . . . . . 20,189,142
190,300 Fleet Financial Group . . . . . . . . . . . . . . . . . . . . 8,504,031
84,800 Franklin Resources . . . . . . . . . . . . . . . . . . . . . . 2,713,600
227,400 Federal Home Loan Mortgage . . . . . . . . . . . . . . . . . . 14,653,088
19,300 Golden West Financial . . . . . . . . . . . . . . . . . . . . 1,769,569
33,700 H&R Block . . . . . . . . . . . . . . . . . . . . . . . . . . 1,516,500
78,200 Hartford Financial Services
Group . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,291,225
165,025 Household International . . . . . . . . . . . . . . . . . . . 6,539,116
70,950 Huntington Bancshares . . . . . . . . . . . . . . . . . . . . 2,132,934
35,550 Jefferson Pilot . . . . . . . . . . . . . . . . . . . . . . . 2,666,250
152,500 Keycorp . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,880,000
39,600 Lehman Brothers Holdings . . . . . . . . . . . . . . . . . . . 1,744,875
33,700 Lincoln National . . . . . . . . . . . . . . . . . . . . . . . 2,757,081
38,400 Loews . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,772,800
33,300 MBIA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,183,231
251,987 MBNA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,283,926
85,650 Marsh & McLennan . . . . . . . . . . . . . . . . . . . . . . . 5,005,172
87,400 Mellon Bank . . . . . . . . . . . . . . . . . . . . . . . . . 6,008,750
50,900 Mercantile Bancorp . . . . . . . . . . . . . . . . . . . . . . 2,347,763
118,900 Merrill Lynch & Co. . . . . . . . . . . . . . . . . . . . . . 7,936,575
38,000 MGIC Investment . . . . . . . . . . . . . . . . . . . . . . . 1,512,875
59,200 Morgan (J.P.) . . . . . . . . . . . . . . . . . . . . . . . . 6,219,700
194,967 Morgan Stanley, Dean Witter,
Discover and Co. . . . . . . . . . . . . . . . . . . . . . . 13,842,657
110,500 National City . . . . . . . . . . . . . . . . . . . . . . . . 8,011,250
37,300 Northern Trust . . . . . . . . . . . . . . . . . . . . . . . . 3,256,756
101,100 PNC Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,472,038
24,400 Progressive . . . . . . . . . . . . . . . . . . . . . . . . . 4,132,750
45,300 Provident Cos. . . . . . . . . . . . . . . . . . . . . . . . . 1,879,950
47,700 Providian Financial . . . . . . . . . . . . . . . . . . . . . 3,577,500
14,500 Pulte . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403,281
71,800 Regions Financial . . . . . . . . . . . . . . . . . . . . . . 2,894,438
36,200 Republic New York . . . . . . . . . . . . . . . . . . . . . . 1,649,363
47,300 Safeco . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,030,944
134,175 Schwab (Charles) . . . . . . . . . . . . . . . . . . . . . . . 7,538,958
56,100 SLM Holding . . . . . . . . . . . . . . . . . . . . . . . . . 2,692,800
79,090 St. Paul Companies . . . . . . . . . . . . . . . . . . . . . . 2,748,378
54,100 State Street . . . . . . . . . . . . . . . . . . . . . . . . . 3,763,331
58,300 Summit Bancorp . . . . . . . . . . . . . . . . . . . . . . . . 2,546,981
72,000 SunAmerica . . . . . . . . . . . . . . . . . . . . . . . . . . 5,841,000
70,000 SunTrust Banks . . . . . . . . . . . . . . . . . . . . . . . . 5,355,000
88,300 Synovus Financial . . . . . . . . . . . . . . . . . . . . . . 2,152,313
47,000 Torchmark . . . . . . . . . . . . . . . . . . . . . . . . . . 1,659,688
21,000 Transamerica . . . . . . . . . . . . . . . . . . . . . . . . . 2,425,500
46,300 UNUM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,702,763
45,800 Union Planters . . . . . . . . . . . . . . . . . . . . . . . . 2,075,313
Interest Sensitive (continued)
245,315 U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,708,683
69,200 Wachovia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,050,675
198,709 Washington Mutual . . . . . . . . . . . . . . . . . . . . . . . . 7,588,200
542,000 Wells Fargo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,646,125
_______________
528,911,401
_______________
Mining and Metals--.6%
13,300 ASARCO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,331
76,300 Alcan Aluminium . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,064,869
62,600 Aluminum Co. of America . . . . . . . . . . . . . . . . . . . . . . . 4,667,613
125,000 Barrick Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,437,500
77,000 Battle Mountain Gold . . . . . . . . . . . . . . . . . . . . . . . . . 317,625
43,400 (a) Bethlehem Steel . . . . . . . . . . . . . . . . . . . . . . . . 363,475
31,400 Cyprus Amax Minerals . . . . . . . . . . . . . . . . . . . . . . . . . 314,000
57,100 Freeport-McMoRan Copper,
Cl. B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 595,981
80,100 Homestake Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . 735,919
55,700 Inco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 588,331
56,019 Newmont Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,011,843
29,500 Nucor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,275,875
19,700 Phelps Dodge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,002,238
