PRESIDENT'S LETTER
Dear Shareholder:
You will be pleased to know that the Peoples Index Fund produced a
total return of 14.49% for the fiscal year ended October 31, 1993.*
This closely reflects the return of 14.91% for the Standard & Poor's
500 Composite Stock Price Index for the same period.** As you know, the
Fund's goal is to approximate, as closely as possible, the return from
the S&P 500.*** The difference between the Fund's return and that of the
S&P 500 Index results from several factors, including the use of futures
contracts, commissions associated with equity and futures trading, and
other Fund expenses.
The stock market was in a rising mode for a good part of this twelve-
month period, which is reflected in the total return of your Fund.
For the most part, economic news during the period was encouraging.
Prices and wages were under little upward pressure, and interest rates
continued to be low by the standards of recent years. This provided a
favorable background for higher industrial production and factory
orders. A fairly stable U.S. dollar at reasonable rates of exchange
continued to encourage exports.
However, there was also no lack of problems in the economy.
Unemployment hovered stubbornly around the 7% level, Congress did not go
along with the President's full proposals for deficit cuts, and taxes
were raised. From time to time, statistics indicating strong economic
growth renewed fears that inflation might return at some point in the
future.
Though Europe and Japan were gripped by recession, the American
economy appeared to be returning to better economic health, and at a
pace that--so far at least--avoided inflationary pressures. This has
also been reflected in recent corporate profit reports.
In addition, there has been a strong flow of investment in stocks by
individuals seeking higher returns than they can obtain on banks and
money market instruments. To be sure, this has encouraged a large
increase in the supply of new issues coming to market. So far, however,
demand appears to have kept pace with supply.
Thus, as we begin a new fiscal year for the Fund and approach the end
of the calendar year, we remain optimistic for returns on stock market
investments as represented by the Peoples Index Fund.
Sincerely,
Joseph S. DiMartino
President
November 10, 1993
New York, N.Y.
*Total return represents the change during the period in a
hypothetical account with dividends reinvested.
**SOURCE: LIPPER ANALYTICAL SERVICES, INC. - Reflects the reinvestment
of income dividends and, where applicable, capital gain
distributions.
***"S&P" and "S&P 500" are trademarks of Standard & Poor's Corporation
and have been licensed for use by the Fund. The Fund is not sponsored,
sold, endorsed or promoted by S&P.
PEOPLES INDEX FUND, INC. OCTOBER 31, 1993
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN PEOPLES INDEX
FUND, INC.
AND THE STANDARD & POOR'S 500 COMPOSITE STOCK PRICE INDEX
(See Exhibit A)
Past performance is not predictive of future performance.
The above illustration compares a $10,000 investment made in Peoples
Index Fund on 1/2/90 (Inception Date) to a $10,000 investment made in
the Standard and Poor's 500 Composite Stock Price Index on that date.
For comparative purposes the value of the Index on 12/31/89 is used as
the beginning value on 1/2/90. All dividends and capital gain
distributions are reinvested.
The Fund's performance takes into account applicable fees and expenses.
The Standard and Poor's 500 Composite Stock Price Index is a widely
accepted, unmanaged index of overall stock market performance which does
not take into account charges, fees or other expenses. Further
information relating to Fund performance, including expense
reimbursements, if applicable, is contained in the Condensed Financial
Information section of the Prospectus and elsewhere in this report.
*Source: Lipper Analytical Services, Inc.
PEOPLES INDEX FUND, INC.OCTOBER 31, 1993
BROAD SECTOR ALLOCATION*
(See Exhibit B)
Portfolio composition is subject to change at any time.
ASSET ALLOCATION*_
Common Stocks................... 97.5%
Cash Equivalents................ 2.5
------
100.0%
dagger Effective equity exposure is 100%, achieved via the purchase of
S&P 500 futures contracts.
TEN LARGEST HOLDINGS*
General Electric................. 2.5%
Exxon............................ 2.4
American Telephone & Telegraph... 2.3
Wal-Mart Stores.................. 1.8
Royal Dutch Petroleum............ 1.7
Coca-Cola........................ 1.7
Philip Morris Companies.......... 1.4
GTE.............................. 1.1
Procter & Gamble................. 1.1
Merck & Co....................... 1.1
*As a percentage of Total Net Assets.
PEOPLES INDEX FUND, INC.
