# EDGAR Filing Document

**Accession Number:** 0000875732
**File Stem:** 0000030146-25-000210
**Filing Date:** 2025-12
**Character Count:** 129826
**Document Hash:** 5d4d7bd8bbd53e8fdcf06e8edabd1ded
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000030146-25-000210.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0000030146-25-000210

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY MELLON MIDCAP INDEX FUND, INC.
- **CENTRAL INDEX KEY:** 0000875732

**ORGANIZATION NAME:**
- **EIN:** 133618129
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06325
- **FILM NUMBER:** 251612032

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10286
- **BUSINESS PHONE:** 2129226400

**MAIL ADDRESS:**
- **STREET 1:** C/O BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10286

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS MIDCAP INDEX FUND, INC.
- **DATE OF NAME CHANGE:** 20181030

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS MIDCAP INDEX FUND INC
- **DATE OF NAME CHANGE:** 20020514

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS MIDCAP INDEX FUND
- **DATE OF NAME CHANGE:** 19951228

## Series and Classes Contracts Data

### BNY Mellon Midcap Index Fund, Inc. (Series ID: S000000078)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000000115 | Investor Shares | PESPX           |
| C000172470 | Class I         | DMIDX           |

?xml version='1.0' encoding='ASCII'? ff6785ed-b306-43b5-89b5-ce05ed00a89d

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-06325

#### BNY Mellon Midcap Index Fund, Inc.
(Exact name of registrant as specified in charter)

------

c/o BNY Mellon Investment Adviser, Inc.

240 Greenwich Street

New York, New York 10286

(Address of Principal Executive Officer) (Zip Code)

Deirdre Cunnane, Esq.

240 Greenwich Street

New York, New York 10286

(Name and Address of Agent for Service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(212) 922-6400

#### Date of fiscal year end:

#### 10/31

#### Date of reporting period:

#### 10/31/25
ITEM 1 - Reports to Stockholders

BNY Mellon Midcap Index Fund, Inc.

#### ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Investor Shares – PESPX
This annual shareholder report contains important information about BNY Mellon Midcap Index Fund, Inc. (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

#### What were the Fund's costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares<sup>\*</sup> | $51 | 0.50% |

---

\* During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc.

#### How did the Fund perform last year ?
* For the 12-month period ended October 31, 2025, the Fund's Investor Shares returned 5.85%.

* In comparison, the S&P MidCap 400<sup>®</sup> Index (the "Index") returned 6.38% for the same period.

#### What affected the Fund's performance?
* The U.S. mid-cap market advanced during the reporting period, supported by a resilient economy, easing inflation and stable employment.

* Mid-cap stocks underperformed their large-cap counterparts, reflecting limited exposure to artificial intelligence and technology and greater exposure to traditional areas such as financials, consumer discretionary and health care.

* Relatively strong-performing areas included communication services, information technology and utilities.

* Relatively weak-performing areas included materials, consumer discretionary and consumer staples.

* The difference in returns between the Fund and the Index resulted primarily from transaction costs and operating expenses not reflected in Index results.

#### How did the Fund perform over the past 10 years?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from November 1 , 2015 through October 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10932773.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Investor Shares to a hypothetical investment of $10,000 made in each of the S&P 1500<sup>®</sup> Index (a broad-based index) and S&P MidCap 400<sup>®</sup> Index on 10/31/2015. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the indexes are not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1YR** | **5YR** | **10YR** |
| Investor Shares | 5.85% | 12.47% | 9.64% |
| S&P 1500<sup>®</sup> Index (broad-based index) | 20.21% | 17.26% | 14.25% |
| S&P MidCap 400<sup>®</sup> Index | 6.38% | 13.02% | 10.17% |

---

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit bny.com/investments/literaturecenter** .

**KEY FUND STATISTICS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $1380 | 404 | $3498033 | 13.97% |

---

**Portfolio Holdings (as of 10/31/25)**

**Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_10932802.jpg)

\* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.

**Sector Allocation (Based on Net Assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10932778.jpg)

**For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/literaturecenter .**

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-0113AR1025

![TSR- BNY Investment Logo](images_30017.jpg)

BNY Mellon Midcap Index Fund, Inc.

#### ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Class I – DMIDX
This annual shareholder report contains important information about BNY Mellon Midcap Index Fund, Inc. (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

#### What were the Fund's costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I<sup>\*</sup> | $26 | 0.25% |

---

\* During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc.

#### How did the Fund perform last year ?
* For the 12-month period ended October 31, 2025, the Fund's Class I shares returned 6.12%.

* In comparison, the S&P MidCap 400<sup>®</sup> Index (the "Index") returned 6.38% for the same period.

#### What affected the Fund's performance?
* The U.S. mid-cap market advanced during the reporting period, supported by a resilient economy, easing inflation and stable employment.

* Mid-cap stocks underperformed their large-cap counterparts, reflecting limited exposure to artificial intelligence and technology and greater exposure to traditional areas such as financials, consumer discretionary and health care.

* Relatively strong-performing areas included communication services, information technology and utilities.

* Relatively weak-performing areas included materials, consumer discretionary and consumer staples.

* The difference in returns between the Fund and the Index resulted primarily from transaction costs and operating expenses not reflected in Index results.

#### How did the Fund perform over the past 10 years?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from November 1 , 2015 through October 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10932723.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Class I shares to a hypothetical investment of $10,000 made in each of the S&P 1500<sup>®</sup> Index (a broad-based index) and S&P MidCap 400<sup>®</sup> Index on 10/31/2015. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the indexes are not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1YR** | **5YR** | **10YR** |
| Class I | 6.12% | 12.76% | 9.89% |
| S&P 1500<sup>®</sup> Index (broad-based index) | 20.21% | 17.26% | 14.25% |
| S&P MidCap 400<sup>®</sup> Index | 6.38% | 13.02% | 10.17% |

---

Periods prior to the inception date of the Fund's Class I shares (8/31/2016) reflect the performance of the Fund's Investor Shares. Such performance figures have not been adjusted to reflect applicable class fees and expenses of Class I shares.

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit bny.com/investments/literaturecenter**.

**KEY FUND STATISTICS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $1380 | 404 | $3498033 | 13.97% |

---

**Portfolio Holdings (as of 10/31/25)**

**Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_10932752.jpg)

\* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.

**Sector Allocation (Based on Net Assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10932728.jpg)

**For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/literaturecenter .**

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-4038AR1025

![TSR- BNY Investment Logo](images_30017.jpg)

------

**Item 2. Code of Ethics.**

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board has determined that Gina France, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Ms. France is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

**Item 4. Principal Accountant Fees and Services.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees.</u> The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $36,986 in 2024 and $37,725 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees.</u> The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $7,332 in 2024 and $7,770 in 2025. These services consisted of (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2024 and $0 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees.</u> The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $4,763 in 2024 and $4,763 in 2025. These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $7,439 in 2024 and $7,805 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees.</u> The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $1,915 in 2024 and $1,910 in 2025. These services consisted of a review of the Registrant's anti-money laundering program.

The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $0 in 2024 and $0 in 2025.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures.</u> The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.

(e)(2) <u>Note</u>. None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

<u>Non-Audit Fees.</u> The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $1,580,958 in 2024 and $1,592,327 in 2025.

<u>Auditor Independence.</u> The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable

**Item 6. Investments.**

Not applicable.

BNY Mellon Midcap Index Fund, Inc.

**ANNUAL FINANCIALS AND OTHER INFORMATION**

October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Class** | **Ticker** |
| Investor | PESPX |
| I | DMIDX |

---

![](imgf69752741.gif)

------

**Save time. Save paper. View your next shareholder report online as soon as it's available. Log into** www.bny.com/investments **and sign up for eCommunications. It's simple and only takes a few minutes.**

------

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

Family of Funds.

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

------

Contents

The Fund

Please note the Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the Securities and Exchange Commission (the "SEC").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_fb584ad1-a638-455f-8b7e-58a4f698c504_SOI-Commoncontent-4739_1)**<br> **[Investment Companies](#xx_fb584ad1-a638-455f-8b7e-58a4f698c504_SOI-Commoncontent-4739_1)**<br>| 3 |
| [Schedule of Investments](#xx_fb584ad1-a638-455f-8b7e-58a4f698c504_SOI-Commoncontent-4739_1) | 3 |
| [Statement of Assets and Liabilities](#xx_fb584ad1-a638-455f-8b7e-58a4f698c504_FS-Commoncontent-4739_1) | 13 |
| [Statement of Operations](#xx_fb584ad1-a638-455f-8b7e-58a4f698c504_FS-Commoncontent-4739_2) | 14 |
| [Statement of Changes in Net Assets](#xx_fb584ad1-a638-455f-8b7e-58a4f698c504_FS-Commoncontent-4739_3) | 15 |
| [Financial Highlights](#xx_fb584ad1-a638-455f-8b7e-58a4f698c504_FIHI-Commoncontent-4739_1) | 16 |
| [Notes to Financial Statements](#xx_fb584ad1-a638-455f-8b7e-58a4f698c504_NTF-Commoncontent-4739_1) | 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_fb584ad1-a638-455f-8b7e-58a4f698c504_AUD-Commoncontent-4739_1) | 24 |
| [Important Tax Information](#xx_fb584ad1-a638-455f-8b7e-58a4f698c504_ITI-Commoncontent-4739_1) | 25 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_fb584ad1-a638-455f-8b7e-58a4f698c504_CDA-Commoncontent-4739_1)**<br> **[Investment Companies](#xx_fb584ad1-a638-455f-8b7e-58a4f698c504_CDA-Commoncontent-4739_1)**<br>| 26 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_fb584ad1-a638-455f-8b7e-58a4f698c504_PRXD-Commoncontent-4739_1)** | 27 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_fb584ad1-a638-455f-8b7e-58a4f698c504_RMNP-Commoncontent-4739_1)**<br> **[Management Investment Companies](#xx_fb584ad1-a638-455f-8b7e-58a4f698c504_RMNP-Commoncontent-4739_1)**<br>| 28 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_fb584ad1-a638-455f-8b7e-58a4f698c504_AAA-Commoncontent-4739_1)** | 29 |

---

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

BNY Mellon Midcap Index Fund, Inc.

