N-CSR 1 form-078.htm SEMI-ANNUAL REPORT form-078
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 
placeCityWashington, StateD.C. PostalCode20549

FORM N-CSR 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT 
INVESTMENT COMPANIES 
Investment Company Act file number 811-5883 
Dreyfus Index Funds, Inc. 
(Exact name of Registrant as specified in charter) 

c/o The Dreyfus Corporation 
addressStreet200 Park Avenue 
placeCityNew York, StateNew York PostalCode10166 
(Address of principal executive offices) (Zip code) 
 
Mark N. Jacobs, Esq. 
addressStreet200 Park Avenue 
placeCityNew York, StateNew York PostalCode10166 
(Name and address of agent for service) 
 
Registrant's telephone number, including area code: (212) 922-6000 

Date of fiscal year end:    10/31 
Date of reporting period:    4/30/2006 

FORM N-CSR

Item 1. Reports to Stockholders.

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.

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

Contents
 
    THE FUND 
2    Letter from the Chairman 
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 
25    Statement of Financial Futures 
26    Statement of Assets and Liabilities 
27    Statement of Operations 
28    Statement of Changes in Net Assets 
29    Financial Highlights 
30    Notes to Financial Statements 
37    Information About the Review 
and Approval of the Fund’s
    Investment Management Agreement 
FOR MORE INFORMATION
    Back Cover 

LETTER FROM THE CHAIRMAN

Dear Shareholder:

We are pleased to present this semiannual report for Dreyfus Smallcap Stock Index Fund, covering the six-month period from November 1, 2005, through April 30, 2006.

Since June 2004, the Federal Reserve Board has attempted to manage U.S. economic growth and forestall potential inflation by gradually raising short-term interest rates. Recently, Fed Chairman Ben Bernanke suggested that the Fed may soon pause to assess current economic data and evaluate the impact of its credit tightening campaign. In our view, the Fed’s efforts so far have largely been successful: the economy has grown at a moderate pace, the unemployment rate has dropped to multi-year lows, corporate profits have risen, and inflation has remained low despite volatile energy prices.

However, the financial markets are more likely to be influenced not by what the Fed already has accomplished, but by investors’ expectations of what is to come, including the Fed’s decision to increase rates further, maintain them at current levels or reduce them to stimulate future growth.We believe that this decision will depend largely on the outlook for core inflation in 2007.The Fed probably can stand pat as long as it expects inflation to remain subdued. But if inflationary pressures build in an expanding economy, the Fed may choose to resume tightening later this year.As always, we urge you to discuss with your financial advisor the potential implications of these possibilities on your investments.

For information about how the fund performed, as well as market perspectives, we have provided a Discussion of Fund Performance given by the fund’s portfolio manager.

Thank you for your continued confidence and support.

The Dreyfus Corporation
May 15, 2006
2

DISCUSSION OF FUND PERFORMANCE

Tom Durante, CFA, Portfolio Manager 
 
How did Dreyfus Smallcap Stock Index Fund perform relative 
to its benchmark? 

For the six-month period ended April 30, 2006, Dreyfus Smallcap Stock Index Fund produced a total return of 16.54% .1 The Standard

& Poor’s SmallCap 600 Index (the “S&P 600 Index”) produced a 16.92% return for the same period.2,3

A strong U.S. economy and rising corporate profits generally helped small-cap stocks advance during the reporting period. These factors more than offset the potentially negative influences of rising interest rates and volatile energy prices.The difference in returns between the fund and the S&P 600 Index was primarily due to the fund’s sampling strategy, transaction costs and other fund operating expenses.

What is the fund’s investment approach?

The fund seeks to match the total return of the S&P 600 Index. To reach this goal, the fund generally invests in a representative sample of the stocks listed in the S&P 600 Index.While the fund generally owns the vast majority of the stocks in the S&P 600 Index, some very small, less liquid stocks may be excluded from the portfolio. Often considered a barometer for the small-cap stock market in general, 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.

As an index fund, the fund uses a passive management approach: all investment decisions are made based on the composition of the S&P 600 Index.The fund does not attempt to manage market volatility.

Small-cap stocks are often those of new and entrepreneurial companies and tend to grow faster than large-cap companies. They

The Fund 3

DISCUSSION OF FUND PERFORMANCE (continued)

also typically use any profits for expansion rather than for paying dividends. Compared to larger, more established companies, small companies are subject to more erratic market movements and may carry additional risks because, among other things, their revenues and earnings also tend to be less predictable. As a result, their stocks tend to be less liquid and more volatile.

What other factors influenced the fund’s performance?

The small-cap stock market generally benefited from strong economic growth and persistently low inflation during the reporting period. On the other hand, energy prices remained volatile, with oil prices falling from their post-Katrina peak in the final months of 2005 before soaring to new highs in 2006. At the same time, the Federal Reserve Board raised short-term interest rates by a full percentage point over the reporting period, making it more expensive for consumers and businesses to borrow.

Despite higher interest rates and rising fuel prices, and contrary to some analysts’ expectations, consumers have continued to spend and show confidence in the economy. At the same time, strong corporate profits and healthy balance sheets helped support an increase in capital spending among businesses. Investors also appeared to remain optimistic, as reflected by higher stock prices and their preference for smaller, faster-growing companies over larger, better known businesses with slower-but-steadier growth rates. As a result, as they have for some time, small-cap stocks continue to post greater gains than most large-cap companies during the reporting period.

Gains for the S&P 600 Index were particularly robust in the producer goods area, driven by rising global demand for heavy machinery, industrial parts, chemicals, metals and construction services. Stocks of steel producers advanced especially strongly due to steady growth in the U.S. economy as well as surging industrial demand from China and India. In the energy sector, a number of small, niche-oriented oil services companies benefited when they won contracts to help rebuild oil production and refinery capacity after the 2005 Gulf Coast hurricanes.

4

In the information technology area, electronic equipment stocks benefited from strong sales of products that boost worker productivity by streamlining operations and managing inventories more efficiently.

On the other hand, only a handful of the S&P 600 Index’s stocks posted negative absolute returns, including a regional airline, a home products company and an insurance company whose property division was based in the Gulf Coast region. However, weakness in these isolated areas detracted only slightly from otherwise strong performance for small-cap stocks over the reporting period.

What is the fund’s current strategy?

As an index fund, our strategy is to replicate the returns of the small-cap market as represented by the S&P 600 Index.Accordingly, the percentage of the fund’s assets invested in each market sector closely approximated its representation in the S&P 600 Index.While small-cap stocks may involve greater risk than larger-cap stocks, we believe that an investment in a broadly diversified small-cap index fund, such as Dreyfus Smallcap Stock Index Fund, may help investors manage the risks associated with small-cap investing by limiting the impact on the overall portfolio of unexpected losses in any single industry group or holding.

May 15, 2006

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. Return figure provided reflects the 
    absorption of certain fund expenses by The Dreyfus Corporation pursuant to an agreement in 
    effect that may be extended, terminated or modified. Had these expenses not been absorbed, the 
    fund’s return would have been lower. 
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. 
3    Standard & Poor’s®,”“S&P®,” and “Standard & Poor’s SmallCap 600 Index” are trademarks 
    of The McGraw-Hill Companies, Inc., and have been licensed for use by the fund.The fund is 
    not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no 
    representation regarding the advisability of investing in the fund. 

The Fund 5

U N D E R S TA N D I N G YO U R F U N D ’ S E X P E N S E S ( U n a u d i t e d )

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, 2005 to April 30, 2006. 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, 2006

Expenses paid per $1,000 †    $ 2.68 
Ending value (after expenses)    $1,165.40 

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, 2006

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, 2006 (Unaudited) 

Common Stocks—99.6%    Shares    Value ($) 
Consumer Cyclical—15.2%         
Aaron Rents    63,897    1,716,273 
Albany International, Cl. A    52,400    2,048,840 
Angelica    12,900    261,741 
Arctic Cat    27,400    592,662 
Ashworth    11,900 a    121,499 
Audiovox, Cl. A    31,000 a    376,340 
Aztar    57,800 a    2,745,500 
Bally Total Fitness Holding    41,200 a,b    371,624 
Bassett Furniture Industries    19,500    359,580 
Brown Shoe    48,450    1,842,553 
Casey’s General Stores    83,300    1,781,787 
Cato, Cl. A    54,300    1,228,809 
CEC Entertainment    55,225 a    1,938,397 
Children’s Place Retail Stores    35,700 a    2,205,546 
Chittenden    72,037    1,985,340 
Christopher & Banks    57,875    1,529,057 
Coachmen Industries    23,400    263,952 
Cost Plus    25,500 a    448,800 
CPI    13,600    288,184 
Dress Barn    75,000 a    1,896,750 
East West Bancorp    95,200    3,776,584 
Ethan Allen Interiors    53,500    2,401,615 
Finish Line, Cl. A    71,500    1,178,320 
First Bancorp/Puerto Rico    130,400    1,382,240 
Fleetwood Enterprises    100,500 a,b    944,700 
Fossil    69,525 a    1,130,477 
Fred’s    67,800    962,082 
Frontier Airlines Holdings    44,000 a,b    298,320 
Genesco    40,000 a    1,653,200 
Great Atlantic & Pacific Tea    25,100    680,210 
Group 1 Automotive    37,700    2,057,666 
Guitar Center    41,300 a    2,220,288 
Gymboree    47,300 a    1,422,784 
Hancock Fabrics/DE    15,600    54,756 
Haverty Furniture Cos.    38,300    578,330 
Hibbett Sporting Goods    60,500 a    1,833,755 

The Fund 7

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Consumer Cyclical (continued)         
HOT Topic    58,700 a,b    870,521 
IHOP    31,000    1,485,520 
Insight Enterprises    72,000 a    1,423,440 
Interface, Cl. A    69,800 a    897,628 
J Jill Group    27,600 a    662,952 
Jack in the Box    58,300 a    2,436,940 
Jakks Pacific    47,700 a,b    1,081,359 
Jo-Ann Stores    31,460 a    385,700 
JOS A Bank Clothiers    23,000 a,b    966,000 
K-Swiss, Cl. A    47,700    1,368,036 
K2    62,300 a    734,517 
Kellwood    45,000    1,441,800 
La-Z-Boy    82,300 b    1,260,836 
Landry’s Restaurants    25,800    915,126 
Lenox Group    25,600 a    348,672 
LKQ    70,000 a    1,472,800 
Lone Star Steakhouse & Saloon    32,300    880,498 
Longs Drug Stores    46,000    2,180,860 
Marcus    32,300    582,369 
MarineMax    25,000 a    819,000 
Men’s Wearhouse    85,000    3,012,400 
Mesa Air Group    65,000 a    684,450 
Midas    18,600 a    426,684 
Monaco Coach    42,250    588,120 
Multimedia Games    48,800 a,b    672,952 
National Presto Industries    5,000    301,500 
Nautilus    50,400 b    826,560 
O’Charleys    38,800 a    657,660 
Oxford Industries    22,400    978,880 
Panera Bread, Cl. A    48,500 a    3,597,730 
Papa John’s International    43,000 a    1,437,060 
PEP Boys-Manny Moe & Jack    73,300    1,089,971 
PF Chang’s China Bistro    38,300 a,b    1,631,963 
Phillips-Van Heusen    59,500    2,391,900 
Pinnacle Entertainment    71,300 a    1,946,490 
Polaris Industries    67,300    3,223,670 

8

Common Stocks (continued)    Shares    Value ($) 
Consumer Cyclical (continued)         
Quiksilver    171,300 a    2,341,671 
Rare Hospitality International    53,650 a    1,669,588 
Red Robin Gourmet Burgers    20,600 a    926,176 
Russ Berrie & Co.    19,900    263,675 
Russell    44,000    796,400 
Ryan’s Restaurant Group    65,800 a    881,062 
School Specialty    36,000 a    1,309,320 
SCP Pool    83,630    3,907,194 
Select Comfort    60,000 a,b    2,397,600 
Shuffle Master    53,873 a    1,990,607 
Skechers U.S.A., Cl. A    41,500 a    1,135,025 
Skywest    95,600    2,253,292 
Sonic    93,345 a    3,165,329 
Sonic Automotive    53,000    1,432,060 
Stage Stores    40,400    1,262,904 
Standard Motor Products    17,400    138,852 
Steak ‘n Shake    44,278 a    846,153 
Stein Mart    49,300    778,940 
Stride Rite    61,500    861,615 
Sturm Ruger & Co.    33,800    237,276 
Superior Industries International    31,800 b    598,476 
Too    54,000 a    2,074,680 
Toro    71,800    3,550,510 
Tractor Supply    51,500 a    3,336,685 
Triarc Cos., Cl. B    74,500    1,230,740 
Tuesday Morning    40,700    771,265 
Wabash National    50,000    905,000 
Winnebago Industries    56,900    1,675,705 
WMS Industries    32,200 a,b    1,006,250 
Wolverine World Wide    92,350    2,293,974 
Zale    78,000 a    1,922,700 
        140,221,849 
Consumer Staples—2.7%         
Alliance One International    118,800    520,344 
American Italian Pasta, Cl. A    31,300 b    260,103 
Corn Products International    115,600    3,236,800 

The Fund 9

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Consumer Staples (continued)         
Delta & Pine Land    60,933    1,802,398 
Flowers Foods    81,875    2,299,869 
Hain Celestial Group    55,200 a    1,484,880 
Hansen Natural    19,800 a,b    2,563,308 
J & J Snack Foods    26,400    904,200 
Lance    44,700    1,140,297 
Libbey    19,900    273,426 
Nash Finch    25,300    584,430 
Peet’s Coffee & Tea    17,800 a,b    554,292 
Performance Food Group    61,700 a,b    1,894,190 
Playtex Products    92,800 a    1,040,288 
Ralcorp Holdings    45,000 a    1,677,600 
Sanderson Farms    22,300    591,173 
TreeHouse Foods    51,600 a    1,351,920 
United Natural Foods    59,800 a    1,911,806 
WD-40    30,300    952,329 
        25,043,653 
Energy—9.3%         
American States Water    22,950    915,935 
Atmos Energy    132,000    3,503,280 
Atwood Oceanics    40,800 a    2,176,680 
Cabot Oil & Gas    73,250    3,608,295 
CARBO Ceramics    28,400 b    1,645,212 
Cascade Natural Gas    16,600    339,802 
Cimarex Energy    135,100    5,802,545 
Dril-Quip    10,900 a    784,582 
Energen    119,700    4,221,819 
Frontier Oil    92,200    5,580,866 
Helix Energy Solutions Group    128,000 a    4,968,960 
Hydril    30,100 a    2,412,816 
Laclede Group    37,300    1,271,930 
Lone Star Technologies    53,200 a    2,820,132 
New Jersey Resources    47,400    2,098,398 
Northwest Natural Gas    42,500    1,467,950 
Oceaneering International    43,300 a    2,642,599 
Penn Virginia    28,300    2,045,524 

10

Common Stocks (continued)    Shares    Value ($) 
Energy (continued)         
Petroleum Development    27,400 a    1,096,274 
Piedmont Natural Gas    116,000 b    2,845,480 
Remington Oil & Gas    40,600 a    1,770,566 
South Jersey Industries    46,500    1,235,970 
Southern Union    150,872    3,910,602 
Southwest Gas    63,300    1,754,676 
St. Mary Land & Exploration    90,400    3,811,264 
Stone Energy    41,700 a    1,964,070 
Swift Energy    49,000 a    2,075,640 
Tetra Technologies    53,225 a    2,618,670 
UGI    170,000    3,808,000 
Unit    77,900 a    4,498,725 
Veritas DGC    57,500 a    2,755,400 
W-H Energy Services    42,600 a    2,140,650 
World Fuel Services    44,000    1,761,760 
        86,355,072 
Health Care—10.8%         
Alpharma, Cl. A    72,600    1,905,750 
Amedisys    26,600 a,b    882,056 
American Medical Systems Holdings    107,500 a    2,387,575 
AMERIGROUP    83,500 a    2,156,805 
Amsurg    48,500 a    1,238,690 
Analogic    22,000    1,387,980 
ArQule    45,500 a    281,645 
ArthroCare    36,100 a    1,636,413 
BIOLASE Technology    20,200 b    215,130 
Biosite    28,000 a    1,579,200 
Bradley Pharmaceuticals    26,400 a,b    391,776 
Cambrex    45,800    928,824 
Chemed    39,698    2,163,144 
CNS    28,000    602,280 
Conmed    44,200 a,b    964,002 
Connetics    46,500 a,b    704,475 
Cooper Cos.    71,000    3,892,220 
Cyberonics    32,200 a,b    746,718 
Datascope    24,000    927,360 

The Fund 11

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Health Care (continued)         
Diagnostic Products    39,200    2,273,600 
DJ Orthopedics    34,200 a    1,359,792 
Enzo Biochem    51,317 a    630,173 
First Horizon Pharmaceutical    45,500 a    1,013,285 
Genesis HealthCare    31,400 a    1,484,278 
Haemonetics/Mass    43,000 a    2,343,500 
Healthways    54,100 a    2,654,146 
Hologic    68,500 a    3,265,395 
Hooper Holmes    95,000    280,250 
ICU Medical    24,500 a    1,009,155 
IDEXX Laboratories    51,400 a    4,276,994 
Immucor    73,200 a    2,126,460 
Integra LifeSciences Holdings    28,100 a    1,179,076 
Intermagnetics General    53,762 a    1,167,711 
Invacare    53,000    1,624,450 
Kensey Nash    14,900 a,b    449,533 
Laserscope    31,000 a,b    736,560 
LCA-Vision    33,000    1,853,280 
Matria Healthcare    32,000 a    982,080 
Mentor    61,800    2,677,794 
Merit Medical Systems    41,000 a    479,290 
MGI Pharma    116,400 a    2,174,352 
NBTY    89,400 a    2,024,910 
Noven Pharmaceuticals    32,800 a    619,920 
Odyssey HealthCare    56,950 a    990,360 
Osteotech    27,000 a    120,960 
Owens & Minor    68,100    2,170,347 
Pediatrix Medical Group    80,800 a    4,090,096 
PolyMedica    36,700    1,516,077 
Possis Medical    33,600 a    327,936 
Regeneron Pharmaceuticals    66,400 a    964,128 
RehabCare Group    27,800 a    456,754 
Resmed    115,800 a    4,996,770 
Respironics    117,400 a    4,299,188 
Savient Pharmaceuticals    92,000 a    514,280 
SFBC International    26,200 a,b    611,770 

12

Common Stocks (continued)    Shares    Value ($) 
Health Care (continued)         
Sierra Health Services    85,000 a    3,332,850 
Sunrise Senior Living    61,600 a    2,291,520 
SurModics    27,400 a,b    974,344 
Sybron Dental Specialties    65,499 a    3,081,073 
Theragenics    55,000 a    189,200 
United Surgical Partners International    71,000 a    2,343,710 
USANA Health Sciences    18,400 a,b    673,256 
Viasys Healthcare    46,600 a    1,355,128 
Vital Signs    12,600    626,220 
        99,603,994 
Interest Sensitive—14.5%         
Acadia Realty Trust    44,300    999,851 
Anchor Bancorp Wisconsin    30,200    881,236 
BankAtlantic Bancorp, Cl. A    72,200    1,077,224 
BankUnited Financial, Cl. A    55,900    1,715,571 
Boston Private Financial Holdings    52,700    1,752,275 
Brookline Bancorp    90,300    1,336,440 
Cash America International    46,500    1,528,920 
Centene    68,600 a    1,762,334 
Central Pacific Financial    52,200    1,978,380 
Colonial Properties Trust    72,400    3,564,976 
Commercial Net Lease Realty    90,200    1,898,710 
Community Bank System    44,300    909,479 
Delphi Financial Group, Cl. A    46,317    2,426,548 
Dime Community Bancshares    37,550    532,084 
Downey Financial    35,380    2,539,576 
EastGroup Properties    34,000    1,518,780 
Entertainment Properties Trust    46,200    1,888,194 
Essex Property Trust    35,600    3,883,960 
Fidelity Bankshares    30,700    989,154 
Financial Federal    40,250    1,143,100 
First Commonwealth Financial    109,000    1,458,420 
First Midwest Bancorp/IL    77,074    2,776,976 
First Republic Bank/San Francisco, CA    39,850    1,734,272 
FirstFed Financial    29,700 a,b    1,867,833 
Flagstar Bancorp    53,000 b    848,000 

The Fund 13

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Interest Sensitive (continued)         
Franklin Bank/Houston, TX    36,900 a    716,229 
Fremont General    105,200    2,339,648 
Glacier Bancorp    46,600    1,414,776 
Glenborough Realty Trust    50,800    1,064,260 
Hanmi Financial    70,600    1,375,288 
Harbor Florida Bancshares    31,600    1,186,896 
Hilb, Rogal & Hobbs    51,800    2,117,584 
Independent Bank/MI    32,600    889,980 
Infinity Property & Casualty    33,600    1,506,624 
Investment Technology Group    63,500 a    3,364,865 
iPayment    25,300 a    1,094,225 
Irwin Financial    39,000    716,040 
Kilroy Realty    44,600    3,180,872 
LaBranche & Co.    99,700 a,b    1,408,761 
LandAmerica Financial Group    30,400    2,109,152 
Lexington Corporate Properties Trust    84,300 b    1,817,508 
LTC Properties    35,500    778,870 
MAF Bancorp    43,300    1,921,654 
Nara Bancorp    38,700    727,560 
NCO Group    57,800 a    1,239,810 
New Century Financial    92,250    4,725,045 
Parkway Properties/Md    23,700    938,520 
Philadelphia Consolidated Holding    86,000 a    2,849,180 
Piper Jaffray Cos.    32,500 a    2,271,750 
Portfolio Recovery Associates    26,700 a    1,373,715 
Presidential Life    38,800    956,420 
PrivateBancorp    27,100    1,199,175 
ProAssurance    46,600 a    2,347,708 
Prosperity Bancshares    34,000    1,108,400 
Provident Bankshares    48,224    1,676,266 
Republic Bancorp/MI    116,825    1,339,983 
Rewards Network    41,000 a    335,790 
RLI    35,000    1,736,000 
Selective Insurance Group    46,300    2,577,058 
Shurgard Storage Centers, Cl. A    73,200    4,610,136 
South Financial Group    110,600    3,000,578 

14

Common Stocks (continued)    Shares    Value ($) 
Interest Sensitive (continued)         
Sovran Self Storage    29,100    1,430,265 
Sterling Bancshares/TX    79,300    1,313,208 
Sterling Financial/WA    51,735    1,663,280 
Stewart Information Services    32,500    1,404,000 
Susquehanna Bancshares    88,700    2,117,269 
SWS Group    28,771    788,038 
TradeStation Group    30,000 a    478,200 
Trustco Bank NY    117,244    1,356,513 
UCBH Holdings    141,300    2,499,597 
Umpqua Holdings    69,000    1,821,600 
United Bankshares    56,700    2,068,416 
United Fire & Casualty    27,800    832,332 
Whitney Holding    105,170    3,739,845 
Wilshire Bancorp    20,000    364,800 
Wintrust Financial    39,800    2,059,650 
World Acceptance    30,600 a    880,974 
Zenith National Insurance    61,400    2,708,968 
        134,555,574 
Producer Goods—23.2%         
AAR    53,350 a    1,423,378 
Acuity Brands    72,200    2,980,416 
Aleris International    45,978 a    2,126,482 
AM Castle & Co.    16,700    602,870 
AMCOL International    34,500    994,290 
AO Smith    35,650    1,690,523 
Apogee Enterprises    40,600    658,938 
Applied Industrial Technologies    42,050    1,747,177 
Aptargroup    56,500    2,961,165 
Arch Chemicals    36,100    1,063,506 
Arkansas Best    45,500    1,952,860 
Armor Holdings    48,700 a    2,974,109 
Astec Industries    29,300 a    1,152,955 
ASV    26,000 a,b    650,000 
Baldor Electric    46,933    1,558,176 
Barnes Group    31,000    1,397,170 
Belden CDT    66,312    2,075,566 

