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 | 811-5883 | |||||
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| Dreyfus Index Funds, Inc. |
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c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166 |
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| Michael A. Rosenberg, Esq. 200 Park Avenue New York, New York 10166 |
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Registrant's telephone number, including area code: | (212) 922-6000 | |||||
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Date of fiscal year end:
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Date of reporting period: | 04/30/11 |
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Dreyfus International Stock Index Fund
SEMIANNUAL REPORT April 30, 2011
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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 | |
2 | A Letter from the Chairman and CEO |
3 | Discussion of Fund Performance |
6 | Understanding Your Fund’s Expenses |
6 | Comparing Your Fund’s Expenses With Those of Other Funds |
7 | Statement of Investments |
37 | Statement of Financial Futures |
38 | Statement of Assets and Liabilities |
39 | Statement of Operations |
40 | Statement of Changes in Net Assets |
41 | Financial Highlights |
42 | Notes to Financial Statements |
57 | Information About the Renewal of the Fund’s Management Agreement |
FOR MORE INFORMATION | |
Back Cover |
Dreyfus International
Stock Index Fund
The Fund
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A LETTER FROM THE CHAIRMAN AND CEO
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus International Stock Index Fund, covering the six-month period from November 1, 2010, through April 30, 2011.
Multiple crosscurrents have influenced the global economy. A modest slowdown earlier in 2010 gave way to renewed strength during the reporting period. The recovery has been fueled by three important characteristics. First, macroeconomic policy has been stimulative in most of the developed world. Second, in response to inflation worries emerging countries have shifted policy from aggressively stimulative to neutral, but not restrictive, supporting ongoing demand for commodities. Third, corporate balance sheets have strengthened due to cheap bond financing, rising profits and relatively slow growth in corporate spending. Although shocks emanating from events in the Middle East and Japan presented potential headwinds, global equities generally rallied as investors increasingly recognized that otherwise positive forces would prevent a return to global recession.
We expect the global economy to continue to expand at a moderate rate, which generally should be good for stocks in most markets. However, in the wake of recent gains we believe that selectivity will become more important.We favor companies with higher growth potential, and we are also optimistic about the prospects of high-quality companies capable of generating dividend increases and share buybacks. As always, your financial advisor can help you align your investment portfolio with the opportunities and challenges that the future may have in store.
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.
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Jonathan R. Baum
Chairman and Chief Executive Officer
The Dreyfus Corporation
May 16, 2011
2
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DISCUSSION OF FUND PERFORMANCE
For the period of November 1, 2010, through April 30, 2011, as provided by Thomas J. Durante, CFA, Karen Q. Wong and Richard A. Brown, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended April 30, 2011, Dreyfus International Stock Index Fund produced a total return of 12.46%.1 This compares with a 12.71% total return for the fund’s benchmark, the Morgan Stanley Capital International Europe, Australasia, Far East Index (the “MSCI EAFE Index” or the “Index”), during the same period.2
International stocks generally rallied during the reporting period as a global economic recovery gained traction, commodity prices moved higher and corporate earnings grew. Contrary to the trend over the past several years, developed markets generally produced higher returns than emerging markets.The difference in returns between the fund and the MSCI EAFE Index was primarily the result of transaction costs and operating expenses that are not reflected in the MSCI EAFE Index’s results.
The Fund’s Investment Approach
The fund seeks to match the performance of the MSCI EAFE Index, a broadly diversified, international index composed of approximately 1,000 companies located in developed markets outside the United States and Canada.The fund attempts to match the Index’s return before fees and expenses by aligning the portfolio composition with the composition of the MSCI EAFE Index.The fund also invests in securities that represent the market as a whole, such as stock index futures, and manages its exposure to foreign currencies so that the fund’s currency profile matches the currency makeup of the MSCI EAFE Index.
Stocks Rallied as the Global Economy Gained Momentum
Investor sentiment improved dramatically in the weeks before the start of the reporting period, when a new round of quantitative easing of U.S. monetary policy from the Federal Reserve Board helped con-
The Fund | 3 |
DISCUSSION OF FUND PERFORMANCE (continued)
vince investors that the global economy was unlikely to slip back into recession. A more optimistic investment outlook was reinforced by encouraging economic data in Europe as well as strong corporate earnings across a number of geographic regions and industry groups.
While robust ongoing demand for industrial commodities and equipment from the emerging markets helped drive some market sectors higher, equity markets in Asia and Latin America were derailed by intensifying inflationary pressures.To forestall a potential acceleration of inflation, several central banks—including those in China, India and Europe—tightened their monetary policies. Concerned that these measures might dampen economic growth, investors turned their attention to more developed markets.
The global market rally was interrupted in February when a wave of political unrest in the Middle East led to sharply higher crude oil prices, and again in March when a devastating earthquake, tsunami and nuclear disaster in Japan threatened one of the world’s largest economies. However, investors proved resilient, and most equity markets, with the notable exception of Japan, bounced back by the reporting period’s end.
Financial Stocks Led the International Market’s Advance
The financials sector, which comprises approximately one-fourth of the MSCI Index, ranked as the reporting period’s top performing sector on the strength of attractive financial results from financial institutions in Germany,Australia and Switzerland.Australian banks were supported by the need among local companies to finance exports to nearby Asian emerging markets, a German insurance conglomerate gained value as the capital markets rallied, and Swiss banks benefited from a strong local currency. These gains were partly offset by weakness among banks in some of Europe’s smaller nations, particularly those at the epicenter of the region’s sovereign debt crisis. In addition, real estate companies in Hong Kong and Singapore fared poorly as interest rates climbed.
Not surprisingly, metals-and-mining companies and other members of the materials sector gained value along with commodity prices during
4
the reporting period. Energy companies fared well when oil and gas prices soared, especially integrated energy producers with refinery operations. In the industrials sector, manufacturers in Germany, Australia, France and Scandinavia participated in the global industrial rebound amid robust demand for the equipment and materials used in infrastructure construction.
Disappointments during the reporting period included the utilities sector, which eked out a modestly positive total return due to industry-wide concerns in the aftermath of the catastrophic failure of Japan’s Fukushima nuclear power plant.The telecommunications sector also lagged market averages when a number of Japanese companies suffered from supply-chain disruptions after the earthquake.
Index Funds Offer Diversification Benefits
An as index fund, we attempt to replicate the returns of the MSCI EAFE Index by closely approximating its composition. In our view, one of the greatest benefits of an index fund is that it offers a broadly diversified investment vehicle that can help investors manage risks by limiting the impact on the overall portfolio of unexpected losses in any single country, industry group or holding.
May 16, 2011
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. | |
The fund’s performance will be influenced by political, social and economic factors affecting | |
investments in foreign companies. Special risks associated with investments in foreign companies | |
include exposure to currency fluctuations, less liquidity, less developed or less efficient trading | |
markets, lack of comprehensive company information, political instability and differing auditing | |
and legal standards. | |
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 net dividends and, where applicable, |
capital gain distributions.The Morgan Stanley Capital International Europe,Australasia, Far | |
East (MSCI EAFE) Index is an unmanaged index composed of a sample of companies | |
representative of the market structure of European and Pacific Basin countries.The index reflects | |
actual investable opportunities for global investors for stocks that are free of foreign ownership | |
limits or legal restrictions at the country level. Investors cannot invest directly in any index. |
The Fund | 5 |
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 International Stock Index Fund from November 1, 2010 to April 30, 2011. 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 April 30, 2011 | ||
Expenses paid per $1,000† | $ | 3.16 |
Ending value (after expenses) | $ | 1,124.60 |
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 April 30, 2011 | ||
Expenses paid per $1,000† | $ | 3.01 |
Ending value (after expenses) | $ | 1,021.82 |
† Expenses are equal to the fund’s annualized expense ratio of .60%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
6 |
STATEMENT OF INVESTMENTS |
April 30, 2011 (Unaudited) |
Common Stocks—96.8% | Shares | Value ($) | |
Australia—8.5% | |||
AGL Energy | 22,974 | 365,561 | |
Alumina | 132,098 | 326,710 | |
Amcor | 65,080 | 498,545 | |
AMP | 148,682 | 891,656 | |
Asciano | 147,855 | 266,980 | |
ASX | 8,615 | 302,635 | |
Australia & New Zealand Banking Group | 132,793 | 3,521,170 | |
Bendigo and Adelaide Bank | 20,512 | 209,659 | |
BHP Billiton | 166,245 | 8,337,902 | |
Billabong International | 8,993 | 66,430 | |
BlueScope Steel | 91,697 | 173,604 | |
Boral | 39,692 | 213,711 | |
Brambles | 72,477 | 533,794 | |
Caltex Australia | 6,352 | 98,640 | |
CFS Retail Property Trust | 115,692 | 226,629 | |
Coca-Cola Amatil | 28,058 | 366,623 | |
Cochlear | 2,889 | 254,571 | |
Commonwealth Bank of Australia | 79,693 | 4,684,181 | |
Computershare | 24,153 | 255,861 | |
Crown | 23,845 | 219,980 | |
CSL | 28,323 | 1,064,693 | |
CSR | 23,864 | 78,347 | |
Dexus Property Group | 242,514 | 233,549 | |
Fairfax Media | 105,013 | 151,696 | |
Fortescue Metals Group | 63,911 | 430,139 | |
Foster’s Group | 100,850 | 620,255 | |
Goodman Fielder | 66,293 | 77,989 | |
Goodman Group | 316,833 | 246,177 | |
GPT Group | 93,796 | 324,362 | |
Harvey Norman Holdings | 31,092 | 91,189 | |
Incitec Pivot | 83,565 | 343,851 | |
Insurance Australia Group | 110,789 | 432,836 | |
James Hardie Industries-CDI | 22,829 | a | 147,400 |
Leighton Holdings | 7,148 | 189,929 | |
Lend Lease Group | 27,459 | 261,434 | |
MacArthur Coal | 9,965 | 126,501 |
The Fund | 7 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) |
Australia (continued) | ||
Macquarie Group | 17,714 | 681,591 |
MAp Group | 41,877 | 135,194 |
Metcash | 38,630 | 171,636 |
Mirvac Group | 165,941 | 230,630 |
National Australia Bank | 110,621 | 3,278,269 |
Newcrest Mining | 39,105 | 1,773,843 |
OneSteel | 73,726 | 171,854 |
Orica | 18,395 | 535,073 |
Origin Energy | 54,701 | 978,749 |
OZ Minerals | 164,157 | 258,690 |
Paladin Energy | 33,468 a | 120,865 |
Qantas Airways | 55,702a | 128,621 |
QBE Insurance Group | 53,896 | 1,103,542 |
QR National | 83,580 | 313,729 |
Ramsay Health Care | 6,148 | 121,711 |
Rio Tinto | 22,340 | 2,009,862 |
Santos | 42,846 | 708,958 |
Sims Metal Management | 8,218 | 157,025 |
Sonic Healthcare | 18,514 | 253,666 |
SP Ausnet | 62,635 | 59,977 |
Stockland | 120,967 | 500,400 |
Suncorp Group | 67,772 | 617,066 |
TABCORP Holdings | 33,277 | 277,861 |
Tatts Group | 70,864 | 179,917 |
Telstra | 224,517 | 714,991 |
Toll Holdings | 33,878 | 208,730 |
Transurban Group | 64,460 | 373,873 |
Wesfarmers | 51,496 | 1,876,619 |
Wesfarmers-PPS | 7,780 | 286,329 |
Westfield Group | 111,839 | 1,103,972 |
Westfield Retail Trust | 144,163 | 418,079 |
Westpac Banking | 153,715 | 4,178,556 |
Woodside Petroleum | 32,233 | 1,650,840 |
Woolworths | 63,701 | 1,848,053 |
WorleyParsons | 9,422 | 312,939 |
54,376,899 |
8
Common Stocks (continued) | Shares | Value ($) |
Austria—.3% | ||
Erste Group Bank | 9,607 | 486,308 |
IMMOFINANZ | 49,649a | 236,445 |
OMV | 7,541 | 344,471 |
Raiffeisen Bank International | 2,344 | 129,450 |
Telekom Austria | 17,644 | 273,283 |
Verbund | 3,340 | 151,257 |
Vienna Insurance Group | 2,207 | 131,954 |
Voestalpine | 5,799 | 285,846 |
2,039,014 | ||
Belgium—1.0% | ||
Ageas | 111,877 | 340,093 |
Anheuser-Busch InBev | 37,403 | 2,388,878 |
Anheuser-Busch InBev (STRIP) | 12,680 a | 56 |
Bekaert | 2,164 | 271,254 |
Belgacom | 7,731 | 304,576 |
Cie Nationale a Portefeuille | 1,371 a | 99,341 |
Colruyt | 4,105 | 237,302 |
Delhaize Group | 5,397 | 468,086 |
Dexia | 31,667a | 126,379 |
Groupe Bruxelles Lambert | 4,113 | 408,530 |
Groupe Bruxelles Lambert (STRIP) | 236a | 4 |
KBC Groep | 8,356a | 341,162 |
Mobistar | 1,360 | 101,066 |
Solvay | 3,065 | 442,853 |
UCB | 5,144 | 248,828 |
Umicore | 5,756 | 330,694 |
6,109,102 | ||
China—.1% | ||
Foxconn International Holdings | 132,000 a | 77,831 |
Sands China | 130,213a | 365,446 |
Yangzijiang Shipbuilding Holdings | 81,000 | 119,951 |
563,228 | ||
Denmark—1.1% | ||
AP Moller—Maersk, Cl. A | 30 | 295,306 |
AP Moller—Maersk, Cl. B | 68 | 689,923 |
Carlsberg, Cl. B | 5,582 | 664,068 |
The Fund | 9 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) | |
Denmark (continued) | |||
Coloplast, Cl. B | 1,189 | 175,039 | |
Danske Bank | 31,217a | 751,446 | |
DSV | 10,631 | 278,324 | |
Novo Nordisk, Cl. B | 21,700 | 2,747,764 | |
Novozymes, Cl. B | 2,468 | 427,155 | |
Pandora | 2,876 | 129,764 | |
Tryg | 1,536 | 98,241 | |
Vestas Wind Systems | 10,261a | 364,988 | |
William Demant Holding | 1,278a | 119,343 | |
6,741,361 | |||
Finland—1.1% | |||
Elisa | 6,364 | 153,426 | |
Fortum | 22,743 | 784,823 | |
Kesko, Cl. B | 3,623 | 188,396 | |
Kone, Cl. B | 8,003 | 502,117 | |
Metso | 6,835 | 419,810 | |
Neste Oil | 6,406 | 121,460 | |
Nokia | 193,896 | 1,789,260 | |
Nokian Renkaat | 5,429 | 281,905 | |
Orion, Cl. B | 4,426 | 110,184 | |
Outokumpu | 7,143 | 119,114 | |
Pohjola Bank | 7,347 | 109,217 | |
Rautaruukki | 4,060 | 105,469 | |
Sampo, Cl. A | 21,632 | 729,154 | |
Sanoma | 4,669 | 97,184 | |
Stora Enso, Cl. R | 29,938 | 361,322 | |
UPM-Kymmene | 27,030 | 555,004 | |
Wartsila | 8,360 | 329,170 | |
6,757,015 | |||
France—9.6% | |||
Accor | 7,894 | 351,344 | |
Aeroports de Paris | 1,537 | 147,534 | |
Air France | 7,338a | 129,714 | |
Air Liquide | 14,501 | 2,148,774 | |
Alcatel-Lucent | 118,275a | 763,829 | |
Alstom | 10,751 | 716,079 |
10
Common Stocks (continued) | Shares | Value ($) |
France (continued) | ||
Atos Origin | 2,389a | 147,461 |
AXA | 88,033 | 1,978,666 |
BioMerieux | 590 | 64,292 |
BNP Paribas | 49,301 | 3,908,006 |
Bouygues | 11,866 | 591,768 |
Bureau Veritas | 2,465 | 213,023 |
Cap Gemini | 7,608 | 461,814 |
Carrefour | 30,647 | 1,455,419 |
Casino Guichard Perrachon | 3,007 | 317,055 |
Christian Dior | 3,253 | 522,910 |
Cie de St-Gobain | 20,522 | 1,419,862 |
Cie Generale d’Optique Essilor International | 10,612 | 889,844 |
Cie Generale de Geophysique-Veritas | 7,003 a | 248,050 |
Cie Generale des Etablissements Michelin, Cl. B | 9,025 | 906,062 |
CNP Assurances | 8,148 | 187,308 |
Credit Agricole | 49,205 | 820,521 |
Danone | 29,882 | 2,192,473 |
Dassault Systemes | 3,123 | 254,458 |
Edenred | 7,894 | 245,238 |
EDF | 13,562 | 571,924 |
Eiffage | 2,009 | 139,146 |
Eramet | 238 | 93,853 |
Eurazeo | 1,682 | 140,341 |
Eutelsat Communications | 5,239 | 226,375 |
Fonciere des Regions | 1,253 | 142,395 |
France Telecom | 96,005 | 2,255,413 |
GDF Suez | 64,131 | 2,628,359 |
Gecina | 1,000 | 144,428 |
Groupe Eurotunnel | 26,075 | 283,752 |
Icade | 1,094 | 140,572 |
Iliad | 735 | 94,639 |
Imerys | 1,905 | 147,841 |
JC Decaux | 3,387 a | 118,538 |
Klepierre | 4,591 | 188,942 |
L’Oreal | 12,259 | 1,557,019 |
Lafarge | 10,508 | 744,792 |
The Fund | 11 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) |
France (continued) | ||
Lagardere | 6,046 | 265,910 |
Legrand | 8,042 | 367,834 |
LVMH Moet Hennessy Louis Vuitton | 12,678 | 2,280,588 |
Metropole Television | 3,249 | 86,402 |
Natixis | 46,403a | 267,249 |
Neopost | 1,569 | 149,954 |
PagesJaunes Groupe | 6,051 | 63,190 |
Pernod-Ricard | 10,093 | 1,016,128 |
Peugeot | 7,792a | 354,434 |
PPR | 3,880 | 695,077 |
Publicis Groupe | 6,643 | 377,071 |
Renault | 10,002a | 610,472 |
Safran | 8,590 | 333,894 |
Sanofi-Aventis | 53,933 | 4,272,776 |
Schneider Electric | 12,583 | 2,227,096 |
SCOR | 8,435 | 258,103 |
Societe BIC | 1,432 | 139,452 |
Societe Generale | 32,855 | 2,201,252 |
Societe Television Francaise 1 | 6,190 | 116,354 |
Sodexo | 4,880 | 380,893 |
Suez Environnement | 13,276 | 306,472 |
Technip | 5,002 | 565,178 |
Thales | 4,382 | 193,895 |
Total | 108,866 | 6,980,578 |
Unibail-Rodamco | 4,801 a | 1,125,034 |
Vallourec | 5,660 | 706,954 |
Veolia Environnement | 17,750 | 593,958 |
Vinci | 22,697 | 1,518,656 |
Vivendi | 63,988 | 2,011,136 |
61,165,823 | ||
Germany—8.2% | ||
Adidas | 10,707 | 798,371 |
Allianz | 23,548 | 3,713,656 |
Axel Springer | 695 | 114,039 |
BASF | 47,238 | 4,863,683 |
Bayer | 42,505 | 3,742,614 |
12
Common Stocks (continued) | Shares | Value ($) | |
Germany (continued) | |||
Bayerische Motoren Werke | 16,924 | 1,598,646 | |
Beiersdorf | 5,218 | 340,388 | |
Brenntag | 1,624a | 199,976 | |
Celesio | 3,952 | 95,980 | |
Commerzbank | 42,511a | 271,197 | |
Continental | 2,534a | 254,776 | |
Daimler | 46,394 | 3,592,224 | |
Deutsche Bank | 48,302 | 3,160,225 | |
Deutsche Boerse | 10,223 | 850,855 | |
Deutsche Lufthansa | 11,634a | 264,425 | |
Deutsche Post | 44,384 | 879,726 | |
Deutsche Telekom | 145,346 | 2,418,336 | |
E.ON | 93,435 | 3,199,335 | |
Fraport Frankfurt Airport Services Worldwide | 1,957 | 156,870 | |
Fresenius & Co. | 5,710 | 600,277 | |
Fresenius Medical Care & Co. | 9,802 | 771,607 | |
GEA Group | 9,030 | 330,768 | |
Hannover Rueckversicherung | 3,039 | 184,088 | |
HeidelbergCement | 7,142 | 547,062 | |
Henkel & Co. | 6,718 | 382,025 | |
Hochtief | 2,305 | 218,620 | |
Infineon Technologies | 56,400 | 641,282 | |
K+S | 7,318 | 593,114 | |
Kabel Deutschland Holding | 3,111a | 194,749 | |
Lanxess | 4,118 | 378,357 | |
Linde | 8,636 | 1,557,975 | |
MAN | 5,407 | 754,769 | |
Merck | 3,332 | 353,547 | |
Metro | 6,743 | 495,741 | |
Muenchener Rueckversicherungs | 9,739 | 1,610,307 | |
Puma | 268 | 89,461 | |
RWE | 21,433 | 1,400,853 | |
Salzgitter | 2,195 | 172,626 | |
SAP | 44,482 | 2,870,701 | |
Siemens | 42,365 | 6,173,358 | |
Suedzucker | 3,046 | 94,109 |
The Fund | 13 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) |
Germany (continued) | ||
ThyssenKrupp | 17,127 | 789,345 |
TUI | 7,370a | 94,120 |
United Internet | 5,818 | 114,195 |
Volkswagen | 1,464 | 261,505 |
Wacker Chemie | 762 | 189,132 |
52,379,015 | ||
Greece—.2% | ||
Alpha Bank | 25,409a | 148,525 |
Bank of Cyprus Public | 46,122 | 168,328 |
Coca-Cola Hellenic Bottling | 9,393 | 260,034 |
EFG Eurobank Ergasias | 16,597 a | 93,568 |
Hellenic Telecommunications Organization | 13,152 | 156,293 |
National Bank of Greece | 49,923 a | 388,102 |
OPAP | 10,949 | 231,800 |
Public Power | 6,826 | 113,119 |
1,559,769 | ||
Hong Kong—2.5% | ||
AIA Group | 399,400 | 1,344,599 |
ASM Pacific Technology | 9,600 | 129,028 |
Bank of East Asia | 78,350 | 323,785 |
BOC Hong Kong Holdings | 189,500 | 595,268 |
Cathay Pacific Airways | 63,000 | 157,184 |
Cheung Kong Holdings | 71,000 | 1,116,973 |
Cheung Kong Infrastructure Holdings | 27,000 | 131,565 |
CLP Holdings | 100,788 | 829,130 |
Esprit Holdings | 59,759 | 248,496 |
Hang Lung Group | 41,000 | 276,057 |
Hang Lung Properties | 125,000 | 556,800 |
Hang Seng Bank | 39,100 | 611,095 |
Henderson Land Development | 53,762 | 367,868 |
Hong Kong & China Gas | 225,231 | 559,047 |
Hong Kong Exchanges & Clearing | 52,300 | 1,193,105 |
HongKong Electric Holdings | 71,000 | 496,788 |
Hopewell Holdings | 33,000 | 99,625 |
Hutchison Whampoa | 108,800 | 1,242,412 |
Hysan Development | 34,000 | 158,672 |
14
Common Stocks (continued) | Shares | Value ($) |
Hong Kong (continued) | ||
Kerry Properties | 36,000 | 191,874 |
Li & Fung | 144,600 | 739,047 |
Lifestyle International Holdings | 27,500 | 78,596 |
Link REIT | 112,500 | 354,115 |
MTR | 76,500 | 278,715 |
New World Development | 138,191 | 242,309 |
NWS Holdings | 60,000 | 88,367 |
Orient Overseas International | 11,300 | 86,267 |
PCCW | 167,000 | 66,219 |
Shangri-La Asia | 73,000 | 203,467 |
Sino Land | 130,664 | 229,784 |
SJM Holdings | 74,000 | 159,478 |
Sun Hung Kai Properties | 73,699 | 1,150,895 |
Swire Pacific, Cl. A | 40,000 | 610,742 |
Wharf Holdings | 78,311 | 572,643 |
Wheelock & Co. | 49,000 | 201,864 |
Wing Hang Bank | 10,500 | 117,063 |
Wynn Macau | 78,800 | 280,501 |
Yue Yuen Industrial Holdings | 39,800 | 137,575 |
16,227,018 | ||
Ireland—.2% | ||
Anglo Irish Bank | 35,225a,b | 52 |
CRH | 36,280 | 888,646 |
Elan | 23,710a | 188,895 |
Governor & Co. of the Bank of Ireland | 129,718 a | 53,886 |
Kerry Group, Cl. A | 7,435 | 307,751 |
Ryanair Holdings | 4,000 | 20,741 |
1,459,971 | ||
Israel—.7% | ||
Bank Hapoalim | 50,958 a | 266,831 |
Bank Leumi Le-Israel | 60,678 | 314,318 |
Bezeq Israeli Telecommunication | 88,933 | 263,359 |
Cellcom Israel | 2,512 | 80,333 |
Delek Group | 202 | 53,663 |
Elbit Systems | 1,178 | 66,632 |
Israel | 117 | 144,855 |
The Fund | 15 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) |
Israel (continued) | ||
Israel Chemicals | 22,812 | 402,217 |
Israel Discount Bank, Cl. A | 45,964 a | 96,816 |
Makhteshim-Agan Industries | 12,148 a | 65,372 |
Mizrahi Tefahot Bank | 6,222 | 68,713 |
NICE Systems | 3,141a | 118,940 |
Partner Communications | 4,318 | 79,839 |
Teva Pharmaceutical Industries | 48,524 | 2,255,194 |
4,277,082 | ||
Italy—2.8% | ||
A2A | 55,689 | 100,713 |
Assicurazioni Generali | 59,670 | 1,432,349 |
Atlantia | 15,086 | 371,756 |
Autogrill | 6,976a | 100,132 |
Banca Carige | 32,548 | 78,999 |
Banca Monte dei Paschi di Siena | 111,297 a | 151,084 |
Banco Popolare | 80,055 | 237,775 |
Enel | 337,435 | 2,409,964 |
Enel Green Power | 78,085 | 231,924 |
ENI | 133,831 | 3,583,837 |
EXOR | 3,792 | 136,988 |
Fiat | 40,975 | 437,993 |
Fiat Industrial | 38,512 a | 573,075 |
Finmeccanica | 19,919 | 269,511 |
Intesa Sanpaolo | 393,608 | 1,309,224 |
Intesa Sanpaolo-RSP | 47,999 | 137,864 |
Luxottica Group | 5,885 | 194,613 |
Mediaset | 37,823 | 252,288 |
Mediobanca | 23,810 | 271,644 |
Parmalat | 85,271 | 323,353 |