STATEMENT OF INVESTMENTS OCTOBER 31, 1993
SHARES COMMON STOCKS--97.5% VALUE
- ------ -----
CAPITAL GOODS--13.5%
8,773 AMP.............. ....................... $547,216
7,537(a) Advanced Micro Devices................... 148,856
3,896 Alco Standard............................ 178,242
11,751 Allied-Signal............................ 841,665
9,421 Amdahl................................... 43,572
1,392(a) Andrew................................... 52,548
9,697 Apple Computer........................... 298,183
7 Autodesk................................. 87,333
6,932 Black & Decker........................... 138,640
28,270 Boeing................................... 1,060,124
1,205 Briggs & Stratton........................ 105,287
14,392 Browning-Ferris Industries............... 325,619
6,841(a) COMPAQ Computer.......................... 461,768
8,443 Caterpillar.............................. 772,535
3,580(a) Ceridian................................. 65,783
2,781 Cincinnati Milacron...................... 66,744
1,477(a) Clark Equipment.......................... 76,804
12,430 Columbia Healthcare...................... 357,372
13,804 Computer Associates International........ 524,552
1,382(a) Computer Sciences........................ 126,971
9,490 Cooper Industries........................ 495,853
16,784 Corning.................................. 434,286
2,205(a) Cray Research............................ 60,086
4,292(a) DSC Communications....................... 281,663
2,892(a) Data General............................. 27,474
6,984 Deere & Co............................... 539,514
10,918(a) Digital Equipment........................ 388,954
4,730 Dover.................................... 271,975
4,648 EG & G................................... 83,083
2,806 E-Systems................................ 127,322
5,760 Eaton.................................... 305,280
18,749 Emerson Electric......................... 1,075,723
6,843 Fluor.................................... 278,852
2,636 General Dynamics......................... 252,397
71,148 General Electric......................... 6,901,354
3,718 General Signal........................... 131,060
2,800 Giddings & Lewis......................... 67,900
4,300 Grainger(W.W.)........................... 234,888
2,827 Grumman.................................. 104,952
2,073 Harnischfeger Industries................. 45,865
3,290 Harris................................... 152,163
21,086 Hewlett-Packard.......................... 1,552,456
11,206 Honeywell................................ 376,802
9,310 Illinois Tool Works...................... 347,961
8,792 Ingersoll-Rand........................... 320,908
35,101 Intel.................................... 2,220,137
3,973(a) Intergraph............................... 44,200
47,611 International Business Machines.......... 2,190,105
5,204 Lockheed................................. 358,426
6,890 Loral.................................... 218,758
3,532(a) Lotus Development........................ 171,302
2,008(a) M/A-Com.................................. 17,068
7,966 Martin Marietta.......................... 352,496
3,293 McDonnell Douglas........................ 308,719
2,642 Morrison Knudsen......................... 62,087
22,660 Motorola................................. 2,373,634
9,160(a) National Semiconductor................... 153,430
6,030(a) Navistar International................... 164,318
20,786 Northern Telecommunications.............. 592,401
3,963 Northrop................................. 137,714
25,420(a) Novell................................... 546,530
11,857(a) Oracle Systems........................... 702,527
9,616 Pall..................................... 199,532
4,061 Parker-Hannifin.......................... 139,089
3,635 Perkin-Elmer............................. 127,225
8,886 Pet...................................... 152,173
13,134 Pitney Bowes............................. 515,510
3,478 Raychem.................................. 133,903
11,360 Raytheon................................. 691,540
18,391 Rockwell International................... 659,777
3,095 Scientific-Atlanta....................... 108,712
8,850(a) Sun Microsystems......................... 225,675
9,436(a) Tandem Computers......................... 103,796
2,532 Tektronix................................ 58,553
6,928 Texas Instruments........................ 454,650
1,525 Thomas & Betts........................... 91,500
2,588 Timken................................... 83,463
3,815 Tyco Laboratories........................ 178,351
13,532(a) Unisys................................... 155,618
3,023(a) Varity................................... 116,386
40,137 WMX Technologies Inc..................... 988,374
29,188 Westinghouse Electric.................... 423,226
8,625 Xerox.................................... 683,531
992 Zurn Industries.......................... 26,784
------------
38,069,805
------------
CONSUMER BASIC--14.9%
6,300(a) ALZA, Cl. A.............................. 162,225
69,296 Abbott Laboratories...................... 1,966,273
21,050 Albertson's.............................. 549,931
5,500 Allergan................................. 125,813
16,750 American Brands.......................... 577,875
25,751 American Home Products................... 1,609,437
11,350(a) Amgen.................................... 517,844
28,625 Archer-Daniels-Midland................... 658,375
4,340 Bard (C.R.).............................. 109,585
4,974 Bausch & Lomb............................ 258,026
23,052 Baxter International..................... 547,485
6,256 Becton, Dickinson & Co................... 237,728
6,852(a) Beverly Enterprises...................... 74,516
9,550(a) Biomet................................... 97,888
11,722 Borden................................... 187,552
43,185 Bristol-Myers Squibb..................... 2,537,118
6,550 Bruno's.................................. 70,413
12,722 CPC International........................ 610,656
21,038 Campbell Soup............................ 875,707
4,567 Clorox................................... 242,051
12,870 Colgate-Palmolive........................ 756,113
3,641 Community Psychiatric Centers............ 50,974
20,966 ConAgra.................................. 566,082
3,108 Fleming Companies........................ 95,571
13,344 General Mills............................ 854,016
5,954 Gerber Products.......................... 169,689
4,977 Giant Food............................... 120,070
