PEOPLES INDEX FUND, INC.
STATEMENT OF INVESTMENTS APRIL 30, 1994 (UNAUDITED)
SHARES COMMON STOCKS-94.7% VALUE
------------ ------------
CAPITAL GOODS - 14.3%
8,773 AMP................................ $ 560,375
7,637(a) Advanced Micro Devices............. 201,426
4,367 Alco Standard...................... 229,813
23,702 Allied-Signal...................... 817,719
9,721(a) Amdahl............................. 65,617
2,088(a) Andrew ............................ 80,910
9,697 Apple Computer..................... 290,910
2,031 Autodesk .......................... 103,073
7,032 Black & Decker..................... 135,366
28,370 Boeing ............................ 1,276,650
1,205 Briggs & Stratton.................. 101,521
16,072 Browning-Ferris Industries......... 470,106
6,941(a) COMPAQ Computer.................... 770,451
8,543 Caterpillar ....................... 938,662
3,680(a) Ceridian........................... 90,160
2,781 Cincinnati Milacron................ 57,706
1,477(a) Clark Equipment.................... 100,805
28,271 Columbia Healthcare................ 1,197,984
13,904 Computer Associates International.. 450,142
4,146(a) Computer Sciences.................. 157,548
9,590 Cooper Industries.................. 365,619
17,484 Corning ........................... 550,746
2,205(a) Cray Research...................... 47,132
4,592(a) DSC Communications................. 275,520
2,992(a) Data General....................... 22,440
7,084 Deere & Co......................... 543,697
11,318(a) Digital Equipment.................. 237,678
4,730 Dover.............................. 260,150
4,848 EG & G ............................ 72,114
2,806 E-Systems.......................... 112,591
6,922 Eastman Chemical................... 308,029
6,160 Eaton ............................. 341,880
18,749 Emerson Electric................... 1,092,129
6,843 Fluor.............................. 349,848
1 Gardner Denver Machinery........... 5
5,272 General Dynamics................... 213,516
71,348 General Electric................... 6,786,978
3,918 General Signal .................... 128,314
2,900 Giddings & Lewis................... 73,225
4,200 Grainger (W.W.).................... 262,500
2,173 Harnischfeger Industries........... 45,633
3,290 Harris............................. 144,349
21,086 Hewlett-Packard.................... 1,692,151
11,106 Honeywell.......................... 362,333
9,410 Illinois Tool Works................ 389,339
8,792 Ingersoll-Rand..................... 307,720
34,987 Intel.............................. 2,134,207
3,873(a) Intergraph......................... 36,793
48,338 International Business Machines.... 2,767,350
5,204 Lockheed........................... 319,395
6,990 Loral.............................. 258,630
3,632(a) Lotus Development.................. 235,172
2,108(a) M/A-Com............................ 11,594
7,966 Martin Marietta.................... 354,487
3,293 McDonnell Douglas.................. 386,928
2,642 Morrison Knudson................... 62,087
SHARES COMMON STOCKS (CONTINUED) VALUE
------------ ------------
CAPITAL GOODS (CONTINUED)
46,584 Motorola........................... $ 2,078,811
9,260(a) National Seminductor............... 190,988
6,130(a) Navistar International............. 115,704
20,986 Northern Telecommunications........ 624,334
4,063 Northrop........................... 155,410
25,820(a) Novell............................. 474,442
24,314(a) Oracle Systems..................... 726,381
9,716 Pall............................... 165,172
4,061 Parker-Hannifin.................... 176,146
3,735 Perkin-Elmer....................... 108,315
8,686 Pet................................ 154,177
13,234 Pitney Bowes....................... 506,200
3,478 Raychem............................ 123,034
11,360 Raytheon........................... 732,720
18,491 Rockwell International............. 721,149
3,095 Scientific-Atlanta................. 103,683
7,850(a) Sun Microsystems................... 175,644
9,436(a) Tandem Computers................... 110,873
2,532 Tektronix.......................... 76,593
7,592 Texas Instruments.................. 580,788
1,625 Thomas & Betts..................... 101,563
2,588 Timken............................. 88,316
3,915 Tyco Laboratories.................. 185,473
13,632(a) Unisys............................. 148,248
3,685(a) Varity............................. 147,400
40,437 WMX Technologies................... 1,056,417
3,873 Western Atlas...................... 166,539
29,488 Westinghouse Electric.............. 342,798
8,725 Xerox.............................. 862,684
1,092 Zurn Industries.................... 22,932
------------
40,872,157
------------
CONSUMER BASIC - 14.4%
6,500(a) ALZA............................... 164,125
68,596 Abbott Laboratories................ 1,946,411
21,250 Albertson's ....................... 608,281
5,500 Allergan .......................... 118,250
16,950 American Brands ................... 574,181
25,951 American Home Products............. 1,498,670
11,250(a) Amgen.............................. 455,625
27,325 Archer-Daniels-Midland............. 628,475
4,340 Bard (C.R.)........................ 105,787
4,974 Bausch & Lomb ..................... 231,291
23,152 Baxter International............... 529,602
6,056 Becton, Dickinson & Co............. 233,913
6,852(a) Beverly Enterprises................ 90,789
9,650(a) Biomet............................. 95,294
11,822 Borden ............................ 153,686
42,887 Bristol-Myers Squibb .............. 2,310,537
6,650 Bruno's ........................... 50,706
12,522 CPC International.................. 604,186