Pirelli & C | 11,503 | 119,887 |
Prysmian | 9,251 | 218,635 |
Saipem | 13,551 | 770,592 |
Snam Rete Gas | 72,977 | 454,726 |
Telecom Italia | 494,749 | 746,483 |
Telecom Italia-RSP | 319,041 | 412,741 |
16
Common Stocks (continued) | Shares | Value ($) |
Italy (continued) | ||
Terna Rete Elettrica Nazionale | 67,119 | 336,571 |
UniCredit | 691,164 | 1,782,154 |
Unione di Banche Italiane | 32,249 | 289,458 |
17,736,333 | ||
Japan—18.8% | ||
77 Bank | 17,000 | 78,149 |
ABC-Mart | 1,600 | 59,749 |
Advantest | 8,200 | 161,393 |
Aeon | 30,400 | 364,920 |
Aeon Credit Service | 3,960 | 53,490 |
AEON Mall | 3,900 | 92,669 |
Air Water | 7,000 | 84,114 |
Aisin Seiki | 9,900 | 347,610 |
Ajinomoto | 34,800 | 382,997 |
Alfresa Holdings | 1,900 | 66,666 |
All Nippon Airways | 41,000 | 119,756 |
Amada | 20,000 | 159,477 |
Aozora Bank | 21,959 | 47,360 |
Asahi Breweries | 20,100 | 374,800 |
Asahi Glass | 51,800 | 655,001 |
Asahi Kasei | 65,900 | 449,946 |
Asics | 9,000 | 129,554 |
Astellas Pharma | 22,879 | 871,286 |
Bank of Kyoto | 17,000 | 156,717 |
Bank of Yokohama | 63,000 | 310,574 |
Benesse Holdings | 3,700 | 153,673 |
Bridgestone | 34,000 | 741,681 |
Brother Industries | 12,900 | 196,505 |
Canon | 58,850 | 2,756,101 |
Canon Marketing Japan | 2,900 | 32,059 |
Casio Computer | 13,100 | 103,650 |
Central Japan Railway | 79 | 594,885 |
Chiba Bank | 39,000 | 229,270 |
Chiyoda | 8,000 | 79,073 |
Chubu Electric Power | 33,600 | 734,198 |
The Fund | 17 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) | |
Japan (continued) | |||
Chugai Pharmaceutical | 11,428 | 188,025 | |
Chugoku Bank | 9,000 | 104,486 | |
Chugoku Electric Power | 15,700 | 277,469 | |
Citizen Holdings | 12,400 | 74,577 | |
Coca-Cola West | 2,700 | 55,670 | |
Cosmo Oil | 36,000 | 117,575 | |
Credit Saison | 8,600 | 143,404 | |
Dai Nippon Printing | 28,800 | 342,874 | |
Dai-ichi Life Insurance | 420 | 689,475 | |
Daicel Chemical Industries | 15,000 | 96,130 | |
Daido Steel | 14,200 | 80,678 | |
Daihatsu Motor | 9,000 | 144,306 | |
Daiichi Sankyo | 35,483 | 693,130 | |
Daikin Industries | 11,700 | 370,005 | |
Dainippon Sumitomo Pharma | 9,000 | 85,852 | |
Daito Trust Construction | 4,100 | 325,918 | |
Daiwa House Industry | 25,400 | 304,587 | |
Daiwa Securities Group | 87,000 | 373,133 | |
Dena | 4,000 | 149,125 | |
Denki Kagaku Kogyo | 27,600 | 141,163 | |
Denso | 25,500 | 850,419 | |
Dentsu | 8,200 | 217,077 | |
Dowa Holdings | 11,350 | 73,858 | |
East Japan Railway | 17,400 | 959,638 | |
Eisai | 13,000 | 471,038 | |
Electric Power Development | 5,980 | 156,686 | |
Elpida Memory | 9,400a | 139,251 | |
FamilyMart | 3,000 | 108,109 | |
FANUC | 9,900 | 1,641,053 | |
Fast Retailing | 2,800 | 438,600 | |
Fuji Electric Holdings | 29,000 | 90,067 | |
Fuji Heavy Industries | 31,000 | 229,998 | |
Fuji Media Holdings | 11 | 14,601 | |
FUJIFILM Holdings | 23,600 | 730,047 | |
Fujitsu | 97,800 | 555,654 | |
Fukuoka Financial Group | 39,000 | 160,537 |
18
Common Stocks (continued) | Shares | Value ($) |
Japan (continued) | ||
Furukawa Electric | 35,000 | 138,033 |
Gree | 4,300 | 87,441 |
GS Yuasa | 21,000 | 142,864 |
Gunma Bank | 22,000 | 118,487 |
Hachijuni Bank | 21,000 | 124,747 |
Hakuhodo DY Holdings | 1,170 | 60,706 |
Hamamatsu Photonics | 3,200 | 125,216 |
Hankyu Hanshin Holdings | 56,000 | 247,079 |
Hino Motors | 12,000 | 56,347 |
Hirose Electric | 1,600 | 165,640 |
Hiroshima Bank | 24,000 | 104,412 |
Hisamitsu Pharmaceutical | 3,400 | 141,213 |
Hitachi | 230,900 | 1,246,416 |
Hitachi Chemical | 5,200 | 106,512 |
Hitachi Construction Machinery | 5,000 | 121,149 |
Hitachi High-Technologies | 3,900 | 81,278 |
Hitachi Metals | 8,000 | 104,708 |
Hokkaido Electric Power | 9,600 | 173,803 |
Hokuhoku Financial Group | 63,000 | 119,571 |
Hokuriku Electric Power | 9,300 | 187,971 |
Honda Motor | 83,820 | 3,295,364 |
Hoya | 22,800 | 486,966 |
Ibiden | 7,100 | 238,621 |
Idemitsu Kosan | 1,100 | 128,654 |
IHI | 73,000 | 183,535 |
INPEX | 109 | 827,508 |
Isetan Mitsukoshi Holdings | 20,020 | 192,453 |
Isuzu Motors | 61,000 | 260,118 |
Ito En | 3,300 | 58,199 |
ITOCHU | 76,500 | 791,022 |
Itochu Techno-Solutions | 1,400 | 49,002 |
Iyo Bank | 14,000 | 116,465 |
J Front Retailing | 26,800 | 115,272 |
Japan Petroleum Exploration | 1,400 | 68,154 |
Japan Prime Realty Investment | 36 | 101,957 |
Japan Real Estate Investment | 26 | 257,308 |
The Fund | 19 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) |
Japan (continued) | ||
Japan Retail Fund Investment | 78 | 125,834 |
Japan Steel Works | 17,000 | 136,184 |
Japan Tobacco | 236 | 913,286 |
JFE Holdings | 24,260 | 659,571 |
JGC | 11,000 | 271,001 |
Joyo Bank | 31,462 | 126,019 |
JS Group | 12,924 | 309,641 |
JSR | 9,100 | 188,976 |
JTEKT | 10,800 | 139,492 |
Jupiter Telecommunications | 120 | 128,814 |
JX Holdings | 117,776 | 815,752 |
Kajima | 40,800 | 116,155 |
Kamigumi | 12,400 | 105,447 |
Kaneka | 16,000 | 116,539 |
Kansai Electric Power | 38,199 | 801,266 |
Kansai Paint | 11,000 | 98,422 |
Kao | 28,300 | 705,930 |
Kawasaki Heavy Industries | 76,000 | 311,905 |
Kawasaki Kisen Kaisha | 35,000 | 116,465 |
KDDI | 153 | 1,014,469 |
Keikyu | 24,000 | 166,231 |
Keio | 31,000 | 173,453 |
Keisei Electric Railway | 13,000 | 74,821 |
Keyence | 2,205 | 575,028 |
Kikkoman | 8,000 | 79,073 |
Kinden | 6,000 | 51,023 |
Kintetsu | 81,354 | 243,641 |
Kirin Holdings | 43,000 | 597,782 |
Kobe Steel | 127,000 | 311,474 |
Koito Manufacturing | 4,000 | 62,706 |
Komatsu | 48,500 | 1,697,560 |
Konami | 5,200 | 102,282 |
Konica Minolta Holdings | 25,000 | 219,066 |
Kubota | 61,000 | 578,876 |
Kuraray | 18,500 | 268,357 |
Kurita Water Industries | 5,700 | 165,788 |
20
Common Stocks (continued) | Shares | Value ($) | |
Japan (continued) | |||
Kyocera | 8,500 | 931,292 | |
Kyowa Hakko Kirin | 14,705 | 146,071 | |
Kyushu Electric Power | 19,500 | 359,527 | |
Lawson | 3,100 | 151,485 | |
Mabuchi Motor | 1,500 | 73,854 | |
Makita | 5,700 | 260,272 | |
Marubeni | 87,000 | 628,321 | |
Marui Group | 10,900 | 74,959 | |
Maruichi Steel Tube | 2,000 | 49,667 | |
Matsui Securities | 8,000 | 39,142 | |
Mazda Motor | 78,000a | 177,841 | |
McDonald’s Holdings Japan | 3,000 | 76,682 | |
Medipal Holdings | 7,700 | 63,676 | |
MEIJI Holdings | 3,521 | 150,144 | |
Minebea | 18,000 | 96,722 | |
Miraca Holdings | 2,600 | 98,373 | |
Mitsubishi | 69,600 | 1,869,095 | |
Mitsubishi Chemical Holdings | 64,100 | 432,126 | |
Mitsubishi Electric | 99,000 | 1,087,121 | |
Mitsubishi Estate | 60,000 | 1,041,163 | |
Mitsubishi Gas Chemical | 20,000 | 155,041 | |
Mitsubishi Heavy Industries | 156,700 | 743,524 | |
Mitsubishi Logistics | 6,000 | 66,182 | |
Mitsubishi Materials | 61,000 | 209,749 | |
Mitsubishi Motors | 203,000a | 247,683 | |
Mitsubishi Tanabe Pharma | 11,000 | 180,983 | |
Mitsubishi UFJ Financial Group | 654,890 | 3,123,520 | |
Mitsubishi UFJ Lease & Finance | 2,910 | 115,661 | |
Mitsui & Co. | 88,900 | 1,568,952 | |
Mitsui Chemicals | 49,000 | 179,357 | |
Mitsui Engineering & Shipbuilding | 34,000 | 83,806 | |
Mitsui Fudosan | 43,000 | 733,978 | |
Mitsui Mining & Smelting | 34,000 | 120,680 | |
Mitsui OSK Lines | 57,000 | 316,120 | |
Mitsumi Electric | 4,800 | 61,228 | |
Mizuho Financial Group | 1,059,000 | 1,670,594 |
The Fund | 21 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) | |
Japan (continued) | |||
Mizuho Securities | 34,000a | 85,901 | |
Mizuho Trust & Banking | 92,000 | 77,101 | |
MS&AD Insurance Group Holdings | 28,457 | 662,500 | |
Murata Manufacturing | 10,400 | 749,815 | |
Nabtesco | 4,500 | 113,360 | |
Namco Bandai Holdings | 10,350 | 113,781 | |
NEC | 140,800a | 293,261 | |
NGK Insulators | 13,000 | 223,342 | |
NGK Spark Plug | 8,000 | 110,919 | |
NHK Spring | 7,000 | 65,997 | |
Nidec | 5,600 | 485,876 | |
Nikon | 16,200 | 337,616 | |
Nintendo | 5,150 | 1,216,730 | |
Nippon Building Fund | 27 | 271,198 | |
Nippon Electric Glass | 18,085 | 272,590 | |
Nippon Express | 44,000 | 174,070 | |
Nippon Meat Packers | 9,000 | 124,008 | |
Nippon Paper Group | 4,900 | 97,650 | |
Nippon Sheet Glass | 51,000 | 149,593 | |
Nippon Steel | 260,100 | 807,804 | |
Nippon Telegraph & Telephone | 25,000 | 1,153,870 | |
Nippon Yusen | 81,800 | 300,424 | |
Nishi-Nippon City Bank | 33,000 | 92,729 | |
Nissan Chemical Industries | 7,000 | 72,467 | |
Nissan Motor | 127,100 | 1,212,416 | |
Nisshin Seifun Group | 9,800 | 121,866 | |
Nisshin Steel | 42,000 | 82,820 | |
Nisshinbo Holdings | 7,000 | 68,930 | |
Nissin Foods Holdings | 3,200 | 113,108 | |
Nitori Holdings | 1,950 | 167,987 | |
Nitto Denko | 8,600 | 456,285 | |
NKSJ Holdings | 72,500 | 462,842 | |
NOK | 5,300 | 90,467 | |
Nomura Holdings | 180,300 | 915,499 | |
Nomura Real Estate Holdings | 5,400 | 82,524 | |
Nomura Real Estate Office Fund | 12 | 86,369 |
22
Common Stocks (continued) | Shares | Value ($) |
Japan (continued) | ||
Nomura Research Institute | 5,700 | 122,093 |
NSK | 23,000 | 202,958 |
NTN | 25,000 | 119,238 |
NTT Data | 65 | 213,249 |
NTT DoCoMo | 791 | 1,455,463 |
NTT Urban Development | 55 | 45,280 |
Obayashi | 35,000 | 147,091 |
Obic | 350 | 64,919 |
Odakyu Electric Railway | 32,000 | 257,925 |
OJI Paper | 44,000 | 196,845 |
Olympus | 11,000 | 309,367 |
Omron | 10,500 | 286,893 |
Ono Pharmaceutical | 4,200 | 213,002 |
ORACLE JAPAN | 2,000 | 86,394 |
Oriental Land | 2,700 | 228,272 |
ORIX | 5,460 | 532,273 |
Osaka Gas | 101,000 | 370,939 |
OTSUKA | 1,000 | 62,485 |
Otsuka Holdings | 13,200 | 353,345 |
Panasonic | 113,795 | 1,399,648 |
Rakuten | 372 | 342,016 |
Resona Holdings | 94,900 | 446,781 |
Ricoh | 36,000 | 394,873 |
Rinnai | 1,800 | 118,240 |
Rohm | 5,100 | 306,729 |
Sankyo | 2,800 | 144,590 |
Santen Pharmaceutical | 3,800 | 146,352 |
Sapporo Hokuyo Holdings | 15,000 | 66,182 |
Sapporo Holdings | 13,000 | 51,910 |
SBI Holdings | 1,112 | 118,957 |
Secom | 11,000 | 544,306 |
Sega Sammy Holdings | 9,984 | 172,265 |
Seiko Epson | 6,700 | 116,511 |
Sekisui Chemical | 22,000 | 182,746 |
Sekisui House | 31,000 | 296,857 |
Senshu Ikeda Holdings | 41,600 | 61,523 |
The Fund | 23 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) | |
Japan (continued) | |||
Seven & I Holdings | 38,360 | 956,400 | |
Seven Bank | 26 | 49,026 | |
Sharp | 51,000 | 465,751 | |
Shikoku Electric Power | 9,200 | 232,891 | |
Shimadzu | 12,000 | 103,377 | |
Shimamura | 1,200 | 111,955 | |
Shimano | 3,500 | 186,776 | |
Shimizu | 29,000 | 122,233 | |
Shin-Etsu Chemical | 21,000 | 1,087,010 | |
Shinko Electric Industries | 4,200 | 42,756 | |
Shinsei Bank | 50,000 | 59,773 | |
Shionogi & Co. | 15,400 | 249,012 | |
Shiseido | 18,000 | 297,486 | |
Shizuoka Bank | 31,400 | 284,821 | |
Showa Denko | 72,000 | 142,864 | |
Showa Shell Sekiyu | 11,300 | 122,554 | |
SMC | 2,700 | 490,818 | |
Softbank | 41,500 | 1,733,855 | |
Sojitz | 66,600 | 126,404 | |
Sony | 51,480 | 1,433,877 | |
Sony Financial Holdings | 8,600 | 158,878 | |
Square Enix Holdings | 3,700 | 61,195 | |
Stanley Electric | 8,200 | 137,138 | |
Sumco | 6,800a | 129,731 | |
Sumitomo | 57,200 | 780,385 | |
Sumitomo Chemical | 82,000 | 434,558 | |
Sumitomo Electric Industries | 38,500 | 531,902 | |
Sumitomo Heavy Industries | 29,000 | 188,711 | |
Sumitomo Metal Industries | 173,000 | 362,460 | |
Sumitomo Metal Mining | 27,000 | 478,174 | |
Sumitomo Mitsui Financial Group | 69,600 | 2,140,153 | |
Sumitomo Mitsui Trust Holdings | 162,640 | 553,225 | |
Sumitomo Realty & Development | 19,000 | 388,945 | |
Sumitomo Rubber Industries | 9,400 | 104,843 | |
Suruga Bank | 12,000 | 99,827 |
24
Common Stocks (continued) | Shares | Value ($) |
Japan (continued) | ||
Suzuken | 3,720 | 92,381 |
Suzuki Motor | 17,100 | 404,212 |
Sysmex | 3,200 | 111,412 |
T&D Holdings | 14,650 | 359,479 |
Taisei | 58,000 | 135,100 |
Taisho Pharmaceutical | 6,000 | 140,794 |
Taiyo Nippon Sanso | 15,000 | 120,532 |
Takashimaya | 15,000 | 102,231 |
Takeda Pharmaceutical | 38,500 | 1,859,995 |
TDK | 6,600 | 338,378 |
Teijin | 47,000 | 223,589 |
Terumo | 8,500 | 471,407 |
THK | 6,700 | 169,853 |
Tobu Railway | 45,000 | 174,698 |
Toho | 5,800 | 87,064 |
Toho Gas | 22,000 | 102,490 |
Tohoku Electric Power | 22,300 | 327,327 |
Tokio Marine Holdings | 36,900 | 1,022,777 |
Tokuyama | 18,000 | 92,950 |
Tokyo Electric Power | 74,272 | 389,026 |
Tokyo Electron | 8,800 | 505,940 |
Tokyo Gas | 135,000 | 597,301 |
Tokyo Steel Manufacturing | 5,500 | 59,176 |
Tokyo Tatemono | 19,000 | 68,141 |
Tokyu | 57,820 | 238,007 |
Tokyu Land | 24,000 | 102,933 |
TonenGeneral Sekiyu | 14,000 | 173,231 |
Toppan Printing | 28,000 | 218,782 |
Toray Industries | 77,000 | 564,641 |
Toshiba | 206,000 | 1,084,077 |
Tosoh | 29,000 | 111,511 |
TOTO | 14,000 | 108,874 |
Toyo Seikan Kaisha | 7,100 | 119,792 |
Toyo Suisan Kaisha | 5,000 | 114,802 |
Toyoda Gosei | 3,600 | 78,309 |
The Fund | 25 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) | |
Japan (continued) | |||
Toyota Boshoku | 4,200 | 65,117 | |
Toyota Industries | 9,600 | 289,869 | |
Toyota Motor | 142,014 | 5,653,256 | |
Toyota Tsusho | 11,600 | 191,713 | |
Trend Micro | 5,200 | 147,464 | |
Tsumura & Co. | 3,100 | 96,087 | |
Ube Industries | 46,600 | 147,599 | |
UNICHARM | 6,300 | 249,236 | |
UNY | 9,000 | 78,420 | |
Ushio | 5,900 | 119,396 | |
USS | 980 | 75,004 | |
West Japan Railway | 88 | 318,314 | |
Yahoo! Japan | 751 | 273,873 | |
Yakult Honsha | 5,100 | 140,919 | |
Yamada Denki | 4,410 | 305,450 | |
Yamaguchi Financial Group | 11,000 | 98,829 | |
Yamaha | 9,200 | 114,858 | |
Yamaha Motor | 13,600a | 257,619 | |
Yamato Holdings | 20,600 | 327,000 | |
Yamato Kogyo | 1,800 | 59,187 | |
Yamazaki Baking | 6,000 | 76,904 | |
Yaskawa Electric | 12,000 | 139,463 | |
Yokogawa Electric | 11,500a | 92,692 | |
120,090,126 | |||
Luxembourg—.5% | |||
ArcelorMittal | 43,959 | 1,619,995 | |
Millicom International Cellular, SDR | 4,027 | 437,282 | |
SES | 16,018 | 421,339 | |
Subsea 7 | 14,829 | 390,606 | |
Tenaris | 24,082 | 608,445 | |
3,477,667 | |||
Netherlands—2.7% | |||
Aegon | 81,616a | 649,136 | |
Akzo Nobel | 12,145 | 944,875 | |
ASML Holding | 22,623 | 938,262 | |
Corio | 2,950 | 209,245 |
26
Common Stocks (continued) | Shares | Value ($) | |
Netherlands (continued) | |||
Delta Lloyd | 3,776 | 99,548 | |
European Aeronautic Defence and Space | 20,994a | 650,651 | |
Fugro | 3,362 | 308,897 | |
Heineken | 13,262 | 795,181 | |
Heineken Holding | 5,874 | 310,545 | |
ING Groep | 198,369a | 2,619,257 | |
Koninklijke Ahold | 60,558 | 851,625 | |
Koninklijke Boskalis Westminster | 3,558 | 189,529 | |
Koninklijke DSM | 8,006 | 552,904 | |
Koninklijke KPN | 81,120 | 1,289,539 | |
Koninklijke Philips Electronics | 50,485 | 1,499,480 | |
Koninklijke Vopak | 3,832 | 183,971 | |
QIAGEN | 11,934a | 255,840 | |
Randstad Holding | 5,958 | 335,714 | |
Reed Elsevier | 34,899 | 458,061 | |
SBM Offshore | 8,291 | 242,996 | |
STMicroelectronics | 32,926 | 389,471 | |
TNT | 19,165 | 472,699 | |
Unilever | 84,456 | 2,784,126 | |
Wolters Kluwer | 15,164 | 353,881 | |
17,385,433 | |||
New Zealand—.1% | |||
Auckland International Airport | 56,228 | 100,791 | |
Contact Energy | 16,082a | 77,263 | |
Fletcher Building | 32,253 | 239,332 | |
Sky City Entertainment Group | 33,202 | 95,440 | |
Telecom Corporation of New Zealand | 91,970 | 161,518 | |
674,344 | |||
Norway—.9% | |||
Aker Solutions | 8,329 | 201,268 | |
DnB NOR | 51,118 | 832,282 | |
Norsk Hydro | 47,819 | 424,425 | |
Orkla | 41,365 | 419,647 | |
Renewable Energy | 29,300a | 103,575 | |
SeaDrill | 14,482 | 513,873 | |
Statoil | 57,070 | 1,672,106 |
The Fund | 27 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) |
Norway (continued) | ||
Telenor | 43,766 | 757,272 |
Yara International | 9,814 | 575,647 |
5,500,095 | ||
Portugal—.3% | ||
Banco Comercial Portugues, Cl. R | 154,733a | 123,733 |
Banco Espirito Santo | 27,218 | 114,842 |
Brisa Auto-Estradas de Portugal | 9,633 | 64,554 |
Cimpor-Cimentos de Portugal | 12,398 | 85,806 |
Energias de Portugal | 96,162 | 393,756 |
Galp Energia, Cl. B | 12,510 | 280,345 |
Jeronimo Martins | 11,415 | 187,642 |
Portugal Telecom | 28,947 | 353,957 |
1,604,635 | ||
Singapore—1.7% | ||
Ascendas Real Estate Investment Trust | 74,281 | 123,371 |
CapitaLand | 132,500 | 368,583 |
CapitaMall Trust | 120,000 | 185,559 |
Capitamalls Asia | 74,000 | 107,163 |
City Developments | 30,000 | 290,612 |
ComfortDelgro | 93,700 | 117,293 |
Cosco Singapore | 48,000 | 87,183 |
DBS Group Holdings | 89,588 | 1,097,998 |
Fraser and Neave | 50,150 | 257,264 |
Genting Singapore | 312,527a | 554,865 |
Global Logistic Properties | 90,843 | 143,446 |
Golden Agri-Resources | 374,440 | 203,725 |
Hutchison Port Holdings Trust | 269,000 | 247,480 |
Jardine Cycle & Carriage | 5,422 | 163,603 |
Keppel | 73,700 | 717,554 |
Keppel Land | 36,000 | 122,823 |
Neptune Orient Lines | 56,000 | 86,136 |
Noble Group | 161,963 | 295,502 |
Olam International | 59,300 | 139,244 |
Oversea-Chinese Banking | 126,942 | 991,856 |
SembCorp Industries | 53,254 | 235,281 |
SembCorp Marine | 41,000 | 190,198 |
28
Common Stocks (continued) | Shares | Value ($) |
Singapore (continued) | ||
Singapore Airlines | 27,733 | 319,477 |
Singapore Exchange | 46,000 | 293,557 |
Singapore Press Holdings | 80,075 | 260,747 |
Singapore Technologies Engineering | 92,000 | 237,104 |
Singapore Telecommunications | 405,951 | 1,036,259 |
StarHub | 26,918 | 63,207 |
United Overseas Bank | 64,112 | 1,029,149 |
UOL Group | 23,111 | 91,517 |
Wilmar International | 98,000 | 422,549 |
10,480,305 | ||
Spain—3.6% | ||
Abertis Infraestructuras | 14,596 | 346,364 |
Acciona | 1,296 | 151,012 |
Acerinox | 5,086 | 102,355 |
ACS Actividades de Construccion y Servicios | 7,321 | 368,907 |
Amadeus IT Holding, Cl. A | 9,770 a | 204,955 |
Banco Bilbao Vizcaya Argentaria | 225,272 | 2,894,273 |
Banco de Sabadell | 50,703 | 225,141 |
Banco de Valencia | 11,277 a | 45,674 |
Banco Popular Espanol | 45,199 | 271,446 |
Banco Santander | 428,868 | 5,485,876 |
Bankinter | 16,421 | 122,785 |
Criteria Caixacorp | 42,917 | 317,401 |
EDP Renovaveis | 13,006a | 100,337 |
Enagas | 8,939 | 221,539 |
Ferrovial | 23,356 | 322,703 |
Fomento de Construcciones y Contratas | 3,199 | 108,826 |
Gas Natural | 16,252 | 334,665 |
Gestevision Telecinco | 9,934 | 111,817 |
Grifols | 6,640 | 131,709 |
Iberdrola | 195,155 | 1,815,355 |
Iberdrola Renovables | 40,110 | 183,936 |
Inditex | 11,088 | 995,887 |
Indra Sistemas | 5,136 | 116,734 |
International Consolidated Airlines Group | 53,331 a | 212,387 |
Mapfre | 40,701 | 170,282 |
The Fund | 29 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) |
Spain (continued) | ||
Red Electrica | 5,475 | 349,924 |
Repsol | 37,398 | 1,337,704 |
Telefonica | 211,490 | 5,694,830 |
Zardoya Otis | 7,387 | 126,032 |
22,870,856 | ||
Sweden—3.1% | ||
Alfa Laval | 17,158 | 385,154 |
Assa Abloy, Cl. B | 16,208 | 487,794 |
Atlas Copco, Cl. A | 34,477 | 1,014,736 |
Atlas Copco, Cl. B | 20,174 | 535,862 |
Boliden | 13,856 | 313,101 |
Electrolux, Ser. B | 12,421 | 316,738 |
Getinge, Cl. B | 10,269 | 273,617 |
Hennes & Mauritz, Cl. B | 52,378 | 1,855,311 |
Hexagon, Cl. B | 12,498 | 325,544 |
Holmen, Cl. B | 3,004 | 111,141 |
Husqvarna, Cl. B | 20,545 | 161,977 |
Industrivarden, Cl. C | 5,510 | 110,248 |
Investor, Cl. B | 23,197 | 579,213 |
Kinnevik Investment, Cl. B | 11,875 | 307,346 |
Modern Times Group, Cl. B | 2,552 | 196,034 |
Nordea Bank | 137,127 | 1,568,654 |
Ratos, Cl. B | 5,558 | 230,254 |
Sandvik | 52,869 | 1,124,499 |
Scania, Cl. B | 16,508 | 429,996 |
Securitas, Cl. B | 15,857 | 199,153 |
Skandinaviska Enskilda Banken, Cl. A | 73,450 | 708,008 |
Skanska, Cl. B | 20,691 | 445,580 |
SKF, Cl. B | 20,274 | 641,446 |
SSAB, Cl. A | 9,760 | 174,881 |
Svenska Cellulosa, Cl. B | 29,154 | 447,898 |
Svenska Handelsbanken, Cl. A | 24,877 | 865,499 |
Swedbank, Cl. A | 36,621 | 696,281 |
Swedish Match | 11,752 | 418,029 |
Tele2, Cl. B | 16,050 | 403,953 |
30
Common Stocks (continued) | Shares | Value ($) | |
Sweden (continued) | |||
Telefonaktiebolaget LM Ericsson, Cl. B | 154,393 | 2,350,194 | |
TeliaSonera | 114,309 | 935,728 | |
Volvo, Cl. B | 71,086 | 1,398,746 | |
20,012,615 | |||
Switzerland—7.8% | |||
ABB | 113,622a | 3,124,294 | |
Actelion | 5,031a | 295,157 | |
Adecco | 6,268 | 445,678 | |
Aryzta | 4,068 | 225,779 | |
Baloise Holding | 2,556 | 281,515 | |
Cie Financiere Richemont, Cl. A | 26,709 | 1,719,193 | |
Credit Suisse Group | 58,403 | 2,643,586 | |
GAM Holding | 11,520a | 226,168 | |
Geberit | 2,016 | 470,079 | |
Givaudan | 442a | 489,613 | |
Holcim | 12,479 | 1,082,007 | |
Julius Baer Group | 10,717a | 498,798 | |
Kuehne & Nagel International | 2,891 | 460,057 | |
Lindt & Spruengli | 6 | 222,431 | |
Lindt & Spruengli-PC | 47 | 155,323 | |
Logitech International | 9,187a | 126,732 | |
Lonza Group | 2,668a | 228,260 | |
Nestle | 178,604 | 11,043,854 | |
Novartis | 108,680 | 6,426,067 | |
Pargesa Holding-BR | 1,539 | 157,542 | |
Roche Holding | 36,178 | 5,844,635 | |
Schindler Holding-PC | 3,518 | 452,564 | |
SGS | 278 | 549,630 | |
Sika-BR | 104 | 264,416 | |
Sonova Holding | 2,369 | 238,278 | |
Straumann Holding | 380 | 98,933 | |
Swatch Group | 2,143 | 189,389 | |
Swatch Group-BR | 1,609 | 788,335 | |
Swiss Life Holding | 1,524a | 276,915 | |
Swiss Reinsurance | 17,953a | 1,065,665 |
The Fund | 31 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) |
Switzerland (continued) | ||
Swisscom | 1,214 | 554,824 |
Syngenta | 4,843a | 1,706,998 |
Synthes | 3,082 | 528,779 |
Transocean | 16,516a | 1,205,728 |
UBS | 187,132a | 3,725,617 |
Zurich Financial Services | 7,540 a | 2,109,759 |
49,922,598 | ||
United Kingdom—21.0% | ||
3i Group | 49,824 | 232,774 |
Admiral Group | 10,809 | 305,048 |
Aggreko | 13,180 | 392,846 |
AMEC | 17,013 | 340,521 |
Anglo American | 67,823 | 3,530,068 |
Antofagasta | 20,373 | 464,521 |
ARM Holdings | 67,291 | 696,435 |
Associated British Foods | 18,863 | 316,826 |
AstraZeneca | 73,705 | 3,675,784 |
Autonomy | 11,216a | 301,194 |
Aviva | 144,392 | 1,076,064 |
Babcock International Group | 19,762 | 211,121 |
BAE Systems | 175,353 | 959,039 |
Balfour Beatty | 33,777 | 184,677 |
Barclays | 593,565 | 2,794,866 |
BG Group | 173,950 | 4,449,283 |
BHP Billiton | 113,570 | 4,782,124 |
BP | 968,191 | 7,469,673 |
British American Tobacco | 102,708 | 4,472,939 |
British Land | 44,401 | 444,721 |
British Sky Broadcasting Group | 60,158 | 844,865 |
BT Group | 395,911 | 1,292,981 |
Bunzl | 16,760 | 207,983 |
Burberry Group | 23,186 | 500,815 |
Cable & Wireless Worldwide | 140,485 | 112,685 |
Cairn Energy | 74,002 a | 557,786 |
Capita Group | 31,077 | 381,504 |
Capital Shopping Centres Group | 29,284 | 198,258 |
32
Common Stocks (continued) | Shares | Value ($) |
United Kingdom (continued) | ||
Carnival | 9,179 | 369,738 |
Centrica | 263,430 | 1,409,992 |
Cobham | 58,884 | 224,029 |
Compass Group | 98,184 | 957,210 |
Diageo | 129,891 | 2,638,810 |
Essar Energy | 18,577 | 142,843 |
Eurasian Natural Resources | 13,200 | 200,684 |
Experian | 52,763 | 709,767 |
Firstgroup | 25,087 | 135,867 |
Fresnillo | 9,006 | 246,503 |
G4S | 72,991 | 336,260 |
GlaxoSmithKline | 267,307 | 5,820,617 |
Hammerson | 35,663 | 279,634 |
Home Retail Group | 44,656 | 163,790 |
HSBC Holdings | 911,421 | 9,963,394 |
ICAP | 27,917 | 241,435 |
Imperial Tobacco Group | 52,098 | 1,830,912 |
Inmarsat | 23,343 | 237,113 |
Intercontinental Hotels Group | 15,563 | 340,312 |
International Power | 79,135 | 436,368 |
Intertek Group | 8,606 | 305,030 |
Invensys | 41,117 | 233,587 |
Investec | 26,347 | 211,509 |
ITV | 187,172a | 237,423 |
J Sainsbury | 64,644 | 375,546 |
Johnson Matthey | 11,081 | 370,205 |
Kazakhmys | 10,953 | 251,930 |
Kingfisher | 120,262 | 550,620 |
Land Securities Group | 39,463 | 516,704 |
Legal & General Group | 304,912 | 624,532 |
Lloyds Banking Group | 2,116,075a | 2,091,227 |
London Stock Exchange Group | 7,101 | 103,221 |
Lonmin | 8,963 | 243,981 |
