BNY Mellon Investment Funds IV NCSR Certified annual shareholder report (management investment company)

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number			811-05202

	The Dreyfus/Laurel 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)

	Bennett A. MacDougall, 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:		10/31/15

The following N-CSR relates only to the Registrant’s series listed below and does not affect the other series of the Registrant, which have a different fiscal year end and, therefore, different N-CSR reporting requirements. A separate N-CSR will be filed for each series as appropriate.

Dreyfus BASIC S&P 500 Stock Index Fund

Dreyfus Bond Market Index Fund

Dreyfus Disciplined Stock Fund

Dreyfus Money Market Reserves

Dreyfus Opportunistic Fixed Income Fund

Dreyfus Tax Managed Growth Fund

General AMT-Free Municipal Money Market Fund

General Treasury and Agency Money Market Fund

FORM N-CSR

Item 1. Reports to Stockholders.

Dreyfus BASIC S&P 500 Stock Index Fund


		ANNUAL REPORT October 31, 2015

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The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

Contents

THE FUND

FOR MORE INFORMATION

Back Cover


	Dreyfus BASIC S&P 500 Stock Index Fund		The Fund

A LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present this annual report for Dreyfus BASIC S&P 500 Stock Index Fund, covering the 12-month period from November 1, 2014, through October 31, 2015. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.

Financial markets proved volatile over the reporting period amid choppy U.S. and global economic growth. U.S. stocks advanced over the final months of 2014 and the spring of 2015, with some broad measures of market performance setting new record highs. Those gains were largely erased over the summer when global economic instability undermined investor sentiment, but a renewed rally in October enabled most broad stock indices to end the reporting period in positive territory. In contrast, international stocks generally lost a degree of value, with developed markets faring far better than emerging markets amid falling commodity prices and depreciating currency values. U.S. bonds generally produced modestly positive total returns, with municipal bonds and longer term U.S. government securities faring better, on average, than corporate-backed bonds.

We expect market volatility to persist over the near term until investors see greater clarity regarding short-term U.S. interest rates and global economic conditions. Our investment strategists and portfolio managers are monitoring developments carefully, keeping a close watch on credit spreads, currency values, commodity prices, corporate profits, economic trends in the emerging markets, and other developments that could influence investor sentiment. Over the longer term, we remain confident that markets are likely to benefit as investors increasingly recognize that inflation is likely to stay low, economic growth expectations are stabilizing, and monetary policies remain accommodative in most regions of the world. In our view, investors will continue to be well served under these circumstances by a long-term perspective and a disciplined investment approach.

Thank you for your continued confidence and support.

Sincerely,

J. Charles Cardona
President
The Dreyfus Corporation
November 16, 2015

DISCUSSION OF FUND PERFORMANCE

For the period of November 1, 2014, through October 31, 2015, as provided by Thomas J. Durante, CFA, Karen Q. Wong, CFA, and Richard A. Brown, CFA, Portfolio Managers

Fund and Market Performance Overview

For the 12-month period ended October 31, 2015, Dreyfus BASIC S&P 500 Index Fund produced a total return of 5.02%.¹ In comparison, the Standard & Poor’s 500^®Composite Stock Price Index (“S&P 500 Index”), the fund’s benchmark, returned 5.21% for the same period.^2,3

Moderately positive stock market results for the reporting period masked heightened volatility stemming from shifting economic sentiment. The difference in returns between the fund and the S&P 500 Index was primarily the result of transaction costs and operating expenses that are not reflected in the S&P 500 Index’s results.

The Fund’s Investment Approach

The fund seeks to match the total return of the S&P 500 Index by generally investing in all 500 stocks in the S&P 500 Index in proportion to their respective weightings. Often considered a barometer for the stock market in general, the S&P 500 Index is made up of 500 widely held common stocks across 10 economic sectors. Each stock is weighted by its float-adjusted market capitalization; that is, larger companies have greater representation in the S&P 500 Index than smaller ones.

The fund employed futures contracts during the reporting period in its efforts to replicate the returns of the S&P 500 Index.

Global Economic Concerns Sparked Market Turmoil

After experiencing sharp declines in the early fall, the stock market began the reporting period in the midst of a rally driven by robust employment gains and improved consumer and business confidence. The S&P 500 Index climbed through the end of February 2015 despite ongoing global economic weakness and plummeting prices of oil and other commodities.

Investors responded negatively in March to sluggish domestic economic growth stemming from severe winter weather and an appreciating U.S. dollar. Indeed, U.S. GDP expanded at an anemic 0.6% annualized rate during the first quarter of 2015, but stocks resumed their advance and the S&P 500 Index set new record highs in May as the U.S. economy regained traction with a 3.9% annualized growth rate for the second quarter.

Uncertainty regarding a debt crisis in Greece and slowing economic growth in China again sent U.S. stock prices lower over the summer. In mid-August, the Chinese central bank unexpectedly devalued the country’s currency, intensifying concerns that the world’s second largest economy could be slowing more than anticipated, sending commodity prices lower. In fact, the impact of global economic headwinds on U.S. exports was cited as a primary factor behind a deceleration of U.S. economic growth to an annualized 1.5% rate for the third quarter. Stocks briefly dipped into negative territory as investors grew more risk-averse, but a strong rally in October enabled the S&P 500 Index to end the reporting period with a moderate gain after several large companies reported better-than-expected financial results.

DISCUSSION OF FUND PERFORMANCE (continued)

Consumer Discretionary Stocks Led Markets Higher

Although the S&P 500 Index posted a single-digit gain for the reporting period overall, the economic sectors that comprise the S&P 500 Index delivered widely disparate results. The consumer discretionary sector led the market’s advance, driven higher by gains from Internet retailers such as Amazon.com. Meanwhile, home improvement retailers’ including The Home Depot and Lowe’s benefited from recovering housing markets, and more affordable fuel prices boosted business for hotels and restaurants.

The information technology sector gained value amid the ongoing trend toward cloud computing, which has enabled businesses across a variety of industries to enhance their technology capabilities at an affordable cost. Increased adoption of smartphones helped boost earnings for providers of electronic components and mobile software. Some of the sector’s top performers included technology giants Apple, Facebook, Alphabet (formerly Google), and Microsoft. The health care sector continued to see rising spending on medical services from an aging population, and the industry group increasingly sought to control costs and achieve economies of scale through mergers and acquisitions.

In contrast, the energy sector lost considerable value over the reporting period. A glut of supply of crude oil was met with tepid demand, causing petroleum prices to fall sharply. Offshore drillers were hit especially hard during the downturn when their contracts with major energy producers were canceled. The materials sector also was hurt by declining commodity prices stemming mainly from reduced demand from the emerging markets, which weighed on earnings for metals-and-mining companies. Finally, results from the telecommunications services sector were undermined by heightened competitive pressures affecting traditional telephone companies.

Replicating the Performance of the S&P 500 Index

Although we do not actively manage the fund’s investments in response to macroeconomic trends, it is worth noting that the U.S. economic recovery appears to remain on track and aggressively accommodative monetary policies are at work in international markets. As always, we have continued to monitor the factors considered by the fund’s investment model in light of current market conditions.

November 16, 2015

Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.

¹ Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.

² SOURCE: Lipper Inc. — Reflects reinvestment of dividends and, where applicable, capital gain distributions. The Standard & Poor’s 500 Composite Stock Price Index is a widely accepted, unmanaged index of U.S. stock market performance. Investors cannot invest directly in any index.

³ “Standard & Poor’s^®,” “S&P^®,” “Standard & Poor’s^® 500,” and “S&P 500^®” are registered trademarks of Standard & Poor’s Financial Services LLC, and have been licensed for use on behalf of the fund. The fund is not sponsored, managed, advised, sold, or promoted by Standard & Poor’s and its affiliates, and Standard & Poor’s and its affiliates make no representation regarding the advisability of investing in the fund.

invest directly in any index.

FUND PERFORMANCE

Comparison of change in value of $10,000 investment in Dreyfus BASIC S&P 500 Stock Index Fund and the Standard & Poor’s 500 Composite Stock Price Index


Average Annual Total Returns as of 10/31/15
	1 Year	5 Years	10 Years
Fund	5.02%	14.13%	7.69%
Standard & Poor’s 500 Composite Stock Price Index	5.21%	14.32%	7.84%

^†Source: Lipper Inc.

The above graph compares a $10,000 investment made in Dreyfus BASIC S&P 500 Stock Index Fund on 10/31/05 to a $10,000 investment made in the Standard & Poor’s 500 Composite Stock Price Index (the “Index”) on that date. All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses. The Index is a widely accepted, unmanaged index of U.S. stock market performance. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus BASIC S&P 500 Stock Index Fund from May 1, 2015 to October 31, 2015. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.


Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended October 31, 2015

Expenses paid per $1,000^†						$ 1.01
Ending value (after expenses)						$ 1,006.90

COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.


Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended October 31, 2015

Expenses paid per $1,000^†						$1.02
Ending value (after expenses)						$ 1,024.20

^† Expenses are equal to the fund’s annualized expense ratio of .20%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS
October 31, 2015


Common Stocks - 97.9%	Shares		Value ($)
Automobiles & Components - 1.0%
BorgWarner	26,843		1,149,417
Delphi Automotive	32,413		2,696,437
Ford Motor	446,813		6,617,301
General Motors	166,557		5,814,505
Goodyear Tire & Rubber	30,189		991,407
Harley-Davidson	23,272		1,150,800
Johnson Controls	74,705		3,375,172
			21,795,039
Banks - 5.8%
Bank of America	1,203,525		20,195,150
BB&T	89,919		3,340,491
Citigroup	345,990		18,396,288
Comerica	20,289		880,543
Fifth Third Bancorp	91,213		1,737,608
Hudson City Bancorp	52,545		531,755
Huntington Bancshares	93,928		1,030,390
JPMorgan Chase & Co.	425,298		27,325,397
KeyCorp	98,906		1,228,413
M&T Bank	15,285	^a	1,831,907
People's United Financial	34,529		550,738
PNC Financial Services Group	59,548		5,374,802
Regions Financial	149,873		1,401,313
SunTrust Banks	58,853		2,443,577
U.S. Bancorp	189,974		8,013,103
Wells Fargo & Co.	537,265		29,087,527
Zions Bancorporation	24,204		696,349
			124,065,351
Capital Goods - 7.1%
3M	71,750		11,279,818
Allegion	10,780		702,533
AMETEK	28,653		1,570,757
Boeing	73,343		10,859,898
Caterpillar	69,007	^a	5,036,821
Cummins	19,113	^a	1,978,387
Danaher	68,168		6,360,756
Deere & Co.	36,219	^a	2,825,082
Dover	17,599		1,133,904
Eaton	53,484		2,990,290

STATEMENT OF INVESTMENTS (continued)


Common Stocks - 97.9% (continued)	Shares		Value ($)
Capital Goods - 7.1% (continued)
Emerson Electric	76,257		3,601,618
Fastenal	31,970	^a	1,251,945
Flowserve	15,388		713,388
Fluor	16,122		770,793
General Dynamics	35,199		5,229,867
General Electric	1,161,259		33,583,610
Honeywell International	89,737		9,268,037
Illinois Tool Works	37,641		3,460,714
Ingersoll-Rand	30,794		1,824,852
Jacobs Engineering Group	15,149	^b	608,081
L-3 Communications Holdings	9,201		1,163,006
Lockheed Martin	30,759		6,761,751
Masco	39,942		1,158,318
Northrop Grumman	21,743		4,082,248
PACCAR	41,328		2,175,919
Parker Hannifin	15,718		1,645,675
Pentair	21,062		1,177,787
Precision Castparts	15,807		3,648,414
Quanta Services	24,974	^a,b	502,227
Raytheon	34,723		4,076,480
Rockwell Automation	15,737		1,717,851
Rockwell Collins	15,220		1,319,878
Roper Technologies	11,548		2,151,970
Snap-on	6,617		1,097,694
Stanley Black & Decker	17,395		1,843,522
Textron	32,229		1,359,097
United Rentals	11,104	^b	831,245
United Technologies	95,076		9,356,429
W.W. Grainger	6,727	^a	1,412,670
Xylem	21,090		767,887
			153,301,219
Commercial & Professional Services - .7%
ADT	18,786	^a	620,689
Cintas	10,379		966,181
Dun & Bradstreet	4,525		515,262
Equifax	13,874		1,478,552
Nielsen Holdings	41,861		1,988,816
Pitney Bowes	24,190		499,524
Republic Services	27,901		1,220,390


Common Stocks - 97.9% (continued)	Shares		Value ($)
Commercial & Professional Services - .7% (continued)
Robert Half International	15,698		826,657
Stericycle	9,843	^b	1,194,645
Tyco International	48,302		1,760,125
Verisk Analytics, Cl. A	17,845	^b	1,277,880
Waste Management	47,941		2,577,308
			14,926,029
Consumer Durables & Apparel - 1.5%
Coach	33,321		1,039,615
D.R. Horton	36,768		1,082,450
Fossil Group	5,457	^b	296,915
Garmin	14,555		516,266
Hanesbrands	45,911	^a	1,466,397
Harman International Industries	8,350		918,166
Hasbro	12,682		974,358
Leggett & Platt	15,178		683,465
Lennar, Cl. A	20,922		1,047,565
Mattel	40,810		1,003,110
Michael Kors Holdings	22,104	^b	854,099
Mohawk Industries	7,156	^b	1,398,998
Newell Rubbermaid	30,159		1,279,646
NIKE, Cl. B	77,838		10,199,113
PulteGroup	37,301		683,727
PVH	9,580		871,301
Ralph Lauren	7,023		777,938
Under Armour, Cl. A	20,822	^b	1,979,756
VF	38,852		2,623,287
Whirlpool	9,101		1,457,434
			31,153,606
Consumer Services - 1.9%
Carnival	53,581		2,897,661
Chipotle Mexican Grill	3,529	^b	2,259,372
Darden Restaurants	13,247		819,857
H&R Block	31,558		1,175,851
Marriott International, Cl. A	23,157		1,777,994
McDonald's	108,174		12,142,532
Royal Caribbean Cruises	19,834		1,950,674
Starbucks	170,429		10,663,743
Starwood Hotels & Resorts Worldwide	19,697	^c	1,573,199
Wyndham Worldwide	13,886		1,129,626

STATEMENT OF INVESTMENTS (continued)


Common Stocks - 97.9% (continued)	Shares		Value ($)
Consumer Services - 1.9% (continued)
Wynn Resorts	9,432	^a	659,768
Yum! Brands	49,621		3,518,625
			40,568,902
Diversified Financials - 4.8%
Affiliated Managers Group	6,246	^b	1,125,904
American Express	97,651		7,153,912
Ameriprise Financial	20,690		2,386,798
Bank of New York Mellon	126,766		5,279,804
Berkshire Hathaway, Cl. B	215,467	^b	29,307,821
BlackRock	14,713		5,178,535
Capital One Financial	62,808		4,955,551
Charles Schwab	138,540		4,228,241
CME Group	39,044		3,688,487
Discover Financial Services	50,559		2,842,427
E*TRADE Financial	34,244	^b	976,296
Franklin Resources	45,607		1,858,941
Goldman Sachs Group	46,311		8,683,313
Intercontinental Exchange	12,764		3,221,634
Invesco	50,417		1,672,332
Legg Mason	11,158		499,321
Leucadia National	37,062		741,611
McGraw-Hill Financial	31,634		2,930,574
Moody's	19,820		1,905,891
Morgan Stanley	176,761		5,827,810
Nasdaq	13,597		787,130
Navient	46,431		612,425
Northern Trust	24,849		1,749,121
State Street	46,627		3,217,263
T. Rowe Price Group	29,152		2,204,474
			103,035,616
Energy - 7.0%
Anadarko Petroleum	58,083		3,884,591
Apache	42,948		2,024,139
Baker Hughes	50,736		2,672,772
Cabot Oil & Gas	47,872		1,039,301
Cameron International	22,711	^b	1,544,575
Chesapeake Energy	61,871	^a	441,140
Chevron	216,303		19,657,617
Cimarex Energy	10,285		1,214,247


Common Stocks - 97.9% (continued)	Shares		Value ($)
Energy - 7.0% (continued)
Columbia Pipeline Group	36,295		753,847
ConocoPhillips	141,484		7,548,171
CONSOL Energy	27,460	^a	182,884
Devon Energy	44,051		1,847,058
Diamond Offshore Drilling	8,441	^a	167,807
Ensco	27,245		453,084
EOG Resources	63,076		5,415,075
EQT	17,778		1,174,592
Exxon Mobil	479,630		39,684,586
FMC Technologies	27,452	^b	928,701
Halliburton	99,430		3,816,123
Helmerich & Payne	12,589	^a	708,383
Hess	28,215		1,585,965
Kinder Morgan	207,932		5,686,940
Marathon Oil	77,687		1,427,887
Marathon Petroleum	62,216		3,222,789
Murphy Oil	17,722		503,836
National Oilwell Varco	44,681		1,681,793
Newfield Exploration	19,198	^b	771,568
Noble Energy	49,007		1,756,411
Occidental Petroleum	88,393		6,588,814
ONEOK	24,641		835,823
Phillips 66	55,686		4,958,838
Pioneer Natural Resources	17,359		2,380,613
Range Resources	20,148	^a	613,305
Schlumberger	145,329		11,358,915
Southwestern Energy	46,073	^b	508,646
Spectra Energy	76,362		2,181,662
Tesoro	13,933		1,489,856
Transocean	39,660	^a	627,818
Valero Energy	56,827		3,746,036
Williams	78,712		3,104,401
			150,190,609
Food & Staples Retailing - 2.2%
Costco Wholesale	50,578		7,997,393
CVS Health	128,045		12,648,285
Kroger	112,421		4,249,514
Sysco	64,289		2,651,921
Walgreens Boots Alliance	100,303		8,493,658

STATEMENT OF INVESTMENTS (continued)


Common Stocks - 97.9% (continued)	Shares		Value ($)
Food & Staples Retailing - 2.2% (continued)
Wal-Mart Stores	182,095		10,423,118
Whole Foods Market	41,845		1,253,676
			47,717,565
Food, Beverage & Tobacco - 5.4%
Altria Group	225,269		13,622,016
Archer-Daniels-Midland	71,020		3,242,773
Brown-Forman, Cl. B	12,427		1,319,499
Campbell Soup	20,199	^a	1,025,907
Coca-Cola	450,072		19,060,549
Coca-Cola Enterprises	23,773		1,220,506
ConAgra Foods	50,297		2,039,543
Constellation Brands, Cl. A	19,579		2,639,249
Dr. Pepper Snapple Group	22,372		1,999,386
General Mills	68,502		3,980,651
Hershey	16,562		1,468,884
Hormel Foods	15,988		1,079,989
J.M. Smucker	13,773		1,616,812
Kellogg	29,086		2,051,145
Keurig Green Mountain	13,572	^a	688,779
Kraft Heinz	68,102		5,309,913
McCormick & Co.	13,466		1,130,875
Mead Johnson Nutrition	23,004		1,886,328
Molson Coors Brewing, Cl. B	18,440		1,624,564
Mondelez International, Cl. A	184,908		8,535,353
Monster Beverage	17,152	^b	2,338,161
PepsiCo	168,847		17,254,475
Philip Morris International	178,809		15,806,716
Reynolds American	96,281		4,652,298
Tyson Foods, Cl. A	34,951		1,550,426
			117,144,797
Health Care Equipment & Services - 4.7%
Abbott Laboratories	171,511		7,683,693
Aetna	40,114		4,604,285
AmerisourceBergen	23,799		2,296,841
Anthem	30,386		4,228,212
Baxter International	62,861		2,350,373
Becton Dickinson & Co.	24,384		3,475,208
Boston Scientific	155,091	^b	2,835,063
C.R. Bard	8,676		1,616,773


Common Stocks - 97.9% (continued)	Shares		Value ($)
Health Care Equipment & Services - 4.7% (continued)
Cardinal Health	38,194		3,139,547
Cerner	34,880	^b	2,312,195
Cigna	29,960		4,015,838
DaVita HealthCare Partners	20,214	^b	1,566,787
DENTSPLY International	15,632		951,207
Edwards Lifesciences	12,178	^b	1,913,773
Express Scripts Holding	78,226	^b	6,757,162
HCA Holdings	36,839	^b	2,534,155
Henry Schein	9,161	^b	1,389,815
Humana	16,920		3,022,420
Intuitive Surgical	4,302	^b	2,136,373
Laboratory Corporation of America Holdings	11,964	^b	1,468,461
McKesson	26,735		4,780,218
Medtronic	162,437		12,007,343
Patterson	10,307		488,552
Quest Diagnostics	17,250		1,172,138
St. Jude Medical	31,889		2,034,837
Stryker	36,579		3,497,684
Tenet Healthcare	12,295	^b	385,694
UnitedHealth Group	109,562		12,904,212
Universal Health Services, Cl. B	10,793		1,317,717
Varian Medical Systems	11,046	^a,b	867,442
Zimmer Biomet Holdings	19,570		2,046,435
			101,800,453
Household & Personal Products - 1.8%
Clorox	14,934		1,821,052
Colgate-Palmolive	104,069		6,904,978
Estee Lauder, Cl. A	25,952		2,088,098
Kimberly-Clark	41,717		4,993,942
Procter & Gamble	311,924		23,824,755
			39,632,825
Insurance - 2.7%
ACE	37,600		4,269,104
Aflac	49,598		3,161,873
Allstate	46,467		2,875,378
American International Group	148,522		9,365,797
Aon	32,721		3,053,197
Assurant	7,812		636,912
Chubb	26,272		3,398,283

STATEMENT OF INVESTMENTS (continued)


Common Stocks - 97.9% (continued)	Shares		Value ($)
Insurance - 2.7% (continued)
Cincinnati Financial	17,367		1,046,014
Genworth Financial, Cl. A	58,302	^b	272,853
Hartford Financial Services Group	48,146		2,227,234
Lincoln National	28,636		1,532,312
Loews	32,365		1,180,028
Marsh & McLennan	60,557		3,375,447
MetLife	128,063		6,451,814
Principal Financial Group	32,261		1,618,212
Progressive	67,664		2,241,708
Prudential Financial	51,603		4,257,248
Torchmark	12,983		753,144
Travelers	36,117		4,077,248
Unum Group	28,832		999,029
XL Group	35,702		1,359,532
			58,152,367
Materials - 2.9%
Air Products & Chemicals	22,298		3,098,976
Airgas	7,861		755,914
Alcoa	151,205		1,350,261
Avery Dennison	10,206		663,084
Ball	15,642		1,071,477
CF Industries Holdings	26,299		1,335,200
Dow Chemical	133,834		6,915,203
E.I. du Pont de Nemours & Co.	104,135		6,602,159
Eastman Chemical	17,153		1,237,932
Ecolab	30,357		3,653,465
FMC	15,231		620,054
Freeport-McMoRan	122,215		1,438,471
International Flavors & Fragrances	9,381		1,088,759
International Paper	47,463		2,026,195
LyondellBasell Industries	43,281		4,021,238
Martin Marietta Materials	7,739		1,200,706
Monsanto	53,574		4,994,168
Mosaic	38,953		1,316,222
Newmont Mining	58,698		1,142,263
Nucor	37,434		1,583,458
Owens-Illinois	19,542	^b	421,130
PPG Industries	31,132		3,245,822
Praxair	32,744		3,637,531


Common Stocks - 97.9% (continued)	Shares		Value ($)
Materials - 2.9% (continued)
Sealed Air	23,903		1,174,115
Sherwin-Williams	9,029		2,409,208
Sigma-Aldrich	13,939		1,947,557
Vulcan Materials	15,250		1,472,845
WestRock	30,470		1,638,053
			62,061,466
Media - 3.2%
Cablevision Systems (NY Group), Cl. A	25,190		820,942
CBS, Cl. B	51,721		2,406,061
Comcast, Cl. A	243,012		15,217,411
Comcast, Cl. A (Special)	42,703	^a	2,677,905
Discovery Communications, Cl. A	18,024	^a,b	530,627
Discovery Communications, Cl. C	28,975	^b	797,392
Interpublic Group of Companies	49,140		1,126,780
News Corp., Cl. A	44,486		685,084
News Corp., Cl. B	11,741		181,751
Omnicom Group	27,607		2,068,316
Scripps Networks Interactive	10,422	^a	626,154
TEGNA	26,530		717,371
Time Warner	93,532		7,046,701
Time Warner Cable	32,597		6,173,872
Twenty-First Century Fox, Cl. A	141,601		4,345,735
Twenty-First Century Fox, Cl. B	50,009		1,544,278
Viacom, Cl. B	40,765		2,010,122
Walt Disney	178,513		20,304,069
			69,280,571
Pharmaceuticals, Biotechnology & Life Sciences - 9.5%
AbbVie	190,099		11,320,395
Agilent Technologies	39,191		1,479,852
Alexion Pharmaceuticals	26,050	^b	4,584,800
Allergan	45,221	^b	13,949,322
Amgen	87,109		13,778,902
Baxalta	62,868		2,166,431
Biogen	25,665	^b	7,455,939
Bristol-Myers Squibb	192,349		12,685,417
Celgene	90,778	^b	11,139,368
Eli Lilly & Co.	112,566		9,182,009
Endo International	23,578	^b	1,414,444
Gilead Sciences	168,694		18,240,882

STATEMENT OF INVESTMENTS (continued)


Common Stocks - 97.9% (continued)	Shares		Value ($)
Pharmaceuticals, Biotechnology & Life Sciences - 9.5% (continued)
Johnson & Johnson	318,505		32,178,560
Mallinckrodt	13,363	^b	877,548
Merck & Co.	323,746		17,695,956
Mylan	47,497	^b	2,094,143
PerkinElmer	13,441		694,093
Perrigo Company	17,072		2,692,937
Pfizer	709,176		23,984,332
Regeneron Pharmaceuticals	8,957	^b	4,992,542
Thermo Fisher Scientific	46,050		6,022,419
Vertex Pharmaceuticals	28,006	^b	3,493,468
Waters	9,728	^b	1,243,238
Zoetis	53,316		2,293,121
			205,660,118
Real Estate - 2.6%
American Tower	48,455	^c	4,953,555
Apartment Investment & Management, Cl. A	17,285	^c	677,399
AvalonBay Communities	15,060	^c	2,632,940
Boston Properties	17,647	^c	2,220,875
CBRE Group, Cl. A	32,852	^b	1,224,723
Crown Castle International	38,975	^c	3,330,804
Equinix	6,480	^c	1,922,486
Equity Residential	42,043	^c	3,250,765
Essex Property Trust	7,672	^c	1,691,216
General Growth Properties	67,938	^c	1,966,805
HCP	53,012	^a,c	1,972,046
Host Hotels & Resorts	86,991	^c	1,507,554
Iron Mountain	21,486	^c	658,331
Kimco Realty	49,384	^c	1,322,010
Macerich	15,634	^c	1,324,825
Plum Creek Timber	20,941	^c	853,136
Prologis	59,596	^c	2,546,537
Public Storage	16,778	^c	3,849,880
Realty Income	27,077	^a,c	1,339,228
Simon Property Group	35,489	^c	7,149,614
SL Green Realty	11,872	^c	1,408,257
Ventas	38,544	^c	2,070,584
Vornado Realty Trust	20,722	^c	2,083,597
Welltower	40,754	^c	2,643,712


Common Stocks - 97.9% (continued)	Shares		Value ($)
Real Estate - 2.6% (continued)
Weyerhaeuser	60,403	^c	1,771,620
			56,372,499
Retailing - 5.3%
Advance Auto Parts	8,475		1,681,694
Amazon.com	44,101	^b	27,602,816
AutoNation	9,326	^b	589,310
AutoZone	3,522	^b	2,762,692
Bed Bath & Beyond	19,817	^a,b	1,181,688
Best Buy	34,613		1,212,493
CarMax	23,546	^b	1,389,449
Dollar General	33,896		2,297,132
Dollar Tree	26,490	^b	1,734,830
Expedia	11,886		1,620,062
GameStop, Cl. A	12,037	^a	554,545
Gap	27,665	^a	753,041
Genuine Parts	17,168		1,558,168
Home Depot	147,607		18,250,130
Kohl's	22,283		1,027,692
L Brands	28,973		2,780,829
Lowe's	106,155		7,837,424
Macy's	38,370		1,956,103
Netflix	48,800	^b	5,288,944
Nordstrom	16,043		1,046,164
O'Reilly Automotive	11,535	^b	3,186,659
Priceline Group	5,817	^b	8,459,314
Ross Stores	48,189		2,437,400
Signet Jewelers	9,281		1,400,874
Staples	77,162		1,002,334
Target	72,039		5,559,970
The TJX Companies	78,177		5,721,775
Tiffany & Co.	13,053		1,076,089
Tractor Supply	15,588		1,440,175
TripAdvisor	12,968	^b	1,086,459
Urban Outfitters	12,196	^b	348,806
			114,845,061
Semiconductors & Semiconductor Equipment - 2.4%
Altera	35,489		1,864,947
Analog Devices	36,842		2,214,941
Applied Materials	139,330		2,336,564