SCHEDULE OF INVESTMENTS

October 31, 2025

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.2%** | **Common Stocks — 99.2%** | **Common Stocks — 99.2%** |
| **Automobiles & Components — 1.0%** | **Automobiles & Components — 1.0%** | **Automobiles & Components — 1.0%** |
| Autoliv, Inc. | 31269 | 3652219 |
| Gentex Corp. | 95996 | 2251106 |
| Harley-Davidson, Inc. | 54363 | 1466714 |
| Lear Corp.<sup>(a)</sup> <br>| 23194 | 2427252 |
| The Goodyear Tire & Rubber Company<sup>(b)</sup> <br>| 127167 | 876181 |
| Thor Industries, Inc.<sup>(a)</sup> <br>| 23444 | 2446381 |
| Visteon Corp. | 11869 | 1271882 |
|  |  | **14391735** |
| **Banks — 6.2%** | **Banks — 6.2%** | **Banks — 6.2%** |
| Associated Banc-Corp. | 70906 | 1756342 |
| Bank OZK | 47059 | 2117184 |
| Cadence Bank | 81388 | 3071583 |
| Columbia Banking System, Inc. | 130973 | 3510076 |
| Comerica, Inc. | 56329 | 4309168 |
| Commerce Bancshares, Inc. | 54632 | 2875282 |
| Cullen/Frost Bankers, Inc. | 28498 | 3509244 |
| East West Bancorp, Inc. | 60981 | 6195670 |
| First Financial Bankshares, Inc. | 56849 | 1756066 |
| First Horizon Corp. | 223491 | 4773768 |
| Flagstar Bank NA | 131343 | 1499937 |
| FNB Corp. | 158123 | 2485694 |
| Glacier Bancorp, Inc. | 56058 | 2289969 |
| Hancock Whitney Corp. | 37417 | 2136885 |
| Home BancShares, Inc. | 81049 | 2164819 |
| International Bancshares Corp. | 24213 | 1607259 |
| Old National Bancorp | 154133 | 3148937 |
| Pinnacle Financial Partners, Inc. | 33936 | 2891686 |
| Prosperity Bancshares, Inc. | 41976 | 2762860 |
| SouthState Bank Corp. | 44548 | 3949180 |
| Synovus Financial Corp. | 61049 | 2725227 |
| Texas Capital Bancshares, Inc.<sup>(b)</sup> <br>| 20159 | 1690131 |
| UMB Financial Corp. | 31552 | 3372278 |
| United Bankshares, Inc. | 62703 | 2244140 |
| Valley National Bancorp | 210816 | 2291570 |
| Webster Financial Corp. | 73647 | 4200825 |
| Western Alliance Bancorp | 45869 | 3547967 |
| Wintrust Financial Corp. | 29632 | 3852753 |
| Zions Bancorp NA | 65074 | 3391006 |
|  |  | **86127506** |
| **Capital Goods — 17.8%** | **Capital Goods — 17.8%** | **Capital Goods — 17.8%** |
| AAON, Inc.<sup>(a)</sup> <br>| 29562 | 2908605 |
| Acuity, Inc. | 13347 | 4872322 |
| Advanced Drainage Systems, Inc. | 31608 | 4426700 |
| AECOM | 58258 | 7826962 |
| AeroVironment, Inc.<sup>(b)</sup> <br>| 13934 | 5154326 |
| AGCO Corp. | 27170 | 2802857 |
| API Group Corp.<sup>(b)</sup> <br>| 162815 | 5994848 |
| Applied Industrial Technologies, Inc. | 16882 | 4340193 |

---

**3**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Capital Goods — 17.8% (continued)** | **Capital Goods — 17.8% (continued)** | **Capital Goods — 17.8% (continued)** |
| ATI, Inc.<sup>(b)</sup> <br>| 60399 | 5977689 |
| BWX Technologies, Inc. | 40207 | 8588617 |
| Carlisle Companies, Inc.<sup>(a)</sup> <br>| 18773 | 6102164 |
| Carpenter Technology Corp. | 21851 | 6902731 |
| Chart Industries, Inc.<sup>(b)</sup> <br>| 19522 | 3896982 |
| CNH Industrial NV<sup>(a)</sup> <br>| 390827 | 4099775 |
| Comfort Systems USA, Inc. | 15495 | 14961662 |
| Core & Main, Inc., Cl. A<sup>(b)</sup> <br>| 83455 | 4354682 |
| Crane Co. | 21517 | 4088230 |
| Curtiss-Wright Corp. | 16564 | 9867672 |
| Donaldson Co., Inc. | 51086 | 4303996 |
| EnerSys | 16654 | 2101069 |
| Esab Corp. | 25194 | 2943163 |
| Flowserve Corp. | 57638 | 3933794 |
| Fluor Corp.<sup>(b)</sup> <br>| 70761 | 3451014 |
| Fortune Brands Innovations, Inc. | 53257 | 2705456 |
| GATX Corp. | 15734 | 2467878 |
| Graco, Inc. | 73313 | 5994804 |
| Hexcel Corp.<sup>(a)</sup> <br>| 34935 | 2494359 |
| ITT, Inc. | 34191 | 6327728 |
| Kratos Defense & Security Solutions, Inc.<sup>(a),(b)</sup> <br>| 74133 | 6716450 |
| Lincoln Electric Holdings, Inc. | 24371 | 5713781 |
| MasTec, Inc.<sup>(b)</sup> <br>| 26883 | 5488433 |
| MSC Industrial Direct Co., Inc., Cl. A | 20215 | 1716456 |
| Mueller Industries, Inc. | 48977 | 5185195 |
| NEXTracker, Inc., Cl. A<sup>(b)</sup> <br>| 64929 | 6572113 |
| nVent Electric PLC | 70740 | 8089119 |
| Oshkosh Corp. | 28167 | 3472709 |
| Owens Corning | 36781 | 4682589 |
| RBC Bearings, Inc.<sup>(b)</sup> <br>| 13873 | 5944997 |
| Regal Rexnord Corp. | 29063 | 4094686 |
| Sensata Technologies Holding PLC | 64267 | 2045619 |
| Simpson Manufacturing Co., Inc. | 18314 | 3232421 |
| Terex Corp. | 28636 | 1317829 |
| The Middleby Corp.<sup>(b)</sup> <br>| 20341 | 2526962 |
| The Timken Company | 27918 | 2191842 |
| The Toro Company | 43505 | 3251129 |
| Trex Company, Inc.<sup>(b)</sup> <br>| 47345 | 2287710 |
| UFP Industries, Inc. | 26017 | 2396946 |
| Valmont Industries, Inc. | 8666 | 3582784 |
| Watsco, Inc.<sup>(a)</sup> <br>| 15308 | 5633497 |
| Watts Water Technologies, Inc., Cl. A | 12011 | 3274199 |
| WESCO International, Inc. | 21517 | 5584307 |
| Woodward, Inc. | 26395 | 6918394 |
|  |  | **245810445** |
| **Commercial & Professional Services — 4.0%** | **Commercial & Professional Services — 4.0%** | **Commercial & Professional Services — 4.0%** |
| CACI International, Inc., Cl. A<sup>(b)</sup> <br>| 9639 | 5419528 |
| Clean Harbors, Inc.<sup>(b)</sup> <br>| 22231 | 4679848 |
| Concentrix Corp.<sup>(a)</sup> <br>| 19293 | 777701 |
| ExlService Holdings, Inc.<sup>(b)</sup> <br>| 70991 | 2775748 |
| Exponent, Inc. | 22130 | 1567025 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Commercial & Professional Services — 4.0% (continued)** | **Commercial & Professional Services — 4.0% (continued)** | **Commercial & Professional Services — 4.0% (continued)** |
| FTI Consulting, Inc.<sup>(b)</sup> <br>| 13825 | 2281263 |
| Genpact Ltd. | 71782 | 2738483 |
| Insperity, Inc. | 15849 | 699258 |
| KBR, Inc. | 56945 | 2439524 |
| Maximus, Inc. | 24510 | 2037271 |
| MSA Safety, Inc. | 16206 | 2544828 |
| Parsons Corp.<sup>(a),(b)</sup> <br>| 23380 | 1943813 |
| Paylocity Holding Corp.<sup>(b)</sup> <br>| 19812 | 2798841 |
| RB Global, Inc. | 81680 | 8104289 |
| Science Applications International Corp. | 20718 | 1941484 |
| Tetra Tech, Inc. | 116259 | 3717963 |
| The Brink's Company | 18460 | 2052014 |
| TransUnion | 85743 | 6960617 |
|  |  | **55479498** |
| **Consumer Discretionary Distribution & Retail — 3.8%** | **Consumer Discretionary Distribution & Retail — 3.8%** | **Consumer Discretionary Distribution & Retail — 3.8%** |
| Abercrombie & Fitch Co., Cl. A<sup>(b)</sup> <br>| 20697 | 1501567 |
| AutoNation, Inc.<sup>(b)</sup> <br>| 12509 | 2500174 |
| Bath & Body Works, Inc. | 93262 | 2283054 |
| Burlington Stores, Inc.<sup>(b)</sup> <br>| 27398 | 7495819 |
| Chewy, Inc., Cl. A<sup>(b)</sup> <br>| 98087 | 3307494 |
| Dick's Sporting Goods, Inc. | 29380 | 6506201 |
| Five Below, Inc.<sup>(b)</sup> <br>| 24166 | 3800587 |
| Floor & Decor Holdings, Inc., Cl. A<sup>(b)</sup> <br>| 47279 | 2953992 |
| GameStop Corp., Cl. A<sup>(a),(b)</sup> <br>| 179900 | 4009971 |
| Lithia Motors, Inc. | 11320 | 3555386 |
| Macy's, Inc. | 120086 | 2340476 |
| Murphy USA, Inc. | 7692 | 2755274 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup> <br>| 26909 | 3250876 |
| Penske Automotive Group, Inc.<sup>(a)</sup> <br>| 8002 | 1280880 |
| RH<sup>(b)</sup> <br>| 6729 | 1160685 |
| The Gap, Inc. | 99653 | 2277071 |
| Valvoline, Inc.<sup>(b)</sup> <br>| 56107 | 1852092 |
|  |  | **52831599** |
| **Consumer Durables & Apparel — 2.9%** | **Consumer Durables & Apparel — 2.9%** | **Consumer Durables & Apparel — 2.9%** |
| Brunswick Corp. | 28922 | 1912033 |
| Capri Holdings Ltd.<sup>(b)</sup> <br>| 51798 | 1074809 |
| Columbia Sportswear Co. | 10944 | 543151 |
| Crocs, Inc.<sup>(b)</sup> <br>| 24147 | 1972568 |
| KB Home | 30404 | 1897818 |
| Mattel, Inc.<sup>(b)</sup> <br>| 141515 | 2601046 |
| Polaris, Inc.<sup>(a)</sup> <br>| 23866 | 1577543 |
| PVH Corp. | 20958 | 1641640 |
| Somnigroup International, Inc. | 92335 | 7325859 |
| Taylor Morrison Home Corp.<sup>(b)</sup> <br>| 43790 | 2595433 |
| Toll Brothers, Inc. | 43135 | 5821068 |
| TopBuild Corp.<sup>(a),(b)</sup> <br>| 12395 | 5236640 |
| Under Armour, Inc., Cl. A<sup>(a),(b)</sup> <br>| 85700 | 395077 |
| Under Armour, Inc., Cl. C<sup>(a),(b)</sup> <br>| 57270 | 254279 |
| VF Corp. | 143847 | 2019612 |

