UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

Investment Company Act file number

811-5883

 

 

 

Dreyfus Index Funds, Inc.

 

 

(Exact name of Registrant as specified in charter)

 

 

 

 

 

 

c/o The Dreyfus Corporation

200 Park Avenue

New York, New York 10166

 

 

(Address of principal executive offices) (Zip code)

 

 

 

 

 

John Pak, Esq.

200 Park Avenue

New York, New York 10166

 

 

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code:

(212) 922-6000

 

 

Date of fiscal year end:

 

10/31

 

Date of reporting period:

1/31/14

 

             

 

 


 

 

FORM N-Q

Item 1.                         Schedule of Investments.

 


 

STATEMENT OF INVESTMENTS
Dreyfus International Stock Index Fund
January 31, 2014 (Unaudited)

Common Stocks--98.1%   Shares   Value ($)  
Australia--7.3%        
AGL Energy   22,251   295,107  
ALS   15,390   106,600  
Alumina   112,290 a   123,963  
Amcor   48,684   456,364  
AMP   118,818   441,732  
APA Group   35,806   187,495  
Asciano   38,402   188,895  
ASX   7,859   244,163  
Aurizon Holdings   81,648   351,581  
Australia & New Zealand Banking Group   109,765   2,882,366  
Bank of Queensland   10,390   103,667  
Bendigo and Adelaide Bank   17,917   181,162  
BHP Billiton   128,705   4,116,375  
Boral   34,041   141,526  
Brambles   62,869   493,372  
Caltex Australia   5,098   86,205  
CFS Retail Property Trust Group   87,781   149,045  
Coca-Cola Amatil   22,927   234,570  
Cochlear   1,896   94,888  
Commonwealth Bank of Australia   64,611   4,197,675  
Computershare   17,082   166,407  
Crown Resorts   16,028   232,921  
CSL   19,298   1,186,684  
Dexus Property Group   190,171   165,605  
Echo Entertainment Group   30,084   61,911  
Federation Centres   64,376   127,524  
Flight Centre Travel Group   2,140   88,519  
Fortescue Metals Group   62,569   291,421  
Goodman Group   68,804   279,202  
GPT Group   71,651   225,150  
Harvey Norman Holdings   21,349   55,778  
Iluka Resources   16,289   124,586  
Incitec Pivot   64,208   160,006  
Insurance Australia Group   83,839   401,261  
James Hardie Industries-CDI   18,114   204,539  
Leighton Holdings   7,421   106,849  
Lend Lease Group   22,150   204,138  
Macquarie Group   11,662   552,122  
Metcash   34,689   91,576  
Mirvac Group   148,466   215,861  
National Australia Bank   93,932   2,733,612  
Newcrest Mining   32,706   276,230  
Orica   14,736   302,151  
Origin Energy   44,358   540,022  
Qantas Airways   41,721 a   39,751  

 



QBE Insurance Group   48,530   486,147  
Ramsay Health Care   5,278   201,915  
REA Group   1,712   60,583  
Rio Tinto   17,659   1,010,972  
Santos   39,029   455,698  
Seek   13,527   146,933  
Sonic Healthcare   16,149   233,354  
SP AusNet   72,030   78,378  
Stockland   92,696   291,930  
Suncorp Group   52,007   554,421  
Sydney Airport   41,632   143,560  
Tabcorp Holdings   33,277   100,001  
Tatts Group   60,376   157,998  
Telstra   176,310   790,977  
Toll Holdings   28,622   139,432  
Transurban Group   56,635   341,920  
Treasury Wine Estates   25,721   81,639  
Wesfarmers   40,345   1,483,056  
Westfield Group   84,391   750,776  
Westfield Retail Trust   122,810   323,794  
Westpac Banking   124,276   3,357,866  
Woodside Petroleum   26,702   870,626  
Woolworths   50,546   1,502,316  
WorleyParsons   8,268   118,656  
      37,593,525  
Austria--.3%        
Andritz   3,077   168,968  
Erste Group Bank   10,365   376,528  
IMMOFINANZ   37,529 a   176,131  
OMV   6,042   261,400  
Raiffeisen Bank International   3,738   143,545  
Telekom Austria   9,805   85,151  
Vienna Insurance Group   1,670   78,722  
Voestalpine   4,474   200,451  
      1,490,896  
Belgium--1.1%        
Ageas   9,297   399,310  
Anheuser-Busch InBev   32,167   3,085,102  
Belgacom   6,323   180,712  
Colruyt   3,021   171,348  
Delhaize Group   4,075   261,597  
Groupe Bruxelles Lambert   3,234   292,124  
Groupe Bruxelles Lambert (STRIP)   236 a,b   0  
KBC Groep   9,251   546,128  
Solvay   2,385   333,234  
Telenet Group Holding   2,008   119,159  
UCB   4,414   312,250  
Umicore   4,144   177,330  
      5,878,294  
China--.0%        
Yangzijiang Shipbuilding Holdings   91,000   82,050  
Denmark--1.3%        

 



AP Moller - Maersk, Cl. A   22   234,849  
AP Moller - Maersk, Cl. B   54   601,300  
Carlsberg, Cl. B   4,310   420,012  
Coloplast, Cl. B   4,688   351,972  
Danske Bank   26,485 a   598,171  
DSV   7,535   241,797  
Novo Nordisk, Cl. B   79,673   3,157,763  
Novozymes, Cl. B   9,088   391,751  
TDC   29,259   275,064  
Tryg   1,152   109,966  
William Demant Holding   1,152 a   105,897  
      6,488,542  
Finland--.9%        
Elisa   4,938   126,683  
Fortum   17,886   384,301  
Kone, Cl. B   12,582   511,811  
Metso   5,095   159,518  
Neste Oil   5,014   89,428  
Nokia   151,833 a   1,051,981  
Nokian Renkaat   4,503   189,941  
Orion, Cl. B   4,426   115,576  
Pohjola Bank, Cl. A   5,263   103,455  
Sampo, Cl. A   16,962   786,954  
Stora Enso, Cl. R   21,950   205,094  
UPM-Kymmene   21,691   332,345  
Wartsila   7,129   386,836  
      4,443,923  
France--9.2%        
Accor   6,674   318,100  
Aeroports de Paris   1,169   131,927  
Air Liquide   12,650   1,587,001  
Alcatel-Lucent   99,249 a   401,049  
Alstom   8,200   232,504  
Arkema   2,516   268,280  
Atos   2,389   208,731  
AXA   72,802   1,910,745  
BNP Paribas   39,839   3,075,797  
Bouygues   7,680   292,979  
Bureau Veritas   8,844   229,752  
Cap Gemini   5,501   374,608  
Carrefour   24,411   838,942  
Casino Guichard Perrachon   2,256   232,322  
CGG   6,154 a   91,529  
Christian Dior   2,196   401,432  
Cie de St-Gobain   16,126   846,072  
Cie Generale des Etablissements Michelin   7,387   778,280  
CNP Assurances   6,982   136,730  
Credit Agricole   40,304 a   541,961  
Danone   22,597   1,491,416  
Dassault Systemes   2,515   297,841  
Edenred   8,329   232,576  
Electricite de France   9,659   328,053  

 



Essilor International   8,259   829,280  
Eurazeo   953   68,170  
Eutelsat Communications   5,692   172,671  
Fonciere Des Regions   1,253   102,718  
GDF Suez   53,824   1,186,620  
Gecina   1,000   122,011  
Groupe Eurotunnel   21,961   242,324  
ICADE   1,405   123,151  
Iliad   1,003   229,634  
Imerys   1,513   123,020  
JCDecaux   2,555   108,966  
Kering   3,060   610,272  
Klepierre   3,966   172,099  
L'Oreal   9,813   1,611,279  
Lafarge   7,536   540,801  
Lagardere   4,339   153,234  
Legrand   10,700   567,333  
LVMH Moet Hennessy Louis Vuitton   10,308   1,833,936  
Natixis   36,958   217,374  
Orange   75,118   927,173  
Pernod-Ricard   8,600   922,554  
Publicis Groupe   7,214   639,345  
Remy Cointreau   966   72,040  
Renault   7,769   676,239  
Rexel   8,467   217,424  
Safran   10,997   782,259  
Sanofi   47,881   4,686,937  
Schneider Electric   675   54,438  
Schneider Electric   21,416   1,726,834  
SCOR   6,401   207,677  
Societe BIC   1,136   130,799  
Societe Generale   28,494   1,611,220  
Sodexo   3,615   355,873  
Suez Environnement   11,173   200,197  
Technip   4,100   349,215  
Thales   3,664   238,607  
Total   85,791   4,899,027  
Unibail-Rodamco   3,915   942,230  
Valeo   2,546   284,270  
Vallourec   4,360   217,287  
Veolia Environnement   13,560   212,880  
Vinci   18,801   1,228,312  
Vivendi   48,345   1,296,692  
Wendel   1,280   173,598  
Zodiac Aerospace   1,443   254,149  
    47,570,796  
Germany--8.6%      
Adidas   8,476   946,965  
Allianz   18,248   3,044,497  
Axel Springer   1,517   97,084  
BASF   36,796   3,937,318  
Bayer   33,148   4,364,223  

 



Bayerische Motoren Werke   13,432   1,462,505  
Beiersdorf   4,059   401,579  
Brenntag   2,070   356,756  
Celesio   2,801   92,549  
Commerzbank   39,065 a   663,920  
Continental   4,343   935,124  
Daimler   38,531   3,225,719  
Deutsche Bank   40,686   1,967,880  
Deutsche Boerse   7,795   599,440  
Deutsche Lufthansa   9,327 a   221,957  
Deutsche Post   36,765   1,271,618  
Deutsche Telekom   115,366   1,862,683  
Deutsche Wohnen   12,104   226,562  
E.ON   73,044   1,327,010  
Fraport Frankfurt Airport Services Worldwide   1,609   118,923  
Fresenius & Co.   5,049   787,264  
Fresenius Medical Care & Co.   8,694   611,531  
GEA Group   7,622   357,422  
Hannover Rueck   2,427   192,474  
HeidelbergCement   5,666   421,522  
Henkel & Co.   5,241   509,710  
Hochtief   1,402   111,682  
Hugo Boss   1,386   175,434  
Infineon Technologies   43,525   448,740  
K+S   7,058   209,843  
Kabel Deutschland Holding   981   128,854  
LANXESS   3,045   199,769  
Linde   7,515   1,423,093  
MAN   1,399   170,343  
Merck   2,604   403,736  
Metro   5,401   222,681  
Muenchener Rueckversicherungs   7,276   1,502,052  
OSRAM Licht   3,329 a   194,537  
ProSiebenSat.1 Media   7,287   326,584  
RWE   19,796   732,626  
SAP   36,862   2,818,418  
Siemens   31,778   4,026,972  
Sky Deutschland   15,334 a   139,359  
Suedzucker   3,784   94,331  
Telefonica Deutschland Holding   11,353   90,426  
ThyssenKrupp   18,381 a   472,640  
United Internet   4,460   194,876  
Volkswagen   1,184   287,716  
      44,378,947  
Hong Kong--2.6%        
AIA Group   480,800   2,217,327  
ASM Pacific Technology   10,800   100,854  
Bank of East Asia   49,750   188,766  
BOC Hong Kong Holdings   149,500   451,686  
Cathay Pacific Airways   52,000   108,865  
Cheung Kong Holdings   56,000   829,640  
Cheung Kong Infrastructure Holdings   27,000   158,868  

 



CLP Holdings   71,288   542,426  
First Pacific   92,250   91,876  
Galaxy Entertainment Group   85,000 a   825,888  
Hang Lung Properties   90,000   247,137  
Hang Seng Bank   30,900   483,931  
Henderson Land Development   42,038   224,030  
HKT Trust   87,000   83,269  
Hong Kong & China Gas   231,661   473,789  
Hong Kong Exchanges & Clearing   44,300   689,513  
Hopewell Holdings   26,000   90,271  
Hutchison Whampoa   86,800   1,066,612  
Hysan Development   28,000   110,799  
Kerry Properties   29,500   95,094  
Li & Fung   235,200   323,864  
Link REIT   92,500   415,556  
MGM China Holdings   40,000   158,418  
MTR   58,000   203,838  
New World Development   162,786   203,052  
Noble Group   161,963   120,675  
NWS Holdings   60,000   86,669  
PCCW   167,000   76,064  
Power Assets Holdings   56,000   422,736  
Shangri-La Asia   65,000   109,111  
Sino Land   127,730   169,956  
SJM Holdings   78,530   245,713  
Sun Hung Kai Properties   64,699   791,094  
Swire Pacific, Cl. A   27,500   294,107  
Swire Properties   46,400   119,744  
Wharf Holdings   61,311   418,906  
Wheelock & Co.   37,000   150,760  
Yue Yuen Industrial Holdings   32,300   100,466  
      13,491,370  
Ireland--.3%        
Bank of Ireland   857,556 a   340,333  
CRH   29,511   757,059  
Irish Bank Resolution   35,225 a,b   0  
Kerry Group, Cl. A   5,746   388,739  
Ryanair Holdings   4,000 a   34,091  
      1,520,222  
Israel--.5%        
Bank Hapoalim   42,826   222,881  
Bank Leumi Le-Israel   49,865 a   189,964  
Bezeq The Israeli Telecommunication   76,662   117,639  
Delek Group   202   72,142  
Israel   117 a   58,979  
Israel Chemicals   18,647   152,573  
Israel Discount Bank, Cl. A   1 a   2  
Mizrahi Tefahot Bank   6,222   75,867  
NICE Systems   2,452   96,561  
Teva Pharmaceutical Industries   34,456   1,537,523  
      2,524,131  
Italy--2.4%        

 