The Fund 15

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Producer Goods (continued)         
Brady, Cl. A    78,800    2,834,436 
Briggs & Stratton    77,400    2,611,476 
Bristow Group    34,700 a    1,245,036 
Brush Engineered Materials    27,800 a    648,018 
Buckeye Technologies    38,800 a    312,340 
Building Material Holding    50,500    1,687,710 
C & D Technologies    26,400    212,784 
Caraustar Industries    36,300 a    359,733 
Carpenter Technology    34,400    4,091,880 
Century Aluminum    36,200 a    1,723,482 
Ceradyne    41,300 a,b    2,188,900 
Champion Enterprises    122,299 a,b    1,866,283 
Chaparral Steel    33,800 a    2,133,456 
Chesapeake    34,900    491,043 
Clarcor    83,000    2,905,000 
Cleveland-Cliffs    36,200    3,098,358 
Commercial Metals    95,100    5,173,440 
Cubic    29,300    673,607 
Curtiss-Wright    69,000    2,286,660 
Deltic Timber    19,800    1,142,856 
Drew Industries    23,600 a    848,184 
EDO    22,600    590,538 
EGL    54,800 a    2,560,256 
ElkCorp    27,600    840,420 
EMCOR Group    50,000 a    2,502,500 
EnPro Industries    35,200 a    1,298,176 
Forward Air    50,250    2,018,542 
Gardner Denver    41,400 a    3,085,542 
GenCorp    76,600 a,b    1,496,764 
Georgia Gulf    57,800    1,714,348 
Greatbatch    36,300 a    889,350 
Griffon    41,100 a,b    1,096,137 
HB Fuller    49,400    2,583,620 
Headwaters    67,700 a,b    2,280,136 
Heartland Express    73,856    1,795,439 
HUB Group, Cl. A    36,300 a    1,784,871 

16

Common Stocks (continued)    Shares    Value ($) 
Producer Goods (continued)         
IDEX    85,400    4,338,320 
Insituform Technologies, Cl. A    37,500 a    955,500 
JLG Industries    168,400    4,829,712 
Kaman    44,400    1,078,920 
Kansas City Southern    108,900 a,b    2,646,270 
Kaydon    45,200    1,940,888 
Kirby    39,200 a    2,889,040 
Knight Transportation    82,950    1,620,013 
Landstar System    94,300    4,006,807 
Lawson Products    7,300    309,666 
Lennox International    90,600    2,956,278 
Lindsay Manufacturing    19,500    507,000 
Lufkin Industries    22,000    1,409,320 
Lydall    21,200 a    197,372 
M/I Homes    16,300    703,671 
MacDermid    38,800    1,330,840 
Magnetek    25,300 a    100,947 
Manitowoc    95,450    4,733,366 
Massey Energy    129,000    4,985,850 
Material Sciences    22,300 a    229,913 
Maverick Tube    69,000 a    3,754,980 
Meritage Homes    36,800 a    2,413,344 
Moog, Cl. A    58,675 a    2,197,379 
Mueller Industries    59,200    2,242,496 
Myers Industries    51,809    917,019 
NCI Building Systems    32,900 a    2,138,171 
Neenah Paper    24,300    779,787 
NS Group    39,200 a    1,960,784 
NVR    7,700 a    5,813,500 
Old Dominion Freight Line    42,600 a    1,371,720 
OM Group    41,300 a    1,182,832 
Omnova Solutions    67,000 a    396,640 
Penford    16,600    269,916 
PolyOne    150,000 a    1,332,000 
Pope & Talbot    18,400    148,120 
Quaker Chemical    10,400    209,976 

The Fund 17

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Producer Goods (continued)         
Quanex    63,575    2,718,467 
Regal-Beloit    46,200    2,155,692 
Reliance Steel & Aluminum    51,500    4,580,925 
Robbins & Myers    19,400    471,420 
Rock-Tenn, Cl. A    52,300    830,001 
Rogers    24,600 a    1,517,820 
RTI International Metals    31,800 a    1,912,452 
Ryerson    39,200    1,151,696 
Schulman (A.)    49,700    1,189,818 
Schweitzer-Mauduit International    25,300    612,513 
SEACOR Holdings    30,950 a    2,737,528 
Simpson Manufacturing    58,800    2,351,412 
Skyline    13,100    511,686 
Spectrum Brands    51,600 a    853,980 
Standard-Pacific    106,300    3,370,773 
Standex International    18,500    530,765 
Steel Technologies    24,000    557,520 
Stewart & Stevenson Services    42,300    1,483,461 
Teledyne Technologies    55,000 a    2,002,550 
Texas Industries    39,400    2,233,980 
Tredegar    44,500    714,670 
Triumph Group    24,900 a    1,171,794 
Tronox, Cl. B    65,000 a    1,124,500 
United Stationers    54,400 a    2,918,560 
Universal Forest Products    28,000    2,093,560 
URS    69,000 a    2,971,830 
Valmont Industries    29,400    1,580,250 
Watsco    39,200    2,487,240 
Watts Water Technologies, Cl. A    39,600    1,354,716 
Wausau Paper    70,400    1,012,352 
Wellman    23,000    127,190 
Wolverine Tube    9,900 a,b    31,977 
Woodward Governor    51,500    1,763,875 
        215,106,232 
Services—8.1%         
4Kids Entertainment    19,600 a    337,708 
ABM Industries    62,000    1,066,400 

18

Common Stocks (continued)    Shares    Value ($) 
Services (continued)         
Administaff    39,600    2,286,900 
ADVO    51,250    1,452,425 
Arbitron    52,300    1,865,018 
Bowne & Co.    47,300    743,083 
Brightpoint    66,550 a    2,228,094 
CACI International, Cl. A    48,400 a    3,026,936 
CDI    18,500    524,475 
Central Parking    25,910    395,127 
Cerner    99,500 a    3,945,175 
CIBER    80,300 a    550,055 
Consolidated Graphics    21,400 a    1,119,006 
Cross Country Healthcare    34,000 a    616,080 
Daktronics    23,500    921,670 
Digital Insight    55,000 a    1,896,950 
eFunds    66,800 a    1,719,432 
Factset Research Systems    55,000    2,427,700 
G & K Services, Cl. A    34,000    1,392,980 
Gentiva Health Services    44,000 a    745,360 
Gevity HR    43,000    1,104,670 
Global Payments    107,940    5,119,594 
Healthcare Services Group    51,000    1,088,850 
Heidrick & Struggles International    31,000 a    1,120,960 
John H. Harland    46,600    1,931,570 
Keane    63,200 a    893,648 
Kronos/MA    50,650 a    2,311,666 
Labor Ready    87,350 a    2,308,661 
Live Nation    103,800 a    1,972,200 
LoJack    32,000 a    707,520 
Mantech International, Cl. A    29,700 a    980,991 
MAXIMUS    33,800    1,177,592 
MIVA    23,700 a    104,280 
Mobile Mini    48,400 a    1,596,232 
On Assignment    6,600 a    85,800 
Parexel International    42,700 a    1,260,077 
Paxar    50,625 a    1,105,650 
Pegasus Solutions    19,200 a    181,248 
Pre-Paid Legal Services    21,300 b    719,940 

The Fund 19

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Services (continued)         
Shaw Group    122,300 a    3,742,380 
SourceCorp    26,000 a    642,980 
Spherion    101,200 a    1,070,696 
Standard Register    20,400    278,460 
Startek    24,000    547,920 
Talx    51,650    1,343,417 
Tetra Tech    95,056 a    1,846,938 
Thomas Nelson    20,000    591,000 
Universal Technical Institute    37,500 a    924,375 
Ventiv Health    43,900 a    1,318,756 
Vertrue    15,800 a    650,486 
Viad    34,800    1,143,876 
Volt Information Sciences    15,800 a    495,804 
Waste Connections    73,250 a    2,820,125 
Watson Wyatt Worldwide, Cl. A    67,500    2,225,475 
        74,674,411 
Technology—14.3%         
Actel    41,000 a    658,870 
Adaptec    168,300 a    930,699 
Advanced Energy Industries    45,700 a    717,033 
Aeroflex    116,600 a    1,470,326 
Agilysys    60,000    868,800 
Altiris    37,100 a    793,940 
Anixter International    52,500    2,669,100 
Ansys    54,200 a    3,059,590 
Applied Signal Technology    19,200    344,640 
Artesyn Technologies    48,900 a    537,411 
ATMI    60,400 a    1,715,360 
Avid Technology    63,320 a    2,440,986 
Axcelis Technologies    148,000 a    871,720 
Bel Fuse, Cl. B    25,300    838,442 
Bell Microproducts    45,000 a,b    292,500 
Benchmark Electronics    102,300 a    2,792,790 
Black Box    28,300    1,327,836 
Blue Coat Systems    23,200 a    504,832 
Brooks Automation    110,248 a    1,490,553 
C-COR    54,300 a    444,174 

20

Common Stocks (continued)    Shares    Value ($) 
Technology (continued)         
Captaris    36,400 a    146,328 
Carreker    33,900 a    212,892 
Catapult Communications    18,900 a    226,044 
Checkpoint Systems    62,200 a    1,638,970 
Cognex    73,200    1,950,780 
Coherent    52,800 a    1,954,128 
Cohu    32,600    625,594 
Coinstar    44,300 a    1,208,061 
Comtech Telecommunications    34,800 a    990,060 
CTS    57,600    812,736 
Cymer    59,500 a    3,075,555 
Dendrite International    67,500 a    839,025 
Digi International    35,000 a    442,750 
Diodes    35,000 a    1,425,900 
Dionex    34,650 a    2,083,158 
Ditech Communications    46,800 a    440,856 
DSP Group    48,400 a    1,308,736 
Electro Scientific Industries    47,200 a    945,416 
Epicor Software    83,000 a    1,006,790 
EPIQ Systems    27,500 a    478,775 
ESS Technology    52,400 a    166,108 
Esterline Technologies    41,300 a    1,830,416 
Exar    54,000 a    782,460 
FEI    35,700 a    776,118 
Filenet    67,500 a    1,877,850 
Flir Systems    108,700 a    2,657,715 
Gerber Scientific    41,000 a    425,170 
Global Imaging Systems    39,400 a    1,471,590 
Harmonic    92,000 a    492,200 
Hutchinson Technology    35,700 a    848,589 
Hyperion Solutions    95,362 a    2,919,984 
InfoSpace    46,600 a    1,189,698 
Input/Output    87,600 a,b    883,008 
Inter-Tel    39,100    896,954 
Internet Security Systems    62,000 a    1,391,280 
Itron    41,400 a    2,775,870 
j2 Global Communications    40,800 a    2,002,872 

The Fund 21

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Technology (continued)         
JDA Software Group    44,900 a    613,334 
Keithley Instruments    25,200    388,332 
Komag    50,700 a    2,131,428 
Kopin    111,000 a    617,160 
Kulicke & Soffa Industries    76,000 a    688,560 
Littelfuse    36,000 a    1,162,440 
Manhattan Associates    45,500 a    987,805 
MapInfo    34,000 a    472,600 
Mercury Computer Systems    31,200 a    594,672 
Methode Electronics    69,000    676,200 
Micros Systems    64,000 a    2,675,200 
Microsemi    113,000 a    3,087,160 
MRO Software    36,000 a    684,720 
MTS Systems    36,100    1,615,475 
Napster    49,700 a    230,111 
Neoware    28,800 a    624,096 
Netgear    53,000 a,b    1,189,850 
Network Equipment Technologies    23,300 a    71,065 
Novatel Wireless    37,400 a    376,244 
Open Solutions    32,500 a    884,650 
Park Electrochemical    38,250    1,184,602 
PC-Tel    18,600 a    196,416 
Per-Se Technologies    55,345 a    1,546,893 
Pericom Semiconductor    37,000 a    361,120 
Phoenix Technologies    30,900 a    180,147 
Photon Dynamics    17,200 a    327,660 
Photronics    72,800 a    1,308,216 
Planar Systems    36,100 a,b    587,708 
Power Integrations    52,000 a    1,100,840 
Progress Software    64,900 a    1,790,591 
Quality Systems    27,600    926,256 
Radiant Systems    37,700 a    490,100 
Radisys    33,900 a,b    717,324 
Rudolph Technologies    30,000 a    497,400 
SBS Technologies    25,700 a    418,139 
Scansource    23,100 a    1,446,060 
Secure Computing    86,500 a    929,875 

22

Common Stocks (continued)    Shares    Value ($) 
Technology (continued)         
Skyworks Solutions    252,000 a    1,801,800 
Sonic Solutions    40,800 a,b    722,976 
SPSS    28,800 a    1,003,968 
Standard Microsystems    33,300 a    775,890 
Supertex    20,000 a,b    772,400 
Symmetricom    67,750 a    548,775 
Synaptics    40,500 a    1,061,910 
Take-Two Interactive Software    99,400 a,b    1,694,770 
Technitrol    65,000    1,627,600 
THQ    98,925 a,b    2,535,448 
Tollgrade Communications    25,000 a    286,750 
Trimble Navigation    88,700 a    4,202,606 
Ultratech    26,400 a    518,496 
United Online    101,300    1,305,757 
Varian Semiconductor Equipment Associates    90,200 a    2,954,050 
Veeco Instruments    37,700 a,b    902,915 
ViaSat    37,100 a    1,117,823 
Vicor    24,900    513,687 
WebEx Communications    55,600 a    1,965,460 
Websense    81,000 a    2,013,660 
X-Rite    30,700    401,556 
        132,478,784 
Utilities—1.5%         
Allete    49,700    2,324,469 
Avista    76,400    1,605,164 
Central Vermont Public Service    21,100    420,945 
CH Energy Group    22,400    1,059,072 
Cleco    80,000    1,800,000 
Commonwealth Telephone Enterprises    40,000    1,327,200 
El Paso Electric    72,000 a    1,422,000 
General Communication, Cl. A    59,500 a    714,000 
Green Mountain Power    5,300    150,732 
UIL Holdings    24,000    1,333,200 
Unisource Energy    56,000    1,694,000 
        13,850,782 
Total Common Stocks         
(cost $686,803,426)        921,890,351 

The Fund 23

STATEMENT OF INVESTMENTS (Unaudited) (continued)

    Principal     
Short-Term Investment—.0%    Amount ($)    Value ($) 
U.S. Treasury Bill;         
4.57%, 7/20/06         
(cost $158,375)    160,000 c    158,374 
 
Other Investment—.7%    Shares    Value ($) 
Registered Investment Company;         
Dreyfus Institutional Preferred Plus Money Market Fund     
(cost $6,549,000)    6,549,000 d    6,549,000 
 
Investment of Cash Collateral         
for Securities Loaned—4.2%         
Registered Investment Company;         
Dreyfus Institutional Cash Advantage Plus Fund     
(cost $38,578,861)    38,578,861 d    38,578,861 
Total Investments (cost $732,089,662)    104.5%    967,176,586 
Liabilities, Less Cash and Receivables    (4.5%)    (41,443,138) 
Net Assets    100.0%    925,733,448 

a Non-income producing security. 
b All or a portion of these securities are on loan. At April 30, 2006, the total market value of the fund’s securities on 
loan is $39,765,083 and the total market value of the collateral held by the fund is $41,602,861, consisting of 
cash collateral of $38,578,861 and U.S. Government and agency securities valued at $3,024,000. 
c Partially held by a broker as collateral for open financial futures positions. 
d Investment in affiliated money market mutual fund. 

Portfolio Summary (Unaudited) †         
 
    Value (%)        Value (%) 
Producer Goods    23.2    Short-Term/     
Consumer Cyclical    15.2    Money Market Investments    4.9 
Interest Sensitive    14.5    Consumer Staples    2.7 
Technology    14.3    Utilities    1.5 
Health Care    10.8    Financial Futures    .0 
Energy    9.3         
Services    8.1        104.5 
 
† Based on net assets.             
See notes to financial statements.         

24

STATEMENT OF FINANCIAL FUTURES 
April 30, 2006 (Unaudited) 

        Market Value        Unrealized 
        Covered        Appreciation 
    Contracts    by Contracts    Expiration    at 4/30/2006 ($) 
 
Financial Futures Long                 
Russell 2000 E-Mini    42    3,228,960    June 2006    570 

See notes to financial statements.

The Fund 25

STATEMENT OF ASSETS AND LIABILITIES 
April 30, 2006 (Unaudited) 

    Cost    Value 
Assets ($):         
Investments in securities—See Statement         
of Investments (including securities on loan,         
valued at $39,765,083)—Note 1 (b):         
Unaffiliated issuers    686,961,801    922,048,725 
Affiliated issuers    45,127,861    45,127,861 
Cash        2,137,066 
Receivable for shares of Common Stock subscribed    2,326,999 
Receivable for futures variation margin—Note 4        444,064 
        972,084,715 
Liabilities ($):         
Due to The Dreyfus Corporation and affiliates—Note 3(b)    372,379 
Liability for securities loaned—Note 1(b)        38,578,861 
Payable for investment securities purchased        6,537,854 
Payable for shares of Common Stock redeemed        861,665 
Interest Payable—Note 2        508 
        46,351,267 
Net Assets ($)        925,733,448 
Composition of Net Assets ($):         
Paid-in capital        662,993,278 
Accumulated undistributed investment income—net    1,527,878 
Accumulated net realized gain (loss) on investments    26,124,798 
Accumulated net unrealized appreciation         
(depreciation) on investments (including $570     
unrealized appreciation on financial futures)        235,087,494 
Net Assets ($)        925,733,448 
Shares Outstanding         
(200 million shares of $.001 par value Common Stock authorized)    38,347,997 
Net Asset Value, offering and redemption price per share—Note 3 (c) ($)    24.14 

See notes to financial statements.
26
STATEMENT OF OPERATIONS 
Six Months Ended April 30, 2006 (Unaudited) 

Investment Income ($):     
Income:     
Cash dividends (net of $1,764 foreign taxes withheld at source):     
Unaffiliated issuers    4,373,893 
Affiliated issuers    18,086 
Income from securities lending    170,450 
Interest    41,962 
Total Income    4,604,391 
Expenses:     
Management fee—Note 3(a)    1,018,923 
Shareholder servicing costs—Note 3(b)    1,018,923 
Loan commitment fees—Note 2    4,567 
Interest expense—Note 2    508 
Total Expenses    2,042,921 
Investment Income—Net    2,561,470 
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): 
Net realized gain (loss) on investments    31,887,581 
Net realized gain (loss) on financial futures    251,855 
Net Realized Gain (Loss)    32,139,436 
Net unrealized appreciation (depreciation)     
on investments [including ($7,840) net     
unrealized (depreciation) on financial futures]    89,031,727 
Net Realized and Unrealized Gain (Loss) on Investments    121,171,163 
Net Increase in Net Assets Resulting from Operations    123,732,633 

See notes to financial statements.

The Fund 27

STATEMENT OF CHANGES IN NET ASSETS

    Six Months Ended     
    April 30, 2006    Year Ended 
    (Unaudited)    October 31, 2005 
Operations ($):         
Investment income—net    2,561,470    3,439,491 
Net realized gain (loss) on investments    32,139,436    6,910,839 
Net unrealized appreciation         
(depreciation) on investments    89,031,727    66,291,989 
Net Increase (Decrease) in Net Assets         
Resulting from Operations    123,732,633    76,642,319 
Dividends to Shareholders from ($):         
Investment income—net    (3,905,125)    (2,599,745) 
Net realized gain on investments    (8,853,881)    (14,620,302) 
Total Dividends    (12,759,006)    (17,220,047) 
Capital Stock Transactions ($):         
Net proceeds from shares sold    199,308,947    374,861,897 
Dividends reinvested    11,781,630    15,943,127 
Cost of shares redeemed    (121,239,490)    (202,964,904) 
Increase (Decrease) in Net Assets         
from Capital Stock Transactions    89,851,087    187,840,120 
Total Increase (Decrease) in Net Assets    200,824,714    247,262,392 
Net Assets ($):         
Beginning of Period    724,908,734    477,646,342 
End of Period    925,733,448    724,908,734 
Undistributed investment income—net    1,527,878    2,871,533 
Capital Share Transactions (Shares):         
Shares sold    8,704,936    18,312,824 
Shares issued for dividends reinvested    544,126    788,162 
Shares redeemed    (5,327,609)    (9,932,246) 
Net Increase (Decrease) in Shares Outstanding    3,921,453    9,168,740 

See notes to financial statements.

28

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, 2006        Year Ended October 31,     
        (Unaudited)    2005    2004    2003    2002    2001 
Per Share Data ($):                         
Net asset value,                         
beginning of period    21.06    18.91    16.30    12.36    12.98    15.49 
Investment Operations:                         
Investment income—net a    .07    .11    .11    .06    .04    .04 
Net realized and unrealized                         
gain (loss) on investments    3.37    2.68    2.55    3.95    (.53)    (1.06) 
Total from                         
Investment Operations    3.44    2.79    2.66    4.01    (.49)    (1.02) 
Distributions:                         
Dividends from investment                         
income—net    (.11)    (.10)    (.05)    (.04)    (.04)    (.03) 
Dividends from net realized gain                     
on investments    (.25)    (.54)    —    (.03)    (.09)    (1.46) 
Total Distributions    (.36)    (.64)    (.05)    (.07)    (.13)    (1.49) 
Net asset value, end of period    24.14    21.06    18.91    16.30    12.36    12.98 
Total Return (%)    16.54b    14.88    16.35    32.63    (3.92)    (6.95) 
Ratios/Supplemental Data (%):                     
Ratio of total expenses                         
to average net assets    .25b    .50    .50    .50    .50    .51 
Ratio of net investment income                     
to average net assets    .31b    .55    .67    .44    .30    .28 
Portfolio Turnover Rate    9.99b    13.64    15.54    13.52    12.35    42.01 
Net Assets, end of period                         
($ x 1,000)    925,733    724,909    477,646    276,954    161,889    83,182 
 
a    Based on average shares outstanding at each month end.                 
b    Not annualized.                         
See notes to financial statements.                         

The Fund 29

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 Small Cap 600 Index. The Dreyfus Corporation (the “Manager” or “Dreyfus”) serves as the fund’s investment adviser. The Manager is a wholly-owned subsidiary of Mellon Financial Corporation (“Mellon Financial”). Dreyfus Service 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 fund’s financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

In the normal course of business, the fund may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnifications.The maximum exposure to the fund under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. However, based on experience, the fund expects the risks of loss to be remote.

(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

30

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. Investments in registered investment companies 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 fund’s 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 ADR’s and futures contracts. For other securities that are fair valued by the funds 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 on the principle exchange.

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

The Fund 31

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Pursuant to a securities lending agreement with Mellon Bank, N.A, an affiliate of the Manager, the fund may lend securities to qualified institutions. It’s 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 will be maintained at all times. Cash collateral is invested in certain money market mutual funds managed by the Manager. The fund will be entitled to receive all income on securities loaned, in addition to income earned as a result of the leading transaction. Although each security loaned is fully collateralized, the fund would bear 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.

The fund may engage in repurchase agreement transactions. Under the terms of a typical repurchase agreement, the fund, through its custodian and sub-custodian, takes possession of an underlying debt obligation in exchange for cash subject to an obligation of the seller to repurchase, and the fund to resell, the obligation at an agreed-upon price and time, thereby determining the yield during the fund’s holding period.This arrangement results in a fixed rate of return that is not subject to market fluctuations during the fund’s holding period. It is the fund’s policy that the value of the collateral (debt obligation) is at least equal, at all times, to the total amount of the repurchase obligation, including interest. In the event of a counter party default, the fund has the right to use the collateral to offset losses incurred.There is potential loss to the fund in the event the fund is delayed or prevented from exercising its rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the fund seeks to assert its rights. The Manager, acting under the supervision of the Board of Directors, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the fund enters into repurchase agreements to evaluate potential risks.

32

(c) Affiliated issuers: Investments in other investment companies advised by the Manager are defined as “affiliated” in the Act.

