PRESIDENT'S LETTER
Dear Shareholder:
The Dreyfus Growth and Income Fund completed the first half of its
current fiscal year on April 30, 1994.
The total return, including the reinvestment of income dividends, was
negative 2.10%* for the Fund, compared with a negative 2.31% for the Standard
and Poor's 500 Composite Stock Price Index.** From inception on December 31,
1991 to April 30, 1994, the total return for the Dreyfus Growth and Income
Fund was 36.92%, compared with 15.41% for the Standard and Poor's 500
Composite Stock Price Index.
The average annual total return for the Fund from inception through March
31, 1994 has been 15.39%, and for the year ended March 31, 1994, was 9.20%.
The net assets of the Fund increased to approximately $1.629 billion on
April 30, 1994, from $1.166 billion on October 31, 1993, an increase of $463
million. We appreciate the investments by new and old shareholders of the
Dreyfus Growth and Income Fund which have permitted this growth to occur.
CHANGES IN PORTFOLIO COMPOSITION
In seeking to achieve the dual goals of capital growth and income, your
Fund primarily is invested in a mix of growth stocks, dividend producing
stocks and money market instruments. The main investment categories for the
Fund during the 6-month period were U.S. common stocks and U.S. convertible
securities.
There were four major changes in your Fund's portfolio over the course of
the latest half-year: (1) a reduction in the investment in foreign stocks,
including emerging market stocks; (2) a smaller proportion of the Fund
invested in convertible securities; (3) a reduction in the Fund's investment
in telecommunications and "information highway" stocks; and (4) a rise in the
proportion of the Fund held as cash reserves.
LESS FOREIGN STOCKS
The proportion of your Fund invested in foreign stocks declined from
about 13% at the beginning of the period to about 4% at the end of the
period. The decline in the proportion invested in emerging market stocks was
even sharper, from about 6% at the beginning of the period to about 1% at the
end of the period. The decision to reduce the foreign stock component was in
part precipitated by the speculative excesses in Asian markets at the end of
1993. In response to the high valuations that developed for emerging market
stocks, the risks of investing there appeared to have risen sharply. Your
Fund retains the flexibility to reenter those markets if the risk/reward
prospects improve sufficiently.
LESS CONVERTIBLES
The proportion of the Fund invested in convertible bonds and convertible
preferred stock was reduced from about 31% at the beginning of the period to
about 22% at the end of the period. The logic behind that shift was that
several of the trends which had benefited the convertible securities market
in the past shifted adversely during the period. Previously, convertible
securities were aided by falling long-term interest rates, falling or stable
short-term interest rates and rising stock prices. Each one of these trends
was called into question during the Fund's fiscal half year, as short-term
rates rose, long-term rates rose and stock prices began to correct early in
1994. Because of these shifts, the proportion of your portfolio invested in
convertibles was reduced during the period.
LESS COMMUNICATIONS STOCKS
The third major change during the latest six months was the reduction in
the proportion of the Fund invested in communications and related stocks.
While the long-term trend for this sector of the economy remains favorable,
valuations had reached high levels by the beginning of the fiscal half year.
This triggered a decision early in the period to reduce the exposure to this
sector within the Fund's portfolio.
RISE IN CASH RESERVES
The fourth major change during the period was a rise in cash reserves
from 12% of the Fund at the beginning of the period to about 27% at the end
of the period. This reflected a decision to delay much of the reinvestment of
the proceeds of the sale of foreign stocks, convertible securities and
communications stocks described above. Just as the proportion of the Fund
invested in different markets and industry sectors is actively shifted from
time to time, the level of cash reserves shifts up and down depending on a
perception of the balance of risk and reward in the U.S. and foreign bond
markets, stock markets and convertible securities markets. Such cash reserves
are available for investment when opportunities perceived to be favorable
arise.
LOOKING AHEAD
We intend to shift the proportions of the portfolio invested in stocks,
convertible securities and bonds as market conditions dictate. Within the
equity portion of the portfolio, we intend to vary the mix of the portfolio
among the stocks of small companies, medium-sized companies and large
companies, depending on where we believe the best opportunities lie.
Similarly, we will shift the mix of stocks among different industries
depending on our expectations for different sectors.
We welcome your investment in this Fund and will attempt to generate a
favorable yield and provide opportunities for growth in net asset value over
time.
Very truly yours,
(signature)
Richard B. Hoey
President
May 26, 1994
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. Unlike
the Fund, which can invest in both debt and equity securities, the Standard &
Poor's 500 Composite Stock Price Index is a widely accepted unmanaged index
of stock market performance, which is composed of only equity securities.
Past performance is no guarantee of future results. Share price and your
investment return may fluctuate, and share price can be more or less than the
original cost upon redemption.
<PAGE>
[LOGO]
Growth and
Income Fund, Inc.
Semi-Annual
Report
April 30, 1994
<PAGE>
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DREYFUS GROWTH AND INCOME FUND, INC.
