<PAGE>
Dreyfus
Peoples S&P
MidCap Index
Fund, Inc.
Semi-Annual
Report
April 30, 1995
<PAGE>
Letter to Shareholders
Dear Shareholder:
The Peoples S&P MidCap Index Fund completed its latest semi-annual fiscal
period on April 30, 1995. The investment objective of the Fund is to provide
investment results that correspond to the price and yield performance of the
publicly traded common stocks that comprise the medium stock capitalization
sector of the United States equity market as represented by the S&P MidCap 400
Index.*
For the six months ended April 30, 1995, the Fund produced a positive total
return of 6.16%, which is a strong improvement over the previous six-month
period.** The Index itself returned 6.35%.*** The difference is accounted for
by such factors as commission expenses, other transaction costs and general
Fund expenses. The Index began 1994 at 179.38, dropped throughout the first
two quarters and then had a summer rally, finishing the calendar year at
169.44. The Index's weakness did not correspond to the financial performance
of the underlying 400 companies. Average earnings per share for the stocks
underlying the Index in 1994 were 9.28%, which is an increase of 17% over 1993,
and average dividends per share rose 6.9% over the same period.
Gains in the Index were widespread, with the top-performing stocks coming
from a broad base of industry groups. During the last part of 1994 and early
1995, strong contributions came from financially based Brokerage and Banking
sectors. Later in the first quarter of 1995, contributions also came from
Gold, Leisure Time and Textiles, which placed one, two and three during March,
respectively.
At present, the economic fundamentals for the U.S. continue to show
beginning signs of a slowdown. This has been viewed as a welcome relief by
many who feared the economy would experience rapid inflation if growth
continued at the previous rate. In our view, these changes are favorable and
the equities represented by the Peoples S&P MidCap Index Fund can continue to
play an important role in enabling investors to participate in long-range
economic growth.
Sincerely,
Steven Albrecht
Chief Operating Officer
World Asset Management
May 24, 1995
New York, N.Y.
*"S&P" registered and "Standard & Poor's MidCap 400 Index" are
trademarks of Standard & Poor's Corporation and have been licensed for use
by the Fund. The Fund is not sponsored, endorsed, sold or promoted by S&P.
**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.
<PAGE>
PEOPLES S&P MIDCAP INDEX FUND, INC.
- ---------------------------------------------------------------------------
STATEMENT OF INVESTMENTS APRIL 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
Shares Common Stocks--95.5% Value
--------- ------------
<S> <C> <C>
BASIC MATERIALS--7.9%
5,561 Albany International, Cl. A. ............... $ 121,647
12,200 Albemarle .................................. 166,225
14,915 Battle Mountain Gold ....................... 164,065
5,104 Betz Laboratories .......................... 213,092
6,810 Bowater .................................... 260,482
2,829 Brush Wellman .............................. 55,873
7,000 Cabot ...................................... 274,750
2,816 Carlisle Cos. .............................. 105,952
1,422 Carpenter Technology ....................... 85,853
4,391 Chesapeake ................................. 136,121
2,268 Cleveland-Cliffs ........................... 83,065
8,121 Consolidated Papers ........................ 397,929
8,576 Crompton & Knowles ......................... 155,440
4,543 Dexter ..................................... 103,921
21,900 Ethyl ...................................... 235,425
5,153 Ferro ...................................... 146,216
3,808 First Brands ............................... 146,608
28,236 Freeport McMoRan ........................... 497,659
7,279 Georgia Gulf ............................... 237,477
2,824 Gibson Greetings ........................... 28,240
8,200 Glatfelter (P.H.) .......................... 147,600
6,568 Hanna (M.A.) ............................... 163,379
4,673 Harsco ..................................... 222,552
5,461 IMC Global ................................. 268,272
8,246 Lawter International ....................... 113,382
6,518 Loctite .................................... 324,270
9,536 Longview Fibre ............................. 158,536
11,988 Lubrizol ................................... 418,082
2,728 Lukens ..................................... 88,319
3,568 Oregon Steel Mills ......................... 63,778
3,370 Pentair .................................... 154,178
6,925 Schulman (A.) .............................. 217,272
3,656(a) Sealed Air ................................. 156,294
16,124 Sonoco Products ............................ 401,085
10,283(a) Sterling Chemicals ......................... 128,538
5,451 Wausau Paper Mills ......................... 119,241
10,124 Willamette Industries ...................... 518,855
10,316 Witco ...................................... 295,296
------------
7,574,969
------------
CAPITAL GOODS/CONSTRUCTION--6.0%
13,796(a) AES ........................................ 237,981
13,036 Allegheny Ludlum ........................... 294,939
