<TABLE>
<CAPTION>
DREYFUS ASSET ALLOCATION FUND, INC., Dreyfus Growth Portfolio
STATEMENT OF INVESTMENTS October 31, 1994 (Unaudited)
COMMON STOCKS-43.4% SHARES VALUE
------------ ------------
<S> <C> <C> <C>
CONSUMER DURABLES-1.4% Ford Motor....................... 225 $ 6,638
General Motors................... 375 14,812
------------
21,450
------------
CONSUMER NON-DURABLES-5.6% Coca-Cola........................ 600 30,150
PepsiCo.......................... 375 13,125
Philip Morris Cos................ 525 32,156
Procter & Gamble................. 150 9,375
------------
84,806
------------
CONSUMER SERVICES-.7% Time Warner...................... 300 10,650
------------
ENERGY-10.4% Amoco............................ 525 33,272
Chevron.......................... 525 23,625
Exxon............................ 525 33,009
Mobil............................ 375 32,250
Royal Dutch Petroleum............ 300 34,950
------------
157,106
------------
FINANCE-2.3% American International Group..... 375 35,109
------------
HEALTH CARE-3.9% Abbott Laboratories.............. 750 23,250
Johnson & Johnson................ 375 20,484
Schering-Plough.................. 225 16,031
------------
59,765
------------
PROCESS INDUSTRIES-2.1% duPont (EI) de Nemours........... 525 31,303
------------
PRODUCER MANUFACTURING-4.4% General Electric................. 675 32,991
Minnesota Mining & Manufacturing. 600 33,225
------------
66,216
------------
RETAIL TRADE-2.0% Wal-Mart Stores.................. 1,275 29,963
------------
TECHNOLOGY-8.4% Hewlett-Packard.................. 300 29,325
Intel............................ 375 23,297
International Business Machines.. 225 16,763
Microsoft........................ 300 (a) 18,900
Motorola......................... 375 22,078
Texas Instruments................ 225 16,847
------------
127,210
------------
UTILITIES-2.2% AT&T............................. 600 33,000
------------
TOTAL COMMON STOCKS
(cost $642,212)................ $ 656,578
============
DREYFUS ASSET ALLOCATION FUND, INC., Dreyfus Growth Portfolio
STATEMENT OF INVESTMENTS (CONTINUED) October 31, 1994 (Unaudited)
PRINCIPAL
SHORT-TERM INVESTMENTS-54.6% AMOUNT VALUE
------------ ------------
U.S. TREASURY BILL; 4.595%,11/25/1994
(cost $826,530)................ $ 829,000 $ 826,530
============
TOTAL INVESTMENTS (cost $1,468,742)......................................... 98.0% $1,483,108
======= ============
CASH AND RECEIVABLES (NET).................................................. 2.0% $ 30,577
======= ============
NET ASSETS.................................................................. 100.0% $1,513,685
======= ============
</TABLE>
NOTE TO STATEMENT OF INVESTMENTS;
(a) Non-income producing.
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS ASSET ALLOCATION FUND, INC., Dreyfus Growth Portfolio
STATEMENT OF ASSETS AND LIABILITIES October 31, 1994 (Unaudited)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $1,468,742)-see statement....................................... $1,483,108
Cash.................................................................... 20,087
Receivable for investment securities sold............................... 11,559
Dividends receivable.................................................... 196
Due from The Dreyfus Corporation........................................ 1,939
-----------
1,516,889
LIABILITIES:
Due to the Distributor.................................................. $ 330
Accrued expenses........................................................ 2,874 3,204
------------ -----------
NET ASSETS.................................................................. $1,513,685
===========
REPRESENTED BY:
Paid-in capital......................................................... $1,498,486
Accumulated undistributed investment income-net......................... 602
Accumulated undistributed net realized gain on investments.............. 231
Accumulated net unrealized appreciation on investments-Note 3........... 14,366
-----------
NET ASSETS at value applicable to 119,588 shares outstanding
(100 million shares of $.001 par value Common Stock authorized)......... $1,513,685
-----------
-----------
NET ASSET VALUE, offering and redemption price per share
($1,513,685 / 119,588 shares)........................................... $12.66
=======
STATEMENT OF OPERATIONS
FROM OCTOBER 18, 1994 (COMMENCEMENT OF OPERATIONS) TO OCTOBER 31, 1994 (UNAUDITED)
INVESTMENT INCOME:
INCOME:
Interest.............................................................. $ 1,963
Cash dividends........................................................ 196
--------
TOTAL INCOME...................................................... $ 2,159
EXPENSES:
Management fee-Note 2(a).............................................. 330
Auditing fees......................................................... 1,500
Registration fees..................................................... 517
Shareholder servicing costs-Note 2(b,c)............................... 341
Prospectus and shareholders' reports-Note 2(b)........................ 339
Custodian fees........................................................ 249
