<PAGE>
Dreyfus
Peoples Index
Fund, Inc.
Semi-Annual
Report
April 30, 1995
<Lion>
<PAGE>
Letter to Shareholders
- -------------------------------------------------------------------------------
Dear Shareholder:
We are pleased to report that during the semi-annual fiscal period ended
April 30, 1995, the Peoples Index Fund, Inc. achieved a total return of
10.16%.*
This compares with a total return of 10.46% for the Standard & Poor's 500
Composite Stock Price Index for the same period.** As you know, the Fund's
goal is to replicate, 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 is
accounted for by several factors, including the use of futures contracts,
commissions associated with equity and futures trading and other transaction
costs, as well as other Fund expenses.
During the period under review, the stock market began to show the benefits
of the Federal Reserve Board's policy of raising the cost of short-term
borrowing as a means of sustaining economic growth without inflation.
Most indicators of industrial production, employment and other such measures
showed gains during the period, while price and wage inflation continued to
abate. As the six months were drawing to a close, there were signs of a
slowdown in economic activity, yet without much inflation and still in an
expansion mode. This is what the Federal Reserve hoped to achieve by
tightening credit. The central bank authorities were hoping for a "soft
landing" for the economy -- a slowing of growth without a recession. Many
economists think that is what is happening.
Meanwhile, corporate profits have been turning in strong performance for
many leading companies. This, plus the general economic environment, has
helped sustain stock prices.
The Peoples Index Fund reflects these favorable economic trends.
Sincerely,
The Dreyfus Corporation
Administrator
May 8, 1995
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. The
Standard & Poor's 500 Composite Stock Price Index is a widely accepted
unmanaged index of U.S. stock market performance.
*** "S&P(R)" and "S&P 500(R)" 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.
<PAGE>
Peoples Index Fund, Inc.
- -------------------------------------------------------------------------------
Statement of Investments April 30, 1995 (Unaudited)
Shares COMMON STOCKS--94.5% Value
------ ----------
Capital Goods--17.6%
14,548 AMP ............................. $ 621,927
7,464(a) Advanced Micro Devices .......... 268,704
3,820 Alco Standard ................... 270,742
19,564 Allied-Signal ................... 775,223
8,031(a) Amdahl .......................... 95,368
2,662(a) Andrew .......................... 131,769
8,388 Apple Computer .................. 320,841
5,815 Applied Materials ............... 358,349
3,248 Autodesk ........................ 110,635
5,909 Black & Decker .................. 177,270
23,641 Boeing .......................... 1,300,255
1,952 Briggs & Stratton ............... 68,564
13,711 Browning-Ferris Industries ...... 452,463
13,838 Caterpillar ..................... 809,523
3,096(a) Ceridian ........................ 106,812
2,294 Cincinnati Milacron ............. 61,364
1,230(a) Clark Equipment ................. 105,165
30,485 Columbia/HCA Healthcare ......... 1,280,370
18,083(a) Compaq Computer ................. 687,154
11,075 Computer Associates International 712,953
3,812(a) Computer Sciences ............... 188,217
8,103 Cooper Industries ............... 316,017
15,808 Corning ......................... 527,592
1,779(a) Cray Research ................... 35,135
7,841(a) DSC Communications .............. 290,117
2,582(a) Data General .................... 20,333
5,945 Deere & Co ...................... 487,490
10,135(a) Digital Equipment ............... 467,477
3,933 Dover ........................... 255,645
3,860 EG & G .......................... 65,137
2,316 E-Systems ....................... 147,934
5,711 Eastman Chemical ................ 324,099
5,431 Eaton ........................... 311,604
15,511 Emerson Electric ................ 1,043,115
5,741 Fluor ........................... 295,661
4,338 General Dynamics ................ 201,175
118,470 General Electric ................ 6,634,320
3,308 General Signal .................. 122,810
2,410 Giddings & Lewis ................ 43,681
3,560 Grainger (W.W.) ................. 215,380
3,203 Harnischfeger Industries ........ 94,489
2,748 Harris .......................... 129,156
35,414 Hewlett-Packard ................. 2,341,751
8,957 Honeywell ....................... 345,964
7,843 Illinois Tool Works ............. 393,130
7,280 Ingersoll-Rand .................. 260,260
28,680 Intel............................ 2,936,115
3,179(a) Intergraph ...................... 34,174
40,650 International Business Machines.. 3,851,588
15,868 Lockheed Martin ................. 916,377
5,872 Loral ........................... 275,984