7,011 CBI Industries ............................. 173,522
4,233 CalMat ..................................... 83,602
7,489 Calgon Carbon .............................. 91,740
13,897 Clayton Homes .............................. 234,512
10,502 Danaher .................................... 312,434
2,819(a) Datascope .................................. 50,742
4,804 Donaldson .................................. 119,500
<CAPTION>
Shares Common Stocks (continued) Value
--------- ------------
<S> <C> <C>
CAPITAL GOODS/CONSTRUCTION (CONTINUED)
3,515 Duriron .................................... $ 76,232
5,125(a) Enterra .................................... 93,531
6,417 Federal-Mogul .............................. 115,506
5,951 GenCorp .................................... 75,131
3,894 Goulds Pumps ............................... 96,377
2,200 Granite Construction ....................... 44,000
5,940 Hubbell, CL. B ............................. 319,275
2,944 Kaydon ..................................... 80,960
4,900 Kennametal ................................. 164,150
6,479 Keystone International ..................... 136,059
4,526(a) MagneTek ................................... 67,324
11,018 Mark IV Industries ......................... 198,329
2,955 Measurex ................................... 73,875
3,268 Nordson .................................... 181,374
3,788 OEA ........................................ 116,008
10,584(a) Parametric Technology ...................... 502,740
10,509 RPM ........................................ 207,553
3,349(a) Rohr Industries ............................ 36,002
3,041(a) Southdown .................................. 57,779
6,126 Stewart & Stevenson Services ............... 229,725
5,813 Sundstrand ................................. 322,622
4,000 Tecumseh Products, Cl. A ................... 201,000
3,471 Thiokol .................................... 96,754
6,600 Vulcan Materials ........................... 382,800
6,900 York International ......................... 282,900
------------
5,756,978
------------
CONSUMER CYCLICALS--13.5%
1,632 Angelica ................................... 42,024
4,300(a) AnnTaylor Stores ........................... 108,037
4,068 Arvin Industries ........................... 94,581
3,666 Belo (A.H.), Cl. A ......................... 220,418
7,800(a) Best Buy ................................... 213,525
13,271(a) Brinker International ...................... 227,266
5,700(a) Buffets .................................... 57,712
12,000(a) Burlington Industries ...................... 132,000
9,250 CML Group .................................. 67,062
2,415 CPI ........................................ 40,451
12,500 Callaway Golf .............................. 154,687
7,728 Cardinal Health ............................ 356,454
5,466(a) Chris-Craft Industries ..................... 184,477
8,610 Cintas ..................................... 331,485
15,773(a) Circus Circus Enterprises .................. 522,481
3,890 Claire's Stores ............................ 53,974
23,836 Coca Cola Enterprises ...................... 533,330
11,025 Cracker Barrel Old Country
Store .................................... 234,281
2,900 Cross (A.T.), Cl. A ........................ 49,300
10,943 Dole Food .................................. 326,922
13,918 Dollar General ............................. 323,593
</TABLE>
<PAGE>
PEOPLES S&P MIDCAP INDEX FUND, INC.
- ---------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
Shares Common Stocks (continued) Value
--------- ------------
<S> <C> <C>
CONSUMER CYCLICALS (CONTINUED)
5,012 Duty Free International .................... $ 37,590
4,105 Edison Brothers Stores ..................... 61,575
10,490 Family Dollar Stores ....................... 124,569
8,400 Fingerhut Cos. ............................. 97,650
14,000(a) Fruit of the Loom, Cl. A ................... 364,000
3,919 Hancock Fabrics ............................ 39,190
13,812 Harley-Davidson ............................ 329,761
8,970 Heilig-Meyers .............................. 188,370
17,140(a) Home Shopping Network ...................... 117,837
8,500(a) Hospitality Franchise System ............... 258,188
2,703 Houghton Mifflin ........................... 130,082
5,984 Intelligent Electronics .................... 57,596
4,283(a) International Dairy Queen,
Cl. A .................................... 81,377
23,976 International Game
Technology ............................... 308,691
3,177 International Multifoods ................... 65,129
6,800(a) Kohls ...................................... 304,300
5,533 Lancaster Colony ........................... 192,272
6,448(a) Lands' End ................................. 101,556
4,000 Lee Enterprises ............................ 143,500
7,698 Leggett & Platt ............................ 296,373
4,845(a) MacFrugal's Bargains
Closeouts ................................ 71,464
4,900 Media General, Cl. A ....................... 159,250
3,571 Michael Foods .............................. 44,861
4,565 Miller (Herman) ............................ 91,015
16,825(a) Mirage Resorts ............................. 504,750
5,520 Modine Manufacturing ....................... 186,990