Directors fees and expenses-Note 2(d)................................. 41
Legal fees............................................................ 38
Miscellaneous......................................................... 470
--------
3,825
Less-expense reimbursement from Manager due to
undertaking-Note 2(a)............................................. 2,268
--------
TOTAL EXPENSES.................................................. 1,557
-----------
INVESTMENT INCOME-NET........................................... 602
-----------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments-Note 3(a).............................. $ 231
Net unrealized appreciation on investments.............................. 14,366
--------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................. 14,597
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 15,199
===========
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS ASSET ALLOCATION FUND, INC., Dreyfus Growth Portfolio
STATEMENT OF CHANGES IN NET ASSETS
FROM OCTOBER 18, 1994 (COMMENCEMENT OF OPERATIONS) TO OCTOBER 31, 1994 (UNAUDITED)
<S> <C> <C>
OPERATIONS:
Investment income-net.................................................................... $ 602
Net realized gain on investments......................................................... 231
Net unrealized appreciation on investments for the period................................ 14,366
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................................... 15,199
-----------
CAPITAL STOCK TRANSACTIONS;
Net proceeds from shares sold............................................................ 1,498,486
-----------
TOTAL INCREASE IN NET ASSETS....................................................... 1,513,685
NET ASSETS:
Beginning of period-Note 1............................................................... --
-----------
End of period (including undistributed investment
income-net of $602).................................................................... $1,513,685
===========
SHARES
-----------
CAPITAL SHARE TRANSACTIONS:
Shares sold.............................................................................. 119,588
===========
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS ASSET ALLOCATION FUND, INC., Dreyfus Growth Portfolio
FINANCIAL HIGHLIGHTS (UNAUDITED)
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 the period October 18, 1994
(commencement of operations) to October 31, 1994. This information has been
derived from the Portfolio's financial statements.
<S> <C> <C>
PER SHARE DATA:
Net asset value, beginning of period......................................................... $12.50
-------
INVESTMENT OPERATIONS:
Investment income-net........................................................................ .01
Net realized and unrealized gain on investments.............................................. .15
-------
TOTAL FROM INVESTMENT OPERATIONS........................................................... .16
-------
Net asset value, end of period............................................................... $12.66
=======
TOTAL INVESTMENT RETURN.......................................................................... 1.28%*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...................................................... .14%*
Ratio of net investment income to average net assets......................................... .05%*
Decrease reflected in above expense ratio due to
undertakings by the Manager and expense limitation......................................... .20%*
Portfolio Turnover Rate...................................................................... 1.73%*
Net Assets, end of period (000's Omitted).................................................... $1,514
</TABLE>
- -----------------
* Not annualized.
See notes to financial statements.
DREYFUS ASSET ALLOCATION FUND, INC., Dreyfus Growth Portfolio
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Asset Allocation Fund, Inc. (the "Fund") began operating under
such name on July 1, 1993 and is currently offering three portfolios,
including Dreyfus Growth Portfolio (the "Portfolio"), which was authorized by
the Board of Directors on August 25, 1994. The Portfolio had no operations
until October 18, 1994 (commencement of operations) other than matters
relating to its organization and registration as a non-diversified open-end
management investment company under the Investment Company Act of 1940
("Act") and the Securities Act of 1933. Premier Mutual Fund Services, Inc.
(the "Distributor") acts as the distributor of the Portfolio's shares, which
are sold to the public without a sales load. The Distributor, located at One
Exchange Place, Boston, Massachusetts 02109 is a wholly-owned subsidiary of
Institutional Administration Services, Inc., a provider of mutual fund
administration services, the parent company of which is Boston Institutional
Group, Inc. The Dreyfus Corporation ("Manager") serves as the Portfolio's
investment adviser. The manager is a direct subsidiary of Mellon Bank, N.A.
