DREYFUS EDISON ELECTRIC INDEX FUND, INC.
STATEMENT OF INVESTMENTS
APRIL 30, 1994 (UNAUDITED)
SHARES COMMON STOCKS--98.7% VALUE
-------- -----------
46,050 Allegheny Power System $ 1,087,930
72,450 American Electric Power 2,354,625
20,750 Atlantic Energy........ 440,937
57,150 Baltimore Gas & Electric 1,378,744
5,450 Bangor Hydro Electric.. 80,387
5,400 Black Hills............ 118,800
17,475 Boston Edison.......... 506,775
4,925 CILCORP................ 169,913
13,250 CIPSCO................. 389,219
31,400 CMS Energy............. 698,650
63,000 Carolina Power & Light. 1,677,375
56,975 Centerior Energy....... 633,847
73,900 Central & South West... 1,893,687
6,475 Central Hudson Gas & Electric 188,585
8,650 Central Louisiana Electric 218,412
12,325 Central Maine Power.... 150,981
4,800 Central Vermont Public Service 89,400
34,375 Cincinnati Gas & Electric 786,328
83,850 Commonwealth Edison.... 2,127,694
3,875 Commonwealth Energy System 162,750
91,850 Consolidated Edison.... 2,812,906
41,700 DPL.................... 891,338
20,700 DQE.................... 662,400
22,825 Delmarva Power & Light. 479,325
57,600 Detroit Edison......... 1,555,200
65,725 Dominion Resources..... 2,776,881
80,450 Duke Power............. 2,946,481
3,914 ESELCO................. 88,065
7,250 Eastern Utilities Association 183,063
32,775(a) El Paso Electric 92,180
5,050 Empire District Electric 97,844
90,817 Entergy................ 2,781,268
74,375 FPL Group.............. 2,631,016
34,762 Florida Progress....... 1,051,551
45,075 General Public Utilities 1,374,788
3,075 Green Mountain Power... 89,175
10,750 Hawaiian Electric Industries 365,500
51,150 Houston Industries..... 1,841,400
11,000 IES Industries......... 316,250
14,675 IPALCO Enterprises..... 469,600
14,350 Idaho Power............ 378,481
29,500 Illinois Power......... 656,375
3,550 Interstate Power....... 99,400
11,375 Iowa-Illinois Gas & Electric 267,313
14,700 KU Energy.............. 398,737
24,100 Kansas City Power & Light 551,287
12,850 LG & E Energy.......... 480,269
43,875 Long Island Lighting... 976,219
7,300 MDU Resources Group.... 217,175
4,025 Madison Gas & Electric. 131,819
3,425 Maine Public Service... 90,334
21,175 Midwest Resources...... 352,034
12,150 Minnesota Power & Light 361,463
20,425 Montana Power.......... 500,413
25,725 NIPSCO Industries...... 813,553
16,025 Nevada Power........... 338,528
25,375 New England Electric System 951,563
27,500 New York State Electric & Gas 739,063
55,625 Niagara Mohawk Power... 1,022,109
52,550 Northeast Utilities.... 1,307,181
SHARES COMMON STOCKS (CONTINUED) VALUE
-------- -----------
26,100 Northern States Power.. $ 1,096,200
3,350 Northwestern Public Service 92,125
59,725 Ohio Edison............ 1,112,378
15,725 Oklahoma Gas & Electric 548,409
5,125 Orange/Rockland Utilities 179,375
4,275 Otter Tail Power....... 135,731
22,200 PSI Resources.......... 496,725
170,575 Pacific Gas & Electric 4,520,238
109,975 PacifiCorp............ 1,965,803
59,525 Pennsylvania Power & Light 1,465,803
86,975 Philadelphia Electric.. 2,489,659
34,125 Pinnacle West Capital.. 703,828
19,275 Portland General....... 363,816
45,875 Potomac Electric Power. 1,060,859
23,500 Public Service Co. of Colorado 696,187
16,000(a) Public Service Co. of New Mexico 214,000
94,875 Public Service Enterprise Group 2,739,516
24,625 Puget Sound Power & Light 504,813
14,250 Rochester Gas & Electric 350,906
18,250 SCANA.................. 837,219
175,850 SCEcorp............... 2,813,600
3,075 St. Joseph Light & Power 89,175
45,625 San Diego Gas & Electric 1,026,563
11,175 Sierra Pacific Resources 209,531
252,550 Southern.............. 4,924,725
6,033 Southern Indiana Gas & Electric 180,236
15,900 Southwestern Public Service 455,138
45,200 TECO Energy............ 904,000
5,575 TNP Enterprises........ 91,291
88,075 Texas Utilities........ 3,104,644
62,300(a) Tucson Electric Power 241,412
12,350 UGI.................... 268,612
4,738 UNITIL................. 89,430
39,975 Union Electric......... 1,404,122
5,375 United Illuminating.... 196,859
5,250 Upper Peninsula Power.. 90,563
16,325 UtiliCorp United....... 506,075
11,775 WPL Holdings........... 357,666
20,350 Washington Water Power. 361,212
24,099 Western Resources...... 710,920
41,762 Wisconsin Energy....... 1,091,032
9,225 Wisconsin Public Service 276,750
-----------
TOTAL COMMON STOCKS
(cost $101,296,024) $90,261,732
===========
PRINCIPAL
AMOUNT SHORT-TERM INVESTMENTS--.3%
--------
$250,000 U.S Treasury Bills,
3.155%, 6/23/1994
(cost $248,613) $ 248,613
=========
TOTAL INVESTMENTS
(cost $101,544,637)......... 99.0% $90,510,345
==== ===========
CASH AND RECEIVABLES (NET).. 1.0% $ 897,259
==== ===========
NET ASSETS.................. 100.0% $91,407,604
==== ===========
NOTE TO STATEMENT OF INVESTMENTS;
(a) Non-income producing.