---

**5**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Consumer Durables & Apparel — 2.9% (continued)** | **Consumer Durables & Apparel — 2.9% (continued)** | **Consumer Durables & Apparel — 2.9% (continued)** |
| Whirlpool Corp.<sup>(a)</sup> <br>| 24299 | 1740537 |
| YETI Holdings, Inc.<sup>(b)</sup> <br>| 36550 | 1242334 |
|  |  | **39851447** |
| **Consumer Services — 3.9%** | **Consumer Services — 3.9%** | **Consumer Services — 3.9%** |
| Aramark | 116106 | 4398095 |
| Boyd Gaming Corp. | 26317 | 2049305 |
| Cava Group, Inc.<sup>(a),(b)</sup> <br>| 44179 | 2373738 |
| Choice Hotels International, Inc. | 8883 | 825764 |
| Churchill Downs, Inc. | 29200 | 2896640 |
| Duolingo, Inc.<sup>(b)</sup> <br>| 17532 | 4744860 |
| Graham Holdings Co., Cl. B | 1484 | 1502001 |
| Grand Canyon Education, Inc.<sup>(b)</sup> <br>| 12304 | 2316843 |
| H&R Block, Inc. | 58768 | 2923120 |
| Hilton Grand Vacations, Inc.<sup>(b)</sup> <br>| 27241 | 1129139 |
| Hyatt Hotels Corp., Cl. A<sup>(a)</sup> <br>| 18594 | 2555001 |
| Light & Wonder, Inc.<sup>(a),(b)</sup> <br>| 36819 | 2676741 |
| Marriott Vacations Worldwide Corp.<sup>(a)</sup> <br>| 11900 | 785162 |
| Planet Fitness, Inc., Cl. A<sup>(b)</sup> <br>| 36882 | 3344829 |
| Service Corp. International | 61829 | 5163340 |
| Texas Roadhouse, Inc. | 29249 | 4784551 |
| Travel + Leisure Co. | 28565 | 1793311 |
| Vail Resorts, Inc.<sup>(a)</sup> <br>| 16511 | 2449077 |
| Wingstop, Inc.<sup>(a)</sup> <br>| 12285 | 2661300 |
| Wyndham Hotels & Resorts, Inc. | 33237 | 2440593 |
|  |  | **53813410** |
| **Consumer Staples Distribution & Retail — 2.7%** | **Consumer Staples Distribution & Retail — 2.7%** | **Consumer Staples Distribution & Retail — 2.7%** |
| Albertsons Cos., Inc., Cl. A<sup>(a)</sup> <br>| 176930 | 3129892 |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup> <br>| 57913 | 5111401 |
| Casey's General Stores, Inc. | 16366 | 8398868 |
| Maplebear, Inc.<sup>(b)</sup> <br>| 81648 | 3009545 |
| Performance Food Group Co.<sup>(b)</sup> <br>| 69171 | 6691603 |
| Sprouts Farmers Market, Inc.<sup>(b)</sup> <br>| 43194 | 3410598 |
| US Foods Holding Corp.<sup>(b)</sup> <br>| 99037 | 7192067 |
|  |  | **36943974** |
| **Energy — 3.9%** | **Energy — 3.9%** | **Energy — 3.9%** |
| Antero Midstream Corp. | 146293 | 2523554 |
| Antero Resources Corp.<sup>(b)</sup> <br>| 128899 | 3984268 |
| Chord Energy Corp. | 25555 | 2318350 |
| Civitas Resources, Inc.<sup>(a)</sup> <br>| 36456 | 1051027 |
| CNX Resources Corp.<sup>(a),(b)</sup> <br>| 62359 | 2099004 |
| DT Midstream, Inc. | 44717 | 4896064 |
| HF Sinclair Corp. | 70134 | 3618915 |
| Matador Resources Co. | 50833 | 2005870 |
| Murphy Oil Corp. | 59218 | 1675869 |
| NOV, Inc. | 163744 | 2390663 |
| Ovintiv, Inc. | 113513 | 4257873 |
| PBF Energy, Inc., Cl. A | 35537 | 1214299 |
| Permian Resources Corp. | 305397 | 3835786 |
| Range Resources Corp. | 104842 | 3727133 |
| TechnipFMC PLC | 181957 | 7523922 |
| Valaris Ltd.<sup>(a),(b)</sup> <br>| 29378 | 1648693 |

---

**6**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Energy — 3.9% (continued)** | **Energy — 3.9% (continued)** | **Energy — 3.9% (continued)** |
| Viper Energy, Inc., Cl. A | 73678 | 2767346 |
| Weatherford International PLC | 31502 | 2321382 |
|  |  | **53860018** |
| **Equity Real Estate Investment Trusts — 6.0%** | **Equity Real Estate Investment Trusts — 6.0%** | **Equity Real Estate Investment Trusts — 6.0%** |
| Agree Realty Corp.<sup>(c)</sup> <br>| 48383 | 3532443 |
| American Homes 4 Rent, Cl. A<sup>(c)</sup> <br>| 144113 | 4553971 |
| Brixmor Property Group, Inc.<sup>(c)</sup> <br>| 133587 | 3494636 |
| COPT Defense Properties<sup>(c)</sup> <br>| 48737 | 1372921 |
| Cousins Properties, Inc.<sup>(c)</sup> <br>| 74775 | 1938916 |
| CubeSmart<sup>(c)</sup> <br>| 100034 | 3768281 |
| EastGroup Properties, Inc.<sup>(c)</sup> <br>| 23420 | 4087492 |
| EPR Properties<sup>(c)</sup> <br>| 33381 | 1636337 |
| Equity LifeStyle Properties, Inc.<sup>(c)</sup> <br>| 85254 | 5204757 |
| First Industrial Realty Trust, Inc.<sup>(c)</sup> <br>| 58032 | 3208009 |
| Gaming and Leisure Properties, Inc.<sup>(c)</sup> <br>| 125071 | 5585671 |
| Healthcare Realty Trust, Inc.<sup>(a),(c)</sup> <br>| 154372 | 2735472 |
| Independence Realty Trust, Inc.<sup>(c)</sup> <br>| 101819 | 1621977 |
| Kilroy Realty Corp.<sup>(c)</sup> <br>| 48201 | 2036492 |
| Kite Realty Group Trust<sup>(c)</sup> <br>| 97500 | 2158650 |
| Lamar Advertising Co., Cl. A<sup>(c)</sup> <br>| 38169 | 4526462 |
| National Storage Affiliates Trust<sup>(c)</sup> <br>| 31328 | 911331 |
| NNN REIT, Inc.<sup>(c)</sup> <br>| 83183 | 3365584 |
| Omega Healthcare Investors, Inc.<sup>(c)</sup> <br>| 130694 | 5493069 |
| Park Hotels & Resorts, Inc.<sup>(a),(c)</sup> <br>| 86972 | 894942 |
| PotlatchDeltic Corp.<sup>(c)</sup> <br>| 31852 | 1274080 |
| Rayonier, Inc.<sup>(c)</sup> <br>| 63649 | 1404733 |
| Rexford Industrial Realty, Inc.<sup>(a),(c)</sup> <br>| 103744 | 4286702 |
| Sabra Health Care REIT, Inc.<sup>(c)</sup> <br>| 105350 | 1877337 |
| STAG Industrial, Inc.<sup>(c)</sup> <br>| 82672 | 3163857 |
| Vornado Realty Trust<sup>(c)</sup> <br>| 71003 | 2693854 |
| WP Carey, Inc.<sup>(c)</sup> <br>| 96212 | 6349992 |
|  |  | **83177968** |
| **Financial Services — 5.7%** | **Financial Services — 5.7%** | **Financial Services — 5.7%** |
| Affiliated Managers Group, Inc. | 12411 | 2953322 |
| Ally Financial, Inc. | 123775 | 4823512 |
| Annaly Capital Management, Inc.<sup>(c)</sup> <br>| 281703 | 5963652 |
| Equitable Holdings, Inc. | 131506 | 6496396 |
| Essent Group Ltd. | 43789 | 2652300 |
| Euronet Worldwide, Inc.<sup>(a),(b)</sup> <br>| 16978 | 1287951 |
| Evercore, Inc., Cl. A | 16960 | 4995738 |
| Federated Hermes, Inc. | 32615 | 1581175 |
| FirstCash Holdings, Inc. | 17176 | 2722396 |
| Hamilton Lane, Inc., Cl. A | 18002 | 2051508 |
| Houlihan Lokey, Inc. | 24037 | 4304546 |
| Janus Henderson Group PLC | 55331 | 2410218 |
| Jefferies Financial Group, Inc. | 72725 | 3842062 |
| MGIC Investment Corp. | 100426 | 2753681 |
| Morningstar, Inc. | 10727 | 2277342 |
| SEI Investments Co. | 41299 | 3329112 |
| Shift4 Payments, Inc., Cl. A<sup>(a),(b)</sup> <br>| 29729 | 2054274 |
| SLM Corp. | 91439 | 2455137 |