83,800 Placer Dome . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 963,700
22,500 Reynolds Metals . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,185,469
29,500 USX-U.S. Steel . . . . . . . . . . . . . . . . . . . . . . . . . . . . 678,500
32,400 Worthington Industries . . . . . . . . . . . . . . . . . . . . . . . . 405,000
_______________
18,808,269
_______________
Transportation--.9%
61,100 (a) AMR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,627,813
158,500 Burlington Northern Santa Fe . . . . . . . . . . . . . . . . . . . . . 5,349,375
73,300 CSX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,041,950
47,600 Delta Air Lines . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,475,200
49,420 (a) FDX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,398,380
110,500 Laidlaw . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,111,906
127,000 Norfolk Southern . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,024,313
112,500 Southwest Airlines . . . . . . . . . . . . . . . . . . . . . . . . . . 2,524,219
82,900 Union Pacific . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,735,681
28,300 (a) USAir Group . . . . . . . . . . . . . . . . . . . . . . . . . . 1,471,600
_______________
31,760,437
_______________
Utilities--10.5%
605,400 AT&T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,556,350
58,900 (a) AES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,790,388
91,900 ALLTEL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,496,769
192,300 (a) Airtouch Communications . . . . . . . . . . . . . . . . . . . . 13,869,638
46,000 Ameren . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,963,625
64,000 American Electric Power . . . . . . . . . . . . . . . . . . . . . . . 3,012,000
369,500 Ameritech . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,417,063
49,800 Baltimore Gas & Electric . . . . . . . . . . . . . . . . . . . . . . . 1,537,575
520,660 Bell Atlantic . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,594,980
659,400 BellSouth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,887,575
50,700 Carolina Power & Light . . . . . . . . . . . . . . . . . . . . . . . . 2,386,069
71,200 Central & Southwest . . . . . . . . . . . . . . . . . . . . . . . . . 1,953,550
DREYFUS STOCK INDEX FUND
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1998
Shares COMMON STOCKS (continued) Value
_________ ________________
Utilities (continued)
53,100 CINergy . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,825,313
78,400 Consolidated Edison . . . . . . . . . . . . . . . . . . . . . 4,145,400
65,900 Dominion Resources . . . . . . . . . . . . . . . . . . . . . . 3,080,825
48,600 DTE Energy . . . . . . . . . . . . . . . . . . . . . . . . . . 2,083,725
121,009 Duke Energy . . . . . . . . . . . . . . . . . . . . . . . . . 7,752,139
118,500 Edison International . . . . . . . . . . . . . . . . . . . . . 3,303,188
82,600 Entergy . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,570,925
79,500 FirstEnergy . . . . . . . . . . . . . . . . . . . . . . . . . 2,588,719
60,700 FPL Group . . . . . . . . . . . . . . . . . . . . . . . . . . 3,740,638
57,500 Frontier . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,955,000
42,900 GPU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,895,644
323,100 GTE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,789,056
99,239 Houston Industries . . . . . . . . . . . . . . . . . . . . . . 3,188,053
614,336 MCI WorldCom . . . . . . . . . . . . . . . . . . . . . . . . . 44,078,608
95,800 (a) NEXTEL Communications,
Cl. A . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,263,275
37,400 New Century Energies . . . . . . . . . . . . . . . . . . . . . 1,823,250
62,800 (a) Niagara Mohawk Power . . . . . . . . . . . . . . . . . . . . . 1,012,650
50,700 Northern States Power . . . . . . . . . . . . . . . . . . . . 1,406,925
128,000 PG&E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,032,000
50,700 PP&L Resources . . . . . . . . . . . . . . . . . . . . . . . . 1,413,263
99,600 PacifiCorp . . . . . . . . . . . . . . . . . . . . . . . . . . 2,097,825
74,700 PECO Energy . . . . . . . . . . . . . . . . . . . . . . . . . 3,109,388
77,700 Public Service Enterprise
Group . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,108,000
655,978 SBC Communications . . . . . . . . . . . . . . . . . . . . . . 35,176,820
233,900 Southern . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,797,719
144,100 Sprint (FON Group) . . . . . . . . . . . . . . . . . . . . . . 12,122,413
140,800 Sprint (PCS Group) . . . . . . . . . . . . . . . . . . . . . . 3,256,000
Utilities (continued)
93,630 Texas Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,371,351
72,700 UniCom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,803,494
168,066 U S West . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,861,265
_______________
362,118,453
_______________
TOTAL COMMON STOCKS
(cost $2,352,051,485) . . . . . . . . . . . . . . . . . . . . . . . $3,358,702,607