STATEMENT OF INVESTMENTS (continued)


Common Stocks - 97.9% (continued)	Shares		Value ($)
Semiconductors & Semiconductor Equipment - 2.4% (continued)
Avago Technologies	29,986		3,692,176
Broadcom, Cl. A	64,725		3,326,865
First Solar	8,967	^b	511,747
Intel	546,439		18,502,425
KLA-Tencor	17,650		1,184,668
Lam Research	18,252	^a	1,397,921
Linear Technology	27,564		1,224,393
Microchip Technology	23,286	^a	1,124,481
Micron Technology	124,511	^b	2,061,902
NVIDIA	57,960		1,644,325
Qorvo	17,338	^b	761,658
Skyworks Solutions	21,998		1,699,126
Texas Instruments	117,658		6,673,562
Xilinx	29,917		1,424,648
			51,646,349
Software & Services - 11.7%
Accenture, Cl. A	72,086		7,727,619
Activision Blizzard	57,984		2,015,524
Adobe Systems	57,524	^b	5,100,078
Akamai Technologies	20,708	^b	1,259,461
Alliance Data Systems	7,049	^b	2,095,738
Alphabet, Cl. A	33,332	^b	24,578,684
Alphabet, Cl. C	34,008	^b	24,173,227
Autodesk	26,646	^b	1,470,593
Automatic Data Processing	53,866		4,685,803
CA	35,200		975,392
Citrix Systems	18,409	^b	1,511,379
Cognizant Technology Solutions, Cl. A	69,779	^b	4,752,648
Computer Sciences	16,208		1,079,291
eBay	127,271	^b	3,550,861
Electronic Arts	36,174	^b	2,607,060
Facebook, Cl. A	259,851	^b	26,497,006
Fidelity National Information Services	32,822		2,393,380
Fiserv	26,946	^b	2,600,558
International Business Machines	103,571		14,508,226
Intuit	32,004		3,118,150
MasterCard Cl. A	114,618		11,346,036
Microsoft	920,118		48,435,012
Oracle	373,691		14,514,158


Common Stocks - 97.9% (continued)	Shares		Value ($)
Software & Services - 11.7% (continued)
Paychex	36,499		1,882,618
PayPal Holdings	127,293		4,583,821
Red Hat	21,665	^b	1,713,918
salesforce.com	71,887	^b	5,586,339
Symantec	79,284		1,633,250
Teradata	16,677	^b	468,790
Total System Services	19,635		1,029,856
VeriSign	11,155	^a,b	899,093
Visa, Cl. A	224,285		17,400,030
Western Union	59,569		1,146,703
Xerox	116,659		1,095,428
Yahoo!	98,871	^b	3,521,785
			251,957,515
Technology Hardware & Equipment - 6.3%
Amphenol Cl. A	36,053		1,954,794
Apple	656,231		78,419,604
Cisco Systems	584,533		16,863,777
Corning	142,281		2,646,427
EMC	223,322		5,855,503
F5 Networks	7,971	^b	878,404
FLIR Systems	17,368		463,205
Harris	14,295		1,131,163
Hewlett-Packard	207,789		5,601,991
Juniper Networks	41,277		1,295,685
Motorola Solutions	18,417		1,288,637
NetApp	34,861		1,185,274
QUALCOMM	180,418		10,720,438
SanDisk	23,060		1,775,620
Seagate Technology	35,076	^a	1,334,993
TE Connectivity	45,934		2,959,987
Western Digital	26,636		1,779,818
			136,155,320
Telecommunication Services - 2.3%
AT&T	707,320		23,702,293
CenturyLink	63,863		1,801,575
Frontier Communications	133,798		687,722
Level 3 Communications	32,948	^b	1,678,701
Verizon Communications	467,469		21,914,947
			49,785,238

STATEMENT OF INVESTMENTS (continued)


Common Stocks - 97.9% (continued)	Shares		Value ($)
Transportation - 2.2%
American Airlines Group	77,986		3,604,513
C.H. Robinson Worldwide	16,471		1,142,758
CSX	114,733		3,096,644
Delta Air Lines	92,290		4,692,024
Expeditors International of Washington	22,241		1,107,379
FedEx	30,071		4,692,580
J.B. Hunt Transport Services	10,765		822,123
Kansas City Southern	12,984		1,074,556
Norfolk Southern	34,382		2,751,591
Ryder System	6,135		440,370
Southwest Airlines	76,522		3,542,203
Union Pacific	99,612		8,900,332
United Continential Holdings	44,216	^b	2,666,667
United Parcel Service, Cl. B	80,748		8,318,659
			46,852,399
Utilities - 2.9%
AES	75,191		823,341
AGL Resources	13,304		831,500
Ameren	27,371		1,195,565
American Electric Power	57,144		3,237,208
CenterPoint Energy	51,128		948,424
CMS Energy	31,421		1,133,355
Consolidated Edison	33,686		2,214,855
Dominion Resources	68,846		4,917,670
DTE Energy	20,362		1,661,336
Duke Energy	79,493		5,681,365
Edison International	37,128		2,246,987
Entergy	20,304		1,383,921
Eversource Energy	36,039		1,835,827
Exelon	99,458		2,776,867
FirstEnergy	49,591		1,547,239
NextEra Energy	53,263		5,467,980
NiSource	36,295		695,412
NRG Energy	40,292		519,364
Pepco Holdings	29,972		798,154
PG&E	55,532		2,965,409
Pinnacle West Capital	12,503		794,066
PPL	76,004		2,614,538
Public Service Enterprise Group	57,661		2,380,823


Common Stocks - 97.9% (continued)	Shares		Value ($)
Utilities - 2.9% (continued)
SCANA	16,490		976,538
Sempra Energy	26,729		2,737,317
Southern	104,194		4,699,149
TECO Energy	25,552		689,904
WEC Energy Group	35,882		1,850,076
Xcel Energy	57,714		2,056,350
			61,680,540
Total Common Stocks (cost $1,137,011,549)			2,109,781,454
Short-Term Investments - .1%
U.S. Treasury Bills
0.02%, 3/17/16	1,480,000	^d	1,479,441
0.03%, 2/25/16	670,000	^d	669,834
(cost $2,149,791)			2,149,275
Other Investments - 1.9%
Registered Investment Company;
Dreyfus Institutional Preferred Plus Money Market Fund	41,848,978	^e	41,848,978
(cost $41,848,978)
Investment of Cash Collateral for Securities Loaned - .3%
Registered Investment Company;
Dreyfus Institutional Cash Advantage Fund	5,459,735	^e	5,459,735
(cost $5,459,735)
Total Investments (cost $1,186,470,053)	100.2%		2,159,239,442
Liabilities, Less Cash and Receivables	(0.2%)		(3,474,948)
Net Assets	100.0%		2,155,764,494

^a Security, or portion thereof, on loan. At October 31, 2015, the value of the fund's securities on loan was $36,705,004 and the value of the collateral held by the fund was $37,377,164 consisting of cash collateral of $5,459,735 and U.S. Government & Agency securities valued at $31,917,429.

^b Non-income producing security.

^c Investment in real estate investment trust.

^d Held by a broker in a segregated account as collateral for open financial futures positions.

^e Investment in affiliated money market mutual fund.

STATEMENT OF INVESTMENTS (continued)


Portfolio Summary (Unaudited) ^†	Value (%)
Software & Services	11.7
Pharmaceuticals, Biotechnology & Life Sciences	9.5
Capital Goods	7.1
Energy	7.0
Technology Hardware & Equipment	6.3
Banks	5.8
Food, Beverage & Tobacco	5.4
Retailing	5.3
Diversified Financials	4.8
Health Care Equipment & Services	4.7
Media	3.2
Materials	2.9
Utilities	2.9
Insurance	2.7
Real Estate	2.6
Semiconductors & Semiconductor Equipment	2.4
Short-Term/Money Markets Investments	2.3
Telecommunication Services	2.3
Food & Staples Retailing	2.2
Transportation	2.2
Consumer Services	1.9
Household & Personal Products	1.8
Consumer Durables & Apparel	1.5
Automobiles & Components	1.0
Commercial & Professional Services	.7
	100.2

^†Based on net assets.

See notes to financial statements.

STATEMENT OF FINANCIAL FUTURES
October 31, 2015


	Contracts	Market Value Covered by Contracts ($)	Expiration	Unrealized Appreciation at 10/31/2015 ($)

Financial Futures Long
Standard & Poor's 500 E-mini	447	46,347,195	December 2015	2,604,497
Gross Unrealized Appreciation				2,604,497

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES
October 31, 2015



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments (including securities on loan, valued at $36,705,004)—Note 1(b):
Unaffiliated issuers	1,139,161,340	2,111,930,729
Affiliated issuers	47,308,713	47,308,713
Cash		787,069
Dividends and securities lending income receivable		2,440,636
Receivable for investment securities sold		425,064
Receivable for shares of Common Stock subscribed		280,500
Other receivable		22,002
		2,163,194,713
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(b)		344,075
Liability for securities on loan—Note 1(b)		5,459,735
Payable for shares of Common Stock redeemed		1,414,546
Payable for futures variation margin—Note 4		206,051
Interest payable—Note 2		2,512
Accrued expenses		3,300
		7,430,219
Net Assets ($)		2,155,764,494
Composition of Net Assets ($):
Paid-in capital		1,182,192,126
Accumulated undistributed investment income—net		12,451,777
Accumulated net realized gain (loss) on investments		(14,253,295)
Accumulated net unrealized appreciation (depreciation) on investments (including $2,604,497 net unrealized appreciation on financial futures)		975,373,886
Net Assets ($)		2,155,764,494
Shares Outstanding
(150 million shares of $.001 par value Common Stock authorized)		50,285,399
Net Asset Value Per Share ($)		42.87

See notes to financial statements.

STATEMENT OF OPERATIONS

Year Ended October 31, 2015




Investment Income ($):
Income:
Interest					637
Cash dividends (net of $4,723 foreign taxes withheld at source):
Unaffiliated issuers					45,908,874
Affiliated issuers					32,002
Income from securities lending—Note 1(b)					120,971
Total Income					46,062,484
Expenses:
Management fee—Note 3(a)					4,427,103
Directors’ fees—Note 3(a,c)					145,964
Loan commitment fees—Note 2					23,021
Interest expense—Note 2					3,213
Total Expenses					4,599,301
Less—Directors’ fees reimbursed by Dreyfus—Note 3(a)					(145,964)
Net Expenses					4,453,337
Investment Income—Net					41,609,147
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments					9,305,277
Net realized gain (loss) on financial futures					2,138,413
Net Realized Gain (Loss)					11,443,690
Net unrealized appreciation (depreciation) on investments					52,543,349
Net unrealized appreciation (depreciation) on financial futures					1,096,023
Net Unrealized Appreciation (Depreciation)					53,639,372
Net Realized and Unrealized Gain (Loss) on Investments					65,083,062
Net Increase in Net Assets Resulting from Operations					106,692,209

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS



	Year Ended October 31,
	2015	2014
Operations ($):
Investment income—net	41,609,147	36,598,588
Net realized gain (loss) on investments	11,443,690	(2,486,317)
Net unrealized appreciation (depreciation) on investments	53,639,372	284,231,556
Net Increase (Decrease) in Net Assets Resulting from Operations	106,692,209	318,343,827
Dividends to Shareholders from ($):
Investment income—net	(40,112,534)	(35,006,286)
Net realized gain on investments	-	(1,397,376)
Total Dividends	(40,112,534)	(36,403,662)
Capital Stock Transactions ($):
Net proceeds from shares sold	428,627,232	453,083,463
Dividends reinvested	30,056,590	28,442,126
Cost of shares redeemed	(543,341,892)	(458,453,852)
Increase (Decrease) in Net Assets from Capital Stock Transactions	(84,658,070)	23,071,737
Total Increase (Decrease) in Net Assets	(18,078,395)	305,011,902
Net Assets ($):
Beginning of Period	2,173,842,889	1,868,830,987
End of Period	2,155,764,494	2,173,842,889
Undistributed investment income—net	12,451,777	11,340,729
Capital Share Transactions (Shares):
Shares sold	10,174,081	11,780,839
Shares issued for dividends reinvested	705,358	747,402
Shares redeemed	(12,894,112)	(11,890,511)
Net Increase (Decrease) in Shares Outstanding	(2,014,673)	637,730

See notes to financial statements.

FINANCIAL HIGHLIGHTS

The following table describes the performance for the fiscal periods indicated. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the fund’s financial statements.



	Year Ended October 31,
		2015	2014	2013	2012	2011
Per Share Data ($):
Net asset value, beginning of period	41.56		36.17	29.06	25.75	24.29
Investment Operations:
Investment income—net^a	.80		.70	.65	.55	.48
Net realized and unrealized gain (loss) on investments	1.28		5.39	7.08	3.27	1.45
Total from Investment Operations	2.08		6.09	7.73	3.82	1.93
Distributions:
Dividends from investment income—net		(.77)	(.67)	(.62)	(.51)	(.47)
Dividends from net realized gain on investments	-		(.03)	-	-	-
Total Distributions	(.77)		(.70)	(.62)	(.51)	(.47)
Net asset value, end of period	42.87		41.56	36.17	29.06	25.75
Total Return (%)	5.02		17.03	26.96	15.00	7.94
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.21		.21	.21	.21	.21
Ratio of net expenses to average net assets		.20	.20	.20	.20	.20
Ratio of net investment income to average net assets	1.88		1.81	2.01	1.97	1.84
Portfolio Turnover Rate	8.71		5.41	3.45	3.28	2.12
Net Assets, end of period ($ x 1,000)	2,155,764		2,173,843	1,868,831	1,369,234	1,115,441

^a Based on average shares outstanding.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus BASIC S&P 500 Stock Index Fund (the “fund”) is a separate diversified series of The Dreyfus/Laurel Funds, Inc. (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering ten series, including the fund. The fund’s investment objective is to seek to match the total return of the Standard & Poor’s 500^® Composite Stock Price Index. The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of the fund’s shares, which are sold to the public without a sales charge.

The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

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.

(a) Portfolio valuation: 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).

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. For open short positions, asked prices are 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 of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

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. U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by an independent pricing service (the “Service”) approved by the Company’s Board of Directors (the “Board”). These securities are generally categorized within Level 2 of the fair value hierarchy.

The Service’s procedures are reviewed by Dreyfus under the general supervision of the Board.

Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities

NOTES TO FINANCIAL STATEMENTS (continued)

and other appropriate indicators, such as prices of relevant American Depository Receipts and financial futures. 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. 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 of the fair value hierarchy depending on the relevant inputs used.

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

Financial futures, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy.

The following is a summary of the inputs used as of October 31, 2015 in valuing the fund’s investments:


	Level 1 - Unadjusted Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 -Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:
Equity Securities—Domestic Common Stocks^†	2,103,381,221	-	-	2,103,381,221
Equity Securities—Foreign Common Stocks^†	6,400,233	-	-	6,400,233
Mutual Funds	47,308,713	-	-	47,308,713
U.S. Treasury	-	2,149,275	-	2,149,275
Other Financial Instruments:
Financial Futures^††	2,604,497	-	-	2,604,497

^†See Statement of Investments for additional detailed categorizations.

^††Amount shown represents unrealized appreciation at period end.

At October 31, 2015, there were no transfers between Level 1, Level 2 and Level 3 of the fair value hierarchy.

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.

Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, 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 Dreyfus, 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 or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the

NOTES TO FINANCIAL STATEMENTS (continued)

borrower and the collateral. During the period ended October 31, 2015, The Bank of New York Mellon earned $29,278 from lending portfolio securities, pursuant to the securities lending agreement.

(c) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” under the Act. Investments in affiliated investment companies during the period ended October 31, 2015 were as follows:


Affiliated Investment Company	Value 10/31/2014 ($)	Purchases ($)	Sales ($)	Value 10/31/2015 ($)	Net Assets (%)
Dreyfus Institutional Preferred Plus Money Market Fund	73,331,726	317,905,450	349,388,198	41,848,978	1.9
Dreyfus Institutional Cash Advantage Fund	11,208,670	89,227,942	94,976,877	5,459,735	.3
Total	84,540,396	407,133,392	444,365,075	47,308,713	2.2

(d) Dividends to shareholders: Dividends are recorded on the ex-dividend date. Dividends from investment income-net are normally declared and paid quarterly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

(e) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended October 31, 2015, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended October 31, 2015, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended October 31, 2015 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At October 31, 2015, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $14,279,018, undistributed capital gains $12,098,171 and unrealized appreciation $947,195,179.

The tax character of distributions paid to shareholders during the fiscal periods ended October 31, 2015 and October 31, 2014 were as follows: ordinary income $40,112,534 and $35,009,329, and long-term capital gains $0 and $1,394,333, respectively.

During the period ended October 31, 2015, as a result of permanent book to tax differences, primarily due to the tax treatment for real estate investment trusts, the fund decreased accumulated undistributed investment income-net by $385,565 and increased accumulated net realized gain (loss) on investments by the same amount. Net assets and net asset value per share were not affected by this reclassification.

NOTE 2—Bank Lines of Credit:

The fund participates with other Dreyfus-managed funds in a $480 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. Prior to October 7, 2015, the unsecured credit facility with Citibank, N.A. was $430 million. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing.

The average amount of borrowings outstanding under the Facilities during the period ended October 31, 2015 was approximately $284,700 with a related weighted average annualized interest rate of 1.13%.

NOTE 3—Investment Management Fee and Other Transactions with Affiliates:

NOTES TO FINANCIAL STATEMENTS (continued)

obligated to pay Dreyfus a fee, calculated daily and paid monthly, at an annual rate of .20% of the value of the fund’s average daily net assets. Out of its fee, Dreyfus pays all of the expenses of the fund except brokerage fees, taxes, interest expenses, commitment fees on borrowings, fees and expenses of non-interested Directors (including counsel fees) and extraordinary expenses. In addition, Dreyfus is required to reduce its fee in an amount equal to the fund’s allocable portion of fees and expenses of the non-interested Directors (including counsel fees). During the period ended October 31, 2015, fees reimbursed by Dreyfus amounted to $145,964.

(b) The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $355,257, which are offset against an expense reimbursement currently in effect in the amount of $11,182.

(c) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities and financial futures, during the period ended October 31, 2015, amounted to $188,568,916 and $230,841,565, respectively.

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 October 31, 2015 is discussed below.

Financial Futures: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including equity price risk as a result of changes in value of underlying financial instruments. The fund invests in financial futures in order to manage its exposure to or protect against changes in the market. A financial 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 counterparty, 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 which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with financial futures since

they are exchange traded, and the exchange guarantees the financial futures against default. Financial futures open at October 31, 2015 are set forth in the Statement of Financial Futures.

The following summarizes the average market value of derivatives outstanding during the period ended October 31, 2015:


				Average Market Value ($)
Equity financial futures				37,511,039

At October 31, 2015, the cost of investments for federal income tax purposes was $1,212,044,263; accordingly, accumulated net unrealized appreciation on investments was $947,195,179, consisting of $1,006,532,726 gross unrealized appreciation and $59,337,547 gross unrealized depreciation.

NOTE 5—Pending Legal Matters:

The fund and many other entities have been named as defendants in numerous pending litigations as a result of their participation in the leveraged buyout transaction (“LBO”) of the Tribune Company (“Tribune”). The cases allege that Tribune took on billions of dollars of debt in the LBO to purchase its own stock from shareholders at $34 per share. The LBO was closed in a two-step transaction with shares being repurchased by Tribune in a tender offer in June 2007 and in a go private merger in December 2007. In 2008, approximately one year after the LBO was concluded, Tribune filed for bankruptcy protection under Chapter 11. Thereafter, in approximately June 2011, certain Tribune creditors filed dozens of complaints in various courts throughout the country alleging that the payments made to shareholders in the LBO were “fraudulent conveyances” under state and/or federal law, and that the shareholders must return the payments they received for their shares to satisfy the plaintiffs’ unpaid claims. These cases have been consolidated for coordinated pre-trial proceedings in a multi-district litigation in the United States District Court for the Southern District of New York titled In re Tribune Company Fraudulent Conveyance Litigation (S.D.N.Y. Nos. 11-md-2296 and 12-mc-2296 (RJS) (“Tribune MDL”)). On March 27, 2013, the Tribune MDL was reassigned from Judge William H. Pauley to Judge Richard J. Sullivan. No explanation was given for the reassignment.

In addition, there was a case pending in United States Bankruptcy Court for the District of Delaware brought by the Unsecured Creditors Committee of the Tribune Company that has since been transferred to the Tribune MDL (formerly The Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons, et al., Bankr. D. Del. Adv. Pro. No. 10-54010 (KJC))

NOTES TO FINANCIAL STATEMENTS (continued)

(“FitzSimons case”). The case was originally filed on November 1, 2010. In a Fourth Amended Complaint filed in November 2012, among other claims, the Creditors Committee sought recovery under the Bankruptcy Code for alleged “fraudulent conveyances” from more than 5,000 Tribune shareholders (“Shareholder Defendants”), including the fund, and a defendants’ class of all shareholders who tendered their Tribune stock in the LBO and received cash in exchange. There were 35 other counts in the Fourth Amended Complaint that did not relate to claims against Shareholder Defendants, but instead were brought against parties directly involved in approval or execution of the leveraged buyout. On January 10, 2013, pursuant to the Tribune bankruptcy plan, Mark S. Kirchner, as Litigation Trustee for the Tribune Litigation Trust, became the successor plaintiff to the Creditors Committee in this case. The case is now proceeding as: Mark S. Kirchner, as Litigation Trustee for the Tribune Litigation Trust v. FitzSimons, et al., S.D.N.Y. No. 12-cv-2652 (RJS). On August 1, 2013, the plaintiff filed a Fifth Amended Complaint with the Court. The Fifth Amended Complaint contains more detailed allegations regarding the steps Tribune took in consideration and execution of the LBO, but does not change the legal basis for the claim previously alleged against the Shareholder Defendants.

On November 6, 2012, a motion to dismiss was filed in the Tribune MDL. Oral argument on the motion to dismiss was held on May 23, 2013. On September 23, 2013 Judge Sullivan granted the motion to dismiss on standing grounds, after rejecting defendants’ preemption arguments. By granting the motion, Judge Sullivan dismissed nearly 50 cases in the Tribune MDL. The fund was a defendant in at least one of the dismissed cases. The motion had no effect on the FitzSimons case, which had been stayed.

On September 30, 2013, plaintiffs appealed the motion to dismiss decision to the U.S. Court of Appeals for the Second Circuit. On October 28, 2013, certain defendants cross-appealed from Judge Sullivan’s decision, seeking review of the arguments that Judge Sullivan rejected in his decision. Briefing on the appeal and cross appeal was completed in April 2014. Oral argument before the Second Circuit took place on November 5, 2014.

On November 11, 2013, Judge Sullivan entered Master Case Order No. 4 in the Tribune MDL. Master Case Order No. 4 addressed numerous procedural and administrative tasks for the cases that remain in the Tribune MDL, including the FitzSimons case. Pursuant to Master Case Order No. 4, the parties – through their executive committees and liaison counsel – attempted to negotiate a protocol for motions to dismiss and other procedural issues, and submitted rival proposals to the Court. On

April 24, 2014 the Court entered an order setting a schedule for the first motions to dismiss in the FitzSimons case. Pursuant to that schedule, a “global” motion to dismiss the fraudulent transfer claim asserted against the Shareholder Defendants, which applies equally to all Shareholder Defendants including the fund, was filed on May 23, 2014. Plaintiffs’ response brief was filed on June 23, 2014, and the reply brief was filed on July 3, 2014. No date for oral argument has been scheduled. The Court also preserved Shareholder Defendants’ rights to file nineteen motions to dismiss enumerated in their proposal and motions pursuant to Rules 12(b)(2)-(5) of the Federal Rules of Civil Procedure. If these various motions are necessary after the Court decides the global motion to dismiss, the Court will set further guidelines and briefing schedules.

At this stage in the proceedings, it is not possible to assess with any reasonable certainty the probable outcomes of the pending litigations. Consequently, at this time, management is unable to estimate the possible loss that may result.

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders of
The Dreyfus/Laurel Funds, Inc.

We have audited the accompanying statement of assets and liabilities of Dreyfus BASIC S&P 500 Stock Index Fund (the “Fund”), a series of The Dreyfus/Laurel Funds, Inc., including the statements of investments and financial futures, as of October 31, 2015, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2015, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus BASIC S&P 500 Stock Index Fund as of October 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York
December 30, 2015

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund reports the maximum amount allowable, but not less than $40,112,534 as ordinary income dividends paid during the year ended October 31, 2015 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than 100% of ordinary income dividends paid during the year ended October 31, 2015 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Shareholders will receive notification in early 2016 of the percentage applicable to the preparation of their 2015 income tax returns.

BOARD MEMBERS INFORMATION (Unaudited)

INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (72)

Chairman of the Board (1999)

Principal Occupation During Past 5 Years:

· Corporate Director and Trustee (1995-present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (1997-present)

· The Newark Group, a provider of a national market of paper recovery facilities, paperboard mills and paperboard converting plants, Director (2000-2010)

No. of Portfolios for which Board Member Serves: 140

———————

Francine J. Bovich (64)

Board Member (2012)

Principal Occupation During Past 5 Years:

· Trustee, The Bradley Trusts, private trust funds (2011-present)

· Managing Director, Morgan Stanley Investment Management (1993-2010)

Other Public Company Board Memberships During Past 5 Years:

· Annaly Capital Management, Inc., Board Member (May 2014-present)

No. of Portfolios for which Board Member Serves: 79

———————

Kenneth A. Himmel (69)

Board Member (1994)

Principal Occupation During Past 5 Years:

· Managing Partner, Gulf Related, an international real estate development company (2010-present)

· President and CEO, Related Urban Development, a real estate development company (1996-present)

· President and CEO, Himmel & Company, a real estate development company (1980-present)

· CEO, American Food Management, a restaurant company (1983-present)

No. of Portfolios for which Board Member Serves: 29

———————

Stephen J. Lockwood (68)

Board Member (1994)

Principal Occupation During Past 5 Years:

· Chairman of the Board, Stephen J. Lockwood and Company LLC, a real estate investment company (2000-present)

No. of Portfolios for which Board Member Serves: 29

———————

Roslyn M. Watson (66)

Board Member (1994)

Principal Occupation During Past 5 Years:

· Principal, Watson Ventures, Inc., a real estate investment company (1993-present)

No. of Portfolios for which Board Member Serves: 65

———————

Benaree Pratt Wiley (69)

Board Member (1998)

Principal Occupation During Past 5 Years:

· Principal, The Wiley Group, a firm specializing in strategy and business development (2005-present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (2008-present)

No. of Portfolios for which Board Member Serves: 65

———————

Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80. The address of the Board Members and Officers is c/o The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-DREYFUS.

James M. Fitzgibbons, Emeritus Board Member
J. Tomlinson Fort, Emeritus Board Member

OFFICERS OF THE FUND (Unaudited)

BRADLEY J. SKAPYAK, President since January 2010.

Chief Operating Officer and a director of the Manager since June 2009, Chairman of Dreyfus Transfer, Inc., an affiliate of the Manager and the transfer agent of the funds, since May 2011 and Executive Vice President of the Distributor since June 2007. From April 2003 to June 2009, Mr. Skapyak was the head of the Investment Accounting and Support Department of the Manager. He is an officer of 66 investment companies (comprised of 140 portfolios) managed by the Manager. He is 56 years old and has been an employee of the Manager since February 1988.

BENNETT A. MACDOUGALL, Chief Legal Officer since October 2015

Chief Legal Officer of the Manager since June 2015; from June 2005 to June 2015, Director and Associate General Counsel of Deutsche Bank – Asset & Wealth Management Division, and Chief Legal Officer of Deutsche Investment Management Americas Inc. He is an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since June 2015.

JANETTE E. FARRAGHER, Vice President and Secretary since December 2011.

Assistant General Counsel of BNY Mellon, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. She is 52 years old and has been an employee of the Manager since February 1984.

JAMES BITETTO, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon and Secretary of the Manager, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since December 1996.

JONI LACKS CHARATAN, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. She is 59 years old and has been an employee of the Manager since October 1988.

JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 53 years old and has been an employee of the Manager since June 2000.

JOHN B. HAMMALIAN, Vice President and Assistant Secretary since August 2005.

Senior Managing Counsel of BNY Mellon, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 52 years old and has been an employee of the Manager since February 1991.