3,353(a) Lotus Development ............... 105,620
1,793(a) M/A-Com ......................... 20,844
8,253 McDonnell Douglas ............... 511,686
7,143 Micron Technology ............... 587,512
40,238(a) Microsoft ....................... 3,289,457
2,269 Morrison Knudsen ................ 17,868
40,609 Motorola ........................ 2,309,637
8,623(a) National Semiconductor .......... 197,251
5,183(a) Navistar International .......... 73,210
17,529 Northern Telecommunications ..... 637,617
3,438 Northrop ........................ 170,611
Shares COMMON STOCKS (continued) Value
------ ----------
Capital Goods (continued)
25,338(a) Novell .......................... $ 551,102
29,765(a) Oracle Systems .................. 907,833
8,016 Pall ............................ 187,374
3,447 Parker-Hannifin ................. 179,244
2,856 Perkin-Elmer .................... 88,893
10,777 Pitney Bowes .................... 400,096
3,005 Raychem ......................... 107,053
8,531 Raytheon ........................ 620,630
15,080 Rockwell International .......... 657,865
9,114(a) Santa Fe Pacific Gold ........... 115,064
5,248 Scientific-Atlanta .............. 119,392
9,948 Silicon Graphics ................ 373,050
6,540(a) Sun Microsystems ................ 260,783
7,955(a) Tandem Computers ................ 101,426
2,171 Tektronix ....................... 98,781
6,409 Texas Instruments ............... 679,354
1,362 Thomas & Betts .................. 86,828
2,121 Timken .......................... 85,635
5,161 Tyco Laboratories ............... 270,953
11,911(a) Unisys .......................... 122,088
3,011(a) Varity .......................... 127,215
33,477 WMX Technologies ................ 912,248
3,679 Western Atlas ................... 165,555
24,639 Westinghouse Electric ........... 369,585
7,331 Xerox ........................... 902,629
886 Zurn Industries ................. 17,831
-----------
48,717,198
-----------
Consumer Basic--15.7%
5,714(a) ALZA ............................ 111,423
55,529 Abbott Laboratories ............. 2,186,454
17,565 Albertson's ..................... 555,493
4,442 Allergan ........................ 120,489
13,275 American Brands ................. 537,637
21,172 American Home Products .......... 1,632,890
9,196(a) Amgen ........................... 668,434
35,718 Archer-Daniels-Midland .......... 651,853
3,596 Bard (C.R.) ..................... 104,733
4,062 Bausch & Lomb ................... 157,402
19,573 Baxter International ............ 680,162
4,627 Becton Dickinson & Co ........... 257,955
5,949(a) Beverly Enterprises ............. 85,517
8,057(a) Biomet .......................... 140,997
10,392 Boston Scientific ............... 283,182
35,363 Bristol-Myers Squibb ............ 2,303,015
5,379 Bruno's ......................... 65,893
10,131 CPC International ............... 593,930
17,275 Campbell Soup ................... 885,344
3,698 Clorox .......................... 217,258
10,006 Colgate-Palmolive ............... 702,922
3,072 Community Psychiatric Centers ... 40,704
17,133 ConAgra ......................... 569,672
2,585 Fleming Cos. .................... 62,686
10,976 General Mills ................... 669,536
4,064 Giant Food ...................... 109,220
2,616 Great Atlantic & Pacific Tea .... 65,727
16,874 Heinz (H.J.) .................... 708,708
5,968 Hershey Foods ................... 313,320
44,509 Johnson & Johnson ............... 2,893,085
15,367 Kellogg ......................... 975,805
8,125(a) Kroger .......................... 207,188
<PAGE>
Peoples Index Fund, Inc.
- -------------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1995 (Unaudited)
Shares COMMON STOCKS (continued) Value
------ ----------
Consumer Basic (continued)
20,291 Lilly (Eli) & Co ................ $1,516,752
4,349 Manor Care ...................... 127,752
8,016 Medtronic ....................... 596,190
87,136 Merck & Co ...................... 3,735,956
1,686 Millipore ....................... 103,478
13,773(a) National Medical Enterprises .... 234,141
21,811 Pfizer .......................... 1,889,378
59,024 Philip Morris Cos. .............. 3,998,876
5,904 Pioneer Hi Bred International ... 221,400
4,352 Premark International ........... 209,984
47,568 Procter & Gamble ................ 3,323,814
9,222 Quaker Oats ..................... 330,839
6,973 Ralston-Purina Group ............ 331,218
3,826(a) Ryan's Family Steak Houses ...... 26,782
3,266 St. Jude Medical ................ 140,438
33,138 Sara Lee ........................ 923,722
12,884 Schering-Plough ................. 971,132
1,615 Shared Medical Systems .......... 60,966
4,926 Supervalu ....................... 129,923
12,650 Sysco ........................... 354,200
13,964 UST ............................. 392,738
11,051 Unilever, N.V. .................. 1,476,690
11,891 United Healthcare ............... 431,049