3,142 Great Atlantic & Pacific Tea............. 83,263
21,148 Heinz (H.J.)............................. 795,694
7,522 Hershey Foods............................ 398,666
54,560 Johnson & Johnson........................ 2,298,339
19,200 Kellogg.................................. 1,096,800
8,854(a) Kroger................................... 173,760
24,417 Lilly (Eli) & Co......................... 1,321,570
4,784 Manor Care............................... 107,640
4,846 Medtronic................................ 359,210
94,563 Merck & Co............................... 3,037,835
2,324 Millipore................................ 80,759
13,854 National Medical Enterprises............. 155,858
26,493 Pfizer................................... 1,649,189
73,001 Philip Morris Companies.................. 3,923,803
7,374 Pioneer Hi Bred International............ 261,777
2,605 Premark International.................... 199,283
56,760 Procter & Gamble......................... 3,079,229
5,964 Quaker Oats.............................. 423,444
8,636 Ralston Purina........................... 359,474
4,486(a) Ryan's Family Steak House................ 37,010
3,870 St. Jude Medical......................... 108,360
40,458 Sara Lee................................. 1,072,137
16,242 Schering-Plough.......................... 1,104,456
1,909 Shared Medical Systems................... 47,725
5,942 Supervalu................................ 200,543
18,444 Syntex................................... 334,298
15,544 Sysco.................................... 444,947
17,452 UST...................................... 460,297
13,329 Unilever N.V............................. 1,529,502
4,650 U.S. Surgical............................ 110,438
14,459 Upjohn................................... 471,725
11,240 Warner-Lambert........................... 781,180
6,382 Winn-Dixie Stores........................ 370,156
9,689 Wrigley (Wm.) Jr......................... 419,049
------------
41,926,429
------------
CONSUMER DISCRETIONARY--16.0%
2,430 Alberto-Culver, Cl. B Convertible........ 51,334
5,952 American Stores.......................... 241,056
22,582 Anheuser-Busch Companies................. 1,075,467
5,989 Avon Products............................ 302,445
3,903(a) Bally Manufacturing...................... 39,030
1,185 Bassett Furniture........................ 35,846
17,024 Blockbuster Entertainment................ 483,056
2,336 Brown-Forman............................. 184,252
1,439 Brown Group.............................. 48,926
7,885 Brunswick................................ 123,203
8,562 Charming Shoppes......................... 120,938
29,240 Chrysler................................. 1,637,439
108,359 Coca-Cola................................ 4,700,071
6,970 Cooper Tire & Rubber..................... 151,598
3,176 Coors (Adolph)........................... 66,299
1,400 Cummins Engine........................... 133,525
3,826 Dana..................................... 223,343
5,943 Dayton-Hudson............................ 413,039
4,129 Delta Air Lines.......................... 239,482
9,370 Dillard Dept. Stores, Cl. A.............. 344,348
44,632 Disney (Walt)............................ 1,908,017
27,289 Eastman Kodak............................ 1,719,206
4,862 Echlin................................... 158,015
1,592(a) Fedders.................................. 9,950
41,028 Ford Motor............................... 2,538,607
12,036 Gap...................................... 428,783
58,943 General Motors........................... 2,807,159
1,863(a) Genesco.................................. 12,110
10,331 Genuine Parts............................ 391,287
18,390 Gillette................................. 1,119,490
2,156 Goodrich (B.F.).......................... 95,403
12,212 Goodyear Tire & Rubber................... 546,487
2,749 Handleman................................ 33,675
6,367 Harcourt Gen Inc......................... 280,148
2,621(a) Hartmarx................................. 17,692
7,328 Hasbro................................... 265,640
3,932 Hilton Hotels............................ 184,313
3,157 International Flavors & Fragrances....... 342,535
3,791 Jostens.................................. 73,451
33,954 K mart................................... 831,873
3,106(a) King World Productions................... 120,746
30,196 Limited.................................. 645,440
6,805 Liz Claiborne............................ 129,295
1,744 Longs Drug Stores........................ 59,296
6,078 Lowe's Companies......................... 283,387
2,235 Luby's Cafeterias........................ 50,008
8,456 Marriott................................. 221,970
7,947 Mattel................................... 230,463
20,676 May Department Stores.................... 914,913
8,908 Maytag................................... 139,188
29,424 McDonald's............................... 1,695,557
8,700 Melville................................. 365,400
3,080 Mercantile Stores........................ 110,110
6,280 NIKE, Cl. B.............................. 303,795
6,810 Nordstrom................................ 236,648
1,211 Oshkosh B'Gosh........................... 22,101
1,684 Outboard Marine.......................... 29,681
2,802 PACCAR................................... 189,135
19,638 Penney (J.C.)............................ 1,021,175
5,050 Pep Boys-Manny, Moe & Jack............... 124,988
66,040 PepsiCo.................................. 2,608,579
3,867 Polaroid................................. 141,629
18,046(a) Price/Costco............................. 320,317
5,720(a) Promus Companies......................... 418,990
7,265 Reebok International..................... 221,583
7,316 Rite Aid................................. 118,885
13,336 Rubbermaid............................... 463,426
3,445 Russell.................................. 93,446
1,151 SPX...................................... 19,855
4,799 Safety-Kleen............................. 65,986
31,164 Seagram Co. Ltd.......................... 895,965
3,300(a) Shoney's................................. 75,900
1,446 Springs Industries....................... 54,767
4,268 Stride Rite.............................. 73,090
6,093 TJX...................................... 185,837
2,347 TRINOVA.................................. 72,757
5,247 Tandy.................................... 214,471
24,284(a) Toys R Us................................ 974,396
2,005(a) UAL...................................... 304,760
