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Previous: VAN KAMPEN HIGH INCOME TRUST II, N-30D, 2000-08-24 |
Next: MERRILL LYNCH DEVELOPING CAPITAL MARKETS FUND INC, NSAR-B, 2000-08-24 |
Dreyfus
Stock Index Fund
SEMIANNUAL REPORT June 30, 2000
(reg.tm)
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
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
---------------------------------------------------------------------------
Back Cover
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, 2000 through June 30, 2000.
Inside, you' ll find valuable information about how the fund was managed during
the reporting period, including a discussion with the fund's portfolio managers,
Steven Falci and Jocelin Reed.
While stock prices were little changed on average over the past six months, the
period was marked by high levels of volatility and dramatic shifts in investor
sentiment. Between January and mid-March, large-cap stocks generally continued
to advance, led by fast-growing technology stocks that, many investors believed,
would benefit most from the "new economy." Subsequently, however, technology
stocks corrected sharply over concerns about rising interest rates and extremely
high valuations. Other sectors of the large-cap stock market also declined,
erasing the gains achieved earlier in the year.
Also, primarily because of the precipitous drop in technology stock prices,
value-oriented stocks generally outperformed growth stocks during the reporting
period, a reversal of the trend established over the past several years. In
addition, small-capitalization stocks generally outperformed large-cap stocks,
particularly in the value-oriented segment of the market. In our view, these
short-term swings in investor sentiment highlight once again the importance of
broad diversification and a long-term perspective for most investors.
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 17, 2000
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, 2000, Dreyfus Stock Index Fund produced
a total return of -0.55%.(1) In contrast, the Standard & Poor's 500 Composite
Stock Price Index ("S&P 500 Index"), produced a total return of -0.43% for the
same period.(2) The difference in returns is primarily due to transaction costs
and other fund operating expenses.
What is the fund's investment approach?
The fund seeks to match the total return of the S&P 500 Index. To pursue this
goal, the fund generally invests in all 500 stocks in the S&P 500 Index in
proportion to their weighting in the Index. Often considered a barometer for the
stock market in general, the S&P 500 Index is made up of 500 widely held common
stocks and is dominated by large-cap 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 Index 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. Accordingly, it is composed of
approximately 375 industrial, 40 utility, 75 financial and 10 transportation
stocks. Each stock is weighted by its market capitalization. Overall, larger
companies have greater representation in the S&P 500 Index 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 Index. The fund does not attempt to manage market
volatility.
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
What other factors influenced the fund's performance?
The six-month reporting period was marked by high levels of stock market
volatility and changing investor preferences in three areas: technology versus
non-technology sectors; small-cap versus mid- and large-cap stocks; and growth-
versus value-investment styles.
From the beginning of the year through mid-March 2000, the U.S. stock market
advanced sharply, driven primarily by strong gains within the technology sector.
During this period, the prices of many high-flying technology stocks continued
to climb, especially those stocks that were associated with Internet-related
products and services. In addition, large-cap stocks underperformed their small-
and mid-cap counterparts and the growth style of investing outperformed the
value style of investing.
By mid-March, however, those trends had generally reversed themselves when many
technology stocks fell out of favor. Even during this downturn in the technology
sector as a whole, there were days when tech stocks bounced back to report
strong gains, which increased the stock market's volatility levels. In this
environment, which lasted through the end of May, large-cap stocks generally
outpaced small-cap stocks, and the value style of investing provided better
returns than the growth style. In June, however, technology stocks rebounded
strongly, small-cap stocks performed better than large-cap stocks and growth
outperformed value.
During the reporting period, the largest gains within the S&P 500, and therefore
within the fund as well, came from its technology group, which includes
electrical defense and electronic semiconductors. In addition, the S&P 500
Index' s energy holdings such as oil and gas drilling, natural gas, oil well
equipment and services and oil exploration and production companies provided
strong returns, as did its investment banking and brokerage stocks,
pharmaceutical, health care and medical products stocks.
Conversely, the lowest returns of the S&P 500 Index during the reporting period
and for the fund as well, were generated from basic materials stocks, which
include companies within the metals, glass and metal containers, steel, paper
and forest products areas. Other industry groups providing disappointing returns
included hotel and motel companies, consumer staples firms such as household
products manufacturers, engineering and construction companies, long-distance
telecommunications stocks and household furniture and appliances companies.
What is the fund's current strategy?
The fund is an index fund, and its goal is to replicate the return of the S&P
500 Index. Therefore, the fund's strategy is to hold all 500 stocks that make up
the S&P 500 Index in an effort to capture a similar return.
As of the end of the reporting period, the largest sector weightings of the
Index, and for the fund as well, were approximately as follows: technology (31%)
; interest sensitive (17%); healthcare (11%); consumer cyclical (8%); utilities
(7%); producer goods (6%); energy (6%); and consumer staples (5%).
July 17, 2000
(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.