6,248 Morrison Restaurants ....................... 141,361
6,892(a) Multimedia ................................. 259,312
6,400(a) Nine West Group ............................ 208,000
27,518(a) Office Depot ............................... 626,035
4,900 Phillips-Van Heusen ........................ 75,338
12,300(a) Revco D.S. ................................. 264,450
3,800 Sbarro ..................................... 97,850
18,344(a) Service Merchandise ........................ 89,427
25,232 Shaw Industries ............................ 331,170
5,500 Superior Industries
International ............................ 145,750
2,919 Tiffany & Co. .............................. 93,773
26,644 Tyson Foods, Cl. A ......................... 632,795
12,537 Unifi ...................................... 314,992
8,542 United States Shoe ......................... 238,108
6,107(a) Waban ...................................... 101,529
4,107 Wallace Computer Services .................. 137,071
1,969 Washington Post, Cl. B. .................... 507,510
3,897(a) Western Publishing Group ................... 35,804
------------
12,932,271
------------
<CAPTION>
Shares Common Stocks (continued) Value
--------- ------------
<S> <C> <C>
CONSUMER STAPLES--9.8%
5,295(a) Acuson ..................................... $ 60,892
2,334(a) Advanced Technology
Laboratories ............................. 36,760
5,212(a) Applied Bioscience International ........... 28,666
7,331 Bergen Brunswig, Cl. A ..................... 174,111
6,126(a) Biogen ..................................... 240,445
7,844 Bob Evans Farms ............................ 160,802
8,551 Carter-Wallace ............................. 107,956
9,497(a) Centocor ................................... 134,145
7,420(a) Chiron ..................................... 409,955
3,588 Church & Dwight ............................ 66,826
7,070(a) Continental Medical Systems ................ 76,002
4,860(a) Coram Healthcare ........................... 99,630
2,995(a) Cordis ..................................... 214,891
7,377 Dean Foods ................................. 210,245
4,500(a) Diagnostek ................................. 83,250
2,271 Diagnostic Products ........................ 88,001
2,714 Dreyer's Grand Ice Cream ................... 80,742
7,354(a) FHP International .......................... 174,658
7,278 Flowers Industries ......................... 126,455
8,300(a) Forest Laboratories ........................ 373,500
10,500(a) Foundation Health .......................... 291,375
4,579(a) Genzyme .................................... 195,752
13,126(a) HEALTHSOUTH ................................ 259,239
7,700 Hannaford Brothers ......................... 203,088
6,230(a) HeathCare COMPARE .......................... 187,289
5,900(a) Health Care & Retirement ................... 166,675
5,800(a) Healthsource ............................... 208,075
8,800 IBP ........................................ 325,600
21,500 IVAX ....................................... 556,313
5,645 Lance ...................................... 98,788
15,036 McCormick & Co. ............................ 330,792
14,632 Mylan Laboratories ......................... 449,934
1,417 NCH ........................................ 90,688
4,497(a) NPC International, Cl. A ................... 26,139
15,600(a) National Health Laboratories
Holdings ................................. 234,000
11,848(a) NovaCare ................................... 102,189
5,661(a) PacifiCare Health Systems,
CL. A .................................... 350,982
14,000(a) Perrigo .................................... 155,750
4,300 Ruddick .................................... 89,225
4,881 Savannah Foods & Industries ................ 46,980
4,300(a) Scherer (R.P.) ............................. 205,325
5,022 Sizzler International ...................... 28,249
5,420 Smucker (J.M.), Cl. A ...................... 116,530
3,578 Stanhome ................................... 103,762
8,875 Stryker .................................... 400,484
7,169 Surgical Care Affiliates ................... 166,679
</TABLE>
<PAGE>
PEOPLES S&P MIDCAP INDEX FUND, INC.
- ---------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
Shares Common Stocks (continued) Value
--------- ------------
<S> <C> <C>
CONSUMER STAPLES (CONTINUED)
6,791 Tambrands .................................. $ 282,675
6,466 Universal .................................. 147,910
4,764 Universal Foods ............................ 154,830
7,500(a) Value Health ............................... 258,750
8,015(a) Vons Cos. .................................. 164,308
------------
9,346,307
------------
DIVERSIFIED--5.1%
5,900(a) Air & Water Technologies,
Cl. A .................................... 26,918
3,776(a) Altera ..................................... 305,384
8,200(a) Alumax ..................................... 231,650
8,400(a) Atmel ...................................... 369,600
5,514(a) Cirrus Logic ............................... 274,666
5,100 DENTSPLY International ..................... 179,775
3,984(a) Exabyte .................................... 50,298
2,442 Fuller (H.B.) .............................. 92,185
4,621(a) Jacobs Engineering Group ................... 91,265
7,996 Kansas City Southern