4,740(a) USAir Group.............................. 68,138
5,345 V.F. Corp................................ 211,796
191,612 Wal-Mart Stores.......................... 5,053,766
10,258 Walgreen................................. 435,965
8,238 Wendy's International.................... 136,957
5,838 Whirlpool................................ 372,902
10,896 Woolworth (F.W.)......................... 246,522
2,535(a) Zenith Electronics....................... 19,963
------------
45,142,482
------------
ENERGY & RELATED--10.2%
7,711 Amerada Hess............................. 408,683
41,340 Amoco.................................... 2,309,872
5,045 Ashland Oil.............................. 174,053
13,219 Atlantic Richfield....................... 1,457,395
11,721 Baker Hughes............................. 263,723
27,130 Chevron.................................. 2,631,609
8,634 Coastal.................................. 236,356
11,410 Dresser Industries....................... 245,315
103,444 Exxon.................................... 6,762,651
2,983 Foster Wheeler........................... 101,049
9,541 Halliburton.............................. 304,119
2,081 Helmerich & Payne........................ 62,430
4,048 Kerr-McGee............................... 203,918
2,354 Louisiana Land & Exploration............. 106,519
4,350 McDermott International.................. 123,431
33,258 Mobil.................................... 2,710,526
4,183(a) NL Industries............................ 19,871
25,405 Occidental Petroleum..................... 469,993
8,106 Oryx Energy.............................. 193,531
3,820 Pennzoil................................. 218,695
21,763 Phillips Petroleum....................... 701,857
6,915(a) Rowan Companies.......................... 65,693
44,664 Royal Dutch Petroleum.................... 4,723,217
7,435 Santa Fe Energy Resources................ 71,562
20,188 Schlumberger............................. 1,279,415
8,833 Sun Co................................... 276,031
21,512 Texaco................................... 1,465,505
23,873 USX-Marathon Group....................... 441,651
20,090 Unocal................................... 587,633
------------
28,616,303
------------
FINANCE--10.2%
9,179 Aetna Life & Casualty.................... 603,519
9,710 Ahmanson (H.F.) & Co..................... 175,994
3,387 Alexander & Alexander Services........... 69,857
40,426 American Express......................... 1,303,738
18,100 American General......................... 531,688
26,483 American International Group............. 2,383,469
28,451 Banc One................................. 1,091,807
8,755 Bank of Boston........................... 205,743
29,633 BankAmerica.............................. 1,237,177
6,893 Bankers Trust NY......................... 546,270
8,071 Barnett Banks............................ 337,973
2,147 Beneficial............................... 164,782
8,200 Boatmen's Bancshares..................... 242,925
5,950 CIGNA.................................... 399,394
5,104(a) CNA Financial............................ 423,632
8,470 Capital Holding.......................... 350,446
15,272 Chase Manhattan.......................... 503,976
20,974 Chemical Banking......................... 838,960
7,328 Chubb.................................... 601,812
31,316(a) Citicorp................................. 1,135,205
4,618 Continental.............................. 150,662
9,700 CoreStates Financial..................... 271,600
14,915 Federal Home Loan........................ 764,394
6,890 First Chicago............................ 309,189
6,197 First Fidelity Bancorp................... 251,753
6,296 First Interstate Bancorp................. 365,955
14,035 First Union.............................. 570,172
11,340 Fleet/Norstar Financial Group............ 355,793
7,074 General Re............................... 818,816
5,296 Golden West Financial.................... 225,742
10,940 Great Western Financial.................. 209,228
7,850 Household International.................. 287,506
4,198 Jefferson-Pilot.......................... 216,197
7,872 Lincoln National......................... 358,176
5,324 Mellon Bank.............................. 286,831
8,875 Merrill Lynch & Co....................... 859,766
16,015 Morgan (J.P.) & Co....................... 1,143,070
13,418 NBD Bancorp.............................. 420,990
24,278 Norwest.................................. 625,159
19,536 PNC Financial............................ 561,660
19,593 Primerica................................ 864,541
5,270 SAFECO................................... 305,660
3,547 St. Paul Companies....................... 332,531
29,195 Sears, Roebuck & Co...................... 1,675,062
7,783 Shawmut National......................... 1,172,199
10,469 SunTrust Banks........................... 459,327
6,105 Torchmark................................ 283,119
6,567 Transamerica............................. 374,319
12,138 Travelers................................ 427,865
7,038 USF & G.................................. 95,893
1,854 USLIFE................................... 78,100
8,300 U.S. Bancorp............................. 204,388
14,440 Wachovia................................. 552,330
4,689 Wells Fargo.............................. 519,893
------------
28,546,253
------------
GENERAL BUSINESS--7.0%
6,112 American Greetings....................... 178,012
11,806 Automatic Data Processing................ 630,145
8,834 Block (H & R)............................ 352,256
1,322 CBS...................................... 407,507
1,374 Capital Cities/ABC....................... 837,625
7,994 Circuit City Stores...................... 223,832
12,230 Comcast, Cl. A........................... 510,603
14,120 Dean Witter Discovery.................... 580,685
6,898 Deluxe................................... 246,604
3,942 Dial..................................... 151,274
12,920 Donnelley (R.R.) & Sons.................. 376,295
8,298 Dow Jones & Co........................... 295,616
14,864 Dun & Bradstreet......................... 995,887
4,588(a) Federal Express.......................... 309,690
12,204 Gannett.................................. 626,981
2,765 Harland (John H)......................... 66,706
9,924 ITT...................................... 924,172
6,200 Interpublic Group Companies.............. 191,425
4,558 Knight-Ridder............................ 251,830