Man Group | 94,804 | 394,845 |
Marks & Spencer Group | 82,497 | 533,890 |
National Grid | 180,670 | 1,850,275 |
The Fund | 33 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) |
United Kingdom (continued) | ||
Next | 9,365 | 349,426 |
Old Mutual | 283,488 | 657,251 |
Pearson | 42,503 | 815,975 |
Petrofac | 13,173 | 331,775 |
Prudential | 129,892 | 1,674,726 |
Randgold Resources | 4,522 a | 393,716 |
Reckitt Benckiser Group | 31,581 | 1,750,930 |
Reed Elsevier | 62,459 | 552,144 |
Resolution | 71,775 | 362,383 |
Rexam | 46,669 | 304,048 |
Rio Tinto | 74,632 | 5,427,420 |
Rolls-Royce Group | 94,438 a | 1,010,474 |
Royal Bank of Scotland Group | 938,188a | 648,942 |
Royal Dutch Shell, Cl. A | 182,634 | 7,074,882 |
Royal Dutch Shell, Cl. B | 138,767 | 5,385,976 |
RSA Insurance Group | 183,775 | 421,781 |
SABMiller | 48,652 | 1,813,272 |
Sage Group | 67,743 | 322,026 |
Schroders | 5,805 | 183,772 |
Scottish & Southern Energy | 46,949 | 1,063,428 |
Segro | 35,573 | 192,894 |
Serco Group | 25,274 | 238,390 |
Severn Trent | 12,168 | 304,636 |
Shire | 29,445 | 908,584 |
Smith & Nephew | 46,312 | 507,892 |
Smiths Group | 19,823 | 440,408 |
Standard Chartered | 119,894 | 3,317,613 |
Standard Life | 120,093 | 452,898 |
Tesco | 416,192 | 2,801,386 |
Thomas Cook Group | 43,248 | 123,568 |
Tui Travel | 29,455 | 117,517 |
Tullow Oil | 45,194 | 1,080,212 |
Unilever | 66,454 | 2,152,545 |
United Utilities Group | 36,086 | 380,097 |
34
Common Stocks (continued) | Shares | Value ($) |
United Kingdom (continued) | ||
Vedanta Resources | 6,494 | 251,836 |
Vodafone Group | 2,698,782 | 7,724,439 |
Weir Group | 10,377 | 333,011 |
Whitbread | 8,998 | 252,137 |
WM Morrison Supermarkets | 109,098 | 536,446 |
Wolseley | 14,763 | 533,846 |
WPP | 65,758 | 857,155 |
Xstrata | 106,643 | 2,706,364 |
133,535,425 | ||
Total Common Stocks | ||
(cost $503,014,251) | 616,945,729 | |
Preferred Stocks—.5% | ||
Germany | ||
Bayerische Motoren Werke | 2,987 | 186,787 |
Henkel & Co. | 9,090 | 620,079 |
Porsche Automobil Holding | 7,841 | 569,195 |
ProSieben Sat.1 Media | 3,585 | 102,837 |
RWE | 1,967 | 119,895 |
Volkswagen | 8,704 | 1,717,453 |
Total Preferred Stocks | ||
(cost $1,792,178) | 3,316,246 | |
Rights—.0% | ||
Australia—.0% | ||
Origin Energy | 9,041 a | 33,243 |
Portugal—.0% | ||
Banco Comercial Portugues | 154,733 a | 5,280 |
Spain—.0% | ||
Banco de Valencia | 11,277a | 887 |
Banco Popular Espanol | 45,135 a | 3,147 |
4,034 | ||
Total Rights | ||
(cost $32,577) | 42,557 |
The Fund | 35 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Principal | |||
Short-Term Investments—.2% | Amount ($) | Value ($) | |
U.S. Treasury Bills; | |||
0.06%, 6/16/11 | |||
(cost $1,179,911) | 1,180,000c | 1,179,998 | |
Other Investment—1.1% | Shares | Value ($) | |
Registered Investment Company; | |||
Dreyfus Institutional Preferred | |||
Plus Money Market Fund | |||
(cost $7,300,000) | 7,300,000d | 7,300,000 | |
Total Investments (cost $513,318,917) | 98.6% | 628,784,530 | |
Cash and Receivables (Net) | 1.4% | 8,803,016 | |
Net Assets | 100.0% | 637,587,546 |
BR—Bearer Certificate |
CDI—Chess Depository Interest |
PC—Participation Certificate |
PPS—Price Protected Shares |
RSP—Risparmio (Savings) Shares |
SDR—Swedish Depository Receipts |
STRIP—Separate Trading of Registered Interest and Principal of Securities |
a Non-income producing security. |
b The valuation of this security has been determined in good faith by management under the direction of the Board of |
Directors.At April 30, 2011, the value of this security amounted to $52 or less than .01% of net assets. |
c Held by a broker as collateral for open financial futures positions. |
d Investment in affiliated money market mutual fund. |
Portfolio Summary (Unaudited)† | |||
Value (%) | Value (%) | ||
Banking | 12.3 | Diversified Financials | 4.3 |
Materials | 11.2 | Insurance | 4.2 |
Capital Goods | 9.2 | Automobiles & Components | 4.0 |
Energy | 8.3 | Real Estate | 3.0 |
Food, Beverage & Tobacco | 6.5 | Others | 18.6 |
Pharmaceuticals & Biotechnology | 5.9 | Short-term/Money Market Investments | 1.3 |
Telecommunications | 5.3 | ||
Utilities | 4.5 | 98.6 | |
† Based on net assets. | |||
See notes to financial statements. |
36
STATEMENT OF FINANCIAL FUTURES |
April 30, 2011 (Unaudited) |
Unrealized | |||||
Market Value | Appreciation | ||||
Covered by | (Depreciation) | ||||
Contracts | Contracts ($) | Expiration | at 4/30/2011($) | ||
Financial Futures Long | |||||
DJ Euro Stoxx 50 | 132 | 5,771,230 | June 2011 | 324,863 | |
FTSE 100 | 46 | 4,628,849 | June 2011 | 199,754 | |
SPI 200 Index | 12 | 1,578,498 | June 2011 | 39,168 | |
TOPIX | 42 | 4,417,920 | June 2011 | (104,039) | |
Gross Unrealized Appreciation | 563,785 | ||||
Gross Unrealized Depreciation | (104,039) | ||||
See notes to financial statements. |
The Fund | 37 |
STATEMENT OF ASSETS AND LIABILITIES |
April 30, 2011 (Unaudited) |
Cost | Value | ||
Assets ($): | |||
Investments in securities—See Statement of Investments: | |||
Unaffiliated issuers | 506,018,917 | 621,484,530 | |
Affiliated issuers | 7,300,000 | 7,300,000 | |
Cash | 509,905 | ||
Cash denominated in foreign currencies | 3,964,500 | 4,125,000 | |
Dividends and interest receivable | 3,622,544 | ||
Receivable for shares of Common Stock subscribed | 584,408 | ||
Unrealized appreciation on forward foreign | |||
currency exchange contracts—Note 4 | 564,083 | ||
Receivable for investment securities sold | 345,782 | ||
638,536,252 | |||
Liabilities ($): | |||
Due to The Dreyfus Corporation and affiliates—Note 3(b) | 303,221 | ||
Payable for shares of Common Stock redeemed | 482,982 | ||
Unrealized depreciation on forward foreign | |||
currency exchange contracts—Note 4 | 151,455 | ||
Payable for futures variation margin—Note 4 | 11,048 | ||
948,706 | |||
Net Assets ($) | 637,587,546 | ||
Composition of Net Assets ($): | |||
Paid-in capital | 575,951,223 | ||
Accumulated undistributed investment income—net | 3,134,873 | ||
Accumulated net realized gain (loss) on investments | (58,132,790) | ||
Accumulated net unrealized appreciation (depreciation) on | |||
investments and foreign currency transactions (including | |||
$459,746 net unrealized appreciation on financial futures) | 116,634,240 | ||
Net Assets ($) | 637,587,546 | ||
Shares Outstanding | |||
(200 million shares of $.001 par value Common Stock authorized) | 39,050,550 | ||
Net Asset Value, offering and redemption price per share—Note 3(c) ($) | 16.33 | ||
See notes to financial statements. |
38
STATEMENT OF OPERATIONS |
Six Months Ended April 30, 2011 (Unaudited) |
Investment Income ($): | ||
Income: | ||
Cash dividends (net of $707,385 foreign taxes withheld at source): | ||
Unaffiliated issuers | 8,560,407 | |
Affiliated issuers | 8,091 | |
Total Income | 8,568,498 | |
Expenses: | ||
Management fee—Note 3(a) | 1,030,387 | |
Shareholder servicing costs—Note 3(b) | 735,990 | |
Directors’ fees—Note 3(a) | 15,313 | |
Loan commitment fees—Note 2 | 200 | |
Total Expenses | 1,781,890 | |
Less—Directors’ fees reimbursed by the Manager—Note 3(a) | (15,313) | |
Net Expenses | 1,766,577 | |
Investment Income—Net | 6,801,921 | |
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): | ||
Net realized gain (loss) on investments and foreign currency transactions | (5,067,393) | |
Net realized gain (loss) on financial futures | 129,969 | |
Net realized gain (loss) on forward foreign currency exchange contracts | (406,270) | |
Net Realized Gain (Loss) | (5,343,694) | |
Net unrealized appreciation (depreciation) | ||
on investments and foreign currency transactions | 68,360,526 | |
Net unrealized appreciation (depreciation) on financial futures | 572,104 | |
Net unrealized appreciation (depreciation) | ||
on forward foreign currency exchange contracts | 416,769 | |
Net Unrealized Appreciation (Depreciation) | 69,349,399 | |
Net Realized and Unrealized Gain (Loss) on Investments | 64,005,705 | |
Net Increase in Net Assets Resulting from Operations | 70,807,626 | |
See notes to financial statements. |
The Fund | 39 |
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended | ||||
April 30, 2011 | Year Ended | |||
(Unaudited) | October 31, 2010 | |||
Operations ($): | ||||
Investment income—net | 6,801,921 | 12,261,382 | ||
Net realized gain (loss) on investments | (5,343,694) | (46,595,846) | ||
Net unrealized appreciation | ||||
(depreciation) on investments | 69,349,399 | 74,380,343 | ||
Net Increase (Decrease) in Net Assets | ||||
Resulting from Operations | 70,807,626 | 40,045,879 | ||
Dividends to Shareholders from ($): | ||||
Investment income—net | (12,701,894) | (13,103,285) | ||
Net realized gain on investments | — | (3,322,070) | ||
Total Dividends | (12,701,894) | (16,425,355) | ||
Capital Stock Transactions ($): | ||||
Net proceeds from shares sold | 99,845,397 | 181,100,102 | ||
Dividends reinvested | 12,108,195 | 15,535,963 | ||
Cost of shares redeemed | (93,899,448) | (206,110,488) | ||
Increase (Decrease) in Net Assets from | ||||
Capital Stock Transactions | 18,054,144 | (9,474,423) | ||
Total Increase (Decrease) in Net Assets | 76,159,876 | 14,146,101 | ||
Net Assets ($): | ||||
Beginning of Period | 561,427,670 | 547,281,569 | ||
End of Period | 637,587,546 | 561,427,670 | ||
Undistributed investment income—net | 3,134,873 | 9,034,846 | ||
Capital Share Transactions (Shares): | ||||
Shares sold | 6,578,395 | 13,033,884 | ||
Shares issued for dividends reinvested | 818,675 | 1,097,173 | ||
Shares redeemed | (6,182,195) | (15,247,182) | ||
Net Increase (Decrease) in Shares Outstanding | 1,214,875 | (1,116,125) | ||
See notes to financial statements. |
40
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.
Six Months Ended | ||||||||||||
April 30, 2011 | Year Ended October 31, | |||||||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||
Per Share Data ($): | ||||||||||||
Net asset value, | ||||||||||||
beginning of period | 14.84 | 14.05 | 11.51 | 21.98 | 18.03 | 14.47 | ||||||
Investment Operations: | ||||||||||||
Investment income—neta | .18 | .31 | .30 | .49 | .43 | .38 | ||||||
Net realized and unrealized | ||||||||||||
gain (loss) on investments | 1.64 | .89 | 2.51 | (10.47) | 3.90 | 3.45 | ||||||
Total from Investment Operations | 1.82 | 1.20 | 2.81 | (9.98) | 4.33 | 3.83 | ||||||
Distributions: | ||||||||||||
Dividends from | ||||||||||||
investment income—net | (.33) | (.33) | (.25) | (.49) | (.38) | (.27) | ||||||
Dividends from net realized | ||||||||||||
gain on investments | — | (.08) | (.02) | — | — | — | ||||||
Total Distributions | (.33) | (.41) | (.27) | (.49) | (.38) | (.27) | ||||||
Net asset value, end of period | 16.33 | 14.84 | 14.05 | 11.51 | 21.98 | 18.03 | ||||||
Total Return (%) | 12.46b | 8.73 | 25.13 | (46.37) | 24.40 | 26.83 | ||||||
Ratios/Supplemental Data (%): | ||||||||||||
Ratio of total expenses | ||||||||||||
to average net assets | .61c | .61 | .61 | .61 | .61 | .60 | ||||||
Ratio of net expenses | ||||||||||||
to average net assets | .60c | .60 | .60 | .60 | .60 | .60 | ||||||
Ratio of net investment income | ||||||||||||
to average net assets | 2.31c | 2.25 | 2.53 | 2.72 | 2.20 | 2.30 | ||||||
Portfolio Turnover Rate | 2.75b | 10.49 | 17.26 | 7.17 | 3.31 | 4.12 | ||||||
Net Assets, end of period | ||||||||||||
($ x 1,000) | 637,588 | 561,428 | 547,282 | 326,931 | 561,653 | 355,608 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
See notes to financial statements. |
The Fund | 41 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—Significant Accounting Policies:
Dreyfus International Stock Index Fund (the “fund”) is a separate non-diversified series of Dreyfus Index 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 three series, including the fund. The fund’s investment objective is to match the performance of the Morgan Stanley Capital International Europe, Australasia, Far East Free Index (MSCI EAFE®). 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 the Manager, 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.
42
The Company enters into contracts that contain a variety of indemnifications.The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by an independent pricing service approved by the Board of Directors. Registered investment companies that are not traded on an exchange are valued at their net asset value.When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Directors. Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository Receipts and futures contracts. For other
The Fund | 43 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
securities that are fair valued by the Board of Directors, certain factors may be considered 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. Financial futures are valued at the last sales price. Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange. Forward foreign currency exchange contracts (“forward contracts”) are valued at the forward rate.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value.This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
44
The following is a summary of the inputs used as of April 30, 2011 in valuing the fund’s investments:
Level 2—Other | Level 3— | ||||||
Level 1— | Significant | Significant | |||||
Unadjusted | Observable | Unobservable | |||||
Quoted Prices | Inputs | Inputs | Total | ||||
Assets ($) | |||||||
Investments in Securities: | |||||||
Equity Securities— | |||||||
Foreign† | 620,304,480 | — | 52 | 620,304,532 | |||
U.S. Treasury | — | 1,179,998 | — | 1,179,998 | |||
Mutual Funds | 7,300,000 | — | — | 7,300,000 | |||
Other Financial | |||||||
Instruments: | |||||||
Forward Foreign | |||||||
Currency Exchange | |||||||
Contracts†† | — | 564,083 | — | 564,083 | |||
Futures†† | 563,785 | — | — | 563,785 | |||
Liabilities ($) | |||||||
Other Financial | |||||||
Instruments: | |||||||
Forward Foreign | |||||||
Currency Exchange | |||||||
Contracts†† | — | (151,455 | ) | — | (151,455 | ) | |
Futures†† | (104,039 | ) | — | — | (104,039 | ) |
† | See Statement of Investments for additional detailed categorizations. |
†† | Amount shown represents unrealized appreciation (depreciation) at period end. |
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Investments in | |
Equity Securities—Foreign ($) | |
Balance as of 10/31/2010 | 49 |
Realized gain (loss) | — |
Change in unrealized appreciation (depreciation) | 3 |
Net purchases (sales) | — |
Transfers in and/or out of Level 3 | — |
Balance as of 4/30/2011 | 52 |
The amount of total gains (losses) for | |
the period included in earnings | |
attributable to the change in | |
unrealized gains (losses) relating | |
to investments still held at 4/30/2011 | 3 |
The Fund | 45 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
In January 2010, FASB issued Accounting Standards Update (“ASU”) No. 2010-06 “Improving Disclosures about FairValue Measurements”. The portions of ASU No. 2010-06 which require reporting entities to prepare new disclosures surrounding amounts and reasons for significant transfers in and out of Level 1 and Level 2 fair value measurements as well as inputs and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements that fall in either Level 2 or Level 3 have been adopted by the fund. No significant transfers between Level 1 or Level 2 fair value measurements occurred at April 30, 2011.The remaining portion of ASU No. 2010-06 requires reporting entities to make new disclosures about information on purchases, sales, issuances and settlements on a gross basis in the reconciliation of activity in Level 3 fair value measurements. These new and revised disclosures are required to be implemented for fiscal years beginning after December 15, 2010. Management is currently evaluating the impact that the adoption of this remaining portion of ASU No. 2010-06 may have on the fund’s financial statement disclosures.
(b) Foreign currency transactions: The fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments resulting from changes in exchange rates. Foreign currency gains and losses on investments are included with net realized and unrealized gain or loss on investments.
46
(c) 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.
Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and capital, and adverse political and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls and delayed settlements, and their prices may be more volatile than those of comparable securities in the U.S.
(d) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” in the Act.
The fund may invest in shares of certain affiliated investment companies also advised or managed by Dreyfus. Investments in affiliated investment companies for the period ended April 30, 2011 were as follows:
Affiliated | |||||||
Investment | Value | Value | Net | ||||
Company | 10/31/2010 | ($) | Purchases ($) | Sales ($) | 4/30/2011 | ($) | Assets (%) |
Dreyfus | |||||||
Institutional | |||||||
Preferred | |||||||
Plus Money | |||||||
Market | |||||||
Fund | 7,800,000 | 41,450,000 | 41,950,000 | 7,300,000 | 1.1 |
(e) Dividends to shareholders: Dividends are recorded on the ex-dividend date. Dividends from investment income-net and 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
The Fund | 47 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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.
As of and during the period ended April 30, 2011, 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, the fund did not incur any interest or penalties.
Each of the tax years in the three-year period ended October 31, 2010 remains subject to examination by the Internal Revenue Service and state taxing authorities.
The fund has an unused capital loss carryover of $37,109,984 available for federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to October 31, 2010. If not applied, the carryover expires in fiscal 2018.
The tax character of distributions paid to shareholders during the fiscal year ended October 31, 2010 was as follows: ordinary income $13,109,592 and long-term capital gains $3,315,763.The tax character of current year distributions will be determined at the end of the current fiscal year.
NOTE 2—Bank Lines of Credit:
The fund participates with other Dreyfus-managed funds in a $225 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, (each,
48
a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. 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. During the period ended April 30, 2011, the fund did not borrow under the Facilities.
NOTE 3—Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management agreement (“Agreement”) with the Manager, the management fee is computed at the annual rate of .35% of the value of the fund’s average daily net assets, and is payable monthly. Under the terms of the Agreement, the Manager has agreed to pay all the expenses of the fund, except management fees, brokerage fees and commissions, taxes, interest fees, commitment fees, Shareholder Services Plan fees, fees and expenses of non-interested Board members (including counsel fees) and extraordinary expenses. In addition, the Manager is required to reduce its fee in an amount equal to the fund’s allocable portion of the accrued fees and expenses of the non-interested Board members (including counsel fees). 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. During the period ended April 30, 2011, fees reimbursed by the Manager amounted to $15,313.
(b) Under the Shareholder Services Plan, the fund pays the Distributor for the provision of certain services, at the annual rate of .25% of the value of the fund’s average daily net assets.The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (a securities dealer, financial institution or other industry professional) in respect of these services. The Distributor deter-
The Fund | 49 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
mines the amounts to be paid to Service Agents. During the period ended April 30, 2011, the fund was charged $735,990 pursuant to the Shareholder Services Plan.
The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $176,879 and shareholder services plan fees $126,342.
(c) A 2% redemption fee is charged and retained by the fund on certain shares redeemed within sixty days following the date of issuance subject to exceptions, including redemptions made through use of the fund’s exchange privilege. During the period ended April 30, 2011, redemption fees charged and retained by the fund amounted to $3,271. Effective December 15, 2010, the fund no longer charges a redemption fee on shares that are redeemed or exchanged before the end of the required holding period. The fund reserves the right to reimpose a redemption fee in the future.
NOTE 4—Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding short-term securities, forward contracts and financial futures, during the period ended April 30, 2011, amounted to $25,547,970 and $15,958,744, respectively.
The following tables show the fund’s exposure to different types of market risk as it relates to the Statement of Assets and Liabilities and the Statement of Operations, respectively.
Fair value of derivative instruments as of April 30, 2011 is shown below:
Derivative | Derivative | |||
Assets ($) | Liabilities ($) | |||
Equity risk1 | 563,785 | Equity risk1 | (104,039) | |
Foreign exchange risk2 | 564,083 | Foreign exchange risk3 | (151,455) | |
Gross fair value of | ||||
derivative contracts | 1,127,868 | (255,494) |
Statement of Assets and Liabilities location: | |
1 | Includes cumulative appreciation (depreciation) on futures contracts as reported in the Statement of |
Financial Futures, but only the unpaid variation margin is reported in the Statement of Assets | |
and Liabilities. | |
2 | Unrealized appreciation on forward foreign currency exchange contracts. |
3 | Unrealized depreciation on forward foreign currency exchange contracts. |
50
The effect of derivative instruments in the Statement of Operations during the period ended April 30, 2011 is shown below:
Amount of realized gain or (loss) on derivatives recognized in income ($) | |||||
Forward | |||||
Underlying risk | Futures4 | Contracts5 | Total | ||
Equity | 129,969 | — | 129,969 | ||
Foreign exchange | — | (406,270) | (406,270) | ||
Total | 129,969 | (406,270) | (276,301) | ||
Change in unrealized appreciation or (depreciation) on derivatives recognized in income ($) | |||||
Forward | |||||
Underlying risk | Futures6 | Contracts7 | Total | ||
Equity | 572,104 | — | 572,104 | ||
Foreign exchange | — | 416,769 | 416,769 | ||
Total | 572,104 | 416,769 | 988,873 |
Statement of Operations location: | |
4 | Net realized gain (loss) on financial futures. |
5 | Net realized gain (loss) on forward foreign currency exchange contracts. |
6 | Net unrealized appreciation (depreciation) on financial futures. |
7 | Net unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
Futures Contracts: 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 contracts in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a broker, which consist of cash or cash equivalents.The amount of these deposits is determined by the exchange or Board ofTrade 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. Futures contracts are valued daily at the last sales price established by the Board of Trade or exchange upon which they are traded.When the contracts are closed, the fund recognizes a realized gain or loss.There is minimal counter-
The Fund | 51 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
party credit risk to the fund with futures since futures are exchange traded, and the exchange’s clearinghouse guarantees the futures against default. Contracts open at April 30, 2011 are set forth in the Statement of Financial Futures.