As of October 31, 1994, Major Trading Corporation, a subsidiary of Mellon
Bank Investments Corporation, held 80,000 shares of Common Stock. Mellon Bank
Investments Corporation is a subsidiary of Mellon Bank N.A.
The Fund accounts separately for the assets, liabilities and operations
of each portfolio. Expenses directly attributable to each Portfolio are
charged to that Portfolio's operations; expenses which are applicable to all
Portfolios are allocated among them on a prorata basis.
(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.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Dividend
income is recognized on the ex-dividend date and interest income, including,
where applicable, amortization of discount on investments, is recognized on
the accrual basis.
(C) DIVIDENDS TO SHAREHOLDERS: Dividends are recorded on the ex-dividend
date. Dividends from investment income-net and dividends from net realized
capital gain are normally declared and paid annually, but the Portfolio 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 Portfolio 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.
DREYFUS ASSET ALLOCATION FUND, INC., Dreyfus Growth Portfolio
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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 Portfolio's net assets and is payable monthly. The
Agreement provides for an expense reimbursement from the Manager should the
Portfolio's aggregate expenses, exclusive of taxes, brokerage, interest on
borrowings and extraordinary expenses, exceed the expense limitation of any
state having jurisdiction over the Portfolio. The most stringent state
expense limitation applicable to the Portfolio presently requires
reimbursement of expenses in any full fiscal year that such expenses
(exclusive of distribution expenses and 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 Portfolio's net
assets in accordance with California "blue sky" regulations. However, the
Manager had undertaken from October 18, 1994 to October 31, 1994 to waive
receipt of the management, service and distribution fees. The expense
reimbursement, pursuant to the undertaking and expense limitation, amounted
to $2,268 for the period ended October 31, 1994.
The Manager may modify the expense limitation percentages from time to
time, provided that the resulting expense reimbursement would not be less
than the amount required pursuant to the Agreement.
(B) Under the Distribution Plan (the "Plan") adopted pursuant to Rule
12b-1 under the Act, the Portfolio (a) reimburses the Distributor for
payments to certain Service Agents for distribution shares and (b) pays the
Manager and a subsidiary, Dreyfus Service Corporation or any affiliate
(collectively "Dreyfus") for advertising and marketing relating to the
Portfolio and servicing Shareholders accounts, at an aggregate annual rate of
.50 of 1% of the value of the Portfolio's average daily net assets. Each of th
e Distributor and Dreyfus may pay service Agents (a securities dealer,
financial institution or other industry professional) a fee in respect of the
Portfolio's share owned by shareholders with whom the Service Agent has a
servicing relationship of for whom the Service Agent is the dealer or holder
of record. Each of the Distributor and Dreyfus determine the amounts to be
paid to Service agents to which it will make payments and the basis on which
such payments are made. The plan also separately provides for the Portfolio
to bear the costs of preparing, printing and distributing certain of the
Portfolio's prospectuses and statements of additional information and costs
associated with implementing and operating the Plan, not to exceed the
greater of $100,000 or .005 of 1% of the Portfolio's average daily net assets
for any full fiscal year. For the period ended October 31, 1994, $220 was
charged to the Portfolio pursuant to the distribution Plan.
(C) Pursuant to the Portfolio's Shareholder Services Plan, the Portfolio
pays the Distributor, at an annual rate of .25 of 1% of the value of the
Portfolio'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 Portfolio and
providing reports and other information, and services related to the
maintenance of shareholder accounts. The Distributor may make payments to
Service Agents in respect of these services. The Distributor determines the
amounts to be paid to Service Agents. For the period ended October 31, 1994,
$110 was charged to the Portfolio pursuant to the Shareholder Services Plan.
(D) Each director who is not an "affiliated person" as defined in the
Act, receives from the Fund an annual fee of $1,000 and an attendance fee of
$250 per meeting.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended October 31, 1994
amounted to $653,591 and $11,363, respectively.
At October 31, 1994, accumulated net unrealized appreciation on
investments was $14,366, consisting of $15,838 gross unrealized appreciation
and $1,472 gross unrealized depreciation.
At October 31, 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).
(Dreyfus Lion "D" Logo)
DREYFUS ASSET ALLOCATION FUND, INC.
DREYFUS GROWTH PORTFOLIO
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 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. AAFSA9410
(Dreyfus Logo)
Asset Allocation
Fund, Inc.
Dreyfus
Growth Portfolio
Semi-Annual
Report
October 31, 1994