Assicurazioni Generali   47,318   1,023,198  
Atlantia   13,269   302,311  
Banca Monte dei Paschi di Siena   281,163 a   64,001  
CNH Industrial   36,397 a   382,563  
Enel   266,861   1,217,559  
Enel Green Power   70,150   177,048  
Eni   101,610   2,302,344  
EXOR   3,898   152,834  
Fiat   35,936 a   358,149  
Finmeccanica   15,364 a   134,978  
Intesa Sanpaolo   471,210   1,274,136  
Luxottica Group   6,699   356,211  
Mediobanca   20,510 a   188,028  
Pirelli & C   9,607   154,835  
Prysmian   8,493   207,669  
Saipem   10,910   255,891  
Snam   81,733   448,306  
STMicroelectronics   26,028 a   213,200  
Telecom Italia   404,803   449,756  
Telecom Italia-RSP   235,972   198,764  
Tenaris   19,026   424,822  
Terna Rete Elettrica Nazionale   61,801   300,146  
UniCredit   176,053   1,320,711  
Unione di Banche Italiane   33,961   247,386  
UnipolSai   36,547 a   110,037  
      12,264,883  
Japan--20.6%        
ABC-Mart   1,000   43,526  
Acom   15,500 a   45,764  
Advantest   6,400   68,650  
Aeon   24,100   299,525  
AEON Financial Service   2,860   66,144  
AEON Mall   4,480   131,615  
Air Water   7,000   102,858  
Aisin Seiki   7,700   281,800  
Ajinomoto   23,800   333,985  
Alfresa Holdings   1,900   107,807  
Amada   14,000   112,953  
ANA Holdings   38,000   81,088  
Aozora Bank   46,959   133,903  
Asahi Glass   40,800   230,305  
Asahi Group Holdings   15,600   422,823  
Asahi Kasei   50,900   386,778  
Asics   7,000   120,754  
Astellas Pharma   17,579   1,081,083  
Bank of Kyoto   14,000   110,942  
Bank of Yokohama   50,000   250,507  
Benesse Holdings   2,400   94,714  
Bridgestone   26,300   946,762  
Brother Industries   9,100   114,212  
CALBEE   2,700   61,798  
Canon   45,950   1,344,924  

 



Casio Computer   9,300   100,700  
Central Japan Railway   5,800   630,265  
Chiba Bank   30,000   188,697  
Chiyoda   6,000   92,090  
Chubu Electric Power   25,900   307,596  
Chugai Pharmaceutical   8,928   202,163  
Chugoku Bank   6,000   74,391  
Chugoku Electric Power   11,800   154,276  
Citizen Holdings   12,400   96,857  
Coca-Cola West   2,700   52,810  
Credit Saison   6,200   151,445  
Dai Nippon Printing   22,800   225,690  
Dai-ichi Life Insurance   35,200   527,912  
Daicel   11,000   87,842  
Daido Steel   12,200   60,490  
Daihatsu Motor   8,000   124,500  
Daiichi Sankyo   27,183   449,927  
Daikin Industries   9,500   543,907  
Dainippon Sumitomo Pharma   6,900   117,137  
Daito Trust Construction   3,000   283,154  
Daiwa House Industry   23,400   440,606  
Daiwa Securities Group   67,000   624,179  
Dena   4,300   82,004  
Denso   19,700   1,018,203  
Dentsu   8,600   338,394  
Don Quijote   2,100   127,391  
East Japan Railway   13,600   1,014,867  
Eisai   10,200   390,283  
Electric Power Development   4,480   132,642  
FamilyMart   2,617   118,764  
FANUC   7,729   1,246,383  
Fast Retailing   2,158   786,048  
Fuji Electric   21,000   91,084  
Fuji Heavy Industries   23,700   648,098  
FUJIFILM Holdings   18,700   543,051  
Fujitsu   74,800 a   418,340  
Fukuoka Financial Group   33,000   137,412  
Gree   4,300   42,098  
GungHo Online Entertainment   14,000 a   88,658  
Gunma Bank   14,000   73,749  
Hachijuni Bank   16,000   88,520  
Hakuhodo DY Holdings   8,400   67,810  
Hamamatsu Photonics   3,200   134,435  
Hankyu Hanshin Holdings   48,000   243,390  
Hino Motors   10,000   146,054  
Hirose Electric   1,300   182,467  
Hiroshima Bank   19,000   76,232  
Hisamitsu Pharmaceutical   2,400   108,923  
Hitachi   195,900   1,489,522  
Hitachi Chemical   4,000   57,169  
Hitachi Construction Machinery   5,000   96,030  
Hitachi High-Technologies   2,700   61,910  

 



Hitachi Metals   8,000   124,611  
Hokkaido Electric Power   8,200 a   84,869  
Hokuhoku Financial Group   51,000   96,608  
Hokuriku Electric Power   7,700   94,644  
Honda Motor   65,159   2,448,241  
Hoya   17,500   483,566  
Hulic   10,800   136,469  
Ibiden   4,200   76,960  
Idemitsu Kosan   3,600   80,318  
IHI   53,000   240,439  
Iida Group Holdings   5,800 a   102,664  
INPEX   36,400   428,249  
Isetan Mitsukoshi Holdings   15,020   188,615  
Isuzu Motors   49,000   290,083  
ITOCHU   60,900   740,273  
Itochu Techno-Solutions   900   37,025  
Iyo Bank   11,000   102,853  
J Front Retailing   19,800   132,228  
Japan Airlines   2,600   130,470  
Japan Exchange Group   10,000   241,586  
Japan Petroleum Exploration   1,400   51,865  
Japan Prime Realty Investment   31   106,472  
Japan Real Estate Investment   48   246,223  
Japan Retail Fund Investment   94   188,088  
Japan Steel Works   13,000   64,113  
Japan Tobacco   44,600   1,377,543  
JFE Holdings   19,860   411,546  
JGC   8,000   301,700  
Joyo Bank   26,462   124,522  
JSR   7,700   136,880  
JTEKT   8,000   116,415  
JX Holdings   90,576   435,097  
Kajima   32,800   121,301  
Kakaku.com   4,800   90,982  
Kamigumi   9,400   84,044  
Kaneka   12,000   74,213  
Kansai Electric Power   29,899 a   324,389  
Kansai Paint   10,000   134,999  
Kao   21,300   674,763  
Kawasaki Heavy Industries   58,000   252,099  
KDDI   21,800   1,198,607  
Keikyu   20,000   155,977  
Keio   25,000   160,165  
Keisei Electric Railway   11,000   97,711  
Keyence   1,785   735,500  
Kikkoman   6,000   106,237  
Kinden   6,000   58,912  
Kintetsu   71,354   245,980  
Kirin Holdings   35,000   474,659  
Kobe Steel   99,000 a   163,881  
Koito Manufacturing   4,000   80,865  
Komatsu   37,800   781,411  

 



Konami   4,400   104,304  
Konica Minolta   19,500   204,760  
Kubota   43,000   660,507  
Kuraray   14,000   157,206  
Kurita Water Industries   4,800   101,974  
Kyocera   13,100   585,755  
Kyowa Hakko Kirin   8,705   88,311  
Kyushu Electric Power   18,000 a   204,600  
Lawson   2,600   188,551  
LIXIL Group   10,624   272,938  
M3   26   76,122  
Mabuchi Motor   1,000   57,218  
Makita   4,600   236,510  
Marubeni   67,000   466,755  
Marui Group   8,300   77,723  
Maruichi Steel Tube   2,000   52,029  
Mazda Motor   109,000 a   524,166  
McDonald's Holdings Japan   3,000   78,473  
Medipal Holdings   5,800   84,065  
MEIJI Holdings   2,521   157,638  
Miraca Holdings   2,100   99,274  
Mitsubishi   56,998   1,051,224  
Mitsubishi Chemical Holdings   54,380   232,249  
Mitsubishi Electric   78,000   879,401  
Mitsubishi Estate   50,000   1,221,721  
Mitsubishi Gas Chemical   16,000   112,591  
Mitsubishi Heavy Industries   122,700   794,579  
Mitsubishi Logistics   6,000   83,915  
Mitsubishi Materials   45,000   150,553  
Mitsubishi Motors   25,400 a   274,682  
Mitsubishi Tanabe Pharma   9,200   135,169  
Mitsubishi UFJ Financial Group   510,190   3,063,854  
Mitsubishi UFJ Lease & Finance   25,500   132,446  
Mitsui & Co.   70,400   941,115  
Mitsui Chemicals   38,000   91,275  
Mitsui Fudosan   33,286   1,048,595  
Mitsui OSK Lines   43,000   176,729  
Mizuho Financial Group   932,400   1,965,332  
MS&AD Insurance Group Holdings   20,457   474,613  
Murata Manufacturing   8,200   759,347  
Nabtesco   4,500   100,531  
Namco Bandai Holdings   6,150   138,230  
NEC   103,800   300,032  
NEXON   4,600   40,109  
NGK Insulators   11,000   185,986  
NGK Spark Plug   6,926   159,752  
NHK Spring   7,000   71,904  
Nidec   3,900   435,234  
Nikon   14,160   241,375  
Nintendo   4,325   513,528  
Nippon Building Fund   56   317,089  
Nippon Electric Glass   17,085   76,965  

 



Nippon Express   32,000   150,343  
Nippon Meat Packers   7,000   119,407  
Nippon Paint   6,000   98,868  
Nippon Prologis REIT   11   110,777  
Nippon Steel & Sumitomo Metal   307,615   930,913  
Nippon Telegraph & Telephone   14,800   797,753  
Nippon Yusen   69,800   216,811  
Nishi-Nippon City Bank   26,000   65,197  
Nissan Motor   100,700   858,878  
Nisshin Seifun Group   8,580   85,130  
Nissin Foods Holdings   2,600   112,678  
Nitori Holdings   1,400   135,598  
Nitto Denko   6,600   296,650  
NKSJ Holdings   13,370   349,115  
NOK   3,400   54,982  
Nomura Holdings   147,200   1,026,684  
Nomura Real Estate Holdings   4,800   96,835  
Nomura Real Estate Office Fund   14   61,968  
Nomura Research Institute   3,900   127,410  
NSK   20,000   225,627  
NTT Data   5,500   194,105  
NTT DoCoMo   61,900   995,104  
NTT Urban Development   5,500   53,225  
Obayashi   25,000   147,433  
Odakyu Electric Railway   25,000   219,228  
Oji Holdings   35,000   165,159  
Olympus   10,000 a   293,813  
Omron   8,400   331,873  
Ono Pharmaceutical   3,400   297,102  
ORACLE JAPAN   1,400   55,550  
Oriental Land   2,100   319,626  
ORIX   50,600   769,581  
Osaka Gas   75,000   302,443  
OTSUKA   700   82,819  
Otsuka Holdings   14,600   444,967  
Panasonic   89,395   1,018,154  
Park24   3,800   78,317  
Rakuten   29,300   481,996  
Resona Holdings   75,900   399,818  
Ricoh   28,000   293,748  
Rinnai   1,500   115,759  
Rohm   3,800   189,345  
Sankyo   2,200   104,148  
Sanrio   2,100   77,344  
Santen Pharmaceutical   3,300   138,692  
SBI Holdings   7,830   107,178  
Secom   8,500   478,116  
Sega Sammy Holdings   7,484   177,610  
Sekisui Chemical   17,000   195,522  
Sekisui House   23,000   318,648  
Seven & I Holdings   30,560   1,211,056  
Seven Bank   26,000   98,990  

 



Sharp   46,000 a   156,467  
Shikoku Electric Power   6,900 a   98,461  
Shimadzu   9,000   79,946  
Shimamura   1,000   88,441  
Shimano   3,300   293,066  
Shimizu   23,000   123,418  
Shin-Etsu Chemical   16,600   922,797  
Shinsei Bank   67,000   136,279  
Shionogi & Co.   12,000   243,939  
Shiseido   14,400   228,539  
Shizuoka Bank   23,400   235,064  
Showa Denko   57,000   77,212  
Showa Shell Sekiyu   8,500   80,342  
SMC   2,100   522,824  
SoftBank   38,400   2,785,773  
Sojitz   54,600   93,355  
Sony   40,980   646,730  
Sony Financial Holdings   7,000   113,117  
Stanley Electric   5,500   123,726  
Sumco   4,900   37,321  
Sumitomo   45,500   564,882  
Sumitomo Chemical   60,000   244,379  
Sumitomo Electric Industries   30,400   476,571  
Sumitomo Heavy Industries   25,000   115,890  
Sumitomo Metal Mining   21,000   272,797  
Sumitomo Mitsui Financial Group   50,900   2,354,719  
Sumitomo Mitsui Trust Holdings   134,640   651,243  
Sumitomo Realty & Development   14,000   615,199  
Sumitomo Rubber Industries   7,600   104,672  
Suntory Beverage & Food   5,200   169,631  
Suruga Bank   8,000   135,437  
Suzuken   2,920   100,721  
Suzuki Motor   14,700   380,805  
Sysmex   2,600   143,090  
T&D Holdings   23,800   289,683  
Taiheiyo Cement   47,000   174,642  
Taisei   39,000   170,650  
Taisho Pharmaceutical Holdings   1,500   107,836  
Taiyo Nippon Sanso   9,000   62,107  
Takashimaya   12,000   111,757  
Takeda Pharmaceutical   32,000   1,491,922  
TDK   4,900   220,915  
Teijin   40,000   89,677  
Terumo   6,100   283,746  
THK   4,400   95,272  
Tobu Railway   41,000   190,520  
Toho   4,300   88,585  
Toho Gas   18,000   83,480  
Tohoku Electric Power   16,400 a   176,734  
Tokio Marine Holdings   28,000   812,888  
Tokyo Electric Power   58,072 a   263,774  
Tokyo Electron   6,900   352,560  

 



Tokyo Gas   99,000   495,662  
Tokyo Tatemono   17,000   157,729  
Tokyu   45,820   284,223  
Tokyu Fudosan Holdings   20,900 a   181,159  
TonenGeneral Sekiyu   13,000   113,922  
Toppan Printing   22,000   160,415  
Toray Industries   59,000   386,297  
Toshiba   163,000   677,085  
TOTO   12,000   189,875  
Toyo Seikan Group Holdings   7,100   125,773  
Toyo Suisan Kaisha   4,000   125,504  
Toyoda Gosei   2,400   50,400  
Toyota Boshoku   2,600   29,600  
Toyota Industries   6,700   305,134  
Toyota Motor   110,757   6,313,129  
Toyota Tsusho   8,700   203,587  
Trend Micro   4,100   126,057  
Tsumura & Co.   2,300   57,094  
Ube Industries   46,600   95,274  
Unicharm   4,600   250,056  
United Urban Investment   97   144,360  
USS   9,800   133,898  
West Japan Railway   6,800   277,895  
Yahoo! Japan   54,800   308,521  
Yakult Honsha   3,600   175,839  
Yamada Denki   36,200   124,970  
Yamaguchi Financial Group   9,000   81,517  
Yamaha   7,200   105,775  
Yamaha Motor   11,200   147,635  
Yamato Holdings   15,600   327,217  
Yamato Kogyo   1,800   53,060  
Yamazaki Baking   4,000   43,131  
Yaskawa Electric   9,000   121,888  
Yokogawa Electric   8,800   135,840  
Yokohama Rubber   9,000   80,113  
      106,200,047  
Luxembourg--.1%        
RTL Group   1,346   164,261  
SES   11,649   373,935  
      538,196  
Macau--.2%        
Sands China   97,813   755,324  
Wynn Macau   62,000   265,209  
      1,020,533  
Mexico--.0%        
Fresnillo   8,530   107,881  
Netherlands--3.0%        
Aegon   71,880   626,313  
Airbus Group   23,615   1,673,777  
Akzo Nobel   9,700   696,043  
ASML Holding   14,493   1,235,064  
Corio   2,835   120,503  