11,128 U.S. Health Care Systems ........ 297,674
3,962 U.S. Surgical ................... 88,155
11,960 Upjohn .......................... 433,550
9,376 Warner-Lambert .................. 747,736
5,140 Winn-Dixie Stores ............... 284,628
8,081 Wrigley (Wm.) Jr. ............... 358,594
-----------
43,296,389
-----------
Consumer Discretionary--13.8%
1,991 Alberto-Culver, Cl. B Convertible 62,716
10,280 American Stores ................. 263,425
17,896 Anheuser-Busch Cos. ............. 1,040,205
4,868 Avon Products ................... 307,901
3,395(a) Bally Entertainment ............. 35,223
958 Bassett Furniture Industries .... 25,626
4,745 Brown-Forman .................... 156,585
1,285 Brown Group ..................... 35,659
6,560 Brunswick ....................... 140,220
7,175 Charming Shoppes ................ 39,014
24,596 Chrysler ........................ 1,060,702
89,025 Coca-Cola ....................... 5,174,578
5,754 Cooper Tire & Rubber ............ 140,973
2,646 Coors (Adolph) .................. 43,328
2,846 Cummins Engine .................. 127,358
6,809 Dana ............................ 175,332
4,927 Dayton-Hudson ................... 330,725
3,497 Delta Air Lines ................. 228,616
7,796 Dillard Department Stores, Cl. A 201,721
36,009 Disney (Walt) ................... 1,993,998
23,544 Eastman Kodak ................... 1,353,780
4,151 Echlin .......................... 151,511
70,936 Ford Motor ...................... 1,915,272
10,087 Gap ............................. 321,523
52,192 General Motors .................. 2,355,164
8,465 Genuine Parts ................... 328,019
15,390 Gillette ........................ 1,261,980
1,836 Goodrich (B.F.) ................. 85,603
10,522 Goodyear Tire & Rubber .......... 399,836
2,365 Handleman ....................... 25,128
Shares COMMON STOCKS (continued) Value
------ ----------
Consumer Discretionary (continued)
5,394 Harcourt General ................ $ 220,480
2,251(a) Hartmarx ........................ 12,380
6,074 Hasbro .......................... 192,849
3,321 Hilton Hotels ................... 253,641
7,742 International Flavors & Fragrances 397,745
3,195 Jostens ......................... 64,299
31,660 K mart .......................... 439,282
2,584(a) King World Productions .......... 104,006
24,771 Limited ......................... 529,480
5,418 Liz Claiborne ................... 97,524
1,468 Longs Drug Stores ............... 49,729
11,028 Lowe's Cos. ..................... 318,434
1,806 Luby's Cafeterias ............... 34,314
8,561 Marriott International .......... 308,196
15,431 Mattel .......................... 366,486
17,231 May Department Stores ........... 624,624
7,384 Maytag .......................... 127,374
48,364 McDonald's ...................... 1,692,740
7,287 Melville ........................ 260,510
2,560 Mercantile Stores ............... 113,280
5,038 NIKE, Cl. B ..................... 386,037
5,700 Nordstrom ....................... 219,450
981 Oshkosh B'Gosh .................. 16,187
1,414 Outboard Marine ................. 31,285
2,701 PACCAR .......................... 124,246
16,104 Penney (J.C.) ................... 704,550
4,230 Pep Boys-Manny, Moe & Jack ...... 108,923
54,872 PepsiCo ......................... 2,284,047
3,163 Polaroid ........................ 107,542
13,473(a) Price/Costco .................... 197,043
7,102(a) Promus Cos. ..................... 273,427
5,639 Reebok International ............ 176,219
5,827 Rite Aid ........................ 135,478
11,158 Rubbermaid ...................... 329,161
2,797 Russell ......................... 82,512
928 SPX ............................. 12,644
4,005 Safety-Kleen .................... 68,085
25,757 Seagram ......................... 698,659
2,846(a) Shoney's ........................ 32,729
9,905 Southwest Airlines .............. 229,053
1,191 Springs Industries .............. 46,300
3,432 Stride Rite ..................... 40,755
5,061 TJX Cos. ........................ 58,202
2,006 TRINOVA ........................ 69,709
5,105 Tandy ........................... 252,698
19,183(a) Toys R Us ....................... 484,371
4,231(a) USAir Group ..................... 30,675
4,493 V.F. ............................ 226,897
159,193 Wal-Mart Stores ................. 3,780,834
8,500 Walgreen ........................ 399,500
7,054 Wendy's International ........... 119,918
5,190 Whirlpool ....................... 284,153
9,158 Woolworth (F.W.) ................ 146,528
3,088(a) Zenith Electronics .............. 23,160
-----------
38,170,071
-----------
Energy & Related--9.5%
6,415 Amerada Hess .................... 324,759
34,461 Amoco ........................... 2,261,503
4,225 Ashland Oil ..................... 156,325
11,143 Atlantic Richfield .............. 1,275,873
9,805 Baker Hughes .................... 220,613
<PAGE>
Peoples Index Fund, Inc.