(d) Dividends to shareholders: Dividends are recorded on the ex-dividend date. Dividends from investment income-net and dividends from net realized capital gain, 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 gain can be offset by capital loss carryovers, if any, it is the policy of the fund not to distribute such gain. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.

(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.

The tax character of distributions paid to shareholders during the fiscal year ended October 31, 2005, were as follows: ordinary income $4,961,921 and long-term capital gain $12,258,126.The tax character of current year distributions will be determined at the end of the current fiscal year.

NOTE 2—Bank Line of Credit:

The fund participates with other Dreyfus-managed funds in a $350 million redemption credit facility (the “Facility”) to be utilized for temporary or emergency purposes, including the financing of redemptions. In connection therewith, the fund has agreed to pay commitment fees on its pro rata portion of the Facility. Interest is charged to the fund based on prevailing market rates in effect at the time of borrowings.

The Fund 33

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The average daily amount of borrowings outstanding under the Facility during the period ended April 30, 2006, was approximately $19,600 with a related weighted average annualized interest rate of 5.23% .

NOTE 3—Management Fee and Other Transactions With Affiliates:

(a) Pursuant to an Investment 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 commissions, taxes, interest, 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 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 (collectively, the “Fund Group”). Each Board member receives an annual fee of $40,000, an attendance fee of $5,000 for each in-person meeting and $500 for telephone meetings. The chairman of the Board receives an additional 25% of such compensation (with the exception of reimburseable amounts). Subject to the Company’s Emeritus Program Guidelines, Emeritus Board Members, if any, receive 50% of the annual retainer fee and per meeting fee paid at the time the Board member achieves emeritus status.Amounts required to be paid by the Company directly to the non-interested Board members, that were applied to offset a portion of the management fee payable to the Manager, were in fact paid directly by the Manager to the non-interested Board members. All Board fees are allocated among the funds in the Fund Group in proportion to each fund’s relative net assets.

34

(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, bank or other financial institution) in respect of these services.The Distributor determines the amounts to be paid to Service Agents. During the period ended April 30, 2006, the fund was charged an aggregate of $1,018,923 pursuant to the Shareholder Services Plan.

The components of Due to The Dreyfus Corporation and affiliates in the Statements of Assets and Liabilities consist of: management fees $186,190 and shareholders services plan fees $186,189.

(c) A 1% redemption fee is charged and retained by the fund on certain shares redeemed within six months following the date of issuance, including redemptions made through the use of the fund’s exchange privilege. During the period ended April 30, 2006, redemption fees charged and received by the fund amounted to $6,351. Cost of shares redeemed in the Statement of Changes in Net Assets is reflected net of redemption fees.

NOTE 4—Securities Transactions:

‘The fund may invest in financial futures contracts in order to gain exposure to or protect against changes in the market. The fund is exposed to market risk as a result of changes in the value of the underlying financial instruments. Investments in financial futures require the fund to “mark to market” on a daily basis, which reflects

The Fund 35

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

the change in the market value of the contract at the close of each day’s trading. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses.When the contracts are closed, the fund recognizes a realized gain or loss.These investments require initial margin deposits with a 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. Contracts open at April 30, 2006, are set forth in the Statement of Financial Futures.

At April 30, 2006, accumulated net unrealized appreciation on investments was $235,086,924 consisting of $261,571,546 gross unrealized appreciation and $26,484,622 gross unrealized depreciation.

At April 30, 2006, 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).

36
INFORMATION ABOUT THE REVIEW AND APPROVAL OF THE 
FUND’S INVESTMENT MANAGEMENT AGREEMENT (Unaudited) 

At a Board of Directors meeting held on March 7, 2006, the Board unanimously approved the continuation of the fund’s Management Agreement for a one-year term ending March 30, 2007.The Board is comprised entirely of individuals who have no affiliation with the Manager or any affiliates of the Manager.

Prior to the meeting, the Manager provided the Board members with extensive materials related to the renewal of the Management Agreement, including performance and expense information for other investment companies with similar investment objective to the fund derived from data compiled by Lipper Inc., an independent third party (“Lipper”).

During the meeting, the Board members discussed the continuance of the Management Agreement with senior management of the Manager. At the conclusion of these discussions, the Board members and their independent counsel met in an executive session, at which no representatives of the Manager were present, to continue their discussion of continuance of the Management Agreement. In determining to continue the Management Agreement, the Board considered all factors which they believed to be relevant, including, among other things, the factors discussed below.

Nature, Extent, and Quality of Services Provided to the Fund. The Board members received a presentation from representatives of the Manager regarding services provided to the fund and other funds in the Dreyfus fund complex, and discussed the nature, extent, and quality of the services provided to the fund pursuant to its Management Agreement.The Manager’s representatives reviewed the fund’s distribution of accounts and the relationships the Manager has with various intermediaries and the different needs of each. The Manager’s representatives noted the diversity of distribution of the fund, as well as other funds in the Dreyfus fund complex, and the Manager’s corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each of the fund’s distribution channels. The Board members also reviewed the number of shareholder accounts in the fund, as well as the fund’s asset size.

The Fund 37

I N FO R M AT I O N A B O U T T H E R E V I E W    A N D A P P R OVA L 
O F T H E F U N D ’ S M A N A G E M E N T    A G R E E M E N T ( U n a u d i t e d ) ( c o n t i n u e d ) 

The Board members also considered the Manager’s research and portfolio management capabilities and the Manager’s 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 the Manager’s extensive administrative, accounting, and compliance infrastructure.

Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board members reviewed the fund’s performance, management fee and expense ratio, placing significant emphasis on comparative data supplied by Lipper, including contractual and actual (net of fee waivers and expense reimbursements) management fees, operating expense components and total return performance.The fund’s performance was compared to that of a performance universe, consisting of all funds with the same Lipper classification/objective, and a performance group, consisting of comparable funds chosen by Lipper based on guidelines previously approved by the Board. Similarly, the fund’s contractual and actual management fee and operating expenses were compared to those of an expense universe, consisting of all funds with the same or similar Lipper classification/objective and a similar sales load structure, and an expense group, consisting comparable funds chosen by Lipper based on guidelines previously approved by the Board.As part of its review of expenses, the Board also considered other fund expenses, such as transfer agent fees, custody fees, any 12b-1 or non-12b-1 service fees, and other non-management fees, as well as any waivers or reimbursements of fees and expenses.

In its review of performance, the Board noted the fund was ranked first or second among its performance group for various periods ended January 31, 2006.The Board also noted the fund was ranked in the third quintile among its performance universe for the one-, three-, and five-year periods ended January 31, 2006.The Board also took into account that the difference in returns between the fund and the S&P 600 Index primarily was due to the fund’s transactions costs and other operating expenses.

38

In its review of the fund’s management fee and operating expenses, the Board examined the range of management fees and expense ratios of the funds in the expense group and expense universe, noting, among other things, that the fund’s actual management fee was second-lowest among its expense group and ranked in the second quintile among its expense universe, while the fund’s actual total expense ratio was second-lowest of its expense group and ranked in the second quintile among its expense universe. The Board further noted that the fund’s management fee and actual total expense ratio were lower than the medians of the expense universe and the expense group.

Representatives of the Manager reviewed with the Board members the fees paid to the Manager or its affiliates by mutual funds and/or separate accounts managed by the Manager with similar investment objectives, policies and strategies as the fund (the “Similar Accounts”), and explained the nature of the Similar Accounts and the differences, from the Manager’s perspective, as applicable, in providing services to the Similar Accounts as compared to the fund. The Manager’s representatives also reviewed the costs associated with distribution through intermediaries. The Board analyzed differences in fees paid to the Manager and discussed the relationship of the advisory fees paid in light of the Manager’s performance, and the services provided. The Board members considered the relevance of the fee information provided for the Similar Accounts managed by the Manager, to evaluate the appropriateness and reasonableness of the fund’s management fees. The Board acknowledged that differences in fees paid by the Similar Accounts seemed to be consistent with the services provided.

Analysis of Profitability and Economies of Scale. The Manager’s representatives reviewed the dollar amount of expenses allocated and profit received by the Manager and the method used to determine such expenses and profit.The Board members evaluated the analysis in light of the relevant circumstances for the fund, and the extent to which economies of scale would be realized as the fund grows and

The Fund 39

I N FO R M AT I O N A B O U T T H E R E V I E W    A N D A P P R OVA L 
O F T H E F U N D ’ S M A N A G E M E N T    A G R E E M E N T ( U n a u d i t e d ) ( c o n t i n u e d ) 

whether fee levels reflect these economies of scale for the benefit of fund investors. It was noted that economies of scale also could be realized through an adviser’s reinvestment of money back into its business for the benefit of fund shareholders.The Board members also considered potential benefits to the Manager from acting as investment adviser and noted that there were no soft dollar arrangements with respect to trading the fund’s portfolio.

It was noted that the Board members should consider the Manager’s profitability with respect to the fund as part of their evaluation of whether the fees under the Management Agreement bears a reasonable relationship to the mix of services provided by the Manager including the nature, extent, and quality of such services and that a discussion of economies of scale is predicated on increasing assets and that, if a fund’s assets had been decreasing, the possibility that the Manager may have realized any economies of scale would be less.The Board members also discussed the profitability percentage ranges determined by appropriate court cases to be reasonable given the services rendered to investment companies. It was noted that the fund was not profitable to the Manager for the time period reported.

At the conclusion of these discussions, each Board member expressed the opinion that he or she had been furnished with sufficient information to make an informed business decision with respect to continuation of the fund’s Management Agreement. Based on their discussions and considerations as described above, the Board members made the following conclusions and determinations:

•    The Board concluded that the nature, extent, and quality of the ser- 
    vices provided by the Manager are adequate and appropriate; 
•    The Board was satisfied with the fund’s overall performance; 
•    The Board concluded that the fee paid to the Manager by the fund 
    was reasonable in light of comparative performance and expense 
    and advisory fee information, costs of the services provided, and 
    profits to be realized and benefits derived or to be derived by the 
    Manager from its relationship with the fund; and 

40
•    The Board determined that the economies of scale which may 
    accrue to the Manager and its affiliates in connection with the man- 
    agement of the fund had been adequately considered by the 
    Manager in connection with the management fee rate charged to 
    the fund, and that, to the extent in the future it were to be deter- 
    mined 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 Board members considered these conclusions and determinations, along with the information received on a routine and regular basis throughout the year, and, without any one factor being dispositive, the Board determined that re-approval of the fund’s Management Agreement was in the best interests of the fund and its shareholders.

The Fund 41

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    Dreyfus Service Corporation 
200 Park Avenue    200 Park Avenue 
New York, NY 10166    New York, NY 10166 
Custodian     
Mellon Trust of New England, N.A. 
One Boston Place     
Boston, MA 02109     
 
 
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 12-month period ended June 30, 2005, 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.

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.

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

Contents
 
    THE FUND 
2    Letter from the Chairman 
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 
41    Statement of Financial Futures 
42    Statement of Assets and Liabilities 
43    Statement of Operations 
44    Statement of Changes in Net Assets 
45    Financial Highlights 
46    Notes to Financial Statements 
54    Information About the Review 
and Approval of the Fund’s
    Investment Management Agreement 
FOR MORE INFORMATION
    Back Cover 

LETTER FROM THE CHAIRMAN

Dear Shareholder:

We are pleased to present this semiannual report for Dreyfus International Stock Index Fund, covering the six-month period from November 1, 2005, through April 30, 2006.

International stock markets have continued to rally, boosted by continued expectations for low inflation, relatively benign monetary policies among central banks and the recovery of domestic consumption in Japan and Europe. Although stock prices have increased over the past few years, so have earnings for most international companies, keeping valuations at what we believe to be reasonable levels.

Our international portfolio managers report that they are beginning to see early signs of a potentially broader market advance, beyond merely the energy and mining sectors that have led the rally so far. In Europe, high-profile mergers and acquisitions in the financial services, pharmaceuticals and industrials sectors have supported a generally upbeat economic outlook. While Japan recently has lagged Europe, greater economic stability and liquidity have brought an end to price deflation, which may support further gains if interest rates rise only moderately as the global economic cycle matures. As always, we urge you to discuss with your financial advisor the potential implications of these possibilities on your investments.

For information about how the fund performed, as well as market perspectives, we have provided a Discussion of Fund Performance given by the fund’s portfolio manager.

Thank you for your continued confidence and support.

2

DISCUSSION OF FUND PERFORMANCE

Susan Ellison, Portfolio Manager

How did Dreyfus International Stock Index Fund perform 
relative to its benchmark? 

For the six-month period ended April 30, 2006, the fund produced a total return of 22.46% .1 This compares with an 22.89% total return for the fund’s benchmark, the Morgan Stanley Capital International Europe, Australasia, Far East Free Index (the “MSCI EAFE Free Index” or the “Index”), during the same period.2

We attribute the Index’s performance to a growing global economy, in which solid gains were achieved across all industry groups within the MSCI EAFE Free Index.The difference in returns between the fund and the Index was primarily the result of transaction costs and other operating expenses.

What is the fund’s investment approach?

In managing this fund, our goal is to match the performance of the MSCI EAFE Free Index, a broadly diversified, international index composed of approximately 1,100 stocks that trade in 21 major markets outside the United States, including Great Britain, Germany, France, Japan,Hong Kong,Singapore,Australia,Switzerland and the Netherlands.

Weighted by market capitalization (the total value of all shares outstanding in a country’s stock market) and share liquidity (a measure of the proportion of a company’s shares actually available to be bought or sold by the public), approximately 72% of the MSCI EAFE Free Index’s total value is represented by its top five countries, which currently are Great Britain, Japan, France, Switzerland and Germany. The MSCI EAFE Free Index is diversified among industry groups, as those groups are represented in individual country markets.

The fund attempts to match the Index return before fees and expenses by aligning the portfolio composition with the composition of the

The Fund 3

DISCUSSION OF FUND PERFORMANCE (continued)

MSCI EAFE Free Index. Beginning by country, the fund invests in proportion to each country’s weighting in the Index.That means that if the British market comprises 25% of the Index, then approximately 25% of the fund’s assets will be invested in Britain. In addition, the fund’s industry allocation also matches that of the Index, in the proper proportion. For example, if a certain percentage of the market value in the Japanese sub-index is composed of financial services firms, that same approximate percentage of the investment in the Japanese markets will also be invested in that sector. 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 Free Index.

What other factors influenced the fund’s performance?

Throughout much of the reporting period, the international equity markets demonstrated continued resilience, fueled in large part by robust global economic growth, low inflation expectations and relatively benign monetary policies from central banks worldwide. In Europe, restructuring efforts continued to benefit many companies, most notably German firms with strong export businesses. Stocks in Italy and France rallied amid a rise in mergers-and-acquisitions activity across a number of industry groups. Japan’s stock market posted especially strong results when the domestic economy recovered in the wake of long-awaited reforms to the nation’s banking system. Over the reporting period, the Index posted gains in all 21 of the countries it tracks.

Japan, the U.K., France, Germany and Switzerland, combined, comprise just over 72% of the Index’s total assets, and all produced attractive returns. However, Norway, Finland and Portugal provided particularly strong results during the reporting period. In Norway, the fund received significant contributions to performance from Petroleum Geo-Services, an oil services company that provides marine seismic data and onshore surveying in the North Sea and the Gulf of Mexico. In Finland, the fund held Outokumpu Copper Products, a copper and

4

stainless steel refiner, and Rautaruukki, a steel manufacturer, both of which flourished due to rising commodities prices. Portugal also provided attractive returns, with gains driven by Banco BPI, a financial company with retail, commercial and investment banking services. New Zealand proved to be the laggard of the reporting period, the only country within the Index to produce less than double-digit returns.

From a market sector standpoint, the capital goods, financial services, technology, consumer durables and raw materials areas ranked among the top contributors to the Index’s return during the reporting period. The only significant laggard was the telecommunications services sector, where companies generally were challenged by heightened competitive pressures.

What is the fund’s current strategy?

The fund’s longstanding strategy is to provide investors with a cost-effective way to gain broad exposure to developed international markets, as represented by the MSCI EAFE Free Index. As an index fund, the fund’s investments are not affected by any individual’s preference for one market over another or one security over another. Instead the fund attempts to reflect the general composition and performance of the overall market.

May 15, 2006

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. Return figure provided 
    reflects the absorption of certain fund expenses by The Dreyfus Corporation pursuant to an 
    agreement in effect that may be extended, terminated or modified. Had these expenses not been 
    absorbed, the fund’s return would have been lower. 
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) Free 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. 

The Fund 5

U N D E R S TA N D I N G YO U R F U N D ’ S E X P E N S E S ( U n a u d i t e d )

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, 2005 to April 30, 2006. 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, 2006

Expenses paid per $1,000 †    $ 3.31 
Ending value (after expenses)    $1,224.60 

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, 2006

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, 2006 (Unaudited) 

Common Stocks—96.0%    Shares    Value ($) 
Australia—5.1%         
Alinta    5,843    50,541 
Alumina    28,350    154,016 
Amcor    21,659    118,816 
AMP    47,598    325,396 
Ansell    3,354    29,011 
APN News & Media    8,288    31,128 
Aristocrat Leisure    7,600    84,941 
Australia & New Zealand Banking Group    45,890    973,192 
Australian Gas Light    11,145    164,052 
Australian Stock Exchange    2,805    69,915 
AXA Asia Pacific Holdings    21,154    101,119 
Babcock & Brown    3,242    45,016 
BHP Billiton    89,866    1,997,845 
Billabong International    3,515    41,125 
BlueScope Steel    17,209    100,280 
Boral    15,484    111,963 
Brambles Industries    25,004    211,725 
Caltex Australia    2,951    45,117 
Centro Properties Group    18,715    92,300 
CFS Gandel Retail Trust (Units)    41,744    58,596 
Challenger Financial Services Group    11,207    30,187 
Coca-Cola Amatil    12,362    68,284 
Cochlear    1,413    56,608 
Coles Myer    30,301    246,233 
Commonwealth Bank of Australia    32,353    1,153,749 
Commonwealth Property Office Fund (Units)    36,059    36,526 
Computershare    10,123    60,525 
CSL    4,355    190,662 
CSR    21,918    67,353 
DB RREEF Trust    59,438    66,070 
DCA Group    11,377    32,371 
Downer EDI    6,994    46,062 
Foster's Group    48,451    216,162 
Futuris    13,014    22,316 
GPT Group    43,062    137,228 
Harvey Norman Holdings    11,900    34,221 

The Fund 7

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Australia (continued)         
Iluka Resources    4,928    27,483 
ING Industrial Fund (Units)    20,424    33,783 
Insurance Australia Group    38,836    166,488 
Investa Property Group    33,455    55,083 
James Hardie Industries    10,907    78,206 
John Fairfax Holdings    21,955    64,968 
Leighton Holdings    3,591    45,557 
Lend Lease    8,645    93,603 
Lion Nathan    7,063    44,587 
Macquarie Airports    16,123    40,125 
Macquarie Bank    5,888    318,981 
Macquarie Communications Infrastructure Group    6,720    28,044 
Macquarie Goodman Group    31,058    121,361 
Macquarie Infrastructure Group    57,607    156,043 
Macquarie Office Trust (Units)    50,300    51,332 
Mayne Group    13,310    34,538 
Mayne Pharma    13,310 a    29,893 
Mirvac Group    19,549    62,743 
Multiplex Group    13,181    30,603 
National Australia Bank    40,090    1,144,032 
Newcrest Mining    8,072    139,642 
OneSteel    16,063    48,386 
Orica    7,333    135,537 
Origin Energy    20,831    111,429 
Pacific Brands    12,100    20,841 
PaperlinX    11,516    29,272 
Patrick    15,246    98,559 
Perpetual Limited    923    48,953 
Publishing & Broadcasting    3,465    48,822 
Qantas Airways    21,447    56,304 
QBE Insurance Group    19,082    324,028 
Rinker Group    22,650    364,337 
Rio Tinto    7,194    429,307 
Santos    14,507    130,105 
SFE    3,538    44,133 
Sonic Healthcare    6,000    68,196 

8

Common Stocks (continued)    Shares    Value ($) 
Australia (continued)         
Stockland    32,859    171,531 
Suncorp-Metway    13,683    211,169 
TABCORP Holdings    12,792    148,501 
Telstra    51,537    154,069 
Toll Holdings    5,889    62,467 
Transurban Group    20,936    104,842 
UNiTAB    3,370    37,511 
Wesfarmers    9,312    255,770 
Westfield Group    37,547    482,315 
Westpac Banking    46,052    877,043 
Woodside Petroleum    11,826    419,935 
Woolworths    29,477    417,343 
        15,338,451 
Austria—.5%         
Andritz    260    45,517 
Boehler-Uddeholm    270    61,154 
Erste Bank der Oesterreichischen Sparkassen    4,549    275,620 
Flughafen Wien    305    23,228 
IMMOFINANZ Immobilien Anlagen    8,920 a    97,529 
Mayr-Melnhof Karton    130    23,965 
Meinl European Land    3,707 a    73,078 
OMV    4,057    281,634 
Raiffeisen International Bank-Holding    910    79,197 
RHI    504 a    16,538 
Telekom Austria    8,458    207,223 
Verbund Oesterreichische Elektrizitaetswirtschafts, Cl. A    184    87,324 
Voestalpine    466    67,933 
Wiener Staedtische allgemeine Versicherung    830    53,091 
Wienerberger    1,558    82,250 
        1,475,281 
Belgium—1.1%         
AGFA-Gevaert    2,561    51,841 
Barco    320    31,602 
Bekaert    369    42,321 
Belgacom    4,240    138,543 
Cofinimmo    138    23,259 

The Fund 9

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Belgium (continued)         
Colruyt    365    56,046 
Compagnie Maritime Belge    250    8,112 
D'ieteren    77    24,064 
Delhaize Group    1,749    125,799 
Dexia    13,440    354,000 
Euronav    300    8,608 
Fortis    29,400    1,100,272 
Groupe Bruxelles Lambert    1,676    189,794 
InBev    4,399    221,537 
KBC Groep    4,627    535,921 
Mobistar    741    59,411 
Omega Pharma    427    29,771 
Solvay    1,635    190,918 
UCB    2,300    118,264 
Umicore    610    97,124 
        3,407,207 
Denmark—.7%         
AP Moller—Maersk    30    257,343 
Bang & Olufsen, Cl. B    250    31,366 
Carlsberg, Cl. B    870    58,470 
Coloplast, Cl. B    600    48,429 
D/S Torm    300    13,779 
Danisco    1,220    103,417 
Danske Bank    11,289    448,449 
DSV    600    98,074 
East Asiatic    420    17,872 
FLSmidth and Co., Cl. B    900    40,881 
GN Store Nord    6,350    90,338 
H. Lundbeck    1,600    36,069 
NKT Holding    430    27,592 
Novo-Nordisk, Cl. B    6,066    393,334 
Novozymes, Cl. B    1,225    95,463 
Topdanmark    400 a    52,347 
Trygvesta AS    710    43,640 
Vestas Wind Systems    4,400 a    119,249 
William Demant Holding    780 a    55,582 
        2,031,694 

10

Common Stocks (continued)    Shares    Value ($) 
Finland—1.5%         
Amer Sports    1,590    32,566 
Cargotec, Cl. B    785    38,099 
Elisa, Cl. A    3,750    76,902 
Fortum    10,997    277,324 
KCI Konecranes    1,600    29,607 
Kesko, Cl. B    1,540    53,075 
Kone, Cl. B    1,870    87,132 
Metso    2,610    103,562 
Neste Oil    3,361    117,104 
Nokia    105,483    2,398,333 
Nokian Renkaat    2,220    37,920 
OKO Bank    2,480    39,580 
Orion, Cl. B    2,100    49,757 
Outokumpu    3,240    77,952 
Rautaruukki    2,100    73,538 
Sampo, Cl. A    9,653    198,928 
Stora Enso, Cl. R    14,615    228,650 
Tietoenator    1,983    62,172 
UPM-Kymmene    13,344    312,643 
Uponor    1,400    42,871 
Wartsila, Cl. B    1,450    61,699 
YIT    3,100    87,314 
        4,486,728 
France—8.9%         
Accor    5,001    314,283 
Air France-KLM    2,839    65,980 
Air Liquide    2,750    594,082 
Alcatel    31,375 a    451,731 
Alstom RGPT    2,812 a    254,325 
Atos Origin    1,650 a    123,562 
Autoroutes du Sud de la France    1,351    86,791 
AXA    37,564    1,376,466 
BNP Paribas    20,785    1,961,019 
Bouygues    4,454    242,653 
Business Objects    1,555 a    50,418 
Cap Gemini    3,051    163,028 
Carrefour    14,192    821,982 