Forward Foreign Currency Exchange Contracts: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy. When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, the fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed.The fund realizes a gain if the value of the contract decreases between those dates.With respect to purchases of forward contracts, the fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed.The fund realizes a gain if the value of the contract increases between those dates. Any realized gain or loss which occurred during the period is reflected in the Statement of Operations.The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is typically limited to the unrealized gain on each open contract.The following summarizes open forward contracts at April 30, 2011:
Foreign | Unrealized | |||
Forward Foreign Currency | Currency | Appreciation | ||
Exchange Contracts | Amounts | Cost ($) | Value ($) (Depreciation)($) | |
Purchases: | ||||
Australian Dollar, | ||||
Expiring 6/15/2011 | 815,126 | 811,688 | 887,932 | 76,244 |
Australian Dollar, | ||||
Expiring 6/15/2011 | 121,600 | 124,670 | 132,461 | 7,791 |
Australian Dollar, | ||||
Expiring 6/15/2011 | 122,300 | 128,093 | 133,224 | 5,131 |
British Pound, | ||||
Expiring 6/15/2011 | 1,229,166 | 1,989,067 | 2,051,838 | 62,771 |
52
Foreign | Unrealized | |||
Forward Foreign Currency | Currency | Appreciation | ||
Exchange Contracts | Amounts | Cost ($) | Value ($) (Depreciation)($) | |
Purchases (continued): | ||||
British Pound, | ||||
Expiring 6/15/2011 | 59,400 | 95,449 | 99,156 | 3,707 |
British Pound, | ||||
Expiring 6/15/2011 | 116,500 | 187,803 | 194,473 | 6,670 |
British Pound, | ||||
Expiring 6/15/2011 | 170,300 | 277,110 | 284,281 | 7,171 |
British Pound, | ||||
Expiring 6/15/2011 | 57,400 | 93,843 | 95,818 | 1,975 |
British Pound, | ||||
Expiring 6/15/2011 | 57,300 | 93,134 | 95,651 | 2,517 |
British Pound, | ||||
Expiring 6/15/2011 | 58,600 | 93,525 | 97,821 | 4,296 |
British Pound, | ||||
Expiring 6/15/2011 | 294,200 | 470,062 | 491,106 | 21,044 |
British Pound, | ||||
Expiring 6/15/2011 | 59,800 | 96,974 | 99,824 | 2,850 |
British Pound, | ||||
Expiring 6/15/2011 | 180,000 | 294,954 | 300,473 | 5,519 |
British Pound, | ||||
Expiring 6/15/2011 | 177,900 | 290,410 | 296,967 | 6,557 |
British Pound, | ||||
Expiring 6/15/2011 | 60,300 | 99,747 | 100,658 | 911 |
Euro, | ||||
Expiring 6/15/2011 | 1,192,549 | 1,656,886 | 1,763,973 | 107,087 |
Euro, | ||||
Expiring 6/15/2011 | 88,300 | 122,610 | 130,610 | 8,000 |
Euro, | ||||
Expiring 6/15/2011 | 615,988 | 854,166 | 911,146 | 56,980 |
Euro, | ||||
Expiring 6/15/2011 | 58,700 | 81,069 | 86,827 | 5,758 |
Euro, | ||||
Expiring 6/15/2011 | 144,300 | 201,234 | 213,443 | 12,209 |
Euro, | ||||
Expiring 6/15/2011 | 108,700 | 154,027 | 160,785 | 6,758 |
Euro, | ||||
Expiring 6/15/2011 | 83,400 | 118,096 | 123,362 | 5,266 |
Euro, | ||||
Expiring 6/15/2011 | 166,700 | 235,654 | 246,576 | 10,922 |
The Fund | 53 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Foreign | Unrealized | ||||
Forward Foreign Currency | Currency | Appreciation | |||
Exchange Contracts | Amounts | Cost ($) | Value ($) (Depreciation)($) | ||
Purchases (continued): | |||||
Euro, | |||||
Expiring 6/15/2011 | 28,400 | 39,921 | 42,008 | 2,087 | |
Euro, | |||||
Expiring 6/15/2011 | 312,800 | 439,969 | 462,682 | 22,713 | |
Euro, | |||||
Expiring 6/15/2011 | 115,400 | 163,226 | 170,695 | 7,469 | |
Euro, | |||||
Expiring 6/15/2011 | 232,300 | 335,267 | 343,609 | 8,342 | |
Euro, | |||||
Expiring 6/15/2011 | 199,200 | 286,821 | 294,649 | 7,828 | |
Euro, | |||||
Expiring 6/15/2011 | 85,300 | 121,685 | 126,173 | 4,488 | |
Euro, | |||||
Expiring 6/15/2011 | 28,900 | 42,337 | 42,748 | 411 | |
Japanese Yen, | |||||
Expiring 6/15/2011 | 9,310,000 | 112,647 | 114,801 | 2,154 | |
Japanese Yen, | |||||
Expiring 6/15/2011 | 136,455,145 | 1,650,630 | 1,682,615 | 31,985 | |
Japanese Yen, | |||||
Expiring 6/15/2011 | 9,070,000 | 110,962 | 111,842 | 880 | |
Japanese Yen, | |||||
Expiring 6/15/2011 | 24,645,000 | 304,093 | 303,895 | (198) | |
Japanese Yen, | |||||
Expiring 6/15/2011 | 8,215,000 | 101,484 | 101,298 | (186) | |
Japanese Yen, | |||||
Expiring 6/15/2011 | 8,490,000 | 104,048 | 104,689 | 641 | |
Japanese Yen, | |||||
Expiring 6/15/2011 | 25,980,000 | 307,164 | 320,357 | 13,193 | |
Japanese Yen, | |||||
Expiring 6/15/2011 | 16,830,000 | 197,633 | 207,530 | 9,897 | |
Japanese Yen, | |||||
Expiring 6/15/2011 | 6,049,200 | 71,377 | 74,592 | 3,215 | |
Japanese Yen, | |||||
Expiring 6/15/2011 | 17,070,000 | 201,868 | 210,488 | 8,620 | |
Japanese Yen, | |||||
Expiring 6/15/2011 | 8,510,000 | 101,128 | 104,936 | 3,808 | |
Japanese Yen, | |||||
Expiring 6/15/2011 | 8,455,000 | 101,747 | 104,258 | 2,511 | |
Japanese Yen, | |||||
Expiring 6/15/2011 | 16,770,000 | 203,206 | 206,789 | 3,583 |
54
Foreign | Unrealized | ||||
Forward Foreign Currency | Currency | Appreciation | |||
Exchange Contracts | Amounts | Proceeds ($) | Value ($) (Depreciation)($) | ||
Sales: | |||||
Australian Dollar, | |||||
Expiring 6/15/2011 | 43,497 | 45,504 | 47,382 | (1,878) | |
Australian Dollar, | |||||
Expiring 6/15/2011 | 122,300 | 128,150 | 133,223 | (5,073) | |
British Pound, | |||||
Expiring 6/15/2011 | 59,800 | 98,449 | 99,743 | (1,294) | |
British Pound, | |||||
Expiring 6/15/2011 | 58,400 | 93,435 | 97,487 | (4,052) | |
British Pound, | |||||
Expiring 6/15/2011 | 174,800 | 280,512 | 291,793 | (11,281) | |
British Pound, | |||||
Expiring 6/15/2011 | 59,000 | 94,651 | 98,488 | (3,837) | |
British Pound, | |||||
Expiring 6/15/2011 | 358,400 | 577,506 | 598,274 | (20,768) | |
British Pound, | |||||
Expiring 6/15/2011 | 20,546 | 33,569 | 34,297 | (728) | |
British Pound, | |||||
Expiring 6/15/2011 | 177,900 | 289,857 | 296,967 | (7,110) | |
British Pound, | |||||
Expiring 6/15/2011 | 120,800 | 201,495 | 201,651 | (156) | |
Euro, | |||||
Expiring 6/15/2011 | 114,800 | 167,160 | 170,316 | (3,156) | |
Euro, | |||||
Expiring 6/15/2011 | 58,200 | 80,293 | 86,087 | (5,794) | |
Euro, | |||||
Expiring 6/15/2011 | 230,800 | 321,962 | 341,391 | (19,429) | |
Euro, | |||||
Expiring 6/15/2011 | 57,100 | 80,959 | 84,460 | (3,501) | |
Euro, | |||||
Expiring 6/15/2011 | 490,500 | 696,439 | 725,528 | (29,089) | |
Euro, | |||||
Expiring 6/15/2011 | 28,800 | 41,118 | 42,600 | (1,482) | |
Euro, | |||||
Expiring 6/15/2011 | 123,906 | 178,665 | 183,277 | (4,612) | |
Euro, | |||||
Expiring 6/15/2011 | 256,100 | 369,152 | 378,813 | (9,661) | |
Euro, | |||||
Expiring 6/15/2011 | 145,600 | 215,870 | 215,366 | 504 |
The Fund | 55 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Foreign | Unrealized | ||||
Forward Foreign Currency | Currency | Appreciation | |||
Exchange Contracts | Amounts | Proceeds ($) | Value ($) (Depreciation)($) | ||
Sales (continued): | |||||
Euro, | |||||
Expiring 6/15/2011 | 88,200 | 130,792 | 130,462 | 330 | |
Japanese Yen, | |||||
Expiring 6/15/2011 | 27,210,000 | 336,814 | 335,524 | 1,290 | |
Japanese Yen, | |||||
Expiring 6/15/2011 | 17,230,000 | 205,448 | 212,462 | (7,014) | |
Japanese Yen, | |||||
Expiring 6/15/2011 | 8,480,000 | 99,463 | 104,566 | (5,103) | |
Japanese Yen, | |||||
Expiring 6/15/2011 | 16,910,000 | 203,389 | 208,516 | (5,127) | |
Japanese Yen, | |||||
Expiring 6/15/2011 | 8,430,000 | 103,452 | 103,950 | (498) | |
Japanese Yen, | |||||
Expiring 6/15/2011 | 8,535,000 | 104,817 | 105,245 | (428) | |
Gross Unrealized Appreciation | 564,083 | ||||
Gross Unrealized Depreciation | (151,455) |
The following summarizes the average market value of derivatives outstanding during the period ended April 30, 2011:
Average Market Value ($) | |
Equity future contracts | 9,905,741 |
Forward contracts | 7,538,138 |
At April 30, 2011, accumulated net unrealized appreciation on investments was $115,465,613, consisting of $152,988,898 gross unrealized appreciation and $37,523,285 gross unrealized depreciation.
At April 30, 2011, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
56
INFORMATION ABOUT THE RENEWAL OF THE |
FUND’S MANAGEMENT AGREEMENT (Unaudited) |
At a meeting of the fund’s Board of Directors held on March 1, 2011, the Board considered the renewal of the fund’s Management Agreement pursuant to which Dreyfus provides the fund with investment advisory and administrative services (the “Agreement”). The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of Dreyfus. In considering the renewal of the Agreement, the Board considered all factors that it believed to be relevant, including those discussed below.The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Fund.The Board members considered information previously provided to them in presentations from representatives of Dreyfus regarding the nature, extent, and quality of the services provided to funds in the Dreyfus fund complex, and representatives of Dreyfus confirmed that there had been no material changes in this information. Dreyfus provided the number of open accounts in the fund, the fund’s asset size and the allocation of fund assets among distribution channels. Dreyfus also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the Dreyfus fund complex and Dreyfus’ corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each distribution channel, including the distribution channel(s) for the fund.
The Board members also considered research support available to, and portfolio management capabilities of, the fund’s portfolio management personnel and that Dreyfus also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements.The Board members also considered Dreyfus’ extensive administrative, accounting, and compliance infrastructures.The Board also considered portfolio management’s brokerage policies and practices (including policies and practices regarding soft dollars) and the standards applied in seeking best execution.
The Fund | 57 |
INFORMATION ABOUT THE RENEWAL OF THE FUND’S |
MANAGEMENT AGREEMENT (Unaudited) (continued) |
Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board members reviewed reports prepared by Lipper, Inc. (“Lipper”), an independent provider of investment company data, which included information comparing (1) the fund’s performance with the performance of a group of comparable funds (the “Performance Group”) and with a broader group of funds (the “Performance Universe”), all for various periods ended December 31, 2010, and (2) the fund’s actual and contractual management fees and total expenses with those of a group of comparable funds (the “Expense Group”) and with a broader group of funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Lipper as of October 31, 2010. Dreyfus previously had furnished the Board with a description of the methodology Lipper used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.
Dreyfus representatives stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations that may be applicable to the fund and comparison funds. The Board members discussed the results of the comparisons and noted that the fund’s total return performance was at or above the Performance Group median and variously above and below the Performance Universe median for the various periods. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board members also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. Taking into consideration the fund’s “unitary” fee structure, they noted that the fund’s contractual management fee was above the Expense Group median, the fund’s actual management fee was at the Expense Group median and approximated the Expense Universe median and the fund’s total expenses were below the Expense Group and Expense Universe medians.
58
Representatives of Dreyfus reviewed with the Board members the management or investment advisory fees (1) paid by funds advised or administered by Dreyfus that are in the same Lipper category as the fund and (2) paid to Dreyfus or the Dreyfus-affiliated primary employer of the fund’s primary portfolio manager for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the “Similar Clients”), and explained the nature of the Similar Clients.They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors, noting the fund’s “unitary” fee structure. The Board members considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness and reasonableness of the fund’s management fee.
Analysis of Profitability and Economies of Scale. Dreyfus’ representatives reviewed the expenses allocated and profit received by Dreyfus and the resulting profitability percentage for managing the fund, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by Dreyfus. The Board previously had been provided with information prepared by an independent consulting firm regarding Dreyfus’ approach to allocating costs to, and determining the profitability of, individual funds and the entire Dreyfus fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.
The Board’s counsel stated that the Board members should consider the profitability analysis (1) as part of their evaluation of whether the fees under the Agreement bear a reasonable relationship to the mix of services provided by Dreyfus, including the nature, extent and quality of such services, and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if
The Fund | 59 |
INFORMATION ABOUT THE RENEWAL OF THE FUND’S |
MANAGEMENT AGREEMENT (Unaudited) (continued) |
the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Dreyfus representatives noted that, as a result of shared and allocated costs among funds in the Dreyfus funds complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund’s asset level. The Board members also considered potential benefits to Dreyfus from acting as investment adviser and noted that there were no soft dollar arrangements in effect for trading the fund’s investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
The Board concluded that the nature, extent and quality of the ser- vices provided by Dreyfus are adequate and appropriate.
The Board generally was satisfied with the fund’s performance.
The Board concluded that the fee paid to Dreyfus was reasonable in light of the considerations described above.
The Board determined that the economies of scale which may accrue to Dreyfus and its affiliates in connection with the manage- ment of the fund had been adequately considered by Dreyfus in connection with the fee rate charged to the fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
60
The Board members considered these conclusions and determinations, along with information received on a routine and regular basis throughout the year. In addition, it should be noted that the Board’s consideration of the contractual fee arrangements for this fund had the benefit of a number of years of reviews of prior or similar agreements during which lengthy discussions took place between the Board members and Dreyfus representatives. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board members’ conclusions may be based, in part, on their consideration of the same or similar arrangements in prior years. The Board members determined that renewal of the Agreement was in the best interests of the fund and its shareholders.
The Fund | 61 |
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Dreyfus
S&P 500
Index Fund
SEMIANNUAL REPORT April 30, 2011
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Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.dreyfus.com and sign up for Dreyfus eCommunications. It’s simple and only takes a few minutes.
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.
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Contents | |
THE FUND | |
2 | A Letter from the Chairman and CEO |
3 | Discussion of Fund Performance |
6 | Understanding Your Fund’s Expenses |
6 | Comparing Your Fund’s Expenses With Those of Other Funds |
7 | Statement of Investments |
23 | Statement of Financial Futures |
24 | Statement of Assets and Liabilities |
25 | Statement of Operations |
26 | Statement of Changes in Net Assets |
27 | Financial Highlights |
28 | Notes to Financial Statements |
36 | Information About the Renewal of the Fund’s Management Agreement |
FOR MORE INFORMATION | |
Back Cover |
Dreyfus |
S&P 500 Index Fund |
The Fund
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A LETTER FROM THE CHAIRMAN AND CEO
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus S&P 500 Index Fund, covering the six-month period from November 1, 2010, through April 30, 2011.
Multiple crosscurrents have influenced the global and U.S. economies.A modest slowdown in the middle quarters of 2010 gave way to renewed strength by early 2011.The recovery has been fueled by three important characteristics. First, macroeconomic policy has been stimulative in the United States and most of the world. Second, in response to inflation worries emerging countries have shifted policy from aggressively stimulative to neutral, but not restrictive, supporting ongoing demand for commodities. Third, corporate balance sheets around the world have strengthened due to cheap bond financing, rising profits and relatively slow growth in corporate spending. Although shocks emanating from events in the Middle East and Japan presented potential headwinds, U.S. equities generally rallied as investors increasingly recognized that otherwise positive forces would prevent a double-dip recession.
We expect the U.S. economy to continue to expand at a moderate rate, which generally should be good for stocks. However, in the wake of recent gains we believe that selectivity will become more impor-tant.We favor companies with higher growth potential, and we are also optimistic about the prospects of high-quality companies capable of generating dividend increases and share buybacks. As always, your financial advisor can help you align your investment portfolio with the opportunities and challenges that the future may have in store.
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.
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Jonathan R. Baum
Chairman and Chief Executive Officer
The Dreyfus Corporation
May 16, 2011
2
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DISCUSSION OF FUND PERFORMANCE
For the period of November 1, 2010, through April 30, 2011, as provided by Thomas J. Durante, CFA, Karen Q. Wong, and Richard A. Brown, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended April 30, 2011, Dreyfus S&P 500 Index Fund produced a total return of 16.12%.1 In comparison, the Standard & Poor’s 500 Composite Stock Price Index (the “S&P 500 Index”), the fund’s benchmark, produced a 16.36% return for the same period.2,3
Large-cap stocks rallied during much of the reporting period as an economic recovery gained traction, commodity prices surged higher and corporate earnings grew. 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.
Stocks Rallied as the U.S. Economy Recovered
Investor sentiment improved dramatically in the weeks before the start of the reporting period, when a new round of quantitative easing of U.S. monetary policy from the Federal Reserve Board helped convince investors that the economy was unlikely to slip back into recession. A more optimistic investment outlook was reinforced by improvements in employment and consumer spending, as well as better-than-expected corporate earnings across a number of industry groups. Later in the
The Fund | 3 |
DISCUSSION OF FUND PERFORMANCE (continued)
fall, the end of uncertainty surrounding national midterm elections and the passage of fiscally stimulative tax legislation lent further support to stock prices.
Improving global economic conditions also supported U.S. stock prices. Better-than-expected economic data in Europe buoyed investor confidence, and robust ongoing demand for industrial commodities and equipment from the emerging markets helped drive several market sectors higher.
The market rally was interrupted in February when a wave of political unrest in the Middle East led to sharply higher crude oil prices, and again in March when a devastating earthquake, tsunami and nuclear disaster in Japan threatened one of the world’s largest economies. However, investors proved resilient, and the U.S. stock market bounced back by the reporting period’s end. Smaller stocks generally produced higher returns than their larger counterparts, and growth stocks typically outperformed value stocks during the reporting period.
Energy Stocks Led the Market’s Advance
Surging oil and natural gas prices supported a sharp rise in energy stocks during the reporting period, particularly in the wake of the political uprisings in the oil-rich Middle East. In addition, the catastrophic failure of Japan’s Fukushima nuclear power plant was widely expected to spark a shift back to fossil fuels, potentially boosting demand for a limited supply of oil and gas.These factors drove gains in large integrated oil companies, particularly those with refinery operations. In addition, exploration-and-production firms and oil services companies boosted earnings in the upturn after having previously cut costs during the recession.
Among industrial companies, the sector’s largest component, a diversified global conglomerate, drove the industry group higher as its financial services division recovered from previous weakness and other units delivered results that exceeded analysts’ expectations. In addition, a number of large machinery and equipment manufacturers saw sales rise during the commodities boom, and several defense contractors advanced as investors grew more confident that defense spending would remain robust.
4
The information technology sector benefited as companies throughout the world sought new methods to increase efficiency and productivity, driving the stocks of large technology service providers higher. In addition, one of the more innovative consumer electronics producers and its suppliers continued to do well on the strength of its smartphone and tablet computer products.
The U.S. stock market suffered relatively few weak spots during the reporting period, with the exception of a handful of companies that declined due to company-specific reasons. Of the 10 economic sectors represented in the S&P 500 Index, the utilities sector ranked at the bottom with a single-digit positive return, mainly as a result of higher input costs and the sector’s role as a traditionally defensive investment.
Index Funds Offer Diversification Benefits
As an index fund, we attempt to replicate the returns of the S&P 500 Index by closely approximating the composition of the S&P 500 Index. In our view, one of the greatest benefits of an index fund is that it offers a broadly diversified investment vehicle that can help investors manage risks by limiting the impact on the overall portfolio of unexpected losses in any single industry group or holding.