- -------------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1995 (Unaudited)
Shares COMMON STOCKS (continued) Value
------ ----------
Energy & Related (continued)
8,762 Burlington Resources ............ $ 342,813
45,147 Chevron ......................... 2,138,839
7,229 Coastal ......................... 215,063
12,633 Dresser Industries .............. 276,347
86,041 Exxon ........................... 5,990,605
2,474 Foster Wheeler .................. 91,538
7,860 Halliburton .................... 301,628
1,669 Helmerich & Payne ............... 49,444
3,603 Kerr-McGee ...................... 186,906
2,269 Louisiana Land & Exploration .... 83,102
3,694 McDermott International ......... 101,585
27,415 Mobil ........................... 2,600,998
21,684 Occidental Petroleum ............ 498,732
6,768 Oryx Energy ..................... 93,060
3,221 Pennzoil ........................ 157,426
18,112 Phillips Petroleum .............. 633,920
5,794(a) Rowan Cos. ...................... 39,834
37,139 Royal Dutch Petroleum ........... 4,605,236
6,258(a) Santa Fe Energy Resources ....... 58,669
16,784 Schlumberger .................... 1,055,294
7,417 Sun ............................. 223,437
17,977 Texaco .......................... 1,229,177
19,906 USX-Marathon Group .............. 373,238
16,908 Unocal .......................... 486,105
-----------
26,072,069
-----------
Finance--9.6%
7,815 Aetna Life & Casualty ........... 445,455
8,100 Ahmanson (H.F.) & Co ............ 170,100
3,013 Alexander & Alexander Services .. 71,935
34,387 American Express ................ 1,194,948
14,031 American General ................ 463,023
21,946 American International Group .... 2,342,735
28,094 Banc One ........................ 828,773
13,024 Bank of New York ................ 428,164
7,347 Bank Of Boston .................. 246,124
25,889 BankAmerica ..................... 1,281,505
5,393 Bankers Trust New York .......... 292,570
6,737 Barnett Banks ................... 314,955
3,644 Beneficial ...................... 148,493
8,881 Boatmen's Bancshares ............ 295,293
5,033 CIGNA ........................... 365,522
12,286 Chase Manhattan ................. 537,512
16,897 Chemical Banking ................ 705,450
6,074 Chubb ........................... 485,920
27,250 Citicorp ........................ 1,263,719
3,844 Continental ..................... 75,919
9,989 CoreStates Financial ............ 325,891
12,467 Federal Home Loan Mortgage ...... 813,472
6,385 First Chicago ................... 352,771
5,689 First Fidelity Bancorp .......... 274,494
5,507 First Interstate Bancorp ........ 423,351
12,171 First Union ..................... 550,738
9,755 Fleet/Norstar Financial Group ... 319,476
5,647 General Re ...................... 719,287
4,149 Golden West Financial ........... 189,817
9,208 Great Western Financial.......... 194,519
6,640 Household International.......... 311,250
3,369 Jefferson-Pilot ................. 191,191
16,660 KeyCorp ......................... 445,655
6,559 Lincoln National ................ 267,279
10,164 Mellon Bank ..................... 398,937
Shares COMMON STOCKS (continued) Value
------ ----------
Finance (continued)
13,019 Merrill Lynch & Co .............. $ 592,364
13,049 Morgan (J.P.) & Co .............. 856,341
11,131 NBD Bancorp ..................... 340,887
10,288 National City ................... 281,634
21,427 Norwest.......................... 567,816
16,313 PNC Financial ................... 409,864
6,693 Providian ...................... 228,399
4,326 SAFECO .......................... 244,419
5,875 St. Paul Cos. ................... 282,734
26,855 Sears, Roebuck & Co ............. 1,456,884
8,337 Shawmut National ................ 220,931
8,209 SunTrust Banks .................. 445,338
4,971 Torchmark ....................... 193,869
4,849 Transamerica .................... 274,575
22,203 Travelers ....................... 918,649
5,013 UNUM ............................ 214,932
6,204 USF & G ......................... 91,509
1,555 USLIFE .......................... 59,090
6,841 U.S. Bancorp .................... 188,983
11,854 Wachovia ........................ 416,372
3,572 Wells Fargo ..................... 592,506
-----------
26,614,339
-----------
General Business--6.8%
34,199(a) Airtouch Communications ......... 919,098
5,177 American Greetings .............. 141,073
9,892 Automatic Data Processing ....... 635,561
7,218 Block (H & R) ................... 304,058
4,235 CBS ............................. 271,569
10,651 Capital Cities/ABC .............. 900,009
6,668 Circuit City Stores ............. 172,534
18,659(a) cisco Systems ................... 744,028
16,556 Comcast, Cl. A .................. 260,757
11,847 Dean Witter, Discover & Co ...... 502,017
5,690 Deluxe .......................... 175,679
6,382 Dial ............................ 153,966
10,554 Donnelley (R.R.) & Sons ......... 358,836
6,739 Dow Jones & Co .................. 235,865
11,770 Dun & Bradstreet ................ 613,511
3,906(a) Federal Express ................. 265,608
8,260 First Data ...................... 464,625
9,687 Gannett ......................... 509,778
2,101 Harland (John H.) ............... 46,747
7,428 ITT ............................. 776,226
5,356 Interpublic Group Of Cos ........ 203,528
3,690 Knight-Ridder ................... 200,183
19,198 Laidlaw, Cl. B .................. 172,782
10,245 MBNA ............................ 309,911
5,097 Marsh & McLennan ................ 399,477
3,450 McGraw-Hill ..................... 257,456
1,920 Meredith ........................ 48,000
29,113 Minnesota Mining &
Manufacturing ................. 1,735,863
10,221 Morton International ............ 316,851
3,393 National Service Industries ..... 95,852
19,135 NationsBank ..................... 956,750
6,867 New York Times, Cl. A ........... 155,366
7,313 Salomon ......................... 264,182
6,463 Service Corporation International 182,580
4,520 TRW ............................. 336,175
43,833(a) Tele-Communications, Cl. A ...... 838,306
3,795 Teledyne ........................ 93,452
<PAGE>
Peoples Index Fund, Inc.