Industries ............................... 299,850
2,293 Lawson Products ............................ 62,914
8,500(a) Litton Industries .......................... 294,312
1,500(a) MAXXAM ..................................... 47,250
8,100 McKesson ................................... 320,963
4,340(a) Octel Communications ....................... 98,193
3,970 Olin ....................................... 221,824
6,699 Omnicom Group .............................. 372,632
5,500 Rayonier ................................... 182,188
1,736(a) Sequa, Cl. A ............................... 53,382
11,575(a) Staples .................................... 279,247
3,200 Teleflex ................................... 132,400
10,397 Thermo Electron ............................ 560,138
8,673 Topps ...................................... 54,206
4,403(a) VeriFone ................................... 104,021
6,161 Wellman .................................... 166,347
------------
4,871,608
------------
ENERGY--4.7%
8,759 American Premier Group ..................... 216,785
10,881 Anadarko Petroleum ......................... 447,481
11,336 Apache ..................................... 306,072
2,885(a) BJ Services ................................ 65,994
5,348 Diamond Shamrock ........................... 143,727
6,400 El Paso Natural Gas ........................ 187,200
30,400(a) Global Marine .............................. 133,000
14,738 Lyondell Petrochemical ..................... 366,608
5,530 MAPCO ...................................... 314,519
11,980 MCN ........................................ 230,615
8,282 Murphy Oil ................................. 362,337
15,500(a) Nabors Industries .......................... 146,281
<CAPTION>
Shares Common Stocks (continued) Value
--------- ------------
<S> <C> <C>
ENERGY (CONTINUED)
9,227 Noble Affiliates ........................... $ 249,129
6,400 Parker & Parsley Petroleum ................. 136,800
10,237(a) Parker Drilling ............................ 48,626
5,786 Quaker State ............................... 82,451
7,448 Questar .................................... 220,647
18,182 Ranger Oil ................................. 134,092
6,620(a) Seagull Energy ............................. 117,505
7,310(a) Smith International ........................ 126,098
6,823 Tosco ...................................... 233,688
8,076 Valero Energy .............................. 174,644
7,165(a) Varco International ........................ 60,007
------------
4,504,306
------------
FINANCIAL--15.0%
18,423 AFLAC ...................................... 759,949
18,839 Aon ........................................ 694,688
7,785 Bancorp Hawaii ............................. 218,953
20,721 Bear Stearns Cos. .......................... 427,371
7,259 Central Fidelity Banks ..................... 185,558
8,357 City National .............................. 84,615
6,706 Comdisco ................................... 188,606
21,710 Comerica ................................... 624,162
6,845 Crestar Financial .......................... 308,025
5,554 Dauphin Deposit ............................ 133,643
11,383 Edwards (A.G.) ............................. 260,386
11,990 Fifth Third Bancorp ........................ 577,019
11,610 First of America Bank ...................... 401,996
24,425 First Bank System .......................... 989,212
9,106 First Security ............................. 217,406
6,286 First Tennessee National ................... 267,155
6,306 First Virginia Banks ....................... 213,616
15,008 Franklin Resources ......................... 604,072
12,500 Green Tree Financial ....................... 510,937
3,796 Hartford Steam Boiler
Inspection & Insurance ................... 167,973
6,276 Kemper ..................................... 283,989
17,491 Marshall & Ilsley .......................... 352,006
8,431 Mercantile Bancorporation .................. 307,731
8,834 Mercantile Bankshares ...................... 186,618
10,677 Meridian Bancorp ........................... 338,995
14,036 Morgan Stanley Group ....................... 975,502
10,024 Northern Trust ............................. 366,502
18,500 Paine Webber Group ......................... 316,812
13,187 Progressive ................................ 497,809
8,364 Provident Life & Accident
Insurance Co. of America .................. 186,099
8,314 Regions Financial .......................... 288,912
15,874 Schwab (Charles) ........................... 543,685
10,318 Sotheby's Holdings, Cl. A .................. 138,003
</TABLE>
<PAGE>
PEOPLES S&P MIDCAP INDEX FUND, INC.
- ---------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
Shares Common Stocks (continued) Value
--------- ------------
<S> <C> <C>
FINANCIAL (CONTINUED)
14,995 SouthTrust ................................. $ 322,393
15,242 State Street Boston ........................ 483,934
4,225 Transatlantic Holdings ..................... 268,288
10,142 UJB Financial .............................. 277,637
6,764 West One Bancorp ........................... 186,856
6,500 Wilmington Trust ........................... 164,125
------------
14,321,238
------------
TECHNOLOGY--14.2%
6,422 AMETEK ..................................... 104,357