(2) SOURCE: LIPPER INC. -- REFLECTS REINVESTMENT OF 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.
<TABLE>
<CAPTION>
The Fund
June 30, 2000 (Unaudited)
STATEMENT OF INVESTMENTS
STATEMENT OF INVESTMENTS
COMMON STOCKS--99.3% Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
ALCOHOL & TOBACCO--1.0%
<S> <C> <C>
Anheuser-Busch Cos. 195,900 14,631,281
Brown-Forman, Cl. B 29,700 1,596,375
Coors (Adolph), Cl. B 15,900 961,950
Philip Morris Cos. 991,600 26,339,375
Seagram 189,200 10,973,600
UST 70,300 1,032,531
55,535,112
CONSUMER CYCLICAL--7.7%
AMR 64,900 (a) 1,715,794
Albertson's 183,677 6,107,260
AutoZone 58,000 (a) 1,276,000
Bed Bath & Beyond 60,900 (a) 2,207,625
Best Buy 88,600 (a) 5,603,950
Black & Decker 36,900 1,450,631
Brunswick 38,100 631,031
CVS 169,200 6,768,000
Circuit City Group 88,200 2,927,138
Consolidated Stores 48,100 (a) 577,200
Cooper Tire & Rubber 32,000 356,000
Costco Wholesale 193,700 (a) 6,392,100
Dana 66,106 1,400,621
Darden Restaurants 53,700 872,625
Delphi Automotive Systems 244,103 3,554,750
Delta Air Lines 53,100 2,684,869
Dillard's, Cl. A 40,600 497,350
Dollar General 142,737 2,783,372
Eastman Kodak 134,300 7,990,850
Federated Department Stores 92,800 (a) 3,132,000
Ford Motor 522,600 22,471,800
Gap 369,000 11,531,250
General Motors 232,000 13,470,500
Grainger (W.W.) 40,700 1,254,069
Great Atlantic & Pacific 16,600 275,975
Harley-Davidson 131,600 5,066,600
Harrah's Entertainment 53,000 (a) 1,109,688
Hasbro 74,675 1,124,792
Hilton Hotel 159,700 1,497,188
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICAL (CONTINUED)
Home Depot 1,003,200 50,097,300
Johnson Controls 37,200 1,908,825
K mart 208,600 (a) 1,421,088
Kohl's 141,400 (a) 7,865,375
Kroger 362,100 (a) 7,988,831
Leggett & Platt 85,200 1,405,800
Limited 186,300 4,028,738
Liz Claiborne 23,700 835,425
Longs Drug Stores 17,100 371,925
Lowe's Cos. 165,800 6,808,163
Marriott International, Cl. A 103,900 3,746,894
Mattel 184,600 2,434,413
May Department Stores 144,150 3,459,600
Maytag 34,000 1,253,750
McDonald's 579,400 19,083,988
NIKE, Cl. B 118,600 4,721,763
Navistar International 26,800 (a) 832,475
Nordstrom 58,400 1,408,900
Office Depot 137,100 (a) 856,875
PACCAR 33,200 1,317,625
Penney (J.C.) 113,200 2,087,125
Polaroid 19,500 352,219
RadioShack 80,900 3,832,638
Reebok International 24,600 (a) 392,063
Rite Aid 112,300 736,969
Russell 14,100 282,000
Safeway 215,300 (a) 9,715,413
Sears, Roebuck & Co. 152,900 4,988,363
Southwest Airlines 215,150 4,074,403
Springs Industries 7,800 251,063
Staples 210,050 (a) 3,229,519
Starbucks 79,600 3,039,725
TJX Cos. 130,100 2,439,375
Target 197,700 11,466,600
Tiffany & Co. 31,400 2,119,500
Toys R Us 93,800 (a) 1,365,963
Tricon Global Restaurants 63,960 (a) 1,806,870
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICAL (CONTINUED)
US Airways Group 28,900 (a) 1,127,100
V.F. 49,500 1,178,719
Wal-Mart Stores 1,932,700 111,371,838
Walgreen 437,000 14,065,938
Wendy's International 49,300 878,156
Whirlpool 31,700 1,478,013
Winn-Dixie Stores 62,700 897,394
421,755,747
CONSUMER STAPLES--4.6%
Alberto-Culver, Cl. B 24,200 739,613
Archer Daniels Midland 261,115 2,562,191
Avon Products 103,000 4,583,500
Bestfoods 119,000 8,240,750
Campbell Soup 183,200 5,335,700
Clorox 101,800 4,561,913
Coca-Cola 1,073,300 61,647,669
Coca-Cola Enterprises 182,400 2,975,400
Colgate-Palmolive 250,100 14,974,738
ConAgra 213,400 4,067,938
Fortune Brands 68,700 1,584,394
General Mills 126,400 4,834,800
Gillette 452,700 15,816,206
Heinz (H.J.) 152,700 6,680,625
Hershey Foods 59,500 2,885,750
International Flavors & Fragrances 44,600 1,346,363
Kellogg 175,900 5,233,025
Nabisco Group Holdings 141,600 3,672,750
National Service Industries 17,700 345,150
Newell Rubbermaid 115,571 2,975,953
Owens-Illinois 63,600 (a) 743,325