- -------------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1995 (Unaudited)
Shares COMMON STOCKS (continued) Value
------ ----------
General Business (continued)
6,120 Textron ......................... $ 348,840
26,262 Time Warner ..................... 961,846
7,735 Times Mirror, Cl. I ............. 140,197
4,612 Tribune ......................... 272,685
8,533 United Technologies ............. 623,976
24,738(a) Viacom, Cl. B (non-voting) ...... 1,134,856
7,320 Whitman ......................... 133,590
-----------
18,634,249
-----------
Manufacturing--6.0%
2,912 ASARCO .......................... 79,352
7,762 Air Products & Chemicals ........ 391,011
15,534 Alcan Aluminium ................ 440,777
12,426 Aluminum Co. Of America ......... 557,617
24,208 American Barrick Resources ...... 584,018
7,181(a) Armco ........................... 50,267
3,689 Avery Dennison .................. 149,866
2,103 Ball ............................ 72,028
3,569 Bemis ........................... 99,040
7,586(a) Bethlehem Steel ................. 107,152
6,144(a) Crown Cork & Seal................ 262,656
6,397 Cyprus Amax Minerals ............ 178,316
19,183 Dow Chemical .................... 1,333,218
36,388 DuPont (E.I.) de Nemours ........ 2,397,059
1,416 Eastern Enterprises ............. 42,303
7,824 Echo Bay Mines .................. 74,328
4,665 Ecolab .......................... 107,295
6,549 Engelhard ....................... 251,318
2,544(a) FMC ............................. 156,138
2,920 Federal Paper Board ............. 86,505
1,443 First Mississippi ............... 36,075
6,557 Grace (W.R.) & Co ............... 351,619
4,733 Great Lakes Chemical ............ 278,064
8,131 Hercules ........................ 405,534
9,517 Homestake Mining ................ 160,599
8,097 Inco ............................ 209,510
3,031 Inland Steel Industries ......... 76,912
8,697 International Paper ............. 669,669
5,659 James River ..................... 153,500
11,220 Kimberly-Clark .................. 635,332
5,328 Mallinckrodt Group .............. 191,808
4,012 Mead ............................ 207,621
8,006 Monsanto ........................ 666,499
6,924 Moore ........................... 136,749
668 NACCO Industries ................ 36,991
4,720 Nalco Chemical .................. 165,200
5,920 Newmont Mining .................. 247,900
5,999 Nucor ........................... 287,952
3,321 Ogden ........................... 67,665
14,301 PPG Industries .................. 563,102
4,933 Phelps Dodge .................... 279,331
2,872 Pittston ........................ 68,210
16,510 Placer Dome ..................... 392,113
9,532 Praxair ......................... 226,385
4,320 Reynolds Metals ................. 217,620
4,731 Rohm & Haas ..................... 274,989
5,171 Scott Paper ..................... 460,865
3,462 Sigma Aldrich ................... 153,194
6,218(a) Stone Container ................. 123,583
3,841 Temple-Inland ................... 169,004
5,284 USX-U.S. Steel Group ............ 161,162
4,821 Union Camp ...................... 241,653
Shares COMMON STOCKS (continued) Value
------ ----------
Manufacturing (continued)
10,282 Union Carbide ................... $ 329,024
4,631 Westvaco ........................ 194,502
6,255 Williams Cos. ................... 205,633
6,287 Worthington Industries .......... 118,667
-----------
16,584,500
-----------
Shelter--2.3%
2,568 Armstrong World Industries ...... 116,844
3,256 Boise Cascade ................... 106,634
2,105 Centex .......................... 50,520
6,507 Champion International .......... 286,308
2,132 Crane ........................... 74,087
18,945 Federal National Mortgage
Association ................... 1,671,896
3,187 Fleetwood Enterprises ........... 73,301
6,248 Georgia-Pacific ................. 495,935
31,373 Home Depot ...................... 1,309,823
2,811 Johnson Controls ................ 152,497
2,257 Kaufman & Broad Home ............ 29,623
7,812 Louisiana-Pacific ............... 199,206
11,089 Masco ........................... 282,769
10,952 Newell .......................... 258,741
3,052(a) Owens Corning Fiberglass ........ 111,779
2,061 Potlatch ........................ 87,850
1,873 Pulte ........................... 40,504
5,875 Sherwin-Williams ................ 209,297
733 Skyline ......................... 13,011
2,983 Snap-on Tools ................... 111,117
3,113 Stanley Works ................... 123,353