---

**7**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Financial Services — 5.7% (continued)** | **Financial Services — 5.7% (continued)** | **Financial Services — 5.7% (continued)** |
| Starwood Property Trust, Inc.<sup>(a),(c)</sup> <br>| 152867 | 2779122 |
| Stifel Financial Corp. | 45026 | 5332429 |
| The Carlyle Group, Inc. | 114436 | 6101728 |
| Voya Financial, Inc. | 42079 | 3133202 |
| WEX, Inc.<sup>(b)</sup> <br>| 15083 | 2200308 |
|  |  | **78501111** |
| **Food, Beverage & Tobacco — 1.4%** | **Food, Beverage & Tobacco — 1.4%** | **Food, Beverage & Tobacco — 1.4%** |
| Celsius Holdings, Inc.<sup>(b)</sup> <br>| 69965 | 4213992 |
| Coca-Cola Consolidated, Inc. | 26254 | 3422996 |
| Darling Ingredients, Inc.<sup>(b)</sup> <br>| 69792 | 2236834 |
| Flowers Foods, Inc.<sup>(a)</sup> <br>| 94497 | 1127349 |
| Ingredion, Inc. | 28194 | 3253870 |
| Pilgrim's Pride Corp.<sup>(a)</sup> <br>| 18790 | 715899 |
| Post Holdings, Inc.<sup>(b)</sup> <br>| 21074 | 2190221 |
| The Boston Beer Company, Inc., Cl. A<sup>(b)</sup> <br>| 3360 | 695486 |
| The Marzetti Company | 9087 | 1424751 |
|  |  | **19281398** |
| **Health Care Equipment & Services — 3.6%** | **Health Care Equipment & Services — 3.6%** | **Health Care Equipment & Services — 3.6%** |
| Chemed Corp. | 6471 | 2790942 |
| DENTSPLY SIRONA, Inc. | 85927 | 1083540 |
| Doximity, Inc., Cl. A<sup>(b)</sup> <br>| 60101 | 3966666 |
| Encompass Health Corp. | 44188 | 5030804 |
| Envista Holdings Corp.<sup>(b)</sup> <br>| 73543 | 1496600 |
| Globus Medical, Inc., Cl. A<sup>(b)</sup> <br>| 49162 | 2968893 |
| Haemonetics Corp.<sup>(b)</sup> <br>| 20814 | 1040908 |
| HealthEquity, Inc.<sup>(b)</sup> <br>| 38179 | 3610970 |
| Hims & Hers Health, Inc.<sup>(a),(b)</sup> <br>| 91601 | 4164181 |
| Lantheus Holdings, Inc.<sup>(b)</sup> <br>| 29896 | 1724700 |
| LivaNova PLC<sup>(b)</sup> <br>| 23625 | 1243384 |
| Masimo Corp.<sup>(a),(b)</sup> <br>| 20491 | 2882059 |
| Option Care Health, Inc.<sup>(b)</sup> <br>| 71699 | 1866325 |
| Penumbra, Inc.<sup>(b)</sup> <br>| 17168 | 3903488 |
| Tenet Healthcare Corp.<sup>(b)</sup> <br>| 38889 | 8030190 |
| The Ensign Group, Inc.<sup>(a)</sup> <br>| 25192 | 4537079 |
|  |  | **50340729** |
| **Household & Personal Products — .4%** | **Household & Personal Products — .4%** | **Household & Personal Products — .4%** |
| BellRing Brands, Inc.<sup>(b)</sup> <br>| 54973 | 1656337 |
| Coty, Inc., Cl. A<sup>(b)</sup> <br>| 164742 | 654026 |
| elf Beauty, Inc.<sup>(a),(b)</sup> <br>| 25982 | 3173441 |
|  |  | **5483804** |
| **Insurance — 3.9%** | **Insurance — 3.9%** | **Insurance — 3.9%** |
| American Financial Group, Inc. | 30380 | 4000438 |
| Brighthouse Financial, Inc.<sup>(b)</sup> <br>| 24814 | 1416135 |
| CNO Financial Group, Inc. | 42358 | 1695167 |
| Fidelity National Financial, Inc. | 112160 | 6195718 |
| First American Financial Corp. | 44500 | 2781695 |
| Kemper Corp. | 27853 | 1253107 |
| Kinsale Capital Group, Inc. | 9685 | 3868867 |
| Old Republic International Corp. | 100501 | 3965769 |
| Primerica, Inc. | 14203 | 3690934 |
| Reinsurance Group of America, Inc. | 29092 | 5308126 |

---

**8**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Insurance — 3.9% (continued)** | **Insurance — 3.9% (continued)** | **Insurance — 3.9% (continued)** |
| RenaissanceRe Holdings Ltd. | 20765 | 5276179 |
| RLI Corp. | 40046 | 2361112 |
| Ryan Specialty Holdings, Inc.<sup>(a)</sup> <br>| 49542 | 2714902 |
| Selective Insurance Group, Inc. | 26771 | 2016927 |
| The Hanover Insurance Group, Inc. | 15730 | 2687942 |
| Unum Group | 68968 | 5063631 |
|  |  | **54296649** |
| **Materials — 4.8%** | **Materials — 4.8%** | **Materials — 4.8%** |
| Alcoa Corp. | 113638 | 4180742 |
| AptarGroup, Inc. | 29163 | 3383200 |
| Ashland, Inc. | 20555 | 1005139 |
| Avient Corp. | 41094 | 1317885 |
| Axalta Coating Systems Ltd.<sup>(b)</sup> <br>| 95336 | 2714216 |
| Cabot Corp. | 23030 | 1554064 |
| Cleveland-Cliffs, Inc.<sup>(b)</sup> <br>| 245134 | 3047016 |
| Commercial Metals Co.<sup>(a)</sup> <br>| 48934 | 2904722 |
| Crown Holdings, Inc. | 50333 | 4891361 |
| Eagle Materials, Inc. | 14315 | 3039361 |
| Graphic Packaging Holding Co.<sup>(a)</sup> <br>| 128990 | 2062550 |
| Greif, Inc., Cl. A | 11222 | 638420 |
| Knife River Corp.<sup>(b)</sup> <br>| 24627 | 1488948 |
| Louisiana-Pacific Corp. | 28085 | 2446484 |
| MP Materials Corp.<sup>(a),(b)</sup> <br>| 59431 | 3749502 |
| NewMarket Corp. | 3410 | 2618539 |
| Olin Corp. | 50944 | 1054541 |
| Reliance, Inc. | 23227 | 6560002 |
| Royal Gold, Inc. | 35456 | 6197354 |
| RPM International, Inc. | 56381 | 6161316 |
| Silgan Holdings, Inc. | 39410 | 1522014 |
| Sonoco Products Co. | 43220 | 1753435 |
| The Scotts Miracle-Gro Company | 19579 | 1047868 |
| Westlake Corp. | 14929 | 1027264 |
|  |  | **66365943** |
| **Media & Entertainment — 1.1%** | **Media & Entertainment — 1.1%** | **Media & Entertainment — 1.1%** |
| EchoStar Corp., Cl. A<sup>(b)</sup> <br>| 59222 | 4433951 |
| Nexstar Media Group, Inc.<sup>(a)</sup> <br>| 12583 | 2462871 |
| The New York Times Company, Cl. A | 71524 | 4076153 |
| Warner Music Group Corp., Cl. A | 64878 | 2073501 |
| ZoomInfo Technologies, Inc.<sup>(b)</sup> <br>| 126202 | 1415986 |
|  |  | **14462462** |
| **Pharmaceuticals, Biotechnology & Life Sciences — 5.2%** | **Pharmaceuticals, Biotechnology & Life Sciences — 5.2%** | **Pharmaceuticals, Biotechnology & Life Sciences — 5.2%** |
| Avantor, Inc.<sup>(a),(b)</sup> <br>| 298081 | 3523317 |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> <br>| 84748 | 4539950 |
| Bio-Rad Laboratories, Inc., Cl. A<sup>(a),(b)</sup> <br>| 8101 | 2588675 |
| Bruker Corp. | 48386 | 1884151 |
| Cytokinetics, Inc.<sup>(b)</sup> <br>| 52881 | 3362703 |
| Elanco Animal Health, Inc.<sup>(b)</sup> <br>| 218483 | 4839398 |
| Exelixis, Inc.<sup>(b)</sup> <br>| 118377 | 4577639 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup> <br>| 51360 | 3348158 |
| Illumina, Inc.<sup>(b)</sup> <br>| 67470 | 8335244 |
| Jazz Pharmaceuticals PLC<sup>(b)</sup> <br>| 26717 | 3677328 |