May 16, 2011
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 daily 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. |
The Fund | 5 |
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 S&P 500 Index Fund from November 1, 2010 to April 30, 2011. 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 April 30, 2011
Expenses paid per $1,000† | $ | 2.68 |
Ending value (after expenses) | $ | 1,161.20 |
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 April 30, 2011
Expenses paid per $1,000† | $ | 2.51 |
Ending value (after expenses) | $ | 1,022.32 |
† Expenses are equal to the fund’s annualized expense ratio of .50%, multiplied by the average account value over the |
period, multiplied by 181/365 (to reflect the one-half year period). |
6
STATEMENT OF INVESTMENTS
April 30, 2011 (Unaudited)
Common Stocks—99.6% | Shares | Value ($) | |
Consumer Discretionary—10.6% | |||
Abercrombie & Fitch, Cl. A | 18,335 | 1,298,118 | |
Amazon.com | 73,159a | 14,375,743 | |
Apollo Group, Cl. A | 25,498a | 1,020,685 | |
AutoNation | 13,378a,b | 453,648 | |
AutoZone | 5,665a | 1,599,683 | |
Bed Bath & Beyond | 53,917a | 3,025,822 | |
Best Buy | 67,706 | 2,113,781 | |
Big Lots | 15,031a | 617,924 | |
Cablevision Systems (NY Group), Cl. A | 47,251 | 1,664,653 | |
Carmax | 45,866a | 1,591,550 | |
Carnival | 88,577 | 3,372,126 | |
CBS, Cl. B | 141,109 | 3,558,769 | |
Chipotle Mexican Grill | 6,367a | 1,698,652 | |
Coach | 61,535 | 3,680,408 | |
Comcast, Cl. A | 570,932 | 14,981,256 | |
D.R. Horton | 58,520 | 727,989 | |
Darden Restaurants | 28,966 | 1,360,533 | |
DeVry | 12,890 | 681,881 | |
DIRECTV, Cl. A | 163,298a | 7,934,650 | |
Discovery Communications, Cl. A | 58,514a | 2,589,830 | |
Expedia | 41,133 | 1,029,559 | |
Family Dollar Stores | 26,196 | 1,420,085 | |
Ford Motor | 776,638a | 12,014,590 | |
Fortune Brands | 31,031 | 2,019,497 | |
GameStop, Cl. A | 30,382a,b | 780,210 | |
Gannett | 48,993b | 737,835 | |
Gap | 89,189 | 2,072,752 | |
Genuine Parts | 32,194 | 1,728,818 | |
Goodyear Tire & Rubber | 51,381a | 932,565 | |
H&R Block | 62,215 | 1,075,697 | |
Harley-Davidson | 49,510 | 1,844,743 | |
Harman International Industries | 14,275 | 692,766 | |
Hasbro | 28,842 | 1,350,959 | |
Home Depot | 335,310 | 12,453,413 | |
International Game Technology | 60,106 | 1,063,275 |
The Fund | 7 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) | |
Consumer Discretionary (continued) | |||
Interpublic Group of Cos. | 100,407 | 1,179,782 | |
J.C. Penney | 48,392 | 1,860,672 | |
Johnson Controls | 138,557 | 5,680,837 | |
Kohl’s | 60,046 | 3,165,025 | |
Leggett & Platt | 30,818 | 810,205 | |
Lennar, Cl. A | 32,922b | 625,189 | |
Limited Brands | 55,591 | 2,288,126 | |
Lowe’s | 282,042 | 7,403,603 | |
Macy’s | 87,042 | 2,081,174 | |
Marriott International, Cl. A | 59,059 | 2,084,783 | |
Mattel | 74,600 | 1,993,312 | |
McDonald’s | 214,338 | 16,784,809 | |
McGraw-Hill | 64,233 | 2,599,510 | |
Netflix | 9,006a | 2,095,426 | |
Newell Rubbermaid | 59,038 | 1,125,264 | |
News, Cl. A | 469,925 | 8,374,064 | |
NIKE, Cl. B | 78,127 | 6,431,415 | |
Nordstrom | 34,873 | 1,658,211 | |
O’Reilly Automotive | 28,239a | 1,667,795 | |
Omnicom Group | 58,502 | 2,877,713 | |
Polo Ralph Lauren | 13,426 | 1,755,718 | |
Priceline.com | 10,017a | 5,479,399 | |
Pulte Group | 71,703a | 582,945 | |
RadioShack | 22,502 | 355,757 | |
Ross Stores | 24,456 | 1,802,163 | |
Scripps Networks Interactive, Cl. A | 19,173 | 985,876 | |
Sears Holdings | 8,851a,b | 760,920 | |
Stanley Black & Decker | 34,244 | 2,487,827 | |
Staples | 147,385 | 3,115,719 | |
Starbucks | 151,314 | 5,476,054 | |
Starwood Hotels & Resorts Worldwide | 38,501c | 2,293,505 | |
Target | 145,557 | 7,146,849 | |
Tiffany & Co. | 25,860 | 1,795,718 | |
Time Warner | 224,574 | 8,502,372 | |
Time Warner Cable | 70,605 | 5,516,369 | |
TJX | 80,744 | 4,329,493 |
8
Common Stocks (continued) | Shares | Value ($) | |
Consumer Discretionary (continued) | |||
Urban Outfitters | 26,461a | 832,463 | |
VF | 18,007 | 1,810,784 | |
Viacom, Cl. B | 124,176 | 6,352,844 | |
Walt Disney | 389,957 | 16,807,147 | |
Washington Post, Cl. B | 1,244b | 542,260 | |
Whirlpool | 15,588 | 1,343,374 | |
Wyndham Worldwide | 35,279 | 1,221,006 | |
Wynn Resorts | 15,535 | 2,285,975 | |
Yum! Brands | 95,654 | 5,130,881 | |
271,064,798 | |||
Consumer Staples—10.4% | |||
Altria Group | 429,607 | 11,530,652 | |
Archer-Daniels-Midland | 131,160 | 4,855,543 | |
Avon Products | 88,444 | 2,598,485 | |
Brown-Forman, Cl. B | 21,177 | 1,521,779 | |
Campbell Soup | 39,521b | 1,327,510 | |
Clorox | 28,588 | 1,991,440 | |
Coca-Cola | 471,350 | 31,797,271 | |
Coca-Cola Enterprises | 68,565 | 1,947,932 | |
Colgate-Palmolive | 101,386 | 8,551,909 | |
ConAgra Foods | 91,892 | 2,246,759 | |
Constellation Brands, Cl. A | 37,119a | 831,094 | |
Costco Wholesale | 89,045 | 7,205,521 | |
CVS Caremark | 279,570 | 10,131,617 | |
Dean Foods | 36,647a | 410,080 | |
Dr. Pepper Snapple Group | 47,226 | 1,851,259 | |
Estee Lauder, Cl. A | 23,191 | 2,249,527 | |
General Mills | 130,700 | 5,042,406 | |
H.J. Heinz | 64,787 | 3,319,038 | |
Hershey | 32,159 | 1,855,896 | |
Hormel Foods | 29,328 | 862,536 | |
J.M. Smucker | 24,547 | 1,842,743 | |
Kellogg | 52,129 | 2,985,428 | |
Kimberly-Clark | 83,766 | 5,533,582 | |
Kraft Foods, Cl. A | 357,337 | 11,999,376 | |
Kroger | 130,894 | 3,182,033 |
The Fund | 9 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) | |
Consumer Staples (continued) | |||
Lorillard | 30,672 | 3,266,568 | |
McCormick & Co. | 27,263 | 1,339,159 | |
Mead Johnson Nutrition | 42,093 | 2,815,180 | |
Molson Coors Brewing, Cl. B | 31,401 | 1,530,799 | |
PepsiCo | 325,788 | 22,443,535 | |
Philip Morris International | 369,167 | 25,634,956 | |
Procter & Gamble | 575,150 | 37,327,235 | |
Reynolds American | 69,161 | 2,566,565 | |
Safeway | 76,165 | 1,851,571 | |
Sara Lee | 131,073 | 2,516,602 | |
SUPERVALU | 45,281b | 509,864 | |
SYSCO | 120,006 | 3,469,373 | |
Tyson Foods, Cl. A | 61,686 | 1,227,551 | |
Wal-Mart Stores | 401,094 | 22,052,148 | |
Walgreen | 190,390 | 8,133,461 | |
Whole Foods Market | 30,529 | 1,916,000 | |
266,271,983 | |||
Energy—13.0% | |||
Anadarko Petroleum | 101,319 | 7,998,122 | |
Apache | 78,154 | 10,423,399 | |
Baker Hughes | 89,078 | 6,895,528 | |
Cabot Oil & Gas | 22,338 | 1,257,183 | |
Cameron International | 50,291a | 2,651,341 | |
Chesapeake Energy | 134,382 | 4,524,642 | |
Chevron | 412,154 | 45,106,134 | |
ConocoPhillips | 293,889 | 23,196,659 | |
Consol Energy | 45,313 | 2,450,980 | |
Denbury Resources | 81,684a | 1,843,608 | |
Devon Energy | 87,743 | 7,984,613 | |
Diamond Offshore Drilling | 14,532b | 1,102,543 | |
El Paso | 145,271 | 2,819,710 | |
EOG Resources | 54,983 | 6,208,130 | |
EQT | 29,591 | 1,556,783 | |
Exxon Mobil | 1,018,918 | 89,664,784 | |
FMC Technologies | 48,982a | 2,276,683 | |
Halliburton | 186,697 | 9,424,465 |
10
Common Stocks (continued) | Shares | Value ($) | |
Energy (continued) | |||
Helmerich & Payne | 21,812 | 1,447,008 | |
Hess | 61,260 | 5,265,910 | |
Marathon Oil | 145,076 | 7,839,907 | |
Massey Energy | 21,091b | 1,439,250 | |
Murphy Oil | 39,508 | 3,061,080 | |
Nabors Industries | 57,861a | 1,772,861 | |
National Oilwell Varco | 85,752 | 6,576,321 | |
Newfield Exploration | 27,563a | 1,951,460 | |
Noble | 53,001 | 2,279,573 | |
Noble Energy | 35,748 | 3,441,460 | |
Occidental Petroleum | 166,314 | 19,008,027 | |
Peabody Energy | 55,746 | 3,724,948 | |
Pioneer Natural Resources | 23,789 | 2,431,949 | |
QEP Resources | 36,916 | 1,577,421 | |
Range Resources | 31,915 | 1,801,602 | |
Rowan | 25,897a | 1,079,905 | |
Schlumberger | 279,355 | 25,072,111 | |
Southwestern Energy | 71,146a | 3,120,464 | |
Spectra Energy | 132,148 | 3,837,578 | |
Sunoco | 25,144 | 1,072,643 | |
Tesoro | 29,332a | 795,484 | |
Valero Energy | 116,358 | 3,292,931 | |
Williams | 119,396 | 3,960,365 | |
333,235,565 | |||
Financial—15.4% | |||
ACE | 69,500 | 4,673,875 | |
Aflac | 97,462 | 5,476,390 | |
Allstate | 110,376 | 3,735,124 | |
American Express | 214,196 | 10,512,740 | |
American International Group | 27,864a,b | 867,964 | |
Ameriprise Financial | 51,494 | 3,195,718 | |
AON | 68,025 | 3,548,864 | |
Apartment Investment & Management, Cl. A | 23,959c | 645,935 | |
Assurant | 22,218 | 882,055 | |
AvalonBay Communities | 17,114c | 2,166,804 | |
Bank of America | 2,078,283 | 25,521,315 |
The Fund | 11 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) | |
Financial (continued) | |||
Bank of New York Mellon | 253,614 | 7,344,661 | |
BB&T | 141,963 | 3,821,644 | |
Berkshire Hathaway, Cl. B | 355,454a | 29,609,318 | |
BlackRock | 19,594 | 3,839,248 | |
Boston Properties | 29,273c | 3,059,907 | |
Capital One Financial | 93,700 | 5,128,201 | |
CB Richard Ellis Group, Cl. A | 59,788a | 1,596,937 | |
Charles Schwab | 201,357 | 3,686,847 | |
Chubb | 60,736 | 3,959,380 | |
Cincinnati Financial | 33,929 | 1,074,871 | |
Citigroup | 5,966,772a | 27,387,483 | |
CME Group | 13,778 | 4,075,119 | |
Comerica | 35,706 | 1,354,328 | |
Discover Financial Services | 111,904 | 2,779,695 | |
E*TRADE Financial | 45,334a | 736,224 | |
Equity Residential Properties Trust | 60,335c | 3,603,206 | |
Federated Investors, Cl. B | 18,394b | 474,197 | |
Fifth Third Bancorp | 189,494 | 2,514,585 | |
First Horizon National | 53,950 | 590,752 | |
Franklin Resources | 29,925 | 3,863,916 | |
Genworth Financial, Cl. A | 100,507a | 1,225,180 | |
Goldman Sachs Group | 106,850 | 16,135,419 | |
Hartford Financial Services Group | 91,685 | 2,656,114 | |
HCP | 75,524c | 2,992,261 | |
Health Care REIT | 34,854b,c | 1,874,100 | |
Host Hotels & Resorts | 139,629c | 2,484,000 | |
Hudson City Bancorp | 108,709 | 1,035,997 | |
Huntington Bancshares | 176,659 | 1,199,515 | |
IntercontinentalExchange | 15,081a | 1,814,998 | |
Invesco | 96,103 | 2,390,082 | |
Janus Capital Group | 33,818 | 411,565 | |
JPMorgan Chase & Co. | 817,730 | 37,313,020 | |
KeyCorp | 174,327 | 1,511,415 | |
Kimco Realty | 83,314b,c | 1,627,956 | |
Legg Mason | 30,843 | 1,145,817 | |
Leucadia National | 40,624 | 1,570,524 |
12
Common Stocks (continued) | Shares | Value ($) | |
Financial (continued) | |||
Lincoln National | 65,441 | 2,043,722 | |
Loews | 64,402 | 2,850,433 | |
M&T Bank | 24,686 | 2,181,502 | |
Marsh & McLennan | 111,694 | 3,382,094 | |
Marshall & Ilsley | 106,478 | 869,925 | |
MetLife | 215,804 | 10,097,469 | |
Moody’s | 40,802 | 1,596,990 | |
Morgan Stanley | 317,294 | 8,297,238 | |
Nasdaq OMX Group | 27,969a | 757,960 | |
Northern Trust | 50,197 | 2,509,348 | |
NYSE Euronext | 52,949 | 2,120,607 | |
People’s United Financial | 77,351 | 1,058,935 | |
Plum Creek Timber | 33,812c | 1,456,959 | |
PNC Financial Services Group | 107,458 | 6,698,932 | |
Principal Financial Group | 64,734 | 2,184,773 | |
Progressive | 135,075 | 2,963,546 | |
ProLogis Trust | 116,959c | 1,905,262 | |
Prudential Financial | 99,170 | 6,289,361 | |
Public Storage | 28,855c | 3,384,980 | |
Regions Financial | 259,480 | 1,904,583 | |
Simon Property Group | 60,964c | 6,982,817 | |
SLM | 108,033 | 1,792,267 | |
State Street | 103,105 | 4,799,538 | |
SunTrust Banks | 102,325 | 2,884,542 | |
T. Rowe Price Group | 52,595 | 3,379,229 | |
Torchmark | 17,167 | 1,148,816 | |
Travelers | 89,585 | 5,668,939 | |
U.S. Bancorp | 392,423 | 10,132,362 | |
Unum Group | 64,804 | 1,716,010 | |
Ventas | 32,590b,c | 1,822,759 | |
Vornado Realty Trust | 33,573c | 3,245,838 | |
Wells Fargo & Co. | 1,081,750 | 31,489,743 | |
Weyerhaeuser | 108,425c | 2,494,859 | |
XL Group | 66,015 | 1,612,086 | |
Zions Bancorporation | 35,634 | 871,251 | |
393,710,941 |
The Fund | 13 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) | |
Health Care—11.2% | |||
Abbott Laboratories | 316,341 | 16,462,386 | |
Aetna | 79,129 | 3,274,358 | |
Agilent Technologies | 71,552a | 3,571,160 | |
Allergan | 62,761 | 4,993,265 | |
AmerisourceBergen | 56,581 | 2,299,452 | |
Amgen | 191,612a | 10,893,142 | |
Baxter International | 119,756 | 6,814,116 | |
Becton Dickinson & Co. | 45,503 | 3,910,528 | |
Biogen Idec | 48,952a | 4,765,477 | |
Boston Scientific | 311,589a | 2,333,802 | |
Bristol-Myers Squibb | 350,028 | 9,835,787 | |
C.R. Bard | 17,526 | 1,870,900 | |
Cardinal Health | 71,639 | 3,129,908 | |
CareFusion | 45,783a | 1,344,647 | |
Celgene | 96,085a | 5,657,485 | |
Cephalon | 15,346a | 1,178,573 | |
Cerner | 14,011a,b | 1,683,842 | |
CIGNA | 55,515 | 2,599,767 | |
Coventry Health Care | 31,125a | 1,004,404 | |
Covidien | 102,500 | 5,708,225 | |
DaVita | 20,207a | 1,780,035 | |
Dentsply International | 28,804 | 1,081,302 | |
Edwards Lifesciences | 23,557a | 2,034,147 | |
Eli Lilly & Co | 209,376b | 7,749,006 | |
Express Scripts | 107,680a | 6,109,763 | |
Forest Laboratories | 59,407a | 1,969,936 | |
Gilead Sciences | 163,424a | 6,347,388 | |
Hospira | 33,776a | 1,916,112 | |
Humana | 34,186 | 2,602,238 | |
Intuitive Surgical | 8,055a | 2,816,834 | |
Johnson & Johnson | 562,401 | 36,960,994 | |
Laboratory Corp. of America Holdings | 20,812a | 2,007,734 | |
Life Technologies | 37,674a | 2,079,605 | |
McKesson | 51,626 | 4,285,474 | |
Medco Health Solutions | 83,207a | 4,936,671 | |
Medtronic | 222,136 | 9,274,178 |
14
Common Stocks (continued) | Shares | Value ($) | |
Health Care (continued) | |||
Merck & Co. | 633,113 | 22,760,412 | |
Mylan | 90,148a | 2,246,488 | |
Patterson | 19,626 | 681,218 | |
PerkinElmer | 25,168 | 711,499 | |
Pfizer | 1,640,270 | 34,380,059 | |
Quest Diagnostics | 31,940 | 1,800,777 | |
St. Jude Medical | 67,014 | 3,581,228 | |
Stryker | 70,058 | 4,133,422 | |
Tenet Healthcare | 99,575a | 690,055 | |
Thermo Fisher Scientific | 81,126a | 4,866,749 | |
UnitedHealth Group | 226,299 | 11,140,700 | |
Varian Medical Systems | 24,326a | 1,707,685 | |
Waters | 18,600a | 1,822,800 | |
Watson Pharmaceuticals | 25,793a | 1,599,682 | |
WellPoint | 77,273 | 5,933,794 | |
Zimmer Holdings | 40,406a | 2,636,492 | |
287,975,701 | |||
Industrial—11.2% | |||
3M | 146,273 | 14,219,198 | |
Avery Dennison | 22,614 | 943,908 | |
Boeing | 150,859 | 12,035,531 | |
C.H. Robinson Worldwide | 33,775 | 2,708,079 | |
Caterpillar | 131,167 | 15,137,983 | |
Cintas | 25,298 | 785,503 | |
CSX | 77,024 | 6,061,019 | |
Cummins | 40,372 | 4,851,907 | |
Danaher | 110,822 | 6,121,807 | |
Deere & Co. | 86,657 | 8,449,058 | |
Dover | 38,231 | 2,601,237 | |
Dun & Bradstreet | 10,081 | 828,456 | |
Eaton | 68,904 | 3,688,431 | |
Emerson Electric | 153,928 | 9,352,665 | |
Equifax | 26,517 | 995,183 | |
Expeditors International of Washington | 44,158 | 2,396,455 | |
Fastenal | 30,360b | 2,036,852 | |
FedEx | 64,697 | 6,189,562 |
The Fund | 15 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) | |
Industrial (continued) | |||
Flowserve | 11,599 | 1,468,665 | |
Fluor | 36,680 | 2,565,399 | |
General Dynamics | 77,171 | 5,619,592 | |
General Electric | 2,182,258 | 44,627,176 | |
Goodrich | 25,708 | 2,271,816 | |
Honeywell International | 159,970 | 9,794,963 | |
Illinois Tool Works | 101,874 | 5,950,460 | |
Ingersoll-Rand | 66,600 | 3,363,300 | |
Iron Mountain | 41,561 | 1,323,718 | |
ITT | 37,667 | 2,176,776 | |
Jacobs Engineering Group | 25,915a | 1,285,643 | |
Joy Global | 21,143 | 2,134,386 | |
L-3 Communications Holdings | 23,109 | 1,853,111 | |
Lockheed Martin | 58,985 | 4,674,561 | |
Masco | 75,565 | 1,014,082 | |
Norfolk Southern | 73,199 | 5,466,501 | |
Northrop Grumman | 59,936 | 3,812,529 | |
Paccar | 75,458 | 4,007,574 | |
Pall | 23,430 | 1,369,249 | |
Parker Hannifin | 32,865 | 3,099,827 | |
Pitney Bowes | 43,656b | 1,072,191 | |
Precision Castparts | 29,456 | 4,551,541 | |
Quanta Services | 43,463a | 942,278 | |
R.R. Donnelley & Sons | 44,092 | 831,575 | |
Raytheon | 75,680 | 3,674,264 | |
Republic Services | 63,686 | 2,013,751 | |
Robert Half International | 29,782 | 903,288 | |
Rockwell Automation | 29,044 | 2,530,604 | |
Rockwell Collins | 32,061 | 2,023,049 | |
Roper Industries | 18,775 | 1,623,850 | |
Ryder System | 10,401 | 556,454 | |
Snap-On | 12,320 | 761,006 | |
Southwest Airlines | 154,233 | 1,812,238 | |
Stericycle | 17,820a | 1,626,610 | |
Textron | 56,010b | 1,461,861 | |
Tyco International | 97,400 | 4,747,276 |
16
Common Stocks (continued) | Shares | Value ($) | |
Industrial (continued) | |||
Union Pacific | 100,859 | 10,435,881 | |
United Parcel Service, Cl. B | 202,390 | 15,173,178 | |
United Technologies | 188,990 | 16,929,724 | |
W.W. Grainger | 11,826 | 1,792,822 | |
Waste Management | 97,616 | 3,851,927 | |
286,597,530 | |||
Information Technology—18.0% | |||
Adobe Systems | 104,545a | 3,507,485 | |
Advanced Micro Devices | 117,196a | 1,066,484 | |
Akamai Technologies | 37,540a | 1,292,878 | |
Altera | 65,657 | 3,197,496 | |
Amphenol, Cl. A | 35,468 | 1,983,016 | |
Analog Devices | 60,868 | 2,453,589 | |
Apple | 189,174a | 65,876,062 | |
Applied Materials | 274,291 | 4,303,626 | |
Autodesk | 46,453a | 2,089,456 | |
Automatic Data Processing | 100,700 | 5,473,045 | |
BMC Software | 36,043a | 1,810,440 | |
Broadcom, Cl. A | 97,567a | 3,432,407 | |
CA | 79,710 | 1,960,069 | |
Cisco Systems | 1,134,875 | 19,928,405 | |
Citrix Systems | 38,688a | 3,262,946 | |
Cognizant Technology Solutions, Cl. A | 61,951a | 5,135,738 | |
Computer Sciences | 31,230 | 1,592,105 | |
Compuware | 45,674a | 517,486 | |
Corning | 322,355 | 6,750,114 | |
Dell | 342,817a | 5,317,092 | |
eBay | 235,910a | 8,115,304 | |
Electronic Arts | 66,893a | 1,349,901 | |
EMC | 424,753a | 12,037,500 | |
F5 Networks | 16,570a | 1,679,535 | |
Fidelity National Information Services | 54,944 | 1,818,646 | |
First Solar | 11,118a,b | 1,551,739 | |
Fiserv | 30,433a | 1,865,847 | |
FLIR Systems | 31,547 | 1,111,085 | |
Google, Cl. A | 51,494a | 28,017,885 |
The Fund | 17 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) | |
Information Technology (continued) | |||
Harris | 26,070 | 1,385,099 | |
Hewlett-Packard | 447,288 | 18,057,017 | |
Intel | 1,127,654 | 26,150,296 | |
International Business Machines | 250,612 | 42,749,395 | |
Intuit | 57,253a | 3,180,977 | |
Jabil Circuit | 39,666 | 786,973 | |
JDS Uniphase | 43,212a | 900,538 | |
Juniper Networks | 109,810a | 4,209,017 | |
KLA-Tencor | 34,089 | 1,496,507 | |
Lexmark International, Cl. A | 16,412a | 529,287 | |
Linear Technology | 45,786 | 1,593,353 | |
LSI | 133,817a | 980,879 | |
MasterCard, Cl. A | 19,812 | 5,465,933 | |
MEMC Electronic Materials | 47,395a | 560,683 | |
Microchip Technology | 38,543b | 1,581,805 | |
Micron Technology | 176,204a | 1,989,343 | |
Microsoft | 1,519,442 | 39,535,881 | |
Molex | 27,651b | 746,577 | |
Monster Worldwide | 26,844a | 440,510 | |
Motorola Mobility Holdings | 60,029a | 1,564,356 | |
Motorola Solutions | 68,605a | 3,147,597 | |
National Semiconductor | 47,055 | 1,134,967 | |
NetApp | 75,515a | 3,925,270 | |
Novellus Systems | 18,809a | 603,769 | |
NVIDIA | 118,032a | 2,360,640 | |
Oracle | 798,824 | 28,797,605 | |
Paychex | 65,425 | 2,140,052 | |
QUALCOMM | 337,442 | 19,180,203 | |
Red Hat | 39,527a | 1,876,347 | |
SAIC | 59,894a | 1,042,156 | |
Salesforce.com | 24,186a | 3,352,180 | |
SanDisk | 48,210a | 2,369,039 | |
Symantec | 161,241a | 3,168,386 | |
Tellabs | 79,975 | 393,477 | |
Teradata | 33,932a | 1,897,477 | |
Teradyne | 37,237a | 599,516 |
18
Common Stocks (continued) | Shares | Value ($) | |
Information Technology (continued) | |||
Texas Instruments | 241,389 | 8,576,551 | |
Total System Services | 34,814 | 656,244 | |
VeriSign | 36,312 | 1,342,092 | |
Visa, Cl. A | 99,608 | 7,781,377 | |
Western Digital | 46,414a | 1,847,277 | |
Western Union | 134,547 | 2,859,124 | |
Xerox | 284,387 | 2,869,465 | |
Xilinx | 53,903 | 1,879,059 | |
Yahoo! | 266,016a | 4,721,784 | |
460,923,461 | |||
Materials—3.6% | |||
Air Products & Chemicals | 44,005 | 4,203,358 | |
Airgas | 15,521 | 1,077,933 | |
AK Steel Holding | 24,144 | 392,340 | |
Alcoa | 218,078 | 3,707,326 | |
Allegheny Technologies | 20,089 | 1,446,408 | |
Ball | 36,743 | 1,370,881 | |
Bemis | 21,028 | 659,017 | |
CF Industries Holdings | 14,301 | 2,024,306 | |
Cliffs Natural Resources | 27,805 | 2,605,885 | |
Dow Chemical | 239,802 | 9,829,484 | |
E.I. du Pont de Nemours & Co. | 189,242 | 10,747,053 | |
Eastman Chemical | 15,185 | 1,628,591 | |
Ecolab | 47,500 | 2,506,100 | |
FMC | 14,279 | 1,260,550 | |
Freeport-McMoRan Copper & Gold | 194,344 | 10,694,750 | |
International Flavors & Fragrances | 16,288 | 1,034,614 | |
International Paper | 88,547 | 2,734,331 | |
MeadWestvaco | 35,203 | 1,185,989 | |
Monsanto | 110,274 | 7,503,043 | |
Newmont Mining | 101,296 | 5,936,959 | |
Nucor | 65,674b | 3,084,051 | |
Owens-Illinois | 34,835a | 1,033,554 | |
PPG Industries | 33,994 | 3,218,212 | |
Praxair | 62,590 | 6,660,828 | |
Sealed Air | 32,491 | 837,293 |
The Fund | 19 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) | |
Materials (continued) | |||
Sherwin-Williams | 18,620 | 1,532,240 | |
Sigma-Aldrich | 25,262 | 1,782,992 | |
Titanium Metals | 16,877a | 338,046 | |
United States Steel | 29,675b | 1,415,794 | |
Vulcan Materials | 25,219b | 1,139,899 | |
93,591,827 | |||
Telecommunication Services—3.0% | |||
American Tower, Cl. A | 81,919a | 4,285,183 | |
AT&T | 1,213,938 | 37,777,750 | |
CenturyLink | 122,013 | 4,975,690 | |
Frontier Communications | 206,566 | 1,708,301 | |
Metropcs Communications | 52,736a | 887,547 | |
Sprint Nextel | 615,520a | 3,188,394 | |
Verizon Communications | 578,705 | 21,863,475 | |
Windstream | 99,542 | 1,275,133 | |
75,961,473 | |||
Utilities—3.2% | |||
AES | 138,461a | 1,833,224 | |
Ameren | 47,292 | 1,386,128 | |
American Electric Power | 97,396 | 3,553,006 | |
CenterPoint Energy | 85,700 | 1,594,020 | |
CMS Energy | 47,987 | 950,143 | |
Consolidated Edison | 60,163 | 3,135,695 | |
Constellation Energy Group | 41,729 | 1,519,770 | |
Dominion Resources | 119,480 | 5,546,262 | |
DTE Energy | 33,654 | 1,700,537 | |
Duke Energy | 273,086 | 5,093,054 | |
Edison International | 67,687 | 2,658,068 | |
Entergy | 37,579 | 2,620,008 | |
Exelon | 135,884 | 5,727,511 | |
FirstEnergy | 87,209 | 3,484,872 | |
Integrys Energy Group | 16,312 | 854,096 |
20
Common Stocks (continued) | Shares | Value ($) | |
Utilities (continued) | |||
NextEra Energy | 86,138 | 4,872,827 | |
Nicor | 9,670 | 536,008 | |
NiSource | 58,649 | 1,140,723 | |
Northeast Utilities | 36,026 | 1,282,526 | |
NRG Energy | 53,049a | 1,283,786 | |
ONEOK | 21,529 | 1,505,738 | |
Pepco Holdings | 45,045 | 868,017 | |
PG&E | 80,772 | 3,721,974 | |
Pinnacle West Capital | 21,331 | 925,552 | |
PPL | 115,843 | 3,177,573 | |
Progress Energy | 60,497 | 2,870,583 | |
Public Service Enterprise Group | 103,124 | 3,317,499 | |
SCANA | 22,994 | 954,711 | |
Sempra Energy | 49,245 | 2,713,400 | |
Southern | 172,026 | 6,715,895 | |
TECO Energy | 45,103 | 869,135 | |
Wisconsin Energy | 48,724 | 1,520,676 | |
Xcel Energy | 99,013 | 2,408,986 | |
82,342,003 | |||
Total Common Stocks | |||
(cost $1,558,190,000) | 2,551,675,282 | ||
Principal | |||
Short-Term Investments—.0% | Amount ($) | Value ($) | |
U.S. Treasury Bills; | |||
0.07%, 6/16/11 | |||
(cost $1,044,906) | 1,045,000d | 1,044,998 | |
Other Investment—.4% | Shares | Value ($) | |
Registered Investment Company; | |||
Dreyfus Institutional Preferred | |||
Plus Money Market Fund | |||
(cost $11,100,000) | 11,100,000e | 11,100,000 |
The Fund | 21 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Investment of Cash Collateral | ||||
for Securities Loaned—.8% | Shares | Value ($) | ||
Registered Investment Company; | ||||
Dreyfus Institutional Cash | ||||
Advantage Plus Fund | ||||
(cost $20,883,334) | 20,883,334e | 20,883,334 | ||
Total Investments (cost $1,591,218,240) | 100.8% | 2,584,703,614 | ||
Liabilities, Less Cash and Receivables | (.8%) | (21,536,329) | ||
Net Assets | 100.0% | 2,563,167,285 |
REIT—Real Estate Investment Trust
a | Non-income producing security. |
b | Security, or portion thereof, on loan.At April 30, 2011, the value of the fund’s securities on loan was $20,893,477 |
and the value of the collateral held by the fund was $21,327,596, consisting of cash collateral of $20,883,334 and | |
U.S. Government and Agency securities valued at $444,262. | |
c | Investment in real estate investment trust. |
d | Held by a broker as collateral for open financial futures positions. |
e | Investment in affiliated money market mutual fund. |
Portfolio Summary (Unaudited)† | |||
Value (%) | Value (%) | ||
Information Technology | 18.0 | Materials | 3.6 |
Financial | 15.4 | Utilities | 3.2 |
Energy | 13.0 | Telecommunication Services | 3.0 |
Health Care | 11.2 | Short-Term/ | |
Industrial | 11.2 | Money Market Investments | 1.2 |
Consumer Discretionary | 10.6 | ||
Consumer Staples | 10.4 | 100.8 | |
† Based on net assets. | |||
See notes to financial statements. |
22
STATEMENT OF FINANCIAL FUTURES
April 30, 2011 (Unaudited)
Market Value | Unrealized | ||||
Covered by | Appreciation | ||||
Contracts | Contracts ($) | Expiration | at 4/30/2011 | ($) | |
Financial Futures Long | |||||
Standard & Poor’s 500 E-mini | 179 | 12,169,315 | June 2011 | 385,865 | |
See notes to financial statements. |
The Fund | 23 |
STATEMENT OF ASSETS AND LIABILITIES |
April 30, 2011 (Unaudited) |
Cost | Value | ||
Assets ($): | |||
Investments in securities—See Statement of Investments (including | |||
securities on loan, valued at $20,893,477)—Note 1(b:) | |||
Unaffiliated issuers | 1,559,234,906 | 2,552,720,280 | |
Affiliated issuers | 31,983,334 | 31,983,334 | |
Cash | 1,289,213 | ||
Dividends and interest receivable | 2,689,529 | ||
Receivable for shares of Common Stock subscribed | 2,137,212 | ||
Receivable for futures variation margin—Note 4 | 48,040 | ||
2,590,867,608 | |||
Liabilities ($): | |||
Due to The Dreyfus Corporation and affiliates—Note 3(b) | 1,033,682 | ||
Liability for securities on loan—Note 1(b) | 20,883,334 | ||
Payable for shares of Common Stock redeemed | 4,092,477 | ||
Payable for investment securities purchased | 1,674,330 | ||
Loan commitment fees payable—Note 2 | 16,500 | ||
27,700,323 | |||
Net Assets ($) | 2,563,167,285 | ||
Composition of Net Assets ($): | |||
Paid-in capital | 1,611,298,990 | ||
Accumulated undistributed investment income—net | 9,467,929 | ||
Accumulated net realized gain (loss) on investments | (51,470,873) | ||
Accumulated net unrealized appreciation (depreciation) on | |||
investments (including $385,865 net unrealized | |||
appreciation on financial futures) | 993,871,239 | ||
Net Assets ($) | 2,563,167,285 | ||
Shares Outstanding | |||
(200 million shares of $.001 par value Common Stock authorized) | 68,070,213 | ||
Net Asset Value, offering and redemption price per share ($) | 37.65 | ||
See notes to financial statements. |
24
STATEMENT OF OPERATIONS
Six Months Ended April 30, 2011 (Unaudited)
Investment Income ($): | ||
Income: | ||
Cash dividends (net of $629 foreign taxes withheld at source): | ||
Unaffiliated issuers | 24,455,354 | |
Affiliated issuers | 21,356 | |
Income from securities lending—Note 1(b) | 67,304 | |
Interest | 1,283 | |
Total Income | 24,545,297 | |
Expenses: | ||
Management fee—Note 3(a) | 3,055,740 | |
Shareholder servicing costs—Note 3(b) | 3,055,740 | |
Directors’ fees—Note 3(a) | 61,615 | |
Loan commitment fees—Note 2 | 16,500 | |
Total Expenses | 6,189,595 | |
Less—Directors’ fees reimbursed by the Manager—Note 3(a) | (61,615) | |
Net Expenses | 6,127,980 | |
Investment Income—Net | 18,417,317 | |
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): | ||
Net realized gain (loss) on investments | (5,026,011) | |
Net realized gain (loss) on financial futures | 3,556,033 | |
Net Realized Gain (Loss) | (1,469,978) | |
Net unrealized appreciation (depreciation) on investments | 348,795,757 | |
Net unrealized appreciation (depreciation) on financial futures | 99,933 | |
Net Unrealized Appreciation (Depreciation) | 348,895,690 | |
Net Realized and Unrealized Gain (Loss) on Investments | 347,425,712 | |
Net Increase in Net Assets Resulting from Operations | 365,843,029 | |
See notes to financial statements. |
The Fund | 25 |
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended | ||||
April 30, 2011 | Year Ended | |||
(Unaudited) | October 31, 2010 | |||
Operations ($): | ||||
Investment income—net | 18,417,317 | 35,571,695 | ||
Net realized gain (loss) on investments | (1,469,978) | 105,997,529 | ||
Net unrealized appreciation | ||||
(depreciation) on investments | 348,895,690 | 199,240,314 | ||
Net Increase (Decrease) in Net Assets | ||||
Resulting from Operations | 365,843,029 | 340,809,538 | ||
Dividends to Shareholders from ($): | ||||
Investment income—net | (34,804,799) | (38,533,901) | ||
Net realized gain on investments | (51,832,641) | — | ||
Total Dividends | (86,637,440) | (38,533,901) | ||
Capital Stock Transactions ($): | ||||
Net proceeds from shares sold | 280,975,321 | 485,529,471 | ||
Dividends reinvested | 84,742,937 | 37,789,348 | ||
Cost of shares redeemed | (409,628,581) | (736,607,359) | ||
Increase (Decrease) in Net Assets | ||||
from Capital Stock Transactions | (43,910,323) | (213,288,540) | ||
Total Increase (Decrease) in Net Assets | 235,295,266 | 88,987,097 | ||
Net Assets ($): | ||||
Beginning of Period | 2,327,872,019 | 2,238,884,922 | ||
End of Period | 2,563,167,285 | 2,327,872,019 | ||
Undistributed investment income—net | 9,467,929 | 25,855,411 | ||
Capital Share Transactions (Shares): | ||||
Shares sold | 7,889,756 | 15,329,187 | ||
Shares issued for dividends reinvested | 2,446,143 | 1,196,255 | ||
Shares redeemed | (11,501,169) | (23,322,185) | ||
Net Increase (Decrease) in Shares Outstanding | (1,165,270) | (6,796,743) | ||
See notes to financial statements. |
26
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.