STATEMENT OF INVESTMENTS APRIL 30, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
- - - - - ---------------------------------------------------------------------------------
COMMON STOCKS--50.9% SHARES VALUE
----------- --------------
<S> <C> <C> <C>
BASIC AND PROCESS INDUSTRIES--8.0% Air Products & Chemicals.................. 50,000 $ 2,162,500
Albemarle................................. 115,000 1,667,500
Alcan Aluminium........................... 100,000 2,087,500
American Infrastructure................... 650,000(a,g) 455,000
Cabot..................................... 150,000 7,987,500
Dow Chemical.............................. 50,000 3,137,500
Ethyl..................................... 230,000 2,702,500
Fluor..................................... 400,000 20,450,000
Geon...................................... 100,000 2,762,500
Georgia-Pacific........................... 200,000 11,925,000
Grupo Carso............................... 100,000(a,b) 2,012,500
Hanson PLC ADR............................ 10,000 206,250
IMC Fertilizer Group...................... 100,000 3,700,000
IMCO Recycling............................ 130,000(a) 1,690,000
Jacobs Engineering Group.................. 51,300(a) 1,083,712
Kaiser Resources.......................... 228,600(a) 3,086,100
Longview Fibre............................ 551,000 9,711,375
Lukens.................................... 10,000 310,000
Morton International...................... 175,000 15,268,750
Praxair................................... 85,000 1,625,625
Union Carbide............................. 100,000 2,637,500
Willamette Industries..................... 225,000 10,293,750
Witco..................................... 800,000 23,400,000
--------------
130,363,062
--------------
CAPITAL GOODS--6.0% Albany International, Cl. A............... 957,800 18,317,925
BWIP Holdings, Cl. A...................... 65,000 1,137,500
Boeing.................................... 50,000 2,250,000
CBI Industries............................ 375,000 11,390,625
City Developments Ltd..................... 250,000 1,262,500
Coltec Industries......................... 65,000(a) 1,210,625
Cooper Industries......................... 125,000 4,765,625
Elsag Bailey Process Auto N.V. ........... 249,700(a) 5,711,888
Emerson Electric.......................... 251,800 14,667,350
Grainger (W.W.)........................... 104,100 6,506,250
Illinois Tool Works....................... 100,000 4,137,500
Keppel.................................... 300,000 2,200,200
Sembawang Shipyard........................ 300,000 2,412,300
TRINOVA................................... 10,000 348,750
WMX Technologies.......................... 400,000 10,450,000
Wheelabrator Technologies................. 550,000 10,862,500
--------------
97,631,538
--------------
CONSUMER--4.7% Authentic Fitness......................... 432,200(a) 6,050,800
CUC International......................... 86,200(a) 2,532,125
Charming Shoppes.......................... 100,000 1,050,000
Consolidated Stores....................... 260,000(a) 4,485,000
Family Dollar Stores...................... 50,000 762,500
</TABLE>
<PAGE>
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DREYFUS GROWTH AND INCOME FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
- - - - - ---------------------------------------------------------------------------------
COMMON STOCKS (CONTINUED) SHARES VALUE
----------- --------------
<S> <C> <C> <C>
CONSUMER (CONTINUED) General Electric.......................... 50,000 $ 4,756,250
Genting Berhad............................ 75,000 840,150
Hilton Hotels............................. 100,000 5,587,500
IBP....................................... 575,000 14,950,000
Limited................................... 50,000 962,500
Masco..................................... 200,000 5,700,000
Maytag.................................... 81,000 1,528,875
Penney (J.C.)............................. 50,000 2,712,500
PepsiCo................................... 150,000 5,475,000
Philip Morris Cos......................... 200,000 10,900,000
Price/Costco.............................. 400,000(a) 6,050,000
Resorts World Berhad...................... 125,000 700,125
Seventh Generation........................ 102,894(a,c,g) 428,296
United Motor Works Holdings Berhad........ 691,000 1,496,706
--------------
76,968,327
--------------
ENERGY--3.6% Anadarko Petroleum........................ 39,000 2,184,000
Coastal................................... 250,000 7,906,250
Comercial De Plata........................ 131,620 723,910
Dresser Industries........................ 617,000 14,036,750
Lubrizol.................................. 20,000 722,500
Occidental Petroleum...................... 100,000 1,775,000
Oceaneering International................. 215,000(a) 2,580,000
Pennzoil.................................. 120,000 5,910,000
Schlumberger.............................. 74,700 4,108,500
Tenneco................................... 130,000 6,662,500
UGI....................................... 400,000 8,700,000
Western Atlas............................. 75,000(a) 3,225,000
--------------
58,534,410
--------------
FINANCIAL--4.2% AmSouth Bancorp........................... 150,000 4,706,250
AT&T Capital.............................. 170,000 4,080,000
Bolt Beranek/Newman....................... 292,700(a) 3,622,163
Brascan................................... 700,000 9,012,500