 



Delta Lloyd   7,390   189,604  
Fugro   2,756   144,140  
Gemalto   3,324   373,634  
Heineken   9,313   567,813  
Heineken Holding   4,035   232,508  
ING Groep   155,531 a   2,059,699  
Koninklijke Ahold   40,782   679,938  
Koninklijke Boskalis Westminster   3,270   156,877  
Koninklijke DSM   6,221   411,271  
Koninklijke KPN   129,050   481,421  
Koninklijke Philips   38,820   1,350,629  
Koninklijke Vopak   2,912   160,033  
OCI   3,786 a   175,558  
QIAGEN   9,940 a   217,685  
Randstad Holding   5,158   327,419  
Reed Elsevier   27,971   576,303  
TNT Express   14,652   128,906  
Unilever   65,094   2,428,591  
Wolters Kluwer   12,132   334,237  
Ziggo   6,005   260,870  
      15,608,836  
New Zealand--.1%        
Auckland International Airport   42,260   124,745  
Contact Energy   16,082   67,056  
Fletcher Building   27,701   203,023  
Ryman Healthcare   12,123   77,326  
Telecom Corporation of New Zealand   78,060   148,332  
      620,482  
Norway--.8%        
Aker Solutions   6,700   102,520  
DNB   39,514   668,345  
Gjensidige Forsikring   8,002   153,422  
Norsk Hydro   51,393   233,056  
Orkla   31,249   242,953  
Seadrill   15,180   545,042  
Statoil   45,219   1,073,367  
Telenor   26,694   554,652  
Yara International   7,417   307,075  
      3,880,432  
Portugal--.2%        
Banco Espirito Santo   66,352 a   101,010  
Energias de Portugal   80,517   302,547  
Galp Energia   13,867   214,498  
Jeronimo Martins   10,446   178,530  
Portugal Telecom   27,519   121,128  
      917,713  
Singapore--1.4%        
Ascendas Real Estate Investment Trust   78,912   131,258  
CapitaCommercial Trust   76,000   84,168  
CapitaLand   105,500   226,799  
CapitaMall Trust   97,000   142,232  
CapitaMalls Asia   65,000   89,691  

 



City Developments   17,000   116,615  
ComfortDelGro   78,700   118,719  
DBS Group Holdings   69,588   898,534  
Genting Singapore   250,527   271,042  
Global Logistic Properties   123,843   270,278  
Golden Agri-Resources   278,440   113,490  
Hutchison Port Holdings Trust   227,000   150,805  
Jardine Cycle & Carriage   4,422   120,480  
Keppel   58,700   478,575  
Keppel Land   26,000   64,421  
Olam International   62,995   73,095  
Oversea-Chinese Banking   104,942   761,752  
SembCorp Industries   43,254   177,976  
SembCorp Marine   38,000   120,924  
Singapore Airlines   21,733   163,515  
Singapore Exchange   35,000   187,939  
Singapore Press Holdings   69,075   215,990  
Singapore Technologies Engineering   68,000   202,011  
Singapore Telecommunications   322,951   893,547  
StarHub   26,918   89,638  
United Overseas Bank   51,112   801,413  
UOL Group   21,111   96,677  
Wilmar International   77,000   188,314  
      7,249,898  
Spain--3.3%        
Abertis Infraestructuras   15,807   353,052  
ACS Actividades de Construccion y Servicios   5,340   187,626  
Amadeus IT Holding, Cl. A   15,366   607,649  
Banco Bilbao Vizcaya Argentaria   232,442   2,776,985  
Banco de Sabadell   136,579   403,415  
Banco Popular Espanol   52,819   362,958  
Banco Santander   455,377   3,931,111  
Bankia   161,084 a   278,976  
CaixaBank   68,868   422,546  
Distribuidora Internacional de Alimentacion   24,682   202,974  
Enagas   7,612   208,200  
Ferrovial   16,561   318,039  
Gas Natural SDG   14,079   348,142  
Grifols   5,971   309,427  
Iberdrola   192,632   1,187,358  
Inditex   8,849   1,320,030  
Mapfre   35,362   145,912  
Red Electrica   4,424   309,456  
Repsol   35,574   832,925  
Telefonica   163,766   2,523,518  
Zardoya Otis   6,340   106,518  
      17,136,817  
Sweden--3.2%        
Alfa Laval   13,304   322,501  
Assa Abloy, Cl. B   13,506   673,049  
Atlas Copco, Cl. A   27,167   735,346  
Atlas Copco, Cl. B   15,703   392,236  

 



Boliden   11,860   180,074  
Electrolux, Ser. B   9,611   203,732  
Elekta, Cl. B   14,946   217,753  
Ericsson, Cl. B   123,474   1,515,822  
Getinge, Cl. B   8,218   282,130  
Hennes & Mauritz, Cl. B   38,523   1,659,542  
Hexagon, Cl. B   9,712   308,205  
Husqvarna, Cl. B   16,174   93,673  
Industrivarden, Cl. C   5,510   99,714  
Investment AB Kinnevik, Cl. B   8,981   352,123  
Investor, Cl. B   18,395   595,042  
Lundin Petroleum   8,991 a   155,167  
Millicom International Cellular, SDR   2,643   256,743  
Nordea Bank   119,625   1,597,108  
Sandvik   43,073   603,423  
Scania, Cl. B   13,131   268,598  
Securitas, Cl. B   13,206   137,090  
Skandinaviska Enskilda Banken, Cl. A   61,441   791,320  
Skanska, Cl. B   15,609   307,074  
SKF, Cl. B   15,801   418,152  
Svenska Cellulosa, Cl. B   23,595   671,109  
Svenska Handelsbanken, Cl. A   20,201   957,819  
Swedbank, Cl. A   36,676   956,336  
Swedish Match   8,494   248,795  
Tele2, Cl. B   12,374   136,265  
TeliaSonera   96,371   715,126  
Volvo, Cl. B   61,247   810,044  
      16,661,111  
Switzerland--9.3%        
ABB   87,808 a   2,184,203  
Actelion   3,915 a   367,218  
Adecco   5,336 a   419,342  
Aryzta   3,491 a   274,538  
Baloise Holding   1,897   226,672  
Barry Callebaut   84 a   99,438  
Cie Financiere Richemont   20,821   1,926,614  
Coca-Cola HBC-CDI   8,469 a   224,381  
Credit Suisse Group   60,812 a   1,832,201  
EMS-Chemie Holding   319   109,544  
Geberit   1,565   453,116  
Givaudan   335 a   495,194  
Glencore Xstrata   423,545 a   2,242,635  
Holcim   9,258 a   673,291  
Julius Baer Group   9,014 a   437,214  
Kuehne + Nagel International   2,216   294,270  
Lindt & Spruengli   4   214,357  
Lindt & Spruengli-PC   29   130,187  
Lonza Group   1,942 a   194,571  
Nestle   129,552   9,393,371  
Novartis   92,361   7,304,246  
Pargesa Holding-BR   1,256   100,959  
Partners Group Holding   689   163,020  

 



Roche Holding   28,214   7,753,324  
Schindler Holding   876   128,638  
Schindler Holding-PC   1,724   249,811  
SGS   221   499,965  
Sika-BR   82   270,048  
Sonova Holding   2,104 a   288,902  
Sulzer   959   144,626  
Swatch Group   1,746   178,812  
Swatch Group-BR   1,248   741,882  
Swiss Life Holding   1,301 a   280,318  
Swiss Prime Site   2,107 a   163,691  
Swiss Re   14,281 a   1,233,217  
Swisscom   940   516,559  
Syngenta   3,778   1,338,685  
UBS   145,922 a   2,889,217  
Zurich Insurance Group   6,019 a   1,745,180  
      48,183,457  
United Kingdom--21.3%        
3i Group   40,656   249,450  
Aberdeen Asset Management   39,934   255,995  
Admiral Group   7,931   188,212  
Aggreko   11,359   288,646  
AMEC   12,404   209,839  
Anglo American   56,517   1,332,852  
Antofagasta   16,062   224,336  
ArcelorMittal   40,401   669,759  
ARM Holdings   56,579   868,267  
Associated British Foods   14,380   641,375  
AstraZeneca   50,116   3,181,637  
Aviva   119,290   871,789  
Babcock International Group   14,531   331,906  
BAE Systems   131,168   923,984  
Barclays   611,241   2,732,462  
BG Group   136,182   2,285,239  
BHP Billiton   84,381   2,491,157  
BP   756,433   5,927,563  
British American Tobacco   76,224   3,649,689  
British Land   37,922   408,559  
British Sky Broadcasting Group   41,849   602,091  
BT Group   319,924   2,016,353  
Bunzl   13,346   304,253  
Burberry Group   17,817   423,516  
Capita   26,492   427,756  
Carnival   7,529   309,134  
Centrica   209,861   1,073,326  
Cobham   42,313   204,191  
Compass Group   73,756   1,102,666  
Croda International   5,720   226,442  
Diageo   100,507   2,998,776  
Direct Line Insurance Group   35,078   152,575  
easyJet   6,447   174,037  
Experian   40,858   698,208  

 



G4S   62,114   243,658  
GKN   65,866   426,245  
GlaxoSmithKline   196,476   5,058,624  
Hammerson   26,334   227,143  
Hargreaves Lansdown   8,738   213,156  
HSBC Holdings   749,260   7,708,550  
ICAP   23,517   149,315  
IMI   12,762   313,565  
Imperial Tobacco Group   38,518   1,406,710  
Inmarsat   19,204   221,172  
InterContinental Hotels Group   10,018   324,065  
International Consolidated Airlines Group   38,774 a   265,226  
Intertek Group   6,481   301,428  
Intu Properties   25,970   134,610  
Investec   22,476   144,638  
ITV   150,543   486,036  
J Sainsbury   49,594   281,543  
Johnson Matthey   8,251   437,924  
Kingfisher   95,869   581,725  
Land Securities Group   31,597   533,858  
Legal & General Group   239,396   845,706  
Lloyds Banking Group   2,007,747 a   2,745,192  
London Stock Exchange Group   7,003   211,642  
Marks & Spencer Group   65,191   504,050  
Meggitt   31,584   267,370  
Melrose Industries   53,387   271,266  
National Grid   148,877   1,931,338  
Next   6,453   664,338  
Old Mutual   197,838   559,687  
Pearson   33,060   603,649  
Persimmon   12,138 a   261,550  
Petrofac   10,370   196,529  
Prudential   102,180   2,058,961  
Randgold Resources   3,506   241,954  
Reckitt Benckiser Group   25,792   1,932,115  
Reed Elsevier   48,020   699,721  
Resolution   59,778   342,171  
Rexam   32,104   259,945  
Rio Tinto   50,818   2,706,587  
Rolls-Royce Holdings   76,281 a   1,486,779  
Royal Bank of Scotland Group   86,347 a   481,546  
Royal Dutch Shell, Cl. A   153,308   5,295,325  
Royal Dutch Shell, Cl. B   100,636   3,674,194  
RSA Insurance Group   150,053   239,194  
SABMiller   39,035   1,757,174  
Sage Group   41,506   278,257  
Schroders   4,200   170,080  
Segro   28,963   160,323  
Serco Group   19,474   140,090  
Severn Trent   10,096   286,558  
Shire   22,446   1,121,804  
Smith & Nephew   36,491   525,143  

 



Smiths Group   15,834   373,788  
SSE   39,048   838,301  
Standard Chartered   98,306   2,002,422  
Standard Life   95,167   571,126  
Subsea 7   11,106   190,989  
Tate & Lyle   18,866   234,745  
Tesco   327,996   1,726,136  
Travis Perkins   9,819   280,253  
TUI Travel   20,087   140,346  
Tullow Oil   36,652   475,745  
Unilever   51,194   1,968,198  
United Utilities Group   27,367   322,363  
Vodafone Group   1,945,444   7,229,421  
Weir Group   8,553   294,121  
Whitbread   7,218   444,566  
William Hill   35,017   191,185  
WM Morrison Supermarkets   88,859   350,086  
Wolseley   10,719   577,592  
WPP   53,389   1,118,896  
      110,155,748  
United States--.1%        
Transocean   14,585 a   634,179  
Total Common Stocks        
(cost $431,553,298)       506,642,909  

 




Other Investment--.9%   Shares   Value ($)  
Registered Investment Company;        
Dreyfus Institutional Preferred Plus Money Market Fund        
     (cost $4,752,261)   4,752,261 d   4,752,261  
 
Total Investments (cost $438,533,638)   99.7 %   515,096,275  
Cash and Receivables (Net)   .3 %   1,326,539  
Net Assets   100.0 %   516,422,814  

 

BR-Bearer Certificate  
CDI-Chess Depository Interest  
PC-Participation Certificate  
REIT-Real Estate Investment Trust  
RSP-Risparmio (Savings) Shares  
SDR-Swedish Depository Receipts  
STRIP-Separate Trading of Registered Interest and Principal of Securities  

 

a   Non-income producing security.  
b   The valuation of these securities has been determined in good faith by management under the direction of the Board of  
  Directors. At January 31, 2014, the value of these securities amounted to $0 or .0% of net assets.  
c   Held by or on behalf of a counterparty for open financial futures contracts.  
d   Investment in affiliated money market mutual fund.  