5,927(a) AST Research ............................... 105,204
11,509 Adobe Systems .............................. 670,399
17,000(a) American Power Conversion .................. 289,000
13,947(a) Analog Devices ............................. 374,826
8,531(a) Arrow Electronics .......................... 396,691
7,504 Avnet ...................................... 333,928
4,655(a) BMC Software ............................... 289,774
20,154(a) Bay Networks ............................... 733,102
5,312 Beckman Instruments ........................ 144,752
5,011(a) Borland International ...................... 48,231
13,250(a) Cabletron Systems .......................... 629,375
7,025(a) Cadence Design System ...................... 226,556
9,000(a) California Energy .......................... 149,625
8,400(a) Compuware .................................. 220,500
9,608(a) Conner Peripherals ......................... 102,085
4,904(a) Convex Computer ............................ 20,229
7,209(a) Cypress Semiconductor ...................... 218,072
7,287(a) Dell Computer .............................. 398,963
37,000(a) EMC ........................................ 730,750
8,413 Federal Signal ............................. 190,344
11,539 First Financial Management ................. 843,789
7,200(a) Fiserv ..................................... 190,800
5,761 HON Industries ............................. 151,226
4,996(a) Information Resources ...................... 70,256
12,200(a) Informix ................................... 480,375
11,098(a) LSI Logic .................................. 739,404
6,770 Linear Technology .......................... 404,507
9,009(a) Mentor Graphics ............................ 152,027
14,651 Molex ...................................... 553,075
19,500(a) NEXTEL Communications ...................... 314,437
1,304 National Presto Industries ................. 60,310
3,015(a) Nellcor .................................... 125,122
3,723 Precision Castparts ........................ 102,382
8,453(a) Quantum .................................... 156,381
7,376 Reynolds & Reynolds, Cl.A .................. 195,464
13,204(a) Seagate Technology ......................... 420,878
13,621 Sensormatic Electronics .................... 405,225
5,882(a) Sequent Computer Systems ................... 97,421
5,307 Standard Register .......................... 98,180
<CAPTION>
Shares Common Stocks (continued) Value
--------- ------------
<S> <C> <C>
TECHNOLOGY (CONTINUED)
9,713(a) Storage Technology ......................... $ 201,545
4,594(a) Stratus Computer ........................... 136,672
5,366(a) Structural Dynamics Research ............... 65,063
6,776(a) Symantec ................................... 157,542
4,716(a) Symbol Technologies ........................ 156,218
6,822(a) Teradyne ................................... 345,364
6,238 Varian Associates .......................... 286,948
4,322(a) Xilinx ..................................... 331,714
------------
13,619,088
------------
TRANSPORT & SERVICES--5.3%
3,869 Airborne Freight ........................... 75,445
2,287(a) Alaska Air Group ........................... 39,165
8,457 Alexander & Baldwin ........................ 187,111
5,012 American President Cos. .................... 116,529
4,900 Arnold Industries .......................... 88,200
6,180 Atlantic Southeast Airlines ................ 142,140
3,724 Banta ...................................... 124,754
5,623 Diebold .................................... 233,354
3,061 Ennis Business Forms ....................... 40,941
14,355 Equifax .................................... 464,743
5,788 FlightSafety International ................. 285,059
3,673 GATX ....................................... 165,285
7,100 Hunt (JB) Transport ........................ 134,012
7,841 Illinois Central, Cl. A .................... 275,415
6,985 Kelly Services, Cl. A ...................... 235,744
6,599(a) LEGENT ..................................... 179,823
12,900 Manpower ................................... 430,538
7,700 Olsten ..................................... 262,763
6,670 Overseas Shipholding Group ................. 133,400
3,040 PHH ........................................ 122,360
5,475 Paychex .................................... 260,747
3,577(a) Policy Management Systems .................. 180,191
6,605 Rollins .................................... 185,766
11,400(a) Rollins Environmental Services ............. 52,725
9,805 Tidewater .................................. 232,869
7,451 Trinity Industries ......................... 287,795
5,482 Watts Industries, Cl. A .................... 123,688
------------
5,060,562
------------
UTILITIES--14.0%
10,356(a) ADC Telecommunications ..................... 341,748
22,022 Allegheny Power System ..................... 517,517
4,731 Atlanta Gas Light .......................... 172,681
10,054 Atlantic Energy ............................ 182,229
2,695 Black Hills ................................ 59,290
8,894 Brooklyn Union Gas ......................... 215,679
15,945 CMS Energy ................................. 372,714
4,120 Central Louisiana Electric ................. 94,760
</TABLE>
<PAGE>
PEOPLES S&P MIDCAP INDEX FUND, INC.