The Fund 11

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
France (continued)         
Casino Guichard Perrachon    888    70,638 
Cie de Saint-Gobain    7,840    587,108 
Cie Generale d'Optique Essilor International    2,411    241,443 
CNP Assurances    872    94,134 
Compagnie Generale des Etablissements Michelin, Cl. B    3,670    264,431 
Credit Agricole    15,101    607,562 
Dassault Systemes    1,383    74,910 
France Telecom    42,468    990,189 
Gaz de France    4,990    179,015 
Gecina    207    27,144 
Groupe Danone    5,985    745,608 
Hermes International    525    134,512 
Imerys    824    70,685 
Klepierre    540    63,226 
L'Oreal    7,467    691,327 
Lafarge    4,434    544,566 
Lagardere    3,086    254,617 
LVMH Moet Hennessy Louis Vuitton    6,175    649,102 
Neopost    728    82,211 
PagesJaunes Groupe    2,861    82,564 
Pernod-Ricard    1,841    356,433 
Peugeot Citroen    3,729    244,726 
PPR    1,605    207,835 
Publicis Groupe    3,385    140,496 
Renault    4,678    542,123 
Safran    4,120    105,612 
Sanofi-Aventis    26,200    2,466,962 
Schneider Electric    5,701    644,519 
SCOR    20,269    51,319 
Societe BIC    738    51,780 
Societe Des Autoroutes Paris-Rhin-Rhone    868    68,391 
Societe Generale    8,840    1,348,486 
Societe Television Francaise 1    2,930    97,067 
Sodexho Alliance    2,291    110,095 
Suez    25,143    987,830 
Suez-Strip VVPR    2,304 a    29 

12

Common Stocks (continued)    Shares    Value ($) 
France (continued)         
Technip    2,060    129,874 
Thales    1,932    82,890 
Thomson    6,767    139,794 
Total    13,820    3,815,913 
Unibail    1,103    191,875 
Valeo    1,773    75,845 
Veolia Environnement    8,730    520,806 
Vinci    5,004    496,384 
Vivendi    28,962    1,055,789 
Zodiac    878    56,736 
        26,950,921 
Germany—6.6%         
Adidas-Salomon    1,247    263,232 
Allianz    9,667    1,613,457 
Altana    1,689    107,973 
BASF    13,482    1,152,270 
Bayer    16,555    763,447 
Beiersdorf    458    69,230 
Celesio    1,015    95,379 
Commerzbank    14,903    615,365 
Continental    3,320    394,157 
DaimlerChrysler    22,861    1,251,511 
Deutsche Bank    12,372    1,510,751 
Deutsche Boerse    2,464    355,786 
Deutsche Lufthansa    5,695    104,664 
Deutsche Post    17,408    463,338 
Deutsche Postbank    1,500    114,502 
Deutsche Telekom    68,472    1,237,698 
Douglas Holding    897    43,162 
E.ON    15,604    1,909,539 
Epcos    1,510 a    20,276 
Fresenius Medical Care    1,568    187,835 
Heidelberger Druckmaschinen    1,341    67,568 
Hochtief    1,459    99,243 
Hypo Real Estate Holding    3,237    225,974 
Infineon Technologies    16,410 a    199,474 

The Fund 13

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Germany (continued)         
IVG Immobilien    1,798    51,571 
KarstadtQuelle    1,514 a    45,446 
Linde    2,036    182,013 
MAN    3,414    258,371 
Merck    1,192    126,472 
Metro    3,539    199,981 
MLP    1,365    33,443 
Muenchener Rueckversicherungs    4,913    695,110 
Premiere    1,607 a    26,315 
Puma    373    150,328 
RWE    10,521    910,598 
SAP    5,555    1,211,942 
Schering    4,041    433,282 
Siemens    20,083    1,902,376 
Suedzucker    1,661    45,465 
ThyssenKrupp    9,187    302,387 
TUI    5,550    118,079 
Volkswagen    4,547    352,077 
Wincor Nixdorf    333    47,819 
        19,958,906 
Greece—.6%         
Alpha Bank    7,060    266,794 
Coca-Cola Hellenic Bottling    2,698    88,294 
Cosmote Mobile Communications    3,562    87,225 
EFG Eurobank Ergasias    4,650    184,976 
Emporiki Bank of Greece    1,815    61,318 
Folli-Follie    560    15,928 
Germanos    1,240    26,960 
Hellenic Duty Free Shops    300    5,495 
Hellenic Exchanges    1,360    24,977 
Hellenic Petroleum    2,400    36,217 
Hellenic Technodomiki Tev    3,380    35,594 
Hellenic Telecommunications Organization    7,320 a    163,574 
Hyatt Regency    600    8,465 
Intracom    1,950    15,524 
National Bank of Greece    6,844    342,600 

14

Common Stocks (continued)    Shares    Value ($) 
Greece (continued)         
OPAP    5,390    200,291 
Piraeus Bank    4,300    135,196 
Public Power    2,700    69,041 
Technical Olympic    1,000    6,172 
Titan Cement    1,300    66,026 
Viohalco    3,050    32,503 
        1,873,170 
Hong Kong—1.6%         
ASM Pacific Technology    4,500    26,204 
Bank of East Asia    37,191    155,409 
BOC Hong Kong Holdings    90,000    185,719 
Cathay Pacific Airways    22,000    39,439 
Cheung Kong Holdings    37,000    417,068 
Cheung Kong Infrastructure Holdings    10,000    32,759 
CLP Holdings    46,288    269,836 
Esprit Holdings    25,000    200,228 
Giordano International    32,000    18,985 
Hang Lung Properties    45,000    90,538 
Hang Seng Bank    18,800    243,194 
Henderson Land Development    17,000    99,869 
Hong Kong & China Gas    88,772    211,808 
Hong Kong Exchanges & Clearing    26,000    187,447 
HongKong Electric Holdings    33,500    164,829 
Hopewell Holdings    18,000    52,698 
Hutchison Telecommunications International    37,000 a    65,376 
Hutchison Whampoa    53,800    529,420 
Hysan Development    18,000    51,885 
Johnson Electric Holdings    38,900    32,861 
Kerry Properties    10,500    37,241 
Kingboard Chemical Holdings    13,000    34,287 
Li & Fung    46,000    109,161 
Link REIT    52,500 a    115,446 
MTR    36,000    96,110 
New World Development    63,191    113,690 
Orient Overseas International    6,300    23,685 
PCCW    92,207    61,839 

The Fund 15

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Hong Kong (continued)         
SCMP Group    11,759    4,360 
Shangri-La Asia    28,000    49,654 
Sino Land    36,664    60,999 
SmarTone Telecommunications Holding    4,000    4,488 
Solomon Systech International    32,000    14,238 
Sun Hung Kai Properties    32,699    373,226 
Swire Pacific, Cl. A    23,000    236,121 
Techtronic Industries    23,500    39,552 
Television Broadcasts    8,000    49,989 
Texwinca Holdings    8,000    5,881 
Wharf Holdings    32,171    129,038 
Wing Hang Bank    4,000    37,144 
Yue Yuen Industrial Holdings    9,800    28,754 
        4,700,475 
Ireland—.8%         
Allied Irish Banks    22,063    532,210 
Bank of Ireland    24,563    460,708 
C&C Group    5,793    44,877 
CRH    13,501    494,890 
DCC    2,056    49,854 
Depfa Bank    9,130    171,129 
Eircom Group    18,702    50,885 
Elan    10,601 a    155,569 
Fyffes    6,620    18,012 
Grafton Group (Units)    5,475    75,793 
Greencore Group    2,474    12,621 
Iaws Group    2,816    50,831 
Independent News & Media    11,890    37,144 
Irish Life & Permanent    6,608    168,307 
Kerry Group, Cl. A    3,503    87,369 
Kingspan Group    2,460    40,593 
Paddy Power    790    14,031 
Ryanair Holdings    2,000 a    16,854 
        2,481,677 

16
Common Stocks (continued)    Shares    Value ($) 
Italy—3.6%         
Alleanza Assicurazioni    11,038    134,035 
Arnoldo Mondadori Editore    2,344    23,606 
Assicurazioni Generali    24,048    899,977 
Autogrill    2,438    39,647 
Autostrade    6,930    212,298 
Banca Fideuram    6,450    38,836 
Banca Intensa (RNC)    22,930    127,233 
Banca Intesa    98,061    580,556 
Banca Monte dei Paschi di Siena    26,958    159,431 
Banca Nazionale del Lavoro    26,041    95,783 
Banca Popolare di Milano    10,320    130,256 
Banche Popolari Unite    8,315    209,899 
Banco Popolare di Verona e Novara    9,497    266,892 
Benetton Group    1,630    24,782 
Bulgari    3,593    44,535 
Capitalia    42,652    369,639 
Enel    108,255    934,089 
ENI    65,214    1,987,953 
Fiat    13,595 a    190,772 
Finmeccanica    7,637    182,875 
Gruppo Editoriale L'Espresso    3,559    19,614 
Italcementi    1,605    42,153 
Lottomatica    715    32,910 
Luxottica Group    3,417    101,494 
Mediaset    19,649    248,251 
Mediobanca    12,196    263,777 
Mediolanum    5,922    46,772 
Pirelli & C    72,347    70,445 
Sanpaolo IMI    28,054    526,186 
Seat Pagine Gialle    102,684    48,893 
Snam Rete Gas    23,462    104,990 
Telecom Italia    269,009    752,263 
Telecom Italia (RNC)    152,589    381,150 
Telecom Italia Media    19,085    9,039 

The Fund 17

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Italy (continued)         
Terna    29,336    80,465 
Tiscali    4,586 a    16,810 
UniCredito Italiano    195,317    1,468,805 
        10,867,111 
Japan—24.1%         
77 Bank    8,000    62,767 
Acom    1,780    103,496 
Aderans    1,000    29,597 
Advantest    1,800    206,795 
Aeon    16,500    409,610 
Aeon Credit Service    2,160    59,580 
Aiful    1,525    90,806 
Aisin Seiki    4,700    176,147 
Ajinomoto    13,800    171,352 
Alfresa Holdings    500    30,560 
All Nippon Airways    14,000    52,102 
Alps Electric    4,400    77,019 
Amada    9,000    98,196 
Amano    1,000    17,382 
Anritsu    2,000    13,275 
Aoyama Trading    1,200    40,140 
Ariake Japan    320    9,219 
Asahi Breweries    9,300    132,659 
Asahi Glass    24,800    349,198 
Asatsu-DK    700    24,518 
Ashai Kasei    29,900    220,454 
Astellas Pharma    13,779    573,120 
Autobacs Seven    700    33,468 
Bank of Fukuoka    15,000    128,853 
Bank of Kyoto    6,000    69,299 
Bank of Yokohama    30,000    234,588 
Benesse    1,700    61,480 
Bridgestone    16,400    398,511 
Canon    18,900    1,441,497 
Canon Sales    2,000    45,009 
Casio Computer    5,200    97,443 

18

Common Stocks (continued)    Shares    Value ($) 
Japan (continued)         
Central Glass    3,000    18,179 
Central Japan Railway    40    409,807 
Chiba Bank    19,000    171,532 
Chiyoda    4,000    89,667 
Chubu Electric Power    14,400    377,023 
Chugai Pharmaceutical    6,528    140,906 
Circle K Sunkus    1,000    23,599 
Citizen Watch    9,000    87,636 
Coca-Cola West Japan    900    22,145 
COMSYS Holdings    3,000    40,114 
Credit Saison    4,000    209,107 
CSK HOLDINGS    1,700    81,278 
Dai Nippon Printing    15,800    282,242 
Daicel Chemical Industries    8,000    68,511 
Daido Steel    8,200    75,035 
Daiichi Sankyo    16,083    413,342 
Daikin Industries    6,100    212,058 
Daimaru    5,000    72,592 
Dainippon Ink and Chemicals    15,000    60,026 
Dainippon Screen Manufacturing    5,000    52,102 
Daito Trust Construction    1,800    93,310 
Daiwa House Industry    12,400    210,757 
Daiwa Securities Group    32,000    442,452 
Denki Kagaku Kogyo    13,600    62,165 
Denso    13,000    508,844 
Dentsu    44    152,575 
Dowa Mining    7,000    79,685 
E*Trade Securities    30    54,641 
eAccess    41    28,219 
East Japan Railway    86    669,475 
Ebara    6,000    34,256 
Eisai    6,200    282,855 
Electric Power Development    4,080    156,841 
Elpida Memory    1,000 a    45,709 
FamilyMart    1,500    43,345 
Fanuc    4,400    414,956 

The Fund 19

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Japan (continued)         
Fast Retailing    1,300    123,170 
Fuji Electric Holdings    12,000    69,352 
Fuji Photo Film    12,400    420,210 
Fuji Soft ABC    600    18,704 
Fuji Television Network    11    27,259 
Fujikura    9,000    103,792 
Fujitsu    44,800    372,287 
Furukawa Electric    16,000    127,356 
Glory    1,700    34,238 
Goodwill Group    30    26,007 
Gunma Bank    9,000    69,273 
Gunze    5,000    34,282 
Hakuhodo DY Holdings    700    66,016 
Hankyu Department Stores    4,000    36,427 
Hikari Tsushin    500    30,823 
Hino Motors    7,000    42,539 
Hirose Electric    700    102,426 
Hitachi    80,900    600,020 
Hitachi Cable    5,000    27,189 
Hitachi Capital    1,000    19,527 
Hitachi Chemical    2,600    75,587 
Hitachi Construction Machinery    2,500    68,082 
Hitachi Software Engineering    1,000    19,527 
Hokkaido Electric Power    4,600    102,110 
Hokuhoku Financial Group    27,000    109,702 
Honda Motor    19,660    1,392,727 
House Foods    1,620    26,924 
Hoya    10,800    435,972 
Ibiden    3,400    161,068 
Index    27    36,173 
INPEX Holdings    21 a    191,243 
Isetan    4,000    81,786 
Ishihara Sangyo Kaisha    4,000    7,846 
Ishikawajima-Harima Heavy Industries    28,000    99,545 
Ito En    1,600    58,704 

20
Common Stocks (continued)    Shares    Value ($) 
Japan (continued)         
Itochu    38,500    348,590 
Itochu Techno-Science    800    32,644 
Jafco    800    53,100 
Japan Airlines    16,600    43,898 
Japan Prime Realty Investment    11    34,387 
Japan Real Estate Investment    8    72,855 
Japan Retail Fund Investment    7    57,863 
Japan Tobacco    110    441,156 
JFE Holdings    14,060    544,179 
JGC    5,000    87,347 
Joyo Bank    15,462    103,441 
JS Group    6,924    153,698 
JSR    4,300    132,163 
JTEKT Corporation    5,000    107,487 
Kajima    21,800    122,935 
Kaken Pharmaceutical    2,000    16,112 
Kamigumi    6,400    50,886 
Kaneka    7,000    78,704 
Kansai Electric Power    19,499    455,034 
Kansai Paint    7,000    68,897 
Kao    13,000    348,336 
Katokichi    3,700    28,673 
Kawasaki Heavy Industries    28,000    101,261 
Kawasaki Kisen Kaisha    12,000    75,236 
KDDI    60    368,827 
Keihin Electric Express Railway    11,000    89,965 
Keio    14,000    97,951 
Keisei Electric Railway    7,000    47,872 
Keyence    914    239,145 
Kikkoman    3,000    35,306 
Kinden    3,000    28,187 
Kintetsu    37,354    139,342 
Kirin Brewery    19,000    280,841 
Kobe Steel    65,000    220,271 
Kokuyo    1,600    27,166 

The Fund 21

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Japan (continued)         
Komatsu    22,600    481,883 
Komori    2,000    46,497 
Konami    2,600    66,366 
Konica Minolta Holdings    10,500    137,916 
Kose    880    31,979 
Kubota    27,000    304,282 
Kuraray    8,500    104,575 
Kurita Water Industries    2,900    58,914 
Kyocera    4,000    372,329 
Kyowa Hakko Kogyo    8,000    55,622 
Kyushu Electric Power    9,700    225,937 
Lawson    1,500    56,743 
Leopalace21    3,100    120,525 
Mabuchi Motor    700    39,352 
Makita    3,000    88,792 
Marubeni    32,000    183,818 
Marui    7,400    142,557 
Matsui Securities    2,900    38,675 
Matsumotokiyoshi    1,100    31,979 
Matsushita Electric Industrial    52,195    1,256,885 
Matsushita Electric Works    8,000    96,813 
Mediceo Paltac Holdings    4,100    75,753 
Meiji Dairies    7,000    44,317 
Meiji Seika Kaisha    6,000    31,103 
Meitec    700    23,783 
Millea Holdings    37    735,464 
Minebea    9,000    58,082 
Mitsubishi    33,800    815,403 
Mitsubishi Chemical Holdings    28,600    180,315 
Mitsubishi Electric    49,000    425,210 
Mitsubishi Estate    28,000    610,508 
Mitsubishi Gas Chemical    9,000    119,238 
Mitsubishi Heavy Industries    74,700    368,921 
Mitsubishi Logistics    3,000    45,604 
Mitsubishi Materials    25,000    134,632 
Mitsubishi Rayon    13,000    119,413 

22

Common Stocks (continued)    Shares    Value ($) 
Japan (continued)         
Mitsubishi UFJ Financial Group    212    3,322,942 
Mitsubishi UFJ Securities    8,000    125,674 
Mitsui & Co    38,400    578,690 
Mitsui Chemicals    16,000    115,447 
Mitsui Engineering & Shipbuilding    17,000    54,186 
Mitsui Fudosan    20,000    446,585 
Mitsui Mining & Smelting    13,000    90,158 
Mitsui OSK Lines    28,000    199,825 
Mitsui Sumitomo Insurance    30,230    406,331 
Mitsui Trust Holdings    13,380    184,297 
Mitsukoshi    10,000    57,968 
Mitsumi Electric    2,000    28,074 
Mizuho Financial Group    240    2,040,630 
Murata Manufacturing    5,100    370,219 
Namco Bandai Holdings    4,750    68,255 
NEC    50,800    354,532 
NEC Electronics    1,100    40,455 
NET One Systems    14    30,648 
NGK Insulators    6,000    85,692 
NGK Spark Plug    5,000    109,457 
NHK Spring    4,000    46,235 
Nichii Gakkan    320    7,678 
Nichirei    7,000    34,448 
Nidec    2,700    207,583 
Nikko Cordial    21,000    338,905 
Nikon    7,600    149,072 
Nintendo    2,550    379,597 
Nippon Building Fund    11    104,028 
Nippon Electric Glass    5,390    121,299 
Nippon Express    20,000    105,254 
Nippon Kayaku    4,000    35,657 
Nippon Light Metal    10,400    28,960 
Nippon Meat Packers    4,000    47,180 
Nippon Mining Holdings    18,800    173,349 
Nippon Oil    30,800    243,002 
Nippon Paper Group    25    106,611 

The Fund 23

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Japan (continued)         
Nippon Sheet Glass    10,000    59,194 
Nippon Shokubai    3,000    36,725 
Nippon Steel    154,100    566,743 
Nippon Telegraph & Telephone    130    580,560 
Nippon Yusen    25,800    157,692 
Nishi-Nippon City Bank    13,000    65,797 
Nishimatsu Construction    6,000    25,009 
Nissan Chemical Industries    4,000    67,601 
Nissan Motor    56,900    745,878 
Nisshin Seifun Group    4,300    45,899 
Nisshin Steel    22,000    76,480 
Nisshinbo Industries    4,000    46,830 
Nissin Food Products    2,100    66,751 
Nitori    1,000    53,940 
Nitto Denko    4,200    351,226 
NOK    2,400    72,715 
Nomura Holdings    44,400    1,001,138 
Nomura Real Estate Office Fund    6    52,434 
Nomura Research Institute    500    61,909 
NSK    11,000    99,212 
NTN    11,000    90,543 
NTT Data    31    143,056 
NTT DoCoMo    429    638,616 
NTT Urban Development    6    49,124 
Obayashi    16,000    122,032 
Obic    200    40,876 
Odakyu Electric Railway    16,000    100,315 
OJI Paper    20,000    119,089 
Oki Electric Industry    14,000    43,152 
Okumura    5,000    27,671 
Olympus    6,000    171,278 
Omron    5,500    153,152 
Onward Kashiyama    4,000    67,320 
Oracle Corp Japan    700    35,613 
Oriental Land    1,200    71,874 

24
Common Stocks (continued)    Shares    Value ($) 
Japan (continued)         
ORIX    2,140    640,876 
Osaka Gas    52,000    193,975 
Pioneer    3,900    68,813 
Promise    2,200    135,236 
QP    2,700    27,898 
Rakuten    168    135,342 
Resona Holdings    115    390,718 
Ricoh    17,000    336,427 
Rinnai    900    24,746 
Rohm    2,600    275,937 
Ryohin Keikaku    600    53,695 
Sanden    2,000    9,124 
Sanken Electric    3,000    45,184 
Sankyo    1,200    84,904 
Santen Pharmaceutical    2,100    51,764 
Sanwa Shutter    5,200    35,471 
Sanyo Electric    40,000    105,779 
Sapporo Holdings    6,000    30,893 
SBI Holdings    188    95,482 
Secom    5,500    299,081 
Sega Sammy Holdings    3,684    146,457 
Seiko Epson    2,600    81,734 
Seino Holdings    5,000    54,028 
Sekisui Chemical    11,000    94,781 
Sekisui House    14,000    216,130 
Seven & I Holdings    20,360    786,231 
SFCG    130    29,677 
Sharp    24,000    420,105 
Shimachu    1,000    27,145 
Shimamura    500    61,471 
Shimano    1,600    52,539 
Shimizu    14,000    96,602 
Shin-Etsu Chemical    9,800    564,658 
Shinko Securities    12,000    63,573 
Shinsei Bank    23,000    160,517 

The Fund 25

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Japan (continued)         
Shionogi & Co    8,000    134,571 
Shiseido    9,000    173,774 
Shizuoka Bank    14,400    151,692 
Showa Denko    25,000    110,333 
Showa Shell Sekiyu    3,700    45,748 
Skylark    1,800    32,785 
SMC    1,300    196,935 
Softbank    18,600    477,215 
Sojitz    8,000 a    50,928 
Sompo Japan Insurance    20,000    288,967 
Sony    24,980    1,251,187 
Stanley Electric    3,800    88,179 
SUMCO    1,200    71,559 
Sumitomo    27,000    403,345 
Sumitomo Bakelite    5,000    46,541 
Sumitomo Chemical    37,000    323,345 
Sumitomo Electric Industries    17,700    280,224 
Sumitomo Heavy Industries    13,000    136,602 
Sumitomo Metal Industries    100,000    420,315 
Sumitomo Metal Mining    13,000    188,398 
Sumitomo Mitsui Financial Group    147    1,609,019 
Sumitomo Osaka Cement    8,000    29,282 
Sumitomo Realty & Development    10,000    264,448 
Sumitomo Rubber Industries    4,000    57,023 
Sumitomo Trust & Banking    32,000    339,615 
Suruga Bank    5,000    69,658 
Suzuken    1,320    47,391 
T&D Holdings    5,750    439,558 
Taiheiyo Cement    21,000    101,874 
Taisei    21,000    93,599 
Taisho Pharmaceutical    4,000    81,261 
Taiyo Nippon Sanso    7,000    55,105 
Taiyo Yuden    3,100    50,789 
Takara Holdings    5,000    30,823 
Takashimaya    7,000    101,935 