20,938 Campbell Soup ..................... 821,816
4,567 Clorox ............................ 230,633
12,570 Colgate-Palmolive ................. 736,916
3,641 Community Psychiatric Centers...... 52,794
20,766 ConAgra ........................... 584,044
PEOPLES INDEX FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1994 (UNAUDITED)
SHARES COMMON STOCKS (CONTINUED) VALUE
------------ ------------
CONSUMER BASIC (CONTINUED)
3,108 Fleming Companies ................. $ 78,088
13,344 General Mills ..................... 688,884
5,854 Gerber Products ................... 179,279
4,977 Giant Food ........................ 113,227
3,242 Great Atlantic & Pacific Tea....... 81,050
21,148 Heinz (H.J.)....................... 692,597
7,322 Hershey Foods ..................... 326,744
54,045 Johnson & Johnson.................. 2,236,112
19,100 Kellogg............................ 962,163
8,954(a) Kroger............................. 203,704
24,517 Lilly (Eli) & Co................... 1,207,462
5,184 Manor Care......................... 143,856
4,746 Medtronic.......................... 357,730
107,283 Merck & Co......................... 3,178,259
2,324 Millipore.......................... 112,133
13,954 National Medical Enterprises....... 238,962
26,141 Pfizer............................. 1,542,319
73,301 Philip Morris Companies............ 3,994,905
7,474 Pioneer Hi Bred International...... 261,590
2,705 Premark International.............. 213,695
57,160 Procter & Gamble................... 3,250,975
5,633 Quaker Oats........................ 362,624
8,436 Ralston Purina..................... 303,696
4,586(a) Ryan's Family Steak House.......... 35,542
3,870 St. Jude Medical................... 99,653
39,958 Sara Lee........................... 829,129
16,142 Schering-Plough.................... 984,662
1,909 Shared Medical Systems............. 48,918
5,942 Supervalu.......................... 193,858
18,544 Syntex............................. 280,478
15,444 Sysco.............................. 401,544
17,452 UST................................ 486,475
13,429 Unilever N.V....................... 1,490,619
13,527 U.S. Health Care Systems........... 507,263
4,750 U.S. Surgical...................... 83,719
14,559 Upjohn............................. 389,453
11,240 Warner-Lambert..................... 762,915
6,282 Winn-Dixie Stores.................. 296,825
9,689 Wrigley (Wm.) Jr................... 500,195
------------
40,947,314
------------
CONSUMER DISCRETIONARY - 15.6%
2,430 Alberto-Culver, Cl. B Convertible.. 51,941
11,904 American Stores.................... 297,600
22,482 Anheuser-Busch Companies........... 1,216,838
5,989 Avon Products...................... 355,597
4,003(a) Bally Manufacturing................ 26,520
1,185 Bassett Furniture Industries....... 30,662
18,873 Blockbuster Entertainment.......... 511,930
1,880 Brown-Forman....................... 168,730
1,439 Brown Group........................ 54,142
7,985 Brunswick.......................... 184,653
8,662 Charming Shoppes................... 90,951
29,540 Chrysler........................... 1,414,227
108,659 Coca-Cola.......................... 4,522,931
6,970 Cooper Tire & Rubber............... 182,091
SHARES COMMON STOCKS (CONTINUED) VALUE
------------ ------------
CONSUMER DISCRETIONARY (CONTINUED)
3,176 Coors (Adolph)..................... $ 59,153
3,100 Cummins Engine..................... 134,075
4,126 Dana............................... 223,320
5,943 Dayton-Hudson...................... 469,497
4,229 Delta Air Lines.................... 200,877
9,470 Dillard Dept Stores, Cl. A......... 317,245
44,932 Disney (Walt)...................... 1,903,993
27,589 Eastman Kodak...................... 1,144,943
4,862 Echlin............................. 126,412
41,528 Ford Motor......................... 2,424,197
12,136 Gap................................ 571,909
59,443 General Motors..................... 3,373,390
1,963(a) Genesco............................ 7,607
10,431 Genuine Parts...................... 371,604
18,490 Gillette........................... 1,241,141
2,156 Goodrich (B.F.).................... 100,523
12,512 Goodyear Tire & Rubber............. 487,968
2,849 Handleman.......................... 30,983
6,467 Harcourt General................... 210,986
2,721(a) Hartmarx........................... 18,367
7,328 Hasbro............................. 249,152
4,032 Hilton Hotels...................... 225,288
9,421 International Flavors & Fragrances. 343,867
3,791 Jostens............................ 60,182
34,254 K mart............................. 565,191
3,106(a) King World Productions............. 116,087
30,396 Limited............................ 585,123
6,805 Liz Claiborne...................... 170,125
1,744 Longs Drug Stores.................. 56,462
12,356 Lowe's Companies................... 435,549
2,235 Luby's Cafeterias.................. 53,081
9,808 Marriott International............. 261,138
14,075 Mattel............................. 353,634
20,776 May Department Stores.............. 869,995
9,008 Maytag............................. 170,026
29,524 McDonald's......................... 1,771,440
8,800 Melville........................... 349,800
3,080 Mercantile Stores.................. 117,040
6,280 NIKE, Cl. B........................ 336,765
6,910 Nordstrom.......................... 302,313
1,211 Oshkosh B'Gosh..................... 15,743
1,684 Outboard Marine.................... 37,680
3,237 PACCAR............................. 173,180
19,738 Penney (J.C.)...................... 1,070,787
5,150 Pep Boys-Manny Moe & Jack.......... 157,075
66,540 PepsiCo............................ 2,428,710