- ---------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
Shares Common Stocks (continued) Value
--------- ------------
<S> <C> <C>
UTILITIES (CONTINUED)
6,015 Central Maine Power ........................ $ 66,917
9,858 Century Telephone Enterprises .............. 293,275
8,836 Comsat ..................................... 176,720
11,034 Delmarva Power & Light ..................... 215,163
17,516 Florida Progress ........................... 534,238
15,122 Frontier ................................... 304,330
5,329 Hawaiian Electric Industries ............... 184,517
6,934 IPALCO Enterprises ......................... 218,421
6,983 Idaho Power ................................ 169,338
13,976 Illinova ................................... 324,942
4,194 Indiana Energy ............................. 77,065
5,465 Iowa-Illinois Gas & Electric ............... 114,765
11,380 Kansas City Power & Light .................. 258,895
31,278(a) LDDS Communications ........................ 750,672
6,107 LG&E Energy ................................ 235,883
5,968 Lincoln Telecommunications ................. 92,504
5,737 Minnesota Power & Light .................... 149,879
9,915 Montana Power .............................. 229,284
11,848 NIPSCO Industries .......................... 382,098
6,937 National Fuel Gas .......................... 200,306
8,311 Nevada Power ............................... 164,142
12,016 New England Electric System ................ 361,982
13,188 New York State Electric & Gas .............. 288,487
23,060 Northeast Utilities ........................ 504,437
7,473 Oklahoma Gas & Electric .................... 256,884
16,136 Pinnacle West Capital ...................... 346,924
9,357 Portland General Electric .................. 194,158
21,783 Potomac Electric Power ..................... 424,769
11,481 Public Service Co. of Colorado ............. 345,865
7,694(a) Public Service Co. of
New Mexico ............................... 98,099
11,790 Puget Sound Power & Light .................. 250,538
8,882 SCANA ...................................... 380,816
11,883 Southern New England
Telecommunications ....................... 393,624
7,582 Southwestern Public Service ................ 216,087
4,548 TCA Cable TV ............................... 113,132
<CAPTION>
Shares Common Stocks (continued) Value
--------- ------------
<S> <C> <C>
UTILITIES (CONTINUED)
21,418 TECO Energy ................................ $ 455,133
10,200 Telephone & Data Systems ................... 379,950
8,300 UtiliCorp United ........................... 232,400
7,157(a) Vanguard Cellular Systems,
Cl. A .................................... 158,349
5,679 WPL Holdings ............................... 161,142
3,880 Washington Gas Light ....................... 151,320
20,087 Wisconsin Energy ........................... 557,414
------------
13,371,482
------------
TOTAL COMMON STOCKS
(cost $83,819,607) ....................... $ 91,358,809
============
<CAPTION>
PRINCIPAL SHORT-TERM
AMOUNT INVESTMENTS--9.7%
- -----------
U.S. Treasury Bills--.3%
$ 200,000(b) 5%, 6/29/95 ................................ $ 198,096
100,000(b) 5.38%, 9/21/95 ............................. 97,690
------------
295,786
------------
REPURCHASE AGREEMENT--9.4%
8,990,000 Paine Webber, Inc.
5.875% Dated 4/28/95,
Due 5/1/95 in the amount
of $8,994,401 (fully
collateralized by $9,360,000
U.S. Treasury Bills, 8/31/95,
value $9,231,300) ........................ 8,990,000
------------
TOTAL SHORT-TERM
INVESTMENTS
(cost $9,285,762) ........................ $ 9,285,786
============
TOTAL INVESTMENTS
(cost $93,105,369) ................................. 105.2% $100,644,595
====== ============
LIABILITIES, LESS CASH
AND RECEIVABLES .................................... (5.2%) $ (4,934,259)
====== ============
NET ASSETS ........................................... 100.0% $ 95,710,336
====== ============
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Non-income producing.
(b) Wholly held by custodian in a segregated account as collateral for open
financial futures positions.
STATEMENT OF FINANCIAL FUTURES APRIL 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MARKET VALUE UNREALIZED
NUMBER OF COVERED APPRECIATION
FINANCIAL FUTURES LONG CONTRACTS BY CONTRACTS EXPIRATION AT 4/30/95
- ---------------------- --------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
Standard & Poor's MidCap 400 ........... 50 $4,662,500 June '95 $86,526
=======
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
PEOPLES S&P MIDCAP INDEX FUND, INC.
- ------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES APRIL 30, 1995 (UNAUDITED)
<TABLE>
<S> <C> <C>
ASSETS:
Investments in securities, at value--Note 1(b)
(cost $93,105,369)--see statement .............................................. $100,644,595
Cash ............................................................................. 26,364
Receivable for investment securities sold ........................................ 1,118,427
Dividends and interest receivable ................................................ 91,327
Receivable for futures variation margin--Note 3(a) ............................... 5,240
Prepaid expenses ................................................................. 37,498
------------
101,923,451
LIABILITIES:
Due to World Asset Management, Inc. .............................................. $ 508
Due to The Dreyfus Corporation ................................................... 20,506
Payable for investment securities purchased ...................................... 6,091,945
Accrued expenses ................................................................. 100,156 6,213,115
---------- ------------
NET ASSETS ........................................................................... $ 95,710,336
============
REPRESENTED BY:
Paid-in capital .................................................................. $ 85,576,945
Accumulated undistributed investment income--net ................................. 490,723
Accumulated undistributed net realized gain on investments ...................... 2,016,916
Accumulated net unrealized appreciation on investments (including $86,526 net
unrealized appreciation on financial futures)--Note 3(b) ...................... 7,625,752
------------
NET ASSETS at value applicable to 5,610,844 outstanding shares of
Common Stock, equivalent to $17.06 per share
(200 million shares of $.001 par value authorized) ............................... $ 95,710,336
============
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
PEOPLES S&P MIDCAP INDEX FUND, INC.