_______________
Principal SHORT-TERM
Amount INVESTMENTS--2.8%
__________
U.S. Treasury Bills:
$ 1,664,000 4.10%, 1/21/1999 . . . . . . . . . . . . . . . . . . . . . . . . $ 1,659,932
14,193,000 (b) 4.32%, 2/04/1999 . . . . . . . . . . . . . . . . . . . . 14,134,823
6,006,000 4.32%, 2/18/1999 . . . . . . . . . . . . . . . . . . . . . . . . 5,973,327
11,085,000 4.35%, 3/04/1999 . . . . . . . . . . . . . . . . . . . . . . . . 11,001,563
57,148,000 4.37%, 3/18/1999 . . . . . . . . . . . . . . . . . . . . . . . . 56,642,240
597,000 4.43%, 3/25/1999 . . . . . . . . . . . . . . . . . . . . . . . . 591,026
7,213,000 4.47%, 4/01/1999 . . . . . . . . . . . . . . . . . . . . . . . . 7,134,378
_______________
TOTAL SHORT-TERM
INVESTMENTS
(cost $97,111,975) . . . . . . . . . . . . . . . . . . . . . . $ 97,137,289
_______________
TOTAL INVESTMENTS
(cost $2,449,163,460). . . . . . . . . . . . . . . . . . . . . . . . . . . 100.4% $3,455,839,896
_______ _______________
LIABILITIES, LESS CASH AND
RECEIVABLES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (.4%) $ (15,297,717)
_______ _______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $3,440,542,179
_______ _______________
Notes to Statement of Investments:
</TABLE>
- -----------------------------------------------------------------------------
(a) Non-income producing.
(b) Partially held by the custodian in a segregated account as collateral for
open financial future positions.
<TABLE>
<CAPTION>
STATEMENT OF FINANCIAL FUTURES DECEMBER 31, 1998
Market Value Unrealized
Covered Appreciation
Financial Futures Purchased Contracts by Contracts Expiration at 12/31/98
________________________ ________ ____________ _________ ____________
<S> <C> <C> <C> <C>
Standard & Poor's 500. . . . . . . . . . . . . . . . . . 269 $83,759,875 March '99 $2,238,936
__________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1998
Cost Value
_______________ _______________
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $2,449,163,460 $3,455,839,896
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 5,842,328
Receivable for investment securities sold . . . . . . . . 19,654,003
Dividend receivable . . . . . . . . . . . . . . . . . . . 3,483,411
Prepaid expenses . . . . . . . . . . . . . . . . . . . . 3,955
_______________
3,484,823,593
_______________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 687,125
Payable for investment securities purchased . . . . . . . 42,905,183
Payable for futures variation margin--Note 4(a) . . . . . 341,330
Accrued expenses . . . . . . . . . . . . . . . . . . . . 347,776
_______________
44,281,414
_______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,440,542,179
_______________
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $2,418,036,390
Accumulated net realized gain (loss) on investments . . . 13,590,417
Accumulated net unrealized appreciation (depreciation)
on investments (including $2,238,936 net unrealized
appreciation on financial futures)--Note 4(b) . . . . . 1,008,915,372
_______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,440,542,179
_______________
SHARES OUTSTANDING
(200 MILLION SHARES OF $.001 PAR VALUE COMMON STOCK AUTHORIZED). . . . . . . . . . . . . . 105,785,748
NET ASSET VALUE, offering and redemption price per share . . . . . . . . . . . . . . . . . $32.52
_______
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1998
INVESTMENT INCOME
<S> <C> <C>
INCOME: Cash dividends (net of $214,852 foreign taxes
withheld at source) . . . . . . . . . . . . . $ 37,008,323
Interest . . . . . . . . . . . . . . . . . . . 4,703,701
_____________
Total Income . . . . . . . . . . . . . . . $ 41,712,024
EXPENSES: Investment Advisory fee--Note 3(a) . . . . . . . $ 6,318,869
Registration fees . . . . . . . . . . . . . . . . 269,222
Prospectus and shareholders' reports . . . . . . 47,856
Professional fees . . . . . . . . . . . . . . . . 47,028
Directors' fees and expenses--Note 3(c) . . . . . 40,773
Loan commitment fees--Note 2 . . . . . . . . . . 13,566
Shareholder servicing costs--Note 3(b) . . . . . 4,938
Miscellaneous . . . . . . . . . . . . . . . . . . 25,826
_____________
Total Expenses . . . . . . . . . . . . . . 6,768,078
______________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,943,946
______________
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments . . . . . $ 9,467,927
Net realized gain (loss) on financial futures . . 7,919,564
_____________
Net Realized Gain (Loss) . . . . . . . . . 17,387,491
______________
Net unrealized appreciation (depreciation) on
investments (including $2,260,386 net unrealized
appreciation on financial futures) . . . . . . 593,180,285
______________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS . . . . . . . . . . . . . . 610,567,776
______________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . $645,511,722
______________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS STOCK INDEX FUND
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