26
Common Stocks (continued)    Shares    Value ($) 
Japan (continued)         
Takeda Pharmaceutical    22,200    1,352,995 
Takefuji    2,810    182,084 
Takuma    3,000    25,350 
Tanabe Seiyaku    5,000    58,757 
TDK    2,900    242,005 
Teijin    22,000    150,455 
Terumo    4,200    150,053 
THK    2,500    81,436 
TIS    800    23,958 
Tobu Railway    19,000    93,835 
Toda    5,000    21,891 
Toho    3,600    69,510 
Tohoku Electric Power    10,900    250,547 
Tokuyama    6,000    98,722 
Tokyo Broadcasting System    500    13,879 
Tokyo Electric Power    28,972    742,059 
Tokyo Electron    4,100    294,396 
Tokyo Gas    54,000    260,543 
Tokyo Steel Manufacturing    2,600    54,982 
Tokyo Style    2,000    24,378 
Tokyo Tatemono    7,000    80,604 
Tokyu    20,820    146,396 
Tokyu Land    11,000    93,336 
TonenGeneral Sekiyu    7,000    75,823 
Toppan Printing    14,000    186,462 
Toray Industries    33,000    308,328 
Toshiba    73,000    463,441 
Tosoh    13,000    63,520 
Toto    7,000    72,636 
Toyo Seikan Kaisha    4,000    77,408 
Toyo Suisan Kaisha    2,000    30,403 
Toyobo    13,200    41,380 
Toyoda Gosei    1,400    38,494 
Toyota Industries    4,700    209,072 
Toyota Motor    72,214    4,211,429 

The Fund 27

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares        Value ($) 
Japan (continued)             
Toyota Tsusho    5,000        124,781 
Trend Micro    2,500        96,541 
Ube Industries    19,600        65,219 
Uni Charm    1,100        62,898 
Uniden    2,000        31,454 
UNY    4,000        71,278 
Ushio    2,600        59,764 
USS    650        48,494 
Wacoal Holdings    3,000        40,429 
West Japan Railway    44        194,956 
Yahoo! Japan    362        210,480 
Yakult Honsha    2,500        65,018 
Yamada Denki    1,900        206,471 
Yamaha    4,300        79,260 
Yamaha Motor    4,900        134,729 
Yamato Holdings    9,400        186,848 
Yamazaki Baking    4,000        35,692 
Yaskawa Electric    4,000        49,072 
Yokogawa Electric    4,600        72,666 
Zeon    4,000        54,186 
            72,995,145 
Luxembourg—.2%             
Arcelor    12,923        530,678 
Oriflame Cosmetics    580        21,870 
            552,548 
Netherlands—3.5%             
ABN AMRO Holding    44,800        1,336,882 
Aegon    36,240        660,551 
Akzo Nobel    6,660        382,886 
ASML Holding    12,360    a    261,564 
Buhrmann    2,895        56,050 
Corio    1,094        69,110 
Euronext    2,073        185,007 
European Aeronautic Defense and Space    5,876    a    231,525 
Getronics    2,893        34,948 
Hagemeyer    13,187    a    71,593 

28

Common Stocks (continued)    Shares    Value ($) 
Netherlands (continued)         
Heineken    6,265    253,403 
ING Groep    46,941    1,907,509 
Koninklijke Ahold    38,156 a    314,814 
Koninklijke DSM    3,687    167,939 
Koninklijke Philips Electronics    33,032    1,138,000 
OCE    1,780    29,597 
Qiagen    2,981 a    44,347 
Randstad Holdings    1,126    74,748 
Reed Elsevier    17,972    266,002 
Rodamco Europe    1,175    126,252 
Royal KPN    48,420    567,838 
Royal Numico    4,139    187,276 
SBM Offshore    855    91,599 
STMicroelectronics    15,627    286,804 
TNT    10,490    377,120 
Unilever    14,355    1,035,210 
Vedior    3,866    89,994 
VNU    6,265    214,733 
Wereldhave    507    52,816 
Wolters Kluwer    7,040    183,123 
        10,699,240 
New Zealand—.1%         
Auckland International Airport    19,388    25,149 
Contact Energy    5,704    28,870 
Fisher & Paykel Appliances Holdings    7,958    23,428 
Fisher & Paykel Healthcare    10,400    27,906 
Fletcher Building    11,159    64,569 
Kiwi Income Property Trust (Units)    12,371    9,990 
Sky City Entertainment Group    11,709    40,427 
Sky Network Television    4,754    18,651 
Telecom Corp of New Zealand    47,465    172,935 
Tower    4,325 a    7,453 
Vector    3,522    6,226 
Warehouse Group    2,700    6,644 
Waste Management NZ    1,400    7,656 
        439,904 

The Fund 29

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Norway—.8%         
Acergy    4,591 a    74,690 
DNB NOR    17,107    236,770 
Frontline    1,500    48,442 
Norsk Hydro    3,555    546,126 
Norske Skogindustrier    4,380    67,357 
Orkla    4,758    249,935 
Petroleum Geo-Services    1,510 a    84,819 
ProSafe    850    50,360 
Schibsted    1,100    32,230 
Statoil    16,640    546,810 
Stolt-Nielsen    950    26,989 
Storebrand    5,350    63,221 
Tandberg    3,000    30,473 
Tandberg Television    1,700 a    34,124 
Telenor    19,722    228,268 
Tomra Systems    3,950    39,164 
Yara International    4,674    75,094 
        2,434,872 
Portugal—.3%         
Banco BPI    7,721    58,160 
Banco Comercial Portugues    50,561    154,128 
Banco Espirito Santo    2,934    42,615 
Brisa-Auto Estradas de Portugal    7,561    79,432 
Cimpor-Cimentos de Portugal    4,095    28,525 
Energias de Portugal    47,080    185,029 
Jeronimo Martins    1,205    21,706 
Portugal Telecom    19,475    247,525 
PT Multimedia Servicos de Telecomunicacoes e Multimedia    1,560    19,022 
Sonae    20,060    34,113 
Sonae Industria SGPS    2,150 a    21,503 
        891,758 
Singapore—.8%         
Allgreen Properties    6,000    5,690 
Ascendas Real Estate Investment Trust    25,700    37,049 
CapitaLand    25,000    77,453 
CapitaMall Trust    19,000    28,711 
Chartered Semiconductor Manufacturing    24,000 a    27,314 

30

Common Stocks (continued)    Shares    Value ($) 
Singapore (continued)         
City Developments    12,000    76,631 
ComfortDelgro    39,700    40,413 
Cosco Corp Singapore    22,000    19,891 
Creative Technology    750    4,884 
Datacraft Asia    3,000    3,540 
DBS Group Holdings    29,059    327,042 
Fraser & Neave    4,430    61,901 
Haw Par    1,658    6,499 
Jardine Cycle & Carriage    2,422    17,151 
Keppel    14,500    140,269 
Keppel Land    10,000    29,970 
Neptune Orient Lines    14,000    20,182 
Noble Group    16,000    13,354 
Olam International    13,000    13,316 
Oversea-Chinese Banking    63,942    274,915 
Overseas Union Enterprise    1,000    5,849 
Parkway Holdings    14,000    23,103 
SembCorp Industries    23,254    52,930 
SembCorp Marine    11,000    21,282 
Singapore Airlines    14,000    125,696 
Singapore Exchange    21,000    57,094 
Singapore Land    2,000    8,725 
Singapore Petroleum    3,000    10,907 
Singapore Post    31,000    22,148 
Singapore Press Holdings    38,075    103,036 
Singapore Technologies Engineering    33,000    65,099 
Singapore Telecommunications    164,265    284,576 
SMRT    8,000    5,716 
STATS ChipPAC    26,000 a    22,193 
Suntec Real Estate Investment Trust    19,000    15,377 
United Overseas Bank    29,112    300,029 
United Overseas Land    15,111    29,236 
Venture Manufacturing (Singapore)    7,000    59,750 
Want Want Holdings    7,000    10,220 
Wing Tai Holdings    6,000    6,639 
        2,455,780 

The Fund 31

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Spain—3.6%         
Abertis Infraestrusturas    5,304    139,770 
Acciona    695    119,369 
Acerinox    4,610    77,407 
ACS    6,312    261,664 
Altadis    6,573    311,482 
Antena 3 de Television    1,673    44,002 
Banco Bilbao Vizcaya Argentaria    84,948    1,873,653 
Banco Popular Espanol    20,898    315,100 
Banco Santander Central Hispano    148,763    2,303,015 
Cintra Concesiones de Infraestructuras de Transporte    5,022    68,004 
Corp Mapfre    2,959    62,470 
Ebro Puleva    1,751    34,585 
Endesa    23,898    792,314 
Fomento de Construcciones y Contratas    1,151    93,226 
Gamesa Corp Tecnologica    4,069    88,313 
Gas Natural SDG    4,666    142,119 
Grupo Ferrovial    1,645    134,792 
Iberdrola    20,436    664,664 
Iberia Lineas Aereas de Espana    12,494    34,939 
Inditex    5,285    214,696 
Indra Sistemas    3,330    68,456 
Inmobiliaria Colonial    634    45,202 
Metrovacesa    1,350    123,203 
NH Hoteles    1,765    31,771 
Promotora de Informaciones    1,710    31,276 
Repsol YPF    23,063    687,935 
Sacyr Vallehermoso    2,906    100,519 
Sociedad General de Aguas de Barcelona, Cl. A    1,687    47,069 
Sogecable    748 a    28,295 
Telefonica    111,744    1,787,631 
Telefonica Publicidad e Informacion    4,355    48,055 
Union Fenosa    4,626    178,602 
Zeltia    4,464    33,963 
        10,987,561 
Sweden—2.3%         
Alfa Laval    2,200    71,340 
Assa Abloy, Cl. B    7,392    142,620 

32

Common Stocks (continued)    Shares    Value ($) 
Sweden (continued)         
Atlas Copco, Cl. A    8,595    253,109 
Atlas Copco, Cl. B    5,000    136,072 
Axfood    920    26,158 
Billerud    1,600    27,512 
Capio    1,820 a    35,731 
Castellum    3,200    31,087 
D. Carnegie    870    19,259 
Electrolux, Cl. B    6,907    206,206 
Elekta, Cl. B    1,800    29,611 
Eniro    4,173    45,624 
Gambro, Cl. A    4,848    72,532 
Gambro, Cl. B    2,300    34,411 
Getinge, Cl. B    4,400    75,957 
Hennes & Mauritz, Cl. B    12,008    454,417 
Hoganas, Cl. B    400    10,859 
Holmen, Cl. B    1,300    56,148 
Kungsleden AB    960    34,055 
Lundin Petroleum    4,300 a    59,093 
Modern Times Group, Cl. B    1,200 a    65,639 
Nordea Bank    54,520    699,419 
OMX    1,650    31,611 
Sandvik    5,131    332,767 
SAS    2,050 a    27,756 
Scania, Cl. B    2,501    115,978 
Securitas, Cl. B    7,604    158,035 
Skandinaviska Enskilda Banken, Cl. A    12,004    301,490 
Skanska, Cl. B    9,499    163,980 
SKF, Cl. B    10,422    178,502 
SSAB Svenskt Stal, Ser. A    1,150    67,576 
SSAB Svenskt Stal, Ser. B    700    38,005 
Svenska Cellulosa, Cl. B    5,037    227,442 
Svenska Handelsbanken, Cl. A    12,788    366,198 
Swedish Match    8,364    125,135 
Tele2, Cl. B    8,406    106,131 
Telefonaktiebolaget LM Ericsson, Cl. B    371,659    1,318,404 
Telelogic    8,000 a    20,255 
TeliaSonera    47,633    294,732 

The Fund 33

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Sweden (continued)         
Trelleborg, Cl. B    1,840    40,857 
Volvo, Cl. A    2,422    119,037 
Volvo, Cl. B    5,554    278,234 
Wihlborgs Fastigheter    264    7,685 
Wihlborgs Fastigheter    1,923    36,972 
WM-data, Cl. B    7,000    23,789 
        6,967,430 
Switzerland—6.6%         
ABB    49,964    711,045 
Adecco    3,174    196,246 
Ciba Specialty Chemicals    1,662    101,691 
Clariant    5,571    86,448 
Compagnie Financiere Richemont, Cl. A (Units)    12,501    646,785 
Credit Suisse Group    30,415    1,904,988 
Geberit    107    124,486 
Givaudan    174    145,635 
Holcim    4,664    389,995 
Kudelski    991    25,856 
Kuhne & Nagel International    270    97,634 
Kuoni Reisen Holding    70    37,427 
Logitech International    2,174 a    90,019 
Lonza Group    971    68,702 
Micronas Semiconductor    647    16,334 
Nestle    10,096    3,070,402 
Nobel Biocare Holding    604    148,845 
Novartis    58,246    3,332,022 
Phonak Holding    972    60,176 
PSP Swiss Property    1,049    54,670 
Rieter Holding    106    46,363 
Roche Holding    17,583    2,695,942 
Schindler Holding    1,330    72,716 
Serono, Cl. B    125    81,809 
SGS    100    98,653 
SIG Holding    130    28,221 
Straumann Holding    197    48,310 
Sulzer    97    81,577 
Swatch Group    1,198    43,826 

34

Common Stocks (continued)    Shares    Value ($) 
Switzerland (continued)         
Swatch Group, Cl. B    827    147,879 
Swiss Reinsurance    8,123    591,061 
Swisscom    474    157,682 
Syngenta    2,710    376,949 
Syngenta (Warrants)    2,561 a    4,098 
Synthes    1,199    148,459 
UBS    25,863    3,048,871 
Unaxis Holding    159    52,862 
Valora Holding    61    14,554 
Zurich Financial Services    3,620    878,259 
        19,927,497 
United Kingdom—22.7%         
3i Group    13,613    220,714 
Aegis Group    23,287    57,777 
Aggreko    7,330    40,869 
Alliance Unichem    6,119    98,821 
Amec    8,579    61,361 
Amvescap    17,779    193,734 
Anglo American    35,585    1,510,303 
ARM Holdings    32,591    80,565 
Arriva    5,438    57,280 
Associated British Ports Holdings    7,601    100,995 
AstraZeneca    39,684    2,185,588 
Aviva    60,141    875,615 
BAA    27,272    420,114 
BAE Systems    80,990    614,608 
Balfour Beatty    9,801    63,955 
Barclays    161,837    2,015,017 
Barratt Developments    6,347    114,443 
BBA Group    11,118    53,048 
Bellway    2,748    59,939 
Berkeley Group Holding    2,731 a    57,136 
BG Group    89,030    1,192,653 
BHP Billiton    61,943    1,271,149 
BOC Group    12,757    361,265 
Boots Group    11,860    151,117 
Bovis Homes Group    3,340    54,305 

The Fund 35

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
United Kingdom (continued)         
BP    518,032    6,369,930 
Brambles Industries    17,790    146,644 
British Airways    14,399 a    88,005 
British American Tobacco    39,618    1,009,603 
British Land    12,708    290,120 
British Sky Broadcasting    30,286    289,284 
Brixton    6,655    58,910 
BT Group    211,642    843,435 
Bunzl    8,261    104,283 
Burberry Group    11,235    96,286 
Cadbury Schweppes    52,597    520,080 
Capita Group    16,985    143,790 
Carnival    4,365    215,647 
Cattles    9,083    62,324 
Centrica    91,727    498,099 
Close Brothers Group    3,564    69,478 
Cobham    28,020    94,349 
Compass Group    52,150    224,179 
Cookson Group    5,084    49,069 
Corus Group    109,048    167,488 
Daily Mail & General Trust    7,201    89,266 
Davis Service Group    4,424    37,714 
De La Rue    3,606    35,591 
Diageo    72,475    1,192,194 
DSG International    45,878    153,229 
Electrocomponents    10,893    53,014 
Emap    6,005    95,943 
EMI Group    19,197    98,399 
Enterprise Inns    8,629    146,336 
First Choice Holidays    11,793    47,694 
Firstgroup    9,370    70,851 
FKI    13,710    29,219 
Friends Provident    45,865    164,024 
Gallaher Group    16,763    265,387 
GKN    17,852    101,727 
GlaxoSmithKline    145,715    4,121,204 

36

Common Stocks (continued)    Shares    Value ($) 
United Kingdom (continued)         
Great Portland Estates    3,574    29,526 
Group 4 Securicor    30,193    104,273 
GUS    22,173    414,312 
Hammerson    7,237    153,116 
Hanson    17,828    237,367 
Hays    36,019    110,644 
HBOS    96,181    1,682,675 
HMV Group    8,660    28,137 
HSBC Holdings    282,674    4,868,278 
ICAP    12,840    121,594 
IMI    8,801    89,984 
Imperial Chemical Industries    29,772    193,461 
Imperial Tobacco Group    17,977    556,797 
Inchcape    1,878    93,190 
Intercontinental Hotels Group    10,765    189,213 
International Power    37,928    205,268 
Intertek Group    4,269    63,977 
Invensys    137,049 a    59,163 
iSOFT Group    5,492    11,729 
Johnson Matthey    5,712    152,933 
Kelda Group    9,212    128,595 
Kesa Electricals    12,320    70,987 
Kingfisher    60,003    245,668 
Ladbrokes    14,402    109,816 
Land Securities Group    11,878    400,279 
Legal & General Group    164,716    414,664 
Liberty International    6,298    130,617 
Lloyds TSB Group    140,446    1,361,928 
LogicaCMG    30,262    98,460 
London Stock Exchange    6,368    143,180 
Man Group    7,211    331,216 
Marks & Spencer Group    42,044    447,447 
Meggit    10,952    66,987 
MFI Furniture    17,330    34,650 
Misys    12,607    47,663 
Mitchells & Butlers    12,100    108,263 

The Fund 37

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
United Kingdom (continued)         
National Express Group    2,980    48,506 
National Grid    68,278    714,227 
Next    6,310    184,886 
Old Mutual    137,244    479,590 
Pearson    20,453    282,541 
Persimmon    6,755    160,845 
Pilkington    26,462    78,281 
Premier Farnell    8,240    30,067 
Provident Financial    6,327    71,532 
Prudential    61,012    713,632 
Punch Taverns    6,098    97,096 
Rank Group    15,819    65,558 
Reckitt Benckiser    15,478    562,390 
Reed Elsevier    31,357    310,628 
Rentokil Initial    44,478    129,151 
Resolution    4,310    49,041 
Reuters Group    35,683    252,302 
Rexam    13,601    134,734 
Rio Tinto    26,826    1,470,610 
Rolls-Royce Group    38,848    336,467 
Rolls-Royce Group, Cl. B    1,063,589    1,991 
Royal & Sun Alliance Insurance Group    75,583    189,589 
Royal Bank of Scotland Group    79,654    2,593,065 
Royal Dutch Shell, Cl. A    98,810    3,369,333 
Royal Dutch Shell, Cl. B    69,082    2,462,367 
SABMiller    22,704    477,470 
Sage Group    31,369    142,545 
Sainsbury (J)    34,971    212,466 
Schroders    3,266    67,022 
Scottish & Newcastle    19,603    180,651 
Scottish & Southern Energy    21,734    444,429 
Scottish Power    47,287    481,757 
Serco Group    11,810    72,127 
Severn Trent    8,444    177,579 
Signet Group    42,153    81,217 

38
Common Stocks (continued)    Shares    Value ($) 
United Kingdom (continued)         
Slough Estates    11,044    122,854 
Smith & Nephew    24,081    198,501 
Smiths Group    14,425    267,309 
SSL International    3,900    21,568 
Stagecoach Group    21,317    42,040 
Tate & Lyle    11,954    120,591 
Taylor Woodrow    13,367    93,056 
Telent    1,458    13,330 
Tesco    196,989    1,143,992 
Tomkins    20,264    124,771 
Travis Perkins    2,664    76,168 
Trinity Mirror    7,292    72,766 
Unilever    69,059    731,184 
United Business Media    7,360    95,719 
United Utilities    22,251    271,383 
Vodafone Group    1,548,525    3,645,006 
Whitbread    6,442    131,144 
William Hill    9,714    112,031 
Wimpey (George)    9,867    93,888 
Wolseley    15,019    374,819 
WPP Group    29,151    358,717 
Yell Group    17,119    159,938 
        68,857,690 
Total Common Stocks         
(cost $205,065,877)        290,781,046 
 
Preferred Stocks—.2%         
Germany         
Henkel    1,444    173,781 
Porsche    197    196,784 
ProSieben Sat.1 Media    2,153    59,447 
RWE    985    76,641 
Volkswagen    2,632    146,541 
Total Preferred Stocks         
(cost $410,956)        653,194 

The Fund 39

STATEMENT OF INVESTMENTS (Unaudited) (continued)

            Principal     
Short-Term Investment—.2%    Amount ($)    Value ($) 
U.S. Treasury Bills;             
4.49%, 6/8/06             
(cost $547,395)        550,000 b    547,388 
 
 
Other Investment—2.6%        Shares    Value ($) 
Registered Investment Company;         
Dreyfus Institutional Preferred Plus Money Market Fund     
(cost $7,847,000)        7,847,000 c    7,847,000 
 
Total Investments (cost $213,871,228)    99.0%    299,828,628 
 
Cash and Receivables (Net)        1.0%    2,998,093 
 
Net Assets        100.0%    302,826,721 
 
a    Non-income producing security.             
b    Partially held by broker as collateral for open financial futures positions.     
c    Investment in affiliated money market mutual fund.         
 
 
 
 
Portfolio Summary (Unaudited) †         
 
        Value (%)        Value (%) 
Banking    14.2    Food, Beverage & Tobacco    4.6 
Materials    8.2    Insurance    4.4 
Energy    7.7    Automobiles & Components    4.0 
Capital Goods    7.3    Technology Hardware & Equipment 3.8 
Diversified Financials    7.1    Consumer Durables    3.3 
Pharmaceuticals & Biotechnology    6.5    Other    18.3 
Utilities    4.8         
Telecommunications    4.8        99.0 
 
†    Based on net assets.             
See notes to financial statements.             

40
STATEMENT OF FINANCIAL FUTURES 
April 30, 2006 (Unaudited) 

                Unrealized 
        Market Value        Appreciation 
        Covered by        (Depreciation) 
    Contracts    Contracts ($)    Expiration    at 4/30/2006 ($) 
Financial Futures Long                 
DJ Euro Stoxx 50    90    4,294,399    June 2006    4,093 
FTSE 100    35    3,832,333    June 2006    (23,476) 
TOPIX    17    2,566,375    June 2006    (31,134) 
                (50,517) 

See notes to financial statements.