- ------------------------------------------------------------------------------
STATEMENT OF OPERATIONS SIX MONTHS ENDED APRIL 30, 1995 (UNAUDITED)
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
INCOME:
Cash dividends (net of $399 foreign taxes withheld at source) ................ $ 804,513
Interest ..................................................................... 166,211
----------
TOTAL INCOME ......................................................... $ 970,724
EXPENSES:
Index management fee--Note 2(a) .............................................. 41,127
Administration fee--Note 2(a) ................................................ 123,381
Shareholder servicing costs--Note 2(b) ....................................... 85,339
Registration fees ............................................................ 29,453
Legal fees ................................................................... 24,729
Auditing fees ................................................................ 16,946
Custodian fees--Note 2(a) .................................................... 16,246
Directors' fees and expenses--Note 2(c) ...................................... 11,122
Prospectus and shareholders' reports ......................................... 8,572
Miscellaneous ................................................................ 10,443
----------
367,358
Less--reduction in management fee and administration fee from World and
Dreyfus due to undertakings and redemption fee--Note 2(a) ................ 164,244
----------
TOTAL EXPENSES ....................................................... 203,114
------------
INVESTMENT INCOME--NET ............................................... 767,610
------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments--Note 3(a) ...................................... $1,904,658
Net realized gain on financial futures--Note 3(a);
Long transactions ............................................................ 257,840
----------
NET REALIZED GAIN ............................................................ 2,162,498
Net unrealized appreciation on investments (including $71,556
net unrealized appreciation on financial futures) ............................ 2,783,766
------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS ...................... 4,946,264
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............................. $ 5,713,874
============
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
PEOPLES S&P MIDCAP INDEX FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR ENDED SIX MONTHS ENDED
OCTOBER 31, APRIL 30, 1995
1994 (UNAUDITED)
----------- ----------------
<S> <C> <C>
OPERATIONS:
Investment income--net .............................................................. $ 1,227,409 $ 767,610
Net realized gain on investments .................................................... 3,427,593 2,162,498
Net unrealized appreciation (depreciation) on investments for the period ............ (3,340,443) 2,783,766
----------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............................ 1,314,559 5,713,874
----------- -----------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net .............................................................. (1,123,649) (1,274,372)
Net realized gain on investments .................................................... (2,309,722) (3,413,496)
----------- -----------
TOTAL DIVIDENDS ................................................................. (3,433,371) (4,687,868)
----------- -----------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold ....................................................... 61,712,647 20,443,586
Dividends reinvested ................................................................ 3,142,822 4,181,647
Cost of shares redeemed ............................................................. (53,021,949) (5,345,256)
----------- -----------
INCREASE IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS .......................... 11,833,520 19,279,977
----------- -----------
TOTAL INCREASE IN NET ASSETS ................................................ 9,714,708 20,305,983
NET ASSETS:
Beginning of period ................................................................. 65,689,645 75,404,353
----------- -----------
End of period (including undistributed investment income-net:
$997,485 in 1994 and $490,723 in 1995) .......................................... $75,404,353 $95,710,336
=========== ===========
<CAPTION>
SHARES SHARES
----------- -----------
<S> <C> <C>
CAPITAL SHARE TRANSACTIONS:
Shares sold ......................................................................... 3,634,804 1,269,482
Shares issued for dividends reinvested .............................................. 182,828 270,132
Shares redeemed ..................................................................... (3,144,607) (327,930)
----------- -----------
NET INCREASE IN SHARES OUTSTANDING .............................................. 673,025 1,211,684
=========== ===========
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
PEOPLES S&P MIDCAP 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>
Year Ended October 31, Six Months Ended
----------------------------------------- April 30,1995
PER SHARE DATA: 1991(1) 1992 1993 1994 (Unaudited)
------- ------ ------ ------ -----------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ....................... $12.50 $13.69 $15.02 $17.63 $17.14
------ ------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income--net ..................................... .11 .17 .30 .26 .14
Net realized and unrealized gain on investments ............ 1.08 1.29 2.83 .08 .81
------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS ....................... 1.19 1.46 3.13 .34 .95
------ ------ ------ ------ ------
DISTRIBUTIONS:
Dividends from investment income--net ...................... -- (.08) (.27) (.27) (.28)
Dividends from net realized gain on investments ............ -- (.05) (.25) (.56) (.75)
------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS .................................... -- (.13) (.52) (.83) (1.03)
------ ------ ------ ------ ------
Net asset value, end of period ............................. $13.69 $15.02 $17.63 $17.14 $17.06
====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN ........................................ 9.52%(2) 10.69% 21.22% 1.89% 6.16%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .................... -- -- .09% .40% .24%(2)
Ratio of net investment income to average
net assets ............................................. .87%(2) 2.22% 1.97% 1.68% .93%(2)
Decrease reflected in above expense
ratios due to undertakings by
World and Dreyfus ...................................... 1.19%(2) 1.17% .77% .43% .20%(2)
Portfolio Turnover Rate .................................... 2.18%(2) 16.31% 16.80% 19.81% 14.42%(2)
Net Assets, end of period (000's Omitted) .................. $5,436 $45,989 $65,690 $75,404 $95,710
<FN>
- -------------
(1) From June 19, 1991 (commencement of operations) to October 31, 1991.
(2) Not annualized.