PepsiCo 624,900 27,768,994
Procter & Gamble 567,100 32,466,475
Quaker Oats 56,800 4,267,100
Ralston-Purina Group 133,000 2,651,688
SUPERVALU 57,000 1,086,563
Sara Lee 377,100 7,282,744
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES (CONTINUED)
Sysco 144,500 6,087,063
Tupperware 25,000 550,000
Unilever, N.V. 247,889 10,659,227
Wrigley, (Wm) Jr 49,500 3,969,281
252,596,888
ENERGY--6.0%
Amerada Hess 39,300 2,426,775
Anadarko Petroleum 55,500 2,736,844
Apache 49,300 2,899,456
Baker Hughes 143,220 4,583,040
Burlington Resources 93,390 3,572,168
CMS Energy 47,600 1,053,150
Chevron 282,700 23,976,494
Coastal 92,800 5,649,200
Columbia Energy Group 34,950 2,293,594
Conoco, Cl. B 270,735 6,649,928
Duke Energy 159,309 8,981,045
Eastern Enterprises 11,800 743,400
El Paso Energy 100,300 5,109,031
Enron 317,400 20,472,300
Exxon Mobil 1,509,469 118,493,317
Halliburton 192,500 9,083,594
Kerr-McGee 40,858 2,408,068
Nicor 20,100 655,763
ONEOK 12,700 329,406
Occidental Petroleum 159,800 3,365,788
Peoples Energy 15,300 495,338
Phillips Petroleum 110,100 5,580,694
Rowan Cos. 40,700 (a) 1,236,263
Royal Dutch Petroleum 929,800 57,240,813
Sunoco 38,400 1,130,400
Texaco 239,400 12,748,050
Tosco 62,700 1,775,194
Transocean Sedco Forex 91,300 4,878,844
USX-Marathon Group 135,200 3,388,450
Union Pacific Resources Group 109,344 2,405,568
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
ENERGY (CONTINUED)
Unocal 105,300 3,488,063
Williams Cos. 191,600 7,987,325
327,837,363
HEALTH CARE--11.0%
ALZA 44,500 (a) 2,631,063
Abbott Laboratories 671,900 29,941,544
Allergan 56,200 4,186,900
American Home Products 565,500 33,223,125
Amgen 445,200 (a) 31,275,300
Bard (C.R.) 21,900 1,053,938
Bausch & Lomb 23,000 1,779,625
Baxter International 125,900 8,852,344
Becton, Dickinson & Co. 109,500 3,141,281
Biogen 64,400 (a) 4,153,800
Biomet 51,300 1,971,844
Boston Scientific 176,800 (a) 3,878,550
Bristol-Myers Squibb 855,400 49,827,050
Cardinal Health 119,350 8,831,900
Guidant 132,900 (a) 6,578,550
HCA-The Healthcare Company 241,850 7,346,194
HEALTHSOUTH 167,100 (a) 1,201,031
Humana 72,700 (a) 354,413
Johnson & Johnson 603,100 61,440,813
Lilly (Eli) & Co. 489,700 48,908,788
Mallinckrodt Group 29,100 1,264,031
Manor Care 44,300 (a) 310,100
McKesson HBOC 122,146 2,557,432
MedImmune 90,500 6,697,000
Medtronic 519,000 25,852,688
Merck & Co. 997,100 76,402,788
Pfizer 2,729,475 131,014,800
Schering-Plough 634,900 32,062,450
Sigma-Aldrich 37,000 1,082,250
St. Jude Medical 36,300 (a) 1,665,263
Tenet Healthcare 135,600 3,661,200
UnitedHealth Group 70,400 6,036,800
Watson Pharmaceuticals 41,900 (a) 2,252,125
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (CONTINUED)
Wellpoint Health Networks 26,900 (a) 1,948,569
603,385,549
INTEREST SENSITIVE--17.1%
AFLAC 115,100 5,287,406
Aetna 61,099 3,921,792
Allstate 322,900 7,184,525
American Express 579,300 30,196,013
American General 107,715 6,570,615
American International Group 668,425 78,539,938
Amsouth Bancorp 170,350 2,683,013
Aon 110,925 3,445,608
Associates First Capital, Cl. A 315,838 7,047,135
BB&T 151,100 3,607,513
Bank One 497,310 13,209,797
Bank of America 718,646 30,901,778
Bank of New York 319,800 14,870,700
Bear Stearns Cos. 47,927 1,994,961
Block (H&R) 42,700 1,382,413
CIGNA 70,600 6,601,100
Capital One Financial 84,900 3,788,663
Cendant 312,648 (a) 4,377,072
Charter One Financial 90,900 2,090,700
Chase Manhattan 536,300 24,703,319
Chubb 75,900 4,667,850
Cincinnati Financial 69,700 2,191,194
Citigroup 1,463,311 88,164,488
Comerica 67,800 3,042,525
Conseco 141,001 1,374,760
Countrywide Credit Industries 49,100 1,488,344
Equifax 61,200 1,606,500
Fannie Mae 436,800 22,795,500
Fifth Third Bancorp 134,325 8,496,056
First Data 178,800 8,872,950
First Union 425,190 10,550,027
Firstar 420,633 8,859,583