3,773(a) Litton Industries........................ 250,433
8,250 MBNA..................................... 281,531
6,134 Marsh & Mclennan......................... 499,921
4,077 McGraw-Hill.............................. 302,717
3,359 McKesson................................. 179,287
1,231 Meredith................................. 49,394
18,114 Minnesota Mining & Manufacturing......... 1,879,327
4,029 Morton International..................... 382,755
2,459(a) National Education....................... 14,447
4,125 National Service Industries.............. 99,000
22,361 NationsBank.............................. 1,042,581
9,077 New York Times, Cl. A.................... 214,444
9,882 Paramount Communications................. 794,266
5,020 Rollins Environmental Services........... 26,355
9,265 Salomon.................................. 419,241
6,892 Service Corporation International........ 180,054
5,275 TRW...................................... 355,403
35,913(a) Tele-Communications, Cl. A............... 1,095,346
4,575 Teledyne................................. 122,953
7,280 Textron.................................. 406,770
31,206 Time Warner.............................. 1,396,468
10,746 Times Mirror............................. 354,618
5,591 Tribune.................................. 310,301
10,307 United Technologies...................... 639,034
8,936 Whitman.................................. 141,859
------------
19,595,650
------------
MANUFACTURING--6.0%
3,474 ASARCO................................... 63,835
9,544 Air Products & Chemical.................. 398,462
18,663 Alcan Aluminium.......................... 382,592
7,328 Aluminum Co. of America.................. 498,303
7,348 Amax..................................... 164,412
7,443 American Cyanamid........................ 405,644
8,681(a) Armco.................................... 48,831
4,880 Avery Dennison........................... 138,470
2,455 Ball..................................... 63,523
4,310 Bemis.................................... 94,281
7,595(a) Bethlehem Steel.......................... 127,216
7,307(a) Crown Cork & Seal........................ 282,233
3,916 Cyprus Minerals.......................... 95,942
22,751 Dow Chemical............................. 1,262,680
56,422 DuPont (E.I.) de Nemours................. 2,694,150
1,898 Eastern Enterprises...................... 51,483
9,289 Echo Bay Mines........................... 114,951
2,657 Ecolab................................... 125,875
8,073 Engelhard................................ 222,008
9,826 Ethyl.................................... 170,727
2,950 FMC...................................... 144,919
3,483 Federal Paper Board...................... 70,531
1,616 First Mississippi........................ 18,584
7,757 Grace (W.R.)............................. 292,827
5,950 Great Lakes Chemical..................... 454,430
3,535 Hercules................................. 351,733
11,398 Homestake Mining......................... 219,412
6,393 IMCERA Group............................. 227,751
9,095 Inco Ltd................................. 192,132
2,983(a) Inland Steel Industries.................. 100,676
10,267 International Paper...................... 608,319
6,763 James River.............................. 135,260
13,406 Kimberly-Clark........................... 692,084
11,170(a) Maxus Energy............................. 74,001
4,918 Mead..................................... 201,638
10,029 Monsanto................................. 693,254
8,281 Moore.................................... 173,901
748 NACCO Industries Cl. A................... 32,258
5,812 Nalco Chemical........................... 205,600
1,658(a) National Intergroup...................... 25,492
5,634 Newmont Mining........................... 295,081
7,244 Nucor.................................... 392,987
3,655 Ogden.................................... 87,720
8,871 PPG Industries........................... 618,751
5,838 Phelps Dodge............................. 248,845
3,329 Pittston................................. 84,473
19,756 Placer Dome.............................. 481,553
11,091 Praxair.................................. 178,842
4,939 Reynolds Metals.......................... 208,673
5,612 Rohm & Haas.............................. 282,003
6,205 Scott Paper.............................. 220,278
5,981(a) Stone Container.......................... 42,615
4,615 Temple-Inland............................ 196,138
5,760 USX-US Steel Group....................... 216,000
5,825 Union Camp............................... 250,475
12,591 Union Carbide............................ 248,672
5,512 Westvaco................................. 183,274
4,220 Williams Companies....................... 250,563
7,467 Worthington Industries................... 138,140
------------
16,945,503
------------
SHELTER--2.6%
3,088 Armstrong World Industries................ 142,820
3,187 Boise Cascade............................. 65,334
2,582 Centex.................................... 114,576
7,714 Champion International..................... 226,599
2,488 Crane..................................... 69,664
22,697 Federal National Mtg. Association......... 1,767,528
3,782 Fleetwood Enterprises..................... 85,568
7,523 Georgia-Pacific........................... 483,353
37,232 Home Depot................................ 1,475,318
3,361 Johnson Controls.......................... 184,015
2,940 Kaufman & Broad Home...................... 58,065
9,164 Louisiana-Pacific......................... 331,050
12,711 Masco..................................... 401,985
6,558 Newell.................................... 267,239
3,519(a) Owens Corning Fiberglas................... 165,393
2,310 Pulte Corp................................ 88,646
2,408 Potlatch.................................. 105,651
7,442 Sherwin-Williams.......................... 271,633
933 Skyline................................... 16,677
3,553 Snap-On Tools............................. 141,232
3,699 Stanley Works............................. 159,519
17,054 Weyerhaeuser.............................. 675,765
------------
7,297,630
------------
TRANSPORTATION--1.6%
6,319(a) AMR....................................... 443,120
7,396 Burlington Northern....................... 416,025
8,629 CSX....................................... 698,949
2,952(a) Consolidated Freightways.................. 64,206
6,624 Conrail Inc............................... 411,516
11,650 Norfolk Southern.......................... 771,813