3,967 Polaroid .......................... 122,977
18,246(a) Price/Costco....................... 275,971
8,580(a) Promus Companies................... 313,170
7,065 Reebok International............... 217,249
7,164 Rite Aid........................... 137,907
13,436 Rubbermaid......................... 356,054
3,445 Russell............................ 97,321
1,151 SPX................................ 17,553
4,899 Safety-Kleen....................... 73,485
31,064 Seagram Co. Ltd.................... 912,505
PEOPLES INDEX FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED APRIL 30, 1994 (UNAUDITED)
SHARES COMMON STOCKS (CONTINUED) VALUE
------------ ------------
CONSUMER DISCRETIONARY (CONTINUED)
3,400(a) Shoney's........................... $ 64,600
1,446 Springs Industries................. 48,260
4,268 Stride Rite........................ 52,283
6,193 TJX................................ 148,632
2,347 TRINOVA............................ 81,852
5,347 Tandy.............................. 177,119
24,284(a) Toys R Us.......................... 840,834
2,040(a) UAL................................ 263,415
5,040(a) USAir Group........................ 40,950
5,345 V.F. Corp.......................... 267,918
192,212 Wal-Mart Stores.................... 4,853,353
10,258 Walgreen........................... 428,272
8,338 Wendy's International.............. 150,084
5,938 Whirlpool.......................... 347,373
11,096 Woolworth (F.W.)................... 184,471
2,935(a) Zenith Electronics................. 26,415
------------
44,302,459
------------
ENERGY & RELATED - 9.9%
7,711 Amerada Hess ...................... 387,478
41,540 Amoco.............................. 2,331,432
5,045 Ashland Oil........................ 195,494
13,319 Atlantic Richfield................. 1,270,300
11,821 Baker Hughes....................... 217,211
10,888 Burlington Res..................... 488,599
27,230 Chevron............................ 2,423,470
8,734 Coastal............................ 276,213
14,641 Dresser Industries................. 333,083
103,844 Exxon.............................. 6,529,191
2,983 Foster Wheeler..................... 120,066
9,541 Halliburton........................ 282,652
2,081 Helmerich & Payne.................. 54,366
4,148 Kerr-McGee ........................ 185,623
2,754 Louisiana Land & Exploration....... 108,783
4,450 McDermott International............ 94,562
33,358 Mobil.............................. 2,610,263
25,405 Occidental Petroleum............... 450,939
8,206 Oryx Energy........................ 138,476
3,820 Pennzoil........................... 188,135
21,863 Phillips Petroleum................. 683,219
7,115(a) Rowan Companies.................... 51,584
44,864 Royal Dutch Petroleum.............. 4,890,176
7,635 Santa Fe Energy Resources.......... 67,761
20,388 Schlumberger....................... 1,121,340
8,933 Sun Co............................. 302,605
21,612 Texaco............................. 1,391,272
23,973 USX - Marathon..................... 404,544
20,190 Unocal............................. 557,749
------------
28,156,586
------------
FINANCE - 9.7%
9,379 Aetna Life & Casualty.............. 487,708
9,810 Ahmanson (H.F.) & Co............... 179,032
3,487 Alexander & Alexander Services..... 50,997
40,726 American Express................... 1,206,508
18,200 American General................... 464,100
SHARES COMMON STOCKS (CONTINUED) VALUE
------------ ------------
FINANCE (CONTINUED)
26,583 American International Group....... $ 2,266,201
31,416 Banc One........................... 1,036,728
8,855 Bank Of Boston..................... 228,016
29,933 BankAmerica........................ 1,294,602
6,793 Bankers Trust NY................... 454,282
8,171 Barnett Banks...................... 376,887
4,394 Beneficial......................... 166,972
8,700 Boatmen's Bancshares............... 274,050
6,050 CIGNA.............................. 353,925
15,372 Chase Manhattan.................... 522,648
21,174 Chemical Banking................... 735,796
7,328 Chubb.............................. 560,592
32,377(a) Citicorp........................... 1,197,949
4,618 Continental........................ 103,905
10,960 CoreStates Financial............... 290,440
15,015 Federal Home Loan.................. 848,348
7,190 First Chicago...................... 380,171
6,897 First Fidelity Bancorp............. 319,848
6,946 First Interstate Bancorp........... 553,944
14,135 First Union........................ 630,774
11,540 Fleet/Norstar Financial Group...... 435,635
7,074 General Re......................... 788,751
5,396 Golden West Financial.............. 206,397
11,040 Great Western Financial............ 179,400
7,850 Household International............ 246,294
4,198 Jefferson-Pilot.................... 205,177
19,937 Key................................ 630,508
7,872 Lincoln National................... 300,120
5,324 Mellon Bank ....................... 296,813
17,550 Merrill Lynch & Co................. 647,156
16,115 Morgan (J.P.) & Co................. 991,073
13,518 NBD Bancorp........................ 383,573
25,874 Norwest ........................... 666,256
19,636 PNC Financial...................... 547,354
8,470 Providian ......................... 254,100
5,270 SAFECO............................. 284,580
3,547 St. Paul Companies................. 281,543
29,295 Sears, Roebuck & Co................ 1,376,865
7,883 Shawmut National .................. 176,382
10,269 SunTrust Banks .................... 474,941
6,205 Torchmark ......................... 231,912
6,467 Transamerica ...................... 325,775