Carolina First............................ 130,472 1,598,282
City National............................. 610,000(a) 6,100,000
Development Bank of Singapore............. 100,000 984,200
Equitable of Iowa......................... 89,700 3,173,138
Federal National Mortgage Association..... 50,000 4,162,500
First Fidelity Bancorp.................... 100,000 4,637,500
First Tennessee National.................. 100,000 4,200,000
Hibernia, Cl. A........................... 100,000 787,500
Malayan Banking Berhad.................... 200,000 1,127,800
Mercantile Bancorp........................ 50,000 1,800,000
Midlantic................................. 270,000(a) 7,965,000
Mortgage Information...................... 245,959(a,c,g) --
National City............................. 100,000 2,675,000
Norwest................................... 110,000 2,832,500
</TABLE>
<PAGE>
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DREYFUS GROWTH AND INCOME FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
- - - - - ---------------------------------------------------------------------------------
COMMON STOCKS (CONTINUED) SHARES VALUE
----------- --------------
<S> <C> <C> <C>
FINANCIAL (CONTINUED) Overseas Union Bank....................... 220,000 $ 1,118,040
Overseas Union Bank (Rights).............. 200,000 84,914
Shawmut National.......................... 200,000 4,475,000
--------------
69,142,287
--------------
HEALTH CARE--4.0% A. L. Laboratories, Cl. A................. 179,200 2,620,800
Abbey Healthcare Group.................... 95,000(a) 1,852,500
Advanced Tissue Science................... 525,100(a) 3,281,875
Affymax N.V............................... 300,000(a) 4,275,000
Bristol-Myers Squibb...................... 100,000 5,387,500
Caremark International.................... 20,000 340,000
Cephalon.................................. 40,000(a) 430,000
Coastal Heathcare Group................... 212,500(a) 6,932,813
Columbia/HCA Healthcare................... 255,000 10,805,625
Community Psychiatric Centers............. 255,000 3,697,500
GMIS...................................... 100,000(a) 1,150,000
Genetic Therapy........................... 140,000 1,610,000
Gilead Sciences........................... 1,000,000(a) 9,000,000
Health Care & Retirement.................. 200,000(a) 5,375,000
Hillhaven................................. 100,000(a) 1,987,500
Noven Pharmaceuticals..................... 50,000 743,750
Perseptive Biosystem...................... 182,500 4,973,125
Salick Health Care........................ 20,000 310,000
--------------
64,772,988
--------------
INSURANCE--1.8% Aetna Life & Casualty..................... 50,000 2,600,000
Allstate.................................. 100,000 2,387,500
Chubb..................................... 25,000 1,912,500
Fremont General........................... 200,450 4,635,406
NAC Re.................................... 10,000 270,000
Skandia Forsakrings Fria.................. 950,000 17,079,100
--------------
28,884,506
--------------
MEDIA/ENTERTAINMENT--.5% Disney (Walt)............................. 195,000 8,263,125
--------------
MINING AND METALS--.9% Huntco, Cl. A............................. 125,000 2,375,000
LTV....................................... 750,000(a) 11,812,500
--------------
14,187,500
--------------
REAL ESTATE--1.5% Crescent Reit............................. 213,000 5,671,125
Factory Stores of America................. 125,000 3,281,250
Horizon Outlet Centers.................... 50,100 1,239,975
Saul Centers.............................. 400,000 7,700,000
Sizeler Property Investments.............. 137,500 1,804,688
Town & Country Trust...................... 250,000 4,843,750
--------------
24,540,788
--------------
<PAGE>
</TABLE>
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DREYFUS GROWTH AND INCOME FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
- - - - - ---------------------------------------------------------------------------------
COMMON STOCKS (CONTINUED) SHARES VALUE
----------- --------------
<S> <C> <C> <C>
TECHNOLOGY--8.2% American Superconductor................... 50,000 $ 1,500,000
Aurora Electronics........................ 280,000(a) 2,170,000
BMC Software.............................. 200,000(a) 12,000,000
Cheyenne Software......................... 150,000(a) 3,731,250
First Data................................ 500,000 21,750,000
First Financial Management................ 800,000 43,400,000
Hewlett-Packard........................... 40,000 3,210,000
Novell.................................... 770,000 14,148,750
PLATINUM Technology....................... 395,000(a) 5,184,375
Quantum................................... 100,000(a) 1,768,750
Read-Rite................................. 600,000(a) 7,500,000
Software Toolworks........................ 390,000(a) 5,655,000
Symbol Technologies....................... 50,000(a) 1,256,250
Thermo Electron........................... 289,000(a) 10,945,875
--------------
134,220,250
--------------
TELECOMMUNICATIONS--4.8% Comcast, Cl. A............................ 112,500 1,771,875
Comsat.................................... 100,000 2,125,000
DDI....................................... 7 552,982
GTE....................................... 600,000 18,975,000
LDDS Communications....................... 230,000(a) 5,405,000
MCI Communications........................ 90,000 2,058,750