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
PEOPLES S&P MIDCAP 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. World Asset
Management ("World"), a Delaware general partnership the majority general
partner of which is Munder Capital Management, serves as the Fund's index
manager. Prior to December 31, 1994, World Asset Management, Inc. served as
the Fund's index manager. Comerica Bank serves as the Fund's custodian. The
Dreyfus Corporation ("Dreyfus") serves as the Fund's administrator. Premier
Mutual Fund Services, Inc. (the "Distributor") acts as the exclusive
distributor of the Fund's shares, which are sold without a sales charge. The
Distributor, located at One Exchange Place, Boston, Massachusetts 02109, is a
wholly-owned subsidiary 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. Dreyfus is a direct subsidiary of Mellon Bank, N.A.
On April 24, 1995, a special meeting of the Fund's stockholders was held
for the purpose of approving a new index management agreement with World. A
total of 3,255,496 shares of common stock were represented at the meeting,
3,089,961 of such shares were voted in favor of the proposal, 28,644 shares
were voted against the proposal and 136,891 shares abstained from voting.
(A) PORTFOLIO VALUATION: Investments in securities (including options and
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. 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.
The Fund may enter into repurchase agreements with financial institutions,
deemed to be creditworthy by the Fund's Manager, subject to the seller's
agreement to repurchase and the Fund's agreement to resell such securities at a
mutually agreed upon price. Securities purchased subject to repurchase
agreements are deposited with the Fund's custodian and, pursuant to the terms
of the repurchase agreement, must have an aggregate market value greater than
or equal to the repurchase price plus accrued interest at all times. If the
value of the underlying securities falls below the value of the repurchase
price plus accrued interest, the Fund will require the seller to deposit
additional collateral by the next business day. If the request for additional
collateral is not met, or the seller defaults on its repurchase obligation, the
Fund maintains the right to sell the underlying securities at market value and
may claim any resulting loss against the seller.
(C) DIVIDENDS TO SHAREHOLDERS: Dividends are recorded on the ex-dividend
date. Dividends from investment income-net and dividends from net realized
capital gain are normally declared and paid
<PAGE>
PEOPLES S&P MIDCAP INDEX FUND, INC.
- ----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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 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 World and an Administration Agreement with Dreyfus are payable
monthly. World and Dreyfus receive annual fees of .10 of 1% and .30 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 World and Dreyfus, or World 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. However, World and
Dreyfus had undertaken from November 1, 1994 through November 7, 1994, to waive
the index management fee and administration fee. World and Dreyfus have
currently undertaken from November 8, 1994 through June 30, 1995, to reduce the
management fee and administration fee paid by the Fund (excluding certain
expenses as described above), to assume all expenses in excess of an annual
rate of .50 of 1% of the average daily value of the Fund's assets.
For the six months ended April 30, 1995, pursuant to the undertakings,
World waived $40,619 of its index management fee and Dreyfus waived $121,858 of
its administration fee. In addition, Comerica Bank earned $16,246 for
custodian services provided to the Fund. For the six months ended April 30,
1995, the Fund received $1,767 in redemption fees.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
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 $60,410 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.
<PAGE>
PEOPLES S&P MIDCAP INDEX FUND, INC.
- ----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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 $26,914,267 and $11,290,476, respectively.
The Fund engages 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 at 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 $7,625,752, consisting of $12,972,621 gross unrealized
appreciation and $5,346,869 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 S&P MIDCAP INDEX FUND, INC.
- ---------------------------------------------------------------------------
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
PEOPLES S&P MIDCAP INDEX FUND, INC.
We have reviewed the accompanying statement of assets and liabilities of
Peoples S&P MidCap Index Fund, Inc., including the statements of investments
and financial futures, as of April 30, 1995, and the related statements of
operations and changes in net assets and financial highlights for the six month
period ended April 30, 1995. These financial statements and financial
highlights are the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which will
be performed for the full year with the objective of expressing an opinion
regarding the financial statements and financial highlights taken as a whole.
Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted auditing
standards, the statement of changes in net assets for the year ended October
31, 1994 and financial highlights for each of the four years in the period
ended October 31, 1994 and in our report dated December 7, 1994, we expressed
an unqualified opinion on such statement of changes in net assets and financial
highlights.
Ernst & Young LLP
New York, New York
June 5, 1995
<PAGE>
PEOPLES S&P MIDCAP INDEX FUND, INC.
- ---------------------------------------------------------------------------
IMPORTANT TAX INFORMATION (UNAUDITED)
For Federal Tax purposes the Fund hereby designates $.65 per share as a
long-term capital gain distribution of the $1.03 per share paid on December 30,
1994.
<PAGE>
[LOGO]
PEOPLES S&P MIDCAP INDEX FUND, INC.
200 Park Avenue
New York, NY 10166
INDEX FUND MANAGER
World Asset Management
480 Pierce Street
Birmingham, MI 48009
CUSTODIAN
Comerica Bank
100 Renaissance Center
Detroit, MI 48243
ADMINISTRATOR
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
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. 113SA954