FleetBoston Financial 390,786 13,286,724
Franklin Resources 105,600 3,207,600
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
INTEREST SENSITIVE (CONTINUED)
Federal Home Loan Mortgage 301,400 12,206,700
General Electric 4,290,100 227,375,300
Golden West Financial 68,600 2,799,738
Hartford Financial Services Group 93,200 5,213,375
Household International 205,225 8,529,664
Huntington Bancshares 96,235 1,521,716
Jefferson-Pilot 44,750 2,525,578
Keycorp 188,500 3,322,313
Lehman Brothers Holdings 52,400 4,955,075
Lincoln National 83,100 3,001,988
Loews 42,800 2,568,000
MBIA 42,700 2,057,606
MBNA 347,687 9,431,010
MGIC Investment 45,900 2,088,450
Marsh & McLennan Cos. 116,850 12,203,522
Mellon Financial 213,000 7,761,188
Merrill Lynch 168,200 19,343,000
Morgan (J.P.) 70,400 7,752,800
Morgan Stanley Dean Witter & Co. 490,834 40,861,931
National City 262,900 4,485,731
Northern Trust 96,400 6,272,025
Old Kent Financial 59,535 1,592,561
PNC Bank 125,900 5,901,563
Paine Webber Group 63,100 2,871,050
Progressive 31,700 2,345,800
Providian Financial 61,800 5,562,000
Regions Financial 95,700 1,902,038
SLM Holding 67,900 2,542,006
Safeco 55,300 1,099,088
Schwab (Charles) 590,475 19,854,722
SouthTrust 72,900 1,649,363
St. Paul Cos. 91,990 3,139,159
State Street 69,800 7,403,163
Summit Bancorp 76,300 1,878,888
SunTrust Banks 131,100 5,989,631
Synovus Financial 122,400 2,157,300
T. Rowe Price Associates 52,400 2,227,000
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
INTEREST SENSITIVE (CONTINUED)
Torchmark 55,600 1,372,625
U.S. Bancorp 326,015 6,275,789
Union Planters 58,700 1,639,931
UnumProvident 104,244 2,091,395
Wachovia 87,800 4,763,150
Washington Mutual 237,509 6,858,072
Wells Fargo 698,700 27,074,625
935,475,791
INTERNET--1.6%
America Online 996,200 (a) 52,549,550
3COM 152,100 (a) 8,764,763
Yahoo! 235,600 (a) 29,184,950
90,499,263
PRODUCER GOODS--6.2%
Air Products & Chemicals 99,400 3,062,763
Alcan Aluminium 94,900 2,941,900
Alcoa 374,664 10,865,256
Allegheny Technologies 36,066 649,188
American Power Conversion 84,100 3,432,331
Armstrong Holdings 17,500 (a) 267,969
Ashland 30,600 1,072,913
Avery Dennison 48,600 3,262,275
Ball 12,900 415,219
Barrick Gold 171,600 3,120,975
Bemis 23,000 773,375
Bethlehem Steel 57,200 (a) 203,775
Boeing 393,324 16,445,860
Boise Cascade 24,800 641,700
Briggs & Stratton 9,700 332,225
Burlington Northern Santa Fe 185,700 4,259,494
CSX 94,700 2,006,456
Caterpillar 151,200 5,121,900
Centex 25,800 606,300
Cooper Industries 40,400 1,315,525
Crane 26,275 638,811
Crown Cork & Seal 55,600 834,000
Cummins Engine 18,000 490,500
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
PRODUCER GOODS (CONTINUED)
Deere & Co. 101,500 3,755,500
Dow Chemical 293,100 8,847,956
duPont (E.I.) deNemours & Co. 454,132 19,868,275
Eastman Chemical 33,300 1,590,075
Ecolab 56,200 2,195,313
Emerson Electric 185,000 11,169,375
Engelhard 55,300 943,556
FMC 13,200 (a) 765,600
FedEx 125,740 (a) 4,778,120
Fluor 33,100 1,046,788
Fort James 89,200 2,062,750
Freeport-McMoRan Copper, Cl. B 69,400 (a) 641,950
General Dynamics 87,000 4,545,750
Genuine Parts 76,650 1,533,000
Georgia-Pacific 73,900 1,939,875
Goodrich (B.F.) 46,500 1,583,906
Goodyear Tire & Rubber 67,800 1,356,000
Grace (W.R.) & Co. 29,300 (a) 355,263
Great Lakes Chemical 23,600 743,400
Hercules 46,500 653,906
Homestake Mining 112,900 776,188
Honeywell International 346,112 11,659,648
Illinois Tool Works 130,800 7,455,600
Inco 78,800 (a) 1,211,550
Ingersoll-Rand 70,150 2,823,538
International Paper 209,483 6,245,212
Kansas City Southern Industries 48,300 4,283,606
Kaufman & Broad Home 20,900 414,081
Kimberly-Clark 240,900 13,821,638
Lockheed Martin 173,600 4,307,450
Louisiana-Pacific 45,200 491,550
Masco 194,500 3,513,156
McDermott International 26,000 229,125