December 31, 1998 December 31, 1997
___________________ __________________
<S> <C> <C>
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 34,943,946 $ 22,750,609
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . 17,387,491 31,107,216
Net unrealized appreciation (depreciation) on investments . . . . . . . . . . . . 593,180,285 301,610,317
________________ ________________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . . . 645,511,722 355,468,142
________________ ________________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (35,513,218) (22,484,033)
Net realized gain on investments . . . . . . . . . . . . . . . . . . . . . . . . (6,552,514) (52,209,539)
________________ ________________
Total Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (42,065,732) (74,693,572)
________________ ________________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . 1,531,271,100 968,080,279
Dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,065,732 74,693,572
Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (604,913,124) (268,834,713)
________________ ________________
Increase (Decrease) in Net Assets from Capital Stock Transactions . . . . . . 968,423,708 773,939,138
________________ ________________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . . 1,571,869,698 1,054,713,708
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,868,672,481 813,958,773
________________ ________________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,440,542,179 $1,868,672,481
________________ ________________
UNDISTRIBUTED INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . --- $ 363,269
________________ ________________
Shares Shares
________________ ________________
CAPITAL SHARE TRANSACTIONS:
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,994,265 40,703,214
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . . 1,413,619 2,981,897
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21,196,391) (11,239,469)
________________ ________________
Net Increase (Decrease) in Shares Outstanding . . . . . . . . . . . . . . . . 33,211,493 32,445,642
________________ ________________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
DREYFUS STOCK INDEX FUND
- -----------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of Common
Stock outstanding, total investment return, ratios to average net assets and
other supplemental data for each period indicated. This information has been
derived from the Fund's financial statements.
<TABLE>
<CAPTION>
Year Ended December 31,
_______________________________________________________
PER SHARE DATA: 1998 1997 1996 1995 1994
_______ _______ _______ _______ _______
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period . . . . . . . . . . $25.75 $20.28 $17.20 $12.94 $13.20
_______ _______ _______ _______ _______
Investment Operations:
Investment income--net . . . . . . . . . . . . . . . . . .37 .37 .39 .33 .32
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . . . . . . 6.85 6.26 3.43 4.39 (.21)
_______ _______ _______ _______ _______
Total from Investment Operations . . . . . . . . . . . . 7.22 6.63 3.82 4.72 .11
_______ _______ _______ _______ _______
Distributions:
Dividends from investment income--net . . . . . . . . . . (.38) (.37) (.39) (.33) (.31)
Dividends from net realized gain on investments . . . . . (.07) (.79) (.35) (.13) --
Dividends in excess of net realized gain on investments . -- -- -- -- (.06)
_______ _______ _______ _______ _______
Total Distributions . . . . . . . . . . . . . . . . . . . (.45) (1.16) (.74) (.46) (.37)
_______ _______ _______ _______ _______
Net asset value, end of period . . . . . . . . . . . . . $32.52 $25.75 $20.28 $17.20 $12.94
_______ _______ _______ _______ _______
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . . . . . 28.21% 32.96% 22.54% 36.78% .88%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . . . .. .26% .28% .30% .39% .40%
Ratio of net investment income to
average net assets . . . . . . . . . . . . . . . . . 1.35% 1.66% 2.24% 2.38% 2.57%
Decrease reflected in above expense ratios
due to undertakings by the Manager . . . . . . . . . -- -- -- .03% .16%
Portfolio Turnover Rate . . . . . . . . . . . . . . . . . 2.40% 3.53% 10.92% 11.95% 2.82%
Net Assets, end of period (000's Omitted) . . . . . . . . $3,440,542 $1,868,672 $813,959 $312,686 $96,806
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
DREYFUS STOCK INDEX FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
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. 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. 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. 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 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 provisions available to
certain investment companies, as defined in applicable sections of the Code, and
to make distributions of taxable income sufficient to relieve it from
substantially all Federal income and excise taxes.