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS EDISON ELECTRIC INDEX FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1994 (UNAUDITED)
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $101,544,637)_see statement..................................... $ 90,510,345
Receivable for investment securities sold............................... 652,971
Dividends receivable.................................................... 411,336
Prepaid expenses........................................................ 47,426
Due from The Dreyfus Corporation........................................ 35,620
--------------
91,657,698
LIABILITIES:
Due to Wells Fargo Nikko Investment Advisors............................ $ 65,667
Due to Wells Fargo Institutional Trust Company, N.A. ................... 29,997
Accrued expenses........................................................ 154,430 250,094
------------ -------------
NET ASSETS ................................................................ $ 91,407,604
=============
REPRESENTED BY:
Paid-in capital......................................................... $101,514,443
Accumulated undistributed investment income-net......................... 394,717
Accumulated undistributed net realized gain on investments.............. 532,736
Accumulated net unrealized (depreciation) on investments_Note 3......... (11,034,292)
--------------
NET ASSETS at value applicable to 7,414,959 outstanding shares of
Common Stock, equivalent to $12.33 per share (200 million shares of
$.001 par value authorized)............................................. $91,407,604
=============
STATEMENT OF OPERATIONS SIX MONTHS ENDED APRIL 30, 1994 (UNAUDITED)
INVESTMENT INCOME:
INCOME:
Cash dividends........................................................ $ 3,025,769
Interest.............................................................. 14,733
-------------
TOTAL INCOME.................................................... $ 3,040,502
EXPENSES:
Index management fee_Note 2(a)........................................ 49,654
Administration fee_Note 2(a).......................................... 74,482
Shareholder servicing costs_Note 2(b)................................. 212,297
Professional fees..................................................... 26,051
Directors' fees and expenses_Note 2(c)................................ 10,640
Registration fees..................................................... 9,500
Prospectus and shareholders' reports.................................. 5,605
Miscellaneous......................................................... 13,086
-------------
TOTAL EXPENSES.................................................. 401,315
--------------
INVESTMENT INCOME--NET.......................................... 2,639,187
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized gain on investments_Note 3................................. $ 775,527
Net unrealized (depreciation) on investments............................ (17,621,114)
-------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS............... (16,845,587)
--------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $ (14,206,400)
=============
</TABLE>
See notes to financial statements.
<TABLE>
DREYFUS EDISON ELECTRIC INDEX FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
OCTOBER 31, APRIL 30, 1994
1993 (UNAUDITED)
-------------- -------------
<S> <C> <C>
OPERATIONS:
Investment income-net.................................................. $ 3,813,361 $ 2,639,187
Net realized gain on investments....................................... 1,346,006 775,527
Net unrealized appreciation (depreciation) on investments for the period 5,953,464 (17,621,114)
------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...... 11,112,831 (14,206,400)
------------- ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net.................................................. (3,664,204) (2,507,534)
Net realized gain on investments....................................... (38,126) (1,583,630)
------------- ------------
TOTAL DIVIDENDS...................................................... (3,702,330) (4,091,164)
------------- ------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold.......................................... 87,326,728 14,615,041
Dividends reinvested................................................... 3,593,205 3,940,789
Cost of shares redeemed................................................ (17,356,547) (26,685,892)
------------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS.... 73,563,386 (8,130,062)
------------- ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS.......................... 80,973,887 (26,427,626)
NET ASSETS:
Beginning of period.................................................... 36,861,343 117,835,230
------------- ------------
End of period (including undistributed investment income-net:
$263,064 in 1993 and $394,717 in 1994)............................... $117,835,230 $ 91,407,604
=========== ============
SHARES SHARES
-------------- ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................ 6,150,709 1,107,853
Shares issued for dividends reinvested................................. 249,390 297,748
Shares redeemed........................................................ (1,204,315) (2,011,480)
------------- ------------
NET INCREASE IN SHARES OUTSTANDING................................... 5,195,784 (605,879)
=========== ============
</TABLE>
See notes to financial statements.