MAUREEN E. KANE, Vice President and Assistant Secretary since April 2015.

Managing Counsel of BNY Mellon since July 2014; from October 2004 until July 2014, General Counsel, and from May 2009 until July 2014, Chief Compliance Officer of Century Capital Management. She is an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. She is 53 years old and has been an employee of the Manager since July 2014.

SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.

Senior Counsel of BNY Mellon, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager; from August 2005 to March 2013, Associate General Counsel of Third Avenue Management. She is 40 years old and has been an employee of the Manager since March 2013.

JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.

Senior Managing Counsel of BNY Mellon, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since October 1990.

JAMES WINDELS, Treasurer since November 2001.

Director – Mutual Fund Accounting of the Manager, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 57 years old and has been an employee of the Manager since April 1985.

RICHARD CASSARO, Assistant Treasurer since January 2008.

Senior Accounting Manager – Money Market and Municipal Bond Funds of the Manager, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 56 years old and has been an employee of the Manager since September 1982.

GAVIN C. REILLY, Assistant Treasurer since December 2005.

Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 47 years old and has been an employee of the Manager since April 1991.

ROBERT S. ROBOL, Assistant Treasurer since December 2002.

Senior Accounting Manager – Fixed Income Funds of the Manager, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since October 1988.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

Senior Accounting Manager – Equity Funds of the Manager, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 48 years old and has been an employee of the Manager since June 1989.

ROBERT SVAGNA, Assistant Treasurer since December 2002.

JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.

Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (67 investment companies, comprised of 165 portfolios). He is 58 years old and has served in various capacities with the Manager since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.

NOTES

For More Information

Dreyfus BASIC S&P 500 Stock Index Fund
200 Park Avenue
New York, NY 10166

Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166

Custodian
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166

Distributor
MBSC Securities Corporation
200 Park Avenue
New York, NY 10166


Ticker Symbol:	DSPIX

Telephone Call your financial representative or 1-800-DREYFUS

Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144

E-mail Send your request to info@dreyfus.com

Internet Information can be viewed online or downloaded at www.dreyfus.com

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (phone 1-800-SEC-0330 for information).

A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at www.dreyfus.com and on the SEC’s website at www.sec.gov and without charge, upon request, by calling 1-800-DREYFUS.


© 2015 MBSC Securities Corporation 0713AR1015

Dreyfus Bond Market Index Fund


		ANNUAL REPORT October 31, 2015

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

Contents

THE FUND

FOR MORE INFORMATION

Back Cover


	Dreyfus Bond Market Index Fund		The Fund

A LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present this annual report for Dreyfus Bond Market Index Fund, covering the 12-month period from November 1, 2014, through October 31, 2015. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.

Thank you for your continued confidence and support.

Sincerely,

J. Charles Cardona
President
The Dreyfus Corporation
November 16, 2015

DISCUSSION OF FUND PERFORMANCE

For the period of November 1, 2014, through October 31, 2015, as provided by Nancy G. Rogers, Portfolio Manager

Fund and Market Performance Overview

For the 12-month period ended October 31, 2015, Dreyfus Bond Market Index Fund’s Investor shares produced a total return of 1.54%, and its BASIC shares produced a total return of 1.79%.¹ In comparison, the Barclays U.S. Aggregate Bond Index (the “Index”) achieved a total return of 1.96% for the same period.²

Fixed-income securities produced mildly positive returns in the midst of changing economic sentiment during the reporting period. The difference in returns between the fund and the Index was primarily the result of operating expenses that are not reflected in the Index’s results.

The Fund’s Investment Approach

The fund seeks to match the total return of the Index. To pursue this goal, the fund normally invests at least 80% of its assets in bonds that are included in the Index (or other instruments with similar characteristics). To maintain liquidity, the fund may invest up to 20% of its assets in various short-term, fixed-income securities and money market instruments.

While the fund seeks to mirror the returns of the Index, it does not hold the same number of bonds. Instead, the fund holds approximately 1800 securities as compared to approximately 9400 securities in the Index. The fund’s average duration—a measure of sensitivity to changing interest rates—generally remains neutral to the Index. As of October 31, 2015, the average duration of the fund was approximately 5.6 years.

Monetary Policy Actions Drove U.S. and Global Bond Markets

The reporting period began during a U.S. bond market rally in which slowing global economic growth and falling commodity prices prompted central banks in Japan and China to adopt more accommodative monetary policies. The European Central Bank implemented its own larger-than-expected quantitative easing program in January 2015 amid disappointing regional growth. These policy actions sent yields of high-quality sovereign bonds sharply lower and global investors flocked to higher yielding alternatives in the United States. Consequently, yields of 10-year U.S. Treasury securities, which began the reporting period at 2.35%, declined to 1.68% by the beginning of February 2015.

Investor demand soon began to normalize, and robust employment gains briefly sent long-term U.S. bond yields higher until investors responded to weaker-than-expected data in other areas of the economy. In fact, U.S. GDP expanded at an anemic 0.6% annualized rate over the first quarter of 2015 due to a strengthening U.S. dollar and severe winter weather. The economy regained traction in the spring, posting a 3.9% annualized growth rate for the second quarter, and rising long-term interest rates erased previous price gains when yields of 10-year Treasuries climbed to 2.50% in mid-June.

However, renewed worries about economic instability in China and other emerging markets sparked a renewed flight to quality over the summer, causing long-term bond yields to fall

DISCUSSION OF FUND PERFORMANCE (continued)

again. Meanwhile, U.S. economic growth decelerated to a more moderate 1.5% annualized rate for the third quarter, and the Federal Reserve Board (the “Fed”) cited global economic instability when it refrained from raising short-term interest rates at its October meeting. In addition, the European Central Bank suggested that it was not done with its quantitative easing program, and China reduced interest rates again. Yields of 10-year Treasuries ended the reporting period at 2.16%.

High Quality Bonds Outperformed Lower Rated Securities

All of the market sectors represented in the Index produced positive absolute returns over the reporting period. Commercial mortgage-backed securities, which comprise a relatively small portion of the Index, produced the highest total returns. U.S. Treasury securities also gained significant value, supported by robust demand from risk-averse global investors. Mortgage-backed securities backed by U.S. government agencies tended to lag their nominal Treasury counterparts, in part due to the impact of reduced mortgage insurance premiums on prepayment rates. Investment-grade corporate bonds fared relatively poorly as credit spreads widened, particularly among securities backed by energy and materials companies struggling with falling commodity prices. Bonds issued by companies with significant international exposure also trailed market averages as the U.S. dollar strengthened against most currencies. In contrast, high-grade corporate bonds from the financials sector fared relatively well.

Replicating the Index’s Composition

As an index fund, we attempt to match closely the returns of the Index by approximating its composition. Still, it is worth noting that investors currently expect the Fed to begin raising short-term interest rates, perhaps as soon as its December meeting.

As of October 31, 2015, approximately 28.6% of the fund’s assets were invested in mortgage-backed securities, 2% in commercial mortgage-backed securities, 30.8% in credit bonds and asset-backed securities, and 38.6% in U.S. Treasury and Agency securities. Moreover, all of the fund’s corporate securities were rated at least BBB- or better, and the fund has maintained an overall credit quality and duration posture that is closely aligned with that of the Index.

November 16, 2015

Bond funds are subject generally to interest rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.

Indexing does not attempt to manage market volatility, use defensive strategies, or reduce the effects of any long-term periods of poor index performance. The correlation between fund and index performance may be affected by the fund’s expenses and use of sampling techniques, changes in securities markets, changes in the composition of the index, and the timing of purchases and redemptions of fund shares.

¹ Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.

² SOURCE: Lipper Inc. — Reflects reinvestment of dividends and, where applicable, capital gain distributions. The Barclays U.S. Aggregate Bond Index is a widely accepted, unmanaged total return index of corporate, U.S. government and U.S. government agency debt instruments, mortgage-backed securities, and asset-backed securities with an average maturity of 1-10 years. Index returns do not reflect fees and expenses associated with operating a mutual fund.

FUND PERFORMANCE

Comparison of change in value of $10,000 investment in Dreyfus Bond Market Index Fund BASIC shares and Investor shares and the Barclays U. S. Aggregate Bond Index


Average Annual Total Returns as of 10/31/15
	1 Year	5 Years	10 Years
BASIC shares	1.79%	2.81%	4.51%
Investor shares	1.54%	2.54%	4.25%
Barclays U.S. Aggregate Bond Index	1.96%	3.03%	4.72%

^†Source: Lipper Inc.

The above graph compares a $10,000 investment made in each of the BASIC and Investor shares of Dreyfus Bond Market Index Fund on 10/31/05 to a $10,000 investment made in the Barclays U.S. Aggregate Bond Index (the “Index”) on that date. All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for BASIC and Investor shares. The Index is a widely accepted, unmanaged index of corporate, U.S. government and U.S. government agency debt instruments, mortgage-backed securities and asset-backed securities. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Bond Market Index Fund from May 1, 2015 to October 31, 2015. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.


Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended October 31, 2015
	Investor Shares	BASIC Shares
Expenses paid per $1,000^†	$ 2.01	$ .76
Ending value (after expenses)	$ 996.60	$ 997.90

COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses


Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% return for the six months ended October 31, 2015
	Investor Shares	BASIC Shares
Expenses paid per $1,000^†	$ 2.04	$ .77
Ending value (after expenses)	$ 1,023.19	$1,024.45

^†Expenses are equal to the fund’s annualized expense ratio of .40% for Investor shares and .15% for BASIC shares, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS
October 31, 2015


Bonds and Notes - 99.9%	Coupon Rate (%)	Maturit1y Date	Principal Amount ($)		Value ($)
Asset-Backed Ctfs./Auto Receivables - .3%
AmeriCredit Automobile Receivables Trust, Ser. 2013-5, Cl. A3	0.90	9/10/18	759,452		759,408
AmeriCredit Automobile Receivables Trust, Ser. 2014-2, Cl. A3	0.94	2/8/19	1,170,000		1,167,717
AmeriCredit Automobile Receivables Trust, Ser. 2014-2, Cl. D	1.38	11/15/19	1,300,000		1,304,767
AmeriCredit Automobile Receivables Trust, Ser. 2014-4, Cl. A3	1.27	7/8/19	1,000,000		996,883
Carmax Auto Owner Trust, Ser. 2013-2, Cl. A4	0.84	11/15/18	650,000		646,054
Fifth Third Auto Trust, Ser. 2014-3, Cl. A4	1.47	5/17/21	800,000		798,018
Ford Credit Auto Owner Trust, Ser. 2012-B, Cl. A4	1.00	9/15/17	233,539		233,747
World Omni Auto Receivables Trust, Ser. 2013-B, Cl. A3	0.83	8/15/18	732,658		732,564
				6,639,158
Asset-Backed Ctfs./Credit Cards - .3%
American Express Credit Account Master Trust, Ser. 2014-3, Cl. A	1.49	4/15/20	1,050,000		1,055,690
Capital One Multi-Asset Execution Trust, Ser. 2007-A7, Cl. A7	5.75	7/15/20	565,000		611,911
Capital One Multi-Asset Execution Trust, Ser. 2015-A1, Cl. A	1.39	1/15/21	2,000,000		2,001,488
Chase Issuance Trust, Ser. 2013-A8, Cl. A8	1.01	10/15/18	1,000,000		1,001,222
Citibank Credit Card Issuance Trust, Ser. 2004-A8, Cl. A8	1.73	4/9/20	1,500,000		1,514,656
Citibank Credit Card Issuance Trust, Ser. 2007-A8, Cl. A8	5.65	9/20/19	500,000		540,310
				6,725,277
Commercial Mortgage Pass-Through Ctfs. - 1.4%
Banc of America Commercial Mortgage Trust, Ser. 2007-1, Cl. A4	5.45	1/15/49	881,466		914,861
Banc of America Commercial Mortgage Trust, Ser. 2007-4, Cl. A4	5.93	2/10/51	208,452	^a	220,613
Bear Stearns Commercial Mortgage Securities Trust, Ser. 2006-PW14, Cl. A4	5.20	12/11/38	965,162		992,602
Citigroup Commercial Mortgage Trust, Ser. 2006-C4, Cl. A3	5.99	3/15/49	171,148	^a	172,345
Citigroup Commercial Mortgage Trust, Ser. 2008-C7, Cl. A4	6.35	12/10/49	1,002,538	^a	1,064,183
Citigroup Commercial Mortgage Trust, Ser. 2014-GC19, Cl. A2	2.79	3/10/47	1,250,000		1,283,512
Citigroup Commercial Mortgage Trust, Ser. 2014-GC23, Cl. A4	3.62	7/10/47	1,000,000		1,042,612
Citigroup/Deutsche Bank Commercial Mortgage Trust, Ser. 2006-CD2, Cl. A4	5.55	1/15/46	38,966	^a	38,933

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
Commercial Mortgage Pass-Through Ctfs. - 1.4% (continued)
COBALT CMBS Commercial Mortgage Trust, Ser. 2007-C3, Cl. A4	5.96	5/15/46	866,363	^a	915,096
Commercial Mortgage Trust, Ser. 2012-CR4, Cl. A3	2.85	10/15/45	1,000,000		1,009,793
Commercial Mortgage Trust, Ser. 2013-CR11, Cl. B	5.33	10/10/46	750,000	^a	838,819
Commercial Mortgage Trust, Ser. 2014-CR16, Cl. A4	4.05	4/10/47	1,200,000		1,289,897
Commercial Mortgage Trust, Ser. 2014-LC15, Cl. A2	2.84	4/10/47	2,000,000		2,054,150
Commercial Mortgage Trust, Ser. 2015-LC19, Cl. A4	3.18	2/10/48	2,025,000		2,041,629
GS Mortgage Securities Trust, Ser. 2007-GG10, Cl. A4	5.99	8/10/45	896,595	^a	938,729
GS Mortgage Securities Trust, Ser. 2014-GC18, Cl. A3	3.80	1/10/47	500,000		531,174
J.P. Morgan Chase Commercial Mortgage Securities Trust, Ser. 2006-CB14, Cl. A4	5.48	12/12/44	51,741	^a	51,727
J.P. Morgan Chase Commercial Mortgage Securities Trust, Ser. 2007-CB18, Cl. A4	5.44	6/12/47	328,637		336,378
J.P. Morgan Chase Commercial Mortgage Securities Trust, Ser. 2007-CB20, Cl. A4	5.79	2/12/51	897,185	^a	949,487
J.P. Morgan Chase Commercial Mortgage Securities Trust, Ser. 2007-LDPX, Cl. A3	5.42	1/15/49	59,347		61,379
J.P.Morgan Chase Commercial Mortgage Securities Corp., Ser. 2012-LC9, Cl. A5	2.84	12/15/47	1,000,000		1,005,323
JPMBB Commercial Mortgage Securities Trust, Ser. 2013-C15, Cl. A5	4.13	11/15/45	500,000		540,716
JPMBB Commercial Mortgage Securities Trust, Ser. 2014-C24, Cl. A5	3.64	11/15/47	1,725,000		1,793,602
LB-UBS Commercial Mortgage Trust, Ser. 2007-C2, Cl. A3	5.43	2/15/40	976,231		1,012,526
Merrill Lynch Mortgage Trust, Ser. 2006-C2, Cl. A4	5.74	8/12/43	844,380	^a	861,928
Merrill Lynch Mortgage Trust, Ser. 2007-C1, Cl. A4	6.03	6/12/50	1,000,000	^a	1,040,745
Merrill Lynch/Countrywide Commercial Mortgage Trust, Ser. 2006-2, Cl. A4	6.07	6/12/46	29,968	^a	30,288
Merrill Lynch/Countrywide Commercial Mortgage Trust, Ser. 2007-7, Cl. A4	5.81	6/12/50	1,114,279	^a	1,168,417
Morgan Stanley Bank of America Merrill Lynch Trust, Ser. 2013-C10, Cl. A1	1.39	7/15/46	46,517		46,634
Morgan Stanley Bank of America Merrill Lynch Trust, Ser. 2013-C8, Cl. A4	3.13	12/15/48	1,000,000		1,020,290


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
Commercial Mortgage Pass-Through Ctfs. - 1.4% (continued)
Morgan Stanley Bank of America Merrill Lynch Trust, Ser. 2013-C9, Cl. A1		0.83		5/15/46	289,646				288,947
Morgan Stanley Bank of America Merrill Lynch Trust, Ser. 2015-C20, Cl. A4		3.25		2/15/48	1,175,000				1,186,000
Morgan Stanley Capital I Trust, Ser. 2007-IQ14, Cl. A4		5.69		4/15/49	1,300,000		^a		1,352,737
Morgan Stanley Capital I Trust, Ser. 2007-T25, Cl. A3		5.51		11/12/49	963,146		^a		993,638
UBS Commercial Mortgage Trust, Ser. 2012-C1, Cl. A3		3.40		5/10/45	500,000				520,635
UBS-Barclays Commercial Mortgage Trust, Ser. 2012-C3, Cl. A4		3.09		8/10/49	500,000				512,161
UBS-Barclays Commercial Mortgage Trust, Ser. 2012-C4, Cl. A5		2.85		12/10/45	500,000				499,224
UBS-Barclays Commercial Mortgage Trust, Ser. 2013-C6, Cl. A4		3.24		4/10/46	1,412,000				1,447,503
WF-RBS Commercial Mortgage Trust, Ser. 2012-C7, Cl. A1		2.30		6/15/45	842,897				850,309
WF-RBS Commercial Mortgage Trust, Ser. 2013-C14, Cl. ASB		2.98		6/15/46	1,500,000				1,540,111
WF-RBS Commercial Mortgage Trust, Ser. 2014-C20, Cl. A2		3.04		5/15/47	1,000,000				1,034,682
							35,494,335
Consumer Discretionary - 2.6%
21st Century Fox America, Gtd. Debs.		8.25		8/10/18	150,000				175,159
21st Century Fox America, Gtd. Debs.		7.75		12/1/45	100,000				134,853
21st Century Fox America, Gtd. Notes		3.70		10/15/25	500,000		^b		501,086
21st Century Fox America, Gtd. Notes		6.20		12/15/34	250,000				287,971
21st Century Fox America, Gtd. Notes		6.65		11/15/37	360,000				433,497
21st Century Fox America, Gtd. Notes		4.75		9/15/44	500,000				504,001
21st Century Fox America, Gtd. Notes, Ser. WI		3.70		9/15/24	750,000				758,779
Alibaba Group Holding, Gtd. Notes		3.13		11/28/21	290,000		^b		286,223
Alibaba Group Holding, Gtd. Notes		3.60		11/28/24	750,000		^b		729,300
Amazon.com, Sr. Unscd. Notes		2.60		12/5/19	1,000,000				1,024,786
Autonation, Gtd. Notes		6.75		4/15/18	300,000				332,425
Autozone, Sr. Unscd. Notes		1.30		1/13/17	1,000,000				999,930
Bed Bath & Beyond, Sr. Unscd. Notes		3.75		8/1/24	1,000,000				981,496
BorgWarner, Sr. Unscd. Notes		3.38		3/15/25	1,000,000				971,451
California Institute of Technology, Unscd. Bonds		4.32		8/1/45	110,000				112,925

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
Consumer Discretionary - 2.6% (continued)
Carnival, Gtd. Notes		3.95		10/15/20	300,000				313,779
CBS, Gtd. Debs.		7.88		7/30/30	300,000				387,442
CBS, Gtd. Notes		5.50		5/15/33	250,000				249,859
CBS, Gtd. Notes		4.90		8/15/44	240,000				223,899
CCO Safari II, Sr. Scd. Notes		4.91		7/23/25	910,000		^b		926,393
CCO Safari II, Sr. Scd. Notes		6.48		10/23/45	500,000		^b		519,882
CCO Safari II, Sr. Scd. Notes		6.83		10/23/55	530,000		^b		538,892
CDK Global, Sr. Unscd. Notes		3.30		10/15/19	1,000,000				1,001,189
Colgate-Palmolive, Sr. Unscd. Notes		2.45		11/15/21	1,000,000				1,011,593
Comcast, Gtd. Bonds		4.75		3/1/44	500,000				527,912
Comcast, Gtd. Notes		6.50		1/15/17	1,000,000				1,065,700
Comcast, Gtd. Notes		5.70		7/1/19	500,000				566,993
Comcast, Gtd. Notes		2.85		1/15/23	300,000				302,127
Comcast, Gtd. Notes		3.38		8/15/25	730,000				743,837
Comcast, Gtd. Notes		4.25		1/15/33	500,000				501,227
Comcast, Gtd. Notes		4.40		8/15/35	340,000				345,358
Comcast, Gtd. Notes		6.45		3/15/37	650,000				816,796
Comcast, Gtd. Notes		4.60		8/15/45	410,000				425,707
Comcast Cable Communications Holdings, Gtd. Notes		9.46		11/15/22	304,000				422,945
Costco Wholesale, Sr. Unscd. Notes		5.50		3/15/17	500,000				531,316
Costco Wholesale, Sr. Unscd. Notes		2.25		2/15/22	500,000				492,466
CVS Health, Sr. Unscd. Bonds		2.25		8/12/19	1,000,000		^c		1,008,786
CVS Health, Sr. Unscd. Notes		5.75		6/1/17	30,000				32,084
CVS Health, Sr. Unscd. Notes		2.80		7/20/20	680,000				692,271
CVS Health, Sr. Unscd. Notes		6.13		9/15/39	1,000,000				1,203,099
CVS Health, Sr. Unscd. Notes		5.13		7/20/45	480,000				516,608
Daimler Finance North America, Gtd. Notes		8.50		1/18/31	200,000				289,483
DirecTV Holdings/Financing, Gtd. Notes		6.00		8/15/40	800,000				832,247


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)	Value ($)
Consumer Discretionary - 2.6% (continued)
Discovery Communications, Gtd. Notes	6.35	6/1/40	700,000	743,382
Dollar General, Sr. Unscd. Notes	1.88	4/15/18	1,000,000	996,865
Ford Motor, Sr. Unscd. Notes	4.75	1/15/43	500,000	497,397
General Motors, Sr. Unscd. Notes	5.20	4/1/45	340,000	337,869
Grupo Televisa, Sr. Unscd. Notes	5.00	5/13/45	750,000	680,155
Hasbro, Sr. Unscd. Notes	3.15	5/15/21	750,000	754,660
Home Depot, Sr. Unscd. Notes	5.88	12/16/36	1,150,000	1,425,696
Home Depot, Sr. Unscd. Notes	5.40	9/15/40	437,000	518,263
Home Depot, Sr. Unscd. Notes	4.88	2/15/44	500,000	556,191
Interpublic Group, Sr. Unscd. Notes	4.20	4/15/24	500,000	499,661
Kohl's, Sr. Unscd. Notes	4.75	12/15/23	500,000	524,649
Kroger, Sr. Unscd. Notes	3.30	1/15/21	300,000	308,600
Lowe's Cos., Sr. Unscd. Notes	3.88	9/15/23	500,000	527,967
Lowe's Cos., Sr. Unscd. Notes	3.13	9/15/24	1,500,000	1,494,058
Lowe's Cos., Sr. Unscd. Notes	4.38	9/15/45	500,000	510,095
Marriott International, Sr. Unscd. Notes	3.13	10/15/21	1,000,000	1,008,998
Massachusetts Institute of Technology, Notes	5.60	7/1/11	190,000	234,832
Mattel, Sr. Unscd. Notes	2.35	5/6/19	500,000	499,007
McDonald's, Sr. Unscd. Notes	5.35	3/1/18	1,050,000	1,140,075
NBCUniversal Media, Gtd. Notes	5.15	4/30/20	1,500,000	1,695,172
Newell Rubbermaid, Sr. Unscd. Notes	2.88	12/1/19	500,000	504,026
Nike, Sr. Unscd. Notes	2.25	5/1/23	300,000	293,309
Nike, Sr. Unscd. Notes	3.63	5/1/43	300,000	280,148
Nordstrom, Sr. Unscd. Bonds	4.75	5/1/20	500,000	549,176
Omnicom Group, Gtd. Notes	3.63	5/1/22	500,000	507,831
Philip Morris International, Sr. Unscd. Notes	2.50	8/22/22	1,100,000	1,084,684
Procter & Gamble, Sr. Unscd. Notes	5.55	3/5/37	300,000	367,813
QVC, Sr. Scd. Notes	5.45	8/15/34	500,000	446,832

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
Consumer Discretionary - 2.6% (continued)
Signet UK Finance, Gtd. Bonds		4.70		6/15/24	500,000				502,384
Stanley Black & Decker, Gtd. Notes		3.40		12/1/21	400,000				412,009
Staples, Sr. Unscd. Notes		4.38		1/12/23	250,000		^c		244,054
Starbucks, Sr. Unscd. Notes		4.30		6/15/45	500,000				511,085
Target, Sr. Unscd. Notes		5.38		5/1/17	400,000				426,588
Target, Sr. Unscd. Notes		2.30		6/26/19	1,000,000				1,020,994
Target, Sr. Unscd. Notes		7.00		1/15/38	228,000				313,425
Thomson Reuters, Gtd. Notes		6.50		7/15/18	800,000				892,992
Thomson Reuters, Sr. Unscd. Notes		3.95		9/30/21	300,000				314,803
Time Warner, Gtd. Notes		4.75		3/29/21	1,500,000				1,643,787
Time Warner, Gtd. Notes		7.63		4/15/31	1,100,000				1,408,794
Time Warner Cable, Gtd. Debs.		6.55		5/1/37	350,000				351,721
Time Warner Cable, Gtd. Debs.		7.30		7/1/38	495,000				537,750
Time Warner Cable, Gtd. Debs.		4.50		9/15/42	500,000				406,422
Time Warner Cable, Gtd. Notes		8.25		4/1/19	1,000,000				1,166,557
Time Warner Cos., Gtd. Debs.		6.95		1/15/28	325,000				400,647
Toyota Motor Credit, Sr. Unscd. Notes		2.15		3/12/20	500,000				502,152
University of Southern California, Sr. Unscd. Notes		5.25		10/1/11	40,000				46,342
Viacom, Sr. Unscd. Notes		2.75		12/15/19	655,000				653,450
Viacom, Sr. Unscd. Notes		6.88		4/30/36	235,000				245,610
Viacom, Sr. Unscd. Notes		4.38		3/15/43	1,250,000				949,172
Walgreens Boots Alliance, Gtd. Notes		1.75		11/17/17	300,000				299,929
Walgreens Boots Alliance, Gtd. Notes		3.30		11/18/21	400,000				400,290
Walgreens Boots Alliance, Gtd. Notes		4.50		11/18/34	400,000				371,904
Wal-Mart Stores, Sr. Unscd. Notes		3.63		7/8/20	1,600,000				1,724,243
Wal-Mart Stores, Sr. Unscd. Notes		5.25		9/1/35	600,000				692,120
Wal-Mart Stores, Sr. Unscd. Notes		6.50		8/15/37	635,000				830,404
Wal-Mart Stores, Sr. Unscd. Notes		4.30		4/22/44	1,000,000		^c		1,016,090


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
Consumer Discretionary - 2.6% (continued)
Walt Disney, Sr. Unscd. Notes		3.75		6/1/21	500,000				538,126
Walt Disney, Sr. Unscd. Notes, Ser. B		7.00		3/1/32	150,000				207,606
WPP Finance 2010, Gtd. Notes		3.75		9/19/24	750,000				755,275
Wyndham Worldwide, Sr. Unscd. Notes		2.50		3/1/18	500,000				500,977
Wyndham Worldwide, Sr. Unscd. Notes		3.90		3/1/23	500,000				482,217
Xerox, Sr. Unscd. Notes		6.75		2/1/17	750,000				791,866
Xerox, Sr. Unscd. Notes		3.80		5/15/24	500,000		^c		459,627
Yale University, Sr. Unscd. Notes		2.09		4/15/19	300,000				304,006
							66,036,601
Consumer Staples - 1.2%
Altria Group, Gtd. Notes		2.85		8/9/22	500,000				495,007
Altria Group, Gtd. Notes		4.00		1/31/24	230,000				242,434
Altria Group, Gtd. Notes		4.25		8/9/42	1,000,000				947,618
Anheuser-Busch, Gtd. Notes		1.13		1/27/17	1,000,000				996,962
Anheuser-Busch, Gtd. Notes		5.50		1/15/18	145,000				156,994
Anheuser-Busch Inbev Finance, Gtd. Notes		2.63		1/17/23	500,000				475,408
Anheuser-Busch Inbev Finance, Gtd. Notes		3.70		2/1/24	1,000,000				1,014,660
Anheuser-Busch Inbev Finance, Gtd. Notes		4.00		1/17/43	700,000				623,330
Anheuser-Busch Inbev Worldwide, Gtd. Notes		5.38		1/15/20	1,000,000				1,113,516
Archer-Daniels-Midland, Sr. Unscd. Notes		5.45		3/15/18	92,000				100,050
Campbell Soup, Sr. Unscd. Notes		3.30		3/19/25	750,000				736,609
Clorox, Sr. Unscd. Notes		3.80		11/15/21	200,000				211,087
Coca-Cola, Sr. Unscd. Notes		3.30		9/1/21	1,500,000				1,579,374
Coca-Cola Femsa, Gtd. Bonds		2.38		11/26/18	400,000				404,600
ConAgra Foods, Sr. Unscd. Notes		1.90		1/25/18	500,000				497,596
ConAgra Foods, Sr. Unscd. Notes		3.20		1/25/23	210,000				200,546
ConAgra Foods, Sr. Unscd. Notes		7.00		10/1/28	350,000				420,114
ConAgra Foods, Sr. Unscd. Notes		4.65		1/25/43	198,000				177,862
Diageo Capital, Gtd. Notes		5.75		10/23/17	720,000				780,399