 

At January 31, 2014, net unrealized appreciation on investments was $76,562,637 of which $113,914,558 related to appreciated investment securities and $37,351,921 related to depreciated investment securities. At January 31, 2014, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

Portfolio Summary (Unaudited) †   Value (%)  
Financial   25.2  
Industrial   12.8  
Consumer Discretionary   11.8  
Consumer Staples   10.6  
Health Care   10.2  
Materials   8.0  
Energy   6.6  
Telecommunication Services   5.6  
Information Technology   4.4  
Utilities   3.5  
Short-Term/Money Market Investments   1.0  
  99.7  
† Based on net assets.    

 



STATEMENT OF FINANCIAL FUTURES
January 31, 2014 (Unaudited)

    Market Value     Unrealized  
    Covered by     (Depreciation)  
  Contracts   Contracts ($)   Expiration   at 1/31/2014 ($)  
Financial Futures Long            
ASX SPI 200 Index   7   787,658   March 2014   (8,595 )  
Euro STOXX 50   48   1,953,793   March 2014   (50,976 )  
FTSE 100 Index   18   1,911,081   March 2014   (56,149 )  
TOPIX   11   1,308,114   March 2014   (63,529 )  
 
 
        (179,249 )  

 



STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
January 31, 2014 (Unaudited)

    Foreign       Unrealized  
Forward Foreign Currency   Currency       Appreciation  
Exchange Contracts   Amounts   Cost ($)   Value ($)   (Depreciation) ($)  
Purchases:              
 
Australian Dollar,            
Expiring:              
3/19/2014   a   738,484   649,357   644,322   (5,035 )  
3/19/2014   b   257,400   232,419   224,579   (7,840 )  
3/19/2014   c   362,609   327,858   316,373   (11,485 )  
3/19/2014   d   193,541   175,072   168,863   (6,209 )  
 
 
British Pound,            
Expiring:              
3/19/2014   a   998,848   1,641,323   1,641,440   117  
3/19/2014   b   896,766   1,468,224   1,473,685   5,461  
3/19/2014   c   344   567   565   (2 )  
3/19/2014   e   424,079   694,639   696,903   2,264  
 
 
Euro,              
Expiring:              
3/19/2014   a   1,339,602   1,827,571   1,806,747   (20,824 )  
3/19/2014   b   1,382,576   1,902,805   1,864,706   (38,099 )  
3/19/2014   c   62,741   86,376   84,620   (1,756 )  
 
 
Japanese Yen,            
Expiring:              
2/4/2014     a   7,785,453   75,782   76,201   419  
3/19/2014   a   136,676,518   1,320,527   1,338,039   17,512  
3/19/2014   b   56,811,600   551,390   556,175   4,785  
3/19/2014   c   69,816,058   678,904   683,487   4,583  
3/19/2014   f   4,772,385   46,588   46,721   133  
 
 
 
Sales:       Proceeds ($)        
Australian Dollar,            
Expiring:              
3/19/2014   a   594,026   525,730   518,283   7,447  
3/19/2014   b   123,651   110,055   107,884   2,171  
3/19/2014   c   23,253   20,538   20,288   250  
 
British Pound,            
Expiring:              

 



3/19/2014   a   952,349   1,562,360   1,565,027   (2,667 )  
3/19/2014   b   256,492   419,993   421,502   (1,509 )  
 
 
Euro,              
Expiring:              
2/4/2014     a   55,899   75,782   75,391   391  
3/19/2014   a   977,736   1,336,453   1,318,691   17,762  
3/19/2014   b   503,152   688,939   678,611   10,328  
 
Japanese Yen,            
Expiring:              
3/19/2014   a   115,703,722   1,120,120   1,132,719   (12,599 )  
3/19/2014   b   30,555,408   291,579   299,132   (7,553 )  
 
Gross Unrealized Appreciation         73,623  
Gross Unrealized Depreciation         (115,578 )  

 

Counterparties:  
a   Bank of America  
b   Citigroup  
c   Goldman Sachs International  
d   Standard Chartered Bank  
e   BNP Paribas  
f   UBS  

 



The following is a summary of the inputs used as of January 31, 2014 in valuing the fund's investments:

      Level 3 -    
  Level 1 - Level 2 - Other Significant    
  Unadjusted Quoted Significant Unobservable    
Assets ($)   Prices Observable Inputs Inputs   Total
Investments in Securities:          
Equity Securities - Domestic Common Stocks+   - 634,179++   -   634,179
Equity Securities - Foreign Common Stocks+   - 506,008,730++   0   506,008,730
Equity Securities - Foreign Preferred Stocks+   - 3,178,888++   -   3,178,888
Mutual Funds   4,752,261 - -   4,752,261
U.S. Treasury   - 389,942 -   389,942
Rights+   2,921 129,354++   -   132,275
Other Financial Instruments:          
Forward Foreign Currency Exchange Contracts+++   - 73,623 -   73,623
Liabilities ($)          
Other Financial Instruments:          
Financial Futures+++   (179,249)   - -   (179,249)  
Forward Foreign Currency Exchange Contracts+++   - (115,578)   -   (115,578)  

 

+ See Statement of Investments for additional detailed categorizations.  
++ Securities classified within Level 2 at period end as the values were determined pursuant to the fund's fair valuation procedures. See note above for additional information.
+++ Amount shown represents unrealized appreciation (depreciation) at period end.  

 



The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. 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. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.

Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.

U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by the Service. These securities are generally categorized within Level 2 of the fair value hierarchy.

Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund during the period ended January 31, 2014 is discussed below.

Forward Foreign Currency Exchange Contracts: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy.

When executing forward 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 contracts, the fund incurs 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 contracts, the fund incurs 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. Any realized gain or loss which occurred during the period is reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is typically limited to the unrealized gain on each open contract.

Futures Contracts: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk as a result of changes in value of underlying financial instruments. The fund invests in financial futures contracts in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a broker, which consist of cash or cash equivalents. 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. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss. There is minimal counterparty credit risk to the fund with futures since futures are exchange traded, and the exchange’s clearinghouse guarantees the futures against default.

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

 

STATEMENT OF INVESTMENTS
Dreyfus S&P 500 Index Fund
January 31, 2014 (Unaudited)

Common Stocks--99.5%   Shares   Value ($)  
Automobiles & Components--1.1%        
BorgWarner   39,860   2,140,482  
Delphi Automotive   47,688   2,903,722  
Ford Motor   672,510   10,060,750  
General Motors   193,979   6,998,762  
Goodyear Tire & Rubber   43,150   1,020,929  
Harley-Davidson   38,501   2,375,127  
Johnson Controls   118,356   5,458,579  
      30,958,351  
Banks--2.9%        
BB&T   120,790   4,518,754  
Comerica   31,141   1,426,258  
Fifth Third Bancorp   151,694   3,188,608  
Hudson City Bancorp   77,460   700,238  
Huntington Bancshares   139,975   1,269,573  
KeyCorp   150,677   1,922,638  
M&T Bank   22,179   2,473,180  
People's United Financial   52,854   751,055  
PNC Financial Services Group   90,565   7,234,332  
Regions Financial   237,668   2,417,084  
SunTrust Banks   92,256   3,415,317  
U.S. Bancorp   313,935   12,472,638  
Wells Fargo & Co.   819,327   37,148,286  
Zions Bancorporation   33,419   960,796  
      79,898,757  
Capital Goods--8.1%        
3M   109,169   13,994,374  
Allegion   15,633 a   771,489  
AMETEK   42,934   2,121,798  
Boeing   118,017   14,782,809  
Caterpillar   109,302   10,264,551  
Cummins   30,235   3,839,240  
Danaher   102,905   7,655,103  
Deere & Co.   65,612   5,640,008  
Dover   29,488   2,552,481  
Eaton   80,701   5,898,436  
Emerson Electric   119,918   7,907,393  
Fastenal   47,507 b   2,086,982  
Flowserve   24,375   1,763,044  
Fluor   28,452   2,161,214  
General Dynamics   57,462   5,821,475  
General Electric   1,729,686   43,467,009  
Honeywell International   134,867   12,303,916  
Illinois Tool Works   69,968   5,518,376  
Ingersoll-Rand   45,200   2,657,308  
Jacobs Engineering Group   22,340 a   1,356,261  

 



Joy Global   18,859 b   995,567  
L-3 Communications Holdings   15,119   1,679,267  
Lockheed Martin   46,140   6,962,987  
Masco   61,285   1,296,791  
Northrop Grumman   37,660   4,351,613  
PACCAR   60,615   3,394,440  
Pall   19,090   1,529,109  
Parker Hannifin   25,965   2,943,652  
Pentair   34,313   2,550,485  
Precision Castparts   25,061   6,384,290  
Quanta Services   37,851 a   1,179,816  
Raytheon   54,683   5,198,713  
Rockwell Automation   23,946   2,749,959  
Rockwell Collins   23,815   1,799,461  
Roper Industries   16,869   2,315,102  
Snap-on   10,081   1,009,612  
Stanley Black & Decker   26,930   2,084,382  
Textron   48,699   1,728,814  
United Technologies   144,109   16,431,308  
W.W. Grainger   10,557   2,475,405  
Xylem   30,812   1,027,888  
      222,651,928  
Commercial & Professional Services--.7%        
ADT   35,540 b   1,067,622  
Cintas   17,248   984,343  
Dun & Bradstreet   6,424   706,640  
Equifax   20,748   1,453,605  
Iron Mountain   30,330   801,015  
Nielsen Holdings   43,816   1,852,979  
Pitney Bowes   34,177   860,577  
Republic Services   45,540   1,458,646  
Robert Half International   24,946   1,042,244  
Stericycle   14,882 a   1,742,087  
Tyco International   80,800   3,271,592  
Waste Management   74,655   3,119,086  
      18,360,436  
Consumer Durables & Apparel--1.3%        
Coach   47,335   2,266,873  
D.R. Horton   48,521   1,139,273  
Fossil Group   8,635 a   965,652  
Garmin   19,839 b   893,747  
Harman International Industries   11,678   1,207,856  
Hasbro   19,752   970,218  
Leggett & Platt   25,041   751,731  
Lennar, Cl. A   29,000   1,164,640  
Mattel   57,594   2,179,357  
Michael Kors Holdings   31,123 a   2,487,661  
Mohawk Industries   10,474 a   1,489,193  
Newell Rubbermaid   48,439   1,496,765  
NIKE, Cl. B   127,380   9,279,633  
PulteGroup   60,015   1,219,505  
PVH   13,933   1,684,082  

 



Ralph Lauren   10,084   1,582,079  
VF   60,224   3,520,093  
Whirlpool   13,313   1,774,623  
      36,072,981  
Consumer Services--1.8%        
Carnival   75,553   2,960,922  
Chipotle Mexican Grill   5,387 a   2,973,409  
Darden Restaurants   21,807   1,078,138  
Graham Holdings   721   451,389  
H&R Block   48,006   1,459,382  
International Game Technology   44,710   645,165  
Marriott International, Cl. A   38,023   1,874,534  
McDonald's   169,865   15,996,187  
Starbucks   128,464   9,136,360  
Starwood Hotels & Resorts        
     Worldwide   33,228 c   2,482,464  
Wyndham Worldwide   23,021   1,633,110  
Wynn Resorts   13,838   3,008,658  
Yum! Brands   76,298   5,123,411  
      48,823,129  
Diversified Financials--8.3%        
American Express   157,219   13,366,759  
Ameriprise Financial   33,747   3,565,033  
Bank of America   1,822,639   30,529,203  
Bank of New York Mellon   198,175   6,333,673  
Berkshire Hathaway, Cl. B   307,663 a   34,335,191  
BlackRock   21,817   6,555,354  
Capital One Financial   98,173   6,931,996  
Charles Schwab   199,789   4,958,763  
Citigroup   518,228   24,579,554  
CME Group   54,223   4,053,711  
Discover Financial Services   81,296   4,361,530  
E*TRADE Financial   42,286 a   846,566  
Franklin Resources   68,989   3,588,118  
Goldman Sachs Group   71,910   11,801,869  
IntercontinentalExchange Group   19,605   4,093,328  
Invesco   75,464   2,509,178  
JPMorgan Chase & Co.   642,545   35,571,291  
Legg Mason   19,474 b   824,724  
Leucadia National   52,336   1,430,343  
McGraw-Hill Financial   46,232   3,515,481  
Moody's   31,916   2,380,295  
Morgan Stanley   237,705   7,014,675  
NASDAQ OMX Group   19,811   755,790  
Northern Trust   38,540   2,320,879  
SLM   74,903   1,704,792  
State Street   74,613   4,995,340  
T. Rowe Price Group   44,813   3,515,132  
      226,438,568  
Energy--9.9%        
Anadarko Petroleum   86,315   6,964,757  
Apache   67,881   5,448,129  

 



Baker Hughes   75,768   4,291,500  
Cabot Oil & Gas   71,103   2,842,698  
Cameron International   41,274 a   2,475,202  
Chesapeake Energy   87,315   2,349,647  
Chevron   328,748   36,698,139  
ConocoPhillips   209,084   13,580,006  
CONSOL Energy   38,205   1,426,957  
Denbury Resources   61,126   982,295  
Devon Energy   65,876   3,901,177  
Diamond Offshore Drilling   12,503   606,896  
Ensco, Cl. A   40,955   2,062,903  
EOG Resources   46,850   7,741,494  
EQT   26,271   2,438,211  
Exxon Mobil   747,056   68,848,681  
FMC Technologies   40,135 a   1,984,274  
Halliburton   145,532   7,132,523  
Helmerich & Payne   17,889   1,574,948  
Hess   48,606   3,669,267  
Kinder Morgan   116,195   3,951,792  
Marathon Oil   119,114   3,905,748  
Marathon Petroleum   51,097   4,447,994  
Murphy Oil   30,154   1,707,018  
Nabors Industries   46,161   788,430  
National Oilwell Varco   72,785   5,459,603  
Newfield Exploration   23,525 a   582,714  
Noble   42,363   1,314,524  
Noble Energy   60,923   3,797,331  
Occidental Petroleum   137,524   12,042,977  
Peabody Energy   48,931   834,274  
Phillips 66   102,100   7,462,489  
Pioneer Natural Resources   24,222   4,101,269  
QEP Resources   32,621   1,007,663  
Range Resources   27,515   2,371,518  
Rowan, Cl. A   22,488 a   705,449  
Schlumberger   224,912   19,695,544  
Southwestern Energy   59,852 a   2,435,378  
Spectra Energy   114,783   4,126,449  
Tesoro   22,791   1,174,192  
Transocean   58,859   2,547,418  
Valero Energy   91,586   4,680,045  
Williams   115,979   4,695,990  
WPX Energy   35,479 a   675,875  
      271,531,388  
Food & Staples Retailing--2.3%        
Costco Wholesale   74,445   8,364,640  
CVS Caremark   203,127   13,755,760  
Kroger   88,113   3,180,879  
Safeway   41,753   1,304,364  
Sysco   100,736   3,533,819  
Wal-Mart Stores   276,347   20,637,594  
Walgreen   150,000   8,602,500  
Whole Foods Market   64,281   3,359,325  