26,870 Travelers ......................... 933,718
6,564 UNUM............................... 324,098
7,138 USF & G............................ 89,225
1,854 USLIFE............................. 69,525
8,300 U.S. Bancorp....................... 209,056
14,340 Wachovia .......................... 446,333
4,649 Wells Fargo........................ 674,105
------------
27,661,088
------------
GENERAL BUSINESS - 6.8%
41,246 Airtouch Communications............ 1,015,683
6,212 American Greetings ................ 181,701
11,706 Automatic Data Processing.......... 602,859
8,834 Block (H & R)...................... 375,445
1,297 CBS................................ 392,991
PEOPLES INDEX FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1994 (UNAUDITED)
SHARES COMMON STOCKS (CONTINUED) VALUE
------------ ------------
GENERAL BUSINESS (CONTINUED)
1,288 Capital Cities/ABC................. $ 914,480
8,094 Circuit City Stores ............... 153,786
21,210 Cisco Sys ......................... 642,928
19,108 Comcast, Cl. A..................... 300,951
14,220 Dean Witter Discovery.............. 535,027
6,898 Deluxe ............................ 186,246
3,942 Dial............................... 185,274
13,020 Donnelley (R.R.) & Sons............ 354,795
8,298 Dow Jones & Co..................... 318,436
14,764 Dun & Bradstreet .................. 867,385
4,588(a) Federal Express.................... 349,835
12,304 Gannett............................ 645,960
2,565 Harland (John H) .................. 58,354
9,824 ITT................................ 881,704
6,300 Interpublic Group Companies........ 184,275
4,558 Knight-Ridder ..................... 272,910
12,525 MBNA............................... 313,125
6,134 Marsh & Mclennan................... 518,323
4,177 McGraw-Hill ....................... 272,027
3,359 McKesson .......................... 223,373
1,231 Meredith .......................... 53,549
36,128 Minnesota Mining & Manufacturing... 1,765,756
4,129 Morton International............... 360,255
2,459(a) National Education................. 12,910
4,125 National Service Industries........ 109,828
22,561 NationsBank........................ 1,178,812
8,877 New York Times .................... 225,254
5,120 Rollins Environmental Services..... 23,040
9,265 Salomon ........................... 449,353
6,992 Service Corporation International.. 172,178
5,375 TRW................................ 350,719
37,735(a) Tele-Communications, Cl. A......... 740,549
4,675 Teledyne .......................... 78,891
7,380 Textron ........................... 389,295
31,406 Time Warner ....................... 1,114,913
10,746 Times Mirror ...................... 339,842
5,591 Tribune ........................... 355,029
10,407 United Technologies ............... 663,446
8,936 Whitman ........................... 142,976
------------
19,274,468
------------
MANUFACTURING - 6.5%
3,474 ASARCO............................. 84,679
9,544 Air Products & Chemical............ 412,778
18,763 Alcan Aluminium.................... 391,678
7,428 Aluminum Co. of America............ 505,104
23,792 American Barrick Resources......... 547,216
7,543 American Cyanamid.................. 354,521
8,881(a) Armco.............................. 41,075
4,780 Avery Dennison..................... 138,022
2,455 Ball............................... 65,978
4,310 Bemis.............................. 100,746
8,898(a) Bethlehem Steel.................... 179,072
7,407(a) Crown Cork & Seal.................. 266,652
7,690 Cyprus Amax Minerals............... 216,281
22,951 Dow Chemical....................... 1,440,175
56,622 DuPont (E.I.) de Nemours........... 3,234,532
SHARES COMMON STOCKS (CONTINUED) VALUE
------------ ------------
MANUFACTURING (CONTINUED)
1,898 Eastern Enterprises................ $ 49,585
9,389 Echo Bay Mines..................... 109,147
5,314 Ecolab............................. 117,572
8,073 Engelhard.......................... 209,898
3,050 FMC................................ 144,494
3,583 Federal Paper Board................ 76,139
1,716 First Mississippi.................. 25,740
7,857 Grace (W.R.)....................... 320,173
5,950 Great Lakes Chemical............... 387,494
3,435 Hercules........................... 369,262
11,498 Homestake Mining................... 218,462
9,695 Inco Ltd........................... 236,316
3,383(a) Inland Steel Industries............ 113,331
10,367 International Paper................ 676,447
6,863 James River........................ 120,960
13,406 Kimberly-Clark..................... 735,654
6,393 Mallinckrodt Group................. 208,572
11,370(a) Maxus Energy....................... 51,165
4,918 Mead .............................. 207,171
9,929 Monsanto .......................... 816,660
8,381 Moore.............................. 152,953
748 NACCO Industries .................. 37,493
5,812 Nalco Chemical .................... 195,429
1,058(a) National Intergroup................ 17,589
7,157 Newmont Mining .................... 295,210
7,244 Nucor ............................. 444,601
3,655 Ogden ............................. 77,669
8,871 PPG Industries .................... 671,978
5,838 Phelps Dodge ...................... 323,279
3,429 Pittston .......................... 85,725
19,956 Placer Dome ....................... 409,098
11,191 Praxair............................ 214,028
5,039 Reynolds Metals ................... 211,638
5,612 Rohm & Haas ....................... 321,287
6,205 Scott Paper ....................... 266,039
7,378(a) Stone Container.................... 99,603
4,615 Temple-Inland ..................... 218,636
6,131 USX-US Steel Group................. 208,454