14,287 Weyerhaeuser .................... 600,054
----------
6,405,149
----------
Transportation--1.3%
5,262(a) AMR ............................. 354,527
6,134 Burlington Northern ............. 364,973
7,235 CSX ............................. 576,087
5,434 Conrail ......................... 296,832
2,946 Consolidated Freightways ........ 75,123
9,353 Norfolk Southern ................ 630,158
2,764 Roadway Services ................ 134,054
5,433 Ryder System .................... 126,996
10,314 Santa Fe Pacific ................ 241,090
14,300 Union Pacific ................... 784,713
1,907 Yellow .......................... 34,326
----------
3,618,879
----------
Utilities--11.9%
13,046 ALLTEL .......................... 322,888
12,829 American Electric Power ......... 420,150
108,648 American Telephone &
Telegraph ..................... 5,513,886
38,233 Ameritech ....................... 1,720,485
10,238 Baltimore Gas & Electric ........ 241,873
30,196 Bell Atlantic ................... 1,657,005
34,381 BellSouth ....................... 2,105,836
10,799 Carolina Power & Light .......... 296,972
13,204 Central & South West ............ 325,148
10,725 Cinergy ......................... 269,466
3,481(a) Columbia Gas System ............. 102,689
16,283 Consolidated Edison Co.
Of New York ................... 451,853
<PAGE>
Peoples Index Fund, Inc.
- -------------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1995 (Unaudited)
Shares COMMON STOCKS (continued) Value
------ ----------
Utilities (continued)
6,422 Consolidated Natural Gas ........ $ 252,866
10,033 Detroit Edison .................. 283,432
11,868 Dominion Resources .............. 433,182
14,157 Duke Power ...................... 559,201
4,595 ENSERCH ......................... 79,264
17,536 Enron ........................... 596,224
15,763 Entergy ......................... 342,845
12,909 FPL Group ....................... 474,406
66,687 GTE ............................. 2,275,694
7,961 General Public Utilities ........ 226,889
9,103 Houston Industries .............. 359,569
47,102 MCI Communications .............. 1,024,469
3,633 NICOR ........................... 89,917
29,190 NYNEX ........................... 1,193,141
9,986 Niagara Mohawk Power ............ 138,556
8,522 Noram Energy .................... 52,197
4,678 Northern States Power ........... 207,002
1,850 ONEOK ........................... 35,381
10,595 Ohio Edison ..................... 213,224
15,397 PECO Energy ..................... 396,473
5,722 Pacific Enterprises ............. 140,904
29,938 Pacific Gas & Electric .......... 804,584
29,398 Pacific Telesis Group ........... 907,663
19,683 PacifiCorp ...................... 373,977
10,368 Panhandle Eastern ............... 248,832
2,377 Peoples Energy .................. 60,019
16,921 Public Service Enterprise Group.. 465,328
30,985 SCEcorp ......................... 518,999
6,024 Sonat ........................... 182,979
45,228 Southern ........................ 932,828
41,578 Southwestern Bell ............... 1,834,629
Shares COMMON STOCKS (continued) Value
------ ----------
Utilities (continued)
24,155 Sprint ......................... $ 797,115
13,063 Tenneco ........................ 599,265
15,676 Texas Utilities ................ 511,430
14,791 Unicom ......................... 388,264
7,075 Union Electric ................. 252,047
31,627 US West ........................ 1,308,567
------------
32,989,613
------------
TOTAL COMMON STOCKS
(cost $217,525,186) .......... $261,102,456
============
Principal SHORT-TERM
Amount INVESTMENTS -- 5.4%
---------
U.S. Treasury Bills:
$1,768,000 5.87%, 5/11/95 ................. $ 1,741,524
1,702,000 5.68%, 5/25/95 ................. 1,679,144
2,450,000(b) 5.72%, 6/08/95 ................. 2,415,707
841,000 5.75%, 6/22/95 ................. 828,971
5,842,000 5.70%, 7/06/95 ................. 5,762,296
2,524,000 5.59%, 7/27/95 ................. 2,486,259
------------
TOTAL SHORT-TERM
INVESTMENTS
(cost $14,913,901) ........... 14,913,901
============
TOTAL INVESTMENTS
(cost $232,439,087) ....................... 99.9% $276,016,357
====== ============
CASH AND RECEIVABLES (NET) .................. .1% $ 177,765
====== ============
NET ASSETS .................................. 100.0% $276,194,122
====== ============
Notes to Statement of Investments:
(a) Non-income producing
(b) Partially held by the custodian in a segregated account as collateral
for open financial futures positions.