 



      62,738,881  
Food, Beverage & Tobacco--5.1%        
Altria Group   341,229   12,018,085  
Archer-Daniels-Midland   113,244   4,470,873  
Beam   27,453   2,286,835  
Brown-Forman, Cl. B   27,480   2,115,960  
Campbell Soup   31,488   1,297,620  
Coca-Cola   648,863   24,539,999  
Coca-Cola Enterprises   40,840   1,767,964  
ConAgra Foods   73,325   2,331,002  
Constellation Brands, Cl. A   27,982 a   2,145,380  
Dr. Pepper Snapple Group   35,584   1,703,762  
General Mills   107,782   5,175,692  
Hershey   25,252   2,510,049  
Hormel Foods   22,888   1,040,031  
J.M. Smucker   17,792   1,714,971  
Kellogg   44,935   2,605,331  
Kraft Foods Group   103,055   5,394,929  
Lorillard   62,816   3,091,804  
McCormick & Co.   22,409   1,438,210  
Mead Johnson Nutrition   34,408   2,645,631  
Molson Coors Brewing, Cl. B   27,760   1,461,286  
Mondelez International, Cl. A   301,306   9,867,771  
Monster Beverage   22,911 a   1,555,657  
PepsiCo   261,945   21,049,900  
Philip Morris International   273,696   21,386,605  
Reynolds American   54,382   2,637,527  
Tyson Foods, Cl. A   45,803   1,713,032  
      139,965,906  
Health Care Equipment & Services--4.3%        
Abbott Laboratories   265,606   9,737,116  
Aetna   63,748   4,355,901  
AmerisourceBergen   39,860   2,679,389  
Baxter International   93,472   6,384,138  
Becton Dickinson & Co.   33,145   3,583,637  
Boston Scientific   225,392 a   3,049,554  
C.R. Bard   13,683   1,773,180  
Cardinal Health   57,874   3,936,589  
CareFusion   37,094 a   1,512,322  
Cerner   50,701 a   2,884,380  
Cigna   47,952   4,138,737  
Covidien   78,163   5,333,843  
DaVita HealthCare Partners   29,644 a   1,924,785  
DENTSPLY International   24,840   1,146,118  
Edwards Lifesciences   18,817 a   1,225,363  
Express Scripts Holding   138,397 a   10,336,872  
Humana   26,702   2,598,105  
Intuitive Surgical   6,468 a   2,636,227  
Laboratory Corp. of America        
     Holdings   14,550 a   1,307,026  
McKesson   39,368   6,866,173  
Medtronic   171,481   9,698,965  

 



Patterson   15,412   615,863  
Quest Diagnostics   25,238   1,324,995  
St. Jude Medical   49,061   2,979,475  
Stryker   51,099   3,965,282  
Tenet Healthcare   16,842 a   774,900  
UnitedHealth Group   171,761   12,414,885  
Varian Medical Systems   18,628 a   1,514,643  
WellPoint   50,143   4,312,298  
Zimmer Holdings   29,086   2,733,211  
      117,743,972  
Household & Personal Products--2.1%        
Avon Products   77,007   1,146,634  
Clorox   22,165   1,956,505  
Colgate-Palmolive   149,816   9,173,234  
Estee Lauder, Cl. A   43,756   3,007,787  
Kimberly-Clark   64,946   7,103,144  
Procter & Gamble   464,618   35,599,031  
      57,986,335  
Insurance--2.9%        
ACE   57,800   5,422,218  
Aflac   79,193   4,971,737  
Allstate   78,904   4,039,885  
American International Group   251,191   12,047,120  
Aon   52,221   4,201,702  
Assurant   12,368   808,249  
Chubb   43,037   3,638,348  
Cincinnati Financial   26,035   1,261,396  
Genworth Financial, Cl. A   83,117 a   1,225,976  
Hartford Financial Services Group   75,465   2,509,211  
Lincoln National   44,563   2,140,361  
Loews   52,171   2,326,305  
Marsh & McLennan   93,887   4,291,575  
MetLife   191,120   9,374,436  
Principal Financial Group   48,175   2,098,985  
Progressive   94,831   2,203,872  
Prudential Financial   79,433   6,703,351  
Torchmark   15,514   1,165,877  
Travelers   61,882   5,029,769  
Unum Group   46,363   1,492,889  
XL Group   47,665   1,369,892  
      78,323,154  
Materials--3.5%        
Air Products & Chemicals   36,162   3,802,073  
Airgas   11,135   1,149,577  
Alcoa   180,823 b   2,081,273  
Allegheny Technologies   18,808   591,324  
Avery Dennison   17,132   844,094  
Ball   24,565   1,257,482  
Bemis   17,582   677,083  
CF Industries Holdings   9,979   2,303,752  
Cliffs Natural Resources   26,122 b   504,677  
Dow Chemical   208,277   9,478,686  

 



E.I. du Pont de Nemours & Co.   157,878   9,632,137  
Eastman Chemical   26,907   2,097,670  
Ecolab   46,415   4,666,564  
FMC   22,314   1,576,038  
Freeport-McMoRan Copper & Gold   176,654   5,725,356  
International Flavors & Fragrances   14,164   1,227,736  
International Paper   75,156   3,587,947  
LyondellBasell Industries, Cl. A   74,279   5,850,214  
MeadWestvaco   30,975   1,117,268  
Monsanto   90,336   9,625,301  
Mosaic   58,149   2,596,934  
Newmont Mining   83,664   1,807,142  
Nucor   54,989   2,658,718  
Owens-Illinois   27,469 a   880,107  
PPG Industries   24,298   4,430,983  
Praxair   50,773   6,332,409  
Sealed Air   34,582   1,078,613  
Sherwin-Williams   14,661   2,686,775  
Sigma-Aldrich   20,478   1,903,840  
United States Steel   26,106 b   681,628  
Vulcan Materials   21,789   1,345,035  
      94,198,436  
Media--3.7%        
Cablevision Systems (NY Group),        
Cl. A   34,947   560,550  
CBS, Cl. B   94,908   5,572,998  
Comcast, Cl. A   445,158   24,238,853  
DIRECTV   83,079 a   5,768,175  
Discovery Communications, Cl. A   38,514 a   3,072,647  
Gannett   40,778   1,122,618  
Interpublic Group of Cos.   70,523   1,150,935  
News Corp., Cl. A   83,146 a   1,327,010  
Omnicom Group   43,541   3,160,206  
Scripps Networks Interactive, Cl.        
     A   19,387   1,405,945  
Time Warner   155,443   9,766,484  
Time Warner Cable   47,957   6,391,229  
Twenty-First Century Fox, Cl. A   337,242   10,731,040  
Viacom, Cl. B   69,550   5,710,055  
Walt Disney   279,134   20,267,920  
      100,246,665  
Pharmaceuticals, Biotech & Life Sciences--9.1%        
AbbVie   271,485   13,365,207  
Actavis   29,790 a   5,629,714  
Agilent Technologies   55,949   3,253,434  
Alexion Pharmaceuticals   33,274 a   5,281,582  
Allergan   50,512   5,788,675  
Amgen   128,711   15,310,173  
Biogen Idec   40,594 a   12,691,308  
Bristol-Myers Squibb   281,015   14,042,320  
Celgene   70,822 a   10,759,986  
Eli Lilly & Co.   168,913   9,122,991  

 



Forest Laboratories   40,896 a   2,711,405  
Gilead Sciences   261,862 a   21,119,170  
Hospira   27,494 a   1,210,011  
Johnson & Johnson   482,329   42,671,647  
Merck & Co.   499,186   26,441,882  
Mylan   65,197 a   2,960,596  
PerkinElmer   20,343   886,955  
Perrigo Company   23,052   3,588,274  
Pfizer   1,107,669   33,673,138  
Regeneron Pharmaceuticals   13,571 a   3,916,455  
Thermo Fisher Scientific   62,079   7,147,776  
Vertex Pharmaceuticals   39,501 a   3,122,159  
Waters   14,360 a   1,554,757  
Zoetis   85,346   2,591,105  
      248,840,720  
Real Estate--2.0%        
American Tower   67,062 c   5,423,975  
Apartment Investment & Management,        
     Cl. A   26,808 c   749,820  
AvalonBay Communities   20,684 c   2,554,474  
Boston Properties   26,639 c   2,879,409  
CBRE Group, Cl. A   49,281 a   1,307,918  
Equity Residential   57,664 c   3,193,432  
General Growth Properties   91,012 c   1,832,982  
HCP   78,341 c   3,067,050  
Health Care   49,680 c   2,877,466  
Host Hotels & Resorts   127,505 c   2,344,817  
Kimco Realty   68,950 c   1,441,745  
Macerich   24,295 c   1,375,097  
Plum Creek Timber   28,023 c   1,206,951  
Prologis   85,342 c   3,307,856  
Public Storage   24,774 c   3,904,135  
Simon Property Group   52,855 c   8,184,068  
Ventas   49,675 c   3,099,223  
Vornado Realty Trust   29,837 c   2,739,932  
Weyerhaeuser   99,813 c   2,982,412  
      54,472,762  
Retailing--4.3%        
Amazon.com   63,344 a   22,720,859  
AutoNation   11,377 a   561,910  
AutoZone   5,904 a   2,922,834  
Bed Bath & Beyond   36,578 a   2,335,505  
Best Buy   45,619   1,073,871  
CarMax   37,907 a   1,709,985  
Dollar General   50,223 a   2,828,559  
Dollar Tree   36,123 a   1,824,934  
Expedia   17,253   1,121,100  
Family Dollar Stores   16,391   1,013,292  
GameStop, Cl. A   19,268   675,729  
Gap   45,970   1,750,538  
Genuine Parts   25,965   2,135,621  
Home Depot   240,494   18,481,964  

 



Kohl's   34,082   1,725,572  
L Brands   41,129   2,153,514  
Lowe's   178,198   8,248,785  
Macy's   63,921   3,400,597  
Netflix   10,146 a   4,153,062  
Nordstrom   24,113   1,385,292  
O'Reilly Automotive   18,080 a   2,368,118  
PetSmart   18,442   1,161,846  
priceline.com   8,836 a   10,116,248  
Ross Stores   37,454   2,543,501  
Staples   114,694 b   1,509,373  
Target   108,407   6,140,172  
The TJX Companies   122,042   7,000,329  
Tiffany & Co.   18,448   1,534,689  
Tractor Supply   23,868   1,587,461  
TripAdvisor   19,513 a   1,506,208  
Urban Outfitters   19,231 a   688,854  
      118,380,322  
Semiconductors & Semiconductor Equipment--2.0%        
Altera   54,958   1,837,246  
Analog Devices   52,479   2,533,161  
Applied Materials   205,594   3,458,091  
Broadcom, Cl. A   93,769   2,790,565  
First Solar   10,675 a   539,941  
Intel   849,091   20,836,693  
KLA-Tencor   28,256   1,736,896  
Lam Research   27,672 a   1,400,480  
Linear Technology   40,484   1,803,157  
LSI   90,852   1,002,098  
Microchip Technology   33,824 b   1,517,345  
Micron Technology   182,598 a   4,207,058  
NVIDIA   96,700 b   1,518,190  
Texas Instruments   186,428   7,904,547  
Xilinx   46,090   2,139,498  
      55,224,966  
Software & Services--10.5%        
Accenture, Cl. A   108,321   8,652,681  
Adobe Systems   79,560 a   4,709,156  
Akamai Technologies   30,772 a   1,467,209  
Alliance Data Systems   8,364 a   2,004,516  
Autodesk   38,698 a   1,983,272  
Automatic Data Processing   82,556   6,323,790  
CA   56,982   1,827,983  
Citrix Systems   32,379 a   1,750,733  
Cognizant Technology Solutions,        
     Cl. A   51,795 a   5,019,971  
Computer Sciences   24,826   1,499,739  
eBay   198,672 a   10,569,350  
Electronic Arts   54,599 a   1,441,414  
Facebook, Cl. A   280,737 a   17,565,714  
Fidelity National Information        
     Services   50,069   2,538,498  

 



Fiserv   44,842 a   2,513,394  
Google, Cl. A   47,981 a   56,664,122  
International Business Machines   174,439   30,819,883  
Intuit   49,418   3,619,868  
MasterCard, Cl. A   176,680   13,371,142  
Microsoft   1,298,753   49,157,801  
Oracle   599,445   22,119,520  
Paychex   56,075 b   2,345,056  
Red Hat   32,818 a   1,854,217  
salesforce.com   94,275 a   5,706,466  
Symantec   121,375   2,598,639  
Teradata   28,299 a   1,163,655  
Total System Services   28,103   839,718  
VeriSign   22,359 a   1,313,591  
Visa, Cl. A   86,962   18,734,224  
Western Union   95,917   1,477,122  
Yahoo!   160,496 a   5,781,066  
      287,433,510  
Technology Hardware & Equipment--6.2%        
Amphenol, Cl. A   27,399   2,380,425  
Apple   153,873   77,028,824  
Cisco Systems   913,114   20,006,328  
Corning   245,558   4,226,053  
EMC   350,632   8,499,320  
F5 Networks   13,854 a   1,482,378  
FLIR Systems   25,374   804,863  
Harris   17,893   1,240,701  
Hewlett-Packard   330,028   9,570,812  
Jabil Circuit   32,358   581,473  
Juniper Networks   88,073 a   2,343,623  
Motorola Solutions   38,847   2,478,439  
NetApp   57,918 b   2,452,248  
QUALCOMM   288,554   21,416,478  
SanDisk   38,536   2,680,179  
Seagate Technology   56,536   2,988,493  
TE Connectivity   70,100   3,961,351  
Western Digital   36,364   3,133,486  
Xerox   196,633   2,133,468  
      169,408,942  
Telecommunication Services--2.3%        
AT&T   900,276   29,997,196  
CenturyLink   99,978   2,885,365  
Crown Castle International   57,706 a   4,094,818  
Frontier Communications   165,132 b   776,120  
Verizon Communications   488,883   23,476,162  
Windstream Holdings   106,795 b   798,827  
      62,028,488  
Transportation--2.0%        
C.H. Robinson Worldwide   25,541   1,495,170  
CSX   172,145   4,632,422  
Delta Air Lines   146,239   4,476,376  
Expeditors International of        