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
Consumer Staples - 1.2% (continued)
Diageo Investment, Gtd. Notes	4.25	5/11/42	500,000		496,836
Dr. Pepper Snapple Group, Gtd. Notes	6.82	5/1/18	200,000		223,434
General Mills, Sr. Unscd. Notes	5.70	2/15/17	1,300,000		1,374,324
HJ Heinz, Gtd. Notes	3.95	7/15/25	360,000	^b	369,328
JM Smucker, Gtd. Notes	1.75	3/15/18	400,000		400,958
JM Smucker, Gtd. Notes	2.50	3/15/20	500,000		500,199
Kellogg, Sr. Unscd. Debs., Ser. B	7.45	4/1/31	340,000		438,187
Kellogg, Sr. Unscd. Notes	4.15	11/15/19	400,000		426,966
Kimberly-Clark, Sr. Unscd. Notes	3.70	6/1/43	500,000		466,234
Kraft Foods Group, Gtd. Notes	2.25	6/5/17	490,000		496,428
Kraft Foods Group, Gtd. Notes	3.50	6/6/22	490,000		500,435
Kraft Foods Group, Gtd. Notes	5.00	6/4/42	400,000		413,248
Kraft Heinz Foods, Gtd. Notes	2.80	7/2/20	390,000	^b	391,936
Kraft Heinz Foods, Gtd. Notes	6.75	3/15/32	525,000		609,003
Kraft Heinz Foods, Gtd. Notes	5.20	7/15/45	270,000	^b	287,349
Kroger, Gtd. Notes	7.50	4/1/31	800,000		1,025,339
Mondelez International, Sr. Unscd. Notes	4.00	2/1/24	1,000,000		1,045,697
Mondelez International, Sr. Unscd. Notes	6.50	2/9/40	253,000		309,396
Pepsi Bottling Group, Gtd. Notes, Ser. B	7.00	3/1/29	800,000	^c	1,082,946
PepsiCo, Sr. Unscd. Notes	7.90	11/1/18	1,000,000		1,181,634
PepsiCo, Sr. Unscd. Notes	2.15	10/14/20	810,000		810,121
PepsiCo, Sr. Unscd. Notes	3.50	7/17/25	500,000		517,406
PepsiCo, Sr. Unscd. Notes	4.88	11/1/40	500,000		541,768
PepsiCo, Sr. Unscd. Notes	4.45	4/14/46	210,000		215,524
Philip Morris International, Sr. Unscd. Notes	5.65	5/16/18	760,000		838,418
Philip Morris International, Sr. Unscd. Notes	4.50	3/20/42	650,000		669,494
Procter & Gamble, Sr. Unscd. Bonds	6.45	1/15/26	1,046,000		1,344,737
Reynolds American, Gtd. Notes	2.30	6/12/18	510,000		517,707


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
Consumer Staples - 1.2% (continued)
Reynolds American, Gtd. Notes	4.85	9/15/23	650,000		704,579
Reynolds American, Gtd. Notes	5.70	8/15/35	240,000		263,331
Reynolds American, Gtd. Notes	5.85	8/15/45	510,000		567,842
Sysco, Gtd. Notes	5.38	9/21/35	350,000		394,554
Tyson Foods, Gtd. Bonds	5.15	8/15/44	500,000		525,893
				31,125,417
Energy - 2.6%
Anadarko Petroleum, Sr. Unscd. Notes	5.95	9/15/16	350,000		362,953
Anadarko Petroleum, Sr. Unscd. Notes	3.45	7/15/24	1,000,000		978,178
Anadarko Petroleum, Sr. Unscd. Notes	6.45	9/15/36	150,000		169,257
Apache, Sr. Unscd. Notes	6.00	1/15/37	380,000		411,607
Apache, Sr. Unscd. Notes	4.75	4/15/43	1,000,000		928,140
Baker Hughes, Sr. Unscd. Notes, Ser. WI	3.20	8/15/21	1,000,000		998,125
BP Capital Markets, Gtd. Notes	1.85	5/5/17	1,250,000	^c	1,262,425
BP Capital Markets, Gtd. Notes	3.25	5/6/22	1,200,000		1,217,630
BP Capital Markets, Gtd. Notes	2.50	11/6/22	800,000		774,758
Buckeye Partners, Sr. Unscd. Notes	2.65	11/15/18	250,000		242,113
Cameron International, Sr. Unscd. Notes	1.40	6/15/17	500,000		496,314
Cameron International, Sr. Unscd. Notes	5.13	12/15/43	175,000		182,190
Canadian Natural Resources, Sr. Unscd. Notes	3.90	2/1/25	500,000		475,445
Canadian Natural Resources, Sr. Unscd. Notes	6.25	3/15/38	430,000		451,412
Cenovus Energy, Sr. Unscd. Notes	3.80	9/15/23	1,000,000		953,450
Chevron, Sr. Unscd. Notes	1.72	6/24/18	1,000,000		1,010,724
Chevron, Sr. Unscd. Notes	3.19	6/24/23	400,000		409,337
CNOOC Finance 2013, Gtd. Notes	3.00	5/9/23	500,000		474,468
Columbia Pipeline Group, Gtd. Notes	3.30	6/1/20	1,000,000	^b	998,542
ConocoPhillips, Gtd. Notes	2.20	5/15/20	1,000,000		998,555
ConocoPhillips, Gtd. Notes	2.40	12/15/22	1,000,000		956,672
ConocoPhillips, Gtd. Notes	4.15	11/15/34	750,000		722,086

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
Energy - 2.6% (continued)
ConocoPhillips, Gtd. Notes	6.50	2/1/39	500,000		614,310
ConocoPhillips Holding, Sr. Unscd. Notes	6.95	4/15/29	125,000		158,167
Continental Resources, Gtd. Notes	4.50	4/15/23	500,000		442,435
Continental Resources, Gtd. Notes	3.80	6/1/24	500,000	^c	419,212
Devon Energy, Sr. Unscd. Notes	5.60	7/15/41	650,000		631,426
Devon Financing, Gtd. Debs.	7.88	9/30/31	275,000		338,221
Ecopetrol, Sr. Unscd. Notes	7.38	9/18/43	1,000,000		955,000
Enable Midstream Partners, Gtd. Notes	5.00	5/15/44	500,000	^b	353,159
Enbridge Energy Partners, Sr. Unscd. Notes	5.88	10/15/25	500,000		504,707
Enbridge Energy Partners, Sr. Unscd. Notes	5.50	9/15/40	720,000		603,511
Encana, Sr. Unscd. Bonds	7.20	11/1/31	625,000		621,196
Energy Transfer Partners, Sr. Unscd. Notes	3.60	2/1/23	1,000,000		885,536
Energy Transfer Partners, Sr. Unscd. Notes	4.90	2/1/24	500,000		472,324
Energy Transfer Partners, Sr. Unscd. Notes	5.15	2/1/43	500,000		397,337
Enterprise Products Operating, Gtd. Bonds, Ser. L	6.30	9/15/17	1,000,000		1,082,615
Enterprise Products Operating, Gtd. Notes	3.35	3/15/23	600,000		583,733
Enterprise Products Operating, Gtd. Notes	3.70	2/15/26	200,000		190,499
Enterprise Products Operating, Gtd. Notes	4.45	2/15/43	750,000		647,013
Enterprise Products Operating, Gtd. Notes	4.90	5/15/46	1,000,000		920,014
EOG Resources, Sr. Unscd. Notes	3.90	4/1/35	750,000		723,371
Halliburton, Sr. Unscd. Bonds	6.15	9/15/19	1,200,000		1,360,112
Hess, Sr. Unscd. Bonds	8.13	2/15/19	1,200,000		1,394,808
Hess, Sr. Unscd. Bonds	7.88	10/1/29	175,000		209,395
Kerr-McGee, Gtd. Notes	6.95	7/1/24	600,000		704,660
Kinder Morgan, Gtd. Notes	5.30	12/1/34	1,000,000		844,409
Kinder Morgan Energy Partners, Gtd. Notes	4.15	3/1/22	1,000,000		954,526
Kinder Morgan Energy Partners, Gtd. Notes	3.50	9/1/23	500,000		436,122
Kinder Morgan Energy Partners, Gtd. Notes	7.40	3/15/31	350,000		354,614


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
Energy - 2.6% (continued)
Kinder Morgan Energy Partners, Gtd. Notes	5.00	3/1/43	300,000		236,088
Marathon Oil, Sr. Unscd. Notes	5.90	3/15/18	500,000		543,446
Marathon Oil, Sr. Unscd. Notes	6.60	10/1/37	550,000		565,127
Marathon Petroleum, Sr. Unscd. Notes	4.75	9/15/44	500,000		455,155
Nabors Industries, Gtd. Notes	2.35	9/15/16	450,000		447,885
Nexen Energy, Gtd. Notes	5.88	3/10/35	125,000		141,153
Noble Energy, Sr. Unscd. Notes	4.15	12/15/21	539,000		545,858
Noble Energy, Sr. Unscd. Notes	3.90	11/15/24	1,000,000	^c	953,661
Noble Holding International, Gtd. Notes	3.95	3/15/22	1,000,000		750,664
Occidental Petroleum, Sr. Unscd. Notes, Ser. 1	4.10	2/1/21	1,700,000		1,826,028
ONEOK Partners, Gtd. Notes	6.15	10/1/16	545,000		561,748
ONEOK Partners, Gtd. Notes	5.00	9/15/23	500,000		478,754
ONEOK Partners, Gtd. Notes	6.85	10/15/37	60,000		55,799
Phillips 66, Gtd. Notes	2.95	5/1/17	590,000		603,547
Phillips 66, Gtd. Notes	4.88	11/15/44	202,000		201,564
Pioneer Natural Resources, Sr. Unscd. Notes	3.95	7/15/22	1,000,000		996,093
Plains All American Pipeline, Sr. Unscd. Notes	6.13	1/15/17	525,000		549,416
Plains All American Pipeline, Sr. Unscd. Notes	3.85	10/15/23	750,000		719,921
Pride International, Gtd. Notes	6.88	8/15/20	1,000,000	^c	985,889
Regency Energy Partners, Gtd. Notes	4.50	11/1/23	750,000		689,486
Shell International Finance, Gtd. Notes	4.30	9/22/19	1,600,000		1,737,629
Shell International Finance, Gtd. Notes	3.25	5/11/25	560,000		560,306
Shell International Finance, Gtd. Notes	4.13	5/11/35	260,000		260,674
Shell International Finance, Gtd. Notes	6.38	12/15/38	500,000		634,040
Shell International Finance, Gtd. Notes	4.38	5/11/45	620,000		622,989
Southwestern Energy, Sr. Unscd. Notes	4.95	1/23/25	500,000	^c	436,982
Spectra Energy Capital, Gtd. Notes	8.00	10/1/19	225,000		258,841
Spectra Energy Partners, Sr. Unscd. Notes	5.95	9/25/43	400,000		415,652

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
Energy - 2.6% (continued)
Statoil, Gtd. Notes		5.25		4/15/19	1,600,000				1,775,483
Statoil, Gtd. Notes		2.65		1/15/24	1,000,000				964,359
Suncor Energy, Sr. Unscd. Notes		6.50		6/15/38	950,000				1,148,021
Sunoco Logistics Partners Operations, Gtd. Notes		3.45		1/15/23	200,000				177,020
Sunoco Logistics Partners Operations, Gtd. Notes		4.95		1/15/43	200,000				152,096
Talisman Energy, Sr. Unscd. Notes		6.25		2/1/38	200,000				158,414
Tennessee Gas Pipeline, Gtd. Debs.		7.00		10/15/28	390,000				431,198
Tennessee Gas Pipeline, Gtd. Debs.		7.63		4/1/37	70,000				73,100
Total Capital, Gtd. Notes		2.13		8/10/18	1,500,000				1,526,716
Total Capital, Gtd. Notes		4.45		6/24/20	1,400,000				1,539,227
Total Capital International, Gtd. Notes		2.75		6/19/21	500,000				507,484
Total Capital International, Gtd. Notes		3.75		4/10/24	340,000				356,122
TransCanada Pipelines, Sr. Unscd. Notes		3.75		10/16/23	500,000				501,072
TransCanada Pipelines, Sr. Unscd. Notes		5.85		3/15/36	200,000				216,595
TransCanada Pipelines, Sr. Unscd. Notes		6.20		10/15/37	75,000				84,694
TransCanada Pipelines, Sr. Unscd. Notes		7.63		1/15/39	660,000				867,621
Valero Energy, Gtd. Notes		7.50		4/15/32	170,000				203,823
Valero Energy, Sr. Unscd. Notes		6.63		6/15/37	615,000				682,323
Weatherford International, Gtd. Notes		6.75		9/15/40	1,000,000				709,375
Williams Companies, Sr. Unscd. Notes		4.55		6/24/24	500,000				419,186
Williams Partners, Sr. Unscd. Notes		4.13		11/15/20	1,000,000				999,246
Williams Partners, Sr. Unscd. Notes		4.00		9/15/25	100,000				85,269
Williams Partners, Sr. Unscd. Notes		6.30		4/15/40	800,000				712,272
XTO Energy, Gtd. Notes		6.75		8/1/37	625,000				870,281
							65,672,205
Financials - 8.6%
Abbey National Treasury Service, Gtd. Notes		3.05		8/23/18	800,000				826,904
Abbey National Treasury Service, Gtd. Notes		2.38		3/16/20	750,000				751,693
Ace Ina Holdings, Gtd. Notes		3.35		5/15/24	250,000				252,558


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
Financials - 8.6% (continued)
AEP Texas Central Transition Funding, Sr. Scd. Bonds, Ser. A-4		5.17		1/1/20	217,533				227,681
Affiliated Managers Group, Sr. Unscd. Notes		3.50		8/1/25	500,000				480,937
Aflac, Sr. Unscd. Notes		3.63		6/15/23	600,000				613,503
Air Lease, Sr. Unscd. Notes		2.13		1/15/18	500,000				495,250
Air Lease, Sr. Unscd. Notes		3.38		1/15/19	350,000		^c		357,875
Air Lease, Sr. Unscd. Notes		3.75		2/1/22	100,000				99,111
Alexandria Real Estate Equities, Gtd. Notes		2.75		1/15/20	500,000				496,186
Allstate, Sub. Debs.		5.75		8/15/53	300,000		^a		312,938
American Express, Sr. Unscd. Notes		6.15		8/28/17	700,000				756,974
American Express, Sr. Unscd. Notes		7.00		3/19/18	500,000				561,615
American Express, Sr. Unscd. Notes		1.55		5/22/18	1,750,000				1,744,645
American Express, Sub. Notes		3.63		12/5/24	500,000				500,905
American Express Credit, Sr. Unscd. Notes		1.55		9/22/17	500,000				500,978
American Express Credit, Sr. Unscd. Notes		2.25		8/15/19	750,000				753,441
American Honda Finance, Sr. Unscd. Bonds		2.15		3/13/20	750,000				744,912
American International Group, Sr. Unscd. Notes		4.88		6/1/22	1,400,000				1,559,135
American International Group, Sr. Unscd. Notes		6.25		5/1/36	750,000				902,551
American International Group, Sr. Unscd. Notes		4.80		7/10/45	480,000				497,100
American Tower, Sr. Unscd. Notes		4.50		1/15/18	500,000				525,191
American Tower, Sr. Unscd. Notes		3.40		2/15/19	580,000				599,929
AON, Gtd. Notes		4.60		6/14/44	1,000,000				966,297
Australia & New Zealand Banking Group of New York, Sr. Unscd. Bonds		1.25		6/13/17	1,000,000				1,000,364
AvalonBay Communities, Sr. Unscd. Notes		4.20		12/15/23	750,000				787,068
AXA, Sub. Bonds		8.60		12/15/30	165,000				226,773
Bank of America, Sr. Unscd. Notes		1.13		11/14/16	250,000				250,642
Bank of America, Sr. Unscd. Notes		1.25		2/14/17	1,500,000				1,503,928
Bank of America, Sr. Unscd. Notes		6.40		8/28/17	1,665,000				1,804,437

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
Financials - 8.6% (continued)
Bank of America, Sr. Unscd. Notes	5.65	5/1/18	965,000		1,050,430
Bank of America, Sr. Unscd. Notes	1.95	5/12/18	1,000,000		1,003,578
Bank of America, Sr. Unscd. Notes	5.63	7/1/20	800,000		902,082
Bank of America, Sr. Unscd. Notes	3.30	1/11/23	1,000,000		998,689
Bank of America, Sr. Unscd. Notes	4.13	1/22/24	1,000,000		1,043,157
Bank of America, Sr. Unscd. Notes	5.00	1/21/44	500,000		532,461
Bank of America, Sr. Unscd. Notes, Ser. L	1.35	11/21/16	250,000		250,284
Bank of America, Sr. Unscd. Notes, Ser. L	2.60	1/15/19	400,000		405,028
Bank of America, Sub. Notes	4.20	8/26/24	800,000		805,858
Bank of America, Sub. Notes	3.95	4/21/25	900,000		887,308
Bank of America, Sub. Notes	4.75	4/21/45	500,000		489,983
Bank of Montreal, Sr. Unscd. Notes	2.50	1/11/17	1,000,000		1,017,775
Bank of Nova Scotia, Sr. Unscd. Notes	1.10	12/13/16	750,000		751,741
Bank of Nova Scotia, Sr. Unscd. Notes	1.30	7/21/17	1,000,000		999,553
Barclays, Sr. Unscd. Notes	3.65	3/16/25	750,000		727,219
Barclays Bank, Sr. Unscd. Notes	6.75	5/22/19	1,300,000		1,501,217
BB&T, Sr. Unscd. Notes	2.45	1/15/20	1,000,000		1,007,705
BB&T, Sub. Notes	4.90	6/30/17	150,000		157,810
Bear Stearns, Sr. Unscd. Notes	7.25	2/1/18	1,770,000		1,980,678
Bear Stearns, Sub. Notes	5.55	1/22/17	500,000		524,034
Berkshire Hathaway, Sr. Unscd. Notes	2.10	8/14/19	1,000,000		1,014,544
Berkshire Hathaway Finance, Gtd. Notes	5.75	1/15/40	675,000		807,342
Blackrock, Sr. Unscd. Notes	3.50	3/18/24	500,000		513,545
Blackrock, Sr. Unscd. Notes, Ser. 2	5.00	12/10/19	500,000		557,966
BNP Paribas, Gtd. Notes	5.00	1/15/21	1,400,000		1,568,435
Boston Properties, Sr. Unscd. Bonds	5.63	11/15/20	1,000,000		1,129,174
BPCE, Gtd. Notes	2.50	7/15/19	1,000,000		1,011,442
BPCE, Gtd. Notes	4.00	4/15/24	200,000	^c	208,634


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
Financials - 8.6% (continued)
Branch Banking & Trust, Sr. Unscd. Notes		1.35		10/1/17	500,000				500,042
Brookfield Asset Management, Sr. Unscd. Notes		4.00		1/15/25	500,000				495,560
Capital One Bank USA, Sr. Unscd. Notes		1.15		11/21/16	500,000				498,793
Capital One Bank USA, Sr. Unscd. Notes		1.20		2/13/17	750,000				746,162
Capital One Financial, Sr. Unscd. Notes		2.45		4/24/19	1,000,000				1,001,735
Capital One Financial, Sr. Unscd. Notes		4.75		7/15/21	730,000				801,679
CBL & Associates, Gtd. Notes		5.25		12/1/23	200,000				205,164
Chubb, Sr. Unscd. Notes		6.00		5/11/37	540,000				670,184
Citigroup, Sr. Unscd. Bonds		1.30		11/15/16	400,000				400,942
Citigroup, Sr. Unscd. Notes		6.13		11/21/17	2,135,000				2,322,906
Citigroup, Sr. Unscd. Notes		2.15		7/30/18	940,000				944,173
Citigroup, Sr. Unscd. Notes		8.50		5/22/19	760,000				918,268
Citigroup, Sr. Unscd. Notes		5.38		8/9/20	300,000				337,715
Citigroup, Sr. Unscd. Notes		2.65		10/26/20	1,000,000				998,756
Citigroup, Sr. Unscd. Notes		3.88		10/25/23	400,000				414,360
Citigroup, Sr. Unscd. Notes		3.75		6/16/24	1,000,000				1,021,955
Citigroup, Sr. Unscd. Notes		6.63		1/15/28	100,000				122,229
Citigroup, Sr. Unscd. Notes		4.95		11/7/43	1,000,000				1,061,348
Citigroup, Sub. Notes		4.05		7/30/22	1,750,000				1,799,870
Citigroup, Sub. Notes		5.50		9/13/25	500,000				549,143
Citizens Bank, Sr. Unscd. Notes		2.45		12/4/19	1,000,000				993,483
CME Group, Sr. Unscd. Notes		3.00		3/15/25	500,000				497,746
Comerica, Sub. Notes		3.80		7/22/26	1,000,000				993,482
Commonwealth Bank of Australia New York, Sr. Unscd. Bonds		1.40		9/8/17	500,000				500,717
Commonwealth Bank of Australia New York, Sr. Unscd. Notes		2.50		9/20/18	650,000				663,783
Credit Suisse, Sr. Unscd. Notes		4.38		8/5/20	1,000,000				1,088,839
Credit Suisse Group Fund, Gtd. Notes		4.88		5/15/45	280,000		^b		281,170

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)	Value ($)
Financials - 8.6% (continued)
Credit Suisse New York, Sr. Unscd. Notes		3.63		9/9/24	500,000			504,266
Credit Suisse New York, Sub. Notes		6.00		2/15/18	1,000,000			1,083,352
DDR, Sr. Unscd. Notes		3.38		5/15/23	1,000,000			953,476
Deutsche Bank, Sub. Notes		4.50		4/1/25	1,000,000			973,504
Deutsche Bank London, Sr. Unscd. Notes		6.00		9/1/17	845,000			908,261
Deutsche Bank London, Sr. Unscd. Notes		2.50		2/13/19	750,000			756,129
Discover Bank, Sr. Unscd. Bonds		2.00		2/21/18	500,000			496,530
Discover Bank, Sr. Unscd. Notes		4.25		3/13/26	800,000			810,892
ERP Operating, Sr. Unscd. Notes		2.38		7/1/19	1,000,000			1,008,816
Federal Realty Investment, Sr. Unscd. Notes		4.50		12/1/44	750,000			746,287
Fidelity National Information Services, Gtd. Notes		2.00		4/15/18	500,000			493,004
Fidelity National Information Services, Sr. Unscd. Notes		3.63		10/15/20	450,000			458,508
Fidelity National Information Services, Sr. Unscd. Notes		5.00		10/15/25	350,000			362,565
Fifth Third Bancorp, Sr. Unscd. Notes		3.50		3/15/22	1,000,000			1,019,920
First American Financial, Sr. Unscd. Notes		4.60		11/15/24	500,000			510,481
First Republic Bank, Sr. Unscd. Bonds		2.38		6/17/19	500,000			499,490
First Tennessee Bank, Sr. Unscd. Notes		2.95		12/1/19	500,000			501,874
Fiserv, Gtd. Notes		4.63		10/1/20	400,000			431,433
Ford Motor Credit, Sr. Unscd. Notes		2.38		1/16/18	500,000			502,891
Ford Motor Credit, Sr. Unscd. Notes		2.24		6/15/18	1,070,000			1,067,155
Ford Motor Credit, Sr. Unscd. Notes		8.13		1/15/20	971,000			1,164,065
Ford Motor Credit, Sr. Unscd. Notes		4.38		8/6/23	1,250,000			1,321,950
General Electric Capital, Gtd. Bonds		5.63		9/15/17	1,000,000			1,079,659
General Electric Capital, Gtd. Bonds		2.20		1/9/20	500,000			505,244
General Electric Capital, Gtd. Notes		2.30		4/27/17	1,000,000			1,018,845
General Electric Capital, Gtd. Notes		1.25		5/15/17	1,225,000			1,229,774
General Electric Capital, Gtd. Notes		5.63		5/1/18	1,335,000			1,467,449
General Electric Capital, Gtd. Notes		5.55		5/4/20	500,000			570,900


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)	Value ($)
Financials - 8.6% (continued)
General Electric Capital, Gtd. Notes	4.65	10/17/21	1,400,000	1,563,261
General Electric Capital, Gtd. Notes	3.10	1/9/23	1,000,000	1,013,203
General Electric Capital, Gtd. Notes	5.88	1/14/38	1,000,000	1,236,670
General Electric Capital, Gtd. Notes, Ser. A	6.75	3/15/32	2,000,000	2,627,116
General Motors Financial, Gtd. Notes	2.40	4/10/18	910,000	901,688
General Motors Financial, Gtd. Notes	3.20	7/13/20	500,000	496,577
General Motors Financial, Gtd. Notes	4.38	9/25/21	500,000	519,415
General Motors Financial, Gtd. Notes	4.30	7/13/25	500,000	509,824
Goldman Sachs Group, Sr. Unscd. Notes	6.25	9/1/17	190,000	206,271
Goldman Sachs Group, Sr. Unscd. Notes	5.95	1/18/18	1,000,000	1,091,515
Goldman Sachs Group, Sr. Unscd. Notes	6.15	4/1/18	680,000	748,806
Goldman Sachs Group, Sr. Unscd. Notes	7.50	2/15/19	1,000,000	1,166,001
Goldman Sachs Group, Sr. Unscd. Notes	2.55	10/23/19	1,000,000	1,007,968
Goldman Sachs Group, Sr. Unscd. Notes	5.38	3/15/20	1,000,000	1,117,600
Goldman Sachs Group, Sr. Unscd. Notes	2.60	4/23/20	500,000	502,361
Goldman Sachs Group, Sr. Unscd. Notes	2.75	9/15/20	500,000	502,510
Goldman Sachs Group, Sr. Unscd. Notes	3.63	1/22/23	1,000,000	1,022,053
Goldman Sachs Group, Sr. Unscd. Notes	3.75	5/22/25	1,000,000	1,008,438
Goldman Sachs Group, Sr. Unscd. Notes	6.13	2/15/33	475,000	571,805
Goldman Sachs Group, Sr. Unscd. Notes	6.25	2/1/41	1,000,000	1,212,367
Goldman Sachs Group, Sub. Notes	4.25	10/21/25	130,000	130,211
Goldman Sachs Group, Sub. Notes	6.75	10/1/37	1,500,000	1,813,264
Goldman Sachs Group, Sub. Notes	5.15	5/22/45	750,000	755,692
HCP, Sr. Unscd. Notes	4.25	11/15/23	400,000	402,401
HCP, Sr. Unscd. Notes	4.20	3/1/24	750,000	752,298
Health Care REIT, Sr. Unscd. Notes	4.95	1/15/21	600,000	650,431
Host Hotels & Resorts, Sr. Unscd. Notes	6.00	10/1/21	500,000	558,524
HSBC Holdings, Sr. Unscd. Notes	5.10	4/5/21	1,500,000	1,678,261