Mead 44,600 1,126,150
Minnesota Mining & Manufacturing 171,600 14,157,000
Newmont Mining 72,819 1,574,711
Norfolk Southern 166,100 2,470,738
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
PRODUCER GOODS (CONTINUED)
Northrop Grumman 30,300 2,007,375
Nucor 36,900 1,224,619
Owens-Corning 24,100 222,925
PPG Industries 75,500 3,345,594
Pactiv 73,300 (a) 577,238
Pall 53,601 991,619
Parker-Hannifin 48,550 1,662,838
Pharmacia 550,457 28,451,746
Phelps Dodge 34,133 1,269,321
Placer Dome 142,000 1,357,875
Potlach 12,400 410,750
Praxair 68,400 2,560,725
Pulte 17,900 387,088
Raytheon, Cl. B 147,400 2,837,450
Rockwell International 81,500 2,567,250
Rohm & Haas 94,306 3,253,557
Sealed Air 36,312 (a) 1,901,841
Sherwin-Williams 71,000 1,504,313
Snap-On 25,350 674,944
Stanley Works 38,000 902,500
TRW 53,500 2,320,563
Temple-Inland 22,700 953,400
Textron 62,500 3,394,531
Thomas & Betts 25,100 480,038
Timken 26,400 491,700
Tyco International 731,972 34,677,174
USX-U.S. Steel Group 38,300 710,944
Union Carbide 58,400 2,890,800
Union Pacific 107,500 3,997,656
United Technologies 204,000 12,010,500
Visteon 57,626 698,710
Vulcan Materials 43,700 1,865,444
Westvaco 43,600 1,081,825
Weyerhaeuser 101,000 4,343,000
Willamette Industries 48,000 1,308,000
Worthington Industries 37,400 392,700
339,426,562
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
SERVICES--5.5%
ALLTEL 136,700 8,466,856
Allied Waste Industries 81,900 (a) 819,000
American Greetings, Cl. A 28,000 532,000
Automatic Data Processing 272,000 14,569,000
Carnival 262,100 5,110,950
Ceridian 62,900 (a) 1,513,531
Clear Channel Communications 147,000 (a) 11,025,000
Comcast, Cl. A 389,300 (a) 15,766,650
Computer Sciences 72,600 (a) 5,422,313
Convergys 66,500 3,449,688
Deluxe 31,400 739,863
Disney (Walt) 901,000 34,970,063
Donnelley (R.R.) & Sons 52,900 1,193,556
Dow Jones & Co. 38,400 2,812,800
Dun & Bradstreet 70,100 2,006,613
Electronic Data Systems 202,000 8,332,500
Gannett 115,600 6,914,325
Harcourt General 31,100 1,691,063
IMS Health 128,900 2,320,200
Interpublic Group Cos. 130,800 5,624,400
Knight-Ridder 33,700 1,792,419
McGraw-Hill Cos. 84,300 4,552,200
Meredith 22,000 742,500
NEXTEL Communications, Cl. A 328,800 (a) 20,118,450
New York Times, Cl. A 73,700 2,911,150
Omnicom Group 77,000 6,857,813
Paychex 161,025 6,763,050
Quintiles Transnational 49,900 (a) 704,838
Ryder System 25,800 488,588
Sprint (PCS Group) 396,900 (a) 23,615,550
Time Warner 570,500 43,358,000
Tribune 131,200 4,592,000
Viacom, Cl. B 661,308 (a) 45,092,939
Waste Management 269,272 5,116,168
Young & Rubicam 31,300 1,789,969
301,776,005
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY--31.3%
ADC Telecommunications 146,300 (a) 12,270,913
Adaptec 45,100 (a) 1,026,025
Adobe Systems 51,900 6,747,000
Advanced Micro Devices 66,400 (a) 5,129,400
Agilent Technologies 195,950 14,451,313
Altera 86,300 (a) 8,797,206
Analog Devices 153,400 (a) 11,658,400
Andrew 34,950 (a) 1,173,009
Apple Computer 141,100 (a) 7,390,113
Applied Materials 350,200 (a) 31,736,875
Autodesk 25,300 877,594
BMC Software 105,900 (a) 3,863,695
Broadcom, Cl. A 93,000 (a) 20,361,188
Cabletron Systems 79,000 (a) 1,994,750
Cisco Systems 3,016,400 (a) 191,729,925
Citrix Systems 80,300 (a) 1,520,681
Compaq Computer 736,272 18,820,953
Computer Associates International 255,125 13,059,211
Compuware 156,300 (a) 1,621,613
Comverse Technology 66,200 (a) 6,156,600
Conexant Systems 94,200 (a) 4,580,475
Corning 119,600 32,277,050
Danaher 61,400 3,035,463
Dell Computer 1,116,600 (a) 55,062,338
Dover 88,000 3,569,500
Eaton 31,500 2,110,500
EMC 940,900 (a) 72,390,494
Gateway 139,500 (a) 7,916,625
Hewlett-Packard 433,700 54,158,288
ITT Industries 38,100 1,157,288
Intel 1,452,200 194,140,931
International Business Machines 768,800 84,231,650
KLA-Tencor 80,600 (a) 4,720,138