MFS Communications........................ 400,000 11,000,000
McCaw Cellular, Cl. A..................... 175,000(a) 8,509,375
NEXTEL Communications, Cl. A.............. 200,000(a) 7,100,000
Tele-Communications, Cl. A................ 200,000(a) 3,925,000
Telecom Argentina S.A, Cl. B.............. 100,000 548,000
US West................................... 400,000 16,300,000
--------------
78,270,982
--------------
TRANSPORTATION--2.3% Air France................................ 135 9,351
American Freightways...................... 50,000(a) 950,000
Burlington Northern....................... 80,000 4,530,000
Canadian Pacific.......................... 671,300 10,908,625
Kirby..................................... 425,000(a) 9,243,750
M.S. Carriers............................. 50,000(a) 1,050,000
Norfolk Southern.......................... 30,000 1,916,250
Overseas Shipholding...................... 360,000 7,200,000
Werner Enterprises........................ 70,000 1,855,000
--------------
37,662,976
--------------
UTILITIES--.4% Central & South West...................... 35,000 896,875
Entergy................................... 100,000 3,062,500
Perez..................................... 150,000 750,000
Texas Utilities........................... 30,000 1,057,500
--------------
5,766,875
--------------
TOTAL COMMON STOCKS
(cost $816,856,384)..................... $ 829,209,614
--------------
--------------
<PAGE>
</TABLE>
- - - - - --------------------------------------------------------------------------------
DREYFUS GROWTH AND INCOME FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
- - - - - ---------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS--13.4% SHARES VALUE
----------- --------------
<S> <C> <C> <C>
BASIC AND PROCESS INDUSTRIES--.3% Bowater, Ser. B, Cum., 7%................. 60,000 $ 1,350,000
Tiregator, Ser. B, Cum., $.50............. 600,000(b) 3,000,000
--------------
4,350,000
--------------
CONSUMER--4.5% Chrysler, Ser A, Cum., 4.625%............. 90,000(b) 12,133,125
Ford Motor, Ser A, Cum., $4.20............ 60,000 5,790,000
RJR Nabisco Holdings, Cum., $3.34......... 2,125,500 13,815,750
RJR Nabisco Holdings, Ser. C, Cum.,
$.6012.................................. 3,000,000 19,500,000
Sears Roebuck, Ser A, Cum., $3.75......... 413,200 22,467,750
--------------
73,706,625
--------------
ENERGY--1.1% Occidental Petroleum, Cum., $3.875........ 100,000(b) 4,800,000
Tenneco, Ser. A, Cum., $2.80.............. 125,000 5,140,625
Unocal, Cum., $3.50....................... 35,000(b) 1,894,375
Western Gas Resources, Cum., $2.625....... 120,000 5,580,000
--------------
17,415,000
--------------
FINANCIAL--3.4% Carolina First, Ser. 1993, 7.50%.......... 48,000 1,272,000
Chemical Banking, 10%..................... 150,000(b) 10,575,000
Citicorp, Ser. 15, Cum.,
Depositary Shares, 8.25%................ 277,100 5,507,362
People's Bank, Ser A, Cum., 8.50%......... 90,000 5,962,500
SunAmerica, Ser. A, $1.11................. 763,100 13,258,863
Westinghouse Electric, Ser. C, Cum.,
$1.30................................... 1,500,000(b) 18,937,500
--------------
55,513,225
--------------
MINING AND METALS--.5% Newmont Mining, Cum., $2.75............... 50,000 2,987,500
Noranda, Ser. E, Cum., 6%................. 300,000(b) 5,316,000
--------------
8,303,500
--------------
REAL ESTATE--1.1% Rouse, Ser. A, Cum., 6.50%................ 192,000 10,080,000
Tanger Factory, Ser. A, Cum., $1.575...... 290,800 8,433,200
--------------
18,513,200
--------------
TELECOMMUNICATIONS--.4% LCI International, Cum., 5%............... 85,000 2,720,000
Nextell Decs, 5.50%....................... 90,000 3,105,000
Philippine Long Distance Telephone, Cum.,
Depositary Shares, $1.4375.............. 20,000(b) 755,000
--------------
6,580,000
--------------
TRANSPORTATION--2.1% AMR, Ser. A, Cum., Depositary Shares,
$3.00................................... 300,000(b) 13,687,500
Arkansas Best, Ser. A,
Cum., $2.875............................ 75,000 3,187,500
Burlington Northern, Ser. A, Cum.,
$2.875.................................. 55,000 3,616,250
UAL, Ser. A, Cum., $6.25.................. 155,000(b) 13,330,000
--------------
33,821,250
--------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(cost $215,075,580)..................... $ 218,202,800
--------------
--------------
<PAGE>
</TABLE>
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DREYFUS GROWTH AND INCOME FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
- - - - - --------------------------------------------------------------------------------- PRINCIPAL
CONVERTIBLE CORPORATE NOTES AND BONDS--8.5% AMOUNT VALUE
----------- --------------
<S> <C> <C> <C>
BASIC AND PROCESS INDUSTRIES--.6% American Infrastructure,
Sub. Deb., 10%, 1/31/1996............... $ 500,000(g) $ 250,000
Riverwood Int'l.,
Sub. Deb., 6.75%, 9/15/2003............. 9,350,000(b) 9,724,000
--------------
9,974,000
--------------
CAPITAL GOODS--.3% Hasbro, Sub. Deb., 6%, 11/15/1998......... 2,000,000 2,387,500
Liebert, Sub. Deb., 8%, 11/15/2010........ 1,300,000 2,795,000
--------------
5,182,500
--------------
CONSUMER--.4% Omnicom Group,
Sub. Deb., 4.50%, 9/1/2000.............. 3,000,000(b) 3,097,500
Wendy's International,
Sub. Deb., 7%, 4/1/2006................. 2,000,000 3,075,000
--------------
6,172,500
--------------
FINANCIAL--1.5% Banco Nacional de Mexico,
(Gtd. by Grupo Financiero
Banamex Accival S.A. de C.V.)