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)	Value ($)
Financials - 8.6% (continued)
HSBC Holdings, Sub. Notes		4.25		3/14/24	500,000			505,753
HSBC Holdings, Sub. Notes		6.50		5/2/36	1,350,000			1,634,823
HSBC Holdings, Sub. Notes		6.50		9/15/37	555,000			678,021
Industrial & Commercial Bank of China, Sr. Unscd. Notes		2.35		11/13/17	500,000			504,005
Intercontinental Exchange Group, Gtd. Notes		4.00		10/15/23	350,000			362,205
Intesa Sanpaolo, Gtd. Bonds		5.25		1/12/24	400,000			435,649
Invesco Finance, Gtd. Notes		4.00		1/30/24	250,000			261,267
Jefferies Group, Sr. Unscd. Debs.		6.45		6/8/27	35,000			36,649
Jefferies Group, Sr. Unscd. Notes		5.13		1/20/23	500,000			501,149
John Deere Capital, Sr. Unscd. Notes		1.13		6/12/17	115,000			115,046
John Deere Capital, Sr. Unscd. Notes		1.55		12/15/17	750,000			754,522
John Deere Capital, Sr. Unscd. Notes		1.35		1/16/18	400,000			399,975
John Deere Capital, Sr. Unscd. Notes		3.15		10/15/21	1,900,000			1,954,361
JPMorgan Chase & Co., Sr. Unscd. Notes		6.00		1/15/18	500,000			545,822
JPMorgan Chase & Co., Sr. Unscd. Notes		6.30		4/23/19	1,500,000			1,706,106
JPMorgan Chase & Co., Sr. Unscd. Notes		4.25		10/15/20	500,000			535,875
JPMorgan Chase & Co., Sr. Unscd. Notes		3.20		1/25/23	1,000,000			998,123
JPMorgan Chase & Co., Sr. Unscd. Notes		3.13		1/23/25	1,500,000			1,458,973
JPMorgan Chase & Co., Sr. Unscd. Notes		3.90		7/15/25	750,000			768,895
JPMorgan Chase & Co., Sr. Unscd. Notes		6.40		5/15/38	650,000			825,231
JPMorgan Chase & Co., Sr. Unscd. Notes		4.85		2/1/44	1,150,000			1,228,102
JPMorgan Chase & Co., Sub. Notes		3.88		9/10/24	1,000,000			1,000,793
JPMorgan Chase & Co., Sub. Notes		4.13		12/15/26	500,000			504,361
JPMorgan Chase Bank, Sub. Notes		6.00		10/1/17	150,000			162,383
KeyBank, Sr. Unscd. Notes		3.30		6/1/25	400,000			397,599
KeyBank, Sub. Notes		6.95		2/1/28	100,000			126,583
Kimco Realty, Sr. Unscd. Notes		3.20		5/1/21	250,000			252,122
Kimco Realty, Sr. Unscd. Notes		3.13		6/1/23	250,000			242,677


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
Financials - 8.6% (continued)
Lazard Group, Sr. Unscd. Notes	4.25	11/14/20	250,000		261,818
Legg Mason, Sr. Unscd. Notes	5.63	1/15/44	400,000		416,826
Lexington Realty Trust, Gtd. Notes	4.40	6/15/24	500,000		500,885
Lincoln National, Sr. Unscd. Notes	6.15	4/7/36	575,000		674,083
Lloyds Bank, Gtd. Notes	1.75	3/16/18	500,000		501,477
Lloyds Bank, Gtd. Notes	2.35	9/5/19	500,000		501,401
Lloyds Bank, Gtd. Notes	2.40	3/17/20	500,000		500,285
Loews, Sr. Unscd. Notes	2.63	5/15/23	250,000		239,256
Manufacturers & Traders Trust Co., Sr. Unscd. Notes	2.10	2/6/20	500,000		494,846
Marsh & McLennan Cos., Sr. Unscd. Notes	2.35	3/6/20	500,000		502,128
Marsh & McLennan Cos., Sr. Unscd. Notes	5.88	8/1/33	275,000		321,502
Mastercard, Sr. Unscd. Notes	2.00	4/1/19	500,000		504,626
McGraw Hill Financial, Gtd. Notes	4.40	2/15/26	230,000	^b	235,885
Merrill Lynch & Co., Sr. Unscd. Notes	6.88	4/25/18	2,640,000		2,948,355
Merrill Lynch & Co., Sr. Unscd. Notes	6.88	11/15/18	150,000		170,739
MetLife, Sr. Unscd. Debs.	1.90	12/15/17	1,000,000		1,004,264
MetLife, Sr. Unscd. Notes	3.60	4/10/24	250,000		257,294
MetLife, Sr. Unscd. Notes	6.38	6/15/34	700,000		876,859
MetLife, Sr. Unscd. Notes	4.05	3/1/45	750,000		711,717
Mid-America Apartments, Sr. Unscd. Notes	4.30	10/15/23	400,000		407,154
Morgan Stanley, Sr. Unscd. Notes	5.75	10/18/16	875,000		914,844
Morgan Stanley, Sr. Unscd. Notes	5.45	1/9/17	1,100,000		1,152,442
Morgan Stanley, Sr. Unscd. Notes	6.63	4/1/18	1,200,000		1,333,488
Morgan Stanley, Sr. Unscd. Notes	2.13	4/25/18	1,000,000		1,008,390
Morgan Stanley, Sr. Unscd. Notes	7.30	5/13/19	1,300,000		1,516,833
Morgan Stanley, Sr. Unscd. Notes	5.50	1/26/20	1,000,000		1,115,626
Morgan Stanley, Sr. Unscd. Notes	3.75	2/25/23	500,000		515,969
Morgan Stanley, Sr. Unscd. Notes	4.00	7/23/25	500,000		514,794

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)	Value ($)
Financials - 8.6% (continued)
Morgan Stanley, Sr. Unscd. Notes		7.25		4/1/32	300,000			395,946
Morgan Stanley, Sr. Unscd. Notes		6.38		7/24/42	700,000			881,914
Morgan Stanley, Sub. Notes		4.10		5/22/23	1,000,000			1,017,751
Morgan Stanley, Sub. Notes		3.95		4/23/27	1,000,000			974,924
MUFG Americas Holdings Corp., Sr. Unscd. Notes		1.63		2/9/18	500,000			499,169
MUFG Union Bank, Sr. Unscd. Notes		2.63		9/26/18	500,000			508,749
Nasdaq, Sr. Unscd. Notes		4.25		6/1/24	500,000			508,904
National Australia Bank, Sr. Unscd. Notes		2.63		7/23/20	260,000			263,214
National City, Sub. Notes		6.88		5/15/19	600,000			688,759
National Retail Properties, Sr. Unscd. Notes		3.90		6/15/24	500,000			500,239
National Rural Utilities Cooperative Finance, Coll. Trust Bonds		5.45		2/1/18	1,100,000			1,190,411
Nomura Holdings, Sr. Unscd. Notes		6.70		3/4/20	700,000			815,884
Northern Trust, Sub. Notes		3.95		10/30/25	846,000			887,356
OeKB, Gov't Gtd. Notes		1.63		3/12/19	500,000			504,411
OeKB, Gov't Gtd. Notes		1.50		10/21/20	1,280,000			1,262,228
Omega Healthcare Investors, Gtd. Notes		4.50		1/15/25	300,000			294,082
PartnerRe Finance, Gtd. Notes		5.50		6/1/20	159,000			175,882
PNC Bank, Sr. Unscd. Notes		2.60		7/21/20	1,000,000			1,011,589
PNC Bank, Sub. Notes		3.80		7/25/23	1,000,000			1,036,068
Principal Financial Group, Gtd. Notes		6.05		10/15/36	225,000			261,978
ProAssurance, Sr. Unscd. Notes		5.30		11/15/23	350,000			375,129
Progressive, Sr. Unscd. Notes		6.63		3/1/29	100,000			129,040
Progressive, Sr. Unscd. Notes		4.35		4/25/44	500,000			506,306
ProLogis, Gtd. Notes		6.88		3/15/20	505,000			582,882
Prudential Financial, Sr. Unscd. Notes		4.60		5/15/44	1,250,000			1,274,176
Rabobank Nederland, Gtd. Notes		3.38		1/19/17	2,250,000			2,310,615
Rabobank Nederland, Gtd. Notes		3.95		11/9/22	1,000,000			1,012,558


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)	Value ($)
Financials - 8.6% (continued)
Rabobank Nederland, Gtd. Notes	5.25	5/24/41	500,000	567,745
Realty Income, Sr. Unscd. Notes	2.00	1/31/18	200,000	201,040
Realty Income, Sr. Unscd. Notes	3.88	7/15/24	500,000	497,597
Regency Centers, Gtd. Notes	5.88	6/15/17	200,000	212,499
Regions Financial, Sr. Unscd. Notes	2.00	5/15/18	585,000	584,914
Reinsurance Group of America, Sr. Unscd. Notes	4.70	9/15/23	350,000	373,759
Royal Bank of Canada, Sr. Unscd. Bonds	1.25	6/16/17	500,000	500,560
Royal Bank of Canada, Sr. Unscd. Bonds	2.15	3/6/20	750,000	748,355
Royal Bank of Canada, Sr. Unscd. Notes	1.20	1/23/17	110,000	110,352
Royal Bank of Canada, Sr. Unscd. Notes	1.40	10/13/17	1,000,000	999,017
Royal Bank of Canada, Sr. Unscd. Notes	1.80	7/30/18	250,000	250,769
Royal Bank of Scotland, Gtd. Notes	6.13	1/11/21	1,000,000	1,159,243
Santander Bank, Sr. Unscd. Notes	2.00	1/12/18	500,000	498,131
Santander UK Group Holdings, Sr. Unscd. Notes	2.88	10/16/20	1,000,000	1,001,470
Simon Property Group, Sr. Unscd. Notes	2.20	2/1/19	500,000	504,778
Simon Property Group, Sr. Unscd. Notes	6.75	2/1/40	500,000	665,075
State Street, Sr. Unscd. Notes	2.55	8/18/20	310,000	313,402
State Street, Sr. Unscd. Notes	3.70	11/20/23	250,000	261,279
State Street, Sr. Unscd. Notes	3.55	8/18/25	290,000	298,109
State Street Bank & Trust, Sub. Notes	5.25	10/15/18	200,000	220,435
Sumitomo Mitsui Banking, Gtd. Bonds	3.00	1/18/23	290,000	287,529
Sumitomo Mitsui Banking, Gtd. Notes	1.35	7/11/17	500,000	497,750
Sumitomo Mitsui Banking, Gtd. Notes	1.50	1/18/18	390,000	388,102
Sumitomo Mitsui Banking, Gtd. Notes	3.40	7/11/24	500,000	500,140
SunTrust Bank, Sr. Unscd. Notes	2.75	5/1/23	500,000	482,568
SunTrust Banks, Sr. Unscd. Notes	2.35	11/1/18	500,000	503,233
Svenska Handelsbanken, Gtd. Notes	2.25	6/17/19	1,000,000	1,007,916
Synchrony Financial, Sr. Unscd. Notes	4.25	8/15/24	1,000,000	1,005,461

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
Financials - 8.6% (continued)
Tanger Properties, Sr. Unscd. Notes		3.75		12/1/24	500,000				495,732
TD Ameritrade Holding, Sr. Unscd. Notes		2.95		4/1/22	500,000				498,452
Toronto-Dominion Bank, Sr. Unscd. Bonds		2.63		9/10/18	750,000				770,797
Toronto-Dominion Bank, Sr. Unscd. Notes		1.63		3/13/18	1,000,000				1,003,304
Toyota Motor Credit, Sr. Unscd. Notes		1.13		5/16/17	500,000				501,304
Toyota Motor Credit, Sr. Unscd. Notes		1.45		1/12/18	500,000		^c		501,053
Toyota Motor Credit, Sr. Unscd. Notes		2.63		1/10/23	1,000,000				987,377
Travelers Cos., Sr. Unscd. Notes		5.90		6/2/19	500,000				569,671
Travelers Cos., Sr. Unscd. Notes		3.90		11/1/20	1,000,000				1,073,481
U.S. Bancorp, Sr. Unscd. Notes		3.00		3/15/22	1,400,000				1,426,526
U.S. Bank, Sr. Unscd. Notes		1.10		1/30/17	1,000,000				1,002,477
UBS AG Stamford, Sr. Unscd. Notes		1.38		8/14/17	500,000				499,139
UBS AG/Stamford, Sr. Unscd. Notes		5.88		12/20/17	442,000				479,244
UBS AG/Stamford, Sr. Unscd. Notes		5.75		4/25/18	320,000				349,324
UBS AG/Stamford, Sr. Unscd. Notes		4.88		8/4/20	293,000				325,957
Unilever Capital, Gtd. Notes		2.20		3/6/19	500,000				508,919
Unilever Capital, Gtd. Notes		5.90		11/15/32	250,000				324,308
Ventas Realty, Gtd. Notes		2.70		4/1/20	1,000,000				992,765
Voya Financial, Gtd. Notes		5.50		7/15/22	750,000				850,386
Wachovia, Sr. Unscd. Debs.		5.75		6/15/17	1,850,000				1,980,029
Wachovia, Sr. Unscd. Notes		5.75		2/1/18	1,100,000				1,199,273
Weingarten Realty Investors, Sr. Unscd. Notes		3.38		10/15/22	250,000				245,145
Wells Fargo & Co., Sr. Unscd. Notes		1.15		6/2/17	950,000				950,917
Wells Fargo & Co., Sr. Unscd. Notes		5.63		12/11/17	840,000				912,060
Wells Fargo & Co., Sr. Unscd. Notes		1.50		1/16/18	500,000				501,966
Wells Fargo & Co., Sr. Unscd. Notes		2.15		1/15/19	1,250,000				1,263,190
Wells Fargo & Co., Sr. Unscd. Notes		3.00		2/19/25	980,000				948,612
Wells Fargo & Co., Sub. Notes		4.10		6/3/26	500,000				510,191


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
Financials - 8.6% (continued)
Wells Fargo & Co., Sub. Notes		5.38		11/2/43	500,000				548,841
Wells Fargo & Co., Sub. Notes		4.65		11/4/44	1,000,000				989,739
Wells Fargo & Co., Sub. Notes, Ser. M		3.45		2/13/23	500,000				501,934
Westpac Banking, Sr. Unscd. Notes		4.88		11/19/19	700,000				772,786
Westpac Banking, Sub. Bonds		4.63		6/1/18	500,000				531,335
Weyerhaeuser, Sr. Unscd. Debs.		7.38		3/15/32	500,000				625,988
XLIT, Gtd. Notes		6.38		11/15/24	1,400,000				1,659,449
							214,806,567
Foreign/Governmental - 4.6%
African Development Bank, Sr. Unscd. Notes		1.38		2/12/20	500,000				496,695
African Development Bank, Sr. Unscd. Notes		2.38		9/23/21	1,000,000				1,026,524
AID-Israel, Gtd. Bonds		5.50		9/18/23	450,000				546,405
Asian Development Bank, Sr. Unscd. Bonds		2.13		3/19/25	500,000				493,053
Asian Development Bank, Sr. Unscd. Notes		1.88		10/23/18	1,750,000				1,786,535
Asian Development Bank, Sr. Unscd. Notes		2.00		1/22/25	1,000,000				975,461
Brazilian Government, Sr. Unscd. Bonds		8.88		4/15/24	250,000				300,000
Brazilian Government, Sr. Unscd. Bonds		5.63		1/7/41	650,000				534,625
Brazilian Government, Sr. Unscd. Notes		5.88		1/15/19	1,000,000		^c		1,068,500
Brazilian Government, Sr. Unscd. Notes		4.25		1/7/25	1,000,000		^c		887,500
Brazilian Government, Unscd. Bonds		10.13		5/15/27	500,000				656,875
Canadian Government, Sr. Unscd. Bonds		1.63		2/27/19	1,000,000				1,012,361
Chilean Government, Sr. Unscd. Notes		3.13		3/27/25	1,000,000		^c		1,010,000
Colombian Government, Sr. Unscd. Bonds		4.00		2/26/24	1,000,000				984,000
Colombian Government, Sr. Unscd. Bonds		8.13		5/21/24	500,000				619,500
Colombian Government, Sr. Unscd. Bonds		6.13		1/18/41	500,000				516,250
Colombian Government, Sr. Unscd. Bonds		5.00		6/15/45	500,000				446,250
Colombian Government, Sr. Unscd. Notes		7.38		3/18/19	1,500,000				1,719,750
Corporacion Andina de Fomento, Sr. Unscd. Notes		8.13		6/4/19	1,000,000				1,202,000
Council of Europe, Sr. Unscd. Notes		1.50		6/19/17	1,000,000				1,010,522

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)	Value ($)
Foreign/Governmental - 4.6% (continued)
Council of Europe, Sr. Unscd. Notes		1.75		11/14/19	500,000			505,450
European Bank for Reconstruction and Development, Sr. Unscd. Notes		1.00		2/16/17	2,000,000			2,010,880
European Bank for Reconstruction and Development, Sr. Unscd. Notes		1.75		6/14/19	500,000			506,651
European Investment Bank, Sr. Unscd. Bonds		5.13		5/30/17	2,700,000			2,881,348
European Investment Bank, Sr. Unscd. Bonds		1.00		8/17/17	2,000,000			2,004,376
European Investment Bank, Sr. Unscd. Bonds		2.88		9/15/20	2,000,000			2,109,522
European Investment Bank, Sr. Unscd. Notes		1.75		3/15/17	1,250,000			1,267,474
European Investment Bank, Sr. Unscd. Notes		1.00		12/15/17	1,000,000			1,000,278
European Investment Bank, Sr. Unscd. Notes		1.25		5/15/18	750,000			752,666
European Investment Bank, Sr. Unscd. Notes		1.88		3/15/19	1,000,000			1,017,732
European Investment Bank, Sr. Unscd. Notes		1.75		6/17/19	1,500,000			1,517,863
European Investment Bank, Sr. Unscd. Notes		1.88		2/10/25	1,000,000			964,271
Export Development Canada, Sr. Unscd. Bonds		1.75		8/19/19	400,000			405,478
Export Development Canada, Sr. Unscd. Notes		0.63		12/15/16	500,000			499,936
Export-Import Bank of Korea, Sr. Unscd. Bonds		2.88		9/17/18	1,000,000			1,025,904
Export-Import Bank of Korea, Sr. Unscd. Notes		4.00		1/14/24	1,500,000			1,605,472
Finnish Government, Sr. Unscd. Bonds		6.95		2/15/26	25,000			33,881
FMS Wertmanagement, Gov't Gtd. Notes		1.75		3/17/20	750,000			755,355
Inter-American Development Bank, Notes		0.88		11/15/16	1,000,000			1,003,265
Inter-American Development Bank, Sr. Unscd. Notes		0.88		3/15/18	500,000			498,695
Inter-American Development Bank, Sr. Unscd. Notes		1.75		10/15/19	1,000,000			1,013,567
Inter-American Development Bank, Sr. Unsub. Notes		3.88		9/17/19	2,000,000			2,180,980
Inter-American Development Bank, Unscd. Notes		4.25		9/10/18	540,000			586,667
International Bank for Reconstruction and Development, Sr. Unscd. Notes		0.63		5/2/17	1,500,000			1,494,631
International Bank for Reconstruction and Development, Sr. Unscd. Notes		1.13		7/18/17	500,000			503,610


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)	Value ($)
Foreign/Governmental - 4.6% (continued)
International Bank for Reconstruction and Development, Sr. Unscd. Notes		1.00		11/15/17	2,540,000			2,547,744
International Bank for Reconstruction and Development, Sr. Unscd. Notes		1.38		4/10/18	500,000			504,988
International Bank for Reconstruction and Development, Sr. Unscd. Notes		1.00		10/5/18	730,000			726,534
International Bank for Reconstruction and Development, Sr. Unscd. Notes		1.88		3/15/19	500,000			509,911
International Bank for Reconstruction and Development, Sr. Unscd. Notes		1.88		10/7/22	350,000			346,498
International Bank for Reconstruction and Development, Sr. Unscd. Notes		2.50		7/29/25	1,000,000			1,019,111
International Bank for Reconstruction and Development, Sr. Unsub. Bonds		7.63		1/19/23	700,000			958,446
International Finance, Sr. Unscd. Notes		0.63		11/15/16	500,000			499,757
International Finance, Sr. Unscd. Notes		2.13		11/17/17	2,100,000			2,149,988
Italian Government, Sr. Unscd. Notes		5.38		6/12/17	1,450,000			1,536,005
KFW, Gov't Gtd. Bonds		4.50		7/16/18	3,600,000			3,915,677
KFW, Gov't Gtd. Bonds		4.00		1/27/20	2,500,000			2,749,410
KFW, Gov't Gtd. Bonds		2.50		11/20/24	500,000			509,121
KFW, Gov't Gtd. Notes		4.88		1/17/17	1,240,000			1,301,784
KFW, Gov't Gtd. Notes		0.75		3/17/17	1,500,000			1,499,670
KFW, Gov't Gtd. Notes		1.00		1/26/18	500,000			499,897
KFW, Gov't Gtd. Notes		1.13		11/16/18	1,000,000			996,486
KFW, Gov't Gtd. Notes		4.88		6/17/19	1,000,000			1,120,452
KFW, Gov't Gtd. Notes		1.75		10/15/19	1,000,000			1,009,285
KFW, Gov't Gtd. Notes		2.00		5/2/25	1,100,000			1,069,574
Korea Development Bank, Sr. Unscd. Notes		3.88		5/4/17	1,250,000			1,291,297
Korea Finance, Sr. Unscd. Notes		2.88		8/22/18	500,000			512,785
Landwirtschaftliche Rentenbank, Gov't Gtd. Bonds		5.13		2/1/17	950,000			1,001,167
Landwirtschaftliche Rentenbank, Gov't Gtd. Notes		1.88		9/17/18	1,000,000			1,019,292

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
Foreign/Governmental - 4.6% (continued)
Landwirtschaftliche Rentenbank, Gov't Gtd. Notes		2.38		6/10/25	500,000				501,003
Mexican Government, Sr. Unscd. Notes		5.95		3/19/19	950,000				1,069,462
Mexican Government, Sr. Unscd. Notes		3.63		3/15/22	500,000				513,250
Mexican Government, Sr. Unscd. Notes		3.60		1/30/25	250,000				249,375
Mexican Government, Sr. Unscd. Notes		6.75		9/27/34	1,340,000				1,654,900
Mexican Government, Sr. Unscd. Notes		5.55		1/21/45	850,000				904,187
Mexican Government, Sr. Unscd. Notes		4.60		1/23/46	1,000,000				931,250
Nordic Investment Bank, Sr. Unscd. Notes		1.13		3/19/18	750,000				752,356
Panamanian Government, Sr. Unscd. Bonds		5.20		1/30/20	200,000				219,500
Panamanian Government, Sr. Unscd. Bonds		3.75		3/16/25	500,000				496,250
Panamanian Government, Sr. Unscd. Bonds		6.70		1/26/36	700,000				869,750
Peruvian Government, Sr. Unscd. Bonds		7.35		7/21/25	1,000,000				1,292,500
Peruvian Government, Sr. Unscd. Bonds		6.55		3/14/37	370,000				448,625
Petroleos Mexicanos, Gtd. Bonds		6.63		6/15/35	1,000,000				988,750
Petroleos Mexicanos, Gtd. Bonds		5.50		6/27/44	500,000				428,600
Petroleos Mexicanos, Gtd. Notes		6.00		3/5/20	500,000				544,220
Petroleos Mexicanos, Gtd. Notes		4.88		1/18/24	1,000,000				1,001,700
Petroleos Mexicanos, Gtd. Notes		5.50		6/27/44	1,000,000		^b		857,200
Petroleos Mexicanos, Gtd. Notes		5.63		1/23/46	750,000		^b		649,537
Philippine Government, Sr. Unscd. Bonds		6.50		1/20/20	400,000				474,124
Philippine Government, Sr. Unscd. Bonds		10.63		3/16/25	800,000				1,281,939
Philippine Government, Sr. Unscd. Bonds		9.50		2/2/30	800,000				1,293,344
Philippine Government, Sr. Unscd. Bonds		5.00		1/13/37	500,000				598,125
Polish Government, Sr. Unscd. Notes		6.38		7/15/19	1,450,000				1,685,509
Polish Government, Sr. Unscd. Notes		5.00		3/23/22	1,400,000				1,580,390
Province of British Columbia Canada, Sr. Unscd. Bonds, Ser. USD2		6.50		1/15/26	925,000				1,215,628
Province of Manitoba Canada, Unscd. Debs.		8.88		9/15/21	450,000				601,573
Province of Manitoba Canada, Unscd. Debs., Ser. CB		8.80		1/15/20	10,000				12,608


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
Foreign/Governmental - 4.6% (continued)
Province of Ontario Canada, Sr. Unscd. Bonds		4.00		10/7/19	2,300,000				2,488,467
Province of Ontario Canada, Sr. Unscd. Notes		4.95		11/28/16	1,000,000				1,044,944
Province of Quebec Canada, Bonds, Ser. NJ		7.50		7/15/23	200,000				265,405
Province of Quebec Canada, Sr. Unscd. Debs., Ser. PD		7.50		9/15/29	550,000				806,371
Province of Quebec Canada, Unscd. Notes		5.13		11/14/16	725,000				757,542
Republic of Korea, Sr. Unscd. Notes		7.13		4/16/19	1,000,000				1,176,630
República Orient Uruguay, Sr. Unscd. Notes		4.38		10/27/27	1,000,000				997,500
South African Government, Sr. Unscd. Notes		6.88		5/27/19	1,100,000				1,228,810
South African Government, Sr. Unscd. Notes		4.67		1/17/24	1,000,000		^c		1,012,500
Swedish Export Credit, Sr. Unscd. Notes		1.88		6/17/19	400,000				405,481
Turkish Government, Sr. Unscd. Bonds		4.25		4/14/26	1,450,000		^c		1,395,610
Turkish Government, Sr. Unscd. Notes		7.00		3/11/19	500,000				558,937
Turkish Government, Sr. Unscd. Notes		3.25		3/23/23	800,000				745,368
Turkish Government, Sr. Unscd. Notes		8.00		2/14/34	600,000				769,620
Turkish Government, Sr. Unscd. Notes		4.88		4/16/43	1,000,000				902,800
Turkish Government, Unscd. Notes		6.63		2/17/45	900,000				1,037,025
Uruguayan Government, Sr. Unscd. Bonds		7.63		3/21/36	300,000				381,000
Uruguayan Government, Sr. Unscd. Notes		4.50		8/14/24	750,000		^c		781,875
							114,605,177
Health Care - 2.4%
Abbott Laboratories, Sr. Unscd. Notes		4.13		5/27/20	500,000				543,092
AbbVie, Sr. Unscd. Notes		1.80		5/14/18	1,140,000				1,141,617
AbbVie, Sr. Unscd. Notes		2.90		11/6/22	1,500,000				1,453,856
AbbVie, Sr. Unscd. Notes		3.60		5/14/25	170,000				167,449
AbbVie, Sr. Unscd. Notes		4.40		11/6/42	1,000,000				913,710
Actavis Funding, Gtd. Notes		1.85		3/1/17	750,000				752,781
Actavis Funding, Gtd. Notes		3.00		3/12/20	795,000				799,680
Actavis Funding, Gtd. Notes		3.45		3/15/22	750,000				746,215
Actavis Funding, Gtd. Notes		4.85		6/15/44	500,000				482,432

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
Health Care - 2.4% (continued)
Actavis Funding, Gtd. Notes		4.75		3/15/45	750,000				720,009
Aetna, Sr. Unscd. Notes		3.95		9/1/20	1,000,000				1,063,909
Aetna, Sr. Unscd. Notes		6.63		6/15/36	300,000				369,587
Aetna, Sr. Unscd. Notes		4.75		3/15/44	500,000				519,097
AmerisourceBergen, Sr. Unscd. Notes		1.15		5/15/17	650,000				647,018
Amgen, Sr. Unscd. Notes		5.85		6/1/17	400,000				427,682
Amgen, Sr. Unscd. Notes		4.10		6/15/21	2,000,000				2,143,978
Amgen, Sr. Unscd. Notes		5.15		11/15/41	600,000				621,902
Amgen, Sr. Unscd. Notes		4.40		5/1/45	410,000				381,226
Anthem, Sr. Unscd. Notes		5.88		6/15/17	65,000				69,386
Anthem, Sr. Unscd. Notes		2.30		7/15/18	750,000				754,207
Anthem, Sr. Unscd. Notes		3.13		5/15/22	1,700,000				1,687,430
AstraZeneca, Sr. Unscd. Notes		6.45		9/15/37	520,000				681,320
Baxalta, Sr. Unscd. Notes		2.88		6/23/20	240,000		^b		239,986
Becton Dickinson, Sr. Unscd. Notes		3.13		11/8/21	1,000,000				1,006,717
Becton Dickinson, Sr. Unscd. Notes		3.88		5/15/24	650,000				669,942
Biogen, Sr. Unscd. Notes		5.20		9/15/45	240,000				242,952
Boston Scientific, Sr. Unscd. Notes		6.00		1/15/20	950,000				1,065,045
Bristol-Myers Squibb, Sr. Unscd. Notes		2.00		8/1/22	750,000				731,134
Cardinal Health, Sr. Unscd. Notes		1.70		3/15/18	600,000				600,973
Cardinal Health, Sr. Unscd. Notes		3.20		3/15/23	500,000				495,136
Cardinal Health, Sr. Unscd. Notes		4.60		3/15/43	300,000				296,902
Celgene, Sr. Unscd. Notes		2.25		5/15/19	500,000				502,741
Celgene, Sr. Unscd. Notes		4.00		8/15/23	750,000				775,616
Celgene, Sr. Unscd. Notes		3.88		8/15/25	190,000				190,878
Celgene, Sr. Unscsd. Notes		5.00		8/15/45	450,000				453,324
Cigna, Sr. Unscd. Notes		4.50		3/15/21	1,150,000				1,236,832
Covidien International Finance, Gtd. Notes		6.00		10/15/17	590,000				642,692