3,220 Roadway Services.......................... 193,200
6,298 Ryder System.............................. 178,706
15,204 Santa Fe Pacific.......................... 286,976
17,068 Union Pacific............................. 1,079,550
2,348 Yellow Freight Systems.................... 54,004
------------
4,598,065
------------
UTILITIES--15.5%
15,421 American Electric Power................... 593,709
112,279 American Telephone & Telegraph............ 6,470,076
22,571 Ameritech................................. 1,912,892
10,171 Arkla..................................... 82,639
12,094 Baltimore Gas & Electric.................. 315,956
36,150 Bell Atlantic............................. 2,300,044
41,262 BellSouth................................. 2,589,191
13,382 Carolina Power & Light.................... 423,206
15,728 Central & South West...................... 513,126
4,211(a) Columbia Gas System....................... 110,539
17,731 Commonwealth Edison....................... 534,146
19,502 Consolidated Edison....................... 677,695
7,718 Consolidated Natural Gas.................. 373,358
12,200 Detroit Edison............................ 410,225
13,708 Dominion Resources........................ 661,411
17,020 Duke Power................................ 744,625
19,782 Enron..................................... 670,115
5,571 Enserch................................... 110,724
14,570 Entergy................................... 568,230
15,646 FPL Group................................. 616,061
78,728 GTE....................................... 3,129,437
10,822 Houston Industries........................ 523,514
17,152(a) McCaw Cellular Communications............. 913,344
44,180 MCI Communications........................ 1,259,130
4,606 NICOR..................................... 130,120
34,350 NYNEX..................................... 1,451,288
11,811 Niagara Mohawk Power...................... 259,842
5,552 Northern States Power..................... 246,370
12,706 Ohio Edison............................... 306,532
2,184 ONEOK..................................... 46,410
4,755 PSI Holdings.............................. 126,602
6,946 Pacific Enterprises....................... 182,333
36,012 Pacific Gas & Electric.................... 1,305,435
34,632 Pacific Telesis Group..................... 1,900,431
22,799 PacifiCorp................................ 447,430
9,825 Panhandle Eastern......................... 233,344
2,875 Peoples Energy............................ 91,281
18,409 Philadelphia Electric..................... 575,281
20,105 Public Service Enterprise Group........... 678,544
37,346 SCEcorp................................... 784,266
7,272 Sonat..................................... 226,341
26,583 Southern.................................. 1,192,912
49,850 Southwestern Bell......................... 2,205,863
28,309 Sprint.................................... 1,019,124
14,123 Tenneco................................... 720,273
18,610 Texas Utilities........................... 837,450
3,350 Transco Energy............................ 54,019
8,550 Union Electric............................ 356,963
34,739 U.S. West................................. 1,741,292
------------
43,623,139
------------
TOTAL COMMON STOCKS
(cost $232,316,589)..................... $274,361,259
============
PRINCIPAL
AMOUNT SHORT-TERM INVESTMENTS--2.5%
- ---------
COMMERCIAL PAPER MASTER NOTES--2.3%
General Electric Credit Corp.,
$6,480,000 3.106%, 11/1/93....................... $ 6,480,000
U.S. TREASURY BILLS--.2%
500,000(b) 2.97%, 12/23/93......................... 496,322
------------
TOTAL SHORT-TERM INVESTMENTS
(cost $6,976,322).................... $ 6,976,322
============
TOTAL INVESTMENTS
(cost $239,292,911).............. 100.0% $281,337,581
====== ============
CASH AND RECEIVABLES (NET)......... 0.0% $ 65,918
====== ============
NET ASSETS......................... 100.0% $281,403,499
====== ============
NOTES TO STATEMENT OF INVESTMENTS:
(a) Non-income producing.
(b) Wholly held by the custodian in a segregated account as collateral
for open financial futures positions.
<TABLE>
<CAPTION>
STATEMENT OF FINANCIAL FUTURES OCTOBER 31, 1993
FINANCIAL FUTURES LONG
MARKET VALUE UNREALIZED
NUMBER OF COVERED APPRECIATION
CONTRACTS BY CONTRACTS EXPIRATION AT 10/31/93
--------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
Standard & Poor's 500.................... 29 $6,786,725 December '93 $88,225
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
PEOPLES INDEX FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES OCTOBER 31, 1993
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $239,292,911)--see statement................................. $281,337,581
Cash................................................................. 26,583
Dividends and interest receivable.................................... 464,993
Receivable for subscriptions to Common Stock......................... 31,913
Prepaid expenses..................................................... 61,016
------------
281,922,086
LIABILITIES:
Due to The Dreyfus Corporation........................................ $267,184
Due to Wells Fargo Nikko Investment Advisors.......................... 110,920
Due to Wells Fargo Institutional Trust Company, N.A................... 2,527
Payable for investment securities purchased........................... 13,720
Payable for futures variation margin-Note 3(a)........................ 175
Accrued expenses...................................................... 124,061 518,587
-------- ------------
NET ASSETS.............................................................. $281,403,499
============
REPRESENTED BY:
Paid-in capital....................................................... $225,790,820
Accumulated undistributed investment income--net...................... 4,006,795
Accumulated undistributed net realized gain on investments............ 9,472,989
Accumulated net unrealized appreciation on investments (including $88,225
gross unrealized appreciation on financial futures)--Note 3(b)...... 42,132,895
------------
NET ASSETS at value applicable to 16,672,159 shares outstanding
(200 million shares of $.001 par value Common Stock authorized)....... $281,403,499
============
NET ASSET VALUE, offering and redemption price per share
($281,403,499 divide 16,672,159 shares)............................... $16.88
======
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
PEOPLES INDEX FUND, INC.