Sub. Deb., 7%, 12/15/1999............... 2,000,000(b,d) 2,175,000
Fremont General,
Zero Coupon, 10/12/2013................. 12,500,000 4,406,250
Nac Re, Sub. Deb.,
5.25%, 12/15/2002....................... 10,050,000(b) 8,881,688
Re Capital, Sub. Deb., 5.50%, 8/1/2000.... 2,000,000 1,947,500
Trenwick, Sub. Deb.,
6%, 12/15/1999.......................... 8,000,000 7,920,000
--------------
25,330,438
--------------
HEALTH CARE--1.1% Beverly Enterprises,
Sub. Deb., 7.625%, 3/15/2003............ 6,000,000 6,067,500
Genesis Health Ventures, Sub. Deb.,
6%, 11/30/2003.......................... 6,000,000 7,080,000
Omnicare, Sub. Deb., 5.75%, 10/1/2003..... 4,000,000 4,550,000
--------------
17,697,500
--------------
MEDIA/ENTERTAINMENT--1.5% Management Company Entertainment
Group, Sub. Deb., 14%, 1/15/2009........ 7,061,000(e) 1,765
News America Holdings, Senior Liquid Yield
Option Notes (Gtd. by News Ltd.),
Zero Coupon, 3/11/2013.................. 6,000,000(b,f) 2,565,000
Savoy Pictures,
Sub. Deb., 7%, 7/1/2003................. 9,450,000 8,646,750
Time Warner,
Sub. Deb., Zero Coupon, 6/22/2013....... 35,000,000 12,643,750
--------------
23,857,265
--------------
<PAGE>
</TABLE>
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DREYFUS GROWTH AND INCOME FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
- - - - - --------------------------------------------------------------------------------- PRINCIPAL
CONVERTIBLE CORPORATE NOTES AND BONDS (CONTINUED) AMOUNT VALUE
----------- --------------
<S> <C> <C> <C>
REAL ESTATE--.5% Continental Homes Holding,
Sub. Deb., 6.875%, 3/15/2002............ $ 3,250,000 $ 2,973,750
Sizeler Properties,
Sub. Deb., 8%, 7/15/2003................ 5,000,000 5,075,000
--------------
8,048,750
--------------
TECHNOLOGY--2.2% Network Equipment Technology,
Sub. Deb., 7.25%, 5/15/2014............. 6,910,000 5,251,600
Seagate Technology,
Sub. Deb., 5%, 11/1/2003................ 12,000,000(b) 13,290,000
Thermo Electron, Euro, Sub. Deb.:
4.625%, 8/1/1997........................ 6,000,000(b) 7,740,000
4.875%, 8/1/1997........................ 8,000,000(b) 10,240,000
--------------
36,521,600
--------------
TELECOMMUNICATIONS--.4% IDB Communications,
Sub. Deb., 5%, 8/15/2003................ 6,000,000 6,450,000
--------------
TRANSPORTATION--.0% Air France,
Sub. Deb., Zero Coupon, 1/1/2000........ 893,193 160,685
--------------
TOTAL CONVERTIBLE CORPORATE
NOTES AND BONDS
(cost $141,776,021)..................... $ 139,395,238
--------------
--------------
</TABLE>
<TABLE>
<CAPTION>
- - - - - ---------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS--29.7%
<S> <C> <C> <C>
U.S. TREASURY BILLS: 3.09%, 5/5/1994........................ $140,731,000 $ 140,679,916
3%, 5/19/1994.......................... 13,538,000 13,514,534
3.24%, 5/26/1994....................... 62,523,000 62,376,329
3.44%, 6/2/1994........................ 3,249,000 3,239,181
3.205%, 6/16/1994...................... 44,391,000 44,193,324
3.21%, 6/23/1994....................... 5,548,000 5,519,739
3.40%, 6/30/1994....................... 76,636,000 76,185,661
3.23%, 7/7/1994........................ 64,393,000 63,949,285
3.26%, 7/14/1994....................... 15,137,000 15,024,986
3.125%, 7/21/1994...................... 10,097,000 10,016,123
3.44%, 7/28/1994....................... 48,985,000 48,530,391
--------------
TOTAL SHORT-TERM INVESTMENTS
(cost $483,229,469).................... $ 483,229,469
--------------
--------------
TOTAL INVESTMENTS
(cost $1,656,937,454)................................................................ 102.5% $1,670,037,121
------ --------------
------ --------------
LIABILITIES, LESS CASH AND RECEIVABLES................................................. (2.5%) $ (41,293,633)
------ --------------
------ --------------
NET ASSETS............................................................................. 100.0% $1,628,743,488
------ --------------
------ --------------
</TABLE>
<PAGE>
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DREYFUS GROWTH AND INCOME FUND, INC.
- - - - - --------------------------------------------------------------------------------
NOTES TO STATEMENT OF INVESTMENTS:
(a) Non-income producing.
(b) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At April 30,
1994, these securities amounted to $144,154,188 or 8.9% of net assets.
(c) Investment in non-controlled affiliates (cost $1,647,863)--See Note 1(c).
(d) Exchangeable for Grupo Financiero Banamex Accival, S.A. de C.V. Ser. L,
Common Stock.
(e) Non-income producing security; interest payment in default.
(f) Exchangeable for News Ltd. ordinary shares.