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)	Value ($)
Health Care - 2.4% (continued)
Dignity Health, Scd. Bonds		2.64		11/1/19	1,000,000			1,012,683
Eli Lilly & Co., Sr. Unscd. Notes		5.55		3/15/37	750,000			903,748
Gilead Sciences, Sr. Unscd. Notes		3.05		12/1/16	1,500,000			1,536,847
Gilead Sciences, Sr. Unscd. Notes		4.50		4/1/21	1,000,000			1,096,135
Gilead Sciences, Sr. Unscd. Notes		4.60		9/1/35	190,000			193,268
Gilead Sciences, Sr. Unscd. Notes		4.80		4/1/44	500,000			505,954
Gilead Sciences, Sr. Unscd. Notes		4.75		3/1/46	500,000			507,001
GlaxoSmithKline Capital, Gtd. Bonds		5.65		5/15/18	740,000			818,231
GlaxoSmithKline Capital, Gtd. Notes		2.80		3/18/23	628,000			627,648
GlaxoSmithKline Capital, Gtd. Notes		4.20		3/18/43	500,000			508,743
Johnson & Johnson, Sr. Unscd. Debs.		4.95		5/15/33	170,000			195,446
Johnson & Johnson, Sr. Unscd. Notes		5.95		8/15/37	470,000			608,594
Laboratory Corp of America Holdings, Sr. Unscd. Notes		4.00		11/1/23	750,000			761,254
McKesson, Sr. Unscd. Notes		4.75		3/1/21	500,000			546,688
McKesson, Sr. Unscd. Notes		4.88		3/15/44	500,000			509,030
Medco Health Solutions, Gtd. Notes		7.13		3/15/18	1,500,000			1,676,296
Medtronic, Gtd. Notes		3.50		3/15/25	1,050,000			1,076,480
Medtronic, Gtd. Notes		4.63		3/15/44	1,000,000			1,045,583
Medtronic, Gtd. Notes		4.63		3/15/45	1,000,000			1,053,845
Memorial Sloan-Kettering, Sr. Unscd. Notes		4.20		7/1/55	500,000			475,882
Merck & Co., Gtd. Notes		6.50		12/1/33	680,000			899,705
Merck & Co., Sr. Unscd. Notes		1.30		5/18/18	914,000			916,404
Merck & Co., Sr. Unscd. Notes		2.75		2/10/25	500,000			491,182
Merck & Co., Sr. Unscd. Notes		3.70		2/10/45	350,000			321,306
Merck Sharp & Dohme, Gtd. Debs.		6.40		3/1/28	150,000			190,267
Mylan, Gtd. Notes		1.35		11/29/16	300,000			297,586
Mylan, Gtd. Notes		5.40		11/29/43	300,000			291,876
Novartis Capital, Gtd. Notes		4.40		5/6/44	940,000			1,016,080

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)			Value ($)
Health Care - 2.4% (continued)
Perrigo, Gtd. Notes		1.30		11/8/16	500,000					494,693
Perrigo, Sr. Unscd. Notes		2.30		11/8/18	1,000,000					985,755
Pfizer, Sr. Unscd. Notes		6.20		3/15/19	1,650,000					1,879,276
Pfizer, Sr. Unscd. Notes		2.10		5/15/19	1,000,000					1,006,244
Pfizer, Sr. Unscd. Notes		4.30		6/15/43	500,000					495,644
Pfizer, Sr. Unscd. Notes		4.40		5/15/44	500,000					502,634
Quest Diagnostics, Sr. Unscd. Notes		4.25		4/1/24	300,000					307,154
Quest Diagnostics, Sr. Unscd. Notes		3.50		3/30/25	500,000					484,815
Sanofi, Sr. Unscd. Notes		4.00		3/29/21	900,000					972,716
St. Jude Medical, Sr. Unscd. Notes		3.25		4/15/23	500,000					494,930
Stryker, Sr. Unscd. Bonds		4.38		5/15/44	500,000					503,255
Teva Pharmaceutical Finance, Gtd. Notes		6.15		2/1/36	5,000					5,513
Teva Pharmaceutical Finance IV, Gtd. Notes		2.25		3/18/20	500,000					489,668
UnitedHealth Group, Sr. Unscd. Notes		2.88		12/15/21	350,000					356,870
UnitedHealth Group, Sr. Unscd. Notes		3.75		7/15/25	330,000					344,514
UnitedHealth Group, Sr. Unscd. Notes		6.88		2/15/38	810,000					1,089,129
UnitedHealth Group, Sr. Unscd. Notes		4.75		7/15/45	280,000					298,365
Wyeth, Gtd. Notes		6.50		2/1/34	200,000					251,845
Zimmer Holdings, Sr. Unscd. Notes		2.00		4/1/18	500,000					500,442
Zimmer Holdings, Sr. Unscd. Notes		3.55		4/1/25	500,000					492,973
Zimmer Holdings, Sr. Unscd. Notes		4.25		8/15/35	500,000					474,009
Zoetis, Sr. Unscd. Notes		1.88		2/1/18	500,000					497,930
								59,250,589
Industrials - 1.6%
3M, Sr. Unscd. Notes		5.70		3/15/37			750,000			935,230
Boeing, Sr. Unscd. Notes		6.00		3/15/19			1,500,000			1,705,203
Burlington Northern Santa Fe, Sr. Unscd. Debs.		7.00		12/15/25			100,000			126,887
Burlington Northern Santa Fe, Sr. Unscd. Debs.		7.95		8/15/30			100,000			140,646
Burlington Northern Santa Fe, Sr. Unscd. Debs.		6.15		5/1/37			650,000			776,459


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date		Principal Amount ($)			Value ($)
Industrials - 1.6% (continued)
Burlington Northern Santa Fe, Sr. Unscd. Debs.		4.55		9/1/44		750,000			745,425
Canadian National Railway, Sr. Unscd. Notes		6.71		7/15/36		650,000			883,624
Canadian Pacific Railway, Sr. Unscd. Notes		4.50		1/15/22		1,000,000			1,077,976
Canadian Pacific Railway, Sr. Unscd. Notes		6.13		9/15/2115		220,000			237,859
Caterpillar, Sr. Unscd. Bonds		6.05		8/15/36		237,000			281,770
Caterpillar, Sr. Unscd. Notes		2.60		6/26/22		2,300,000			2,244,703
Caterpillar, Sr. Unscd. Notes		4.30		5/15/44		500,000			490,201
Corning, Sr. Unscd. Notes		3.70		11/15/23		400,000			408,288
CSX, Sr. Unscd. Notes		3.70		11/1/23		500,000			520,354
CSX, Sr. Unscd. Notes		4.75		5/30/42		250,000			253,890
CSX, Sr. Unscd. Notes		4.50		8/1/54		500,000			465,167
Eaton, Gtd. Notes		1.50		11/2/17		500,000			500,723
Eaton, Gtd. Notes		4.15		11/2/42		400,000			375,495
Emerson Electric, Sr. Unscd. Notes		2.63		2/15/23		260,000			256,213
FedEx, Gtd. Notes		2.30		2/1/20		500,000			505,163
FedEx, Gtd. Notes		4.00		1/15/24		750,000			783,732
FedEx, Gtd. Notes		4.75		11/15/45		750,000			742,819
General Electric, Sr. Unscd. Notes		5.25		12/6/17		1,000,000			1,079,620
General Electric, Sr. Unscd. Notes		4.50		3/11/44		500,000			519,889
Harris, Sr. Unscd. Notes		5.05		4/27/45		700,000	^c		688,354
Honeywell International, Sr. Unscd. Notes		5.30		3/15/17		1,000,000			1,058,548
Illinois Tool Works, Sr. Unscd. Notes		3.90		9/1/42		500,000			483,500
Ingersoll-Rand Global Holding, Gtd. Notes		2.88		1/15/19		225,000			228,773
Kansas City Southern Railway, Gtd. Notes		4.95		8/15/45		300,000			301,736
Keysight Technologies, Gtd. Notes		3.30		10/30/19		1,000,000	^b		990,950
Koninklijke Philips Electronics, Sr. Unscd. Notes		5.75		3/11/18		500,000			542,189
L-3 Communications, Gtd. Notes		3.95		11/15/16		1,000,000			1,020,533
L-3 Communications, Gtd. Notes		1.50		5/28/17		750,000			739,245

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date		Principal Amount ($)			Value ($)
Industrials - 1.6% (continued)
Lender Processing Services, Gtd. Notes		5.75		4/15/23		328,000			345,738
Lockheed Martin, Sr. Unscd. Bonds		3.60		3/1/35		500,000			453,606
Lockheed Martin, Sr. Unscd. Notes		4.07		12/15/42		1,000,000			932,197
Lockheed Martin, Sr. Unscd. Notes, Ser. B		6.15		9/1/36		455,000			551,969
Moody's, Sr. Unscd. Notes		2.75		7/15/19		1,000,000			1,019,697
Norfolk Southern, Sr. Unscd. Bonds, Ser. WI		4.84		10/1/41		1,200,000			1,235,519
Norfolk Southern, Sr. Unscd. Notes		3.85		1/15/24		300,000			310,214
Norfolk Southern, Sr. Unscd. Notes		5.59		5/17/25		2,000			2,283
Northrop Grumman Systems, Gtd. Notes		7.75		2/15/31		500,000			668,184
Raytheon, Sr. Unscd. Debs.		7.20		8/15/27		150,000			201,669
Republic Services, Gtd. Notes		3.80		5/15/18		500,000			523,041
Republic Services, Gtd. Notes		6.20		3/1/40		750,000			882,871
Rockwell Automation, Sr. Unscd. Notes		2.05		3/1/20		500,000			499,230
Ryder System, Sr. Unscd. Notes		2.35		2/26/19		500,000			497,698
Thermo Fisher Scientific, Sr. Unscd. Notes		1.30		2/1/17		500,000			499,627
Thermo Fisher Scientific, Sr. Unscd. Notes		5.30		2/1/44		500,000			540,498
Tyco International Finance, Gtd. Notes		5.13		9/14/45		100,000			105,492
Union Pacific, Sr. Unscd. Notes		2.75		4/15/23		400,000			396,325
Union Pacific, Sr. Unscd. Notes		4.75		12/15/43		140,000			154,214
Union Pacific, Sr. Unscd. Notes		4.82		2/1/44		325,000			362,256
United Airlines 2013-1 PTT, Pass Thru Certs., Ser.A		4.30		2/15/27		951,987			986,496
United Airlines 2014-2 PTT, Pass Thru Certs., Ser.A		3.75		3/3/28		300,000			302,625
United Parcel Service, Sr. Unscd. Notes		3.13		1/15/21		1,600,000	^c		1,677,165
United Parcel Service of America, Sr. Unscd. Debs.		8.38		4/1/30		10,000	^a		14,286
United Technologies, Sr. Unscd. Notes		8.75		3/1/21		50,000			65,326
United Technologies, Sr. Unscd. Notes		3.10		6/1/22		2,100,000			2,157,177
United Technologies, Sr. Unscd. Notes		6.70		8/1/28		50,000			64,453
United Technologies, Sr. Unscd. Notes		5.70		4/15/40		650,000			775,066


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)			Value ($)
Industrials - 1.6% (continued)
United Technologies, Sr. Unscd. Notes		4.50		6/1/42			380,000			389,210
Waste Management, Gtd. Notes		3.50		5/15/24			500,000			508,197
								39,233,493
Information Technology - 1.2%
Apple, Sr. Unscd. Notes		1.05		5/5/17	500,000					501,754
Apple, Sr. Unscd. Notes		1.00		5/3/18	500,000					498,759
Apple, Sr. Unscd. Notes		2.00		5/6/20	510,000					511,772
Apple, Sr. Unscd. Notes		2.85		5/6/21	800,000					824,442
Apple, Sr. Unscd. Notes		2.40		5/3/23	500,000					489,675
Apple, Sr. Unscd. Notes		3.45		5/6/24	500,000					519,104
Apple, Sr. Unscd. Notes		3.20		5/13/25	510,000					518,803
Apple, Sr. Unscd. Notes		4.45		5/6/44	500,000					505,495
Apple, Sr. Unscd. Notes		4.38		5/13/45	540,000					539,357
Applied Materials, Sr. Unscd. Notes		3.90		10/1/25	1,000,000					1,001,772
Arrow Electronics, Sr. Unscd. Notes		3.00		3/1/18	500,000					503,483
Arrow Electronics, Sr. Unscd. Notes		4.50		3/1/23	500,000					510,225
Autodesk, Sr. Unscd. Notes		4.38		6/15/25	1,000,000					1,003,201
Baidu, Sr. Unscd. Notes		2.75		6/9/19	750,000					749,752
eBay, Sr. Unscd. Notes		4.00		7/15/42	700,000					544,629
EMC, Sr. Unscd. Notes		1.88		6/1/18	1,000,000					956,334
Google, Sr. Unscd. Notes		3.63		5/19/21	300,000					322,826
Hewlett-Packard, Sr. Unscd. Notes		6.00		9/15/41	750,000					723,541
HP Enterprise, Gtd. Notes		2.85		10/5/18	650,000			^b		651,821
HP Enterprise, Gtd. Notes		3.60		10/15/20	640,000			^b		645,289
HP Enterprise, Gtd. Notes		4.90		10/15/25	1,000,000			^b		990,070
HP Enterprise, Gtd. Notes		6.35		10/15/45	210,000			^b		204,097
Intel, Sr. Unscd. Notes		3.30		10/1/21	2,100,000					2,203,102
Intel, Sr. Unscd. Notes		3.10		7/29/22	300,000					308,981
International Business Machines, Sr. Unscd. Debs.		7.00		10/30/25	425,000					550,268

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
Information Technology - 1.2% (continued)
International Business Machines, Sr. Unscd. Notes		1.25		2/6/17	1,000,000				1,005,338
International Business Machines, Sr. Unscd. Notes		5.70		9/14/17	600,000				650,695
International Business Machines, Sr. Unscd. Notes		8.38		11/1/19	300,000				372,454
International Business Machines, Sr. Unscd. Notes		5.60		11/30/39	605,000		^c		687,424
Microsoft, Sr. Unscd. Notes		4.20		6/1/19	1,000,000				1,089,730
Microsoft, Sr. Unscd. Notes		5.20		6/1/39	688,000				785,285
Microsoft, Sr. Unscd. Notes		3.75		2/12/45	1,000,000				924,236
Oracle, Sr. Unscd. Notes		5.75		4/15/18	150,000				165,666
Oracle, Sr. Unscd. Notes		5.00		7/8/19	1,200,000				1,329,431
Oracle, Sr. Unscd. Notes		2.80		7/8/21	600,000				610,285
Oracle, Sr. Unscd. Notes		3.40		7/8/24	1,250,000				1,277,045
Oracle, Sr. Unscd. Notes		3.90		5/15/35	480,000				457,923
Oracle, Sr. Unscd. Notes		6.50		4/15/38	500,000				638,231
Oracle, Sr. Unscd. Notes		4.38		5/15/55	680,000				638,935
Qualcomm, Sr. Unscd. Notes		2.25		5/20/20	500,000				497,687
Qualcomm, Sr. Unscd. Notes		3.45		5/20/25	360,000				346,147
Qualcomm, Sr. Unscd. Notes		4.65		5/20/35	140,000				129,726
Qualcomm, Sr. Unscd. Notes		4.80		5/20/45	210,000				182,039
Seagate HDD, Gtd. Bonds		4.75		6/1/23	800,000				743,450
Texas Instruments, Sr. Unscd. Notes		2.75		3/12/21	400,000				404,586
Xilinx, Sr. Unscd. Notes		3.00		3/15/21	500,000				505,766
							30,220,631
Materials - 1.0%
Agrium, Sr. Unscd. Debs.		5.25		1/15/45	500,000				501,086
Airgas, Sr. Unscd. Notes		2.38		2/15/20	500,000				493,616
Avery Dennison, Sr. Unscd. Notes		3.35		4/15/23	1,000,000				969,372
Barrick PD Australia Finance, Gtd. Notes		5.95		10/15/39	1,300,000				1,122,958
BHP Billiton Finance USA, Gtd. Notes		6.50		4/1/19	1,700,000				1,932,019
BHP Billiton Finance USA, Gtd. Notes		4.13		2/24/42	500,000				466,202


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
Materials - 1.0% (continued)
CF Industries, Gtd. Notes		3.45		6/1/23	500,000				478,530
CF Industries, Gtd. Notes		4.95		6/1/43	500,000				468,041
Cytec Industries, Sr. Unscd. Notes		3.95		5/1/25	100,000				97,874
Dow Chemical, Sr. Unscd. Notes		8.55		5/15/19	1,700,000				2,046,118
Dow Chemical, Sr. Unscd. Notes		4.25		11/15/20	775,000				834,678
E.I. du Pont de Nemours & Co., Sr. Unscd. Notes		6.00		7/15/18	560,000				619,991
E.I. du Pont de Nemours & Co., Sr. Unscd. Notes		2.80		2/15/23	500,000				482,540
E.I. du Pont de Nemours & Co., Sr. Unscd. Notes		4.15		2/15/43	300,000				274,040
Eastman Chemical, Sr. Unscd. Notes		3.80		3/15/25	500,000				498,280
Freeport-McMoRan, Gtd. Notes		3.10		3/15/20	1,500,000		^c		1,325,700
Freeport-McMoRan, Gtd. Notes		5.45		3/15/43	600,000				431,250
Glencore Canada, Gtd. Notes		5.50		6/15/17	165,000				163,412
Goldcorp, Sr. Unscd. Notes		3.63		6/9/21	500,000				490,934
International Paper, Sr. Unscd. Notes		4.80		6/15/44	600,000				559,847
LYB International Finance, Gtd. Bonds		4.00		7/15/23	1,200,000				1,219,337
Methanex, Sr. Unscd. Notes		3.25		12/15/19	465,000				450,084
Methanex, Sr. Unscd. Notes		4.25		12/1/24	500,000		^c		475,477
Monsanto, Sr. Unscd. Notes		2.13		7/15/19	1,000,000				995,524
Mosaic, Sr. Unscd. Notes		4.25		11/15/23	300,000				304,906
Newmont Mining, Gtd. Notes		6.25		10/1/39	1,000,000				931,080
Owens Corning, Gtd. Notes		7.00		12/1/36	235,000				267,947
Potash Corp of Saskatchewan, Sr. Unscd. Bonds		3.63		3/15/24	500,000				496,579
Praxair, Sr. Unscd. Notes		2.45		2/15/22	1,000,000				983,644
Rio Tinto Alcan, Sr. Unscd. Debs.		7.25		3/15/31	350,000				429,305
Rio Tinto Finance USA, Gtd. Notes		6.50		7/15/18	20,000				22,169
Rio Tinto Finance USA, Gtd. Notes		3.50		11/2/20	600,000				626,135
Rio Tinto Finance USA, Gtd. Notes		5.20		11/2/40	1,000,000				1,004,898
Sigma-Aldrich, Sr. Unscd. Notes		3.38		11/1/20	500,000				513,290

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
Materials - 1.0% (continued)
Southern Copper, Sr. Unscd. Notes		5.25		11/8/42	1,000,000				814,768
Vale Canada, Sr. Unscd. Bonds		7.20		9/15/32	100,000				81,444
Vale Overseas, Gtd. Notes		4.38		1/11/22	700,000		^c		640,150
Vale Overseas, Gtd. Notes		6.88		11/21/36	900,000		^c		737,190
Valspar, Sr. Unscd. Notes		3.95		1/15/26	500,000				506,546
							25,756,961
Municipal Bonds - .8%
American Municipal Power Inc., Combined Hydroelectic Projects Revenue (Build America Bonds)		8.08		2/15/50	100,000				143,559
Bay Area Toll Authority, San Francisco Bay Area Subordinate Toll Bridge Revenue (Build America Bonds)		6.79		4/1/30	695,000				864,663
Bay Area Toll Authority, San Francisco Bay Area Toll Bridge Revenue (Build America Bonds)		6.26		4/1/49	1,000,000				1,336,500
California, GO (Various Purpose)		7.50		4/1/34	1,000,000				1,416,860
California, GO (Various Purpose)		7.55		4/1/39	1,600,000				2,363,168
Florida Hurricane Catastrophe Fund Finance Corporation, Revenue		2.11		7/1/18	500,000				505,795
Illinois, GO (Pension Funding Series)		5.10		6/1/33	2,130,000				1,967,055
Los Angeles Unified School District, GO (Build America Bonds)		5.75		7/1/34	1,600,000				1,917,344
Metropolitan Transportation Authority, Dedicated Tax Funds Bonds		7.34		11/15/39	650,000				945,009
Municipal Electric Authority of Georgia, GO (Plant Vogtle Units 3 and 4 Project J Bonds) (Build America Bonds)		6.64		4/1/57	1,000,000				1,190,610
New Jersey Turnpike Authority, Turnpike Revenue (Build America Bonds)		7.41		1/1/40	780,000				1,091,735
New York City Municipal Water Finance Authority, Water and Sewer System Second General Resolution Revenue (Build America Bonds)		5.95		6/15/42	545,000				691,550
New York State Dormitory Authority, State Personal Income Tax Revenue (General Purpose) (Build America Bonds)		5.29		3/15/33	1,000,000				1,160,330
Port Authority of New York and New Jersey, (Consolidated Bonds, 165th Series)		5.65		11/1/40	680,000				808,962
Port Authority of New York and New Jersey, (Consolidated Bonds, 192nd Series)		4.81		10/15/65	500,000				513,200


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
Municipal Bonds - .8% (continued)
Public Utilities Commission of the City and County of San Francisco, San Francisco Water Revenue (Build America Bonds)		6.00		11/1/40	550,000				664,774
San Diego County Water Authority Financing Agency, Water Revenue (Build America Bonds)		6.14		5/1/49	620,000				776,556
University of California Regents, General Revenue		1.80		7/1/19	480,000				483,850
University of California Regents, General Revenue		4.77		5/15/44	500,000				506,465
							19,347,985
Telecommunications - 1.5%
America Movil SAB de CV, Gtd. Notes		6.38		3/1/35	100,000				116,250
America Movil SAB de CV, Gtd. Notes		6.13		3/30/40	1,200,000				1,370,696
AT&T, Gtd. Notes		8.25		11/15/31	470,000				636,130
AT&T, Sr. Unscd. Bonds		5.50		2/1/18	950,000				1,028,392
AT&T, Sr. Unscd. Notes		1.70		6/1/17	1,000,000				1,005,261
AT&T, Sr. Unscd. Notes		2.30		3/11/19	1,000,000				1,006,133
AT&T, Sr. Unscd. Notes		2.45		6/30/20	500,000				495,655
AT&T, Sr. Unscd. Notes		3.00		2/15/22	495,000				489,283
AT&T, Sr. Unscd. Notes		3.00		6/30/22	500,000				491,173
AT&T, Sr. Unscd. Notes		3.40		5/15/25	1,000,000				972,336
AT&T, Sr. Unscd. Notes		4.50		5/15/35	1,000,000				938,316
AT&T, Sr. Unscd. Notes		5.35		9/1/40	1,500,000				1,500,156
AT&T, Sr. Unscd. Notes		4.75		5/15/46	1,000,000				921,700
British Telecommunications, Sr. Unscd. Notes		1.25		2/14/17	250,000				249,968
British Telecommunications, Sr. Unscd. Notes		5.95		1/15/18	580,000				633,221
British Telecommunications, Sr. Unscd. Notes		9.63		12/15/30	175,000				264,474
Cisco Systems, Sr. Unscd. Notes		4.45		1/15/20	2,000,000				2,198,066
Cisco Systems, Sr. Unscd. Notes		5.50		1/15/40	900,000				1,059,824
Deutsche Telekom International Finance, Gtd. Bonds		8.75		6/15/30	900,000				1,279,220
GTE, Gtd. Notes		6.94		4/15/28	100,000				120,451
Juniper Networks, Sr. Unscd. Notes		4.35		6/15/25	200,000				199,394

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
Telecommunications - 1.5% (continued)
Koninklijke KPN, Sr. Unscd. Bonds	8.38	10/1/30	250,000		324,393
Motorola Solutions, Sr. Unscd. Notes	3.50	9/1/21	1,000,000		939,775
Orange, Sr. Unscd. Notes	9.00	3/1/31	945,000		1,376,436
Qwest, Sr. Unscd. Debs.	6.88	9/15/33	275,000		273,547
Rogers Communications, Gtd. Notes	7.50	8/15/38	125,000		164,811
Telefonica Emisiones, Gtd. Notes	3.19	4/27/18	1,000,000		1,026,259
Telefonica Emisiones, Gtd. Notes	7.05	6/20/36	500,000		600,567
Verizon Communications, Sr. Unscd. Notes	2.00	11/1/16	600,000		605,794
Verizon Communications, Sr. Unscd. Notes	1.35	6/9/17	500,000		500,732
Verizon Communications, Sr. Unscd. Notes	2.63	2/21/20	2,395,000		2,421,240
Verizon Communications, Sr. Unscd. Notes	3.45	3/15/21	750,000		774,363
Verizon Communications, Sr. Unscd. Notes	3.50	11/1/21	900,000		928,963
Verizon Communications, Sr. Unscd. Notes	5.15	9/15/23	1,650,000		1,842,108
Verizon Communications, Sr. Unscd. Notes	7.75	12/1/30	690,000		938,120
Verizon Communications, Sr. Unscd. Notes	5.85	9/15/35	560,000		620,109
Verizon Communications, Sr. Unscd. Notes	3.85	11/1/42	500,000		420,454
Verizon Communications, Sr. Unscd. Notes	6.55	9/15/43	2,700,000		3,243,302
Verizon Communications, Sr. Unscd. Notes	4.86	8/21/46	1,000,000	^c	961,036
Verizon Communications, Sr. Unscd. Notes	5.01	8/21/54	90,000		83,534
Vodafone Group, Sr. Unscd. Bonds	6.15	2/27/37	250,000		271,065
Vodafone Group, Sr. Unscd. Notes	5.63	2/27/17	555,000		584,626
Vodafone Group, Sr. Unscd. Notes	7.88	2/15/30	125,000		156,888
Vodefone Group, Sr. Unscd. Notes	1.50	2/19/18	500,000		497,668
				36,531,889
U.S. Government Agencies - 2.8%
Federal Farm Credit Bank, Bonds	0.54	11/7/16	500,000		499,334
Federal Home Loan Bank, Bonds	0.63	11/23/16	1,700,000		1,701,970
Federal Home Loan Bank, Bonds	4.75	12/16/16	1,000,000		1,047,521
Federal Home Loan Bank, Bonds	1.00	6/21/17	1,400,000		1,406,964


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
U.S. Government Agencies - 2.8% (continued)
Federal Home Loan Bank, Bonds		5.00		11/17/17	2,600,000				2,819,840
Federal Home Loan Bank, Bonds		1.13		4/25/18	1,000,000				1,005,222
Federal Home Loan Bank, Bonds		1.75		12/14/18	1,000,000				1,018,462
Federal Home Loan Bank, Bonds		4.13		3/13/20	1,000,000				1,109,031
Federal Home Loan Bank, Bonds		5.63		6/11/21	1,200,000				1,445,010
Federal Home Loan Bank, Bonds		5.50		7/15/36	480,000				638,824
Federal Home Loan Bank, Bonds, Ser. 1		4.88		5/17/17	2,000,000				2,128,442
Federal Home Loan Mortgage Corp., Notes		5.00		2/16/17	825,000		^d		871,728
Federal Home Loan Mortgage Corp., Notes		0.88		2/22/17	4,500,000		^d		4,517,662
Federal Home Loan Mortgage Corp., Notes		1.00		9/29/17	1,000,000		^d		1,003,543
Federal Home Loan Mortgage Corp., Notes		5.13		11/17/17	650,000		^d		706,501
Federal Home Loan Mortgage Corp., Notes		1.03		11/28/17	500,000		^d		500,229
Federal Home Loan Mortgage Corp., Notes		0.88		3/7/18	1,000,000		^d		999,076
Federal Home Loan Mortgage Corp., Notes		1.02		4/30/18	1,050,000		^d		1,051,654
Federal Home Loan Mortgage Corp., Notes		1.20		6/12/18	785,000		^d		784,199
Federal Home Loan Mortgage Corp., Notes		4.88		6/13/18	1,250,000		^d		1,374,459
Federal Home Loan Mortgage Corp., Notes		3.75		3/27/19	1,600,000		^d		1,733,134
Federal Home Loan Mortgage Corp., Notes		1.25		10/2/19	2,500,000		^d		2,483,185
Federal Home Loan Mortgage Corp., Notes		2.38		1/13/22	2,600,000		^d		2,663,674
Federal Home Loan Mortgage Corp., Notes		3.06		6/14/28	135,000		^d		131,936
Federal Home Loan Mortgage Corp., Notes		6.75		9/15/29	400,000		^d		580,182
Federal Home Loan Mortgage Corp., Notes		6.25		7/15/32	1,000,000		^d		1,422,678
Federal Home Loan Mortgage Corp., Notes, Ser. 1		0.75		1/12/18	2,400,000		^d		2,394,110
Federal National Mortgage Association, Bonds		7.00		2/1/32	887		^d		897
Federal National Mortgage Association, Notes		1.25		1/30/17	2,000,000		^d		2,017,012
Federal National Mortgage Association, Notes		5.00		5/11/17	1,200,000		^d		1,278,793
Federal National Mortgage Association, Notes		0.00		6/1/17	2,400,000		^d,e		2,370,994
Federal National Mortgage Association, Notes		1.07		7/28/17	925,000		^d		929,156