The Fund 41

STATEMENT OF ASSETS AND LIABILITIES 
April 30, 2006 (Unaudited) 

    Cost    Value 
Assets ($):         
Investments in securities—See Statement of Investments:     
Unaffiliated issuers    206,024,228    291,981,628 
Affiliated issuers    7,847,000    7,847,000 
Cash        754,788 
Cash denominated in foreign currencies    885,568    903,030 
Dividends and interest receivable        1,144,112 
Receivable for shares of Common Stock subscribed    762,161 
Unrealized appreciation on forward         
currency exchange contracts—Note 4        222,441 
Receivable for investment securities sold        113,713 
        303,728,873 
Liabilities ($):         
Due to The Dreyfus Corporation and affiliates—Note 3(b)    143,777 
Payable for shares of Common Stock redeemed    351,342 
Payable for investment securities purchased    329,894 
Payable for futures variation margin—Note 4    74,718 
Unrealized depreciation on forward         
currency exchange contracts—Note 4        2,421 
        902,152 
Net Assets ($)        302,826,721 
Composition of Net Assets ($):         
Paid-in capital        232,947,426 
Accumulated undistributed investment income—net    1,435,990 
Accumulated net realized gain (loss) on investments    (17,731,128) 
Accumulated net unrealized appreciation (depreciation) on     
investments and foreign currency transactions [including     
($50,517) net unrealized (depreciation) on financial futures]    86,174,433 
Net Assets ($)        302,826,721 
Shares Outstanding         
(200 million shares of $.001 par value Common Stock authorized)    17,397,432 
Net Asset Value, offering and redemption price per share—Note 3(c) ($)    17.41 

See notes to financial statements.
42
STATEMENT OF OPERATIONS 
Six Months Ended April 30, 2006 (Unaudited) 

Investment Income ($):     
Income:     
Cash dividends (net of $232,372 foreign taxes withheld at source): 
Unaffiliated issuers    3,461,053 
Affiliated issuers    144,769 
Interest    19,733 
Income on securities lending    212 
Total Income    3,625,767 
Expenses:     
Management fee—Note 3(a)    433,817 
Shareholder servicing costs—Note 3(b)    309,869 
Loan commitment fees—Note 2    977 
Total Expenses    744,663 
Investment Income—Net    2,881,104 
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): 
Net realized gain (loss) on investments     
and foreign currency transactions    398,316 
Net realized gain (loss) on forward currency exchange contracts    4,367 
Net realized gain (loss) on financial futures    1,044,172 
Net Realized Gain (Loss)    1,446,855 
Net change in unrealized appreciation (depreciation)     
on investments, foreign currency transactions and     
forward currency exchange contracts [including ($93,910)     
net change in unrealized (depreciation) on financial futures]    46,221,036 
Net Realized and Unrealized Gain (Loss) on Investments    47,667,891 
Net Increase in Net Assets Resulting from Operations    50,548,995 

See notes to financial statements.

The Fund 43

STATEMENT OF CHANGES IN NET ASSETS

    Six Months Ended     
    April 30, 2006    Year Ended 
    (Unaudited)    October 31, 2005 
Operations ($):         
Investment income—net    2,881,104    3,327,284 
Net realized gain (loss) on investments    1,446,855    1,814,338 
Net change in unrealized appreciation         
(depreciation) on investments    46,221,036    18,357,619 
Net Increase (Decrease) in Net Assets         
Resulting from Operations    50,548,995    23,499,241 
Dividends to Shareholders from ($):         
Investment income—net    (4,095,715)    (2,772,459) 
Capital Stock Transactions ($):         
Net proceeds from shares sold    85,944,384    104,456,200 
Dividends reinvested    3,605,157    2,386,290 
Cost of shares redeemed    (33,850,174)    (44,061,412) 
Increase (Decrease) in Net Assets         
from Capital Stock Transactions    55,699,367    62,781,078 
Total Increase (Decrease) in Net Assets    102,152,647    83,507,860 
Net Assets ($):         
Beginning of Period    200,674,074    117,166,214 
End of Period    302,826,721    200,674,074 
Undistributed investment income—net    1,435,990    2,650,601 
Capital Share Transactions (Shares):         
Shares sold    5,401,970    7,547,258 
Shares issued for dividends reinvested    234,572    175,076 
Shares redeemed    (2,105,379)    (3,173,832) 
Net Increase (Decrease) in Shares Outstanding    3,531,163    4,548,502 

See notes to financial statements.

44

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, 2006        Year Ended October 31,     
        (Unaudited)    2005    2004    2003    2002    2001 
Per Share Data ($):                         
Net asset value,                         
beginning of period    14.47    12.57    10.91    8.89    10.60    14.18 
Investment Operations:                         
Investment income—net a    .18    .29    .25    .18    .15    .15 
Net realized and unrealized                         
gain (loss) on investments    3.03    1.88    1.72    2.04    (1.73)    (3.74) 
Total from                         
Investment Operations    3.21    2.17    1.97    2.22    (1.58)    (3.59) 
Distributions:                         
Dividends from investment                         
income—net    (.27)    (.27)    (.31)    (.20)    (.13)    — 
Redemption fee    .00b    .00b    .00b    .00b    .00b    .01 
Net asset value, end of period    17.41    14.47    12.57    10.91    8.89    10.60 
Total Return (%)    22.46c    17.40    18.40    25.49    (15.12)    (25.25) 
Ratios/Supplemental Data (%):                     
Ratio of total expenses                         
to average net assets    .30c    .60    .60    .60    .60    .60 
Ratio of net investment income                     
to average net assets    1.15c    2.07    2.07    1.98    1.44    1.26 
Portfolio Turnover Rate    1.41c    3.46    14.80    11.37    24.12    30.02 
Net Assets, end of period                         
($ x 1,000)    302,827    200,674    117,116    91,731    82,091    72,344 
 
a    Based on average shares outstanding at each month end.                 
b    Amount represents less than $.01 per share.                     
c    Not annualized.                         
See notes to financial statements.                         

The Fund 45

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 provide investment results that correspond to the net dividend and total return performance of equity securities of international issuers in the aggregate, as represented by the Morgan Stanley Capital International Europe,Australia, Far East (Free) Index. The Dreyfus Corporation (the “Manager” or “Dreyfus”) serves as the fund’s investment adviser.The Manager is a wholly-owned subsidiary of Mellon Financial Corporation (“Mellon Financial”). Dreyfus Service 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 fund’s financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

In the normal course of business, the fund may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnifications.The maximum exposure to the fund under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. However, based on experience, the fund expects the risks of loss to be remote.

(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

46

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, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Investments in registered investment companies 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 fund’s 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 ADR’s and futures contracts. For other securities that are fair valued by the funds 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. Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange. Forward currency exchange contracts are valued at the forward rate. Financial futures are valued at the last sales price on the principle exchange.

(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.

The Fund 47

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized on securities transactions 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 in securities, resulting from changes in exchange rates. Such gains and losses are included with net realized and unrealized gain or loss on investments.

(c) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is accrued as earned.

Pursuant to a securities lending agreement with Mellon Bank, N.A, an affiliate of the Manager, the fund may lend securities to qualified institutions. It is the fund’s policy, 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 will be maintained at all times. Cash collateral is invested in certain money market mutual funds managed by the Manager. The fund will be 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 would bear 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.

(d) Affiliated issuers: Investments in other investment companies advised by the Manager are defined as “affiliated” in the Act.

(e) Dividends to shareholders: Dividends are recorded on the ex-dividend date. Dividends from investment income-net and dividends

48

from net realized capital gain, 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 gain 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 incomes tax regulations, which may differ from U.S. generally accepted accounting principles.

(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.

The fund has an unused capital loss carryover of $12,224,271 available for federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to October 31, 2005. If not applied, $1,262,185 of the carryover expires in fiscal 2009, $5,891,135 expires in fiscal 2010, $4,292,311 expires in fiscal 2011 and $778,640 expires in fiscal 2012.

The tax character of distributions paid to shareholders during the fiscal year ended October 31, 2005, were as follows: ordinary income $2,772,459. The tax character of current year distributions will be determined at the end of the current fiscal year.

NOTE 2—Bank Line Of Credit:

The fund participates with other Dreyfus-managed funds in a $350 million redemption credit facility (the “Facility”) to be utilized for temporary or emergency purposes, including the financing of redemptions. In connection therewith, the fund has agreed to pay commitment fees on its pro rata portion of the Facility. Interest is charged to the fund based on prevailing market rates in effect at the time of borrowings. During the period ended April 30, 2006, the fund did not borrow under the Facility.

The Fund 49

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

NOTE 3—Management Fee and Other Transactions With Affiliates:

(a) Pursuant to an Investment 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 commissions, taxes, commitment fees, interest, 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 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 (collectively, the “Fund Group”). Each Board member receives an annual fee of $40,000, an attendance fee of $5,000 for each in-person meeting and $500 for telephone meetings. The chairman of the Board receives an additional 25% of such compensation (with the exception of reimbursable amounts). Subject to the Company’s Emeritus Program Guidelines, Emeritus Board members, if any, receive 50% of the Company’s annual retainer fee and per meeting fee paid at the time the Board member achieves emeritus status. Amounts required to be paid by the Company directly to the non-interested Board members, that were applied to offset a portion of the management fee payable to the Manager were in fact paid directly by the Manager to the non-interested Board members. All Board fees are allocated among the funds in the Fund Group in proportion to each fund’s relative net assets.

(b) Under the Shareholder Services Plan, the fund pays the Distributor for the provision of certain services, a fee 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

50

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, 2006, the fund was charged $309,869 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 $83,870, and shareholder services plan fees $59,907.

(c) A 1% redemption fee is charged and retained by the fund on certain shares redeemed within six months following the date of issuance, including redemptions made through the use of the fund’s exchange privilege.

(d) Pursuant to an exemptive order from the Securities and Exchange Commission, the fund invests it’s available cash balances in affiliated money market mutual funds. Management fees of the underlying money market mutual funds have been waived by the Manager.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, forward currency exchange contracts and financial futures, during the period ended April 30, 2006, amounted to $51,339,774 and $3,425,778, respectively.

The fund may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings and to settle foreign currency transactions. When executing forward currency exchange contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward currency exchange contracts, the fund would incur a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed.The fund realizes a gain if the value of the contract decreases between those dates.With respect to purchases of forward currency exchange contracts, the fund would

The Fund 51

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

incur a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract increases between those dates. The fund is also exposed to credit risk associated with counter party nonperformance on these forward currency exchange contracts which is typically limited to the unrealized gain on each open contract.

The following summarizes open forward currency exchange contracts at April 30, 2006:

    Foreign            Unrealized 
Forward Currency    Currency            Appreciation 
Exchange Contracts    Amounts    Cost ($)    Value ($)    (Depreciation) ($) 
Purchases:                 
British Pound,                 
expiring                 
6/15/2006    1,871,230    3,312,295    3,403,206    90,911 
Euro, expiring                 
6/15/2006    2,806,910    3,458,790    3,545,380    86,590 
Japanese Yen,                 
expiring                 
5/2/2006    23,000,000    201,763    201,401    (362) 
Japanese Yen,                 
expiring                 
6/15/2006    225,550,000    1,942,285    1,987,225    44,940 
Sales:        Proceeds ($)         
British Pound,                 
expiring                 
5/2/2006    63,269    114,040    115,000    (960) 
Swiss Franc,                 
expiring                 
5/2/2006    110,473    87,723    88,822    (1,099) 
Total                220,020 

The fund may invest in financial futures contracts in order to gain exposure to or protect against changes in the market. The fund is exposed to market risk as a result of changes in the value of the underlying financial instruments. Investments in financial futures require the fund to “mark to market” on a daily basis, which reflects the change in the market value of the contract at the close of each day’s trading.

52

Typically, variation margin payments are received or made to reflect daily unrealized gains or losses.When the contracts are closed, the fund recognizes a realized gain or loss.These investments require initial margin deposits with a 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. Contracts open as of April 30, 2006, are set forth in the Statement of Financial Futures.

At April 30, 2006, accumulated net unrealized appreciation on investments was $85,957,400 consisting of $88,317,185 gross unrealized appreciation and $2,359,785 gross unrealized depreciation.

At April 30, 2006, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see Statement of Investment).

The Fund 53

INFORMATION ABOUT THE REVIEW AND APPROVAL OF THE 
FUND’S INVESTMENT MANAGEMENT AGREEMENT (Unaudited) 

At a Board of Directors meeting held on March 7, 2006, the Board unanimously approved the continuation of the fund’s Management Agreement for a one-year term ending March 30, 2007.The Board is comprised entirely of individuals who have no affiliation with the Manager or any affiliates of the Manager.

Prior to the meeting, the Manager provided the Board members with extensive materials related to the renewal of the Management Agreement, including performance and expense information for other investment companies with similar investment objective to the fund derived from data compiled by Lipper Inc., an independent third party (“Lipper”).

During the meeting, the Board members discussed the continuance of the Management Agreement with senior management of the Manager. At the conclusion of these discussions, the Board members and their independent counsel met in an executive session, at which no representatives of the Manager were present, to continue their discussion of continuance of the Management Agreement. In determining to continue the Management Agreement, the Board considered all factors which they believed to be relevant, including, among other things, the factors discussed below.

Nature, Extent, and Quality of Services Provided to the Fund. The Board members received a presentation from representatives of the Manager regarding services provided to the fund and other funds in the Dreyfus fund complex, and discussed the nature, extent, and quality of the services provided to the fund pursuant to its Management Agreement.The Manager’s representatives reviewed the fund’s distribution of accounts and the relationships the Manager has with various intermediaries and the different needs of each. The Manager’s representatives noted the diversity of distribution of the fund, as well as other funds in the Dreyfus fund complex, and the Manager’s corresponding need for broad, deep, and diverse resources to be able to

54

provide ongoing shareholder services to each of the fund’s distribution channels. The Board members also reviewed the number of shareholder accounts in the fund, as well as the fund’s asset size.

The Board members also considered the Manager’s research and portfolio management capabilities and the Manager’s oversight of day-today fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements.The Board members also considered the Manager’s extensive administrative, accounting, and compliance infrastructure.

Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board members reviewed the fund’s performance, management fee and expense ratio, placing significant emphasis on comparative data supplied by Lipper, including contractual and actual (net of fee waivers and expense reimbursements) management fees, operating expense components and total return performance.The fund’s performance was compared to that of a performance universe, consisting of all funds with the same Lipper classification/objective, and a performance group, consisting of comparable funds chosen by Lipper based on guidelines previously approved by the Board. Similarly, the fund’s contractual and actual management fee and operating expenses were compared to those of an expense universe, consisting of all funds with the same or similar Lipper classification/objective and a similar sales load structure, and an expense group, consisting comparable funds chosen by Lipper based on guidelines previously approved by the Board.As part of its review of expenses, the Board also considered other fund expenses, such as transfer agent fees, custody fees, any 12b-1 or non-12b-1 service fees, and other non-management fees, as well as any waivers or reimbursements of fees and expenses.

In its review of performance, the Board noted the fund was ranked in the second, third, or fourth quintile among its performance group and

The Fund 55

INFORMATION ABOUT THE REVIEW AND APPROVAL OF THE FUND’S 
INVESTMENT MANAGEMENT AGREEMENT (Unaudited) (continued) 

performance universe for various periods ended January 31, 2006.The Board also noted that the difference in returns between the fund and the MSCI EAFE Free Index was primarily due to the fund’s transactions costs and other operating expenses.

In its review of the fund’s management fee and operating expenses, the Board examined the range of management fees and expense ratios of the funds in the expense group and expense universe, noting, among other things, that the fund’s actual management fee and actual total expense ratio were lower than the average and the median of the expense group.

Representatives of the Manager reviewed with the Board members the fees paid to the Manager or its affiliates by mutual funds and/or separate accounts managed by the Manager with similar investment objectives, policies and strategies as the fund (the "Similar Accounts"), and explained the nature of the Similar Accounts and the differences, from the Manager’s perspective, as applicable, in providing services to the Similar Accounts as compared to the fund. The Manager’s representatives also reviewed the costs associated with distribution through intermediaries. The Board analyzed differences in fees paid to the Manager and discussed the relationship of the advisory fees paid in light of the Manager’s performance, and the services provided. The Board members considered the relevance of the fee information provided for the Similar Accounts managed by the Manager, to evaluate the appropriateness and reasonableness of the fund’s management fees. The Board acknowledged that differences in fees paid by the Similar Accounts seemed to be consistent with the services provided.

Analysis of Profitability and Economies of Scale. The Manager’s representatives reviewed the dollar amount of expenses allocated and profit received by the Manager and the method used to determine such expenses and profit.The Board members evaluated the analysis in

56

light of the relevant circumstances for the fund, and the extent to which economies of scale would be realized as the fund grows and whether fee levels reflect these economies of scale for the benefit of fund investors. It was noted that economies of scale also could be realized through an adviser’s reinvestment of money back into its business for the benefit of fund shareholders.The Board members also considered potential benefits to the Manager from acting as investment adviser and noted that there were no soft dollar arrangements with respect to trading the fund’s portfolio.

It was noted that the Board members should consider the Manager’s profitability with respect to the fund as part of their evaluation of whether the fees under the Management Agreement bears a reasonable relationship to the mix of services provided by the Manager including the nature, extent, and quality of such services and that a discussion of economies of scale is predicated on increasing assets and that, if a fund’s assets had been decreasing, the possibility that the Manager may have realized any economies of scale would be less.The Board members also discussed the profitability percentage ranges determined by appropriate court cases to be reasonable given the services rendered to investment companies. It was noted that the fund was not profitable to the Manager for the time period reported.

At the conclusion of these discussions, each Board member expressed the opinion that he or she had been furnished with sufficient information to make an informed business decision with respect to continuation of the fund’s Management Agreement. Based on their discussions and considerations as described above, the Board members made the following conclusions and determinations:

  • The Board concluded that the nature, extent, and quality of the ser- vices provided by the Manager are adequate and appropriate;

The Fund 57

INFORMATION ABOUT THE REVIEW AND APPROVAL OF THE FUND’S 
INVESTMENT MANAGEMENT AGREEMENT (Unaudited) (continued) 

•    The Board was satisfied with the fund’s overall performance; 
•    The Board concluded that the fee paid to the Manager by the fund 
    was reasonable in light of comparative performance and expense 
    and advisory fee information, costs of the services provided, and 
    profits to be realized and benefits derived or to be derived by the 
    Manager from its relationship with the fund; and 
•    The Board determined that the economies of scale which may 
    accrue to the Manager and its affiliates in connection with the man- 
    agement of the fund had been adequately considered by the 
    Manager in connection with the management fee rate charged to 
    the fund, and that, to the extent in the future it were to be deter- 
    mined 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 Board members considered these conclusions and determinations, along with the information received on a routine and regular basis throughout the year, and, without any one factor being dispositive, the Board determined that re-approval of the fund’s Management Agreement was in the best interests of the fund and its shareholders.

58

NOTES

For More    Information 
 
Dreyfus International    Transfer Agent & 
Stock 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    Dreyfus Service Corporation 
New York, NY 10166    200 Park Avenue 
Custodian    New York, NY 10166 
Mellon Trust of New England, N.A. 
One Boston Place     
Boston, MA 02109     
 
 
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 12-month period ended June 30, 2005, 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.

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.

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

Contents
 
    THE FUND 
2    Letter from the Chairman 
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 
34    Information About the Review 
and Approval of the Fund’s
    Investment Management Agreement 
FOR MORE INFORMATION
    Back Cover 

LETTER FROM THE CHAIRMAN

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, 2005, through April 30, 2006.

Since June 2004, the Federal Reserve Board has attempted to manage U.S. economic growth and forestall potential inflation by gradually raising short-term interest rates. Recently, Fed Chairman Ben Bernanke suggested that the Fed may soon pause to assess current economic data and evaluate the impact of its credit tightening campaign. In our view, the Fed’s efforts so far have largely been successful: the economy has grown at a moderate pace, the unemployment rate has dropped to multi-year lows, corporate profits have risen, and inflation has remained low despite volatile energy prices.

However, the financial markets are more likely to be influenced not by what the Fed already has accomplished, but by investors’ expectations of what is to come, including the Fed’s decision to increase rates further, maintain them at current levels or reduce them to stimulate future growth.We believe that this decision will depend largely on the outlook for core inflation in 2007.The Fed probably can stand pat as long as it expects inflation to remain subdued. But if inflationary pressures build in an expanding economy, the Fed may choose to resume tightening later this year.As always, we urge you to discuss with your financial advisor the potential implications of these possibilities on your investments.

For information about how the fund performed, as well as market perspectives, we have provided a Discussion of Fund Performance given by the fund’s portfolio manager.

Thank you for your continued confidence and support.

Stephen E. Canter 
Chairman and Chief Executive Officer 
The Dreyfus Corporation 

May 15, 2006
2

DISCUSSION OF FUND PERFORMANCE

Tom Durante, CFA, Portfolio Manager 
 
How did Dreyfus S&P 500 Index Fund perform relative to its 
benchmark? 

For the six-month period ended April 30, 2006, the fund produced a total return of 9.39% .1 The Standard & Poor’s 500 Composite Stock Price Index (the “S&P 500 Index”), the fund’s benchmark, produced an 9.64% return for the same period.2,3

We attribute the market’s performance to continued U.S. economic growth and strong corporate profits. These factors handily offset the negative influences of rising interest rates and volatile energy prices. The difference in returns between the fund and the S&P 500 Index was primarily the result of transaction costs and other operating expenses that are not reflected by the S&P 500 Index.

What is the fund’s investment approach?

The fund seeks to match the total return of the S&P 500 Index.To pursue this goal, the fund generally invests in all 500 stocks in the S&P 500 Index in proportion to their weighting in the S&P 500 Index. 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.The S&P 500 Index is dominated by large-cap, blue-chip stocks that comprise nearly 75% of total U.S. market capitalization.

However, it is important to note that the S&P 500 Index is not composed of the 500 largest companies; rather, it is designed to reflect the industries of the U.S. economy. Each stock is weighted by its market capitalization; that is, larger companies have greater representation in the S&P 500 Index than smaller ones. The fund may also use stock index futures as a substitute for the sale or purchase of stocks.

As an index fund, the fund uses a passive management approach; all investment decisions are made based on the composition of the S&P 500 Index.The fund does not attempt to manage market volatility.

The Fund 3

DISCUSSION OF FUND PERFORMANCE (continued)

What other factors influenced the fund’s performance?

When the reporting period began, many investors had become concerned that higher short-term interest rates and rising energy prices might erode consumer spending and reduce the rate of U.S. economic growth. However, higher fuel and borrowing costs have so far failed to dampen consumer confidence. Instead, business investment has accelerated, inflationary pressures have remained subdued and corporate earnings have risen, helping to support higher stock prices. What’s more, many large-cap companies have benefited from significant overseas operations in the growing global economy.

Among the greatest contributors to the S&P 500 Index for the reporting period were banks and asset management firms within the financials sector. Banks were buoyed by a healthy economy and low default loan rates, while brokerage firms benefited from a higher volume of U.S. stock market trading, increased mergers-and-acquisitions activity and well-diversified international businesses.

Other positive contributors to the S&P 500 Index’s performance included the producer goods area, which consists of a variety of metals and mining, industrial parts, chemicals, heavy machinery and defense companies. Stocks in these areas flourished as the global economy continued to expand and demand intensified for the raw materials and other industrial goods required to build the industrial infrastructures of a number of developing nations. Similarly, the S&P 500 Index received strong contributions from the energy sector, as increased demand from China, India and other emerging markets for a limited supply of crude oil and natural gas helped propel energy stock prices higher. Integrated energy producers and oil services providers fared especially well, followed by oil refiners and exploration and production companies. A wave of mergers-and-acquisitions activity also benefited several integrated energy producers.

On the other hand, some Internet companies in the information technology area produced generally disappointing results, largely due to increased competition and aggressive spending on the latest software,

4

services and products needed to attract customers to their websites. In the health care sector, HMOs also detracted from the S&P 500 Index’s returns. While these stocks as a group have enjoyed favorable returns for some time now, they were hurt during the reporting period by enrollment delays related to the new Medicare prescription drug program. Finally, in the consumer cyclicals area, automobile manufacturers continued to suffer from “legacy costs,” including high wages for labor, steep health care expenditures and generous pensions.

What is the fund’s current strategy?

As an index fund, our strategy is to attempt to replicate the returns of the S&P 500 Index. Accordingly, the percentage of the fund’s assets invested in each industry group closely approximated its representation in the S&P 500 Index. In our view, an investment in a broadly diversified index fund, such as Dreyfus S&P 500 Index Fund, may help investors in their efforts to manage stock market risk by limiting the impact on the overall portfolio of unexpected losses in any single industry group or holding.

May 15, 2006

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. Return figure provided reflects the 
    absorption of certain fund expenses by The Dreyfus Corporation pursuant to an agreement in 
    effect that may be extended, terminated or modified. Had these expenses not been absorbed, the 
    fund’s return would have been lower. 
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. 
3    “Standard & Poor’s®,”“S&P®,”“Standard & Poor’s 500” and “S&P 500®” are trademarks of 
    The McGraw-Hill Companies, Inc., and have been licensed for use by the fund.The fund is not 
    sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no 
    representation regarding the advisability of investing in the fund. 