---

**9**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Pharmaceuticals, Biotechnology & Life Sciences — 5.2% (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences — 5.2% (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences — 5.2% (continued)** |
| Medpace Holdings, Inc.<sup>(b)</sup> <br>| 9732 | 5692344 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> <br>| 43819 | 6275319 |
| Perrigo Co. PLC | 59551 | 1235088 |
| Repligen Corp.<sup>(b)</sup> <br>| 23082 | 3440603 |
| Roivant Sciences Ltd.<sup>(b)</sup> <br>| 191415 | 3826386 |
| Sotera Health Co.<sup>(b)</sup> <br>| 79299 | 1316363 |
| United Therapeutics Corp.<sup>(b)</sup> <br>| 19906 | 8866730 |
|  |  | **71329396** |
| **Real Estate Management & Development — .5%** | **Real Estate Management & Development — .5%** | **Real Estate Management & Development — .5%** |
| Jones Lang LaSalle, Inc.<sup>(b)</sup> <br>| 20798 | **6345262** |
| **Semiconductors & Semiconductor Equipment — 2.9%** | **Semiconductors & Semiconductor Equipment — 2.9%** | **Semiconductors & Semiconductor Equipment — 2.9%** |
| Allegro MicroSystems, Inc.<sup>(b)</sup> <br>| 54519 | 1631208 |
| Amkor Technology, Inc. | 50838 | 1641051 |
| Cirrus Logic, Inc.<sup>(b)</sup> <br>| 22532 | 2988870 |
| Entegris, Inc.<sup>(a)</sup> <br>| 66470 | 6086658 |
| Lattice Semiconductor Corp.<sup>(b)</sup> <br>| 60476 | 4412329 |
| MACOM Technology Solutions Holdings, Inc.<sup>(b)</sup> <br>| 28013 | 4149566 |
| MKS, Inc. | 29612 | 4255540 |
| Onto Innovation, Inc.<sup>(b)</sup> <br>| 21574 | 2911627 |
| Power Integrations, Inc. | 24339 | 1019561 |
| Rambus, Inc.<sup>(b)</sup> <br>| 47432 | 4877907 |
| Silicon Laboratories, Inc.<sup>(b)</sup> <br>| 14252 | 1868152 |
| Synaptics, Inc.<sup>(b)</sup> <br>| 16697 | 1184485 |
| Universal Display Corp. | 19602 | 2886982 |
|  |  | **39913936** |
| **Software & Services — 5.4%** | **Software & Services — 5.4%** | **Software & Services — 5.4%** |
| Appfolio, Inc., Cl. A<sup>(b)</sup> <br>| 9972 | 2537176 |
| ASGN, Inc.<sup>(b)</sup> <br>| 19830 | 887591 |
| Bentley Systems, Inc., Cl. B | 65283 | 3318335 |
| BILL Holdings, Inc.<sup>(a),(b)</sup> <br>| 40592 | 2015799 |
| Blackbaud, Inc.<sup>(b)</sup> <br>| 16776 | 1074335 |
| Commvault Systems, Inc.<sup>(b)</sup> <br>| 19589 | 2727181 |
| Docusign, Inc.<sup>(b)</sup> <br>| 88630 | 6482398 |
| Dolby Laboratories, Inc., Cl. A | 26918 | 1785202 |
| Dropbox, Inc., Cl. A<sup>(b)</sup> <br>| 80713 | 2340677 |
| Dynatrace, Inc.<sup>(b)</sup> <br>| 133434 | 6747757 |
| Guidewire Software, Inc.<sup>(b)</sup> <br>| 37059 | 8658465 |
| Kyndryl Holdings, Inc.<sup>(b)</sup> <br>| 101349 | 2931013 |
| Manhattan Associates, Inc.<sup>(b)</sup> <br>| 26616 | 4845975 |
| Nutanix, Inc., Cl. A<sup>(b)</sup> <br>| 117972 | 8404325 |
| Okta, Inc.<sup>(b)</sup> <br>| 73376 | 6716105 |
| Pegasystems, Inc. | 40657 | 2587818 |
| Qualys, Inc.<sup>(b)</sup> <br>| 15800 | 1947508 |
| Twilio, Inc., Cl. A<sup>(b)</sup> <br>| 67476 | 9101163 |
|  |  | **75108823** |
| **Technology Hardware & Equipment — 6.0%** | **Technology Hardware & Equipment — 6.0%** | **Technology Hardware & Equipment — 6.0%** |
| Arrow Electronics, Inc.<sup>(b)</sup> <br>| 22875 | 2551706 |
| Avnet, Inc. | 37118 | 1798367 |
| Belden, Inc. | 17355 | 2114707 |
| Ciena Corp.<sup>(b)</sup> <br>| 62224 | 11817582 |
| Cognex Corp. | 73914 | 3059301 |

---

**10**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Technology Hardware & Equipment — 6.0% (continued)** | **Technology Hardware & Equipment — 6.0% (continued)** | **Technology Hardware & Equipment — 6.0% (continued)** |
| Coherent Corp.<sup>(b)</sup> <br>| 68391 | 9024876 |
| Crane NXT Co.<sup>(a)</sup> <br>| 22168 | 1402126 |
| Fabrinet<sup>(b)</sup> <br>| 15826 | 6972461 |
| Flex Ltd.<sup>(b)</sup> <br>| 165203 | 10328492 |
| IPG Photonics Corp.<sup>(a),(b)</sup> <br>| 10955 | 932490 |
| Littelfuse, Inc. | 10960 | 2666678 |
| Lumentum Holdings, Inc.<sup>(a),(b)</sup> <br>| 30895 | 6227196 |
| Novanta, Inc.<sup>(b)</sup> <br>| 15746 | 1999899 |
| Pure Storage, Inc., Cl. A<sup>(b)</sup> <br>| 136666 | 13488934 |
| TD Synnex Corp. | 33929 | 5309549 |
| Vontier Corp. | 64818 | 2495493 |
|  |  | **82189857** |
| **Telecommunication Services — .4%** | **Telecommunication Services — .4%** | **Telecommunication Services — .4%** |
| Frontier Communications Parent, Inc.<sup>(b)</sup> <br>| 110083 | 4156734 |
| Iridium Communications, Inc. | 46252 | 885726 |
|  |  | **5042460** |
| **Transportation — 2.3%** | **Transportation — 2.3%** | **Transportation — 2.3%** |
| Alaska Air Group, Inc.<sup>(b)</sup> <br>| 51064 | 2130901 |
| American Airlines Group, Inc.<sup>(b)</sup> <br>| 292324 | 3838214 |
| Avis Budget Group, Inc.<sup>(a),(b)</sup> <br>| 7286 | 991406 |
| GXO Logistics, Inc.<sup>(b)</sup> <br>| 50255 | 2824834 |
| Kirby Corp.<sup>(b)</sup> <br>| 24867 | 2573237 |
| Knight-Swift Transportation Holdings, Inc. | 71589 | 3230096 |
| Landstar System, Inc. | 15071 | 1935569 |
| Ryder System, Inc. | 18035 | 3052063 |
| Saia, Inc.<sup>(b)</sup> <br>| 11801 | 3451792 |
| XPO, Inc.<sup>(b)</sup> <br>| 51744 | 7444409 |
|  |  | **31472521** |
| **Utilities — 3.4%** | **Utilities — 3.4%** | **Utilities — 3.4%** |
| ALLETE, Inc. | 25237 | 1699207 |
| Black Hills Corp. | 31847 | 2020055 |
| Essential Utilities, Inc. | 122946 | 4798582 |
| IDACORP, Inc. | 23965 | 3091964 |
| National Fuel Gas Co. | 39607 | 3125388 |
| New Jersey Resources Corp. | 44096 | 1953453 |
| Northwestern Energy Group, Inc. | 27466 | 1638896 |
| OGE Energy Corp. | 89007 | 3928769 |
| ONE Gas, Inc. | 26350 | 2113007 |
| Ormat Technologies, Inc. | 26759 | 2846355 |
| Portland General Electric Co. | 48197 | 2201639 |
| Southwest Gas Holdings, Inc. | 28302 | 2250009 |
| Spire, Inc. | 26198 | 2263507 |
| Talen Energy Corp.<sup>(b)</sup> <br>| 20096 | 8033979 |
| TXNM Energy, Inc. | 42107 | 2391678 |
| UGI Corp. | 94472 | 3158199 |
|  |  | **47514687** |
| **Total Common Stocks** <br>(cost $862,426,900)<br>|  | **1369936638** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| Description | 1-Day <br>Yield (%)<br>| Shares | Value ($) |
| **Investment Companies — .8%** | **Investment Companies — .8%** | **Investment Companies — .8%** | **Investment Companies — .8%** |
| **Registered Investment Companies — .8%** | **Registered Investment Companies — .8%** | **Registered Investment Companies — .8%** | **Registered Investment Companies — .8%** |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(d)</sup> <br>(cost $10,257,402)<br>| 4.22 | 10257402 | **10257402** |
| **Investment of Cash Collateral for Securities Loaned — .4%** |  |  |  |
| **Registered Investment Companies — .4%** |  |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(d)</sup> <br>(cost $6,088,081)<br>| 4.22 | 6088081 | **6088081** |
| **Total Investments** (cost $878,772,383) | **Total Investments** (cost $878,772,383) | **100.4%** | **1386282121** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(.4%)** | **(5837893)** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **1380444228** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

REIT—Real Estate Investment Trust<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security, or portion thereof, on loan. At October 31, 2025, the value of the fund's securities on loan was $97,629,676 and the value of the collateral was $100,105,666, consisting of cash collateral of $6,088,081 and U.S. Government & Agency securities valued at $94,017,585. In addition, the value of collateral may include pending sales that are also on loan. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Investment in real estate investment trust within the United States.