 



     Washington   35,804   1,462,951  
FedEx   51,065   6,807,986  
Kansas City Southern   18,719   1,976,539  
Norfolk Southern   52,874   4,895,604  
Ryder System   9,785   696,594  
Southwest Airlines   120,873   2,532,289  
Union Pacific   78,582   13,692,128  
United Parcel Service, Cl. B   122,880   11,701,862  
    54,369,921  
Utilities--3.1%      
AES   108,632   1,527,366  
AGL Resources   21,260   1,015,803  
Ameren   41,415   1,567,144  
American Electric Power   83,498   4,075,537  
CenterPoint Energy   72,434   1,694,956  
CMS Energy   45,572   1,266,446  
Consolidated Edison   49,868   2,713,318  
Dominion Resources   99,736   6,773,072  
DTE Energy   30,234   2,062,563  
Duke Energy   120,256   8,492,479  
Edison International   56,928   2,741,652  
Entergy   31,245   1,969,372  
Exelon   146,961   4,261,869  
FirstEnergy   71,055   2,237,522  
Integrys Energy Group   13,486   732,829  
NextEra Energy   73,553   6,761,727  
NiSource   55,163   1,895,952  
Northeast Utilities   55,335   2,423,673  
NRG Energy   54,842   1,527,350  
ONEOK   36,024   2,467,284  
Pepco Holdings   42,315   822,180  
PG&E   75,954   3,201,461  
Pinnacle West Capital   18,129   954,129  
PPL   108,770   3,325,099  
Public Service Enterprise Group   86,131   2,871,608  
SCANA   24,197   1,143,792  
Sempra Energy   38,477   3,567,203  
Southern   150,465   6,205,177  
TECO Energy   37,265   610,401  
Wisconsin Energy   38,946   1,661,826  
Xcel Energy   86,034   2,487,243  
    85,058,033  
Total Common Stocks      
(cost $1,186,054,149)     2,721,156,551  

 

  Principal  
Short-Term Investments--.0%   Amount ($) Value ($)  
U.S. Treasury Bills;      
0.08%, 6/26/14      
(cost $1,404,570)   1,405,000 d 1,404,784  
     
Other Investment--.9%   Shares Value ($)  
Registered Investment Company;      

 



Dreyfus Institutional Preferred          
Plus Money Market Fund          
(cost $23,699,467)   23,699,467 e   23,699,467  
Investment of Cash Collateral for          
Securities Loaned--.3%          
Registered Investment Company;          
Dreyfus Institutional Cash          
Advantage Fund          
(cost $8,104,060)   8,104,060 e   8,104,060  
Total Investments (cost $1,219,262,246)   100.7 %   2,754,364,862  
Liabilities, Less Cash and Receivables   (.7 %)   (20,123,438 )  
Net Assets   100.0 %   2,734,241,424  

 

a Non-income producing security.  
b Security, or portion thereof, on loan. At January 31, 2014, the value of the fund's securities on loan was $15,580,637 and the  
value of the collateral held by the fund was $16,221,522, consisting of cash collateral of $8,104,060 and U.S. Government &  
Agency securities valued at $8,117,462.  
c Investment in real estate investment trust.  
d Held by or on behalf of a counterparty for open financial futures contracts.  
e Investment in affiliated money market mutual fund.  

 

At January 31, 2014, net unrealized appreciation on investments was $1,535,102,616 of which $1,565,143,569 related to appreciated investment securities and $30,040,953 related to depreciated investment securities. At January 31, 2014, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

Portfolio Summary (Unaudited) †   Value (%)  
Software & Services   10.5  
Energy   9.9  
Pharmaceuticals, Biotech & Life Sciences   9.1  
Diversified Financials   8.3  
Capital Goods   8.1  
Technology Hardware & Equipment   6.2  
Food, Beverage & Tobacco   5.1  
Health Care Equipment & Services   4.3  
Retailing   4.3  
Media   3.7  
Materials   3.5  
Utilities   3.1  
Banks   2.9  
Insurance   2.9  
Food & Staples Retailing   2.3  
Telecommunication Services   2.3  
Household & Personal Products   2.1  
Real Estate   2.0  
Semiconductors & Semiconductor Equipment   2.0  
Transportation   2.0  
Consumer Services   1.8  
Consumer Durables & Apparel   1.3  
Money Market Investments   1.2  
Automobiles & Components   1.1  
Commercial & Professional Services   .7  
100.7

 



† Based on net assets.    

 



STATEMENT OF FINANCIAL FUTURES
January 31, 2014 (Unaudited)

    Market Value     Unrealized  
    Covered by     (Depreciation)  
  Contracts   Contracts ($)   Expiration   at 1/31/2014 ($)  
Financial Futures Long            
Standard & Poor's 500 E-mini   308   27,359,640   March 2014   (789,123 )  

 



The following is a summary of the inputs used as of January 31, 2014 in valuing the fund's investments:

      Level 3 -    
    Level 2 - Other   Significant    
  Level 1 - Unadjusted Significant   Unobservable    
Assets ($)   Quoted Prices Observable Inputs   Inputs   Total
Investments in Securities:          
Equity Securities - Domestic Common Stocks+   2,716,605,987 -   -   2,716,605,987
Equity Securities - Foreign Common Stocks+   4,550,564 -   -   4,550,564
Mutual Funds   31,803,527 -   -   31,803,527
U.S. Treasury   - 1,404,784   -   1,404,784
Liabilities ($)          
Other Financial Instruments:          
Financial Futures++   (789,123)   -   -   (789,123)  

 

+ See Statement of Investments for additional detailed categorizations.  
++ Amount shown represents unrealized (depreciation) at period end.  

 



The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. 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. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.

Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.

Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund and credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral.

U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by the Service. These securities are generally



categorized within Level 2 of the fair value hierarchy.

Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund during the period ended January 31, 2014 is discussed below.

Futures Contracts: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk as a result of changes in value of underlying financial instruments. The fund invests in financial futures contracts in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a broker, which consist of cash or cash equivalents. 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. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss. There is minimal counterparty credit risk to the fund with futures since futures are exchange traded, and the exchange’s clearinghouse guarantees the futures against default.

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

 

STATEMENT OF INVESTMENTS
Dreyfus Smallcap Stock Index Fund
January 31, 2014 (Unaudited)

Common Stocks--98.3%   Shares     Value ($)  
Automobiles & Components--.6%        
Dorman Products   78,281   a   4,083,137  
Drew Industries   57,365     2,758,683  
Spartan Motors   35,411     203,613  
Standard Motor Products   53,229     1,741,121  
Superior Industries International   37,955     691,161  
Winnebago Industries   70,269   a   1,683,645  
      11,161,360  
Banks--8.3%        
Bank Mutual   153,521     1,050,084  
Bank of the Ozarks   73,264     4,644,938  
Banner   61,727     2,273,405  
BBCN Bancorp   166,642     2,507,962  
BofI Holding   27,491   a   2,274,880  
Boston Private Financial Holdings   230,533     2,833,251  
Brookline Bancorp   116,688     1,038,523  
Cardinal Financial   75,620     1,289,321  
City Holding   37,313   b   1,664,906  
Columbia Banking System   121,171     3,163,775  
Community Bank System   89,335     3,180,326  
CVB Financial   238,677     3,561,061  
Dime Community Bancshares   39,459     644,760  
F.N.B.   363,457     4,303,331  
First BanCorp   336,333   a   1,644,668  
First Commonwealth Financial   283,544     2,327,896  
First Financial Bancorp   143,697     2,382,496  
First Financial Bankshares   77,560   b   4,744,345  
First Midwest Bancorp   205,293     3,278,529  
Glacier Bancorp   206,924     5,469,001  
Hanmi Financial   103,277     2,227,685  
Home BancShares   119,700     3,691,548  
Independent Bank   43,305     1,565,909  
MB Financial   149,666     4,205,615  
National Penn Bancshares   321,669     3,338,924  
NBT Bankcorp   87,204     2,096,384  
Northwest Bancshares   204,287     2,872,275  
Old National Bancorp   293,108     4,103,512  
Oritani Financial   136,475     2,148,117  
PacWest Bancorp   101,118   b   4,055,843  
Pinnacle Financial Partners   101,121     3,300,589  
PrivateBancorp   184,588     5,277,371  
Provident Financial Services   136,839     2,370,051  
S&T Bancorp   94,225     2,203,923  
Simmons First National, Cl. A   54,265     1,873,770  
Sterling Bancorp   190,113     2,395,424  
Susquehanna Bancshares   459,246     4,973,634  
Taylor Capital Group   19,934   a   445,126  

 



Texas Capital Bancshares   96,085   a   5,714,175  
Tompkins Financial   18,914       887,067  
TrustCo Bank   162,219       1,059,290  
UMB Financial   87,475       5,186,393  
Umpqua Holdings   313,981   b   5,513,506  
United Bankshares   145,640   b   4,353,180  
United Community Banks   126,622   a   2,112,055  
ViewPoint Financial Group   105,269       2,591,723  
Wilshire Bancorp   169,402       1,687,244  
Wintrust Financial   108,149       4,740,171  
        141,267,962  
Capital Goods--9.8%          
AAON   87,893       2,606,906  
AAR   119,973       3,197,280  
Actuant, Cl. A   200,466       6,859,947  
Aegion   91,284   a   1,873,148  
Aerovironment   31,298   a   933,306  
Albany International, Cl. A   81,615       2,821,431  
American Science & Engineering   22,657       1,549,512  
American Woodmark   43,628   a   1,531,779  
Apogee Enterprises   69,254       2,340,785  
Applied Industrial Technologies   114,890       5,806,541  
Astec Industries   52,446       1,950,991  
AZZ   53,342       2,230,229  
Barnes Group   124,422       4,658,360  
Brady, Cl. A   117,301       3,209,355  
Briggs & Stratton   144,769       3,050,283  
CIRCOR International   46,047       3,316,305  
Comfort Systems USA   110,011       1,874,587  
Cubic   43,269       2,143,114  
Curtiss-Wright   118,883       7,301,794  
DXP Enterprises   28,587   a   2,745,495  
Dycom Industries   69,075   a   1,922,357  
EMCOR Group   172,840       7,347,428  
Encore Wire   46,121       2,356,322  
EnerSys   126,861       8,634,160  
Engility Holdings   58,195   a   2,229,450  
EnPro Industries   51,344   a   3,724,494  
ESCO Technologies   59,988       2,093,581  
Federal Signal   182,602   a   2,249,657  
Franklin Electric   87,500       3,486,000  
GenCorp   122,321 a,b 2,081,903  
Gibraltar Industries   67,653   a   1,208,283  
Griffon   99,879       1,254,480  
II-VI   150,601   a   2,299,677  
John Bean Technologies   83,222       2,569,063  
Kaman   62,967       2,440,601  
Lindsay   37,246   b   3,165,910  
Lydall   70,360   a   1,243,261  
Moog, Cl. A   121,631   a   7,305,158  
Mueller Industries   69,025       4,296,116  
National Presto Industries   9,225   a   701,930  

 



Orbital Sciences   154,876   a   3,786,718  
Orion Marine Group   50,589   a   566,597  
Powell Industries   17,611       1,081,492  
Quanex Building Products   76,180       1,443,611  
Simpson Manufacturing   110,845       3,613,547  
Standex International   31,175       1,773,234  
Teledyne Technologies   97,996   a   9,002,893  
Tennant   40,580       2,602,395  
Titan International   117,588       1,970,775  
Toro   149,954       9,501,085  
Universal Forest Products   50,761       2,667,491  
Vicor   30,461   a   314,662  
Watts Water Technologies, Cl. A   73,570       4,121,391  
        167,056,870  
Commercial & Professional Services--3.4%          
ABM Industries   122,066       3,254,280  
CDI   36,364       622,552  
Consolidated Graphics   27,207   a   1,764,102  
Exponent   34,028       2,457,502  
G&K Services, Cl. A   48,185       2,693,060  
Healthcare Services Group   159,284       4,321,375  
Heidrick & Struggles International   36,877       615,108  
Insperity   57,339       1,893,334  
Interface   142,575       2,986,946  
Kelly Services, Cl. A   60,424       1,448,968  
Korn/Ferry International   123,105   a   2,888,043  
Mobile Mini   101,295       3,917,078  
Navigant Consulting   138,627   a   2,435,676  
On Assignment   124,296   a   3,689,105  
Resources Connection   104,396       1,407,258  
Tetra Tech   149,965   a   4,425,467  
TrueBlue   119,244   a   2,925,055  
UniFirst   43,473       4,599,443  
United Stationers   107,777       4,465,201  
Viad   41,695       1,096,162  
WageWorks   68,300   a   4,247,577  
        58,153,292  
Consumer Durables & Apparel--4.5%          
Arctic Cat   41,737       1,767,145  
Blyth   25,232   b   236,676  
Callaway Golf   148,917       1,216,652  
Crocs   219,329   a   3,366,700  
Ethan Allen Interiors   84,606   b   2,135,455  
Fifth & Pacific Companies   292,783   a   8,402,872  
G-III Apparel Group   42,345   a   2,962,880  
Helen of Troy   67,700   a   3,726,208  
Iconix Brand Group   140,293   a   5,218,900  
iRobot   67,101 a,b 2,371,349  
JAKKS Pacific   54,153   b   311,921  
La-Z-Boy   142,581       3,838,281  
M/I Homes   58,256   a   1,432,515  
Meritage Homes   91,661   a   4,451,975  

 