Statement of Financial Futures
Financial Futures;
Market Value Unrealized
Number of Covered Appreciation
Contracts by Contracts Expiration at 4/30/95
--------- ------------ ---------- ------------
Standard &
Poor's 500 .... 47 12,143,625 June '95 $358,150
========
See notes to financial statements.
<PAGE>
Peoples Index Fund, Inc.
- -------------------------------------------------------------------------------
Statement of Assets and Liabilities April 30, 1995 (Unaudited)
ASSETS:
Investments in securities, at value
(cost $232,439,087)--see statement ............. $276,016,357
Dividends and interest receivable ................ 558,173
Receivable for subscriptions to Common Stock...... 94,856
Receivable for investment securities sold ........ 18,766
Receivable for futures variation margin--Note 3(a) 38,800
Prepaid expenses ................................. 34,380
------------
276,761,332
LIABILITIES:
Due to The Dreyfus Corporation ................... $ 44,226
Due to Wells Fargo Nikko Investment Advisors ..... 62,955
Due to Wells Fargo Institutional Trust
Company, N. A. ................................. 1,580
Due to Custodian ................................. 60,799
Payable for investment securities purchased ...... 239,776
Accrued expenses ................................. 157,874 567,210
---------- ------------
NET ASSETS ......................................... $276,194,122
============
REPRESENTED BY:
Paid-in-capital .................................. $231,770,688
------------
Accumulated undistributed investment income--net.. 1,563,836
Accumulated net realized (loss) on investments.... (1,075,822)
Accumulated net unrealized appreciation on
investments (including $358,150 net unrealized
appreciation on financial futures)--Note 3(b)... 43,935,420
------------
NET ASSETS at value, applicable to 17,141,856
outstanding shares of Common Stock, equivalent
to $16.11 per share (200 million shares of $.001
par value authorized) ............................ $276,194,122
============
Statement of Operations six months ended April 30, 1995 (Unaudited)
INVESTMENT INCOME:
Income:
Cash dividends (net of $2,995 foreign taxes
withheld at source) .......................... $3,256,112
Interest ....................................... 196,804
----------
Total Income ............................... $ 3,452,916
Expenses:
Index management fee--Note 2(a) ................ 122,006
Administration fee--Note 2(a) .................. 244,011
Shareholder servicing costs--Note 2(b) ......... 200,086
Professional fees .............................. 26,154
Prospectus and shareholders' reports ........... 15,493
Registration fees .............................. 11,944
Directors' fees and expenses--Note 2(c) ........ 10,622
Custodian fees--Note 2(a) ...................... 3,249
Miscellaneous .................................. 11,666
----------
645,231
Less--reduction in expenses due to
redemption fee--Note 2(d) .................... 1,203
----------
Total Expenses ............................. 644,028
------------
INVESTMENT INCOME-NET 2,808,888
------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments--Note 3(a) ...... $1,292,292
Net realized gain on financial futures--Note 3(a). 364,587
----------
Net Realized Gain .......................... 1,656,879
Net unrealized appreciation on investments
[including $304,250 net unrealized appreciation
on financial futures]--Note 3(b) ............... 20,094,501
------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS 21,751,380
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 24,560,268
============
See notes to financial statements.
<PAGE>
Peoples Index Fund, Inc.
- -------------------------------------------------------------------------------
Statement of Changes in Net Assets
Year Ended Six Months Ended
October 31, April 30, 1995
1994 (Unaudited)
------------- -------------
OPERATIONS:
Investment income--net ..................... $ 6,200,483 $ 2,808,888
------------- -------------
Net realized gain on investments ........... 18,711,233 1,656,879
Net unrealized appreciation (depreciation)
on investments for the period ............ (18,291,976) 20,094,501
------------- -------------
Net Increase In Net Assets Resulting From
Operations ............................. 6,619,740 24,560,268
------------- -------------
DIVIDENDS TO SHAREHOLDERS:
------------- -------------
From investment income--net ................ (5,373,357) (6,078,973)
From net realized gain on investments....... (11,440,051) (18,711,233)
In excess of net realized gain on investments -- (765,639)
------------- -------------
Total Dividends ........................ (16,813,408) (25,555,845)
------------- -------------
CAPITAL STOCK TRANSACTIONS:
------------- -------------
Net proceeds from shares sold .............. 153,302,049 63,250,174
Dividends reinvested ....................... 13,583,900 22,101,817
Cost of shares redeemed .................... (192,893,713) (53,364,359)
------------- -------------
Increase (Decrease) In Net Assets From
Capital Stock Transactions .............. (26,007,764) 31,987,632
------------- -------------
Total Increase (Decrease) In Net Assets (36,201,432) 30,992,055
NET ASSETS:
Beginning of period ........................ 281,403,499 245,202,067
------------- -------------
End of period (including undistributed
investment income--net:
$4,833,921 in 1994 and $1,563,836 in 1995) $ 245,202,067 $ 276,194,122
============= =============
Shares Shares
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Shares sold ................................ 9,481,323 4,128,068
Shares issued for dividends reinvested 852,724 1,546,663
Shares redeemed (12,068,037) (3,471,044)
------------- -------------
Net Increase (Decrease) In Shares
Outstanding ............................ (1,733,990) 2,203,687
============= =============
See notes to financial statements.