The Fund 5

U N D E R S TA N D I N G YO U R F U N D ’ S E X P E N S E S ( U n a u d i t e d )

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, 2005 to April 30, 2006. 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, 2006

Expenses paid per $1,000 †    $ 2.60 
Ending value (after expenses)    $1,093.90 

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

Using the SEC’s method to compare expenses

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

Expenses and Value of a $1,000 Investment assuming a hypothetical 5% annualized return for the six months ended April 30, 2006

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, 2006 (Unaudited) 

Common Stocks—99.1%    Shares    Value ($) 
Consumer Cyclical—8.0%         
Albertson’s    107,772    2,729,865 
Autonation    42,800 a,b    963,856 
AutoZone    16,100 b    1,507,121 
Bed Bath & Beyond    81,900 b    3,140,865 
Best Buy    118,825    6,732,624 
Big Lots    33,300 a,b    481,185 
Brunswick    27,800    1,090,316 
Circuit City Stores    44,500    1,279,375 
Coach    112,000 b    3,698,240 
Cooper Tire & Rubber    17,900    227,330 
Costco Wholesale    138,200    7,522,226 
CVS    238,800    7,097,136 
Darden Restaurants    38,450    1,522,620 
Dillard’s, Cl. A    18,000    469,440 
Dollar General    92,508 a    1,615,190 
Eastman Kodak    83,900 a    2,261,944 
Family Dollar Stores    45,400 a    1,135,000 
Federated Department Stores    79,550    6,192,967 
Ford Motor    544,592    3,784,914 
Gap    167,625    3,032,336 
General Motors    165,200 a    3,779,776 
Genuine Parts    50,500 a    2,204,325 
Goodyear Tire & Rubber    51,700 a,b    723,800 
Harley-Davidson    79,600 a    4,046,864 
Harrah’s Entertainment    53,800 a    4,392,232 
Hasbro    52,000    1,024,920 
Hilton Hotels    96,300    2,594,322 
Home Depot    620,603    24,780,678 
International Game Technology    98,500    3,736,105 
JC Penney    67,800    4,438,188 
Johnson Controls    56,700    4,623,885 
Jones Apparel Group    33,400    1,147,290 
Kohl’s    100,700 a,b    5,623,088 
Kroger    211,900    4,293,094 

The Fund 7

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Consumer Cyclical (continued)         
Limited Brands    101,700    2,607,588 
Liz Claiborne    30,700    1,198,835 
Lowe’s Cos.    228,400    14,400,620 
Marriott International, Cl. A    47,400    3,463,518 
Mattel    113,600    1,838,048 
McDonald’s    367,100    12,690,647 
Navistar International    18,000 b    474,840 
Nike, Cl. B    55,300    4,525,752 
Nordstrom    63,900    2,449,287 
Office Depot    86,400 b    3,506,112 
OfficeMax    20,700    801,090 
Paccar    49,450    3,556,939 
RadioShack    39,300 a    668,100 
Safeway    131,400 a    3,302,082 
Sears Holdings    29,162 b    4,190,288 
Southwest Airlines    206,818    3,354,588 
Staples    212,875    5,622,029 
Starbucks    223,000 a,b    8,311,210 
Starwood Hotels & Resorts    63,100 a    3,620,678 
Supervalu    39,800    1,154,598 
Target    256,800    13,636,080 
Tiffany & Co.    41,600    1,451,424 
TJX Cos.    134,600    3,247,898 
VF    25,700    1,572,583 
Wal-Mart Stores    729,800    32,862,894 
Walgreen    295,700    12,398,701 
Wendy’s International    33,400    2,063,452 
Whirlpool    22,746    2,041,453 
Whole Foods Market    40,600 a    2,492,028 
Yum! Brands    80,620 a    4,166,442 
        281,562,921 
Consumer Staples—7.3%         
Alberto-Culver    22,100    993,837 
Altria Group    609,700    44,605,652 

8
Common Stocks (continued)    Shares    Value ($) 
Consumer Staples (continued)         
Anheuser-Busch Cos.    226,800    10,110,744 
Archer-Daniels-Midland    190,960    6,939,486 
Avon Products    131,572    4,290,563 
Brown-Forman, Cl. B    24,300    1,810,350 
Campbell Soup    53,800    1,729,132 
Clorox    43,900    2,817,502 
Coca-Cola    601,800    25,251,528 
Coca-Cola Enterprises    88,600    1,730,358 
Colgate-Palmolive    150,600    8,903,472 
ConAgra Foods    151,700    3,440,556 
Constellation Brands, Cl. A    57,600 b    1,422,720 
Dean Foods    39,600 b    1,568,556 
Estee Lauder Cos., Cl. A    34,800    1,291,776 
Fortune Brands    42,800    3,436,840 
General Mills    104,100    5,136,294 
Harman International Industries    19,200    1,689,408 
Hershey    52,400    2,795,016 
HJ Heinz    97,900    4,063,829 
Kellogg    73,400    3,399,154 
Kimberly-Clark    134,600    7,878,138 
McCormick & Co.    38,700 a    1,347,921 
Molson Coors Brewing, Cl. B    16,800 a    1,240,848 
Newell Rubbermaid    80,162 a    2,198,042 
Pactiv    41,900 b    1,019,846 
Pepsi Bottling Group    39,500    1,267,950 
PepsiCo    484,000    28,188,160 
Procter & Gamble    960,865    55,931,952 
Reynolds American    25,000 a    2,741,250 
Sara Lee    222,100    3,968,927 
SYSCO    180,900    5,407,101 
Tyson Foods, Cl. A    73,600    1,074,560 
UST    47,800 a    2,099,854 
WM Wrigley, Jr.    64,800 a    3,050,136 
        254,841,458 

The Fund 9

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Energy—10.1%         
Amerada Hess    23,400 a    3,352,518 
Anadarko Petroleum    67,332    7,057,740 
Apache    96,450    6,851,808 
Baker Hughes    99,990 a    8,082,192 
BJ Services    94,700    3,603,335 
Centerpoint Energy    90,566 a    1,088,603 
Chesapeake Energy    109,100 a    3,456,288 
Chevron    650,326    39,682,893 
ConocoPhillips    481,880    32,237,772 
Devon Energy    129,100    7,760,201 
El Paso    192,575 a    2,486,143 
EOG Resources    70,900    4,979,307 
Exxon Mobil    1,783,876    112,526,898 
Halliburton    150,800    11,785,020 
Kerr-McGee    33,865    3,381,759 
KeySpan    51,000 a    2,059,380 
Kinder Morgan    30,700    2,702,214 
Marathon Oil    107,175    8,505,408 
Murphy Oil    48,200    2,418,676 
Nabors Industries    92,300 b    3,445,559 
National Oilwell Varco    51,000 b    3,517,470 
Nicor    12,900 a    510,969 
NiSource    79,600 a    1,680,356 
Noble    40,100    3,165,494 
Occidental Petroleum    125,800    12,924,692 
Peoples Energy    11,200 a    406,896 
Rowan Cos.    31,900    1,414,127 
Schlumberger    345,200    23,867,128 
Sempra Energy    75,466    3,472,945 
Sunoco    38,900    3,152,456 
Transocean    95,200 b    7,717,864 
Valero Energy    181,700    11,763,258 
Weatherford International    101,900 b    5,393,567 
Williams Cos    173,700    3,809,241 
XTO Energy    106,100    4,493,335 
        354,753,512 

10

Common Stocks (continued)    Shares    Value ($) 
Health Care—12.0%         
Abbott Laboratories    449,500    19,211,630 
Aetna    165,716    6,380,066 
Allergan    44,300    4,550,496 
AmerisourceBergen    61,100    2,636,465 
Amgen    341,412 b    23,113,592 
Applera—Applied Biosystems Group    53,500    1,542,940 
Barr Pharmaceuticals    30,900 a,b    1,870,995 
Bausch & Lomb    15,700 a    768,515 
Baxter International    189,400    7,140,380 
Becton, Dickinson & Co.    72,300    4,557,792 
Biogen Idec    100,485 b    4,506,752 
Biomet    72,275 a    2,687,184 
Boston Scientific    339,110 b    7,880,919 
Bristol-Myers Squibb    572,300    14,524,974 
Cardinal Health    123,225    8,299,204 
Caremark Rx    131,100 b    5,971,605 
CIGNA    35,400    3,787,800 
Coventry Health Care    46,800 b    2,324,556 
CR Bard    30,400    2,263,584 
Eli Lilly & Co.    330,100    17,468,892 
Express Scripts    42,800 b    3,344,392 
Fisher Scientific International    36,000 a,b    2,539,800 
Forest Laboratories    95,200 b    3,844,176 
Genzyme    75,900 b    4,642,044 
Gilead Sciences    135,000 b    7,762,500 
HCA    119,150 a    5,229,494 
Health Management Associates, Cl. A    70,300    1,455,913 
Hospira    46,970 b    1,810,694 
Humana    47,800 b    2,159,604 
Johnson & Johnson    869,418    50,956,589 
King Pharmaceuticals    70,766 b    1,230,621 
Laboratory Corp. of America Holdings    36,600 a,b    2,089,860 
Manor Care    23,100 a    1,012,935 
McKesson    89,477    4,347,687 
Medco Health Solutions    88,891 b    4,731,668 
Medimmune    74,600 b    2,347,662 

The Fund 11

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Health Care (continued)         
Medtronic    352,600 a    17,672,312 
Merck & Co.    638,900    21,990,938 
Millipore    15,200 b    1,121,456 
Mylan Laboratories    63,900 a    1,395,576 
Patterson Cos.    40,500 a,b    1,319,490 
PerkinElmer    38,200    819,008 
Pfizer    2,149,509    54,447,063 
Quest Diagnostics    47,500 a    2,647,175 
Schering-Plough    432,200    8,350,104 
St. Jude Medical    107,100 b    4,228,308 
Stryker    85,400    3,736,250 
Tenet Healthcare    137,350 b    1,142,752 
Thermo Electron    47,400 b    1,826,796 
UnitedHealth Group    396,200    19,706,988 
Waters    30,500 b    1,382,260 
Watson Pharmaceuticals    29,700 a,b    844,668 
WellPoint    192,800 b    13,688,800 
Wyeth    392,700    19,112,709 
Zimmer Holdings    72,420 a,b    4,555,218 
        420,981,851 
Interest Sensitive—24.5%         
ACE    94,200    5,231,868 
Aflac    145,500    6,917,070 
Allstate    188,400    10,642,716 
AMBAC Financial Group    30,850    2,540,806 
American Express    361,600    19,457,696 
American International Group    758,279    49,477,705 
Ameriprise Financial    73,260    3,592,670 
AmSouth Bancorp    101,000    2,922,940 
AON    94,075    3,942,683 
Apartment Investment & Management, Cl. A    28,200 a    1,260,258 
Archstone-Smith Trust    62,300 a    3,045,224 
Bank of America    1,356,914    67,737,147 
Bank of New York    225,300    7,919,295 
BB & T    156,400 a    6,715,816 
Bear Stearns Cos.    34,872 a    4,969,609 
Boston Properties    26,200    2,312,674 

12

Common Stocks (continued)    Shares    Value ($) 
Interest Sensitive (continued)         
Capital One Financial    88,000    7,624,320 
Charles Schwab    301,400    5,395,060 
Chubb    116,800    6,019,872 
Cincinnati Financial    50,885 a    2,169,736 
CIT Group    58,400    3,154,184 
Citigroup    1,458,117    72,832,944 
Comerica    47,600    2,707,012 
Compass Bancshares    36,100    1,984,056 
Countrywide Financial    176,200    7,164,292 
E*Trade Financial    122,100 b    3,037,848 
Equity Office Properties Trust    108,500    3,504,550 
Equity Residential    84,800 a    3,804,976 
Fannie Mae    282,800    14,309,680 
Federated Investors, Cl. B    24,600    863,460 
Fifth Third Bancorp    162,267 a    6,558,832 
First Horizon National    36,800 a    1,561,056 
Franklin Resources    44,600    4,153,152 
Freddie Mac    201,900    12,328,014 
General Electric    3,045,000    105,326,550 
Genworth Financial, Cl. A    110,100    3,655,320 
Golden West Financial    74,800    5,375,876 
Goldman Sachs Group    127,400    20,420,946 
H & R Block    95,700 a    2,184,831 
Hartford Financial Services Group    88,400    8,126,612 
Hugoton Royalty Trust    6,324    174,846 
Huntington Bancshares/OH    72,674    1,755,077 
Janus Capital Group    62,700 a    1,220,142 
JPMorgan Chase & Co.    1,018,241    46,207,777 
Keycorp    118,400 a    4,525,248 
Kimco Realty    62,100    2,305,773 
Legg Mason    36,200    4,288,976 
Lehman Brothers Holdings    79,000 a    11,940,850 
Lincoln National    83,300    4,838,064 
Loews    39,600    4,203,540 
M&T Bank    23,200    2,770,080 
Marsh & McLennan Cos.    159,800    4,901,066 

The Fund 13

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Interest Sensitive (continued)         
Marshall & Ilsley    64,900 a    2,967,228 
MBIA    39,100 a    2,331,533 
Mellon Financial    121,000    4,553,230 
Merrill Lynch & Co.    268,300    20,460,558 
MetLife    221,400 a    11,534,940 
MGIC Investment    25,600 a    1,809,920 
Morgan Stanley    313,660    20,168,338 
National City    159,900    5,900,310 
North Fork Bancorporation    138,950    4,186,564 
Northern Trust    54,100    3,185,949 
Plum Creek Timber    53,800    1,952,940 
PNC Financial Services Group    85,400    6,103,538 
Principal Financial Group    81,700    4,192,027 
Progressive    57,500 a    6,240,475 
Prologis    71,100    3,570,642 
Prudential Financial    144,600    11,297,598 
Public Storage    24,200 a    1,860,496 
Regions Financial    133,290    4,866,418 
Safeco    36,000    1,868,400 
Simon Property Group    53,400 a    4,372,392 
SLM    121,900    6,446,072 
Sovereign Bancorp    104,300 a    2,312,331 
St. Paul Travelers Cos.    203,312    8,951,827 
State Street    97,300    6,355,636 
SunTrust Banks    108,300    8,374,839 
Synovus Financial    91,550    2,563,400 
T Rowe Price Group    38,600    3,249,734 
Torchmark    30,300    1,821,333 
UnumProvident    87,195 a    1,770,930 
US Bancorp    526,053    16,539,106 
Vornado Realty Trust    34,700 a    3,318,708 
Wachovia    473,976    28,367,464 
Washington Mutual    289,674 a    13,052,710 
Wells Fargo & Co.    489,600    33,630,624 
XL Capital, Cl. A    51,000    3,360,390 
Zions Bancorporation    30,500 a    2,532,415 
        858,151,810 

14

Common Stocks (continued)    Shares    Value ($) 
Producer Goods—11.0%         
3M    220,600    18,845,858 
Air Products & Chemicals    65,000    4,453,800 
Alcoa    254,648    8,602,009 
Allegheny Technologies    25,277    1,752,707 
American Power Conversion    50,200 a    1,116,448 
American Standard Cos.    52,100    2,267,913 
Ashland    20,800    1,369,056 
Avery Dennison    32,300    2,018,750 
Ball    30,500    1,219,390 
Bemis    30,800    968,968 
Black & Decker    22,600    2,115,586 
Boeing    233,798    19,510,443 
Burlington Northern Santa Fe    109,000    8,668,770 
Caterpillar    196,000    14,845,040 
Centex    35,900 a    1,996,040 
Cooper Industries, Cl. A    26,800    2,450,860 
CSX    64,100    4,390,209 
Cummins    13,600    1,421,200 
Deere & Co.    69,200    6,074,376 
Dover    59,400    2,955,150 
Dow Chemical    282,663    11,478,944 
DR Horton    79,400 a    2,383,588 
Eastman Chemical    23,800    1,293,530 
Eaton    43,500    3,334,275 
Ecolab    53,300 a    2,014,740 
EI Du Pont de Nemours & Co.    268,712    11,850,199 
Emerson Electric    120,200    10,210,990 
Engelhard    36,200    1,390,442 
FedEx    88,820    10,225,847 
Fluor    25,400 a    2,359,914 
Freeport-McMoRan Copper & Gold, Cl. B    53,800    3,474,404 
General Dynamics    116,900    7,670,978 
Goodrich    36,100    1,606,450 
Hercules    33,000 b    468,930 
Honeywell International    242,625    10,311,563 
Illinois Tool Works    59,900    6,151,730 
Ingersoll-Rand, Cl. A    95,700    4,186,875 

The Fund 15

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Producer Goods (continued)         
International Flavors & Fragrances    23,100    816,123 
International Paper    143,953    5,232,692 
ITT Industries    54,000    3,036,420 
KB Home    22,500 a    1,385,325 
L-3 Communications Holdings    35,400    2,892,180 
Leggett & Platt    53,300    1,414,049 
Lennar, Cl. A    40,000 a    2,197,200 
Lockheed Martin    104,700    7,946,730 
Louisiana-Pacific    31,000    854,980 
Masco    121,600    3,879,040 
MeadWestvaco    53,011 a    1,511,344 
Molex    41,600 a    1,544,192 
Monsanto    78,664    6,560,578 
Newmont Mining    130,525    7,617,439 
Norfolk Southern    120,400    6,501,600 
Northrop Grumman    102,490    6,856,581 
Nucor    45,400    4,940,428 
Pall    36,500 a    1,101,570 
Parker Hannifin    34,950    2,832,698 
Phelps Dodge    59,490    5,127,443 
PPG Industries    48,300    3,241,896 
Praxair    94,300    5,293,059 
Pulte Homes    62,500 a    2,334,375 
Raytheon    130,300    5,768,381 
Rockwell Automation    51,800    3,753,428 
Rockwell Collins    50,300    2,877,160 
Rohm & Haas    42,115    2,131,019 
Sealed Air    23,732    1,277,968 
Sherwin-Williams    32,400    1,650,456 
Sigma-Aldrich    19,500 a    1,337,895 
Snap-On    17,000 a    705,500 
Stanley Works    21,113    1,103,154 
Temple-Inland    32,400    1,504,656 
Textron    38,700    3,481,065 
Tyco International    588,771    15,514,116 
Union Pacific    77,400    7,059,654 

16

Common Stocks (continued)    Shares        Value ($) 
Producer Goods (continued)             
United Parcel Service, Cl. B    319,000        25,861,330 
United States Steel    31,800    a    2,178,300 
United Technologies    296,600        18,629,446 
Vulcan Materials    29,300        2,489,328 
Weyerhaeuser    71,100        5,010,417 
WW Grainger    22,300        1,715,316 
            386,622,503 
Services—6.2%             
Affiliated Computer Services, Cl. A    34,300    a,b    1,912,568 
Allied Waste Industries    70,600    a,b    999,696 
Alltel    113,300        7,293,121 
Apollo Group, Cl. A    41,100    b    2,245,704 
Automatic Data Processing    169,300        7,462,744 
Carnival    126,800        5,936,776 
CBS, Cl. B    225,712        5,748,885 
Cendant    294,570        5,134,355 
Cintas    40,200        1,687,596 
Clear Channel Communications    151,000        4,308,030 
Comcast, Cl. A    624,718    b    19,335,022 
Computer Sciences    54,500    b    3,190,975 
Convergys    40,800    b    794,376 
Dow Jones & Co.    17,200    a    635,884 
Electronic Data Systems    150,300        4,070,124 
Equifax    37,800        1,456,812 
EW Scripps, Cl. A    24,900        1,147,392 
First Data    224,146        10,689,523 
Fiserv    53,850    b    2,427,558 
Gannett    69,500        3,822,500 
IMS Health    58,200    a    1,581,876 
Interpublic Group of Cos.    125,800    a,b    1,205,164 
Knight-Ridder    19,600    a    1,215,200 
McGraw-Hill Cos.    107,300        5,972,318 
Meredith    12,200        605,120 
Monster Worldwide    36,900    a,b    2,118,060 
Moody’s    71,100        4,408,911 

The Fund 17

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Services (continued)         
New York Times, Cl. A    42,400 a    1,051,096 
News, Cl. A    701,300    12,034,308 
Omnicom Group    52,200    4,698,522 
Paychex    97,575    3,941,054 
Robert Half International    50,100    2,117,727 
RR Donnelley & Sons    63,100    2,125,839 
Ryder System    17,800 a    928,270 
Sabre Holdings, Cl. A    38,521    889,450 
Sprint Nextel    866,845    21,497,756 
Time Warner    1,316,150 a    22,901,010 
Tribune    76,500 a    2,205,495 
Unisys    99,900 b    623,376 
Univision Communications, Cl. A    65,300 a,b    2,330,557 
VeriSign    71,400 b    1,679,328 
Viacom, Cl. B    225,712 b    8,990,109 
Walt Disney    562,600    15,730,296 
Waste Management    161,300    6,042,298 
        217,192,781 
Technology—14.8%         
ADC Telecommunications    34,171 a,b    765,089 
Adobe Systems    175,200    6,867,840 
Advanced Micro Devices    140,500 b    4,545,175 
Agilent Technologies    125,216 b    4,810,799 
Altera    105,000 b    2,293,200 
Amazon.com    90,100 b    3,172,421 
Analog Devices    107,000 a    4,057,440 
Andrew    46,550 b    492,499 
Apple Computer    248,800 b    17,513,032 
Applied Materials    463,500    8,319,825 
Applied Micro Circuits    86,000 b    315,620 
Autodesk    67,400 a,b    2,833,496 
Avaya    121,880 a,b    1,462,560 
BMC Software    62,200 a,b    1,339,788 
Broadcom, Cl. A    128,650 b    5,288,802 

18
Common Stocks (continued)    Shares    Value ($) 
Technology (continued)         
CA    133,329    3,381,223 
Ciena    170,100 a,b    695,709 
Cisco Systems    1,796,800 b    37,642,960 
Citrix Systems    52,100 b    2,079,832 
Compuware    111,800 b    858,624 
Comverse Technology    59,000 b    1,336,350 
Corning    451,600 b    12,477,708 
Danaher    69,300 a    4,442,823 
Dell    687,500 b    18,012,500 
eBay    337,000 b    11,596,170 
Electronic Arts    88,700 b    5,038,160 
EMC/Massachusetts    694,300 b    9,379,993 
Freescale Semiconductor, Cl. B    119,849 b    3,795,618 
Gateway    77,200 a,b    169,840 
Google, Cl. A    58,900 b    24,616,666 
Hewlett-Packard    826,266    26,828,857 
Intel    1,718,600    34,337,628 
International Business Machines    457,900    37,703,486 
Intuit    51,700 a,b    2,800,589 
Jabil Circuit    51,000 b    1,988,490 
JDS Uniphase    489,700 a,b    1,709,053 
KLA-Tencor    58,300 a    2,807,728 
Lexmark International, Cl. A    31,600 a,b    1,538,920 
Linear Technology    89,300 a    3,170,150 
LSI Logic    114,400 a,b    1,218,360 
Lucent Technologies    1,305,570 a,b    3,642,540 
Maxim Integrated Products    93,700    3,303,862 
Micron Technology    196,500 b    3,334,605 
Microsoft    2,596,100    62,695,815 
Motorola    730,195    15,589,663 
National Semiconductor    98,600    2,956,028 
NCR    53,200 b    2,096,080 
Network Appliance    109,300 b    4,051,751 
Novell    113,800 b    935,436 

The Fund 19

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 
Technology (continued)         
Novellus Systems    39,000 a,b    963,300 
Nvidia    100,000 b    2,922,000 
Oracle    1,100,800 b    16,060,672 
Parametric Technology    32,499 a,b    485,535 
Pitney Bowes    66,300    2,774,655 
PMC-Sierra    54,300 a,b    674,949 
QLogic    47,100 b    980,151 
Qualcomm    483,900    24,843,426 
SanDisk    53,800 b    3,434,054 
Sanmina-SCI    155,500 b    807,045 
Solectron    267,200 b    1,068,800 
Sun Microsystems    1,011,100 b    5,055,500 
Symantec    304,739 b    4,991,625 
Symbol Technologies    73,859    786,598 
Tektronix    23,800    840,616 
Tellabs    131,600 b    2,085,860 
Teradyne    57,900 b    976,194 
Texas Instruments    467,500    16,226,925 
Xerox    272,100 a,b    3,820,284 
Xilinx    100,700    2,786,369 
Yahoo!    368,600 a,b    12,082,708 
        516,978,069 
Utilities—5.2%         
AES    191,600 b    3,251,452 
Allegheny Energy    47,700 b    1,699,551 
Ameren    59,800 a    3,012,126 
American Electric Power    115,060    3,849,908 
AT & T    1,133,413    29,706,755 
BellSouth    525,200    17,741,256 
CenturyTel    33,700 a    1,270,490 
Citizens Communications    96,000 a    1,274,880 
CMS Energy    64,500 b    859,140 
Consolidated Edison    71,700 a    3,091,704 
Constellation Energy Group    52,100    2,861,332 
Dominion Resources/VA    101,508    7,599,904 

20
Common Stocks (continued)    Shares    Value ($) 
Utilities (continued)         
DTE Energy    51,900 a    2,116,482 
Duke Energy    362,072 a    10,543,537 
Dynegy, Cl. A    88,000 a,b    437,360 
Edison International    95,200    3,847,032 
Entergy    60,700    4,245,358 
Exelon    194,950    10,527,300 
FirstEnergy    96,402    4,888,545 
FPL Group    117,900 a    4,668,840 
PG & E    100,900    4,019,856 
Pinnacle West Capital    29,000    1,162,900 
PPL    111,100    3,226,344 
Progress Energy    73,669    3,153,033 
Public Service Enterprise Group    73,200    4,589,640 
Qwest Communications International    453,200 b    3,040,972 
Southern    216,700    6,984,241 
TECO Energy    60,900    973,182 
TXU    135,194    6,709,678 
Verizon Communications    855,056    28,242,500 
Xcel Energy    118,010 a    2,223,308 
        181,818,606 
Total Common Stocks         
(cost $2,456,625,206)        3,472,903,511 
    Principal     
Short-Term Investments—.1%    Amount ($)    Value ($) 
U.S. Treasury Bills:         
4.43%, 5/18/06    700,000 c    698,537 
4.57%, 7/20/06    1,600,000 c    1,583,744 
Total Short-Term Investments         
(cost $2,282,305)        2,282,281 
 
Other Investment—.8%    Shares    Value ($) 
Registered Investment Company;         
Dreyfus Institutional Preferred         
Plus Money Market Fund         
(cost $29,870,000)    29,870,000 d    29,870,000 

The Fund 21

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Investment of Cash Collateral         
for Securities Loaned—4.4%    Shares    Value ($) 
Registered Investment Company;         
Dreyfus Institutional Cash Advantage Plus Fund         
(cost $153,412,902)    153,412,902 d    153,412,902 
Total Investments (cost $2,642,190,413)    104.4%    3,658,468,694 
Liabilities, Less Cash and Receivables    (4.4%)    (153,948,503) 
Net Assets    100.0%    3,504,520,191 

a All or a portion of these securities are on loan. At April 30, 2006, the total market value of the fund’s securities on 
loan is $159,933,688 and the total market value of the collateral held by the fund is $165,022,761, consisting of 
cash collateral of $153,412,902 and U.S. Government and agency securities valued at $11,609,859. 
b Non-income producing security. 
c Partially held by a broker as collateral for open financial futures positions. 
d Investment in affiliated money market mutual fund. 