<sup>(d)</sup> Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company's prospectus. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>10/31/2024<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>10/31/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - .8%** | **Registered Investment Companies - .8%** | **Registered Investment Companies - .8%** | **Registered Investment Companies - .8%** | **Registered Investment Companies - .8%** | **Registered Investment Companies - .8%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .8%<br>| 11893692 | 260207831 | (261844121) | 10257402 | 565974 |
| **Investment of Cash Collateral for Securities Loaned - .4%** | **Investment of Cash Collateral for Securities Loaned - .4%** | **Investment of Cash Collateral for Securities Loaned - .4%** | **Investment of Cash Collateral for Securities Loaned - .4%** | **Investment of Cash Collateral for Securities Loaned - .4%** | **Investment of Cash Collateral for Securities Loaned - .4%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .4%<br>| - | 23532309 | (17444228) | 6088081 | 23734<sup>††</sup> <br>|
| **Total - 1.2%** | **11893692** | **283740140** | **(279288349)** | **16345483** | **589708** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Includes reinvested dividends/distributions. |
| <sup>††</sup> <br>| Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and <br> other payments to and from borrowers of securities.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures** | **Futures** | **Futures** | **Futures** | **Futures** | **Futures** |
| Description | Number of <br>Contracts<br>| Expiration | Notional <br>Value ($)<br>| Market <br>Value ($)<br>| Unrealized <br>(Depreciation) ($)<br>|
| **Futures Long** |  |  |  |  |  |
| Micro E-mini S&P MidCap 400 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; 11165166 | &nbsp;&nbsp; 11076180 | &nbsp;&nbsp; (88986) |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** |  |  | **(88986)** |

---

See notes to financial statements.

**12**

------

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments <br>(including securities on loan, valued at $97,629,676)—Note 1(c):<br>|  |  |
| Unaffiliated issuers | 862426900 | &nbsp;&nbsp;&nbsp;&nbsp; 1369936638 |
| Affiliated issuers | 16345483 | &nbsp;&nbsp;&nbsp;&nbsp; 16345483 |
| Cash collateral held by broker—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 879000 |
| Receivable for shares of Common Stock subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 656743 |
| Dividends and securities lending income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 508674 |
| Receivable for futures variation margin—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 70007 |
| Tax reclaim receivable—Note 1(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13676 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1388410221** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 534578 |
| Liability for securities on loan—Note 1(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6088081 |
| Payable for shares of Common Stock redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 1003937 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 318269 |
| Directors' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 21128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7965993** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1380444228** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 738034126 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; 642410102 |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1380444228** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Net Asset Value Per Share** | Investor Shares | Class I |
| Net Assets ($) | &nbsp;&nbsp;&nbsp;&nbsp; 1184923049 | &nbsp;&nbsp;&nbsp;&nbsp; 195521179 |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 40021135 | &nbsp;&nbsp;&nbsp;&nbsp; 6646456 |
| **Net Asset Value Per Share ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**29.61** | &nbsp;&nbsp;&nbsp;&nbsp;**29.42** |

---

See notes to financial statements.

**13**

------

STATEMENT OF OPERATIONS

Year Ended October 31, 2025

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Cash dividends (net of $16,020 foreign taxes withheld at source): |  |
| Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 21336617 |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 565974 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp; 55406 |
| Affiliated income net of rebates from securities lending—Note 1(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 23734 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **21981731** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 3615353 |
| Shareholder servicing costs—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 3021106 |
| Directors' fees—Notes 3(a) and 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 117320 |
| Loan commitment fees—Note 2  | &nbsp;&nbsp;&nbsp;&nbsp; 35818 |
| Interest expense—Note 2 | &nbsp;&nbsp;&nbsp;&nbsp; 924 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **6790521** |
| Less—Directors' fees reimbursed by <br>BNY Mellon Investment Adviser, Inc.—Note 3(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (117320)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **6673201** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **15308530** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 154003963 |
| Net realized gain (loss) on futures | &nbsp;&nbsp;&nbsp;&nbsp; (814652)<br>|
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **153189311** |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (90109052)<br>|
| Net change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp;&nbsp;&nbsp; 348761 |
| **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **(89760291)**<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **63429020** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **78737550** |

---

See notes to financial statements.

**14**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 15308530 | &nbsp;&nbsp;&nbsp;&nbsp; 17594693 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 153189311 | &nbsp;&nbsp;&nbsp;&nbsp; 187460514 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (89760291) | &nbsp;&nbsp;&nbsp;&nbsp; 232238397 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **78737550** | &nbsp;&nbsp;&nbsp;&nbsp; **437293604** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (145288513) | &nbsp;&nbsp;&nbsp;&nbsp; (113232052) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (34763270) | &nbsp;&nbsp;&nbsp;&nbsp; (27739669) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(180051783)** | &nbsp;&nbsp;&nbsp;&nbsp; **(140971721)** |
| **Capital Stock Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 119293079 | &nbsp;&nbsp;&nbsp;&nbsp; 102797551 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 28709077 | &nbsp;&nbsp;&nbsp;&nbsp; 65383162 |
| Distributions reinvested: |  |  |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 141876755 | &nbsp;&nbsp;&nbsp;&nbsp; 110554091 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 28138632 | &nbsp;&nbsp;&nbsp;&nbsp; 20305899 |
| Cost of shares redeemed: |  |  |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (261715540) | &nbsp;&nbsp;&nbsp;&nbsp; (340722325) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (130914048) | &nbsp;&nbsp;&nbsp;&nbsp; (118385645) |
| **Increase (Decrease) in Net Assets from Capital Stock Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **(74612045)** | &nbsp;&nbsp;&nbsp;&nbsp; **(160067267)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(175926278)** | &nbsp;&nbsp;&nbsp;&nbsp; **136254616** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 1556370506 | &nbsp;&nbsp;&nbsp;&nbsp; 1420115890 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **1380444228** | &nbsp;&nbsp;&nbsp;&nbsp; **1556370506** |
| **Capital Share Transactions (Shares):** |  |  |
| **Investor Shares**<sup>(a)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 4174015 | &nbsp;&nbsp;&nbsp;&nbsp; 3493496 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 5002706 | &nbsp;&nbsp;&nbsp;&nbsp; 3931511 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (9013012) | &nbsp;&nbsp;&nbsp;&nbsp; (11538456) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **163709** | &nbsp;&nbsp;&nbsp;&nbsp; **(4113449)** |
| **Class I**<sup>(a)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 983726 | &nbsp;&nbsp;&nbsp;&nbsp; 2235179 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 1001018 | &nbsp;&nbsp;&nbsp;&nbsp; 727549 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (4720168) | &nbsp;&nbsp;&nbsp;&nbsp; (4022853) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(2735424)** | &nbsp;&nbsp;&nbsp;&nbsp; **(1060125)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> During the period ended October 31, 2024, 44,015 Investor shares representing $1,357,314 were exchanged for 44,276 Class I shares.

See notes to financial statements.

**15**

------

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **Investor Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;31.64 | &nbsp;&nbsp;&nbsp;&nbsp;26.12 | &nbsp;&nbsp;&nbsp;&nbsp;30.81 | &nbsp;&nbsp;&nbsp;&nbsp;40.42 | &nbsp;&nbsp;&nbsp;&nbsp;30.27 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .29 | &nbsp;&nbsp;&nbsp;&nbsp; .32 | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; .33 | &nbsp;&nbsp;&nbsp;&nbsp; .31 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;7.82 | &nbsp;&nbsp;&nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.50 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;8.14 | &nbsp;&nbsp;&nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.81 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.38)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.28)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.66)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;29.61 | &nbsp;&nbsp;&nbsp;&nbsp;31.64 | &nbsp;&nbsp;&nbsp;&nbsp;26.12 | &nbsp;&nbsp;&nbsp;&nbsp;30.81 | &nbsp;&nbsp;&nbsp;&nbsp;40.42 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;5.85 | &nbsp;&nbsp;&nbsp;&nbsp;32.41 | &nbsp;&nbsp;&nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;48.22 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .51 | &nbsp;&nbsp;&nbsp;&nbsp; .51 | &nbsp;&nbsp;&nbsp;&nbsp; .51 | &nbsp;&nbsp;&nbsp;&nbsp; .53 | &nbsp;&nbsp;&nbsp;&nbsp; .51 |
| Ratio of net expenses to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .50 | &nbsp;&nbsp;&nbsp;&nbsp; .50 | &nbsp;&nbsp;&nbsp;&nbsp; .51 | &nbsp;&nbsp;&nbsp;&nbsp; .52 | &nbsp;&nbsp;&nbsp;&nbsp; .50 |
| Ratio of net investment income to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp; .83 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;13.97 | &nbsp;&nbsp;&nbsp;&nbsp;17.87 | &nbsp;&nbsp;&nbsp;&nbsp;17.50 | &nbsp;&nbsp;&nbsp;&nbsp;14.80 | &nbsp;&nbsp;&nbsp;&nbsp;15.42 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 1184923 | &nbsp;&nbsp;&nbsp;&nbsp; 1261099 | &nbsp;&nbsp;&nbsp;&nbsp; 1148638 | &nbsp;&nbsp;&nbsp;&nbsp; 1311952 | &nbsp;&nbsp;&nbsp;&nbsp; 1806658 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Amount inclusive of Directors' fees reimbursed by BNY Mellon Investment Adviser, Inc.