5,825 Union Camp ........................ 258,484
12,691 Union Carbide ..................... 334,725
5,612 Westvaco........................... 173,972
8,640 Williams Companies................. 222,480
7,567 Worthington Industries............. 139,990
------------
18,553,111
------------
SHELTER - 2.6%
3,088 Armstrong World Industries......... 172,928
3,187 Boise Cascade ..................... 68,520
2,682 Centex ............................ 76,437
7,814 Champion International............. 238,327
2,488 Crane ............................. 63,133
22,797 Federal National Mtg. Association.. 1,897,850
3,882 Fleetwood Enterprises ............. 81,037
7,523 Georgia-Pacific ................... 448,559
37,532 Home Depot ........................ 1,576,344
3,361 Johnson Controls .................. 165,529
2,740 Kaufman & Broad Home .............. 49,663
9,164 Louisiana-Pacific ................. 308,140
PEOPLES INDEX FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1994 (UNAUDITED)
SHARES COMMON STOCKS (CONTINUED) VALUE
------------ ------------
SHELTER (CONTINUED)
12,811 Masco.............................. $ 365,114
6,558 Newell ............................ 256,582
3,619(a) Owens Corning Fiberglas............ 125,760
2,408 Potlatch .......................... 98,126
2,310 Pulte Corp......................... 62,370
7,442 Sherwin-Williams .................. 234,423
933 Skyline ........................... 17,610
3,553 Snap-On Tools ..................... 135,458
3,699 Stanley Works...................... 144,261
17,154 Weyerhaeuser ...................... 731,189
------------
7,317,360
------------
TRANSPORTATION - 1.6%
6,319(a) AMR................................ 383,089
7,396 Burlington Northern ............... 418,799
8,729 CSX................................ 679,771
6,624 Conrail ........................... 373,428
2,952(a) Consolidated Freightways.......... 81,180
11,650 Norfolk Southern .................. 744,144
3,320 Roadway Services .................. 233,230
6,398 Ryder System ...................... 159,950
15,404 Santa Fe Pacific .................. 342,739
17,168 Union Pacific ..................... 1,012,912
2,348 Yellow Freight Systems............. 49,161
------------
4,478,403
------------
UTILITIES - 13.3%
15,421 American Electric Power............ 501,182
113,079 American Telephone & Telegraph..... 5,781,164
45,642 Ameritech ......................... 1,797,154
10,371 Arkla ............................. 68,708
12,194 Baltimore Gas & Electric........... 294,180
36,450 Bell Atlantic ..................... 1,886,287
41,462 BellSouth ......................... 2,523,999
13,482 Carolina Power & Light............. 358,958
15,828 Central & South West .............. 405,592
4,211(a) Columbia Gas System................ 118,961
17,931 Commonwealth Edison ............... 454,999
19,602 Consolidated Edison ............... 600,311
7,818 Consolidated Natural Gas........... 307,834
12,300 Detroit Edison .................... 332,100
14,008 Dominion Resources ................ 591,838
17,120 Duke Power ........................ 627,020
20,082 Enron ............................. 594,929
5,571 Enserch ........................... 78,690
19,356 Entergy ........................... 592,777
SHARES COMMON STOCKS (CONTINUED) VALUE
------------ ------------
UTILITIES (CONTINUED)
15,746 FPl Group ......................... $ 557,015
79,128 GTE................................ 2,502,423
10,922 Houston Industries ................ 393,192
45,080 MCI Communications................. 1,031,205
17,252(a) McCaw Cellular Communications...... 838,879
11,911 Niagara Mohawk Power............... 218,865
4,606 NICOR.............................. 122,635
34,550 NYNEX.............................. 1,256,756
5,552 Northern States Power ............. 233,184
12,806 Ohio Edison ....................... 238,512
2,284 ONEOK.............................. 37,972
4,755 PSI Holdings ...................... 106,393
7,046 Pacific Enterprises................ 161,177
36,312 Pacific Gas & Electric............. 962,268
35,332 Pacific Telesis Group.............. 1,130,624
23,399 PacifiCorp......................... 418,257
10,025 Panhandle Eastern ................. 201,753
2,875 Peoples Energy .................... 89,125
18,609 Philadelphia Electric.............. 532,683
20,305 Public Service Enterprise Group.... 586,307
37,546 SCEcorp............................ 600,736
7,272 Sonat ............................. 220,887
53,766 Southern .......................... 1,048,437
50,150 Southwestern Bell ................. 2,081,225
28,609 Sprint ............................ 1,051,381
14,123 Tenneco............................ 723,804
18,710 Texas Utilities ................... 659,528
3,450 Transco Energy .................... 52,181
8,550 Union Electric .................... 300,319
36,748 U.S. West ......................... 1,497,481
------------
37,771,887
------------
TOTAL COMMON STOCKS
(cost $245,082,701)............. $269,334,833
============
PRINCIPAL
AMOUNT SHORT-TERM INVESTMENTS - 5.5%
------------
U.S. TREASURY BILLS:
$ 1,368,000(b) 3.155%, 6/23/94.................... $ 1,358,234
14,435,000 3.835%, 7/28/94.................... 14,290,449
--------------
TOTAL SHORT-TERM INVESTMENTS
(cost $15,648,683).............. $ 15,648,683
============
TOTAL INVESTMENTS
(cost $260,731,384)..................... 100.2% $284,983,516
====== ============
LIABILITIES, LESS CASH AND RECEIVABLES.... (0.2%) $ (569,694)
====== ============
NET ASSETS................................ 100.0% $284,413,822
====== ============
NOTES TO STATEMENT OF INVESTMENTS:
(a) Non-income producing.