Portfolio Summary    (Unaudited) †         
 
    Value (%)        Value (%) 
Interest Sensitive    24.5    Services    6.2 
Technology    14.8    Short-Term/     
Health Care    12.0    Money Market Investments    5.3 
Producer Goods    11.0    Utilities    5.2 
Energy    10.1    Financial Futures    .0 
Consumer Cyclical    8.0         
Consumer Staples    7.3        104.4 
 
† Based on net assets.             
See notes to financial statements.         

22
STATEMENT OF FINANCIAL FUTURES 
April 30, 2006 (Unaudited) 

        Market Value        Unrealized 
        Covered by        (Depreciation) 
    Contracts    Contracts ($)    Expiration    at 4/30/2006 ($) 
 
Financial Futures Long                 
Standard & Poor’s 500    115    37,832,125    June 2006    (48,325) 

See notes to financial statements.

The Fund 23

STATEMENT OF ASSETS AND LIABILITIES 
April 30, 2006 (Unaudited) 

    Cost    Value 
Assets ($):         
Investments in securities—See Statement         
of Investments (including securities on loan,     
valued at $159,933,688)—Note 1 (b):         
Unaffiliated issuers    2,458,907,511    3,475,185,792 
Affiliated issuers    183,282,902    183,282,902 
Cash        2,150,872 
Dividends and interest receivable        4,289,075 
Receivable for shares of Common Stock subscribed    1,493,524 
Receivable for futures variation margin—Note 4    20,780 
        3,666,422,945 
Liabilities ($):         
Due to The Dreyfus Corporation and affiliates—Note 3(b)    1,436,807 
Liability for securities on loan—Note 1(b)        153,412,902 
Payable for shares of Common Stock redeemed    7,051,363 
Interest payable—Note 2        1,682 
        161,902,754 
Net Assets ($)        3,504,520,191 
Composition of Net Assets ($):         
Paid-in capital        2,487,213,786 
Accumulated undistributed investment income—net    14,267,807 
Accumulated net realized gain (loss) on investments    (13,191,358) 
Accumulated net unrealized appreciation         
(depreciation) investments [including ($48,325)     
net unrealized (depreciation) on financial futures]    1,016,229,956 
Net Assets ($)        3,504,520,191 
Shares Outstanding         
(200 million shares of $.001 par value Common Stock authorized)    91,435,985 
Net Asset Value, offering and redemption price per share—Note 3(c) ($)    38.33 

See notes to financial statements.

24
STATEMENT OF OPERATIONS 
Six Months Ended April 30, 2006 (Unaudited) 

Investment Income ($):     
Income:     
Cash dividends:     
Unaffiliated issuers    33,741,453 
Affiliated issuers    74,630 
Interest    448,424 
Income from securities lending    120,643 
Total Income    34,385,150 
Expenses:     
Management fee—Note 3(a)    4,286,986 
Shareholder servicing costs—Note 3(b)    4,286,986 
Loan commitment fees—Note 2    20,435 
Interest expense—Note 2    5,436 
Total Expenses    8,599,843 
Investment Income—Net    25,785,307 
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): 
Net realized gain (loss) on investments    106,453,105 
Net realized gain (loss) on financial futures    3,640,460 
Net Realized Gain (Loss)    110,093,565 
Net unrealized appreciation (depreciation) on investments     
investments [including ($963,225) net unrealized     
(depreciation) on financial futures]    166,936,207 
Net Realized and Unrealized Gain (Loss) on Investments    277,029,772 
Net Increase in Net Assets Resulting from Operations    302,815,079 

See notes to financial statements.

The Fund 25

STATEMENT OF CHANGES IN NET ASSETS

    Six Months Ended     
    April 30, 2006    Year Ended 
    (Unaudited)    October 31, 2005 
Operations ($):         
Investment income—net    25,785,307    53,012,011 
Net realized gain (loss) on investments    110,093,565    70,467,117 
Net change in unrealized appreciation         
(depreciation) on investments    166,936,207    133,060,815 
Net Increase (Decrease) in Net Assets         
Resulting from Operations    302,815,079    256,539,943 
Dividends to Shareholders from ($):         
Investment income—net    (44,603,659)    (48,499,041) 
Capital Stock Transactions ($):         
Net proceeds from shares sold    413,599,331    783,298,479 
Dividends reinvested    43,610,140    47,446,210 
Cost of shares redeemed    (521,861,798)    (844,001,875) 
Increase (Decrease) in Net Assets         
from Capital Stock Transactions    (64,652,327)    (13,257,186) 
Total Increase (Decrease) in Net Assets    193,559,093    194,783,716 
Net Assets ($):         
Beginning of Period    3,310,961,098    3,116,177,382 
End of Period    3,504,520,191    3,310,961,098 
Undistributed investment income—net    14,267,807    33,086,159 
Capital Share Transactions (Shares):         
Shares sold    10,971,286    22,385,483 
Shares issued for dividends reinvested    1,190,232    1,361,050 
Shares redeemed    (13,987,550)    (24,070,556) 
Net Increase (Decrease) in Shares Outstanding    (1,826,032)    (324,023) 

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, 2006        Year Ended October 31,     
        (Unaudited)    2005    2004    2003    2002    2001 
Per Share Data ($):                         
Net asset value,                         
beginning of period    35.50    33.30    30.91    26.01    31.08    41.95 
Investment Operations:                         
Investment income—net a    .28    .56    .39    .35    .32    .32 
Net realized and                         
unrealized gain (loss)                         
on investments    3.03    2.16    2.35    4.86    (5.08)    (10.88) 
Total from                         
Investment Operations    3.31    2.72    2.74    5.21    (4.76)    (10.56) 
Distributions:                         
Dividends from investment                     
income—net    (.48)    (.52)    (.35)    (.31)    (.31)    (.31) 
Net asset value,                         
end of period    38.33    35.50    33.30    30.91    26.01    31.08 
Total Return (%)    9.39b    8.20    8.93    20.22    (15.54)    (25.31) 
Ratios/                         
Supplemental Data (%):                     
Ratio of total expenses                         
to average net assets    .25b    .50    .50    .52    .50    .50 
Ratio of net investment                         
income to average                         
net assets    .74b    1.60    1.21    1.27    1.05    .88 
Portfolio Turnover Rate    3.25b    7.24    1.87    2.17    4.42    1.89 
Net Assets,                         
end of period                         
($ x 1,000) 3,504,520    3,310,961    3,116,177    2,803,280    2,185,380    2,514,308 
 
a    Based on average shares outstanding at each month end.                 
b    Not 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”) serves as the fund’s investment adviser. The Manager is a wholly-owned subsidiary of Mellon Financial Corporation (“Mellon Financial”). Dreyfus Service 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 fund’s financial statements are prepared in accordance with U.S. generally accepted accounting principles, which require the use of management estimates and assumptions. Actual results could differ from those estimates.

In the normal course of business, the fund enters into contracts and agreements that contain a variety of representations and warranties, which provide general indemnifications. The maximum exposure to the fund under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. However, based on experience, the fund expects the risks of the loss to be remote.

(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, where the asked price is used for valuation purposes. Bid price

28

is used when no asked price is available. Investments in registered investment companies 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 fund’s 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 ADR’s and futures contracts. For other securities that are fair valued by the funds 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 on the principle exchange.

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

Pursuant to a securities lending agreement with Mellon Bank N.A., an affiliate of the Manager, 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. Cash collateral is invested in certain money market mutual funds managed by the Manager as shown in the fund’s Statement of Investments. The fund is entitled to receive all income on securities

The Fund 29

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

loaned, in addition to income earned as a result of the lending transac-tion.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.

The fund may engage in repurchase agreement transactions. Under the terms of a typical repurchase agreement, the fund, through its custodian and sub-custodian, takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the fund to resell, the obligation at an agreed-upon price and time, thereby determining the yield during the fund’s holding period. This arrangement results in a fixed rate of return that is not subject to market fluctuations during the fund’s holding period. It is the fund’s policy that the value of the collateral (debt obligation) is at least equal, at all times, to the total amount of the repurchase obligation, including interest. In the event of a counter party default, the fund has the right to use the collateral to offset losses incurred.There is potential loss to the fund in the event the fund is delayed or prevented from exercising its rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the fund seeks to assert its rights.The Manager, acting under the supervision of the Board of Directors, reviews the value of the collateral and the creditworthi-ness of those banks and dealers with which the fund enters into repurchase agreements to evaluate potential risks.

(c) Affiliated issuers: Investments in other investment companies advised by the Manager are defined as “affiliated” in the Act.

(d) Dividends to shareholders: Dividends are recorded on the ex-dividend date. Dividends from investment income-net and dividends from net realized capital gain, 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 gain, if any, can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gain. Income and capital gain distribu-

30

tions are determined in accordance with incomes tax regulations, which may differ from U.S. generally accepted accounting principles.

(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.

The fund has an unused capital loss carryover of $68,985,526 available for federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to October 31, 2005. If not applied, $67,358,094 of the carryover expires in fiscal 2010 and $1,627,432 expires in fiscal 2011.

The tax character of distributions paid to shareholders during the fiscal year ended October 31, 2005, were as follows: ordinary income $48,499,041. The tax character of current year distributions will be determined at the end of the current fiscal year.

NOTE 2—Bank Line of Credit:

The fund participates with other Dreyfus-managed funds in a $350 million redemption credit facility (the “Facility”) to be utilized for temporary or emergency purposes, including the financing of redemptions. In connection therewith, the fund has agreed to pay commitment fees on its pro rata portion of the Facility. Interest is charged to the fund based on prevailing market rates in effect at the time of borrowings.

The average daily amount of borrowings outstanding under the Facility during the period ended April 30, 2006, was approximately $217,000 with a related weighted average annualized interest rate of 5.05% .

NOTE 3—Management Fee and Other Transactions With Affiliates:

(a) Pursuant to an Investment 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

The Fund 31

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

monthly. Under the terms of the Agreement, the Manager has agreed to pay all the expenses of the fund, except management fees, brokerage commissions, taxes, interest, 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 fees in an amount equal to the fund’s allocable portion of 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 (collectively, the “Fund Group”). Each Board member receives an annual fee of $40,000, an attendance fee of $5,000 for each in-person meeting and $500 for telephone meetings.All Board fees are allocated among the funds in the Fund Group in proportion to each fund’s relative net assets. Amounts required to be paid by the Company directly to the non-interested Board members, that were applied to offset a portion of the management fee payable to the Manager, were in fact paid directly by the Manager to the non-interested Board members.All Board fees are allocated among the funds in the Fund Group in proportion to each fund’s relative net assets.

(b) Under the Shareholder Services Plan, the fund pays the Distributor for the provision of certain services a fee, 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 April 30, 2006, the fund was charged $4,286,986 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 $718,403 and shareholder services plan fees $718,404.

32

(c) A 1% redemption fee is charged and retained by the fund on certain shares redeemed within six months following the date of issuance,includ-ing redemptions made through the use of the fund’s exchange privilege. During the period ended April 30, 2006, redemption fees charged and retained by the fund amounted to $7,814. Cost of shares redeemed in the Statement of Changes in Net Assets is reflected net of redemption fees.

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, 2006, amounted to $110,605,610 and $186,982,770, respectively.

The fund may invest in financial futures contracts in order to gain exposure to or protect against changes in the market. The fund is exposed to market risk as a result of changes in the value of the underlying financial instruments. Investments in financial futures require the fund to “mark to market” on a daily basis, which reflects the change in the market value of the contract at the close of each day’s trading. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses.When the contracts are closed, the fund recognizes a realized gain or loss.These investments require initial margin deposits with a 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. Contracts open as of April 30, 2006, are set forth in the Statement of Financial Futures.

At April 30, 2006, accumulated unrealized appreciation on investments was $1,016,278,281 consisting of $1,247,524,920 gross unrealized appreciation and $231,246,639 gross unrealized depreciation.

At April 30, 2006, 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 33

INFORMATION ABOUT THE REVIEW AND 
APPROVAL OF    THE FUND’S I N V E S T M E N T 
MANAGEMENT    AGREEMENT (Unaudited) 

At a Board of Directors meeting held on March 7, 2006, the Board unanimously approved the continuation of the fund’s Management Agreement for a one-year term ending March 30, 2007.The Board is comprised entirely of individuals who have no affiliation with the Manager or any affiliates of the Manager.

Prior to the meeting, the Manager provided the Board members with extensive materials related to the renewal of the Management Agreement, including performance and expense information for other investment companies with similar investment objective to the fund derived from data compiled by Lipper Inc., an independent third party (“Lipper”).

During the meeting, the Board members discussed the continuance of the Management Agreement with senior management of the Manager. At the conclusion of these discussions, the Board members and their independent counsel met in an executive session, at which no representatives of the Manager were present, to continue their discussion of continuance of the Management Agreement. In determining to continue the Management Agreement, the Board considered all factors which they believed to be relevant, including, among other things, the factors discussed below.

Nature, Extent, and Quality of Services Provided to the Fund. The Board members received a presentation from representatives of the Manager regarding services provided to the fund and other funds in the Dreyfus fund complex, and discussed the nature, extent, and quality of the services provided to the fund pursuant to its Management Agreement. The Manager’s representatives reviewed the fund’s distribution of accounts and the relationships the Manager has with various intermediaries and the different needs of each.The Manager’s representatives noted the diversity of distribution of the fund, as well as other funds in the Dreyfus fund complex, and the Manager’s

34

corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each of the fund’s distribution channels.The Board members also reviewed the number of shareholder accounts in the fund, as well as the fund’s asset size.

The Board members also considered the Manager’s research and portfolio management capabilities and that the Manager 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 the Manager’s extensive administrative, accounting, and compliance infrastructure.

Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board members reviewed the fund’s performance, management fee and expense ratio, placing significant emphasis on comparative data supplied by Lipper, including contractual and actual (net of fee waivers and expense reimbursements) management fees, operating expense components and total return performance.The fund’s performance was compared to that of a performance universe, consisting of all funds with the same Lipper classification/objective, and a performance group, consisting of comparable funds chosen by Lipper based on guidelines previously approved by the Board. Similarly, the fund’s contractual and actual management fee and operating expenses were compared to those of an expense universe, consisting of all funds with the same or similar Lipper classification/objective and a similar sales load structure, and an expense group, consisting comparable funds chosen by Lipper based on guidelines previously approved by the Board.As part of its review of expenses, the Board also considered other fund expenses, such as transfer agent fees, custody fees, any 12b-1 or non-12b-1 service fees, and other non-management fees, as well as any waivers or reimbursements of fees and expenses.

The Fund 35

INFORMATION ABOUT THE REVIEW AND APPROVAL OF THE FUND’S 
INVESTMENT MANAGEMENT AGREEMENT (Unaudited) (continued) 

In its review of performance, the Board noted the fund was ranked in the second or third quintiles among its performance group and performance universe for the one-, three-, and five-year periods ended January 31, 2006.The board further noted that the fund’s total return equaled or exceeded the median total return of the expense group for the one-, two-, three-, four-, five, and ten-year periods ended January 31, 2006.The Board also noted that the difference in returns between the fund and the S&P 500 Index was primarily due to the fund’s transactions costs and other operating expenses.

In its review of the fund’s management fee and operating expenses, the Board examined the range of management fees and expense ratios of the funds in the expense group and expense universe, noting, among other things, that the fund’s actual management fee was in the fourth quintile among its expense group and expense universe, while the fund’s actual total expense ratio was in the second quintile of its expense group and expense universe.The Board further noted that the fund’s actual total expense ratio was lower than the median of the expense universe and the expense group.

Representatives of the Manager reviewed with the Board members the fees paid to the Manager or its affiliates by mutual funds and/or separate accounts managed by the Manager with similar investment objectives, policies and strategies as the fund (the “Similar Accounts”), and explained the nature of the Similar Accounts and the differences, from the Manager’s perspective, as applicable, in providing services to the Similar Accounts as compared to the fund. The Manager’s representatives also reviewed the costs associated with distribution through intermediaries. The Board analyzed differences in fees paid to the Manager and discussed the relationship of the advisory fees paid in light of the Manager’s performance, and the services provided. The Board members considered the relevance of the fee information provided for the Similar Accounts managed by the Manager, to evaluate the appropriateness and reasonableness of the fund’s management fees.

36

The Board acknowledged that differences in fees paid by the Similar Accounts seemed to be consistent with the services provided.

Analysis of Profitability and Economies of Scale. The Manager’s representatives reviewed the dollar amount of expenses allocated and profit received by the Manager and the method used to determine such expenses and profit.The Board members evaluated the analysis in light of the relevant circumstances for the fund, and the extent to which economies of scale would be realized as the fund grows and whether fee levels reflect these economies of scale for the benefit of fund investors. It was noted that economies of scale also could be realized through an adviser’s reinvestment of money back into its business for the benefit of fund shareholders.The Board members also considered potential benefits to the Manager from acting as investment adviser and noted that there were no soft dollar arrangements with respect to trading the fund’s portfolio.

It was noted that the Board members should consider the Manager’s profitability with respect to the fund as part of their evaluation of whether the fees under the Management Agreement bears a reasonable relationship to the mix of services provided by the Manager including the nature, extent, and quality of such services and that a discussion of economies of scale is predicated on increasing assets and that, if a fund’s assets had been decreasing, the possibility that the Manager may have realized any economies of scale would be less.The Board members also discussed the profitability percentage ranges determined by appropriate court cases to be reasonable given the services rendered to investment companies. It was noted that the Manager’s respective profitability percentages for managing the fund were not unreasonable given the fund’s overall performance and generally superior service levels provided. It also was noted that the profitability percentage for managing the portfolio was within rangers determined by appropriate court cases to be reasonable given the services provided.

The Fund 37

INFORMATION ABOUT THE REVIEW AND APPROVAL OF THE FUND’S 
INVESTMENT MANAGEMENT AGREEMENT (Unaudited) (continued) 

At the conclusion of these discussions, each Board member expressed the opinion that he or she had been furnished with sufficient information to make an informed business decision with respect to continuation of the fund’s Management Agreement. Based on their discussions and considerations as described above, the Board members made the following conclusions and determinations.

•    The Board concluded that the nature, extent, and quality of the 
    services provided by the Manager are adequate and appropriate. 
•    The Board was satisfied with the fund’s overall performance. 
•    The Board concluded that the fee paid to the Manager by the fund 
    was reasonable in light of comparative performance and expense 
    and advisory fee information, costs of the services provided, and 
    profits to be realized and benefits derived or to be derived by the 
    Manager from its relationship with the fund. 
•    The Board determined that the economies of scale which may 
    accrue to the Manager and its affiliates in connection with the man- 
    agement of the fund had been adequately considered by the 
    Manager in connection with the management fee rate charged to 
    the fund, and that, to the extent in the future it were to be deter- 
    mined 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 Board members considered these conclusions and determinations, along with the information received on a routine and regular basis throughout the year, and, without any one factor being dispositive, the Board determined that re-approval of the fund’s Management Agreement was in the best interests of the fund and its shareholders.

38

NOTES

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    Dreyfus Service Corporation 
New York, NY 10166    200 Park Avenue 
Custodian    New York, NY 10166 
Mellon Trust of New England, N.A. 
One Boston Place     
Boston, MA 02109     
 
 
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 12-month period ended June 30, 2005, 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.

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.    Schedule of Investments. 
    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. 
Item 10.    Submission of Matters to a Vote of Security Holders. 

The Registrant has a Nominating Committee (the "Committee"), which is responsible for selecting and nominating persons for election or appointment by the Registrant's Board as Board members. The Committee has adopted a Nominating Committee Charter (the "Charter"). Pursuant to the Charter, the Committee will consider recommendations for nominees from shareholders submitted to the Secretary of the Registrant, c/o The Dreyfus Corporation Legal Department, 200 Park Avenue, 8th Floor East, New York, New York 10166. A nomination submission must include information regarding the recommended nominee as specified in the Charter. This information includes all information relating to a recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Board members, as well as information sufficient to evaluate the factors to be considered by the Committee, including character and integrity, business and professional experience, and whether the person has the ability to apply sound and independent business judgment and would act in the interests of the Registrant and its shareholders.

Nomination submissions are required to be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must be provided regarding the recommended nominee as reasonably requested by the Committee.

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.

(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. 

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/ Stephen E. Canter 
    Stephen E. Canter 
    President 
 
Date:    June 30, 2006 

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

By:    /s/ Stephen E. Canter 
    Stephen E. Canter 
    Chief Executive Officer 
 
Date:    June 30, 2006 
 
By:    /s/ James Windels 
    James Windels 
    Chief Financial Officer 
 
Date:    June 30, 2006 
 
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)