Six Months Ended | |||||||||||||
April 30, 2011 | Year Ended October 31, | ||||||||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||
Per Share Data ($): | |||||||||||||
Net asset value, | |||||||||||||
beginning of period | 33.62 | 29.45 | 27.66 | 44.18 | 40.57 | 35.50 | |||||||
Investment Operations: | |||||||||||||
Investment income—neta | .27 | .49 | .53 | .66 | .61 | .54 | |||||||
Net realized and | |||||||||||||
unrealized gain | |||||||||||||
(loss) on investments | 5.03 | 4.19 | 1.93 | (16.51 | ) | 4.90 | 5.01 | ||||||
Total from | |||||||||||||
Investment Operations | 5.30 | 4.68 | 2.46 | (15.85 | ) | 5.51 | 5.55 | ||||||
Distributions: | |||||||||||||
Dividends from | |||||||||||||
investment income—net | (.51 | ) | (.51 | ) | (.67 | ) | (.67 | ) | (.56 | ) | (.48 | ) | |
Dividends from net realized | |||||||||||||
gain on investments | (.76 | ) | — | — | — | (1.34 | ) | — | |||||
Total Distributions | (1.27 | ) | (.51 | ) | (.67 | ) | (.67 | ) | (1.90 | ) | (.48 | ) | |
Net asset value, | |||||||||||||
end of period | 37.65 | 33.62 | 29.45 | 27.66 | 44.18 | 40.57 | |||||||
Total Return (%) | 16.12 | b | 16.02 | 9.42 | (36.38 | ) | 14.05 | 15.79 | |||||
Ratios/Supplemental | |||||||||||||
Data (%): | |||||||||||||
Ratio of total expenses | |||||||||||||
to average net assets | .51 | c | .51 | .51 | .51 | .51 | .50 | ||||||
Ratio of net expenses | |||||||||||||
to average net assets | .50 | c | .50 | .50 | .50 | .50 | .50 | ||||||
Ratio of net investment | |||||||||||||
income to average | |||||||||||||
net assets | 1.51 | c | 1.55 | 2.06 | 1.77 | 1.47 | 1.45 | ||||||
Portfolio Turnover Rate | 1.96 | b | 5.45 | 4.36 | 4.95 | 4.71 | 5.04 | ||||||
Net Assets, | |||||||||||||
end of period | |||||||||||||
($ x 1,000) | 2,563,167 | 2,327,872 | 2,238,885 | 2,090,178 | 3,735,372 | 3,656,990 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
See notes to financial statements.
The Fund | 27 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—Significant Accounting Policies:
Dreyfus S&P 500 Index Fund (the “fund”) is a separate non-diversified series of Dreyfus Index 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 three series, including the fund.The fund’s investment objective is to match the performance 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 the Manager, 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.
The Company enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: 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
28
National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. U.S.Treasury Bills are valued at the mean price between quoted bid prices and asked prices by an independent pricing service approved by the Board of Directors. Registered investment companies that are not traded on an exchange are valued at their net asset value. When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Directors. Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository Receipts and futures contracts. For other securities that are fair valued by the Board of Directors, certain factors may be considered 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. Financial futures are valued at the last sales price.
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
The Fund | 29 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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.
The following is a summary of the inputs used as of April 30, 2011 in valuing the fund’s investments:
Level 2—Other | Level 3— | |||
Level 1— | Significant | Significant | ||
Unadjusted | Observable | Unobservable | ||
Quoted Prices | Inputs | Inputs | Total | |
Assets ($) | ||||
Investments in Securities: | ||||
Equity Securities— | ||||
Domestic† | 2,551,675,282 | — | — | 2,551,675,282 |
Mutual Funds | 31,983,334 | — | — | 31,983,334 |
U.S. Treasury | — | 1,044,998 | — | 1,044,998 |
Other Financial | ||||
Instruments: | ||||
Futures†† | 385,865 | — | — | 385,865 |
† | See Statement of Investments for additional detailed categorizations. |
†† | Amount shown represents unrealized appreciation at period end. |
30
In January 2010, FASB issued Accounting Standards Update (“ASU”) No. 2010-06 “Improving Disclosures about FairValue Measurements”. The portions of ASU No. 2010-06 which require reporting entities to prepare new disclosures surrounding amounts and reasons for significant transfers in and out of Level 1 and Level 2 fair value measurements as well as inputs and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements that fall in either Level 2 or Level 3 have been adopted by the fund. No significant transfers between Level 1 or Level 2 fair value measurements occurred at April 30, 2011.
(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 withThe Bank of NewYork 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 the Manager, U.S. Government and Agency securities or letters of credit.The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner. During the period ended April 30, 2011,The Bank of New York Mellon earned $28,845 from lending portfolio securities, pursuant to the securities lending agreement.
The Fund | 31 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(c) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” in the Act.
The fund may invest in shares of certain affiliated investment companies also advised or managed by Dreyfus. Investments in affiliated investment companies for the period ended April 30, 2011 were as follows:
Affiliated | |||||||
Investment | Value | Value | Net | ||||
Company | 10/31/2010 | ($) | Purchases ($) | Sales ($) | 4/30/2011 | ($) | Assets (%) |
Dreyfus | |||||||
Institutional | |||||||
Preferred | |||||||
Plus Money | |||||||
Market Fund | 4,865,000 | 182,581,000 | 176,346,000 | 11,100,000 | .4 | ||
Dreyfus | |||||||
Institutional | |||||||
Cash | |||||||
Advantage | |||||||
Plus Fund | 51,226,301 | 65,602,966 | 95,945,933 | 20,883,334 | .8 | ||
Total | 56,091,301 | 248,183,966 | 272,291,933 | 31,983,334 | 1.2 |
(d) Dividends to shareholders: Dividends are recorded on the ex-dividend date. Dividends from investment income-net and 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.
32
As of and during the period ended April 30, 2011, 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, the fund did not incur any interest or penalties.
Each of the tax years in the three-year period ended October 31, 2010 remains subject to examination by the Internal Revenue Service and state taxing authorities.
The tax character of distributions paid to shareholders during the fiscal year ended October 31, 2010 was as follows: ordinary income $38,533,901. The tax character of current year distributions will be determined at the end of the current fiscal year.
NOTE 2—Bank Lines of Credit:
The fund participates with other Dreyfus-managed funds in a $225 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. 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. During the period ended April 30, 2011, the fund did not borrow under the Facilities.
NOTE 3—Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management agreement (“Agreement”) with the Manager, the management fee is computed at the annual rate of .25% of the value of the fund’s average daily net assets and is payable monthly.
The Fund | 33 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Under the terms of the Agreement, the Manager has agreed to pay all the expenses of the fund, except management fees, brokerage fees and commissions, taxes, interest fees, commitment fees, Shareholder Services Plan fees, fees and expenses of non-interested Board members (including counsel fees) and extraordinary expenses. In addition, the Manager is required to reduce its fee in an amount equal to the fund’s allocable portion of the accrued fees and expenses of the non-interested Board members (including counsel fees). 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. During the period ended April 30, 2011, fees reimbursed by the Manager amounted to $61,615.
(b) Under the Shareholder Services Plan, the fund pays the Distributor for the provision of certain services, at the annual rate of .25% of the value of the fund’s average daily net assets.The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (a securities dealer, financial institution or other industry professional) in respect of these services.The Distributor determines the amounts to be paid to Service Agents. During the period ended April 30, 2011, the fund was charged $3,055,740 pursuant to the Shareholder Services Plan.
The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $516,841 and shareholder services plan fees $516,841.
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 April 30, 2011, amounted to $47,772,402 and $157,861,359, respectively.
34
Futures Contracts: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including equity price risk as a result of changes in value of underlying financial instruments.The fund invests in financial futures contracts in order to manage its exposure to or protect against changes in the market.A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a broker, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. Futures contracts are valued daily at the last sales price established by the Board of Trade or exchange upon which they are traded. When the contracts are closed, the fund recognizes a realized gain or loss. There is minimal counterparty credit risk to the fund with futures since futures are exchange traded, and the exchange’s clearinghouse guarantees the futures against default. Contracts open at April 30, 2011 are set forth in the Statement of Financial Futures.
The following summarizes the average market value of derivatives outstanding during the period ended April 30, 2011:
Average Market Value ($) | |
Equity future contracts | 24,542,809 |
At April 30, 2011, accumulated net unrealized appreciation on investments was $993,485,374, consisting of $1,156,301,079 gross unrealized appreciation and $162,815,705 gross unrealized depreciation.
At April 30, 2011, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
The Fund | 35 |
INFORMATION ABOUT THE RENEWAL OF THE
FUND’S MANAGEMENT AGREEMENT (Unaudited)
At a meeting of the fund’s Board of Directors held on March 1, 2011, the Board considered the renewal of the fund’s Management Agreement pursuant to which Dreyfus provides the fund with investment advisory and administrative services (the “Agreement”). The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of Dreyfus. In considering the renewal of the Agreement, the Board considered all factors that it believed to be relevant, including those discussed below. In evaluating the Agreement, the Board members relied on their knowledge, gained through their meetings and other interactions with Dreyfus, its affiliates, the fund, and the services provided to the fund.The Board also relied on materials regularly received throughout the year relating to the investment management and other services provided under the Agreement, including (a) information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; (b) general investment outlooks in the markets in which the fund invests; (c) compliance reports; and (d) fund expenses.The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The Board members considered information previously provided to them in presentations from representatives of Dreyfus regarding the nature, extent, and quality of the services provided to funds in the Dreyfus fund complex, and representatives of Dreyfus confirmed that there had been no material changes in this information. Dreyfus’ representatives reviewed the fund’s distribution of accounts and the relationships Dreyfus has with various intermediaries and the different needs of each. Dreyfus’ representatives noted the various distribution channels for the fund as well as the diverse methods of distribution among other funds in the Dreyfus fund complex, and Dreyfus’ corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each distribution channel, including those of the fund.
36
Dreyfus provided the number of open accounts in the fund, the fund’s asset size and the allocation of fund assets among distribution channels.
The Board members also considered research support available to, and portfolio management capabilities of, the fund’s portfolio management personnel and that Dreyfus also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements.The Board members also considered Dreyfus’ extensive administrative, accounting, and compliance infrastructures.The Board also considered portfolio management’s brokerage policies and practices (including policies and practices regarding soft dollars) and the standards applied in seeking best execution.
Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board members reviewed reports prepared by Lipper, Inc. (“Lipper”), an independent provider of investment company data, which included information comparing (1) the fund’s performance with the performance of a group of comparable funds (the “Performance Group”) and with a broader group of funds (the “Performance Universe”), all for various periods ended December 31, 2010, and (2) the fund’s actual and contractual management fees and total expenses with those of a group of comparable funds (the “Expense Group”) and with a broader group of funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Lipper as of October 31, 2010. Dreyfus previously had furnished the Board with a description of the methodology Lipper used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.
Dreyfus representatives stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations that may be applicable to the fund and comparison funds.The Board members discussed the results of the comparisons and noted that the fund’s total return performance was below the Performance Group median and variously at and slightly below the
The Fund | 37 |
INFORMATION ABOUT THE RENEWAL OF THE FUND’S
MANAGEMENT AGREEMENT (Unaudited) (continued)
Performance Universe median for the various periods and that there was only a few basis points difference between the fund’s performance and the Performance Universe median when performance was below the median. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board members also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. Taking into consideration the fund’s “unitary fee” structure, they noted that the fund’s contractual management fee was above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
Management noted that, pursuant to the fund’s Agreement, Dreyfus pays all of the fund’s expenses, except management fees, shareholder services fees, and certain other expenses, including the fees and expenses of the independent Board members and their counsel. Additionally, Dreyfus voluntarily has agreed to reduce its management fee in an amount equal to the fees and expenses of the independent Board members and their counsel.
Representatives of Dreyfus reviewed with the Board members the management or investment advisory fees (1) paid by funds advised or administered by Dreyfus that are in the same Lipper category as the fund and (2) paid to Dreyfus or the Dreyfus-affiliated primary employer of the fund’s primary portfolio manager for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the “Similar Clients”), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors, noting the fund’s “unitary” fee structure. The Board members considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness and reasonableness of the fund’s management fee.
38
Representatives of Dreyfus noted that mutual fund shares can be sold through different types of distribution channels, including retail direct, intermediary and separate accounts, and that this fund is sold primarily through the intermediary channel in which the intermediaries are paid for their services through a shareholder servicing fee and/or revenue sharing payments. The Board reviewed differences in fees paid to Dreyfus and discussed the relationship of the advisory fees and other fees paid in light of the services provided. The Board acknowledged that differences in fees paid by the Similar Clients and the fund seemed to be consistent with the services provided, which were described in detail in materials previously provided to the Board.
Analysis of Profitability and Economies of Scale. Dreyfus’ representatives reviewed the expenses allocated and profit received by Dreyfus and the resulting profitability percentage for managing the fund, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by Dreyfus. The Board previously had been provided with information prepared by an independent consulting firm regarding Dreyfus’ approach to allocating costs to, and determining the profitability of, individual funds and the entire Dreyfus fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.
The Board’s counsel stated that the Board members should consider the profitability analysis (1) as part of their evaluation of whether the fees under the Agreement bear a reasonable relationship to the mix of services provided by Dreyfus, including the nature, extent and quality of such services, and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Dreyfus representatives noted that, as a result of shared and allocated costs among funds in the Dreyfus
The Fund | 39 |
INFORMATION ABOUT THE RENEWAL OF THE FUND’S
MANAGEMENT AGREEMENT (Unaudited) (continued)
funds complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund’s asset level. The Board members also considered potential benefits to Dreyfus from acting as investment adviser and noted that there were no soft dollar arrangements in effect for trading the fund’s investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
The Board concluded that the nature, extent and quality of the services provided by Dreyfus are adequate and appropriate.
The Board generally was satisfied with the fund’s overall perfor- mance, in light of the considerations described above.
The Board concluded that the fee paid to Dreyfus was reasonable in light of the considerations described above.
The Board determined that the economies of scale which may accrue to Dreyfus and its affiliates in connection with the management of the fund had been adequately considered by Dreyfus in connection with the fee rate charged to the fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
40
The Board members considered these conclusions and determinations, along with information received on a routine and regular basis throughout the year. In addition, it should be noted that the Board’s consideration of the contractual fee arrangements for this fund had the benefit of a number of years of reviews of prior or similar agreements during which lengthy discussions took place between the Board members and Dreyfus representatives. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board members’ conclusions may be based, in part, on their consideration of the same or similar arrangements in prior years. The Board members determined that renewal of the Agreement was in the best interests of the fund and its shareholders.
The Fund | 41 |
For More Information
Dreyfus S&P 500 | Transfer Agent & |
Index Fund | Dividend Disbursing Agent |
200 Park Avenue | Dreyfus Transfer, Inc. |
New York, NY 10166 | 200 Park Avenue |
Manager | New York, NY 10166 |
The Dreyfus Corporation | Distributor |
200 Park Avenue | MBSC Securities Corporation |
New York, NY 10166 | 200 Park Avenue |
Custodian | New York, NY 10166 |
The Bank of New York Mellon | |
One Wall Street | |
New York, NY 10286 |
Ticker Symbol: PEOPX
Telephone 1-800-645-6561
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: http://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 http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
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 http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-645-6561.
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© 2011 MBSC Securities Corporation |
Dreyfus
Smallcap
Stock Index Fund
SEMIANNUAL REPORT April 30, 2011
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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 | |
2 | A Letter from the Chairman and CEO |
3 | Discussion of Fund Performance |
6 | Understanding Your Fund’s Expenses |
6 | Comparing Your Fund’s Expenses With Those of Other Funds |
7 | Statement of Investments |
26 | Statement of Financial Futures |
27 | Statement of Assets and Liabilities |
28 | Statement of Operations |
29 | Statement of Changes in Net Assets |
30 | Financial Highlights |
31 | Notes to Financial Statements |
40 | Information About the Renewal of the Fund’s Management Agreement |
FOR MORE INFORMATION | |
Back Cover |
Dreyfus |
Smallcap Stock Index Fund |
The Fund
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A LETTER FROM THE CHAIRMAN AND CEO
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus Smallcap Stock Index Fund, covering the six-month period from November 1, 2010, through April 30, 2011.
Multiple crosscurrents have influenced the global and U.S. economies.A modest slowdown in the middle quarters of 2010 gave way to renewed strength by early 2011.The recovery has been fueled by three important characteristics. First, macroeconomic policy has been stimulative in the United States and most of the world. Second, in response to inflation worries emerging countries have shifted policy from aggressively stimulative to neutral, but not restrictive, supporting ongoing demand for commodities. Third, corporate balance sheets around the world have strengthened due to cheap bond financing, rising profits and relatively slow growth in corporate spending. Although shocks emanating from events in the Middle East and Japan presented potential headwinds, U.S. equities generally rallied as investors increasingly recognized that otherwise positive forces would prevent a double-dip recession.
We expect the U.S. economy to continue to expand at a moderate rate, which generally should be good for stocks. However, in the wake of recent gains we believe that selectivity will become more impor-tant.We favor companies with higher growth potential, and we are also optimistic about the prospects of high-quality companies capable of generating dividend increases and share buybacks. As always, your financial advisor can help you align your investment portfolio with the opportunities and challenges that the future may have in store.
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.
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Jonathan R. Baum
Chairman and Chief Executive Officer
The Dreyfus Corporation
May 16, 2011
2
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DISCUSSION OF FUND PERFORMANCE
For the period of November 1, 2010, through April 30, 2011, Thomas J. Durante, CFA, Karen Q.Wong and Richard A. Brown, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended April 30, 2011, Dreyfus Smallcap Stock Index Fund produced a total return of 23.06%.1 In comparison, the Standard & Poor’s SmallCap 600 Index (the “S&P 600 Index”), the fund’s benchmark, produced a 23.22% return for the same period.2,3
Small-cap stocks rallied during much of the reporting period as an economic recovery gained traction, commodity prices moved higher and corporate earnings grew. Results were particularly attractive in the information technology, health care and industrials sectors.The difference in returns between the fund and the S&P 600 Index was primarily the result of transaction costs and operating expenses that are not reflected in the S&P 600 Index’s results.
The Fund’s Investment Approach
The fund seeks to match the total return of the S&P 600 Index by generally investing in a representative sample of the stocks listed in the S&P 600 Index. The S&P 600 Index is composed of 600 domestic stocks across 10 economic sectors. Each stock is weighted by its market capitalization; that is, larger companies have greater representation in the S&P 600 Index than smaller ones.The fund may also use stock index futures as a substitute for the sale or purchase of stocks.
Stocks Rallied as the U.S. Economy Gained Momentum
Investor sentiment improved dramatically in the weeks before the start of the reporting period, when a new round of quantitative easing of U.S. monetary policy from the Federal Reserve Board helped convince investors that the economy was unlikely to slip back into recession. A more optimistic investment outlook was reinforced by improvements in employment and consumer spending, as well as better-than-expected corporate earnings across a number of industry groups. Later in the fall,
The Fund | 3 |
DISCUSSION OF FUND PERFORMANCE (continued)
the end of uncertainty surrounding national midterm elections and the passage of fiscally stimulative tax legislation lent further support to stock prices.
Improving global economic conditions also supported U.S. stocks. Investor confidence was buoyed by encouraging economic data in Europe and robust demand in the emerging markets for industrial commodities and equipment.
The market rally was interrupted in February when a wave of political unrest in the Middle East led to sharply higher crude oil prices, and again in March when a devastating earthquake, tsunami and nuclear disaster in Japan threatened one of the world’s largest economies. However, investors proved resilient, and the U.S. stock market bounced back by the reporting period’s end. Small-cap stocks generally produced higher returns than their large-cap counterparts, and growth stocks typically outperformed value stocks.
Technology Stocks Led the Market’s Advance
The information technology sector ranked as the S&P 600 Index’s top performing sector during the reporting period. Certain semiconductor manufacturers specializing in touchscreen technologies prospered as the popularity of smartphones and tablet computers soared, and some software developers gained value due to rising orders from businesses and government entities seeking to manage their resources more effectively. Video game developers generally fared well as consumers’ disposable incomes improved in the recovering economy.
In the health care sector, health maintenance organizations (HMOs) boosted profit margins after cutting costs during the economic downturn, magnifying the impact of subscriber growth on earnings during the recovery. Some small-cap biotechnology firms received favorable rulings on new products from federal regulators, bolstering their market values.
Strong demand for equipment used in oil and gas production and wastewater treatment by large energy companies helped drive the prices of some small-cap industrial companies higher, and the sector
4
was further bolstered by robust demand for certain components used in defense and telecommunications systems.
The energy sector also produced above-average absolute returns as commodity prices climbed, but its relatively small size in the S&P 600 Index limited its impact on the fund’s overall performance.
Laggards during the reporting period included the financials sector, where smaller banks continued to struggle amid persistent weakness in U.S. housing markets.The telecommunications, utilities and consumer staples sector produced positive absolute returns, but they trailed market averages as investors turned to more speculative investments in a rallying market.
Index Funds Offer Diversification Benefits
As an index portfolio, our strategy is to attempt to replicate the returns of the S&P 600 Index by investing in a representative sample of the small-cap stocks listed in the S&P 600 Index.The fund offers a diversified investment vehicle that can help investors manage the risks of investing in small-cap stocks by limiting the impact on the overall portfolio of unexpected losses in any single industry group or holding.