(b) Partially held by the custodian in a segregrated account as
collateral for open financial futures positions
<TABLE>
<CAPTION>
STATEMENT OF FINANCIAL FUTURES APRIL 30,1994 (UNAUDITED)
FINANCIAL FUTURES LONG
MARKET VALUE UNREALIZED
NUMBER OF COVERED (DEPRECIATION)
CONTRACTS BY CONTRACTS EXPIRATION AT 4/30/94
---------- ------------- ---------- -----------
<S> <C> <C> <C> <C>
Standard & Poor's 500............................... 67 $15,086,725 June '94 ($307,350)
===========
</TABLE>
See notes to financial statements.
<TABLE>
PEOPLES INDEX FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES APRIL 30, 1994 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $260,731,384)-see statement..................................... $284,983,516
Dividends and interest receivable....................................... 518,474
Receivables for futures variation margin-Note 3(a)...................... 43,550
Receivable for subscriptions to Common Stock............................ 8,746
Receivable for investment securities sold............................... 2,966
Prepaid expenses ....................................................... 58,860
-------------
285,616,112
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 494,355
Due to Wells Fargo Nikko Investment Advisors............................ 224,505
Due to Wells Fargo Institutional Trust Company, N.A..................... 1,373
Payable for Common Stock redeemed....................................... 1,402
Accrued expenses and other liabilities.................................. 480,655 1,202,290
----------- -------------
NET ASSETS ................................................................ $284,413,822
=============
REPRESENTED BY:
Paid-in capital......................................................... $253,097,096
Accumulated undistributed investment income-net......................... 1,812,692
Accumulated undistributed net realized gain on investments.............. 5,559,252
Accumulated net unrealized appreciation on investments [including
($307,350)
net unrealized (depreciation) on financial futures]-Note 3(b)......... 23,944,782
-------------
NET ASSETS at value, applicable to 18,352,396 outstanding shares of
Common Stock, equivalent to $15.50 per share (200 million shares
of $.001 par value Common Stock authorized)............................. $284,413,822
=============
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS SIX MONTHS ENDED APRIL 30, 1994 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INCOME:
Cash dividends (net of $1,471 foreign taxes withheld at source)....... $3,753,880
Interest.............................................................. 190,821
-----------
TOTAL INCOME.................................................... $ 3,944,701
EXPENSES:
Index management fee-Note 2(a)........................................ 143,817
Administration fee-Note 2(a).......................................... 287,634
Shareholder servicing costs-Note 2(b)................................. 312,864
Registration fees..................................................... 24,792
Custodian fees-Note 2(a).............................................. 23,493
Auditing fees......................................................... 18,309
Prospectus and shareholders' reports.................................. 14,100
Directors' fees and expenses-Note 2(c)................................ 9,338
Legal Fees............................................................ 6,322
Miscellaneous......................................................... 15,473
-----------
856,142
Less-reduction in index management fee and administration
fee due to undertakings-Note 2(a)................................. 90,695
-----------
TOTAL EXPENSES.................................................. 765,447
-------------
INVESTMENT INCOME-NET........................................... 3,179,254
-------------
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized gain on investments-Note 3(a).............................. $7,696,293
Net realized (loss) on financial futures-Note 3(a);
Long Transactions..................................................... (169,979)
-----------
NET REALIZED GAIN............................................... 7,526,314
Net unrealized (depreciation) on investments [including ($395,575)
net unrealized (depreciation) on financial futures]-Note 3(b)......... (18,188,113)
-------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS............... (10,661,799)
-------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $ (7,482,545)
=============
</TABLE>
See notes to financial statements.