(g) Securities restricted as to public resale. Investments in restricted
securities, with an aggregate value of $1,133,296 represent approximately
.1% of net assets:
<TABLE>
<CAPTION>
AQUISITION PURCHASE PERCENTAGE OF
ISSUER DATE PRICE NET ASSETS VALUATION(1)
- - - - - ----------------------------------- ------------ --------- ------------- -------------
<S> <C> <C> <C> <C>
American Infrastructure 2/14/1991 $ 10.00 .0%(2) $.70/share
6/4/1991 10.00
American Infrastructure,
Conv. Sub. Deb., 10%,
1/31/1996 2/14/1991 1,000.00 .0(2) 500.00
Mortgage Information 5/18/1987 1.12 .0(2) zero
2/1/1988 1.12
12/13/1988 1.12
Seventh Generation 9/20/1990 13.33 .0(2) 4.1625/share
<FN>
- - - - - ---------------
(1) The valuation of these securities has been determined in good faith under
the direction of the Board of Directors.
(2) Less than .1% of net assets.
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
- - - - - --------------------------------------------------------------------------------
DREYFUS GROWTH AND INCOME FUND, INC.
- - - - - --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES APRIL 30, 1994
(UNAUDITED)
<TABLE>
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $1,656,937,454)--see statement.............................................. $1,670,037,121
Cash................................................................................ 482,686
Receivable for investment securities sold........................................... 16,591,252
Dividends and interest receivable................................................... 3,533,825
Receivable for subscriptions to Common Stock........................................ 66,496
Prepaid expenses.................................................................... 279,403
--------------
1,690,990,783
LIABILITIES:
Due to The Dreyfus Corporation...................................................... $ 975,891
Payable for investment securities purchased......................................... 59,952,847
Net unrealized depreciation on forward currency
exchange contracts--Note 3(a)..................................................... 378,761
Payable for Common Stock redeemed................................................... 24,015
Accrued expenses and other liabilities.............................................. 915,781 62,247,295
------------ --------------
NET ASSETS............................................................................ $1,628,743,488
--------------
--------------
REPRESENTED BY:
Paid-in capital..................................................................... $1,575,749,568
Accumulated undistributed investment income--net.................................... 2,956,386
Accumulated undistributed net realized gain on investments.......................... 37,316,628
Accumulated net unrealized appreciation on investments--Note 3(b)................... 12,720,906
--------------
NET ASSETS at value applicable to 99,777,082 outstanding shares of
Common Stock, equivalent to $16.32 per share
(300 million shares of $.001 par value authorized).................................. $1,628,743,488
--------------
--------------
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
- - - - - --------------------------------------------------------------------------------
DREYFUS GROWTH AND INCOME FUND, INC.
- - - - - --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS SIX MONTHS ENDED APRIL 30, 1994 (UNAUDITED)
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
INCOME:
Cash dividends (net of $164,002 foreign taxes withheld at source).................... $ 11,417,061
Interest............................................................................. 8,748,364
------------
TOTAL INCOME..................................................................... $ 20,165,425
EXPENSES:
Management fee--Note 2(a)............................................................ 5,189,668
Shareholder servicing costs--Note 2(b)............................................... 2,168,960
Registration fees.................................................................... 234,491
Custodian fees....................................................................... 138,920
Professional fees.................................................................... 83,636
Prospectus and shareholders' reports................................................. 80,000
Directors' fees and expenses--Note 2(c).............................................. 17,887
Miscellaneous........................................................................ 21,522
------------
TOTAL EXPENSES................................................................... 7,935,084
------------
INVESTMENT INCOME--NET........................................................... 12,230,341
------------
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS--NOTE 3(A):
Net realized gain (loss) on investments:
Long transactions (including option transactions).................................... $ 41,756,278
Short sale transactions.............................................................. (159,781)
Net realized (loss) on forward currency exchange contracts;
Short transactions................................................................... (2,323,353)
Net realized (loss) on financial futures............................................... (1,331,861)
------------
NET REALIZED GAIN.................................................................... 37,941,283
Net unrealized (depreciation) on investments and forward
currency exchange contracts for the period:
Unaffiliated issuers............................................................... $(93,358,916)
Affiliated issuers................................................................. (34,727) (93,393,643)
------------ ------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS................................ (55,452,360)
------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................................... $(43,222,019)
------------
------------
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
- - - - - --------------------------------------------------------------------------------
DREYFUS GROWTH AND INCOME FUND, INC.