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			PrincipalAmount ($)		Value ($)
U.S. Government Agencies - 2.8% (continued)
Federal National Mortgage Association, Notes		0.88		10/26/17	1,600,000		^d		1,602,811
Federal National Mortgage Association, Notes		0.88		12/20/17	2,300,000		^d		2,302,171
Federal National Mortgage Association, Notes		0.88		12/27/17	700,000		^d		700,556
Federal National Mortgage Association, Notes		1.00		12/28/17	750,000		^d		750,296
Federal National Mortgage Association, Notes		0.88		2/8/18	1,500,000		^d		1,500,259
Federal National Mortgage Association, Notes		1.00		2/15/18	700,000		^d		700,171
Federal National Mortgage Association, Notes		1.13		3/28/18	415,000		^d		414,222
Federal National Mortgage Association, Notes		1.13		4/30/18	2,000,000		^d		2,004,002
Federal National Mortgage Association, Notes		1.88		9/18/18	2,000,000		^c,d		2,047,186
Federal National Mortgage Association, Notes		1.88		2/19/19	500,000		^d		510,915
Federal National Mortgage Association, Notes		1.75		11/26/19	1,500,000		^d		1,517,629
Federal National Mortgage Association, Notes		2.63		9/6/24	1,100,000		^d		1,126,951
Federal National Mortgage Association, Notes		6.25		5/15/29	1,340,000		^d		1,851,190
Federal National Mortgage Association, Notes		6.63		11/15/30	1,000,000		^d		1,444,175
Federal National Mortgage Association, Notes		5.50		4/1/34	54,490		^d		60,869
Federal National Mortgage Association, Notes		6.00		4/18/36	1,300,000		^d		1,332,618
Federal National Mortgage Association, Notes		7.00		7/1/37	40,641		^d		45,400
Federal National Mortgage Association, Notes, Ser. 1		1.00		4/30/18	1,000,000		^d		992,308
Federal National Mortgage Association, Sub. Debs.		0.00		10/9/19	2,000,000		^d,e		1,861,490
Financing (FICO), Scd. Bonds		8.60		9/26/19	40,000				50,587
Financing (FICO), Scd. Bonds, Ser. E		9.65		11/2/18	510,000				635,650
Tennessee Valley Authority, Sr. Unscd. Bonds		5.88		4/1/36	650,000				854,097
Tennessee Valley Authority, Sr. Unscd. Bonds		6.15		1/15/38	165,000				227,030
Tennessee Valley Authority, Sr. Unscd. Bonds		5.25		9/15/39	1,200,000				1,476,467
							70,644,472
U.S. Government Agencies/Mortgage-Backed - 29.7%
Federal Home Loan Mortgage Corp.
2.50%					2,400,000		^d,f		2,441,953


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
U.S. Government Agencies/Mortgage-Backed - 29.7% (continued)
3.00%			8,600,000	^d,f	8,754,943
3.50%			21,075,000	^d,f	21,893,973
4.00%			10,500,000	^d,f	11,155,019
4.50%			1,250,000	^d,f	1,351,953
5.00%			500,000	^d,f	547,793
2.00%, 8/1/28-8/1/29			1,623,800	^d	1,627,935
Ser. K714, Cl. A1, 2.08%, 12/25/19			660,766	^d	671,256
2.15%, 8/1/43			561,638	^a,d	571,028
2.23%, 7/1/43			407,719	^a,d	415,547
2.38%, 4/1/33-6/1/35			9,187	^a,d	9,661
2.39%, 12/1/34			12,605	^a,d	13,392
2.41%, 10/1/43			444,189	^a,d	454,564
2.44%, 3/1/36			7,050	^a,d	7,532
2.50%, 10/1/27-11/1/42			12,133,133	^a,d	12,428,556
2.52%, 6/1/36			7,555	^a,d	7,652
2.70%, 11/1/33			3,312	^a,d	3,528
2.87%, 12/25/21			850,000	^d	883,290
3.00%, 12/1/25-7/1/45			36,052,366	^d	36,787,568
3.02%, 2/25/23			528,298	^d	554,511
3.06%, 7/25/23			1,000,000	^a,d	1,040,510
3.06%, 12/25/24			648,000	^d	667,789
3.31%, 5/25/23			1,250,000	^a,d	1,322,984
3.50%, 1/1/21-9/1/45			29,488,960	^d	30,791,638
3.87%, 4/25/21			1,800,000	^d	1,964,156
4.00%, 5/1/18-8/1/45			23,928,232	^d	25,488,533
4.19%, 12/25/20			1,284,000	^a,d	1,419,139
4.50%, 2/1/18-9/1/44			17,027,830	^d	18,428,232
5.00%, 11/1/18-1/1/40			10,579,137	^d	11,555,824
5.50%, 8/1/16-1/1/40			5,608,050	^d	6,238,150
6.00%, 5/1/16-7/1/39			2,820,040	^d	3,198,787
6.50%, 4/1/16-3/1/39			1,555,638	^d	1,780,768
7.00%, 10/1/17-7/1/37			149,853	^d	171,595
7.50%, 2/1/23-11/1/33			31,098	^d	35,261
8.00%, 2/1/17-10/1/31			32,165	^d	37,095
8.50%, 10/1/18-6/1/30			1,017	^d	1,187
Federal National Mortgage Association
2.50%			9,475,000	^d,f	9,644,884

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)	Maturity Date		Principal Amount ($)		Value ($)
U.S. Government Agencies/Mortgage-Backed - 29.7% (continued)
3.00%			11,175,000		^d,f		11,362,976
3.50%			35,400,000		^d,f		36,837,533
4.00%			26,625,000		^d,f		28,340,406
4.50%			1,325,000		^d,f		1,435,782
5.00%			500,000		^d,f		551,172
2.00%, 7/1/28-5/1/30			2,491,204		^d		2,490,712
2.05%, 2/1/37			3,189		^a,d		3,379
2.17%, 5/1/43			471,178		^a,d		480,301
2.20%, 1/1/35			5,797		^a,d		6,075
2.21%, 12/1/35			6,886		^a,d		7,210
2.36%, 3/1/37			48,481		^a,d		51,695
2.38%, 10/1/34			14,250		^a,d		14,990
2.44%, 12/1/36			10,087		^a,d		10,376
2.50%, 7/1/27-8/1/43			11,462,857		^d		11,662,011
Ser. 2013-M3, Cl. A2, 2.51%, 11/25/22			1,500,000		^a,d		1,520,205
2.52%, 5/1/33-9/1/33			9,904		^a,d		10,204
2.59%, 4/25/23			1,145,894		^a,d		1,166,573
2.59%, 6/1/35			290		^a,d		294
2.65%, 11/1/32			11,069		^a,d		11,776
2.67%, 11/1/36			21,446		^a,d		22,676
2.69%, 9/1/33			14,857		^a,d		15,924
2.70%, 11/1/43			196,866		^a,d		202,924
2.94%, 5/1/42			304,274		^a,d		314,518
3.00%, 10/1/26-9/1/45			60,986,319		^d		62,380,090
3.03%, 12/1/41			422,895		^a,d		444,814
3.22%, 8/25/24			993,084		^a,d		1,044,735
3.35%, 11/1/35			387		^a,d		408
3.46%, 1/25/24			800,000		^a,d		845,000
3.50%, 1/20/25-8/1/45			47,163,003		^d		49,365,352
3.66%, 11/25/20			949,455		^d		1,027,280
4.00%, 2/1/24-2/1/45			38,818,585		^d		41,405,414
4.50%, 4/1/18-11/1/44			29,646,259		^d		32,157,760
5.00%, 11/1/17-11/1/44			15,302,748		^d		16,830,112
5.50%, 1/1/17-2/1/42			10,887,955		^d		12,182,666
6.00%, 8/1/16-11/1/38			4,915,904		^d		5,581,755
6.50%, 8/1/16-9/1/38			1,184,841		^d		1,357,186
7.00%, 2/1/16-3/1/38			257,112		^d		293,434
7.50%, 4/1/26-6/1/31			62,384		^d		70,358
8.00%, 3/1/22-8/1/30			13,115		^d		15,336
8.50%, 2/1/25-7/1/30			2,009		^d		2,150
9.00%, 10/1/30			2,004		^d		2,105
Government National Mortgage Association
3.00%			1,600,000		^f		1,630,987


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
U.S. Government Agencies/Mortgage-Backed - 29.7% (continued)
3.50%					525,000		^f		549,339
4.00%					200,000		^f		213,034
2.50%, 2/15/28-3/15/43					1,774,573				1,805,003
3.00%, 9/15/42-8/15/45					3,461,183				3,537,514
3.50%, 2/15/26-11/15/42					4,584,688				4,804,962
4.00%, 2/15/41-6/15/45					6,281,585				6,778,634
4.50%, 1/15/19-2/15/41					8,261,346				8,957,482
5.00%, 1/15/17-4/15/40					8,593,034				9,522,431
5.50%, 9/15/20-11/15/38					2,506,965				2,819,883
6.00%, 2/15/17-4/15/39					3,353,095				3,837,537
6.50%, 2/15/24-2/15/39					686,866				789,876
7.00%, 10/15/27-8/15/32					78,746				90,040
7.50%, 12/15/23-11/15/30					70,249				78,085
8.00%, 8/15/24-3/15/32					15,803				19,086
8.25%, 6/15/27					1,400				1,593
8.50%, 10/15/26					8,986				10,201
9.00%, 2/15/22-2/15/23					7,756				7,874
Government National Mortgage Association II
3.00%					20,575,000		^f		21,015,135
3.50%					44,075,000		^f		46,175,391
4.00%					20,075,000		^f		21,364,684
4.50%					5,500,000		^f		5,920,235
2.50%, 4/20/28-11/20/43					2,304,139				2,327,731
3.00%, 11/20/27-8/20/45					15,553,754		^a		16,022,089
3.50%, 9/20/28-5/20/45					13,221,643				13,889,532
4.00%, 9/20/43-1/20/45					10,599,938				11,307,812
4.50%, 7/20/41-7/20/45					9,452,076				10,229,372
5.00%, 3/20/37-8/20/44					6,316,244				6,924,135
5.50%, 10/20/31-10/20/44					3,615,639				4,041,677
6.50%, 2/20/28					714				836
8.50%, 7/20/25					514				581
							740,566,624
U.S. Government Securities - 35.4%
U.S. Treasury Bonds		8.75		5/15/17	2,395,000				2,692,224
U.S. Treasury Bonds		8.88		8/15/17	1,725,000				1,976,472
U.S. Treasury Bonds		8.88		2/15/19	720,000				901,289
U.S. Treasury Bonds		8.75		8/15/20	1,000,000				1,334,284
U.S. Treasury Bonds		8.13		5/15/21	420,000				563,716
U.S. Treasury Bonds		8.00		11/15/21	970,000				1,318,246
U.S. Treasury Bonds		7.25		8/15/22	2,500,000				3,363,315
U.S. Treasury Bonds		6.00		2/15/26	970,000				1,314,073
U.S. Treasury Bonds		6.63		2/15/27	430,000				618,842
U.S. Treasury Bonds		6.13		11/15/27	2,150,000				3,020,638
U.S. Treasury Bonds		5.25		11/15/28	2,000,000				2,646,966
U.S. Treasury Bonds		6.13		8/15/29	1,000,000				1,437,604
U.S. Treasury Bonds		6.25		5/15/30	240,000				352,519
U.S. Treasury Bonds		4.50		2/15/36	4,395,000		^c		5,714,731
U.S. Treasury Bonds		4.75		2/15/37	870,000				1,170,331
U.S. Treasury Bonds		5.00		5/15/37	1,940,000				2,697,258
U.S. Treasury Bonds		3.50		2/15/39	4,200,000				4,716,470
U.S. Treasury Bonds		4.50		8/15/39	873,000				1,133,428
U.S. Treasury Bonds		4.38		11/15/39	452,000				576,535
U.S. Treasury Bonds		4.63		2/15/40	2,066,000				2,728,990
U.S. Treasury Bonds		4.38		5/15/40	1,360,000				1,734,169
U.S. Treasury Bonds		3.88		8/15/40	3,830,000				4,532,066

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
U.S. Government Securities - 35.4% (continued)
U.S. Treasury Bonds		4.25		11/15/40	2,760,000				3,456,613
U.S. Treasury Bonds		4.75		2/15/41	3,180,000				4,282,401
U.S. Treasury Bonds		4.38		5/15/41	970,000				1,241,877
U.S. Treasury Bonds		3.75		8/15/41	1,700,000				1,980,755
U.S. Treasury Bonds		3.13		11/15/41	3,750,000				3,929,051
U.S. Treasury Bonds		3.13		2/15/42	4,320,000				4,522,755
U.S. Treasury Bonds		3.00		5/15/42	2,870,000				2,927,997
U.S. Treasury Bonds		2.75		8/15/42	2,440,000		^c		2,364,004
U.S. Treasury Bonds		2.75		11/15/42	2,182,000				2,109,778
U.S. Treasury Bonds		3.13		2/15/43	2,990,000				3,109,794
U.S. Treasury Bonds		2.88		5/15/43	9,457,000		^c		9,354,306
U.S. Treasury Bonds		3.63		8/15/43	2,885,000				3,297,091
U.S. Treasury Bonds		3.75		11/15/43	4,995,000				5,838,491
U.S. Treasury Bonds		3.63		2/15/44	5,030,000				5,743,370
U.S. Treasury Bonds		3.38		5/15/44	5,330,000				5,803,176
U.S. Treasury Bonds		3.13		8/15/44	6,215,000				6,448,187
U.S. Treasury Bonds		3.00		11/15/44	4,810,000		^c		4,866,022
U.S. Treasury Bonds		2.50		2/15/45	8,805,000		^c		8,021,610
U.S. Treasury Bonds		3.00		5/15/45	4,950,000		^c		5,009,781
U.S. Treasury Bonds		2.88		8/15/45	4,720,000				4,664,781
U.S. Treasury Notes		0.50		11/30/16	2,795,000				2,795,601
U.S. Treasury Notes		2.75		11/30/16	3,700,000				3,790,550
U.S. Treasury Notes		0.63		12/15/16	594,000				594,955
U.S. Treasury Notes		0.63		12/31/16	6,490,000				6,500,183
U.S. Treasury Notes		0.88		12/31/16	6,355,000				6,383,261
U.S. Treasury Notes		3.25		12/31/16	4,700,000		^c		4,850,057
U.S. Treasury Notes		0.50		1/31/17	3,575,000		^c		3,573,999
U.S. Treasury Notes		0.88		1/31/17	3,325,000				3,340,262
U.S. Treasury Notes		3.13		1/31/17	4,180,000				4,315,603
U.S. Treasury Notes		0.63		2/15/17	3,870,000				3,874,536
U.S. Treasury Notes		4.63		2/15/17	1,300,000				1,367,818
U.S. Treasury Notes		0.50		2/28/17	6,545,000				6,539,888
U.S. Treasury Notes		0.88		2/28/17	6,280,000				6,307,638
U.S. Treasury Notes		3.00		2/28/17	3,900,000				4,026,446
U.S. Treasury Notes		0.75		3/15/17	6,500,000				6,515,951
U.S. Treasury Notes		0.50		3/31/17	3,585,000				3,581,544
U.S. Treasury Notes		1.00		3/31/17	5,000,000				5,028,970
U.S. Treasury Notes		3.25		3/31/17	4,131,000				4,285,954
U.S. Treasury Notes		0.50		4/30/17	3,610,000				3,603,960
U.S. Treasury Notes		0.88		4/30/17	3,810,000		^c		3,824,783
U.S. Treasury Notes		3.13		4/30/17	4,360,000				4,523,500
U.S. Treasury Notes		0.88		5/15/17	1,885,000		^c		1,892,229
U.S. Treasury Notes		4.50		5/15/17	2,000,000				2,118,658
U.S. Treasury Notes		0.63		5/31/17	10,500,000				10,498,225
U.S. Treasury Notes		2.75		5/31/17	2,230,000				2,304,145
U.S. Treasury Notes		0.63		6/30/17	3,595,000		^c		3,593,713
U.S. Treasury Notes		0.75		6/30/17	4,817,000		^c		4,824,592
U.S. Treasury Notes		2.50		6/30/17	3,500,000				3,605,752
U.S. Treasury Notes		0.88		7/15/17	3,540,000				3,552,146
U.S. Treasury Notes		0.50		7/31/17	4,640,000		^c		4,626,586
U.S. Treasury Notes		0.63		7/31/17	5,565,000				5,561,232
U.S. Treasury Notes		2.38		7/31/17	3,820,000				3,931,964
U.S. Treasury Notes		0.88		8/15/17	3,570,000		^c		3,581,320
U.S. Treasury Notes		4.75		8/15/17	2,387,000				2,558,582
U.S. Treasury Notes		0.63		8/31/17	7,636,000				7,624,867
U.S. Treasury Notes		1.88		8/31/17	3,140,000				3,206,398


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
U.S. Government Securities - 35.4% (continued)
U.S. Treasury Notes		1.00		9/15/17	3,235,000		^c		3,251,450
U.S. Treasury Notes		0.63		9/30/17	10,473,000		^c		10,451,007
U.S. Treasury Notes		1.88		9/30/17	3,130,000				3,197,736
U.S. Treasury Notes		0.75		10/31/17	2,420,000		^c		2,419,528
U.S. Treasury Notes		1.88		10/31/17	2,910,000				2,974,375
U.S. Treasury Notes		0.88		11/15/17	3,590,000				3,596,171
U.S. Treasury Notes		0.63		11/30/17	470,000				468,369
U.S. Treasury Notes		2.25		11/30/17	5,240,000				5,397,268
U.S. Treasury Notes		1.00		12/15/17	3,435,000				3,449,022
U.S. Treasury Notes		0.75		12/31/17	3,950,000				3,944,087
U.S. Treasury Notes		2.75		12/31/17	1,643,000		^c		1,711,277
U.S. Treasury Notes		0.88		1/15/18	3,300,000				3,302,171
U.S. Treasury Notes		0.88		1/31/18	3,410,000				3,412,176
U.S. Treasury Notes		2.63		1/31/18	1,520,000				1,580,008
U.S. Treasury Notes		1.00		2/15/18	3,265,000		^c		3,274,671
U.S. Treasury Notes		3.50		2/15/18	1,600,000				1,695,646
U.S. Treasury Notes		0.75		2/28/18	8,175,000		^c		8,150,998
U.S. Treasury Notes		2.75		2/28/18	2,040,000				2,128,095
U.S. Treasury Notes		1.00		3/15/18	3,310,000				3,318,556
U.S. Treasury Notes		0.75		3/31/18	7,905,000		^c		7,877,412
U.S. Treasury Notes		2.88		3/31/18	5,080,000				5,322,026
U.S. Treasury Notes		0.75		4/15/18	7,760,000				7,728,828
U.S. Treasury Notes		0.63		4/30/18	8,729,000		^c		8,663,192
U.S. Treasury Notes		1.00		5/15/18	3,325,000				3,329,655
U.S. Treasury Notes		3.88		5/15/18	2,000,000		^c		2,149,428
U.S. Treasury Notes		1.00		5/31/18	3,540,000				3,544,195
U.S. Treasury Notes		2.38		5/31/18	1,000,000				1,036,758
U.S. Treasury Notes		1.13		6/15/18	3,315,000				3,328,446
U.S. Treasury Notes		1.38		6/30/18	2,665,000				2,693,438
U.S. Treasury Notes		2.38		6/30/18	2,000,000				2,073,776
U.S. Treasury Notes		0.88		7/15/18	3,290,000		^c		3,280,660
U.S. Treasury Notes		1.38		7/31/18	2,780,000				2,809,754
U.S. Treasury Notes		1.00		8/15/18	3,290,000				3,289,701
U.S. Treasury Notes		4.00		8/15/18	5,800,000				6,287,258
U.S. Treasury Notes		1.50		8/31/18	4,905,000				4,972,763
U.S. Treasury Notes		1.00		9/15/18	4,300,000				4,297,089
U.S. Treasury Notes		1.38		9/30/18	7,468,000		^c		7,543,994
U.S. Treasury Notes		0.88		10/15/18	3,280,000				3,265,040
U.S. Treasury Notes		1.25		10/31/18	3,168,000				3,186,666
U.S. Treasury Notes		1.75		10/31/18	2,300,000		^c		2,348,410
U.S. Treasury Notes		3.75		11/15/18	3,000,000				3,242,910
U.S. Treasury Notes		1.25		11/30/18	3,976,000				3,996,838
U.S. Treasury Notes		1.38		11/30/18	1,341,000				1,353,135
U.S. Treasury Notes		1.38		12/31/18	1,920,000				1,935,650
U.S. Treasury Notes		1.50		12/31/18	2,850,000				2,884,399
U.S. Treasury Notes		1.25		1/31/19	2,090,000				2,097,267
U.S. Treasury Notes		1.50		1/31/19	2,534,000				2,563,199
U.S. Treasury Notes		2.75		2/15/19	4,170,000				4,385,205
U.S. Treasury Notes		1.38		2/28/19	3,998,000				4,025,406
U.S. Treasury Notes		1.50		2/28/19	3,910,000				3,952,842
U.S. Treasury Notes		1.63		3/31/19	5,000,000				5,072,105
U.S. Treasury Notes		1.63		4/30/19	3,500,000				3,548,468
U.S. Treasury Notes		3.13		5/15/19	5,000,000				5,325,750
U.S. Treasury Notes		1.50		5/31/19	4,800,000				4,842,720
U.S. Treasury Notes		1.63		6/30/19	4,000,000				4,050,312
U.S. Treasury Notes		0.88		7/31/19	1,290,000				1,270,238

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
U.S. Government Securities - 35.4% (continued)
U.S. Treasury Notes		1.63		7/31/19	2,910,000				2,944,766
U.S. Treasury Notes		3.63		8/15/19	3,210,000				3,484,879
U.S. Treasury Notes		1.63		8/31/19	4,500,000				4,553,086
U.S. Treasury Notes		1.00		9/30/19	375,000				370,198
U.S. Treasury Notes		1.75		9/30/19	5,500,000				5,587,263
U.S. Treasury Notes		1.25		10/31/19	2,000,000				1,993,046
U.S. Treasury Notes		1.50		10/31/19	3,320,000				3,338,004
U.S. Treasury Notes		3.38		11/15/19	5,630,000				6,074,719
U.S. Treasury Notes		1.00		11/30/19	1,900,000				1,871,352
U.S. Treasury Notes		1.50		11/30/19	4,660,000				4,682,419
U.S. Treasury Notes		1.13		12/31/19	2,290,000		^c		2,264,595
U.S. Treasury Notes		1.63		12/31/19	4,310,000				4,348,889
U.S. Treasury Notes		1.25		1/31/20	3,800,000				3,773,651
U.S. Treasury Notes		1.38		1/31/20	3,350,000				3,343,283
U.S. Treasury Notes		3.63		2/15/20	5,430,000				5,926,231
U.S. Treasury Notes		1.25		2/29/20	5,680,000				5,634,850
U.S. Treasury Notes		1.38		2/29/20	5,500,000				5,488,829
U.S. Treasury Notes		1.13		3/31/20	1,800,000				1,775,110
U.S. Treasury Notes		1.38		3/31/20	6,215,000				6,194,080
U.S. Treasury Notes		1.13		4/30/20	4,490,000				4,425,631
U.S. Treasury Notes		1.38		4/30/20	7,810,000				7,779,190
U.S. Treasury Notes		3.50		5/15/20	4,050,000				4,405,825
U.S. Treasury Notes		1.38		5/31/20	3,060,000				3,044,939
U.S. Treasury Notes		1.50		5/31/20	3,110,000				3,115,993
U.S. Treasury Notes		1.63		6/30/20	3,835,000				3,858,071
U.S. Treasury Notes		1.88		6/30/20	1,300,000				1,322,361
U.S. Treasury Notes		1.63		7/31/20	7,600,000				7,643,396
U.S. Treasury Notes		2.00		7/31/20	3,360,000				3,434,857
U.S. Treasury Notes		2.63		8/15/20	5,000,000		^c		5,251,985
U.S. Treasury Notes		1.38		8/31/20	6,100,000				6,067,353
U.S. Treasury Notes		2.13		8/31/20	3,190,000				3,278,306
U.S. Treasury Notes		1.38		9/30/20	3,095,000		^c		3,074,226
U.S. Treasury Notes		2.00		9/30/20	6,745,000				6,894,125
U.S. Treasury Notes		1.38		10/31/20	3,310,000				3,286,628
U.S. Treasury Notes		1.75		10/31/20	8,220,000				8,295,188
U.S. Treasury Notes		2.63		11/15/20	6,700,000				7,037,090
U.S. Treasury Notes		2.00		11/30/20	2,868,000				2,927,600
U.S. Treasury Notes		2.38		12/31/20	3,025,000				3,143,123
U.S. Treasury Notes		2.13		1/31/21	2,800,000				2,872,918
U.S. Treasury Notes		3.63		2/15/21	6,900,000				7,598,804
U.S. Treasury Notes		2.00		2/28/21	4,357,000				4,442,040
U.S. Treasury Notes		2.25		3/31/21	3,265,000				3,368,582
U.S. Treasury Notes		2.25		4/30/21	2,685,000				2,769,798
U.S. Treasury Notes		3.13		5/15/21	7,000,000				7,535,297
U.S. Treasury Notes		2.00		5/31/21	4,490,000				4,567,933
U.S. Treasury Notes		2.13		6/30/21	6,000,000				6,141,600
U.S. Treasury Notes		2.25		7/31/21	6,100,000				6,284,549
U.S. Treasury Notes		2.13		8/15/21	4,805,000				4,910,984
U.S. Treasury Notes		2.00		8/31/21	935,000				949,006
U.S. Treasury Notes		2.13		9/30/21	5,500,000				5,617,089
U.S. Treasury Notes		2.00		10/31/21	3,485,000				3,532,013
U.S. Treasury Notes		2.00		11/15/21	4,030,000				4,083,760
U.S. Treasury Notes		1.88		11/30/21	4,000,000				4,022,004
U.S. Treasury Notes		2.13		12/31/21	3,705,000				3,776,544
U.S. Treasury Notes		1.50		1/31/22	6,785,000				6,659,681
U.S. Treasury Notes		2.00		2/15/22	5,000,000				5,061,750