See notes to financial statements.

**16**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **Class I Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;31.47 | &nbsp;&nbsp;&nbsp;&nbsp;26.00 | &nbsp;&nbsp;&nbsp;&nbsp;30.70 | &nbsp;&nbsp;&nbsp;&nbsp;40.32 | &nbsp;&nbsp;&nbsp;&nbsp;30.20 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .37 | &nbsp;&nbsp;&nbsp;&nbsp; .39 | &nbsp;&nbsp;&nbsp;&nbsp; .39 | &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; .40 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;7.77 | &nbsp;&nbsp;&nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.46 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;8.16 | &nbsp;&nbsp;&nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.86 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.46)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.28)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (3.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.74)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;29.42 | &nbsp;&nbsp;&nbsp;&nbsp;31.47 | &nbsp;&nbsp;&nbsp;&nbsp;26.00 | &nbsp;&nbsp;&nbsp;&nbsp;30.70 | &nbsp;&nbsp;&nbsp;&nbsp;40.32 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;6.12 | &nbsp;&nbsp;&nbsp;&nbsp;32.71 | &nbsp;&nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;48.61 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .26 | &nbsp;&nbsp;&nbsp;&nbsp; .26 | &nbsp;&nbsp;&nbsp;&nbsp; .26 | &nbsp;&nbsp;&nbsp;&nbsp; .28 | &nbsp;&nbsp;&nbsp;&nbsp; .26 |
| Ratio of net expenses to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .25 | &nbsp;&nbsp;&nbsp;&nbsp; .25 | &nbsp;&nbsp;&nbsp;&nbsp; .26 | &nbsp;&nbsp;&nbsp;&nbsp; .27 | &nbsp;&nbsp;&nbsp;&nbsp; .25 |
| Ratio of net investment income to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;13.97 | &nbsp;&nbsp;&nbsp;&nbsp;17.87 | &nbsp;&nbsp;&nbsp;&nbsp;17.50 | &nbsp;&nbsp;&nbsp;&nbsp;14.80 | &nbsp;&nbsp;&nbsp;&nbsp;15.42 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 195521 | &nbsp;&nbsp;&nbsp;&nbsp; 295272 | &nbsp;&nbsp;&nbsp;&nbsp; 271478 | &nbsp;&nbsp;&nbsp;&nbsp; 391141 | &nbsp;&nbsp;&nbsp;&nbsp; 622795 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Amount inclusive of Directors' fees reimbursed by BNY Mellon Investment Adviser, Inc.

See notes to financial statements.

**17**

------

NOTES TO FINANCIAL STATEMENTS

**NOTE 1—**

**Significant Accounting Policies:**

BNY Mellon Midcap Index Fund, Inc. (the "fund"), which is registered under the Investment Company Act of 1940, as amended (the "Act"), is a diversified open-end management investment company. The fund's investment objective is to seek to match the performance of the S&P MidCap 400® Index. BNY Mellon Investment Adviser, Inc. (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser.

BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares, which are sold to the public without a sales charge. The fund is authorized to issue 300 million shares of $.001 par value Common Stock. The fund currently has authorized two classes of shares: Investor shares (200 million shares authorized) and Class I (100 million shares authorized). Investor shares are sold primarily to retail investors through financial intermediaries and bear Shareholder Services Plan fees. Class I shares are sold primarily to bank trust departments and other financial service providers (including BNY and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Shareholder Services Plan fees. Other differences between the classes include the services offered to and the expenses borne by each class, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative U.S. generally accepted accounting principles ("GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The fund enters into contracts that contain a variety of indemnifications. The fund's maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund's investments are as follows:

The fund's Board of Directors (the "Board") has designated the Adviser as the fund's valuation designee to make all fair value determinations with respect to the fund's portfolio investments, subject to the Board's oversight and pursuant to Rule 2a-5 under the Act.

Investments in equity securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are

**18**

------

NOTES TO FINANCIAL STATEMENTS (continued)

used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. These securities are generally categorized within Level 2 of the fair value hierarchy.

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

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

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

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

The following is a summary of the inputs used as of October 31, 2025 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Equity Securities - Common Stocks | &nbsp;&nbsp; 1369936638 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **1369936638** |
| Investment Companies | &nbsp;&nbsp; 16345483 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **16345483** |
|  | &nbsp;&nbsp; **1386282121** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **1386282121** |
| **Liabilities ($)** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp; (88986) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **(88986)** |
|  | &nbsp;&nbsp; **(88986)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(88986)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>†</sup> <br>| See Schedule of Investments for additional detailed categorizations, if any. |
| <sup>††</sup> <br>| Amount shown represents unrealized appreciation (depreciation) at period end, but only variation margin on exchange-traded and centrally cleared derivatives, <br> if any, are reported in the Statement of Assets and Liabilities.<br>|

---

**(b) Foreign taxes:** The fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the fund invests. These foreign taxes, if any, are paid by the fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred or those subject to reclaims as of October 31, 2025, if any, are disclosed in the fund's Statement of Assets and Liabilities.

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

**19**

------

NOTES TO FINANCIAL STATEMENTS (continued)

Pursuant to a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund's policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund's Schedule of Investments. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund's rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended October 31, 2025, BNY earned $3,234 from the lending of the fund's portfolio securities, pursuant to the securities lending agreement.

For financial reporting purposes, the fund elects not to offset assets and liabilities subject to a securities lending agreement, if any, in the Statement of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statement of Assets and Liabilities. As of October 31, 2025, the fund had securities lending and the impact of netting of assets and liabilities and the offsetting of collateral pledged or received, if any, based on contractual netting/set-off provisions in the securities lending agreement are detailed in the following table:

---

| | |
|:---|:---|
| **Assets ($)** |  |
| Gross amount of securities loaned, at <br> value, as disclosed in the Statement <br>of Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97629676 |
| Collateral (received)/posted not offset <br>in the Statement of <br>Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97629676 )<sup>†</sup><br>|
| Net amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>†</sup> <br>| The value of the related collateral received by the fund exceeded the value of the securities loaned by the fund pursuant to the securities lending agreement. In addition, <br> the value of collateral may include pending sales that are also on loan. See Schedule of Investments for detailed information regarding collateral received for open <br> securities lending.<br>|

---

**(d) Affiliated issuers:** Investments in other investment companies advised by the Adviser are considered "affiliated" under the Act.

**(e) Market Risk:** The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide.

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

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

**(g) 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

**20**

------

NOTES TO FINANCIAL STATEMENTS (continued)

income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended October 31, 2025, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended October 31, 2025, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended October 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At October 31, 2025, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $17,900,426, undistributed capital gains $126,800,178 and unrealized appreciation $497,709,498.

The tax character of distributions paid to shareholders during the fiscal years ended October 31, 2025 and October 31, 2024 were as follows: ordinary income $35,964,427 and $18,284,263, and long-term capital gains $144,087,356 and $122,687,458, respectively.

During the period ended October 31, 2025, as a result of permanent book to tax differences, primarily due to the tax treatment for treating a portion of the proceeds from redemptions as a distribution for tax purposes, the fund decreased total distributable earnings (loss) by $17,619,232 and increased paid-in capital by the same amount. Net assets and net asset value per share were not affected by this reclassification.

**(h) Operating segment reporting:** In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. The ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and requires retrospective application for all prior periods presented within the financial statements.

Since its commencement, the fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its single stated investment objective as outlined in the fund's prospectus. The accounting policies of the fund are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments. The CODM is comprised of Senior Management and Directors of BNY Investments. The CODM considers net increase in net assets resulting from operations in deciding whether to purchase additional investments or to make distributions to fund shareholders. Detailed financial information for the fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Schedule of Investments, results of operations and significant segment expenses on the Statement of Operations and other information about the fund's performance, including total return, portfolio turnover and ratios within the Financial Highlights.

**NOTE 2—**

**Bank Lines of Credit:**

The fund participates with other long-term open-end funds managed by the Adviser in a $738 million unsecured credit facility led by Citibank, N.A. (the "Citibank Credit Facility") and a $300 million unsecured credit facility provided by BNY (the "BNY Credit Facility"), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a "Facility"). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $618 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $120 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNY Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing.

During the period ended October 31, 2025, the fund was charged $924 for interest expense. These fees are included in Interest expense in the Statement of Operations. The average amount of borrowings outstanding under the Citibank Credit Facility during the period ended October 31, 2025 was approximately $17,534 with a related weighted average annualized interest rate of 5.27%. As of October 31, 2025, the fund has no outstanding loan balance from either Facility.

**NOTE 3—**

**Management Fee and Other Transactions with Affiliates:**

**(a)** Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .25% of the value of the fund's average daily net assets and is payable monthly. The Adviser has agreed in its management agreement with the fund to pay all of the fund's expenses, except management fees, interest expenses, brokerage commissions, and commitment fees on borrowings, if any, fees pursuant to any distribution or shareholder services plan adopted by the fund, fees and expenses of the non-interested board

**21**

------

NOTES TO FINANCIAL STATEMENTS (continued)

members and their counsel and independent counsel to the fund, and any extraordinary expenses. The Adviser has further agreed to reduce its fees in an amount equal to the fund's allocable portion of the fees and expenses of the non-interested board members and the fees and expenses of independent counsel to the fund and to the non-interested board members. These provisions in the management agreement may not be amended without the approval of the fund's shareholders. During the period ended October 31, 2025, fees reimbursed by the Adviser amounted to $117,320.

**(b)** Under the Shareholder Services Plan, Investor shares pay the Distributor at an annual rate of .25% of the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended October 31, 2025, Investor shares were charged $3,021,106 pursuant to the Shareholder Services Plan.