<TABLE>
PEOPLES INDEX FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
OCTOBER 31, APRIL 30, 1994
1993 (UNAUDITED)
------------- -------------
<S> <C> <C>
OPERATIONS:
Investment income-net................................................ $ 4,296,279 $ 3,179,254
Net realized gain on investments..................................... 1,859,821 7,526,314
Net unrealized appreciation (depreciation) on investments for the period 17,964,279 (18,188,113)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.... 24,120,379 (7,482,545)
------------- -------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net................................................ (2,523,142) (5,373,357)
Net realized gain on investments..................................... (220,775) (11,440,051)
------------- -------------
TOTAL DIVIDENDS.................................................... (2,743,917) (16,813,408)
------------- -------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold........................................ 105,146,252 99,413,611
Proceeds from acquisition of Dreyfus Index Fund-Note 1............... 128,791,946 ---
Dividends reinvested................................................. 2,296,866 13,583,900
Cost of shares redeemed.............................................. (68,806,372) (85,691,235)
------------- -------------
INCREASE IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS............. 167,428,692 27,306,276
------------- -------------
TOTAL INCREASE IN NET ASSETS................................... 188,805,154 3,010,323
NET ASSETS:
Beginning of period.................................................. 92,598,345 281,403,499
------------- -------------
End of period (including undistributed investment income-net:
$4,006,795 in 1993 and $1,812,692 in 1994)......................... $281,403,499 $284,413,822
============= ============
SHARES SHARES
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Shares sold.......................................................... 6,534,448 6,067,169
Shares issued in connection with acquisition of Dreyfus Index Fund-Note 1 8,156,551 ---
Shares issued for dividends reinvested............................... 148,857 852,724
Shares redeemed...................................................... (4,277,025) (5,239,656)
------------- -------------
NET INCREASE IN SHARES OUTSTANDING................................. 10,562,831 1,680,237
============= ============
</TABLE>
See notes to financial statements.
PEOPLES INDEX FUND, INC.
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 information provided in the Fund's
financial statements.
<TABLE>
YEAR ENDED OCTOBER 31, SIX MONTHS ENDED
------------------------------------------- APRIL 30, 1994
PER SHARE DATA: 1990(1) 1991 1992 1993 (UNAUDITED)
------- ------- ------- -------- ----------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period..... $12.50 $10.86 $14.16 $15.16 $16.88
------- ------- ------- -------- -------
INVESTMENT OPERATIONS:
Investment income-net.................... .17 .34 .41 .30 .17
Net realized and unrealized gain
(loss) on investments.................. (1.81) 3.18 .97 1.86 (.58)
------- ------- ------- -------- -------
TOTAL FROM INVESTMENT OPERATIONS....... (1.64) 3.52 1.38 2.16 (.41)
------- ------- ------- -------- -------
DISTRIBUTIONS:
Dividends from investment income-net..... -- (.22) (.38) (.40) (.31)
Dividends from net realized gain on investments -- -- -- (.04) (.66)
------- ------- ------- -------- -------
TOTAL DISTRIBUTIONS.................... -- (.22) (.38) (.44) (.97)
------- ------- ------- -------- -------
Net asset value, end of period........... $10.86 $14.16 $15.16 $16.88 $15.50
======= ======= ======= ======== =======
TOTAL INVESTMENT RETURN (13.12%)(2) 32.85% 9.90% 14.49% (2.58%)(2)
RATIOS / SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.. -- -- -- .39% .26%(2)
Ratio of net investment income
to average net assets.................. 3.46%(2) 3.45% 3.04% 2.36% 1.36%(2)
Decrease reflected in above expense ratios due to
undertakings by WFNIA and Dreyfus...... 1.42%(2) .78% .65% .14% .03%(2)
Decrease reflected in above expense ratios due to
redemption fee......................... .08%(2) .10% -- -- --
Portfolio Turnover Rate.................. 1.21%(2) .69% 3.10% 3.77% 11.86%(2)
Net Assets, end of period (000's Omitted) $29,266 $69,211 $92,598 $281,403 $284,414
</TABLE>
- - ------------------------
(1) From January 2, 1990 (commencement of operations) to October 31, 1990.
(2) Not annualized.
See notes to financial statements.
PEOPLES INDEX FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a non-diversified open-end management investment company. Wells Fargo
Nikko Investment Advisors ("WFNIA") serves as the Fund's index manager. Wells
Fargo Investment Advisors ("WFIA"), the predecessor index manager of the
Fund, and The Nikko Securities Co., Ltd. and an affiliate ("Nikko") each own
50% of WFNIA. Wells Fargo Institutional Trust Company, N.A. ("WFITC"), an
affiliate of WFNIA, is the custodian of the Fund's investments. The Dreyfus
Corporation ("Dreyfus") serves as the Fund's administrator. Dreyfus Service
Corporation ("Distributor"), a wholly-owned subsidiary of Dreyfus, acts as
the exclusive distributor of the Fund's shares, which are sold without a
sales charge.
On November 18,1992, The Board of Directors approved an Agreement and
Plan of Reorganization providing for the transfer of all or substantially all
of the assets and liabilities of Dreyfus Index Fund to the Fund in a tax free
exchange for shares of Common Stock of the Fund at net asset value and the
assumption of stated liabilities (the "Exchange"). The Exchange was approved
by Dreyfus Index Fund shareholders on April 30, 1993, and became effective
after the close of business on May 7, 1993, at which time the Fund issued
8,156,551 shares valued at $15.79 per share to Dreyfus Index Fund in exchange
for 7,041,659 shares of Dreyfus Index Fund valued at $18.29 per share,
representing net assets of $128,791,946, including $14,201,004 of unrealized
appreciation, $274,566 of undistributed income and undistributed net realized
gains of $7,656,452. The combined net assets immediately after the Exchange
was $253,203,509.