May 16, 2011
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. Stocks of small-cap companies often experience sharper price fluctuations than | |
stocks of larger-cap companies. | |
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 the reinvestment of dividends and, where applicable, |
capital gain distributions.The Standard & Poor’s SmallCap 600 Index is a broad-based index | |
and a widely accepted, unmanaged index of overall small-cap stock market performance. Investors | |
cannot invest directly in any index. | |
3 | “Standard & Poor’s®,” “S&P®,” and “S&P SmallCap 600®” 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. |
The Fund | 5 |
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 Smallcap Stock Index Fund from November 1, 2010 to April 30, 2011. 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 April 30, 2011
Expenses paid per $1,000† | $ | 2.77 |
Ending value (after expenses) | $ | 1,230.60 |
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 April 30, 2011
Expenses paid per $1,000† | $ | 2.51 |
Ending value (after expenses) | $ | 1,022.32 |
† Expenses are equal to the fund’s annualized expense ratio of .50%, multiplied by the average account value over the |
period, multiplied by 181/365 (to reflect the one-half year period). |
6
STATEMENT OF INVESTMENTS
April 30, 2011 (Unaudited)
Common Stocks—98.4% | Shares | Value ($) | |
Consumer Discretionary—13.9% | |||
American Public Education | 40,666a | 1,718,138 | |
Arbitron | 65,933 | 2,550,288 | |
Arctic Cat | 27,687a | 464,865 | |
Audiovox, Cl. A | 48,992a | 361,561 | |
Big 5 Sporting Goods | 46,114 | 551,062 | |
Biglari Holdings | 2,550a | 1,114,962 | |
BJ’s Restaurants | 50,874a | 2,388,534 | |
Blue Nile | 30,806a | 1,755,942 | |
Blyth | 12,616 | 594,718 | |
Brown Shoe | 111,306 | 1,408,021 | |
Brunswick | 193,615 | 4,524,783 | |
Buckle | 49,715b | 2,261,535 | |
Buffalo Wild Wings | 41,077a | 2,509,805 | |
Cabela’s | 80,768a | 2,062,815 | |
California Pizza Kitchen | 58,401a | 934,416 | |
Callaway Golf | 92,618 | 655,735 | |
Capella Education | 35,013a | 1,736,645 | |
Carter’s | 121,830a | 3,766,984 | |
Cato, Cl. A | 81,035 | 2,067,203 | |
CEC Entertainment | 57,265 | 2,166,335 | |
Children’s Place Retail Stores | 64,758a | 3,443,183 | |
Christopher & Banks | 79,127 | 486,631 | |
Coinstar | 80,836a | 4,363,527 | |
Corinthian Colleges | 108,969a | 484,912 | |
Cracker Barrel Old Country Store | 56,976 | 2,918,880 | |
CROCS | 213,777a | 4,299,055 | |
DineEquity | 31,744a | 1,586,248 | |
Drew Industries | 34,192 | 823,001 | |
E.W. Scripps, Cl. A | 99,006a | 940,557 | |
Ethan Allen Interiors | 68,121 | 1,641,035 | |
Finish Line, Cl. A | 127,260 | 2,734,817 | |
Fred’s, Cl. A | 92,219 | 1,287,377 | |
Genesco | 58,830a | 2,375,555 | |
Group 1 Automotive | 52,525 | 2,260,676 | |
Haverty Furniture | 28,942 | 379,140 |
The Fund | 7 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) | |
Consumer Discretionary (continued) | |||
Helen of Troy | 80,949a | 2,519,133 | |
Hibbett Sports | 73,077a | 2,760,849 | |
Hillenbrand | 126,871 | 2,907,883 | |
Hot Topic | 106,074 | 711,757 | |
HSN | 80,453a | 2,669,431 | |
Iconix Brand Group | 179,131a | 4,386,918 | |
Interval Leisure Group | 77,377a | 1,243,448 | |
Jack in the Box | 118,024a | 2,437,196 | |
JAKKS Pacific | 78,377a | 1,649,052 | |
JOS. A. Bank Clothiers | 59,718a | 3,130,418 | |
K-Swiss, Cl. A | 38,118a | 469,233 | |
Kid Brands | 43,015a | 314,440 | |
Kirkland’s | 31,269a | 471,849 | |
La-Z-Boy | 105,459a | 1,240,198 | |
Lithia Motors, Cl. A | 49,075 | 892,674 | |
Live Nation | 329,865a | 3,658,203 | |
Liz Claiborne | 214,496a | 1,349,180 | |
Lumber Liquidators Holdings | 42,221a,b | 1,095,635 | |
M/I Homes | 43,006a | 571,550 | |
Maidenform Brands | 56,548a | 1,790,310 | |
Marcus | 46,739 | 518,336 | |
MarineMax | 50,003a | 478,029 | |
Men’s Wearhouse | 120,415 | 3,358,374 | |
Meritage Homes | 64,475a | 1,541,597 | |
Midas | 23,051a | 167,581 | |
Monarch Casino & Resort | 17,578a | 201,444 | |
Monro Muffler Brake | 70,075 | 2,128,879 | |
Movado Group | 39,189 | 654,064 | |
Multimedia Games Holding Company | 80,390a | 471,889 | |
NutriSystem | 66,894 | 1,006,086 | |
O’Charleys | 49,617a | 324,495 | |
OfficeMax | 193,160a | 1,923,874 | |
Oxford Industries | 31,942 | 1,097,208 | |
P.F. Chang’s China Bistro | 60,776 | 2,437,118 | |
Papa John’s International | 58,800a | 1,767,528 | |
Peet’s Coffee & Tea | 22,859a | 1,062,486 |
8
Common Stocks (continued) | Shares | Value ($) | |
Consumer Discretionary (continued) | |||
PEP Boys-Manny Moe & Jack | 152,066 | 2,083,304 | |
Perry Ellis International | 24,744a | 697,286 | |
PetMed Express | 49,956 | 753,836 | |
Pinnacle Entertainment | 133,763a | 1,856,630 | |
Pool | 112,795 | 3,413,177 | |
Pre-Paid Legal Services | 17,667a | 1,165,139 | |
Quiksilver | 294,507a | 1,281,105 | |
Red Robin Gourmet Burgers | 38,055a | 1,034,715 | |
Ruby Tuesday | 154,067a | 1,619,244 | |
Rue21 | 34,618a | 1,042,694 | |
Ruth’s Hospitality Group | 69,909a | 343,253 | |
Shuffle Master | 143,363a | 1,566,958 | |
Skechers USA, Cl. A | 62,979a | 1,199,750 | |
Sonic | 151,503a | 1,699,864 | |
Sonic Automotive, Cl. A | 86,760b | 1,223,316 | |
Spartan Motors | 84,289 | 569,794 | |
Stage Stores | 103,654 | 1,996,376 | |
Standard Motor Products | 52,014 | 741,200 | |
Standard-Pacific | 185,158a,b | 714,710 | |
Stein Mart | 53,935 | 586,813 | |
Steven Madden | 59,865a | 3,181,825 | |
Sturm Ruger & Co. | 59,348 | 1,411,295 | |
Superior Industries International | 66,853 | 1,689,375 | |
Texas Roadhouse | 157,694 | 2,565,681 | |
True Religion Apparel | 62,993a | 1,903,648 | |
Tuesday Morning | 100,089a | 500,445 | |
Universal Electronics | 30,673a | 849,335 | |
Universal Technical Institute | 67,455 | 1,218,912 | |
Vitamin Shoppe | 62,100a | 2,423,142 | |
Volcom | 33,292 | 656,851 | |
Winnebago Industries | 60,361a | 747,269 | |
Wolverine World Wide | 116,373 | 4,617,681 | |
Zale | 46,836a | 172,356 | |
Zumiez | 49,385a | 1,388,212 | |
169,942,477 |
The Fund | 9 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) | |
Consumer Staples—3.7% | |||
Alliance One International | 240,548a | 959,786 | |
Andersons | 43,476 | 2,158,583 | |
B&G Foods | 106,893 | 1,932,625 | |
Boston Beer, Cl. A | 25,050a | 2,361,213 | |
Cal-Maine Foods | 29,253 | 845,119 | |
Calavo Growers | 25,423 | 533,883 | |
Casey’s General Stores | 93,988 | 3,668,352 | |
Central Garden & Pet, Cl. A | 174,834a | 1,751,837 | |
Darling International | 242,011a | 3,913,318 | |
Diamond Foods | 44,545 | 2,922,152 | |
Hain Celestial Group | 99,877a | 3,396,817 | |
J & J Snack Foods | 32,700 | 1,661,814 | |
Medifast | 42,676a,b | 842,851 | |
Nash Finch | 28,940 | 1,077,147 | |
Prestige Brands Holdings | 120,429a | 1,390,955 | |
Sanderson Farms | 33,972 | 1,617,067 | |
Seneca Foods, Cl. A | 20,597a | 575,892 | |
Snyders-Lance | 95,161 | 1,879,430 | |
Spartan Stores | 55,528 | 866,792 | |
TreeHouse Foods | 80,708a | 4,896,554 | |
United Natural Foods | 100,655a | 4,296,962 | |
WD-40 | 35,334 | 1,466,361 | |
45,015,510 | |||
Energy—4.9% | |||
Basic Energy Services | 59,927a | 1,842,156 | |
Bristow Group | 82,847a | 3,844,101 | |
Contango Oil & Gas | 29,079a | 1,800,572 | |
Georesources | 43,261a | 1,255,434 | |
Gulf Island Fabrication | 30,108 | 1,064,017 | |
Gulfport Energy | 86,250a | 2,935,950 | |
Holly | 103,168 | 5,973,427 | |
Hornbeck Offshore Services | 48,751a,b | 1,424,992 | |
ION Geophysical | 375,319a | 4,744,032 | |
Lufkin Industries | 65,995 | 6,093,318 | |
Matrix Service | 65,606a | 948,663 | |
Penn Virginia | 105,394 | 1,629,391 |
10
Common Stocks (continued) | Shares | Value ($) | |
Energy (continued) | |||
Petroleum Development | 49,064a | 1,953,728 | |
PetroQuest Energy | 173,559a | 1,520,377 | |
Pioneer Drilling | 137,408a | 2,129,824 | |
SEACOR Holdings | 49,660 | 4,907,898 | |
Stone Energy | 120,167a | 4,249,105 | |
Swift Energy | 93,695a | 3,671,907 | |
Tetra Technologies | 179,521a | 2,651,525 | |
World Fuel Services | 149,212 | 5,905,811 | |
60,546,228 | |||
Financial—19.0% | |||
Acadia Realty Trust | 109,229c | 2,277,425 | |
Amerisafe | 38,602a | 861,983 | |
Bank Mutual | 52,675 | 215,441 | |
Bank of the Ozarks | 26,441 | 1,177,418 | |
BioMed Realty Trust | 285,352c | 5,661,384 | |
Boston Private Financial Holdings | 188,207 | 1,315,567 | |
Brookline Bancorp | 173,462 | 1,599,320 | |
Cash America International | 71,430 | 3,389,353 | |
Cedar Shopping Centers | 149,671c | 883,059 | |
City Holding | 34,277 | 1,168,846 | |
Colonial Properties Trust | 192,943c | 4,082,674 | |
Columbia Banking System | 92,895 | 1,752,000 | |
Community Bank System | 92,903 | 2,324,433 | |
Delphi Financial Group, Cl. A | 125,598 | 4,012,856 | |
DiamondRock Hospitality | 383,226c | 4,614,041 | |
Dime Community Bancshares | 39,459 | 610,036 | |
EastGroup Properties | 55,245c | 2,544,585 | |
eHealth | 60,882a | 827,995 | |
Employers Holdings | 69,624 | 1,403,620 | |
Entertainment Properties Trust | 107,137c | 5,100,793 | |
Extra Space Storage | 211,233c | 4,573,194 | |
EZCORP, Cl. A | 119,711a | 3,769,699 | |
First BanCorp | 20,765a | 103,617 | |
First Cash Financial Services | 65,013a | 2,551,110 | |
First Commonwealth Financial | 266,119 | 1,649,938 | |
First Financial Bancorp | 117,606 | 1,938,147 |
The Fund | 11 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) | |
Financial (continued) | |||
First Financial Bankshares | 44,721b | 2,478,438 | |
First Midwest Bancorp | 160,781 | 2,106,231 | |
Forestar Group | 82,807a | 1,628,814 | |
Franklin Street Properties | 153,850b,c | 2,175,439 | |
Getty Realty | 61,221b,c | 1,555,626 | |
Glacier Bancorp | 136,861 | 2,057,021 | |
Hancock Holding | 79,703 | 2,603,100 | |
Hanmi Financial | 348,323a | 459,786 | |
Healthcare Realty Trust | 135,378c | 3,092,033 | |
Home Bancshares | 48,869 | 1,171,390 | |
Home Properties | 79,437c | 5,036,306 | |
Horace Mann Educators | 115,040 | 2,056,915 | |
Independent Bank/MA | 47,127 | 1,381,292 | |
Infinity Property & Casualty | 27,991 | 1,654,268 | |
Inland Real Estate | 199,439c | 1,948,519 | |
Interactive Brokers Group, Cl. A | 103,111 | 1,808,567 | |
Investment Technology Group | 108,689a | 1,859,669 | |
Kilroy Realty | 121,041c | 5,076,460 | |
Kite Realty Group Trust | 162,092c | 842,878 | |
LaBranche & Co. | 121,414a | 489,298 | |
LaSalle Hotel Properties | 182,760c | 5,142,866 | |
Lexington Realty Trust | 318,120c | 3,174,838 | |
LTC Properties | 70,430c | 2,072,051 | |
Meadowbrook Insurance Group | 92,046 | 942,551 | |
Medical Properties Trust | 292,854c | 3,613,818 | |
Mid-America Apartment Communities | 75,048c | 5,016,959 | |
Nara Bancorp | 99,031a | 973,475 | |
National Financial Partners | 103,384a | 1,663,449 | |
National Penn Bancshares | 331,019 | 2,717,666 | |
National Retail Properties | 206,484c | 5,438,789 | |
Navigators Group | 27,164a | 1,407,910 | |
NBT Bankcorp | 74,121 | 1,675,135 | |
Old National Bancorp | 253,570 | 2,624,450 | |
optionsXpress Holdings | 108,115 | 1,993,641 | |
Parkway Properties | 55,873c | 1,001,803 | |
Pennsylvania Real Estate Investment Trust | 141,295c | 2,231,048 |
12
Common Stocks (continued) | Shares | Value ($) | |
Financial (continued) | |||
Pinnacle Financial Partners | 71,304a | 1,145,855 | |
Piper Jaffray | 29,132a | 1,044,382 | |
Portfolio Recovery Associates | 36,989a | 3,338,627 | |
Post Properties | 115,208c | 4,677,445 | |
Presidential Life | 45,610 | 508,095 | |
PrivateBancorp | 148,111 | 2,331,267 | |
ProAssurance | 75,675a | 5,024,820 | |
Prospect Capital | 188,145b | 2,278,436 | |
Provident Financial Services | 145,233 | 2,108,783 | |
PS Business Parks | 47,423c | 2,857,710 | |
RLI | 44,215 | 2,619,297 | |
S&T Bancorp | 49,864 | 1,017,724 | |
Safety Insurance Group | 28,970 | 1,356,375 | |
Saul Centers | 17,847c | 781,520 | |
Selective Insurance Group | 120,416 | 2,124,138 | |
Signature Bank | 98,239a | 5,718,492 | |
Simmons First National, Cl. A | 35,400 | 934,206 | |
Sovran Self Storage | 66,736c | 2,854,966 | |
Sterling Bancorp | 92,716 | 959,611 | |
Sterling Bancshares | 190,758 | 1,695,839 | |
Stewart Information Services | 58,941 | 597,662 | |
Stifel Financial | 111,437a | 5,090,419 | |
Susquehanna Bancshares | 312,945 | 2,885,353 | |
SWS Group | 66,150 | 403,515 | |
Tanger Factory Outlet Centers | 187,132c | 5,170,457 | |
Texas Capital Bancshares | 91,197a | 2,352,883 | |
Tompkins Financial | 20,054 | 817,000 | |
Tower Group | 89,224 | 2,040,553 | |
TradeStation Group | 79,096a | 763,276 | |
Trustco Bank | 239,762 | 1,438,572 | |
UMB Financial | 67,527 | 2,843,562 | |
Umpqua Holdings | 295,831 | 3,434,598 | |
United Bankshares | 89,326 | 2,336,768 | |
United Community Banks | 258,754a | 621,010 | |
United Fire & Casualty | 44,689 | 884,842 | |
Universal Health Realty Income Trust | 27,265c | 1,175,394 |
The Fund | 13 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) | |
Financial (continued) | |||
Urstadt Biddle Properties, Cl. A | 59,422c | 1,169,425 | |
Whitney Holding | 207,849 | 2,814,275 | |
Wilmington Trust | 168,298 | 759,024 | |
Wilshire Bancorp | 47,702a | 190,808 | |
Wintrust Financial | 68,194 | 2,297,456 | |
World Acceptance | 40,439a | 2,747,830 | |
231,793,303 | |||
Health Care—13.4% | |||
Abaxis | 43,744a | 1,270,763 | |
Affymetrix | 197,297a | 1,065,404 | |
Air Methods | 22,525a | 1,523,140 | |
Align Technology | 171,686a | 4,144,500 | |
Almost Family | 20,005a | 693,573 | |
Amedisys | 58,095a | 1,935,725 | |
American Medical Systems Holdings | 190,063a | 5,606,858 | |
AMERIGROUP | 119,187a | 8,140,472 | |
AMN Healthcare Services | 74,529a | 643,185 | |
AmSurg | 81,641a | 2,192,877 | |
Analogic | 26,377 | 1,521,162 | |
ArQule | 94,202a | 665,066 | |
Bio-Reference Labs | 50,224a | 1,266,147 | |
Cambrex | 76,858a | 404,273 | |
Cantel Medical | 33,730 | 874,619 | |
Catalyst Health Solutions | 105,686a | 6,294,658 | |
Centene | 100,494a | 3,640,898 | |
Chemed | 50,657 | 3,527,247 | |
Computer Programs & Systems | 18,947 | 1,113,894 | |
CONMED | 53,206a | 1,494,024 | |
CorVel | 18,192a | 942,346 | |
Cross Country Healthcare | 71,128a | 527,770 | |
CryoLife | 111,987a | 654,004 | |
Cubist Pharmaceuticals | 127,107a | 4,302,572 | |
Cyberonics | 61,365a | 2,182,753 | |
Dionex | 40,051a | 4,740,036 | |
Emergent BioSolutions | 54,015a | 1,253,688 | |
Ensign Group | 20,145 | 557,211 |
14
Common Stocks (continued) | Shares | Value ($) | |
Health Care (continued) | |||
Enzo Biochem | 76,337a | 304,585 | |
eResearch Technology | 130,080a | 827,309 | |
Gentiva Health Services | 70,797a | 1,982,316 | |
Greatbatch | 71,298a | 1,930,037 | |
Haemonetics | 63,848a | 4,482,130 | |
Hanger Orthopedic Group | 71,301a | 1,937,248 | |
HealthSpring | 147,718a | 6,128,820 | |
Healthways | 83,876a | 1,419,182 | |
Hi-Tech Pharmacal | 17,387a | 480,924 | |
HMS Holdings | 58,415a | 4,597,845 | |
ICU Medical | 24,931a | 1,124,637 | |
Integra LifeSciences Holdings | 51,539a | 2,696,005 | |
Invacare | 89,568 | 2,946,787 | |
IPC The Hospitalist | 28,880a | 1,497,717 | |
Kendle International | 17,306a | 173,925 | |
Kensey Nash | 30,524a | 754,859 | |
Landauer | 16,638 | 1,001,108 | |
LCA-Vision | 30,215a | 203,649 | |
LHC Group | 35,571a | 1,053,613 | |
Magellan Health Services | 83,483a | 4,342,786 | |
MedCath | 30,716a | 414,973 | |
Meridian Bioscience | 80,875 | 1,998,421 | |
Merit Medical Systems | 58,194a | 1,357,084 | |
Molina Healthcare | 46,352a | 1,993,136 | |
MWI Veterinary Supply | 23,532a | 1,957,156 | |
Natus Medical | 61,408a | 1,042,094 | |
Neogen | 44,575a | 1,867,693 | |
Omnicell | 75,893a | 1,167,234 | |
Palomar Medical Technologies | 27,654a | 442,741 | |
Par Pharmaceutical Cos. | 94,901a | 3,268,390 | |
Parexel International | 125,690a | 3,489,154 | |
PharMerica | 77,275a | 1,016,939 | |
PSS World Medical | 137,181a | 3,945,326 | |
Quality Systems | 41,458 | 3,719,612 | |
Questcor Pharmaceuticals | 146,156a | 2,996,198 | |
Regeneron Pharmaceuticals | 161,943a | 8,276,907 |
The Fund | 15 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) | |
Health Care (continued) | |||
RehabCare Group | 52,542a | 1,974,003 | |
Salix Pharmaceuticals | 133,293a | 5,237,082 | |
Savient Pharmaceuticals | 169,816a | 1,971,564 | |
SurModics | 31,651a | 486,159 | |
Symmetry Medical | 127,637a | 1,269,988 | |
ViroPharma | 195,774a | 3,776,480 | |
West Pharmaceutical Services | 85,206b | 4,025,131 | |
Zoll Medical | 51,906a | 2,942,032 | |
163,699,844 | |||
Industrial—15.7% | |||
A.O. Smith | 69,662 | 3,063,038 | |
AAON | 28,315 | 930,148 | |
AAR | 86,261 | 2,246,236 | |
ABM Industries | 114,712 | 2,789,796 | |
Actuant, Cl. A | 157,294 | 4,366,481 | |
Aerovironment | 28,327a | 811,569 | |
Albany International, Cl. A | 64,279 | 1,626,901 | |
Allegiant Travel | 33,064 | 1,483,582 | |
American Science & Engineering | 20,595 | 1,814,419 | |
Apogee Enterprises | 54,538 | 778,803 | |
Applied Industrial Technologies | 98,478 | 3,472,334 | |
Arkansas Best | 54,658 | 1,257,681 | |
Astec Industries | 36,227a | 1,404,883 | |
AZZ | 25,481 | 1,115,558 | |
Badger Meter | 32,008 | 1,213,423 | |
Barnes Group | 122,369 | 3,027,409 | |
Belden | 111,737 | 4,249,358 | |
Brady, Cl. A | 131,182 | 4,946,873 | |
Briggs & Stratton | 111,833 | 2,638,140 | |
Cascade | 18,192 | 833,194 | |
CDI | 13,960 | 206,887 | |
Ceradyne | 59,092a | 2,769,051 | |
CIRCOR International | 36,637 | 1,664,419 | |
CLARCOR | 123,374 | 5,575,271 | |
Comfort Systems USA | 78,052 | 953,015 | |
Consolidated Graphics | 27,207a | 1,527,673 |
16
Common Stocks (continued) | Shares | Value ($) | |
Industrial (continued) | |||
Cubic | 41,999 | 2,271,306 | |
Curtiss-Wright | 117,041 | 3,891,613 | |
Dolan | 86,759a | 1,021,153 | |
Dycom Industries | 85,831a | 1,275,449 | |
EMCOR Group | 145,458a | 4,504,834 | |
Encore Wire | 39,583 | 1,104,761 | |
EnPro Industries | 54,724a | 2,193,338 | |
ESCO Technologies | 54,963 | 2,016,043 | |
Esterline Technologies | 68,256a | 4,900,781 | |
Exponent | 29,920a | 1,283,867 | |
Federal Signal | 153,963 | 1,039,250 | |
Forward Air | 62,326 | 2,095,400 | |
G & K Services, Cl. A | 42,098 | 1,393,444 | |
GenCorp | 194,843a | 1,272,325 | |
Geo Group | 147,146a | 3,925,855 | |
Gibraltar Industries | 76,805a | 897,082 | |
Griffon | 102,832a | 1,310,080 | |
Healthcare Services Group | 136,090 | 2,416,958 | |
Heartland Express | 136,389 | 2,352,710 | |
Heidrick & Struggles International | 38,474 | 900,292 | |
Hub Group, Cl. A | 76,407a | 3,077,674 | |
II-VI | 53,814a | 3,113,140 | |
Insituform Technologies, Cl. A | 91,284a�� | 2,310,398 | |
Insperity | 60,207 | 1,823,670 | |
Interface, Cl. A | 133,949 | 2,496,809 | |
John Bean Technologies | 62,491 | 1,262,943 | |
Kaman | 54,206 | 2,016,463 | |
Kaydon | 84,962 | 3,288,029 | |
Kelly Services, Cl. A | 48,724a | 931,116 | |
Knight Transportation | 162,413 | 2,925,058 | |
Lawson Products | 9,558 | 210,563 | |
Lindsay | 27,326 | 2,003,542 | |
Lydall | 33,250a | 324,188 | |
Mobile Mini | 68,432a | 1,704,641 | |
Moog, Cl. A | 108,803a | 4,800,388 | |
Mueller Industries | 86,311 | 3,376,486 |
The Fund | 17 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) | |
Industrial (continued) | |||
National Presto Industries | 8,682 | 963,962 | |
Navigant Consulting | 114,057a | 1,328,764 | |
NCI Building Systems | 44,187a | 547,035 | |
Old Dominion Freight Line | 103,307a | 3,865,748 | |
On Assignment | 83,886a | 920,229 | |
Orbital Sciences | 111,059a | 2,091,241 | |
Orion Marine Group | 59,560a | 615,255 | |
Powell Industries | 18,807a | 743,253 | |
Quanex Building Products | 106,499 | 2,232,219 | |
Robbins & Myers | 108,489 | 4,716,017 | |
School Specialty | 37,846a | 560,499 | |
SFN Group | 134,921a | 1,420,718 | |
Simpson Manufacturing | 80,503 | 2,247,644 | |
SkyWest | 119,560 | 1,976,327 | |
Standard Register | 37,007 | 127,304 | |
Standex International | 24,955 | 912,355 | |
SYKES Enterprises | 88,534a | 1,773,336 | |
Teledyne Technologies | 82,071a | 4,143,765 | |
Tetra Tech | 152,353a | 3,598,578 | |
Toro | 77,063 | 5,233,348 | |
Tredegar | 44,735 | 978,802 | |
Triumph Group | 32,924 | 2,835,415 | |
TrueBlue | 125,002a | 1,760,028 | |
UniFirst | 35,899 | 1,858,132 | |
United Stationers | 52,215 | 3,762,613 | |
Universal Forest Products | 38,044 | 1,228,441 | |
Viad | 37,183 | 922,510 | |
Vicor | 37,801 | 631,655 | |
Watts Water Technologies, Cl. A | 78,706 | 3,045,922 | |
191,538,906 | |||
Information Technology—18.8% | |||
Advanced Energy Industries | 79,271a | 1,121,685 | |
Agilysys | 56,250a | 293,625 | |
Anixter International | 70,466 | 5,294,815 | |
Arris Group | 286,407a | 3,436,884 | |
ATMI | 84,720a | 1,686,775 |
18
Common Stocks (continued) | Shares | Value ($) | |
Information Technology (continued) | |||
Avid Technology | 57,943a | 1,076,581 | |
Bel Fuse, Cl. B | 27,512 | 553,817 | |
Benchmark Electronics | 144,062a | 2,434,648 | |
Black Box | 34,697 | 1,212,313 | |
Blackbaud | 94,021 | 2,600,621 | |
Blue Coat Systems | 108,953a | 3,137,846 | |
Bottomline Technologies | 72,167a | 2,004,799 | |
Brightpoint | 172,171a | 1,742,371 | |
Brooks Automation | 160,932a | 1,968,198 | |
Cabot Microelectronics | 60,243a | 2,942,871 | |
CACI International, Cl. A | 74,675a | 4,563,389 | |
Cardtronics | 73,404a | 1,559,835 | |
Ceva | 49,267a | 1,506,585 | |
Checkpoint Systems | 86,257a | 1,816,572 | |
Ciber | 190,149a | 1,087,652 | |
Cognex | 84,551 | 2,644,755 | |
Cohu | 46,209 | 665,872 | |
Commvault Systems | 91,352a | 3,598,355 | |
comScore | 47,351a | 1,411,533 | |
Comtech Telecommunications | 72,339 | 2,047,194 | |
CSG Systems International | 95,640a | 2,031,394 | |
CTS | 93,702 | 1,029,785 | |
Cymer | 66,260a | 3,187,769 | |
Daktronics | 92,118 | 988,426 | |
DealerTrack Holdings | 84,370a | 1,894,950 | |
DG Fastchannel | 57,114a | 2,089,801 | |
Digi International | 54,924a | 648,652 | |
Diodes | 77,346a | 2,646,780 | |
DSP Group | 61,946a | 500,524 | |
DTS | 32,642a | 1,438,206 | |
Ebix | 92,014a | 2,102,520 | |
Electro Scientific Industries | 58,052a | 954,955 | |
EMS Technologies | 33,613a | 849,064 | |
Epicor Software | 132,386a | 1,654,825 | |
EPIQ Systems | 74,058 | 1,053,845 | |
Exar | 73,738a | 450,539 |
The Fund | 19 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) | |
Information Technology (continued) | |||
FARO Technologies | 31,222a | 1,347,854 | |
FEI | 90,209a | 2,928,184 | |
Forrester Research | 31,469 | 1,243,340 | |
Gerber Scientific | 55,646a | 531,976 | |
Harmonic | 182,696a | 1,512,723 | |
Heartland Payment Systems | 81,393 | 1,624,604 | |
Hittite Microwave | 50,590a | 3,257,490 | |
Hutchinson Technology | 80,571a,b | 215,125 | |
iGATE Capital | 77,774 | 1,319,047 | |
Infospace | 90,510a | 814,590 | |
Insight Enterprises | 114,289a | 1,961,199 | |
Integral Systems | 16,542a | 206,610 | |
Interactive Intelligence | 27,739a | 1,037,993 | |
Intermec | 124,966a | 1,434,610 | |
Intevac | 49,429a | 604,517 | |
j2 Global Communications | 118,447a | 3,489,449 | |
JDA Software Group | 93,551a | 3,065,666 | |
Knot | 52,488a | 535,902 | |
Kopin | 147,790a | 710,870 | |
Kulicke & Soffa Industries | 192,282a | 1,742,075 | |
Liquidity Services | 38,223a | 743,437 | |
Littelfuse | 46,456 | 2,890,028 | |
LivePerson | 103,302a | 1,380,115 | |
Logmein | 36,767a | 1,583,555 | |
LoJack | 55,755a | 255,358 | |
Manhattan Associates | 54,238a | 1,960,704 | |
MAXIMUS | 36,830 | 2,946,032 | |
Mercury Computer Systems | 49,370a | 953,335 | |
Methode Electronics | 102,721 | 1,269,632 | |
Micrel | 144,511b | 1,851,186 | |
Microsemi | 199,913a | 4,717,947 | |
MicroStrategy, Cl. A | 18,979a | 2,681,733 | |
MKS Instruments | 123,465 | 3,503,937 | |
Monolithic Power Systems | 81,514a | 1,384,108 |
20
Common Stocks (continued) | Shares | Value ($) | |
Information Technology (continued) | |||
MTS Systems | 35,026 | 1,550,601 | |
NCI, Cl. A | 14,934a | 367,526 | |
Netgear | 85,065a | 3,551,464 | |
NetScout Systems | 88,467a | 2,263,871 | |
Network Equipment Technologies | 56,733a | 191,190 | |
Newport | 106,946a | 2,003,099 | |
Novatel Wireless | 83,494a | 517,663 | |
Oplink Communications | 46,704a | 924,739 | |
OSI Systems | 42,753a | 1,641,288 | |
Park Electrochemical | 51,185 | 1,636,384 | |
PC-Tel | 37,611a | 274,560 | |
Perficient | 67,178a | 839,053 | |
Pericom Semiconductor | 59,007a | 536,374 | |
Plexus | 81,069a | 2,958,208 | |
Power Integrations | 61,626 | 2,485,993 | |
Progress Software | 163,290a | 4,841,549 | |
Pulse Electronics | 130,389 | 779,726 | |
Radiant Systems | 90,099a | 1,794,772 | |
Radisys | 59,131a | 520,944 | |
RightNow Technologies | 47,493a | 1,718,297 | |
Rofin-Sinar Technologies | 65,333a | 2,829,572 | |
Rogers | 37,148a | 1,542,385 | |
Rudolph Technologies | 84,932a | 960,581 | |
ScanSource | 51,569a | 1,844,623 | |
Sigma Designs | 91,418a | 1,166,494 | |
Smith Micro Software | 81,351a | 628,030 | |
Sourcefire | 69,920a | 1,861,270 | |
Stamps.com | 28,963 | 391,580 | |
Standard Microsystems | 52,499a | 1,425,348 | |
StarTek | 22,678a | 123,368 | |
Stratasys | 41,261a | 2,221,905 | |
Super Micro Computer | 50,528a | 862,008 | |
Supertex | 18,652a | 402,697 | |
Symmetricom | 111,780a | 681,858 |
The Fund | 21 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) | |
Information Technology (continued) | |||
Synaptics | 92,362a | 2,624,928 | |
Synchronoss Technologies | 45,537a | 1,469,024 | |
SYNNEX | 53,726a | 1,801,433 | |
Take-Two Interactive Software | 220,936a | 3,574,744 | |
Taleo, Cl. A | 82,559a | 2,994,415 | |
Tekelec | 142,935a | 1,193,507 | |
TeleTech Holdings | 84,857a | 1,686,109 | |
Tessera Technologies | 120,382a | 2,378,748 | |
THQ | 191,317a | 772,921 | |
Tollgrade Communications | 43,360a | 437,502 | |
Triquint Semiconductor | 374,201a | 5,152,748 | |
TTM Technologies | 87,550a | 1,673,956 | |
Tyler Technologies | 74,328a | 1,842,591 | |
Ultratech | 45,292a | 1,418,093 | |
United Online | 243,649 | 1,608,083 | |
Veeco Instruments | 95,380a | 4,876,779 | |
ViaSat | 91,017a | 3,633,399 | |
Volterra Semiconductor | 59,970a | 1,576,611 | |
Websense | 109,919a | 2,834,811 | |
Wright Express | 83,634a | 4,711,103 | |
230,237,082 | |||
Materials—4.7% | |||
A.M. Castle & Co. | 32,272a | 609,295 | |
AMCOL International | 50,404 | 1,876,037 | |
American Vanguard | 45,896b | 409,392 | |
Arch Chemicals | 58,097 | 2,246,611 | |
Balchem | 57,370 | 2,277,015 | |
Buckeye Technologies | 98,500 | 2,773,760 | |
Calgon Carbon | 108,653a | 1,864,485 | |
Century Aluminum | 126,567a | 2,528,809 | |
Clearwater Paper | 24,583a | 1,929,274 | |
Deltic Timber | 19,414 | 1,316,269 | |
Eagle Materials | 87,287 | 2,539,179 | |
H.B. Fuller | 126,627 | 2,766,800 |
22
Common Stocks (continued) | Shares | Value ($) | |
Materials (continued) | |||
Hawkins | 19,754 | 929,228 | |
Headwaters | 128,136a | 699,623 | |
Kaiser Aluminum | 30,738 | 1,540,281 | |
KapStone Paper and Packaging | 99,626a | 1,731,500 | |
Koppers Holdings | 48,875 | 2,235,054 | |
LSB Industries | 39,452a | 1,591,888 | |
Materion | 52,121a | 2,176,573 | |
Myers Industries | 93,688 | 999,651 | |
Neenah Paper | 43,859 | 1,023,230 | |
Olympic Steel | 22,802 | 669,695 | |
OM Group | 74,048a | 2,683,500 | |
PolyOne | 215,040 | 3,113,779 | |
Quaker Chemical | 28,901 | 1,305,747 | |
RTI International Metals | 69,076a | 2,206,287 | |
Schulman (A.) | 68,436 | 1,732,800 | |
Schweitzer-Mauduit International | 44,159 | 2,289,203 | |
Stepan | 20,374 | 1,466,317 | |
STR Holdings | 97,465a | 1,605,249 | |
Texas Industries | 59,992 | 2,529,863 | |