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)		Value ($)
U.S. Government Securities - 35.4% (continued)
U.S. Treasury Notes		1.75		2/28/22	2,040,000				2,031,022
U.S. Treasury Notes		1.75		3/31/22	4,000,000				3,978,776
U.S. Treasury Notes		1.75		4/30/22	4,025,000				4,000,761
U.S. Treasury Notes		1.75		5/15/22	2,690,000				2,673,134
U.S. Treasury Notes		1.88		5/31/22	4,020,000				4,025,053
U.S. Treasury Notes		2.13		6/30/22	4,010,000				4,077,589
U.S. Treasury Notes		2.00		7/31/22	3,980,000				4,013,141
U.S. Treasury Notes		1.63		8/15/22	5,000,000				4,921,320
U.S. Treasury Notes		1.88		8/31/22	3,980,000				3,979,403
U.S. Treasury Notes		1.75		9/30/22	3,980,000				3,945,278
U.S. Treasury Notes		1.88		10/31/22	3,965,000				3,962,601
U.S. Treasury Notes		1.63		11/15/22	3,050,000				2,995,930
U.S. Treasury Notes		2.00		2/15/23	5,465,000				5,496,489
U.S. Treasury Notes		1.75		5/15/23	6,941,000				6,833,269
U.S. Treasury Notes		2.50		8/15/23	5,146,000				5,341,255
U.S. Treasury Notes		2.75		11/15/23	7,707,000				8,137,659
U.S. Treasury Notes		2.75		2/15/24	4,555,000				4,803,480
U.S. Treasury Notes		2.50		5/15/24	8,830,000		^c		9,127,492
U.S. Treasury Notes		2.38		8/15/24	10,160,000		^c		10,389,860
U.S. Treasury Notes		2.25		11/15/24	13,035,000				13,177,486
U.S. Treasury Notes		2.00		2/15/25	10,535,000				10,414,764
U.S. Treasury Notes		2.13		5/15/25	11,475,000				11,452,807
U.S. Treasury Notes		2.00		8/15/25	8,640,000				8,526,263
							884,353,739
Utilities - 1.9%
AGL Capital, Gtd. Notes		3.50		9/15/21	193,000				197,049
Alabama Power, Sr. Unscd. Notes		3.75		3/1/45	500,000				458,914
American Water Capital, Sr. Unscd. Notes		3.85		3/1/24	250,000				264,475
Atmos Energy, Sr. Unscd. Notes		4.13		10/15/44	1,000,000				977,313
Berkshire Hathaway Energy, Sr. Unscd. Bonds		6.13		4/1/36	500,000				602,117
Berkshire Hathaway Energy, Sr. Unscd. Notes		5.15		11/15/43	250,000				273,211
Commonwealth Edison, First Mortgage Bonds		2.15		1/15/19	750,000				752,824
Commonwealth Edison, First Mortgage Bonds		5.90		3/15/36	471,000				580,631
Connecticut Light & Power, First Mortgage Bonds		4.30		4/15/44	500,000				510,545
Consolidated Edison of New York, Sr. Unscd. Debs., Ser. 05-A		5.30		3/1/35	475,000				542,645
Consolidated Edison of New York, Sr. Unscd. Debs., Ser. 06-B		6.20		6/15/36	200,000				245,608
Consolidated Edison of New York, Sr. Unscd. Debs., Ser. 08-A		5.85		4/1/18	600,000				659,117
Consumers Energy, First Mortgage Bonds		4.35		8/31/64	700,000				670,673
Dominion Resources, Sr. Unscd. Notes, Ser. B		2.75		9/15/22	1,500,000		^c		1,458,636
Dominion Resources, Sr. Unscd. Notes, Ser. E		6.30		3/15/33	100,000				117,988

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)	Value ($)
Utilities - 1.9% (continued)
DTE Electric, Mortgage Bonds	3.38	3/1/25	500,000	512,884
DTE Electric, Sr. Scd. Notes	3.45	10/1/20	700,000	737,129
DTE Electric, Sr. Scd. Notes, Ser. A	6.63	6/1/36	160,000	211,640
Duke Energy, Sr. Unscd. Notes	3.75	4/15/24	500,000	517,295
Duke Energy, Sr. Unscd. Notes	3.75	12/1/24	750,000	734,611
Duke Energy Carolinas, First Mortgage Bonds	3.90	6/15/21	800,000	857,433
Duke Energy Carolinas, First Mortgage Bonds	6.00	1/15/38	1,000,000	1,244,011
Duke Energy Carolinas, First Mortgage Bonds	4.00	9/30/42	500,000	493,722
Duke Energy Florida, First Mortgage Bonds	6.40	6/15/38	150,000	195,758
Duke Energy Indiana, Sr. Unscd. Debs.	6.12	10/15/35	1,000,000	1,226,594
Duke Energy Progress, First Mortgage Bonds	4.15	12/1/44	500,000	502,861
Empresa Nacional de Electricidad, Sr. Unscd. Notes	4.25	4/15/24	500,000	512,035
Exelon Generation, Sr. Unscd. Notes	5.20	10/1/19	1,000,000	1,085,201
Exelon Generation, Sr. Unscd. Notes	6.25	10/1/39	750,000	801,736
Georgia Power, Sr. Unscd. Note	4.30	3/15/42	1,300,000	1,203,827
Hydro-Quebec, Gov't Gtd. Debs., Ser. HH	8.50	12/1/29	1,200,000	1,833,283
Hydro-Quebec, Gov't Gtd. Debs., Ser. HK	9.38	4/15/30	20,000	32,984
Indiana Michigan Power, Sr. Unscd. Notes	6.05	3/15/37	800,000	931,279
Nevada Power, Mortgage Notes	7.13	3/15/19	2,300,000	2,666,477
Nevada Power, Mortgage Notes, Ser. R	6.75	7/1/37	750,000	979,818
Nextera Energy Capital Holdings, Gtd. Debs.	2.40	9/15/19	500,000	496,447
NiSource Finance, Gtd. Notes	6.40	3/15/18	677,000	748,826
Oklahoma Gas & Electric, Sr. Unscd. Notes	4.00	12/15/44	150,000	143,295
Oncor Electric Delivery, Sr. Scd. Debs.	7.00	9/1/22	170,000	206,867
Oncor Electric Delivery, Sr. Scd. Notes	5.00	9/30/17	500,000	531,393
Oncor Electric Delivery, Sr. Scd. Notes	7.00	5/1/32	250,000	316,637
Pacific Gas & Electric, Sr. Unscd. Bonds	6.05	3/1/34	465,000	563,943
Pacific Gas & Electric, Sr. Unscd. Notes	6.25	3/1/39	750,000	932,683


Bonds and Notes - 99.9% (continued)	Coupon Rate (%)		Maturity Date			Principal Amount ($)	Value ($)
Utilities - 1.9% (continued)
Pacific Gas & Electric, Sr. Unscd. Notes		4.75		2/15/44	500,000			531,048
PECO Energy, First Mortgage Bonds		4.80		10/15/43	500,000			539,631
Pennsylvania Electric, Sr. Unscd. Notes		5.20		4/1/20	500,000			542,398
Piedmont Natural Gas, Sr. Unscd. Notes		4.10		9/18/34	500,000			491,934
PPL Capital Funding, Gtd. Notes		3.40		6/1/23	400,000			400,830
PPL Capital Funding, Gtd. Notes		4.70		6/1/43	400,000			408,532
PPL Electric Utilities, First Mortgage Bonds		4.75		7/15/43	500,000			546,990
Progress Energy, Sr. Unscd. Notes		7.75		3/1/31	480,000			652,407
PSEG Power, Gtd. Notes		2.45		11/15/18	180,000			180,977
Public Service Company of Colorado, First Mortgage Bonds		3.20		11/15/20	1,500,000			1,564,068
Public Service Electric & Gas, First Mortgage Notes		3.15		8/15/24	1,200,000			1,221,234
Public Service Electric & Gas, Sr. Scd. Notes, Ser. D		5.25		7/1/35	230,000			263,098
San Diego Gas & Electric, First Mortgage Bonds, Ser. NNN		3.60		9/1/23	400,000			419,298
Sempra Energy, Sr. Unscd. Notes		2.88		10/1/22	1,000,000			979,833
South Carolina Electric & Gas, First Mortgage Bonds		6.63		2/1/32	200,000			250,533
South Carolina Electric & Gas, First Mortgage Bonds		4.50		6/1/64	500,000			472,444
Southern California Edison, First Mortgage Bonds		3.88		6/1/21	1,400,000			1,493,965
Southern California Edison, First Mortgage Notes, Ser. 08-A		5.95		2/1/38	70,000			87,522
Southern California Edison, Sr. Unscd. Notes		6.65		4/1/29	450,000			574,537
Southern California Gas, First Mortgage Bonds		3.15		9/15/24	500,000			508,147
Southern California Gas, First Mortgage Bonds, Ser. HH		5.45		4/15/18	100,000			109,954
Southwestern Electric Power, Sr. Unscd. Notes, Ser. F		5.88		3/1/18	150,000			163,968
Tampa Electric, Sr. Unscd. Notes		4.35		5/15/44	500,000			503,405
Toledo Edison, Sr. Scd. Notes		6.15		5/15/37	750,000			861,312
Union Electric, Sr. Scd. Notes		6.40		6/15/17	1,000,000			1,074,414
Virginia Electric & Power, Sr. Unscd. Notes		1.20		1/15/18	1,000,000			993,492
Virginia Electric & Power, Sr. Unscd. Notes		4.00		1/15/43	500,000			491,232
Wisconsin Energy, Sr. Unscd. Bonds		3.55		6/15/25	140,000			142,752

STATEMENT OF INVESTMENTS (continued)

Bonds and Notes - 99.9% (continued)

Coupon
Rate (%)

Maturity
Date

Principal
Amount ($)

Value ($)

Utilities - 1.9% (continued)

Wisconsin Power & Light,
Sr. Unscd. Debs.

4.10

10/15/44

800,000

790,349

Xcel Energy,
Sr. Unscd. Notes

6.50

7/1/36

630,000

785,086

47,577,805

Total Bonds and Notes
(cost $2,458,443,888)

2,494,588,925

Other Investment - 8.9%

Value ($)

Registered Investment Company

Dreyfus Institutional Preferred Plus Money Market Fund
(cost $222,668,516)

222,668,516

222,668,516

Investment of Cash Collateral for Securities Loaned - .7%

Value ($)

Registered Investment Company; - .7%

Dreyfus Institutional Cash Advantage Fund
(cost $16,826,379)

16,826,379

16,826,379

Total Investments (cost $2,697,938,783)

109.5%

2,734,083,820

Liabilities, Less Cash and Receivables

(9.5%)

(236,649,406)

Net Assets

100.0%

2,497,434,414

GO—General Obligation

REIT—Real Estate Investment Trust

USD—United States Dollar

^a Variable rate security--interest rate subject to periodic change.

^b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2015, these securities were valued at $11,648,095, or 0.44% of net assets.

^c Security, or portion thereof, on loan. At October 31, 2015, the value of the fund’s securities on loan was $139,559,613 and the value of the collateral held by the fund was $154,540,137, consisting of cash collateral of $16,826,379 and U.S. Government & Agency securities valued at $137,713,758.

^d The Federal Housing Finance Agency ("FHFA") placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.

^e Security issued with a zero coupon. Income is recognized through the accretion of discount.

^f Purchased on a forward commitment basis.

^g Investment in affiliated money market mutual fund.


Portfolio Summary (Unaudited) ^†	Value (%)
U.S. Government & Agencies	67.9
Corporate Bonds	24.6
Money Market Investments	9.6
Foreign/Governmental	4.6
Commercial Mortgage-Backed	1.4
Municipal Bonds	.8
Asset-Backed	.6
	109.5

^†Based on net assets.

See notes to financial statements.

TBA Sale Commitments
October 31, 2015



	Principal Amount ($)		Value ($)
Federal Home Loan Mortgage Corp.:
4.50%, 11/1/18	600,000	^a,b	620,813
5%, 11/19/22	1,200,000	^a,b	1,242,937
Total Federal Home Loan Mortgage Corp.	1,800,000	^a,b	1,863,750

Federal National Mortgage Association:
3.50%, 11/17/30	500,000	^a,b	527,930
4%, 11/18/29	3,650,000	^a,b	3,812,875
4.50%, 11/18/29	1,600,000	^a,b	1,656,376
5%, 11/1/17	300,000	^a,b	311,039
5.50%, 11/1/29	500,000	^a,b	520,586
Total Federal National Mortgage Association	6,550,000		6,828,806

Government National Mortgage Association:
5%, 11/1/33	5,600,000	^b	6,148,406
5.50%, 11/15/32	1,100,000	^b	1,228,683
Total Government National Mortgage Association	6,700,000		7,377,089
Total Sale Commitments (proceeds $16,064,922)			16,069,645

^aThe Federal Housing Finance Agency (“FHFA”) placed Federal National Mortgage Association and Federal Home Loan Mortgage Corporation into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.

^bSold on a delayed delivery basis.

STATEMENT OF ASSETS AND LIABILITIES
October 31, 2015



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments (including securities on loan, valued at $139,559,613)—Note 1(b):
Unaffiliated issuers	2,458,443,888	2,494,588,925
Affiliated issuers	239,494,895	239,494,895
Cash		4,325,916
Receivable for investment securities sold		83,913,383
Receivable for TBA sale commitments—Note 4		16,064,922
Dividends, interest and securities lending income receivable		15,458,028
Receivable for shares of Common Stock subscribed		1,580,414
		2,855,426,483
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(b)		536,068
Payable for investment securities purchased		162,027,463
Payable for open mortgage dollar roll transactions—Note 4		159,805,385
Liability for securities on loan—Note 1(b)		16,826,379
TBA commitment, at value (proceeds $16,064,922)—See Statement of TBA commitments—Note 4		16,069,645
Payable for shares of Common Stock redeemed		2,677,426
Accrued expenses		49,703
		357,992,069
Net Assets ($)		2,497,434,414
Composition of Net Assets ($):
Paid-in capital		2,449,784,293
Accumulated undistributed investment income—net		2,835,959
Accumulated net realized gain (loss) on investments		8,673,848
Accumulated net unrealized appreciation (depreciation) on investments		36,140,314
Net Assets ($)		2,497,434,414


Net Asset Value Per Share	Investor Shares	BASIC Shares
Net Assets ($)	1,040,129,094	1,457,305,320
Shares Outstanding	99,528,565	139,365,976
Net Asset Value Per Share ($)	10.45	10.46

See notes to financial statements.

STATEMENT OF OPERATIONS
Year Ended October 31, 2015




Investment Income ($):
Income:
Interest					58,820,010
Dividends from affiliated issuers					220,755
Income from securities lending—Note 1(b)					184,591
Total Income					59,225,356
Expenses:
Management fee—Note 3(a)					3,707,419
Distribution fees—Note 3(b)					2,922,351
Directors' fees—Note 3(a,c)					194,416
Loan commitment fees—Note 2					26,641
Total Expenses					6,850,827
Less—Directors' fees reimbursed by Dreyfus—Note 3(a)					(194,416)
Net Expenses					6,656,411
Investment Income—Net					52,568,945
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments					14,771,564
Net unrealized appreciation (depreciation) on investments					(27,242,861)
Net Realized and Unrealized Gain (Loss) on Investments					(12,471,297)
Net Increase in Net Assets Resulting from Operations					40,097,648

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS



	Year Ended October 31,
	2015	2014

Operations ($):
Investment income—net	52,568,945	51,633,894
Net realized gain (loss) on investments	14,771,564	22,902,556
Net unrealized appreciation (depreciation) on investments	(27,242,861)	8,616,363
Net Increase (Decrease) in Net Assets Resulting from Operations	40,097,648	83,152,813
Dividends to Shareholders from ($):
Investment income—net:
Investor Shares	(25,290,429)	(21,289,213)
BASIC Shares	(31,390,119)	(33,708,941)
Net realized gain on investments:
Investor Shares	(9,303,421)	(11,929,675)
BASIC Shares	(9,799,390)	(16,594,600)
Total Dividends	(75,783,359)	(83,522,429)
Capital Stock Transactions ($):
Net proceeds from shares sold:
Investor Shares	385,489,054	591,861,829
BASIC Shares	498,054,862	434,531,737
Dividends reinvested:
Investor Shares	33,898,706	32,932,622
BASIC Shares	36,591,224	44,839,901
Cost of shares redeemed:
Investor Shares	(554,163,604)	(338,025,004)
BASIC Shares	(278,371,987)	(508,208,499)
Increase (Decrease) in Net Assets from Capital Stock Transactions	121,498,255	257,932,586
Total Increase (Decrease) in Net Assets	85,812,544	257,562,970
Net Assets ($):
Beginning of Period	2,411,621,870	2,154,058,900
End of Period	2,497,434,414	2,411,621,870
Undistributed investment income—net	2,835,959	2,329,198
Capital Share Transactions (Shares):
Investor Shares
Shares sold	36,538,910	56,139,224
Shares issued for dividends reinvested	3,213,122	3,148,438
Shares redeemed	(52,562,708)	(32,176,189)
Net Increase (Decrease) in Shares Outstanding	(12,810,676)	27,111,473
BASIC Shares
Shares sold	47,243,451	41,298,790
Shares issued for dividends reinvested	3,466,427	4,283,160
Shares redeemed	(26,412,350)	(48,124,947)
Net Increase (Decrease) in Shares Outstanding	24,297,528	(2,542,997)

See notes to financial statements.

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the fund’s financial statements.




	Year Ended October 31,
Investor Shares	2015	2014	2013	2012	2011
Per Share Data ($):
Net asset value, beginning of period	10.60	10.62	11.11	10.93	10.80
Investment Operations:
Investment income—net^a	.21	.23	.24	.30	.34
Net realized and unrealized gain (loss) on investments	(.05)	.14	(.42)	.21	.14
Total from Investment Operations	.16	.37	(.18)	.51	.48
Distributions:
Dividends from investment income—net	(.23)	(.25)	(.28)	(.33)	(.35)
Dividends from net realized gain on investments	(.08)	(.14)	(.03)	-	-
Total Distributions	(.31)	(.39)	(.31)	(.33)	(.35)
Net asset value, end of period	10.45	10.60	10.62	11.11	10.93
Total Return (%)^b	1.54	3.62	(1.66)	4.75	4.58
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.41	.41	.41	.41	.40
Ratio of net expenses to average net assets	.40	.40	.40	.40	.40
Ratio of net investment income to average net assets	2.00	2.22	2.25	2.67	3.24
Portfolio Turnover Rate	150.80^b	145.11^b	94.21^b	30.42	30.02
Net Assets, end of period ($ x 1,000)	1,040,129	1,190,994	904,779	1,032,597	896,293

^a Based on average shares outstanding.

^b The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended October 31, 2015, 2014 and 2013 were 79.15%, 89.76% and 67.47%, respectively.

See notes to financial statements.




	Year Ended October 31,
BASIC Shares	2015	2014	2013	2012	2011
Per Share Data ($):
Net asset value, beginning of period	10.61	10.62	11.12	10.94	10.80
Investment Operations:
Investment income—net^a	.24	.26	.27	.32	.36
Net realized and unrealized gain (loss) on investments	(.06)	.15	(.43)	.22	.16
Total from Investment Operations	.18	.41	(.16)	.54	.52
Distributions:
Dividends from investment income—net	(.25)	(.28)	(.31)	(.36)	(.38)
Dividends from net realized gain on investments	(.08)	(.14)	(.03)	-	-
Total Distributions	(.33)	(.42)	(.34)	(.36)	(.38)
Net asset value, end of period	10.46	10.61	10.62	11.12	10.94
Total Return (%)^b	1.79	3.97	(1.50)	5.01	4.94
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.16	.16	.16	.16	.15
Ratio of net expenses to average net assets	.15	.15	.15	.15	.15
Ratio of net investment income to average net assets	2.24	2.47	2.50	2.92	3.31
Portfolio Turnover Rate	150.80^b	145.11^b	94.21^b	30.42	30.02
Net Assets, end of period ($ x 1,000)	1,457,305	1,220,628	1,249,280	1,486,179	1,427,047

^a Based on average shares outstanding.

^b The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended October 31, 2015, 2014 and 2013 were 79.15%, 89.76% and 67.47%, respectively.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus Bond Market Index Fund (the “fund”) is a separate diversified series of The Dreyfus/Laurel Funds, Inc. (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering ten series, including the fund. The fund’s investment objective is to seek to match the total return of the Barclays U.S. Aggregate Index. The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser.

MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of the fund’s shares, which are sold to the public without a sales charge. The fund is authorized to issue 500 million shares of $.001 par value Common Stock in each of the following classes of shares: Investor and BASIC. Investor shares and BASIC shares are offered to any investor. Differences between the two classes include the services offered to and the expenses borne by each class, as well as their minimum purchase and account balance requirements. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

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:

Registered investment companies that are not traded on an exchange are valued at their net asset value and are generally categorized within Level 1 of the fair value hierarchy.

Investments in securities, excluding short-term investments (other than U.S. Treasury Bills), are valued each business day by an independent pricing service (the “Service”) approved by the Company’s Board of Directors (the “Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are valued as determined by the Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications

NOTES TO FINANCIAL STATEMENTS (continued)

as to values from dealers; and general market conditions. These securities are generally categorized within Level 2 of the fair value hierarchy.

The Service’s procedures are reviewed by Dreyfus under the general supervision of the Board.

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

The following is a summary of the inputs used as of October 31, 2015 in valuing the fund’s investments:


	Level 1 - Unadjusted Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 -Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:
Asset-Backed	-	13,364,435	-	13,364,435
Commercial Mortgage-Backed	-	35,494,335	-	35,494,335
Corporate Bonds^†	-	616,212,158	-	616,212,158
Foreign Government	-	114,605,177	-	114,605,177
Municipal Bonds^†	-	19,347,985	-	19,347,985
Mutual Funds	239,494,895	-	-	239,494,895
U.S. Government Agencies/ Mortgage-Backed	-	811,211,096	-	811,211,096
U.S. Treasury	-	884,353,739	-	884,353,739


	Level 1 - Unadjusted Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 -Significant Unobservable Inputs	Total
Liabilities ($)
Other Financial Instruments:
TBA Sales Commitments	-	(16,069,645)	-	(16,069,645)

^† See Statement of Investments for additional detailed categorizations.

At October 31, 2015, there were no transfers between Level 1, Level 2 and Level 3 of the fair value hierarchy.

NOTES TO FINANCIAL STATEMENTS (continued)


Affiliated Investment Company	Value 10/31/2014 ($)	Purchases ($)	Sales ($)	Value 10/31/2015 ($)	Net Assets (%)
Dreyfus Institutional Preferred Plus Money Market Fund	202,017,347	509,241,067	488,589,898	222,668,516	8.9
Dreyfus Institutional Cash Advantage Fund	17,606,936	179,279,045	180,059,602	16,826,379	0.7
Total	219,624,283	688,520,112	668,649,500	239,494,895	9.6

(d) Risk: The fund invests primarily in debt securities. Failure of an issuer of the debt securities to make timely interest or principal payments, or a decline or the perception of a decline in the credit quality of a debt security, can cause the debt security’s price to fall, potentially lowering the fund’s share price. In addition, the value of debt securities may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline because of factors that affect a particular industry.

(e) Dividends to shareholders: It is the policy of the fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

(f) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes.

Each tax year in the four-year period ended October 31, 2015 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At October 31, 2015, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $10,562,347, undistributed capital gains $1,628,724 and unrealized appreciation $35,459,050.

The tax character of distributions paid to shareholders during the fiscal periods ended October 31, 2015 and October 31, 2014 were as follows: ordinary income $64,339,909 and $55,998,444, and long-term capital gains $11,443,450 and $27,523,985, respectively.

During the period ended October 31, 2015, as a result of permanent book to tax differences, primarily due to the tax treatment for paydown gains and losses on mortgage backed securities, amortization of premiums and consent fees, the fund increased accumulated undistributed investment income-net by $4,618,364 and decreased accumulated net realized gain (loss) on investments by the same amount. Net assets and net asset value per share were not affected by this reclassification.

NOTE 2—Bank Lines of Credit:

NOTE 3—Investment Management Fee and Other Transactions with Affiliates:

(a) Pursuant to an investment management agreement with Dreyfus, Dreyfus provides or arranges for one or more third parties and/or affiliates

NOTES TO FINANCIAL STATEMENTS (continued)

to provide investment advisory, administrative, custody, fund accounting and transfer agency services to the fund. Dreyfus also directs the investments of the fund in accordance with its investment objective, policies and limitations. For these services, the fund is contractually obligated to pay Dreyfus a fee, calculated daily and paid monthly, at the annual rate of .15% of the value of the fund’s average daily net assets. Out of its fee Dreyfus pays all of the expenses of the fund except brokerage fees, taxes, interest expenses, commitment fees on borrowings, Distribution Plan fees, fees and expenses of non-interested Directors (including counsel fees) and extraordinary expenses. In addition Dreyfus is required to reduce its fee in an amount equal to the fund’s allocable portion of fees and expenses of the non-interested Directors (including counsel fees). During the period ended October 31, 2015, fees reimbursed by Dreyfus amounted to $194,416.

(b) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Investor shares may pay annually up to .25% of the value of its average daily net assets to compensate the Distributor for shareholder servicing activities primarily intended to result in the sale of Investor shares. The BASIC shares bear no Distribution Plan fee. During the period ended October 31, 2015, Investor shares were charged $2,922,351 pursuant to the Distribution Plan.

Under its terms, the Distribution Plan shall remain in effect from year to year, provided such continuance is approved annually by a vote of a majority of those Directors who are not “interested persons” of the Company and who have no direct or indirect financial interest in the operation of or in any agreement related to the Distribution Plan.

The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $315,689 and Distribution Plan fees $233,490, which are offset against an expense reimbursement currently in effect in the amount of $13,111.

(c) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, during the period ended October 31, 2015, amounted to $3,825,389,830 and $3,720,522,720, respectively, in addition to $1,764,006,604 in purchases and $1,767,856,616 in sales were from mortgage dollar transactions.

Mortgage Dollar Rolls: A mortgage dollar roll transaction involves a sale by the fund of mortgage related securities that it holds with an agreement by the fund to repurchase similar securities at an agreed upon price and date. The securities purchased will bear the same interest rate as those sold, but generally will be collateralized by pools of mortgages with different prepayment histories than those securities sold. The fund accounts for mortgage dollar rolls as purchases and sales transactions.

To-Be-Announced (“TBA”) Securities: During the period ended October 31, 2015, the fund transacted in TBA securities that involved buying or selling mortgage-backed securities on a forward commitment basis. A TBA transaction typically does not designate the actual security to be delivered and only includes an approximate principal amount; however, delivered securities must meet specified terms defined by industry guidelines, including issuer, rate and current principal amount outstanding on underling mortgage pools. TBA securities subject to a forward commitment to sell at period end are included at the end of the fund’s Statement of Investments under the caption “TBA Sale Commitments.” The proceeds and value of these commitments are reflected in the fund’s Statement of Assets and Liabilities as Receivable for TBA sale commitments and TBA sale commitments, at value, respectively.

At October 31, 2015, the cost of investments for federal income tax purposes was $2,698,620,047; accordingly, accumulated net unrealized appreciation on investments was $35,463,773, consisting of $53,614,898 gross unrealized appreciation and $18,151,125 gross unrealized depreciation.

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders of
The Dreyfus/Laurel Funds, Inc.

We have audited the accompanying statement of assets and liabilities of Dreyfus Bond Market Index Fund (the “Fund”), a series of The Dreyfus/Laurel Funds, Inc., including the statements of investments and TBA Sale Commitments, as of October 31, 2015, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus Bond Market Index Fund as of October 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York
December 30, 2015

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund reports the maximum amount allowable but not less than 88.41% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.0502 per share as a capital gain dividend in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.0336 as a short-term capital gain dividend paid on December 22, 2014 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.

BOARD MEMBERS INFORMATION (Unaudited)

INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (72)

Chairman of the Board (1999)

Principal Occupation During Past 5 Years:

· Corporate Director and Trustee (1995-present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (1997-present)

· The Newark Group, a provider of a national market of paper recovery facilities, paperboard mills and paperboard converting plants, Director (2000-2010)

No. of Portfolios for which Board Member Serves: 140

———————

Francine J. Bovich (64)

Board Member (2012)

Principal Occupation During Past 5 Years:

· Trustee, The Bradley Trusts, private trust funds (2011-present)

· Managing Director, Morgan Stanley Investment Management (1993-2010)

Other Public Company Board Memberships During Past 5 Years:

· Annaly Capital Management, Inc., Board Member (May 2014-present)

No. of Portfolios for which Board Member Serves: 79

———————

Kenneth A. Himmel (69)

Board Member (1994)

Principal Occupation During Past 5 Years:

· Managing Partner, Gulf Related, an international real estate development company (2010-present)

· President and CEO, Related Urban Development, a real estate development company (1996-present)

· President and CEO, Himmel & Company, a real estate development company (1980-present)

· CEO, American Food Management, a restaurant company (1983-present)

No. of Portfolios for which Board Member Serves: 29

———————

Stephen J. Lockwood (68)

Board Member (1994)

Principal Occupation During Past 5 Years:

· Chairman of the Board, Stephen J. Lockwood and Company LLC, a real estate investment company (2000-present)

No. of Portfolios for which Board Member Serves: 29

———————

Roslyn M. Watson (66)

Board Member (1994)

Principal Occupation During Past 5 Years:

· Principal, Watson Ventures, Inc., a real estate investment company (1993-present)

No. of Portfolios for which Board Member Serves: 65

———————

Benaree Pratt Wiley (69)

Board Member (1998)

Principal Occupation During Past 5 Years:

· Principal, The Wiley Group, a firm specializing in strategy and business development (2005-present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (2008-present)

No. of Portfolios for which Board Member Serves: 65

———————

Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80. The address of the Board Members and Officers is c/o The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166. Additional information about the Board Members is available in the fund’s Statement of additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-DREYFUS