LSI Logic 133,100 (a) 7,204,038
Lexmark International Group, Cl. A 56,000 (a) 3,766,000
Linear Technology 134,900 8,625,169
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY (CONTINUED)
Lucent Technologies 1,412,047 83,663,785
Maxim Integrated Products 122,600 (a) 8,329,138
Mercury Interactive 34,400 (a) 3,328,200
Micron Technology 240,600 (a) 21,187,838
Microsoft 2,281,900 (a) 182,552,000
Millipore 20,000 1,507,500
Molex 85,075 4,094,234
Motorola 933,306 27,124,206
NCR 41,300 (a) 1,608,119
National Semiconductor 76,600 (a) 4,347,050
Network Appliance 132,100 (a) 10,634,050
Nortel Networks 1,284,480 87,665,760
Novell 142,800 (a) 1,320,900
Novellus Systems 56,600 (a) 3,201,438
Oracle 1,230,850 (a) 103,468,328
Parametric Technology 119,700 (a) 1,316,700
PE Biosystems Group 90,300 (a) 5,948,513
PeopleSoft 119,700 (a) 2,004,975
PerkinElmer 21,300 1,408,463
Pitney Bowes 111,800 4,472,000
QUALCOMM 321,300 (a) 19,278,000
Sabre Group Holdings 55,999 1,595,972
Sanmina 64,300 5,497,650
Sapient 25,500 2,726,906
Schlumberger 246,800 18,417,450
Scientific-Atlanta 69,100 5,147,950
Seagate Technology 98,500 (a) 5,417,500
Siebel Systems 86,600 (a) 14,164,513
Solectron 258,500 (a) 10,824,688
Sun Microsystems 687,900 (a) 62,555,906
Tektronix 20,900 1,546,600
Tellabs 177,600 (a) 12,154,500
Teradyne 75,100 (a) 5,519,850
Texas Instruments 709,600 48,740,650
Thermo Electron 67,600 (a) 1,423,825
Unisys 135,200 (a) 1,968,850
Veritas Software 169,500 (a) 19,156,148
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY (CONTINUED)
Xerox 288,900 5,994,675
Xilinx 139,300 (a) 11,500,956
1,712,148,197
UTILITIES--7.3%
AT&T 1,627,220 51,460,832
AES 184,800 (a) 8,431,500
Ameren 59,500 2,008,125
American Electric Power 139,460 4,131,503
Bell Atlantic 670,260 34,057,586
BellSouth 815,900 34,777,738
CP&L Energy 69,200 2,210,075
CINergy 68,900 1,752,644
CenturyTel 60,850 1,749,438
Consolidated Edison 91,900 2,722,538
Constellation Energy Group 64,900 2,113,306
DTE Energy 61,900 1,891,819
Dominion Resources 103,193 4,424,400
Edison International 144,100 2,954,050
Entergy 99,700 2,710,594
FPL Group 77,300 3,826,350
FirstEnergy 100,100 2,339,838
Florida Progress 42,800 2,006,250
GPU 52,600 1,423,488
GTE 417,500 25,989,375
Global Crossing 382,440 (a) 10,062,953
WorldCom 1,241,454 (a) 56,951,702
New Century Energies 50,500 1,515,000
Niagara Mohawk Power 74,700 (a) 1,041,131
Northern States Power 68,100 1,374,769
PG&E 167,100 4,114,838
PECO Energy 73,500 2,962,969
PPL 62,600 1,373,288
Pinnacle West Capital 36,700 1,243,213
Public Service Enterprise Group 93,800 3,247,825
Reliant Energy 128,239 3,791,065
SBC Communications 1,475,062 63,796,432
Sempra Energy 88,591 1,506,047
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (CONTINUED)
Southern 281,300 6,557,806
Sprint (FON Group) 380,100 19,385,100
TXU 114,330 3,372,735
UniCom 77,100 2,982,806
U S West 220,166 18,879,235
397,140,363
TOTAL COMMON STOCKS
(cost $3,766,213,369) 5,437,576,840
------------------------------------------------------------------------------------------------------------------------------------
Principal
SHORT-TERM INVESTMENTS-.8% Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS-.7%
Greenwich Capital Markets, 6.58% dated
6/30/2000, due 7/3/2000 in the amount
of $39,669,660 (fully collateralized by
$37,488,000 of various U.S. Government
Securities, total value $40,441,043) 39,647,920 39,647,920
U.S. TREASURY BILLS-.1%
5.47%, 8/17/2000 100,000 (b) 99,301
5.56%, 8/31/2000 5,000,000 (b) 4,954,250
5,053,551
TOTAL SHORT-TERM INVESTMENTS
(cost $44,700,058) 44,701,471
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $3,810,913,427) 100.1% 5,482,278,311
LIABILITIES, LESS CASH AND RECEIVABLES (.1%) (7,777,460)
NET ASSETS 100.0% 5,474,500,851
A NON-INCOME PRODUCING.