- - - - - --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR ENDED SIX MONTHS ENDED
OCTOBER 31, APRIL 30, 1994
1993 (UNAUDITED)
-------------- ----------------
<S> <C> <C>
OPERATIONS:
Investment income--net.......................................................... $ 15,628,381 $ 12,230,341
Net realized gain on investments................................................ 2,531,927 37,941,283
Net unrealized appreciation (depreciation) on investments for the period........ 103,044,415 (93,393,643)
-------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS............... 121,204,723 (43,222,019)
-------------- ----------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net........................................................... (13,079,365) (11,949,086)
Net realized gain on investments................................................ -- (2,937,836)
-------------- ----------------
TOTAL DIVIDENDS............................................................... (13,079,365) (14,886,922)
-------------- ----------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold................................................... 1,177,630,870 763,855,063
Dividends reinvested............................................................ 12,383,305 14,064,600
Cost of shares redeemed......................................................... (231,168,477) (256,570,092)
-------------- ----------------
INCREASE IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS........................ 958,845,698 521,349,571
-------------- ----------------
TOTAL INCREASE IN NET ASSETS................................................ 1,066,971,056 463,240,630
NET ASSETS:
Beginning of period............................................................. 98,531,802 1,165,502,858
-------------- ----------------
End of period (including undistributed investment income--net: $2,675,131 in
1993 and $2,956,386 in 1994).................................................. $1,165,502,858 $1,628,743,488
-------------- ----------------
-------------- ----------------
<CAPTION>
SHARES SHARES
<S> <C> <C>
-------------- ----------------
CAPITAL SHARE TRANSACTIONS:
Shares sold..................................................................... 75,412,429 44,966,218
Shares issued for dividends reinvested.......................................... 788,052 851,338
Shares redeemed................................................................. (14,163,247) (15,169,434)
-------------- ----------------
NET INCREASE IN SHARES OUTSTANDING............................................ 62,037,234 30,648,122
-------------- ----------------
-------------- ----------------
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
- - - - - --------------------------------------------------------------------------------
DREYFUS GROWTH AND INCOME 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>
<CAPTION>
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 $13.89 $16.86
-------- ------ -------
INVESTMENT OPERATIONS:
Investment income--net.......................................... .19 .38 .14
Net realized and unrealized gain (loss) on investments.......... 1.38 2.95 (.49)
-------- ------ -------
TOTAL FROM INVESTMENT OPERATIONS.............................. 1.57 3.33 (.35)
-------- ------ -------
DISTRIBUTIONS:
Dividends from investment income--net........................... (.18) (.36) (.15)
Dividends from net realized gain on investments................. -- -- (.04)
-------- ------ -------
TOTAL DISTRIBUTIONS........................................... (.18) (.36) (.19)
-------- ------ -------
Net asset value, end of period.................................. $13.89 $16.86 $16.32
-------- ------ -------
-------- ------ -------
- - - - - ------------------------------------------------------------------
TOTAL INVESTMENT RETURN 12.57%(2) 24.24% (2.10%)(2)
- - - - - ------------------------------------------------------------------
RATIOS / SUPPLEMENTAL DATA:
Ratio of expenses to average net assets......................... 1.02%(2) 1.24% .57%(2)
Ratio of net investment income to average net assets............ 2.30%(2) 2.92% .88%(2)
Decrease reflected in above expense ratios due to undertakings
by the Manager................................................ .39%(2) .04% --
Portfolio Turnover Rate......................................... 127.24%(2) 85.26% 44.14%(2)
Net Assets, end of period (000's Omitted)....................... $98,532 $1,165,503 $1,628,743
<FN>
- - - - - ---------------
(1) From December 31, 1991 (commencement of operations) to October 31, 1992.
(2) Not annualized.
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
- - - - - --------------------------------------------------------------------------------
DREYFUS GROWTH AND INCOME 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. Dreyfus Service
Corporation ("Distributor") acts as the exclusive distributor of the Fund's
shares, which are sold to the public without a sales charge. The Distributor is
a wholly-owned subsidiary of The Dreyfus Corporation ("Manager").
(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, except for open
short positions, where the asked price is used for valuation purposes. Bid price
is used when no asked price is available. Securities for which there are no such
valuations are valued at fair value as determined in good faith under the
direction of the Board of Directors. 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.
Investments in forward currency exchange contracts are valued at the offsetting
rate.
(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) AFFILIATED ISSUERS: Issuers in which the Fund held 5% or more of the
outstanding voting securities are defined as "affiliated" in the Act.
(D) 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, it is
the policy of the Fund not to distribute such gain.
(E) 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.
The Fund has an unused capital loss carryover of approximately $4,568,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to October 31, 1993. If not
applied, the carryover expires in fiscal 2000.
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager, the
management fee is computed at the annual rate of .75 of 1% of the average daily
value of the Fund's net assets and is payable monthly. The Agreement provides
for an expense reimbursement from the Manager should the Fund's aggregate
expenses, exclusive of taxes, brokerage, interest on borrowings (which, in the
view of Stroock, Stroock & Lavan, counsel to the Fund, also contemplates
interest and dividends on securities sold short), and extraordinary expenses,
exceed the expense limitation of any state having jurisdiction over the Fund.
The most stringent state expense limitation applicable
<PAGE>
- - - - - --------------------------------------------------------------------------------
DREYFUS GROWTH AND INCOME FUND, INC.
- - - - - --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
to the Fund presently requires reimbursement of expenses in any full fiscal year
that such expenses (exclusive of certain expenses as described above) 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. No expense reimbursement was
required pursuant to the Agreement for the six months ended April 30, 1994.
(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 $1,182,108 pursuant to the Shareholder Services
Plan.
(C) Certain officers and directors of the Fund are "affiliated persons," as
defined in the Act, of the Manager and/or the Distributor. Each director who is
not an "affiliated person" receives an annual fee of $4,500 and an attendance
fee of $500 per meeting. Prior to March 16, 1994, the annual fee was $1,000 and
attendance fee was $250.
(D) On December 5, 1993, the Manager entered into an Agreement and Plan of
Merger (the "Merger Agreement") providing for the merger of the Manager with a
subsidiary of Mellon Bank Corporation ("Mellon").
Following the merger, it is planned that the Manager 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 stockholders of the Manager and of Mellon. The merger is expected to occur in
mid-1994, but could occur later.
As a result of regulatory requirements and the terms of the Merger
Agreement, the Manager will seek various approvals from the Fund's board and
shareholders before completion of the merger. Shareholder approval will be
solicited by a proxy statement.