<PAGE>
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 the Fund's financial statements.
<TABLE>
<CAPTION>
Six Months Ended
Year Ended October 31, April 30,1995
PER SHARE DATA: 1990(1) 1991 1992 1993 1994 (Unaudited)
------ ------ ------ ------ ------ --------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.50 $10.86 $14.16 $15.16 $16.88 $16.41
------ ------ ------ ------ ------ ------
Investment Operations:
Investment income--net ................ .17 .34 .41 .30 .39 .18
Net realized and unrealized gain
(loss) on investments ............... (1.81) 3.18 .97 1.86 .11 1.27
------ ------ ------ ------ ------ ------
Total from Investment
Operations ...................... (1.64) 3.52 1.38 2.16 .50 1.45
------ ------ ------ ------ ------ ------
Distributions:
Dividends from investment
income--net ......................... -- (.22) (.38) (.40) (.31) (.42)
Dividends from net realized gain
on investments ...................... -- -- -- (.04) (.66) (1.28)
Dividends in excess of net realized
gain on investments ................. -- -- -- -- -- (.05)
------ ------ ------ ------ ------ ------
Total Distributions ................. -- (.22) (.38) (.44) (.97) (1.75)
------ ------ ------ ------ ------ ------
Net asset value, end of period ........ $10.86 $14.16 $15.16 $16.88 $16.41 $16.11
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN ................. (13.12%)(2) 32.85% 9.90% 14.49% 3.14% 10.16%(2)
RATIOS / SUPPLEMENTAL DATA:
Ratio of expenses to average
net assets .......................... -- -- -- .39% .61% .26%(2)
Ratio of net investment income
to average net assets ............... 3.46%(2) 3.45% 3.04% 2.36% 2.26% 1.14%(2)
Decrease reflected in above expense
ratios due to undertakings by
WFNIA and Dreyfus .................. 1.42%(2) .78% .65% .14% .03% --
Decrease reflected in above expense
ratios due to redemption fee ....... 08%(2) .10% -- -- -- --
Portfolio Turnover Rate .............. 1.21%(2) .69% 3.10% 3.77% 18.81% 3.07%(2)
Net Assets, end of period
(000's Omitted) .................... $29,266 $69,211 $92,598 $281,403 $245,202 $276,194
<FN>
- ----------------
(1) From January 2, 1990 (commencement of operations) to October 31, 1990.
(2) Not annualized.
</TABLE>
See notes to financial statements.
<PAGE>
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 is a direct subsidiary
of Mellon Bank, N.A. Premier Mutual Fund Services, Inc. (the "Distributor")
acts as the distributor of the Fund's shares, which are sold to the public
without a sales charge. The Distributor, located at One Exchange Place, Boston,
Massachusetts 02109, is a wholly-owned sudsidiary of FDI Distribution Services,
Inc., a provider of mutual fund administration services, which in turn is a
wholly-owned subsidiary of FDI Holdings, Inc., the parent company of which is
Boston Institutional Group, Inc.
(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.
Dividends in excess of net realized gains on investments for financial
statement purposes result from wash sale loss deferrals from security
transactions during the period. To the extent that net realized capital gain
can be offset by capital loss carryovers, if any, it is the policy of the Fund
not to distribute such gain.
(d) Federal income taxes: It is the policy of the Fund to continue to qualify
as a regulated investment company, if such qualification is in the best
interests of its shareholders, by complying with the applicable provisions of
the Internal Revenue Code, and to make distributions of taxable income
sufficient to relieve it from substantially all Federal income and excise
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
<PAGE>
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. There was no expense
reimbursement for the six months ended April 30, 1995.
In addition, WFITC earned $3,249 for custodian services provided to the Fund.
(b) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses the
Dreyfus Service Corporation 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,
1995, the Fund was charged an aggregate of $127,483 pursuant to the Shareholder
Services Plan.
(c) Each director who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $2,500 and an attendance fee of $500
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
(d) A 1% redemption fee is charged on certain redemptions of Fund shares
(including redemptions through use of the Exchange Privilege) where the shares
being redeemed were issued subsequent to a specified effective date and the
redemption or exchange occurs within a six-month period following the date of
issuance. During the six months ended April 30, 1995, redemption fees amounted
to $1,203.
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, 1995
amounted to $8,346,434 and $7,404,773, 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, 1995 and their
related unrealized market appreciation are set forth in the Statement of
Financial Futures.
(b) At April 30, 1995, accumulated net unrealized appreciation on investments
was $43,935,420, consisting of $50,493,632 gross unrealized appreciation and
$6,558,212 gross unrealized depreciation.
At April 30, 1995, 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).
<PAGE>
Peoples Index Fund, Inc.
200 Park Avenue
New York, NY 10166
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
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. 078SA954