B PARTIALLY HELD BY THE CUSTODIAN IN A SEGREGATED ACCOUNT AS COLLATERAL FOR OPEN FINANCIAL FUTURE POSITIONS.
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF FINANCIAL FUTURES
June 30, 2000 (Unaudited)
Market Value Unrealized
Covered (Depreciation)
Contracts by Contracts ($) Expiration at 6/30/2000 ($)
------------------------------------------------------------------------------------------------------------------------------------
FINANCIAL FUTURES LONG
Standard & Poor's 500 132 48,447,300 September 2000 (74,256)
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
Cost Value
--------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments--Note 1(b) 3,810,913,427 5,482,278,311
Cash 193,176
Dividends and interest receivable 13,780,951
Receivable for shares of Common Stock subscribed 2,028,997
Receivable for investment securities sold 1,931,656
Receivable for futures variation margin--Note 4(a) 384,203
Prepaid expenses 8,286
5,500,605,580
--------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 1,105,301
Payable for investment securities purchased 24,517,653
Payable for shares of Common Stock redeemed 307,566
Accrued expenses 174,209
26,104,729
--------------------------------------------------------------------------------
NET ASSETS ($) 5,474,500,851
--------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 3,773,010,09
Accumulated undistributed investment income--net 9,684,483
Accumulated net realized gain (loss) on investments 20,515,643
Accumulated net unrealized appreciation (depreciation)
on investments [including ($74,256) net unrealized
(depreciation) on financial futures]--Note 4(b) 1,671,290,628
--------------------------------------------------------------------------------
NET ASSETS ($) 5,474,500,851
--------------------------------------------------------------------------------
SHARES OUTSTANDING
(200 million shares of $.001 par value Common Stock authorized) 143,974,009
NET ASSET VALUE, offering and redemption price per share ($) 38.02
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INCOME:
Cash dividends (net of $163,166 foreign taxes withheld at source) 39,230,133
Interest 2,034,920
TOTAL INCOME 41,265,053
EXPENSES:
Management fee--Note 3(a) 6,411,957
Registration fees 79,947
Prospectus and shareholders' reports 56,729
Professional fees 39,234
Directors' fees and expenses--Note 3(c) 19,368
Loan commitment fees--Note 2 18,206
Shareholder servicing costs--Note 3(b) 3,124
Miscellaneous 50,962
TOTAL EXPENSES 6,679,527
INVESTMENT INCOME--NET 34,585,526
--------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments 26,993,588
Net realized gain (loss) on financial futures 3,585,239
NET REALIZED GAIN (LOSS) 30,578,827
Net unrealized appreciation (depreciation) on investments
[including ($1,695,696) net unrealized (depreciation) on
financial futures] (91,759,761)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (61,180,934)
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (26,595,408)
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
June 30, 2000 Year Ended
(Unaudited) December 31, 1999
--------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 34,585,526 48,591,896
Net realized gain (loss) on investments 30,578,827 24,077,781
Net unrealized appreciation (depreciation)
on investments (91,759,761) 754,135,017
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS (26,595,408) 826,804,694
--------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net (25,547,390) (47,945,549)
Net realized gain on investments (5,891,134) (41,840,248)
TOTAL DIVIDENDS (31,438,524) (89,785,797)
--------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($):
Net proceeds from shares sold 835,903,564 1,770,669,411
Dividends reinvested 31,438,602 89,785,797
Cost of shares redeemed (564,513,686) (808,309,981)
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS 302,828,480 1,052,145,227
TOTAL INCREASE (DECREASE) IN NET ASSETS 244,794,548 1,789,164,124
--------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 5,229,706,303 3,440,542,179
END OF PERIOD 5,474,500,851 5,229,706,303
Undistributed investment income--net 9,684,483 646,347
--------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (SHARES):
Shares sold 22,180,021 50,987,939
Shares issued for dividends reinvested 812,478 2,504,918
Shares redeemed (15,030,376) (23,266,719)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 7,962,123 30,226,138
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the fund would have increased (or
decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the fund 's financial
statements.