NOTE 3--SECURITIES TRANSACTIONS:
(A) The following summarizes the aggregate amount of purchases and sales of
investment securities and securities sold short, excluding short-term
securities, forward currency exchange contracts and options transactions, during
the six months ended April 30, 1994:
<TABLE>
<CAPTION>
PURCHASES SALES
------------ ------------
<S> <C> <C>
Long transactions.............................................................. $701,263,177 $493,294,946
Short sale transactions........................................................ 9,574,006 9,414,225
------------ ------------
Total...................................................................... $710,837,183 $502,709,171
------------ ------------
------------ ------------
</TABLE>
The Fund is engaged in short-selling which obligates the Fund to replace
the security borrowed by purchasing the security at current market value. The
Fund would incur a loss if the price of the security increases between the date
of the short sale and the date on which the Fund replaces the borrowed security.
The Fund would realize a gain if the price of the security declines between
those dates. Until the Fund replaces the borrowed security, the Fund will
maintain daily, a segregated account with a broker and custodian, of cash and/or
U.S. Government securities sufficient to cover its short position. At April 30,
1994, there were no securities sold short outstanding.
<PAGE>
- - - - - --------------------------------------------------------------------------------
DREYFUS GROWTH AND INCOME FUND, INC.
- - - - - --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
In addition, the following summarizes open forward currency exchange
contracts at April 30, 1994;
<TABLE>
<CAPTION>
U.S. DOLLAR
VALUE AT UNREALIZED
FORWARD CURRENCY SALE CONTRACTS PROCEEDS 4/30/94 (DEPRECIATION)
------------------------------- ----------- ----------- --------------
<S> <C> <C> <C>
Swedish Krona, expiring 5/13/94.................................. $15,169,711 $15,548,472 ($ 378,761)
----------- ----------- --------------
----------- ----------- --------------
</TABLE>
When executing forward currency exchange contracts, the Fund is obligated
to buy or sell a foreign currency at a specified rate on a certain date in the
future. With respect to sales of forward currency exchange contracts, the Fund
would incur a loss if the value of the contract increases between the date the
forward contract is opened and the date the forward contract is closed. The Fund
realizes a gain if the value of the contract decreases between those dates. With
respect to purchases of forward currency exchange contracts, the Fund would
incur a loss if the value of the contract decreases between the date the forward
contract is opened and the date the forward contract is closed. The Fund
realizes a gain if the value of the contract increases between those dates.
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. 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. At April 30,
1994, there were no financial futures contracts outstanding.
(B) At April 30, 1994, accumulated net unrealized appreciation on
investments was $12,720,906, consisting of $73,396,289 gross unrealized
appreciation and $60,675,383 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).
<PAGE>
- - - - - --------------------------------------------------------------------------------
DREYFUS GROWTH AND INCOME FUND, INC.
- - - - - --------------------------------------------------------------------------------
REVIEW REPORT OF ERNST & YOUNG, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS GROWTH AND INCOME FUND, INC.
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus Growth and Income Fund, Inc., including the statement of investments, as
of April 30, 1994, and the related statements of operations and changes in net
assets and financial highlights for the six month period ended April 30, 1994.
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,
1993 and financial highlights for each of the two years in the period ended
October 31, 1993 and in our report dated November 29, 1993, we expressed an
unqualified opinion on such statement of changes in net assets and financial
highlights.
ERNST & YOUNG
New York, New York
May 31, 1994
<PAGE>
[LOGO]
DREYFUS GROWTH AND
INCOME FUND, INC.
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
DISTRIBUTOR
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
110 Washington Street
New York, NY 10286
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. 010SA944
1
Dreyfus Growth and Income Fund, Inc.
Asset Allocation as of April 30, 1994
Exhibit A
Cash Equivalents (27.2%)
Common Stocks (50.9%)
Convertible Corporate Notes
and Bonds (8.5%)
Convertible Preferred Stocks (13.4%)
Five Largest Sectors
<TABLE>
<CAPTION>
AS OF OCTOBER 31, 1993 AS OF APRIL 30, 1994
<S> <C> <S> <C>
Financial................. 16.2% Technology................. 10.4%
Telecommunications........ 14.5 Consumer................... 9.6
Consumer.................. 12.4 Financial.................. 9.1
Technology................ 9.2 Basic and Process Industries 8.9
Energy.................... 6.8 Capital Goods.............. 6.3
</TABLE>
<TABLE>
<CAPTION>
Ten Largest Holdings as of April 30, 1994
<S> <C>
First Financial Management...................................... 2.7%
Witco........................................................... 1.4
Sears Roebuck, Ser. A, Cum., $3.75.............................. 1.4
First Data...................................................... 1.3
Fluor........................................................... 1.3
RJR Nabisco Holdings, Ser. C, Cum., $.6012...................... 1.2
GTE............................................................. 1.2
Westinghouse Electric, Ser. C, Cum., $1.30...................... 1.2
Albany International, Cl. A..................................... 1.1
Skandia Forsakrings Fria........................................ 1.0
</TABLE>
All percentages shown above are based on Total Net Assets.
Dreyfus Growth and Income Fund, Inc.
Asset Allocation as of April 30, 1994
--------------------------------------------------------------------
|Common Stocks 50.9 % |
|Convertible Preferred Stocks 13.4 % |
|Convertible Corporate Notes and Bonds 8.5 % |
|Cash Equivalents 27.2 % |
--------------------------------------------------------------------