STATEMENT OF OPERATIONS YEAR ENDED OCTOBER 31, 1993
INVESTMENT INCOME:
INCOME:
<S> <C> <C>
Cash dividends (net of $32,523 foreign taxes withheld
at source)........................................................ $4,799,372
Interest............................................................ 201,491
----------
TOTAL INCOME.................................................... $ 5,000,863
EXPENSES:
Index management fee--Note 2(a)..................................... 181,636
Administration fee--Note 2(a)....................................... 363,272
Shareholder servicing costs--Note 2(b).............................. 269,978
Registration fees................................................... 43,950
Legal fees.......................................................... 41,580
Custodian fees--Note 2(a)........................................... 16,713
Auditing fees....................................................... 15,156
Directors' fees and expenses--Note 2(c)............................. 15,018
Prospectus and shareholders' reports................................ 10,914
Miscellaneous....................................................... 9,058
----------
967,275
Less--reduction in index management fee and administration
fee due to undertakings--Note 2(a)................................ 262,691
----------
TOTAL EXPENSES.................................................. 704,584
-----------
INVESTMENT INCOME-NET........................................... 4,296,279
-----------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments--Note 3(a)........................... $1,397,943
Net realized gain on financial futures--Note 3(a)..................... 461,878
----------
NET REALIZED GAIN 1,859,821
Net unrealized appreciation on investments (including $78,475
net unrealized appreciation on financial futures)................... 17,964,279
-----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................. 19,824,100
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................... $24,120,379
===========
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
PEOPLES INDEX FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED OCTOBER 31,
---------------------------------------
1992 1993
----------- ------------
<S> <C> <C>
OPERATIONS:
Investment income-net.................................................. $ 2,449,209 $ 4,296,279
Net realized gain on investments....................................... 367,289 1,859,821
Net unrealized appreciation on investments for the year................ 4,547,208 17,964,279
----------- ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................. 7,363,706 24,120,379
----------- ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net.................................................. (1,926,602) (2,523,142)
Net realized gain on investments....................................... -- (220,775)
----------- ------------
TOTAL DIVIDENDS...................................................... (1,926,602) (2,743,917)
----------- ------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold.......................................... 46,855,252 105,146,252
Proceeds from acquisition of Dreyfus Index Fund--Note 1................ -- 128,791,946
Dividends reinvested................................................... 1,828,351 2,296,866
Cost of shares redeemed................................................ (30,733,224) (68,806,372)
----------- ------------
INCREASE IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS............... 17,950,379 167,428,692
----------- ------------
TOTAL INCREASE IN NET ASSETS....................................... 23,387,483 188,805,154
NET ASSETS:
Beginning of year...................................................... 69,210,862 92,598,345
----------- ------------
End of year (including undistributed investment income-net:
$1,959,092 in 1992 and $3,732,229 in 1993)........................... $92,598,345 $281,403,499
=========== ============
SHARES SHARES
----------- ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................ 3,192,732 6,534,448
Shares issued in connection with acquisition of Dreyfus Index Fund--Note 1 -- 8,156,551
Shares issued for dividends reinvested................................. 127,323 148,857
Shares redeemed........................................................ (2,099,712) (4,277,025)
----------- ------------
NET INCREASE IN SHARES OUTSTANDING.................................... 1,220,343 10,562,831
=========== ============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
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 year indicated. This
information has been derived from information provided in the Fund's
financial statements.
YEAR ENDED OCTOBER 31,
------------------------------------------------
1990(1) 1991 1992 1993
------ ------ ------ ------
<S> <C> <C> <C> <C>
PER SHARE DATA:
Net asset value, beginning of year.......................... $12.50 $10.86 $14.16 $15.16
------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income-net...................................... .17 .34 .41 .30
Net realized and unrealized gain (loss) on investments..... (1.81) 3.18 .97 1.86
------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS......................... (1.64) 3.52 1.38 2.16
------ ------ ------ ------
DISTRIBUTIONS:
Dividends from investment income-net -- (.22) (.38) (.40)
Dividends from net realized gain on investments............ -- -- -- (.04)
------ ------ ------ ------
TOTAL DISTRIBUTIONS...................................... -- (.22) (.38) (.44)
------ ------ ------ ------
Net asset value, end of year............................... $10.86 $14.16 $15.16 $16.88
====== ====== ====== ======
TOTAL INVESTMENT RETURN...................................... (13.12%)(2) 32.85% 9.90% 14.49%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.................... -- -- -- .39%
Ratio of net investment income to average net assets....... 3.46%(2) 3.45% 3.04% 2.36%
Decrease reflected in above expense ratios due to
undertakings by WFNIA and Dreyfus...................... 1.42%(2) .78% .65% .14%
Decrease reflected in above expense ratios due to
redemption fee........................................... .08%(2) .10% -- --
Portfolio Turnover Rate.................................... 1.21%(2) .69% 3.10% 3.77%
Net Assets, end of year (000's Omitted).................... $29,266 $69,211 $92,598 $281,403
(1) From January 2, 1990 (commencement of operations) to October 31, 1990.
(2) Not annualized.
See notes to financial statements.
</TABLE>
PEOPLES INDEX FUND, INC.
NOTES TO FINANCIAL STATEMENTS
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 traded 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 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, 1992 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 year ended October 31, 1993, $67,985 and $189,824, respectively.
In addition, WFITC earned $16,713 for custodian services provided to
the Fund and waived a portion of these services amounting to $4,882.
(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 year ended October 31, 1993, the Fund was charged
an aggregate of $187,052 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.
NOTE 3--SECURITIES TRANSACTIONS:
(A) The aggregate amount of purchases and sales of investment
securities, other than short-term securities, for the year ended October
31, 1993 amounted to $48,052,989 and $6,502,470, 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.
(B) At October 31, 1993, accumulated net unrealized appreciation on
investments was $42,132,895, consisting of $52,828,998 gross unrealized
appreciation and $10,696,103 gross unrealized depreciation. These
amounts include $14,201,004 of unrealized appreciation as a result of
the Exchange.