Six Months Ended
June 30, 2000 Year Ended December 31,
----------------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value,
<S> <C> <C> <C> <C> <C> <C>
beginning of period 38.45 32.52 25.75 20.28 17.20 12.94
Investment Operations:
Investment income--net .25(a) .40(a) .37 .37 .39 .33
Net realized and unrealized
gain (loss) on investments (.46) 6.24 6.85 6.26 3.43 4.39
Total from Investment Operations (.21) 6.64 7.22 6.63 3.82 4.72
Distributions:
Dividends from investment
income--net (.18) (.38) (.38) (.37) (.39) (.33)
Dividends from net realized gain
on investments (.04) (.33) (.07) (.79) (.35) (.13)
Total Distributions (.22) (.71) (.45) (1.16) (.74) (.46)
Net asset value, end of period 38.02 38.45 32.52 25.75 20.28 17.20
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) (.55)(b) 20.60 28.21 32.96 22.54 36.78
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average
net assets .13(b) .26 .26 .28 .30 .39
Ratio of net investment income
to average net assets .66(b) 1.13 1.35 1.66 2.24 2.38
Decrease reflected in above expense
ratios due to undertakings by
The Dreyfus Corporation -- -- -- -- -- .03
Portfolio Turnover Rate 2.06(b) 2.64 2.40 3.53 10.92 11.95
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 5,474,501 5,229,706 3,440,542 1,868,672 813,959 312,686
(A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(B) NOT ANNUALIZED.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus Stock Index Fund (the "fund") is registered under the Investment Company
Act of 1940, 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., which is a wholly-owned subsidiary of Mellon
Financial Corporation. Effective March 22, 2000, Dreyfus Service Corporation
(" DSC" ), a wholly-owned subsidiary of Dreyfus, became the distributor of the
fund' s shares, which are sold to the public without a sales charge. Prior to
March 22, 2000, Premier Mutual Fund Services, Inc. was the distributor.
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 income, including, where
applicable, amortization of discount on investments, is recognized on the
accrual basis.
The fund may enter into repurchase agreements with financial institutions,
deemed to be creditworthy by the fund' s Manager, subject to the seller's
agreement to repurchase and the fund's agreement to resell such securities at a
mutually agreed upon price. Securities purchased subject to repurchase
agreements are deposited with the fund's custodian and, pursuant to the terms of
the repurchase agreement, must have an aggregate market value greater than or
equal to the repurchase price plus accrued interest at all times. If the value
of the underlying securities falls below the value of the repurchase price plus
accrued interest, the fund will require the seller to deposit additional
collateral by the next business day. If the request for additional collateral is
not met, or the seller defaults on its repurchase obligation, the fund maintains
the right to sell the underlying securities at market value and may claim any
resulting loss against the seller.
(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 pro-
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
visions 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 $500 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, 2000, the fund did not borrow under the Facility.
NOTE 3--Management Fee, Index Management Fee and Other Transactions With
Affiliates:
(a) Pursuant to an 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. 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, 2000 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, 2000, there was
no expense reimbursement pursuant to the undertaking.
(b) Under the Shareholder Services Plan, the fund reimburses DSC 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
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, 2000, the fund was charged $282 pursuant to the transfer agency
agreement.
(c) Each Board member also serves a Board member of other funds within the
Dreyfus complex (collectively, the "Fund Group"). Effective April 25, 2000, each
Board member who is not an "affiliated person" as defined in the Act receives an
annual fee of $25,000 and an attendance fee of $4,000 for each in person meeting
and $500 for telephone meetings. These fees are allocated among the funds in the
Fund Group. The Chairman of the Board receives an additional 25% of such
compensation. Prior to April 25, 2000, each Board member who was not an
" affiliated person" as defined in the Act received from the fund an annual fee
of $2,500 and an attendance fee of $500 per meeting. The Chairman of the Board
received an additional 25% of such compensation. Subject to the fund's Emeritus
Program Guidelines, Emeritus Board Members, if any, receive 50% of the fund's
annual retainer fee and per meeting fee paid at the time the Board member
achieves emeritus status.
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, 2000, amounted to $441,177,398 and $107,320,055, 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 Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
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, 2000 are set forth in the Statement of Financial Futures.
(b) At June 30, 2000, accumulated net unrealized appreciation on investments and
financial futures was $1,671,290,628, consisting of $1,968,695,269 gross
unrealized appreciation and $297,404,641 gross unrealized depreciation.
At June 30, 2000, 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).
NOTES
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
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
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) 2000 Dreyfus Service Corporation 763SA006
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