During the period ended December 31, 1998, the Fund reclassified $206,003
between accumulated net realized gain on investments and accumulated
undistributed investment income-net. Net assets were not affected by this
reclassification.
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. During the period ended
December 31, 1998, the Fund did not borrow under the Facility.
DREYFUS STOCK INDEX FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (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,
1998 until such 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, 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. During the period ended December 31,
1998, there was no expense reimbursement pursuant to the Investment Advisory
Agreement.
(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.
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. During the period
ended December 31, 1998, the Fund was charged $768 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
December 31, 1998 amounted to $997,059,738 and $59,438,808, respectively.
The Fund may invest in financial futures contracts in order to gain exposure
to or protect against changes in the market. The Fund is exposed to market risk
as a result of changes in the value of the underlying financial instruments.
Investments in financial futures require the Fund to "mark to market" on a daily
basis, which reflects the change in the market value of the contract at the
close of each day's trading. Typically, variation margin payments are received
or made to reflect daily unrealized gains or losses. When the contracts are
closed, the Fund recognizes a realized gain or loss. These investments require
initial margin deposits with a custodian, which consist of cash or cash
equivalents, up to approximately 10% of the contract amount. The amount of these
deposits is determined by the exchange or Board of Trade on which the contract
is traded and is subject to change. Contracts open at December 31, 1998 are set
forth in the Statement of Financial Futures.
(B) At December 31, 1998, accumulated net unrealized appreciation on
investments and financial futures was $1,008,915,372, consisting of
$1,071,439,141 gross unrealized appreciation and $62,523,769 gross unrealized
depreciation.
At December 31, 1998, 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 STOCK INDEX FUND
- -----------------------------------------------------------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF
DREYFUS STOCK INDEX FUND:
In our opinion, the accompanying statements of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and financial highlights present fairly, in all
material respects, the financial position of Dreyfus Stock Index Fund (the
"Fund") as of December 31, 1998, the results of its operations for the year then
ended, the changes in its net assets and the financial highlights for each of
the five years presented, in conformity with generally accepted accounting
principles. These financial statements and financial highlights (hereafter
referred to as "financial statements" ) are the responsibility of the Fund's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits in accordance with
generally accepted auditing standards, which require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audits, which included confirmation of securities owned at
December 31, 1998 by correspondence with the custodian and brokers, provide a
reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
New York, New York
February 8, 1999
DREYFUS STOCK INDEX FUND
- -----------------------------------------------------------------------------
IMPORTANT TAX INFORMATION (UNAUDITED)
For Federal tax purposes the Fund hereby designates $.022 per share as a
long-term capital gain distribution of the $.114 per share paid on December 30,
1998, the Fund also designates $.0253 per share as a long-term capital gain
distribution of the $.1449 per share paid on June 30, 1998.
The Fund also designates 88.53% of the ordinary dividends paid during the
fiscal year ended December 31, 1998 as qualifying for the corporate dividends
received deduction.
[reg.tm logo]
(reg.tm)
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
2500 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 02904
Printed in U.S.A. 763AR9812
Stock
Index Fund
Annual Report
December 31, 1998
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
12/31/96 26,161 25,350
12/31/97 34,885 33,704
12/31/98 44,862 43,213
*Source: Lipper Analytical Services, Inc.