Movado Group   45,638       1,722,835  
Oxford Industries   32,469       2,450,435  
Perry Ellis International   28,940   a   453,490  
Quiksilver   292,467 a,b 2,061,892  
Ryland Group   114,976       5,132,529  
Skechers USA, Cl. A   111,450   a   3,219,791  
Standard Pacific   379,595   a   3,340,436  
Steven Madden   159,673   a   5,203,743  
Sturm Ruger & Co.   52,900   b   4,029,393  
Universal Electronics   45,404   a   1,622,739  
Wolverine World Wide   246,702       6,882,986  
        77,559,798  
Consumer Services--4.1%          
American Public Education   54,730 a,b 2,316,721  
Biglari Holdings   2,576   a   1,125,609  
BJ's Restaurants   45,538 a,b 1,291,458  
Boyd Gaming   181,231   a   1,913,799  
Buffalo Wild Wings   44,301   a   6,284,540  
Capella Education   29,091       1,814,987  
Career Education   106,256   a   578,033  
CEC Entertainment   51,716       2,790,595  
Cracker Barrel Old Country Store   65,810       6,515,848  
DineEquity   44,028       3,425,819  
Hillenbrand   142,017       3,844,400  
Interval Leisure Group   106,451       2,810,306  
ITT Educational Services   52,183   a,b 1,534,180  
Jack in the Box   119,079   a   6,021,825  
Marcus   79,304       1,035,710  
Marriott Vacations Worldwide   84,754   a   4,058,022  
Monarch Casino & Resort   38,400   a   739,968  
Multimedia Games Holding Company   77,441   a   2,459,526  
Papa John's International   70,244       3,380,844  
Pinnacle Entertainment   146,619   a   3,203,625  
Red Robin Gourmet Burgers   32,520   a   2,095,264  
Regis   72,893       898,771  
Ruby Tuesday   112,421   a   629,558  
Ruth's Hospitality Group   110,912       1,451,838  
Sonic   133,577   a   2,376,335  
Strayer Education   29,270 a,b 1,023,279  
Texas Roadhouse   150,819       3,657,361  
Universal Technical Institute   43,320       509,876  
        69,788,097  
Diversified Financials--4.0%          
Calamos Asset Management, Cl. A   56,552       648,651  
Cash America International   86,001   b   3,158,817  
Encore Capital Group   49,212 a,b 2,341,999  
Evercore Partners, Cl. A   88,434       4,938,155  
EZCORP, Cl. A   120,166   a   1,319,423  
Financial Engines   130,819       7,969,493  
First Cash Financial Services   78,462   a   3,855,623  
FXCM, Cl. A   86,656       1,485,284  
Green Dot, Cl. A   65,955   a   1,485,307  

 



HFF, Cl. A   99,935       2,956,077  
Interactive Brokers Group, Cl. A   102,805       2,179,466  
Investment Technology Group   99,774   a   1,646,271  
MarketAxess Holdings   102,246       6,414,914  
Piper Jaffray   31,429   a   1,234,531  
Portfolio Recovery Associates   132,820   a   6,670,220  
Prospect Capital   677,841       7,368,132  
Stifel Financial   143,178   a   6,464,487  
Virtus Investment Partners   19,169   a   3,493,742  
World Acceptance   32,370 a,b 3,097,485  
        68,728,077  
Energy--4.1%          
Approach Resources   80,084 a,b 1,608,888  
Arch Coal   529,617   b   2,245,576  
Basic Energy Services   54,213   a   928,669  
Bristow Group   91,541       6,571,728  
C&J Energy Services   121,299 a,b 2,835,971  
Carrizo Oil & Gas   108,861   a   4,474,187  
Cloud Peak Energy   130,513   a   2,444,508  
Comstock Resources   117,678       2,018,178  
Contango Oil & Gas   37,793   a   1,585,794  
ERA Group   50,728   a   1,485,823  
Exterran Holdings   158,565   a   5,508,548  
Forest Oil   339,747   a   1,036,228  
Geospace Technologies   28,656   a   2,278,725  
Green Plains Renewable Energy   71,913   b   1,602,222  
Gulf Island Fabrication   35,016       709,424  
Hornbeck Offshore Services   78,171   a   3,338,683  
ION Geophysical   322,877   a   978,317  
Matrix Service   76,699   a   2,015,650  
Newpark Resources   224,087   a   2,545,628  
Northern Oil and Gas   145,444   a   2,114,756  
PDC Energy   93,252   a   4,649,545  
Penn Virginia   113,768   a   1,364,078  
PetroQuest Energy   161,289   a   622,576  
Pioneer Energy Services   109,026   a   913,638  
SEACOR Holdings   54,119   a   4,555,737  
Stone Energy   136,994   a   4,239,964  
Swift Energy   97,977 a,b 1,212,955  
Tesco   73,477   a   1,551,834  
TETRA Technologies   203,646   a   2,101,627  
        69,539,457  
Food & Staples Retailing--.8%          
Andersons   51,211       4,237,198  
Casey's General Stores   97,842       6,718,810  
Spartan Stores   106,978       2,416,633  
        13,372,641  
Food, Beverage & Tobacco--2.3%          
Alliance One International   206,329   a   530,266  
Annie's   40,385 a,b 1,620,246  
B&G Foods   120,518       3,949,375  
Boston Beer, Cl. A   19,844 a,b 4,133,704  

 



Cal-Maine Foods   32,831       1,654,026  
Calavo Growers   25,423   b   772,351  
Darling International   394,077   a   7,708,146  
Diamond Foods   35,332 a,b 931,352  
J&J Snack Foods   37,416       3,296,350  
Sanderson Farms   58,494       4,349,029  
Seneca Foods, Cl. A   22,294   a   648,087  
Snyders-Lance   106,117       2,834,385  
TreeHouse Foods   96,483   a   6,352,441  
        38,779,758  
Health Care Equipment & Services--7.6%          
Abaxis   56,193   a   2,144,887  
ABIOMED   84,454 a,b 2,321,640  
Air Methods   87,516   a   4,500,948  
Almost Family   13,758   a   418,381  
Amedisys   78,623   a   1,186,421  
AMN Healthcare Services   124,131   a   1,875,619  
AmSurg   75,780   a   3,163,815  
Analogic   36,155       3,458,226  
Anika Therapeutics   30,594   a   1,017,862  
Bio-Reference Labs   55,869 a,b 1,502,317  
Cantel Medical   81,341       2,578,510  
Centene   142,063   a   8,609,018  
Chemed   52,189   b   4,118,756  
Computer Programs & Systems   22,312       1,490,888  
CONMED   78,023       3,273,065  
CorVel   34,141   a   1,616,918  
Cross Country Healthcare   47,524   a   513,259  
CryoLife   87,117       939,992  
Cyberonics   62,683   a   4,187,224  
Cynosure, Cl. A   28,957   a   776,916  
Ensign Group   42,699       1,789,942  
Gentiva Health Services   78,108   a   887,307  
Greatbatch   53,487   a   2,273,732  
Haemonetics   126,437   a   4,790,698  
Hanger   82,302   a   2,782,631  
HealthStream   47,212   a   1,370,092  
Healthways   83,531   a   1,278,860  
ICU Medical   37,464   a   2,416,803  
Integra LifeSciences Holdings   49,120   a   2,282,115  
Invacare   67,234       1,356,782  
IPC The Hospitalist   38,965   a   2,079,952  
Kindred Healthcare   128,486       2,433,525  
Landauer   14,214       656,260  
LHC Group   45,193   a   1,036,727  
Magellan Health Services   73,411   a   4,392,180  
Medidata Solutions   119,734   a   7,555,215  
Meridian Bioscience   120,398   b   2,742,666  
Merit Medical Systems   79,373   a   1,140,590  
Molina Healthcare   74,919   a   2,697,084  
MWI Veterinary Supply   32,118   a   5,982,299  
Natus Medical   66,091   a   1,711,096  

 



Neogen   82,995   a   3,487,450  
NuVasive   116,837   a   4,374,377  
Omnicell   97,131   a   2,507,922  
PharMerica   87,688   a   2,134,326  
Quality Systems   130,656       2,405,377  
SurModics   49,312   a   1,202,227  
Symmetry Medical   124,679   a   1,211,880  
West Pharmaceutical Services   179,963       8,539,244  
        129,214,021  
Household & Personal Products--.6%          
Central Garden & Pet, Cl. A   41,865   a   261,238  
Inter Parfums   50,373       1,639,137  
Medifast   45,985   a   1,219,982  
Prestige Brands Holdings   127,705   a   3,864,353  
WD-40   39,322       2,702,601  
        9,687,311  
Insurance--1.9%          
AMERISAFE   41,460       1,715,200  
eHealth   38,530   a   2,058,658  
Employers Holdings   97,538       2,396,509  
HCI Group   23,906   b   1,016,722  
Horace Mann Educators   90,463       2,523,918  
Infinity Property & Casualty   27,988       1,975,953  
Meadowbrook Insurance Group   69,905       423,624  
Navigators Group   32,336   a   1,928,196  
ProAssurance   149,551       6,948,139  
RLI   75,898       3,161,911  
Safety Insurance Group   24,293       1,313,765  
Selective Insurance Group   158,735       3,733,447  
Stewart Information Services   68,040       2,211,980  
Tower Group International   71,359   b   178,397  
United Fire Group   60,477       1,517,973  
        33,104,392  
Materials--6.2%          
A. Schulman   78,696       2,673,303  
A.M. Castle & Co.   79,534   a   1,091,206  
AK Steel Holding   319,540 a,b 2,259,148  
AMCOL International   73,432       2,501,828  
American Vanguard   69,461       1,614,274  
Balchem   67,614       3,686,315  
Boise Cascade   79,852       2,434,687  
Calgon Carbon   160,289   a   3,255,470  
Century Aluminum   127,164   a   1,484,004  
Clearwater Paper   46,495   a   2,647,890  
Deltic Timber   19,716       1,267,936  
Flotek Industries   106,331   a   2,287,180  
FutureFuel   78,541       1,284,931  
Glatfelter   99,844       3,094,166  
Globe Specialty Metals   179,262       3,133,500  
H.B. Fuller   132,210       6,158,342  
Hawkins   9,943       350,093  
Haynes International   24,753       1,265,868  

 



Headwaters   169,779   a   1,887,942  
Innophos Holdings   49,524       2,311,285  
Kaiser Aluminum   52,833       3,688,272  
KapStone Paper and Packaging   185,678   a   5,193,414  
Koppers Holdings   59,774       2,361,073  
Kraton Performance Polymers   74,046   a   1,851,890  
LSB Industries   33,073   a   1,095,047  
Materion   69,483       1,846,163  
Myers Industries   86,122       1,649,236  
Neenah Paper   49,555       2,152,669  
Olympic Steel   40,857       1,131,330  
OM Group   82,017   a   2,652,430  
PolyOne   233,570       8,305,749  
Quaker Chemical   38,920       2,689,761  
RTI International Metals   75,424   a   2,347,195  
Schweitzer-Mauduit International   91,294       4,211,392  
Stepan   46,620       2,955,242  
Stillwater Mining   265,134   a   3,324,780  
SunCoke Energy   194,125   a   4,305,693  
Texas Industries   48,814 a,b 3,671,789  
Tredegar   46,188       1,145,001  
Wausau Paper   138,031       1,885,503  
Zep   56,036       898,817  
        106,051,814  
Media--.8%          
Digital Generation   73,893   a   997,556  
E.W. Scripps, Cl. A   70,159   a   1,291,627  
Harte-Hanks   165,879       1,136,271  
Live Nation   375,090   a   7,978,164  
Scholastic   59,370       1,958,616  
        13,362,234  
Pharmaceuticals, Biotech & Life Sciences--2.8%          
Acorda Therapeutics   100,825   a   2,959,214  
Affymetrix   208,530   a   1,958,097  
Akorn   199,855   a   4,536,709  
ArQule   98,879   a   226,433  
Cambrex   66,534   a   1,248,843  
Emergent BioSolutions   82,230   a   1,967,764  
Hi-Tech Pharmacal   30,192   a   1,306,106  
Impax Laboratories   149,952   a   3,469,889  
Ligand Pharmaceuticals   57,510 a,b 3,562,169  
Luminex   102,315   a   1,869,295  
Medicines   148,033   a   5,145,627  
Momenta Pharmaceuticals   121,863   a   2,181,348  
PAREXEL International   151,021   a   7,371,335  
Questcor Pharmaceuticals   147,209   b   9,864,475  
Spectrum Pharmaceuticals   114,974 a,b 966,931  
        48,634,235  
Real Estate--7.3%          
Acadia Realty Trust   117,574   c   2,992,258  
Agree Realty   35,984   c   1,028,783  
American Assets Trust   100,319   c   3,357,677  

 



Associated Estates Realty   134,133   c   2,142,104  
Capstead Mortgage   228,819   c   2,887,696  
Cedar Realty Trust   228,442   c   1,441,469  
CoreSite Realty   48,998 b,c 1,503,259  
Cousins Properties   475,968   c   5,116,656  
DiamondRock Hospitality   490,772   c   5,683,140  
EastGroup Properties   86,522   c   5,134,215  
EPR Properties   141,993   c   7,253,002  
Forestar Group   67,995 a,c 1,359,900  
Franklin Street Properties   178,998   c   2,146,186  
Geo Group   192,000       6,428,160  
Getty Realty   68,419   c   1,299,961  
Government Properties Income Trust   157,757   c   3,896,598  
Healthcare Realty Trust   220,901   c   5,063,051  
Inland Real Estate   255,035   c   2,688,069  
Kite Realty Group Trust   244,648   c   1,577,980  
LaSalle Hotel Properties   253,610   c   7,801,044  
Lexington Realty Trust   537,238   c   5,807,543  
LTC Properties   104,394   c   3,961,752  
Medical Properties Trust   416,270   c   5,523,903  
Parkway Properties   167,002   c   2,962,615  
Pennsylvania Real Estate          
     Investment Trust   169,457   c   3,160,373  
Post Properties   142,985   c   6,710,286  
PS Business Parks   57,461   c   4,514,711  
Sabra Health Care   83,627   c   2,419,329  
Saul Centers   21,144   c   985,310  
Sovran Self Storage   89,670   c   6,089,490  
Tanger Factory Outlet Centers   256,085   c   8,548,117  
Universal Health Realty Income          
     Trust   27,265   c   1,156,036  
Urstadt Biddle Properties, Cl. A   68,697   c   1,288,756  
        123,929,429  
Retailing--5.2%          
Aeropostale   161,589 a,b 1,139,202  
Barnes & Noble   95,256   a   1,284,051  
Big 5 Sporting Goods   52,516       901,175  
Blue Nile   33,014   a   1,421,583  
Brown Shoe Company   114,211       2,704,516  
Buckle   76,831   b   3,405,150  
Cato, Cl. A   72,852       2,036,942  
Children's Place Retail Stores   60,891   a   3,207,129  
Christopher & Banks   128,538   a   917,761  
Finish Line, Cl. A   106,504       2,731,828  
Francesca's Holdings   117,440   a   2,231,360  
Fred's, Cl. A   79,659       1,392,439  
FTD Companies   44,529   a   1,380,399  
Genesco   59,617   a   4,186,306  
Group 1 Automotive   51,281       3,134,808  
Haverty Furniture   55,446       1,542,508  
Hibbett Sports   56,443 a,b 3,387,144  
JOS. A. Bank Clothiers   73,177   a   4,114,011  