The fund has an arrangement with The Bank of New York Mellon (the "Custodian"), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.

The components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $296,950, Shareholder Services Plan fees of $254,678, which are offset against an expense reimbursement currently in effect in the amount of $17,050.

**(c)** Each board member of the fund also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

**NOTE 4—**

**Securities Transactions:**

The aggregate amount of purchases and sales of investment securities, excluding short-term securities and derivatives, during the period ended October 31, 2025, amounted to $200,414,982 and $438,204,326, respectively.

**Derivatives:** A derivative is a financial instrument whose performance is derived from the performance of another asset. Rule 18f-4 under the Act regulates the use of derivatives transactions for certain funds registered under the Act. Each type of derivative instrument that was held by the fund during the period ended October 31, 2025 is discussed below.

**Deposits with Broker:** The amount included in Cash collateral held by broker in the Statement of Asset and Liabilities represents cash balances that are held by a broker, including collateral required for derivative contracts. Any income earned on cash balances held by a broker is recorded as interest income to the fund.

**Futures:** In the normal course of pursuing its investment objective, the fund is exposed to market risk, including equity price risk, as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at October 31, 2025 are set forth in the fund's Schedule of Investments.

The following tables show the fund's exposure to different types of market risk as it relates to the Statement of Assets and Liabilities and the Statement of Operations, respectively.

**22**

------

NOTES TO FINANCIAL STATEMENTS (continued)

Fair value of derivative instruments as of October 31, 2025 is shown below:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Derivative** <br>**Assets ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Derivative** <br>**Liabilities ($)**<br>|
| Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (88986 )<sup>(1)</sup><br>|
| **Gross fair value of derivative contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **-** | &nbsp;&nbsp;&nbsp;&nbsp; **(88986)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Statement of Assets and Liabilities location: | Statement of Assets and Liabilities location: |
| <sup>(1)</sup> <br>| Includes cumulative appreciation (depreciation) on futures as reported in the Schedule of Investments, but only the unpaid variation margin is reported in the <br> Statement of Assets and Liabilities.<br>|

---

The effect of derivative instruments in the Statement of Operations during the period ended October 31, 2025 is shown below:

---

| | | |
|:---|:---|:---|
| Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(1)</sup> <br>| **Total** |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp; (814652) | &nbsp;&nbsp;&nbsp;&nbsp; **(814652)** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **(814652)** | &nbsp;&nbsp;&nbsp;&nbsp; **(814652)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(2)</sup> <br>| **Total** |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp; 348761 | &nbsp;&nbsp;&nbsp;&nbsp; **348761** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **348761** | &nbsp;&nbsp;&nbsp;&nbsp; **348761** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Operations location: <br> <sup>(1)</sup> Net realized gain (loss) on futures. <br> <sup>(2)</sup> Net change in unrealized appreciation (depreciation) on futures.

The following table summarizes the monthly average market value of derivatives outstanding during the period ended October 31, 2025:

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **Futures:** |  |
| Equity Futures Long | &nbsp;&nbsp; 14763549 |

---

At October 31, 2025, the cost of investments for federal income tax purposes was $888,572,623; accordingly, accumulated net unrealized appreciation on investments was $497,709,498, consisting of $578,122,226 gross unrealized appreciation and $80,412,728 gross unrealized depreciation.

**23**

------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of BNY Mellon Midcap Index Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of BNY Mellon Midcap Index Fund, Inc. (the "Fund"), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](img93a85dab2.gif)

We have served as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine the specific year.

New York, New York

December 22, 2025

**24**

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IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund hereby reports 51.24% of the ordinary dividends paid during the fiscal year ended October 31, 2025 as qualifying for the corporate dividends received deduction. Also, certain dividends paid by the fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Of the distributions paid during the fiscal year, $19,112,550 represents the maximum amount that may be considered qualified dividend income. Shareholders will receive notification in early 2026 of the percentage applicable to the preparation of their 2025 income tax returns. The fund also hereby reports $2.9855 per share as a long-term capital gain distribution and $.3950 per share as a short-term capital gain distribution paid on December 23, 2024.

**25**

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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)

N/A

**26**

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Item 9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)

N/A

**27**

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Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)

Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The Adviser reimburses the fund for the fees and expenses of the non-interested board members. Compensation paid by the fund to the board members and board member fees reimbursed by the Adviser during the period are within Item 7. Statement of Operations as Directors' and Directors' fees reimbursed by BNY Mellon Investment Adviser, Inc., respectively.

**28**

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)

N/A

**29**

------© 2025 BNY Mellon Securities Corporation

Code-0113NCSRAR1025

![](imgf69752741.gif)

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**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13.** **Portfolio Managers for Closed-End Management Investment Companies.**

Not applicable.

**Item 14.** **Purchases of Equity Securities By Closed-End Management Investment Companies and Affiliated Purchasers.** 

Not applicable.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** 

There have been no material changes to the procedures applicable to Item 15.

**Item 16.** **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 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 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** 

Not applicable.

**Item 19.** **Exhibits.**

(a)(1) [Code of ethics referred to in Item 2](ncsrcodeofethics-jan 2021.htm).

(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_99-302cert113.htm).

(a)(3) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940](ex_99-906cert113.htm) .

**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.

BNY Mellon Midcap Index Fund, Inc.

By: <u>/s/ David J. DiPetrillo</u>

David J. DiPetrillo

President (Principal Executive Officer)

Date: December 28, 2025

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: <u>/s/ David J. DiPetrillo</u>

David J. DiPetrillo

President (Principal Executive Officer)

Date: December 28, 2025

By: <u>/s/ James Windels</u>

James Windels

Treasurer (Principal Financial Officer)

Date: December 26, 2025

**EXHIBIT INDEX**

(a)(1) Code of ethics referred to in Item 2.

(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)

## Ex-99.Code

**THE BNY MELLON FAMILY OF FUNDS**

**BNY MELLON FUNDS TRUST**

**Principal Executive Officer and Senior Financial Officer**

**Code of Ethics**

**I. Covered Officers/Purpose of the Code**

This code of ethics (the "Code"), adopted by the funds in the BNY Mellon Family of Funds and BNY Mellon Funds Trust (each, a "Fund"), applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller, or other persons performing similar functions, each of whom is listed on Exhibit A (the "Covered Officers"), for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (the "SEC") and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "Investment Company Act"), and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The compliance programs and procedures of the Fund and the Fund's investment adviser (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. The Code does not, and is not intended to, repeat or replace these programs and procedures, and the circumstances they cover fall outside of the parameters of the Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the Adviser of which the Covered Officers are also officers or employees. As a result, the Code recognizes that the Covered Officers, in the ordinary course of their duties (whether formally for the Fund or for the Adviser, or for both), will be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board that the Covered Officers also may be officers or employees of one or more other investment companies covered by this or other codes of ethics.

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Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. Covered Officers should keep in mind that the Code cannot enumerate every possible scenario. The overarching principle of the Code is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund within his area of responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board members and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Adviser's General Counsel (the "General Counsel") promptly if he knows of any violation of the Code. Failure to do so is itself a violation of the Code.

The General Counsel is responsible for applying the Code to specific situations in which questions are presented under it and has the authority to interpret the Code in any particular situation. However, waivers sought by any Covered Officer will be considered by the Fund's Board.

The Fund will follow these procedures in investigating and enforcing the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the General Counsel will take all appropriate action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the General Counsel believes is a violation will be reported to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the Board concurs that a violation has occurred, it will consider appropriate action, which may include: review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser or its board; or dismissal of the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any waivers of or amendments to the Code, to the extent required, will be disclosed as provided by SEC rules.

**V. Other Policies and Procedures**

The Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. The Fund's, its principal underwriter's and the Adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and the Adviser's additional policies and procedures, including its Code of Conduct, are separate requirements applying to the Covered Officers and others, and are not part of the Code.

**VI. Amendments**

Except as to Exhibit A, the Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of the Fund's Board, including a majority of independent Board members.

**VII. Confidentiality**

All reports and records prepared or maintained pursuant to the Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than the appropriate Funds and their counsel, the appropriate Boards (or Committees) and their counsel and the Adviser.

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**VIII. Internal Use**

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

Dated as of: January 14, 2021

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**Exhibit A**

**Persons Covered by the Code of Ethics**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; David J. DiPetrillo | &nbsp;&nbsp; President | &nbsp;&nbsp; (Principal Executive Officer, BNY Mellon Family of Funds) |
| &nbsp;&nbsp; Lisa M. Sampson | &nbsp;&nbsp; President | &nbsp;&nbsp; (Principal Executive Officer, BNY Mellon Funds Trust) |
| &nbsp;&nbsp; James M. Windels | &nbsp;&nbsp; Treasurer | &nbsp;&nbsp; (Principal Financial and Accounting Officer) |

---

## Ex-99.Cert

[EX-99.CERT]—Exhibit (a)(2)

**SECTION 302 CERTIFICATION**

I, David J. DiPetrillo, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon Midcap Index Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: <u>/s/ David J. DiPetrillo</u>

David J. DiPetrillo

President (Principal Executive Officer)

Date: December 28, 2025

**SECTION 302 CERTIFICATION**

I, James Windels, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon Midcap Index Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: <u>/s/ James Windels</u>

James Windels

Treasurer (Principal Financial Officer)

Date: December 26, 2025

## Exhibit 99.906

[EX-99.906CERT]

Exhibit (b)

**SECTION 906 CERTIFICATIONS**

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By: <u>/s/ David J. DiPetrillo</u>

David J. DiPetrillo

President (Principal Executive Officer)<br>

Date: December 28, 2025

By: <u>/s/ James Windels</u>

James Windels

Treasurer (Principal Financial Officer)

Date: December 26, 2025

*This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.*