(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. Short-term
investments are carried at amortized cost, which approximates value.
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 annually.
Dividends from net realized capital gain are normally declared and paid
annually, but the Fund may make distributions on a more frequent basis to
comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers,if any, it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with the provisions
available to certain investment companies, as defined in applicable sections
of the Internal Revenue Code, and to make distributions of taxable income
sufficient to relieve it from all, or substantially all, Federal income
taxes.
NOTE 2-MANAGEMENT FEE, ADMINISTRATION FEE AND OTHER TRANSACTIONS WITH
AFFILIATES:
(A) Fees paid by the Fund pursuant to the provisions of an Index
Management Agreement with WFNIA and an Administration Agreement with Dreyfus
are payable monthly. WFNIA and Dreyfus receive annual fees of .10 of 1% and
.20 of 1%, respectively, of the average daily value of the Fund's net assets.
The agreements further provide that if the aggregate expenses of the Fund,
exclusive of interest, taxes, brokerage and extraordinary expenses, exceed
the expense limitation of any state having jurisdiction over the Fund, the
Fund may deduct from the fees to be paid to each of WFNIA and Dreyfus, or
WFNIA and
PEOPLES INDEX FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Dreyfus will bear, in the same proportion as in the agreements, the amount of
such excess to the extent required by state law. The most stringent state
expense limitation applicable to the Fund presently requires reimbursement of
expenses in any full fiscal year that such expenses exceed 2-1/2% of the first
$30 million, 2% of the next $70 million, and 1-1/2% of the excess over $100
million of the average value of the Fund's net assets in accordance with
California "blue sky" regulations. However, WFNIA and Dreyfus had undertaken
from November 1, 1993 through November 30, 1993 to reduce the index
management fee and the administration fee to the extent that the Fund's
aggregate expenses (excluding certain expenses as described above) exceeded
certain specified annual percentages of the Fund's average daily net assets.
Pursuant to the undertakings, WFNIA and Dreyfus reduced the index management
fee and the administration fee for the six months ended April 30, 1994,
$30,232 and $60,463, respectively.
In addition, WFITC earned $1,373 for custodian services provided to the
Fund.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
the Distributor an amount not to exceed an annual rate of .25 of 1% of the
value of the Fund's average daily net assets for servicing shareholder
accounts. The services provided may include personal services relating to
shareholder accounts, such as answering shareholder inquiries regarding the
Fund and providing reports and other information, and services related to the
maintenance of shareholder accounts. During the six months ended April 30,
1994, the Fund was charged an aggregate of $263,290 pursuant to the
Shareholder Services Plan.
(C) Certain officers and directors of the Fund are "affiliated persons,"
as defined in the Act, of Dreyfus. Each director who is not an "affiliated
person" receives an annual fee of $2,500 and an attendance fee of $500 per
meeting.
(D) On December 5, 1993, Dreyfus entered into an Agreement and Plan of
Merger providing for the merger of Dreyfus with a subsidiary of Mellon Bank
Corporation ("Mellon").
Following the merger, it is planned that Dreyfus will be a direct
subsidiary of Mellon Bank N.A. Closing of this merger is subject to a number
of contingencies, including receipt of certain regulatory approvals and
approvals of the stockholders of Dreyfus and of Mellon. The merger is
expected to occur in mid-1994, but could occur later.
NOTE 3-SECURITIES TRANSACTIONS:
(A) The aggregate amount of purchases and sales of investment securities,
other than short-term securities, for the six months ended April 30, 1994
amounted to $37,357,148 and $32,782,909, respectively.
The Fund is engaged in trading financial futures contracts. The Fund is
exposed to market risk as a result of changes in the value of the underlying
financial instruments (see the Statement of Financial Futures). Investments
in financial futures require the Fund to "mark to market" on a daily basis,
which reflects the change in the market value of the contract at the close of
each day's trading. Accordingly, variation margin payments are made or
received 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 as of April
30, 1994 and their related unrealized market depreciation are set forth in the
Statement of Financial Futures.
(B) At April 30, 1994, accumulated net unrealized appreciation on
investments was $23,944,782, consisting of $38,255,642 gross unrealized
appreciation and $14,310,860 gross unrealized depreciation. These amounts
include $14,201,004 of unrealized appreciation as a result of the Exchange.
At April 30, 1994, 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).
Peoples Index
Fund, Inc.
Semi-Annual
Report
April 30, 1994
(Dreyfus Lion Logo)
PEOPLES INDEX FUND, INC.
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
INDEX FUND MANAGER
Wells Fargo Nikko
Investment Advisors
45 Fremont Street
San Francisco, CA 94105
ADMINISTRATOR
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
DISTRIBUTOR
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
Wells Fargo Institutional Trust Company, N.A.
45 Fremont Street
San Francisco, CA 94105
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained in the Prospectus,
which must precede or accompany this report.
Printed in U.S.A. 078SA944