DREYFUS EDISON ELECTRIC INDEX FUND, INC.
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This
information has been derived from information provided in the Fund's
financial statements.
<TABLE>
YEAR ENDED OCTOBER 31, SIX MONTHS ENDED
------------------------- APRIL 30, 1994
PER SHARE DATA: 1992(1) 1993 (UNAUDITED)
------ ----- --------------
<S> <C> <C> <C>
Net asset value, beginning of period.................... $12.50 $13.05 $14.69
------ ------- ------
INVESTMENT OPERATIONS:
Investment income_net................................... .60 .62 .36
Net realized and unrealized gain (loss) on investments.. .51 1.66 (2.17)
------ ------- ------
TOTAL FROM INVESTMENT OPERATIONS...................... 1.11 2.28 (1.81)
------ ------- ------
DISTRIBUTIONS:
Dividends from investment income_net.................... (.56) (.63) (.34)
Dividends from net realized gain on investments......... _ (.01) (.21)
------ ------- ------
TOTAL DISTRIBUTIONS................................... (.56) (.64) (.55)
------ ------- ------
Net asset value, end of period.......................... $13.05 $14.69 $12.33
====== ====== ======
TOTAL INVESTMENT RETURN..................................... 9.11% (2) 17.71% (12.57%)(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets................. .24% (2) .75% .40% (2)
Ratio of net investment income to average net assets.... 5.31% (2) 4.80% 2.64% (2)
Decrease reflected in above expense ratios due to
undertakings by WFNIA and Dreyfus..................... .95% (2) .09% _
Portfolio Turnover Rate................................. 2.76% (2) 14.14% 6.82% (2)
Net Assets, end of period (000's Omitted)............... $36,861 $117,835 $91,408
_____________________________
(1) From December 6, 1991 (commencement of operations) to October 31, 1992.
(2) Not annualized.
See notes to financial statements.
</TABLE>
DREYFUS EDISON ELECTRIC INDEX FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
Wells Fargo Nikko Investment Advisors ("WFNIA") serves as the Fund's
index manager. WFNIA is a registered investment adviser. Wells Fargo
Institutional Trust Company, N.A. 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.
(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.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Dividend
income is recognized on the ex-dividend date and interest income, including,
where applicable, amortization of discount on investments, is recognized on
the accrual basis.
(C) DIVIDENDS TO SHAREHOLDERS: Dividends are recorded on the ex-dividend
date. Dividends from investment income-net are declared and paid on a
quarterly basis. Dividends from net realized capital gain are normally
declared and paid annually, but the Fund may make distributions on a more
frequent basis to comply with the distribution requirements of the Internal
Revenue Code. 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
.15 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 each bear, such excess expense in proportion to their
respective fees. 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, 1994.
DREYFUS EDISON ELECTRIC INDEX FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
the Distributor an amount not to exceed an annual rate of .25 of 1% of the
value of the Fund's average daily net assets for servicing shareholder
accounts. The services provided may include personal services relating to
shareholder accounts, such as answering shareholder inquiries regarding the
Fund and providing reports and other information, and services related to the
maintenance of shareholder accounts. During the six months ended April 30,
1994, the Fund was charged an aggregate of $122,855 pursuant to the
Shareholder Services Plan.
(C) Certain officers and directors of the Fund are "affiliated persons,"
as defined in the Act, of Dreyfus. Each director who is not an "affiliated
person" receives an annual fee of $2,500 and an attendance fee of $500 per
meeting.
(D) On December 5, 1993, Dreyfus entered into an Agreement and Plan of
Merger providing for the merger of Dreyfus with a subsidiary of Mellon Bank
Corporation ("Mellon").
Following the merger, it is planned that Dreyfus will be a direct
subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a number
of contingencies, including receipt of certain regulatory approvals and
approvals of the stockholders of Dreyfus and of Mellon. The merger is
expected to occur in mid-1994, but could occur later.
NOTE 3--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
other than short-term securities, for the six months ended April 30, 1994
amounted to $6,704,657 and $17,227,379, respectively.
At April 30, 1994, accumulated net unrealized depreciation on investments
was $11,034,292, consisting of $219,952 gross unrealized appreciation and
$11,254,244 gross unrealized depreciation.
At April 30, 1994, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
Edison Electric
Index Fund, Inc.
Semi-Annual
Report
April 30, 1994
(Dreyfus Lion Logo)
DREYFUS EDISON ELECTRIC
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. 114SA944