 



Kirkland's   39,154   a   737,270  
Lithia Motors, Cl. A   65,151       3,667,350  
Lumber Liquidators Holdings   71,917   a   6,399,894  
MarineMax   59,024   a   870,604  
Men's Wearhouse   121,870       5,854,635  
Monro Muffler Brake   70,654   b   3,922,004  
NutriSystem   72,864       1,036,126  
Outerwall   69,598 a,b 4,475,847  
PEP Boys-Manny Moe & Jack   103,277   a   1,233,127  
PetMed Express   59,167   b   782,779  
Pool   110,477       5,985,644  
Select Comfort   136,587   a   2,235,929  
Sonic Automotive, Cl. A   82,850       1,858,326  
Stage Stores   59,858       1,173,217  
Stein Mart   53,935       667,715  
Tuesday Morning   92,686   a   1,217,894  
Vitamin Shoppe   67,770   a   3,037,451  
VOXX International   67,218   a   896,016  
Zale   91,153   a   1,378,233  
Zumiez   51,508   a   1,108,452  
        89,656,825  
Semiconductors & Semiconductor Equipment--3.9%          
Advanced Energy Industries   108,587   a   2,964,425  
ATMI   72,024   a   1,993,624  
Brooks Automation   201,356       2,043,763  
Cabot Microelectronics   62,900   a   2,536,128  
Ceva   32,891   a   571,974  
Cirrus Logic   188,419 a,b 3,299,217  
Cohu   53,365       552,861  
Diodes   112,117   a   2,568,600  
DSP Group   61,946   a   555,036  
Entropic Communications   229,667   a   957,711  
Exar   158,844   a   1,748,872  
GT Advanced Technologies   314,566 a,b 3,230,593  
Hittite Microwave   71,419   a   4,095,880  
Kopin   154,486   a   593,226  
Kulicke & Soffa Industries   211,891   a   2,466,411  
Micrel   73,470       733,231  
Microsemi   236,433   a   5,541,990  
MKS Instruments   137,379       4,139,229  
Monolithic Power Systems   73,938   a   2,417,033  
Nanometrics   32,487   a   550,330  
Pericom Semiconductor   88,145   a   729,841  
Power Integrations   83,078       4,920,710  
Rubicon Technology   33,191   a,b 364,105  
Rudolph Technologies   49,107   a   539,686  
Sigma Designs   82,778   a   388,229  
Supertex   44,195   a   1,180,007  
Synaptics   78,690 a,b 4,592,348  
Tessera Technologies   114,229       2,267,446  
TriQuint Semiconductor   401,804   a   3,334,973  
Ultratech   51,154   a   1,294,196  

 



Veeco Instruments   90,348   a   3,434,127  
        66,605,802  
Software & Services--7.1%          
Blackbaud   130,854       4,509,229  
Blucora   100,643   a   2,577,467  
Bottomline Technologies   87,435   a   3,027,000  
CACI International, Cl. A   64,283   a   4,758,228  
Cardtronics   124,847   a   4,809,106  
CIBER   274,288   a   1,064,237  
comScore   78,377   a   2,148,314  
CSG Systems International   82,001       2,456,750  
DealerTrack Technologies   103,205   a   4,814,513  
Dice Holdings   141,160   a   988,120  
Digital River   94,559   a   1,662,347  
Ebix   81,229   b   1,103,090  
EPIQ Systems   43,874       630,031  
ExlService Holdings   94,310   a   2,371,897  
Forrester Research   35,925       1,348,625  
Heartland Payment Systems   99,950       4,308,845  
Higher One Holdings   103,041   a   799,598  
iGATE   80,422   a   2,714,243  
Interactive Intelligence Group   32,775   a   2,488,934  
j2 Global   108,527   b   4,921,699  
Liquidity Services   64,143 a,b 1,524,679  
LivePerson   104,328   a   1,442,856  
LogMeIn   45,925   a   1,559,613  
Manhattan Associates   206,716   a   6,970,464  
MAXIMUS   168,967       7,159,132  
MicroStrategy, Cl. A   21,976   a   2,762,383  
Monotype Imaging Holdings   102,111       2,978,578  
Monster Worldwide   267,956   a   1,639,891  
NetScout Systems   103,210   a   3,645,377  
NIC   140,740       3,059,688  
OpenTable   55,650   a   4,189,332  
Perficient   84,161   a   1,727,825  
Progress Software   153,829   a   3,718,047  
QuinStreet   99,921   a   826,347  
Stamps.com   48,048   a   1,895,974  
SYKES Enterprises   86,619   a   1,815,534  
Synchronoss Technologies   73,331   a   1,955,004  
Take-Two Interactive Software   221,476   a   4,247,910  
Tangoe   79,921   a   1,456,960  
TeleTech Holdings   71,705   a   1,564,603  
Tyler Technologies   69,021   a   7,278,264  
VASCO Data Security International   74,580   a   557,113  
Virtusa   63,017   a   2,160,223  
XO Group   98,520   a   1,195,048  
        120,833,118  
Technology Hardware & Equipment--7.5%          
Agilysys   45,484   a   595,840  
Anixter International   65,221       5,721,186  
ARRIS Group   279,026   a   7,226,773  

 



Avid Technology   118,377   a   821,536  
Badger Meter   33,852       1,724,421  
Bel Fuse, Cl. B   27,512       527,405  
Belden   104,494       6,761,807  
Benchmark Electronics   159,310   a   3,621,116  
Black Box   43,791       1,200,311  
CalAmp   75,147   a   2,215,334  
Checkpoint Systems   130,074   a   1,735,187  
Cognex   195,921   a   7,729,083  
Coherent   70,362   a   4,702,996  
Comtech Telecommunications   53,524       1,628,200  
CTS   84,121       1,572,221  
Daktronics   85,845       1,254,195  
Digi International   45,297   a   466,559  
DTS   32,071   a   664,832  
Electro Scientific Industries   60,473       655,527  
Electronics for Imaging   113,454   a   4,807,046  
FARO Technologies   44,819   a   2,318,039  
FEI   105,740       9,909,953  
Harmonic   322,275   a   2,114,124  
Insight Enterprises   117,003   a   2,468,763  
Ixia   158,286   a   2,024,478  
Littelfuse   51,065       4,570,318  
Measurement Specialties   36,778   a   2,029,042  
Mercury Systems   48,040   a   514,028  
Methode Electronics   91,248       3,071,408  
MTS Systems   31,966       2,248,169  
NETGEAR   92,547   a   2,953,175  
Newport   103,424   a   1,876,111  
Oplink Communications   45,066   a   762,967  
OSI Systems   37,648   a   2,180,949  
Park Electrochemical   43,156       1,302,017  
PC-Tel   50,618       415,574  
Plexus   94,683   a   3,702,105  
Procera Networks   14,809 a,b 171,192  
QLogic   210,395   a   2,434,270  
Rofin-Sinar Technologies   80,079   a   1,849,825  
Rogers   54,126   a   3,285,448  
Sanmina   248,451   a   4,154,101  
ScanSource   83,180   a   3,122,577  
Super Micro Computer   110,548   a   2,272,867  
SYNNEX   65,014   a   3,650,536  
TTM Technologies   154,662   a   1,238,843  
ViaSat   98,223   a   5,845,251  
        128,117,705  
Telecommunication Services--.5%          
Atlantic Tele-Network   33,597       1,957,025  
Cbeyond   86,151   a   625,456  
Cincinnati Bell   439,366   a   1,520,206  
General Communication, Cl. A   124,143   a   1,207,911  
Lumos Networks   28,790       547,298  
NTELOS Holdings   46,856       768,907  

 



USA Mobility   79,135     1,128,465  
      7,755,268  
Transportation--1.5%        
Allegiant Travel   32,652     2,973,618  
Arkansas Best   72,886     2,499,261  
Atlas Air Worldwide Holdings   53,205   a   1,879,733  
Forward Air   80,990     3,607,295  
Heartland Express   133,798     2,817,786  
Hub Group, Cl. A   80,728   a   3,346,176  
Knight Transportation   171,879     3,669,617  
Roadrunner Transportation Systems   63,787   a   1,674,409  
Saia   57,719   a   1,942,822  
SkyWest   149,698     1,947,571  
      26,358,288  
Utilities--3.5%        
Allete   83,841     4,190,373  
American States Water   102,513     2,911,369  
Avista   144,490     4,165,647  
El Paso Electric   88,258     3,215,239  
Laclede Group   65,802     3,019,654  
New Jersey Resources   114,346     5,214,178  
Northwest Natural Gas   78,135     3,247,291  
NorthWestern   102,268     4,623,536  
Piedmont Natural Gas   177,446     5,859,267  
South Jersey Industries   72,591     3,872,004  
Southwest Gas   124,519     6,690,406  
UIL Holdings   148,059     5,725,442  
UNS Energy   111,116     6,653,626  
      59,388,032  
Total Common Stocks        
(cost $1,150,785,473)       1,678,105,786  

 

  Principal      
Short-Term Investments--.1%   Amount ($)   Value ($)  
U.S. Treasury Bills;          
0.06%, 6/26/14          
(cost $1,134,716)   1,135,000   d   1,134,825  
         
Other Investment--1.6%   Shares   Value ($)  
Registered Investment Company;          
Dreyfus Institutional Preferred          
Plus Money Market Fund          
(cost $26,786,719)   26,786,719   e   26,786,719  
Investment of Cash Collateral for          
Securities Loaned--5.3%          
Registered Investment Company;          
Dreyfus Institutional Cash          
Advantage Fund          
(cost $90,704,275)   90,704,275   e   90,704,275  
Total Investments (cost $1,269,411,183)   105.3 %   1,796,731,605  
Liabilities, Less Cash and Receivables   (5.3 %)   (89,746,789 )  
Net Assets   100.0 %   1,706,984,816  

 



a Non-income producing security.  
b Security, or portion thereof, on loan. At January 31, 2014, the value of the fund's securities on loan was $88,911,942 and the  
value of the collateral held by the fund was $91,625,711, consisting of cash collateral of $90,704,275 and U.S. Government and  
Agency securities valued at $921,436.  
c Investment in real estate investment trust.  
d Held by or on behalf of a counterparty for open financial futures contracts.  
e Investment in affiliated money market mutual fund.  

 

At January 31, 2014, net unrealized appreciation on investments was $527,320,422 of which $567,233,231 related to appreciated investment securities and $39,912,809 related to depreciated investment securities. At January 31, 2014, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

Portfolio Summary (Unaudited) †   Value (%)  
Capital Goods   9.8  
Banks   8.3  
Health Care Equipment & Services   7.6  
Technology Hardware & Equipment   7.5  
Real Estate   7.3  
Software & Services   7.1  
Short-Term/Money Market Investments   7.0  
Materials   6.2  
Retailing   5.2  
Consumer Durables & Apparel   4.5  
Consumer Services   4.1  
Energy   4.1  
Diversified Financials   4.0  
Semiconductors & Semiconductor Equipment   3.9  
Utilities   3.5  
Commercial & Professional Services   3.4  
Pharmaceuticals, Biotech & Life Sciences   2.8  
Food, Beverage & Tobacco   2.3  
Insurance   1.9  
Transportation   1.5  
Food & Staples Retailing   .8  
Media   .8  
Automobiles & Components   .6  
Household & Personal Products   .6  
Telecommunication Services   .5  
  105.3  
† Based on net assets.    

 



STATEMENT OF FINANCIAL FUTURES
January 31, 2014 (Unaudited)

    Market Value     Unrealized  
    Covered by     (Depreciation)  
  Contracts   Contracts ($)   Expiration   at 1/31/2014 ($)  
Financial Futures Long            
Russell 2000 Mini   245   27,643,350   March 2014   (894,903 )  

 



The following is a summary of the inputs used as of January 31, 2014 in valuing the fund's investments:

      Level 3 -    
  Level 1 - Level 2 - Other   Significant    
  Unadjusted Quoted Significant   Unobservable    
Assets ($)   Prices Observable Inputs   Inputs   Total
Investments in Securities:          
Equity Securities - Domestic Common Stocks+   1,675,639,375 -   -   1,675,639,375
Equity Securities - Foreign Common Stocks+   2,466,411 -   -   2,466,411
Mutual Funds   117,490,994 -   -   117,490,994
U.S. Treasury   - 1,134,825   -   1,134,825
Liabilities ($)          
Other Financial Instruments:          
Financial Futures++   (894,903) -   -   (894,903)  

 

+ See Statement of Investments for additional detailed categorizations.  
++ Amount shown represents unrealized (depreciation) at period end.  

 



The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. 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. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.

Fair valuing of securities may be determined with the assistance of a



pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.

Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund and credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral.

U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by the Service. These securities are generally categorized within Level 2 of the fair value hierarchy.

Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund during the period ended January 31, 2014 is discussed below.

Futures Contracts: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk as a result of changes in value of underlying financial instruments. The fund invests in financial futures contracts in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments



require initial margin deposits with a broker, which consist of cash or cash equivalents. 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. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss. There is minimal counterparty credit risk to the fund with futures since futures are exchange traded, and the exchange’s clearinghouse guarantees the futures against default.

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

 

 

Item 2.             Controls and Procedures.

(a)        The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)        There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. 

Item 3.             Exhibits.

(a)        Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

 


 

 

FORM N-Q

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dreyfus Index Funds, Inc.

By: /s/ Bradley J. Skapyak

         Bradley J. Skapyak

         President

 

Date:

March 25, 2014

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

By: /s/ Bradley J. Skapyak

         Bradley J. Skapyak

         President

 

Date:

March 25, 2014

 

By: /s/ James Windels

         James Windels

         Treasurer

 

Date:

March 25, 2014

 

EXHIBIT INDEX

(a)        Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.  (EX-99.CERT)