At October 31, 1993, 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.
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE SHAREHOLDERS AND BOARD OF DIRECTORS OF
PEOPLES INDEX FUND, INC.:
We have audited the accompanying statement of assets and liabilities of
Peoples Index Fund, Inc. (the Fund), including the statements of
investments and financial futures, as of October 31, 1993, and the
related statement of operations for the year then ended, the statement
of changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the three years in the
period then ended and for the period from January 2, 1990 (commencement
of operations) to October 31, 1990. These financial statements and the
financial highlights are the responsibility of the Fund's management.
Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of October 31, 1993, by
correspondence with the custodian and brokers. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of Peoples Index Fund, Inc. as of October 31, 1993,
the results of its operations for the year then ended, the changes in
its net assets for each of the two years in the period then ended, and
the financial highlights for each of the three years in the period then
ended and for the period from January 2, 1990 (commencement of
operations) to October 31, 1990, in conformity with generally accepted
accounting principles.
COOPERS & LYBRAND
New York, New York
December 14, 1993
PEOPLES INDEX FUND, INC.
IMPORTANT TAX INFORMATION (UNAUDITED)
For Federal Tax purposes the Fund hereby designates $.035 per share as
a long-term capital gain distribution of the $.4350 per share paid on
December 31, 1992.
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.078AR9310
Peoples Index
Fund, Inc.
Annual Report
October 31, 1993
(Dreyfus Lion Logo)
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
IN PEOPLES INDEX FUND, INC. AND THE STANDARD &
POOR'S 500 COMPOSITE STOCK PRICE INDEX
EXHIBIT A:
_______________________________________________
| | | STANDARD |
| | PEOPLES | & POOR'S 500 |
| PERIOD | INDEX FUND |COMPOSITE STOCK |
| | FUND | PRICE INDEX * |
|-----------|-----------------|----------------|
| 1/2/90 | 10,000 | 10,000 |
| 1/31/90 | 9,160 | 9,329 |
| 2/28/90 | 9,272 | 9,449 |
| 3/31/90 | 9,512 | 9,700 |
| 4/30/90 | 9,288 | 9,458 |
| 5/31/90 | 10,168 | 10,379 |
| 6/30/90 | 10,104 | 10,309 |
| 7/31/90 | 10,072 | 10,276 |
| 8/31/90 | 9,160 | 9,348 |
| 9/30/90 | 8,720 | 8,894 |
| 10/31/90 | 8,688 | 8,856 |
| 11/30/90 | 9,240 | 9,428 |
| 12/31/90 | 9,488 | 9,690 |
| 1/31/91 | 9,895 | 10,110 |
| 2/28/91 | 10,588 | 10,832 |
| 3/31/91 | 10,841 | 11,094 |
| 4/30/91 | 10,865 | 11,121 |
| 5/31/91 | 11,330 | 11,599 |
| 6/30/91 | 10,808 | 11,068 |
| 7/31/91 | 11,314 | 11,584 |
| 8/31/91 | 11,582 | 11,857 |
| 9/30/91 | 11,387 | 11,659 |
| 10/31/91 | 11,542 | 11,815 |
| 11/30/91 | 11,077 | 11,340 |
| 12/31/91 | 12,324 | 12,635 |
| 1/31/92 | 12,107 | 12,400 |
| 2/29/92 | 12,265 | 12,561 |
| 3/31/92 | 12,023 | 12,318 |
| 4/30/92 | 12,374 | 12,679 |
| 5/31/92 | 12,433 | 12,741 |
| 6/30/92 | 12,257 | 12,551 |
| 7/31/92 | 12,751 | 13,063 |
| 8/31/92 | 12,491 | 12,797 |
| 9/30/92 | 12,642 | 12,948 |
| 10/31/92 | 12,684 | 12,992 |
| 11/30/92 | 13,111 | 13,433 |
| 12/31/92 | 13,274 | 13,599 |
| 1/31/93 | 13,377 | 13,713 |
| 2/28/93 | 13,558 | 13,899 |
| 3/31/93 | 13,841 | 14,193 |
| 4/30/93 | 13,497 | 13,849 |
| 5/31/93 | 13,850 | 14,219 |
| 6/30/93 | 13,884 | 14,260 |
| 7/31/93 | 13,824 | 14,203 |
| 8/31/93 | 14,349 | 14,741 |
| 9/30/93 | 14,229 | 14,628 |
| 10/31/93 | 14,521 | 14,927 |
|----------------------------------------------|
|--------------------------------------------------------|
| PEOPLES INDEX FUND |
|--------------------------------------------------------|
| AVERAGE ANNUAL TOTAL RETURNS ENDED ON 10/31/93 |
|-----------|--------------------------------------------|
| | SINCE INCEPTION |
| 1 YEAR | (1/2/90) |
|-----------|--------------------------------------------|
| 14.49%| 10.23% |
|--------------------------------------------------------|
Peoples Index Fund, Inc. October 31, 1993
Broad Sector Allocation *
|--------------------------------------------------------|
|Consumer Discretionary 16.0 % |
|Utilities 15.5 % |
|Consumer Basic 14.9 % |
|Capital Goods 13.5 % |
|Finance 10.2 % |
|Energy & Related 10.2 % |
|General Business 7.0 % |
|Manufacturing 6.0 % |
|Shelter 2.6 % |
|Cash Equivalents 2.5 % |
|Transportation 1.6 % |
|--------------------------------------------------------|