Wausau Paper | 123,946 | 836,636 | |
Zep | 49,942 | 948,898 | |
57,451,928 | |||
Telecommunication Services—.6% | |||
Atlantic Tele-Network | 20,169 | 740,807 | |
Cbeyond | 55,335a | 706,075 | |
Cincinnati Bell | 450,731a | 1,347,686 | |
General Communication, Cl. A | 93,140a | 1,071,110 | |
Neutral Tandem | 86,899a | 1,328,686 | |
NTELOS Holdings | 60,809 | 1,199,762 | |
USA Mobility | 61,809 | 954,949 | |
7,349,075 | |||
Utilities—3.7% | |||
Allete | 68,671 | 2,780,489 | |
American States Water | 41,259 | 1,440,352 |
The Fund | 23 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks (continued) | Shares | Value ($) | |
Utilities (continued) | |||
Avista | 148,177 | 3,608,110 | |
Central Vermont Public Service | 15,853 | 371,119 | |
CH Energy Group | 40,454 | 2,169,143 | |
El Paso Electric | 110,693 | 3,429,269 | |
Laclede Group | 47,182 | 1,810,373 | |
New Jersey Resources | 91,651 | 4,012,481 | |
Northwest Natural Gas | 51,894 | 2,399,579 | |
NorthWestern | 97,602 | 3,176,945 | |
Piedmont Natural Gas | 175,264 | 5,564,632 | |
South Jersey Industries | 60,790 | 3,492,386 | |
Southwest Gas | 114,680 | 4,560,824 | |
UIL Holdings | 101,638 | 3,234,121 | |
UniSource Energy | 94,779 | 3,519,144 | |
45,568,967 | |||
Total Common Stocks | |||
(cost $970,402,451) | 1,203,143,320 | ||
Principal | |||
Short -Term Investments—.1% | Amount ($) | Value ($) | |
U.S. Treasury Bills | |||
0.04%, 6/16/11 | |||
(cost $779,960) | 780,000d | 779,998 | |
Other Investment—.9% | Shares | Value ($) | |
Registered Investment Company; | |||
Dreyfus Institutional Preferred | |||
Plus Money Market Fund | |||
(cost $11,589,000) | 11,589,000e | 11,589,000 |
24
Investment of Cash Collateral | |||
for Securities Loaned—.5% | Shares | Value ($) | |
Registered Investment Company; | |||
Dreyfus Institutional Cash | |||
Advantage Plus Fund | |||
(cost $5,987,382) | 5,987,382e | 5,987,382 | |
Total Investments (cost $988,758,793) | 99.9% | 1,221,499,700 | |
Cash and Receivables (Net) | .1% | 1,026,327 | |
Net Assets | 100.0% | 1,222,526,027 |
a Non-income producing security. |
b Security, or portion thereof, on loan.At April 30, 2011, the value of the fund’s securities on loan was $5,795,734 |
and the value of the collateral held by the fund was $5,987,382. |
c Investment in real estate investment trust. |
d Held by a broker as collateral for open financial futures positions. |
e Investment in affiliated money market mutual fund. |
Portfolio Summary (Unaudited)† | |||
Value (%) | Value (%) | ||
Financial | 19.0 | Materials | 4.7 |
Information Technology | 18.8 | Consumer Staples | 3.7 |
Industrial | 15.7 | Utilities | 3.7 |
Consumer Discretionary | 13.9 | Short-Term/Money Market Investments | 1.5 |
Health Care | 13.4 | Telecommunication Services | .6 |
Energy | 4.9 | 99.9 | |
† Based on net assets. | |||
See notes to financial statements. |
The Fund | 25 |
STATEMENT OF FINANCIAL FUTURES
April 30, 2011 (Unaudited)
Market Value | Unrealized | ||||
Covered by | Appreciation | ||||
Contracts | Contracts ($) | Expiration | at 4/30/2011 | ($) | |
Financial Futures Long | |||||
Russell 2000 Mini | 224 | 19,351,360 | June 2011 | 568,285 | |
See notes to financial statements. |
26
STATEMENT OF ASSETS AND LIABILITIES
April 30, 2011 (Unaudited)
Cost | Value | |
Assets ($): | ||
Investments in securities—See Statement of Investments (including | ||
securities on loan, valued at $5,795,734)—Note 1(b): | ||
Unaffiliated issuers | 971,182,411 | 1,203,923,318 |
Affiliated issuers | 17,576,382 | 17,576,382 |
Cash | 1,697,764 | |
Receivable for investment securities sold | 6,152,228 | |
Receivable for shares of Common Stock subscribed | 1,835,900 | |
Dividends and interest receivable | 538,967 | |
Receivable for futures variation margin—Note 4 | 107,361 | |
1,231,831,920 | ||
Liabilities ($): | ||
Due to The Dreyfus Corporation and affiliates—Note 3(b) | 491,276 | |
Liability for securities on loan—Note 1(b) | 5,987,382 | |
Payable for shares of Common Stock redeemed | 1,910,672 | |
Payable for investment securities purchased | 908,190 | |
Loan commitment fees payable—Note 2 | 8,285 | |
Interest payable—Note 2 | 88 | |
9,305,893 | ||
Net Assets ($) | 1,222,526,027 | |
Composition of Net Assets ($): | ||
Paid-in capital | 966,655,451 | |
Accumulated undistributed investment income—net | 1,475,340 | |
Accumulated net realized gain (loss) on investments | 21,086,044 | |
Accumulated net unrealized appreciation (depreciation) on | ||
investments (including $568,285 net unrealized | ||
appreciation on financial futures) | 233,309,192 | |
Net Assets ($) | 1,222,526,027 | |
Shares Outstanding | ||
(200 million shares of $.001 par value Common Stock authorized) | 54,198,574 | |
Net Asset Value, offering and redemption price per share ($) | 22.56 | |
See notes to financial statements. |
The Fund | 27 |
STATEMENT OF OPERATIONS
Six Months Ended April 30, 2011 (Unaudited)
Investment Income ($): | ||
Income: | ||
Cash dividends: | ||
Unaffiliated issuers | 8,225,073 | |
Affiliated issuers | 11,597 | |
Income from securities lending—Note 1(b) | 162,482 | |
Interest | 491 | |
Total Income | 8,399,643 | |
Expenses: | ||
Management fee—Note 3(a) | 1,442,073 | |
Shareholder servicing costs—Note 3(b) | 1,442,073 | |
Directors’ fees—Note 3(a) | 29,368 | |
Loan commitment fees—Note 2 | 8,285 | |
Interest expense—Note 2 | 4,231 | |
Total Expenses | 2,926,030 | |
Less—Directors’ fees reimbursed by the Manager—Note 3(a) | (29,368) | |
Net Expenses | 2,896,662 | |
Investment Income—Net | 5,502,981 | |
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): | ||
Net realized gain (loss) on investments | 29,663,500 | |
Net realized gain (loss) on financial futures | 2,400,563 | |
Net Realized Gain (Loss) | 32,064,063 | |
Net unrealized appreciation (depreciation) on investments | 196,368,516 | |
Net unrealized appreciation (depreciation) on financial futures | 381,147 | |
Net Unrealized Appreciation (Depreciation) | 196,749,663 | |
Net Realized and Unrealized Gain (Loss) on Investments | 228,813,726 | |
Net Increase in Net Assets Resulting from Operations | 234,316,707 | |
See notes to financial statements. |
28
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended | ||||
April 30, 2011 | Year Ended | |||
(Unaudited) | October 31, 2010 | |||
Operations ($): | ||||
Investment income—net | 5,502,981 | 6,071,974 | ||
Net realized gain (loss) on investments | 32,064,063 | 32,546,093 | ||
Net unrealized appreciation | ||||
(depreciation) on investments | 196,749,663 | 161,168,330 | ||
Net Increase (Decrease) in Net Assets | ||||
Resulting from Operations | 234,316,707 | 199,786,397 | ||
Dividends to Shareholders from ($): | ||||
Investment income—net | (8,350,465) | (6,764,974) | ||
Net realized gain on investments | (21,136,380) | — | ||
Total Dividends | (29,486,845) | (6,764,974) | ||
Capital Stock Transactions ($): | ||||
Net proceeds from shares sold | 264,765,341 | 347,835,916 | ||
Dividends reinvested | 28,316,048 | 6,274,003 | ||
Cost of shares redeemed | (278,085,003) | (348,615,530) | ||
Increase (Decrease) in Net Assets | ||||
from Capital Stock Transactions | 14,996,386 | 5,494,389 | ||
Total Increase (Decrease) in Net Assets | 219,826,248 | 198,515,812 | ||
Net Assets ($): | ||||
Beginning of Period | 1,002,699,779 | 804,183,967 | ||
End of Period | 1,222,526,027 | 1,002,699,779 | ||
Undistributed investment income—net | 1,475,340 | 4,322,824 | ||
Capital Share Transactions (Shares): | ||||
Shares sold | 12,751,590 | 19,731,208 | ||
Shares issued for dividends reinvested | 1,370,453 | 372,356 | ||
Shares redeemed | (13,203,940) | (20,289,148) | ||
Net Increase (Decrease) in Shares Outstanding | 918,103 | (185,584) | ||
See notes to financial statements. |
The Fund | 29 |
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.
Six Months Ended | ||||||||||||
April 30, 2011 | Year Ended October 31, | |||||||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||
Per Share Data ($): | ||||||||||||
Net asset value, | ||||||||||||
beginning of period | 18.82 | 15.04 | 15.71 | 25.45 | 23.93 | 21.06 | ||||||
Investment Operations: | ||||||||||||
Investment income—neta | .10 | .11 | .15 | .22 | .15 | .12 | ||||||
Net realized and unrealized | ||||||||||||
gain (loss) on investments | 4.19 | 3.80 | .45 | (7.85) | 2.45 | 3.11 | ||||||
Total from | ||||||||||||
Investment Operations | 4.29 | 3.91 | .60 | (7.63) | 2.60 | 3.23 | ||||||
Distributions: | ||||||||||||
Dividends from | ||||||||||||
investment income—net | (.16) | (.13) | (.23) | (.15) | (.12) | (.11) | ||||||
Dividends from net realized | ||||||||||||
gain on investments | (.39) | — | (1.04) | (1.96) | (.96) | (.25) | ||||||
Total Distributions | (.55) | (.13) | (1.27) | (2.11) | (1.08) | (.36) | ||||||
Net asset value, end of period | 22.56 | 18.82 | 15.04 | 15.71 | 25.45 | 23.93 | ||||||
Total Return (%) | 23.06b | 26.08 | 5.43 | (32.21) | 11.15 | 15.53 | ||||||
Ratios/Supplemental Data (%): | ||||||||||||
Ratio of total expenses | ||||||||||||
to average net assets | .51c | .51 | .51 | .51 | .51 | .50 | ||||||
Ratio of net expenses | ||||||||||||
to average net assets | .50c | .50 | .50 | .50 | .50 | .50 | ||||||
Ratio of net investment income | ||||||||||||
to average net assets | .95c | .65 | 1.11 | 1.09 | .60 | .52 | ||||||
Portfolio Turnover Rate | 13.86b | 20.72 | 25.48 | 31.84 | 25.08 | 25.05 | ||||||
Net Assets, end of period | ||||||||||||
($ x 1,000) | 1,222,526 | 1,002,700 | 804,184 | 734,645 | 998,016 | 888,354 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
See notes to financial statements.
30
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—Significant Accounting Policies:
Dreyfus Smallcap Stock Index Fund (the “fund”) is a separate non-diversified series of Dreyfus Index 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 three series, including the fund.The fund’s investment objective is to match the performance of the Standard & Poor’s SmallCap 600 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 the Manager, 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.
The Company enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.
The Fund | 31 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(a) Portfolio valuation: Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. U.S.Treasury Bills are valued at the mean price between quoted bid prices and asked prices by an independent pricing service approved by the Board of Directors. Registered investment companies that are not traded on an exchange are valued at their net asset value. When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Directors. Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository Receipts and futures contracts. For other securities that are fair valued by the Board of Directors, certain factors may be considered 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
32
public trading in similar securities of the issuer or comparable issuers. Financial futures are valued at the last sales price.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value.This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements.These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities
The Fund | 33 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The following is a summary of the inputs used as of April 30, 2011 in valuing the fund’s investments:
Level 2—Other | Level 3— | |||
Level 1— | Significant | Significant | ||
Unadjusted | Observable | Unobservable | ||
Quoted Prices | Inputs | Inputs | Total | |
Assets ($) | ||||
Investments in Securities: | ||||
Equity Securities— | ||||
Domestic† | 1,203,143,320 | — | — | 1,203,143,320 |
Mutual Funds | 17,576,382 | — | — | 17,576,382 |
U.S. Treasury | — | 779,998 | — | 779,998 |
Other Financial | ||||
Instruments: | ||||
Futures†† | 568,285 | — | — | 568,285 |
† | See Statement of Investments for additional detailed categorizations. |
†† | Amount shown represents unrealized appreciation at period end. |
In January 2010, FASB issued Accounting Standards Update (“ASU”) No. 2010-06 “Improving Disclosures about FairValue Measurements”. The portions of ASU No. 2010-06 which require reporting entities to prepare new disclosures surrounding amounts and reasons for significant transfers in and out of Level 1 and Level 2 fair value measurements as well as inputs and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements that fall in either Level 2 or Level 3 have been adopted by the fund. No significant transfers between Level 1 or Level 2 fair value measurements occurred at April 30, 2011.
(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 withThe Bank of NewYork Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, the
34
fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit.The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner. During the period ended April 30, 2011,The Bank of New York Mellon earned $54,161 from lending portfolio securities, pursuant to the securities lending agreement.
(c) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” in the Act.
The fund may invest in shares of certain affiliated investment companies also advised or managed by Dreyfus. Investments in affiliated investment companies for the period ended April 30, 2011 were as follows:
Affiliated | ||||||
Investment | Value | Value | Net | |||
Company | 10/31/2010 ($) | Purchases ($) | Sales | ($) 4/30/2011 ($) | Assets (%) | |
Dreyfus | ||||||
Institutional | ||||||
Preferred | ||||||
Plus Money | ||||||
Market | ||||||
Fund | 10,179,000 | 156,833,000 | 155,423,000 | 11,589,000 | .9 | |
Dreyfus | ||||||
Institutional | ||||||
Cash | ||||||
Advantage | ||||||
Plus Fund | 123,776,219 | 163,237,071 | 281,025,908 | 5,987,382 | .5 | |
Total | 133,955,219 | 320,070,071 | 436,448,908 | 17,576,382 | 1.4 |
The Fund | 35 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(d) Dividends to shareholders: Dividends are recorded on the ex-dividend date. Dividends from investment income-net and 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 April 30, 2011, 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, the fund did not incur any interest or penalties.
Each of the tax years in the three-year period ended October 31, 2010 remains subject to examination by the Internal Revenue Service and state taxing authorities.
The tax character of distributions paid to shareholders during the fiscal year ended October 31, 2010 was as follows: ordinary income $6,764,974. The tax character of current year distributions will be determined at the end of the current fiscal year.
NOTE 2—Bank Lines of Credit:
The fund participates with other Dreyfus-managed funds in a $225 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
36
or emergency purposes, including the financing of redemptions. 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 April 30, 2011, was approximately $597,200 with a related weighted average annualized interest rate of 1.43%.
NOTE 3—Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management agreement (“Agreement”) with the Manager, the management fee is computed at the annual rate of .25% of the value of the fund’s average daily net assets and is payable monthly. Under the terms of the Agreement, the Manager has agreed to pay all the expenses of the fund, except management fees, brokerage fees and commissions, taxes, interest fees, commitment fees, Shareholder Services Plan fees, fees and expenses of non-interested Board members (including counsel fees) and extraordinary expenses. In addition, the Manager is required to reduce its fee in an amount equal to the fund’s allocable portion of the accrued fees and expenses of the non-interested Board members (including counsel fees). 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. During the period ended April 30, 2011, fees reimbursed by the Manager amounted to $29,368.
(b) Under the Shareholder Services Plan, the fund pays the Distributor for the provision of certain services, at the annual rate of .25% of the value of the fund’s average daily net assets.The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. The Distributor may make payments to
The Fund | 37 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Service Agents (a securities dealer, financial institution or other industry professional) in respect of these services.The Distributor determines the amounts to be paid to Service Agents. During the period ended April 30, 2011, the fund was charged $1,442,073 pursuant to the Shareholder Services Plan.
The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $245,638 and shareholder services plan fees $245,638.
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 April 30, 2011, amounted to $158,175,805 and $171,786,787, respectively.
Futures Contracts: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including equity price risk as a result of changes in value of underlying financial instruments.The fund invests in financial futures contracts in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a broker, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. Futures contracts are valued daily at the last sales price established by the Board of Trade or exchange upon which
38
they are traded. When the contracts are closed, the fund recognizes a realized gain or loss. There is minimal counterparty credit risk to the fund with futures since futures are exchange traded, and the exchange’s clearinghouse guarantees the futures against default. Contracts open at April 30, 2011 are set forth in the Statement of Financial Futures.
The following summarizes the average market value of derivatives outstanding during the period ended April 30, 2011:
Average Market Value ($) | |
Equity future contracts | 15,621,320 |
At April 30, 2011, accumulated net unrealized appreciation on investments was $232,740,907, consisting of $306,512,488 gross unrealized appreciation and $73,771,581 gross unrealized depreciation.
At April 30, 2011, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
The Fund | 39 |
INFORMATION ABOUT THE RENEWAL OF THE
FUND’S MANAGEMENT AGREEMENT (Unaudited)
At a meeting of the fund’s Board of Directors held on March 1, 2011, the Board considered the renewal of the fund’s Management Agreement pursuant to which Dreyfus provides the fund with investment advisory and administrative services (the “Agreement”). The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of Dreyfus. In considering the renewal of the Agreement, the Board considered all factors that it believed to be relevant, including those discussed below.The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The Board members considered information previously provided to them in presentations from representatives of Dreyfus regarding the nature, extent, and quality of the services provided to funds in the Dreyfus fund complex, and representatives of Dreyfus confirmed that there had been no material changes in this information. Dreyfus provided the number of open accounts in the fund, the fund’s asset size and the allocation of fund assets among distribution channels. Dreyfus also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the Dreyfus fund complex and Dreyfus’ corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each distribution channel, including the distribution channel(s) for the fund.
The Board members also considered research support available to, and portfolio management capabilities of, the fund’s portfolio management personnel and that Dreyfus also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements.The Board members also considered Dreyfus’ extensive administrative, accounting, and compliance infrastructures.The Board also considered portfolio management’s brokerage policies and practices (including policies and practices regarding soft dollars) and the standards applied in seeking best execution.
40
Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board members reviewed reports prepared by Lipper, Inc. (“Lipper”), an independent provider of investment company data, which included information comparing (1) the fund’s performance with the performance of a group of comparable funds (the “Performance Group”) and with a broader group of funds (the “Performance Universe”), all for various periods ended December 31, 2010, and (2) the fund’s actual and contractual management fees and total expenses with those of a group of comparable funds (the “Expense Group”) and with a broader group of funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Lipper as of October 31, 2010. Dreyfus previously had furnished the Board with a description of the methodology Lipper used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.
Dreyfus representatives stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations that may be applicable to the fund and comparison funds.The Board members discussed the results of the comparisons and noted that the fund’s total return performance ranked second among the three funds in the Performance Group for the various periods, except for the one-year period when the fund’s performance ranked third, and was above the Performance Universe median for the various periods, except for the two-year period when the fund’s performance was below the median. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board members also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. Taking into consideration the fund’s “unitary” fee structure, they noted that the fund’s contractual management fee was at the Expense Group median, the fund’s actual management fee was at the Expense Group
The Fund | 41 |
INFORMATION ABOUT THE RENEWAL OF THE FUND’S
MANAGEMENT AGREEMENT (Unaudited) (continued)
and Expense Universe medians and the fund’s total expenses were at the Expense Group median and above the Expense Universe median.
Representatives of Dreyfus reviewed with the Board members the management or investment advisory fees (1) paid by funds advised or administered by Dreyfus that are in the same Lipper category as the fund and (2) paid to Dreyfus or the Dreyfus-affiliated primary employer of the fund’s primary portfolio manager for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the “Similar Clients”), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors, noting the fund’s “unitary” fee structure. The Board members considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness and reasonableness of the fund’s management fee.
Analysis of Profitability and Economies of Scale. Dreyfus’ representatives reviewed the expenses allocated and profit received by Dreyfus and the resulting profitability percentage for managing the fund, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by Dreyfus. The Board previously had been provided with information prepared by an independent consulting firm regarding Dreyfus’ approach to allocating costs to, and determining the profitability of, individual funds and the entire Dreyfus fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.
The Board’s counsel stated that the Board members should consider the profitability analysis (1) as part of their evaluation of whether the fees under the Agreement bear a reasonable relationship to the mix of ser-
42
vices provided by Dreyfus, including the nature, extent and quality of such services, and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Dreyfus representatives noted that, as a result of shared and allocated costs among funds in the Dreyfus funds complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund’s asset level. The Board members also considered potential benefits to Dreyfus from acting as investment adviser and noted that there were no soft dollar arrangements in effect for trading the fund’s investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
The Board concluded that the nature, extent and quality of the services provided by Dreyfus are adequate and appropriate.
The Board was satisfied with the fund’s performance.
The Board concluded that the fee paid to Dreyfus was reasonable in light of the considerations described above.
The Board determined that the economies of scale which may accrue to Dreyfus and its affiliates in connection with the management of the fund had been adequately considered by Dreyfus in connection with the fee rate charged to the fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
The Fund | 43 |
INFORMATION ABOUT THE RENEWAL OF THE FUND’S
MANAGEMENT AGREEMENT (Unaudited) (continued)
The Board members considered these conclusions and determinations, along with information received on a routine and regular basis throughout the year. In addition, it should be noted that the Board’s consideration of the contractual fee arrangements for this fund had the benefit of a number of years of reviews of prior or similar agreements during which lengthy discussions took place between the Board members and Dreyfus representatives. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board members’ conclusions may be based, in part, on their consideration of the same or similar arrangements in prior years. The Board members determined that renewal of the Agreement was in the best interests of the fund and its shareholders.
44
For More Information
Dreyfus | Transfer Agent & |
Smallcap Stock | Dividend Disbursing Agent |
Index Fund | Dreyfus Transfer, Inc. |
200 Park Avenue | 200 Park Avenue |
New York, NY 10166 | New York, NY 10166 |
Manager | Distributor |
The Dreyfus Corporation | MBSC Securities Corporation |
200 Park Avenue | 200 Park Avenue |
New York, NY 10166 | New York, NY 10166 |
Custodian | |
The Bank of New York Mellon | |
One Wall Street | |
New York, NY 10286 |
Ticker Symbol: DISSX
Telephone 1-800-645-6561
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: http://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 http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
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 http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-645-6561.
![](https://capedge.com/proxy/N-CSRS/0000857114-11-000010/scsincsrx48x1.jpg)
© 2011 MBSC Securities Corporation |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable. [CLOSED END FUNDS ONLY]
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures applicable to Item 10.
Item 11. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
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(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Not applicable.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(3) Not applicable.
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dreyfus Index Funds, Inc.
By: /s/ Bradley J. Skapyak | |
Bradley J. Skapyak, President
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Date: | June 13, 2011 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. | |
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By: /s/ Bradley J. Skapyak | |
Bradley J. Skapyak, President
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Date: | June 13, 2011 |
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By: /s/ James Windels | |
James Windels, Treasurer
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Date: | June 13, 2011 |
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EXHIBIT INDEX
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)
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