# EDGAR Filing Document

**Accession Number:** 0000846800
**File Stem:** 0000846800-25-000005
**Filing Date:** 2025-8
**Character Count:** 126189
**Document Hash:** 42444ebbce5b7279f53943d8bef8595a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000846800-25-000005.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0000846800-25-000005

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY MELLON STOCK INDEX FUND, INC.
- **CENTRAL INDEX KEY:** 0000846800

**ORGANIZATION NAME:**
- **EIN:** 133537664
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05719
- **FILM NUMBER:** 251214694

**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 STOCK INDEX FUND, INC.
- **DATE OF NAME CHANGE:** 20181030

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS LIFE & ANNUITY INDEX FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### BNY Mellon Stock Index Fund, Inc. (Series ID: S000001911)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000005028 | BNY Mellon Stock Index Fund, Inc. - Initial Shares |  |
| C000005029 | BNY Mellon Stock Index Fund, Inc. - Service Shares |  |

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#### 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

#### 811-05719

#### BNY Mellon Stock 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:

#### 12/31

#### Date of reporting period:

#### 6/30/25
ITEM 1 - Reports to Stockholders

BNY Mellon Stock Index Fund, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### June 30, 2025

#### Initial Shares
This semi-annual shareholder report contains important information about BNY Mellon Stock Index Fund, Inc. (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bny.com/investments/us/en/intermediary/products/variable-products.html#funds-table-tabs1. 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 six months ?
(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** |
| Initial Shares | $14 | 0.27%\* |

---

\* Annualized.

 **KEY FUND STATISTICS (AS OF 6/30/25)**

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $3546 | 506 | 0.93% |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

 **Portfolio Holdings (as of 6/30/25)**

 **Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_10349778.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_10349754.jpg)

 **For additional information about the Fund, including its prospectus, financial information , portfolio holdings and proxy voting information , please visit** www.bny.com/investments/us/en/intermediary/products/variable-products.html#funds-table-tabs1 **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-0763SA0625

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**

BNY Mellon Stock Index Fund, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### June 30, 2025

#### Service Shares
This semi-annual shareholder report contains important information about BNY Mellon Stock Index Fund, Inc. (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bny.com/investments/us/en/intermediary/products/variable-products.html#funds-table-tabs1. 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 six months ?
(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** |
| Service Shares | $27 | 0.52%\* |

---

\* Annualized.

 **KEY FUND STATISTICS (AS OF 6/30/25)**

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $3546 | 506 | 0.93% |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

 **Portfolio Holdings (as of 6/30/25)**

 **Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_10349828.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_10349804.jpg)

 **For additional information about the Fund, including its prospectus, financial information , portfolio holdings and proxy voting information , please visit** www.bny.com/investments/us/en/intermediary/products/variable-products.html#funds-table-tabs1 **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-0427SA0625

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**

------

**Item 2.** **Code of Ethics.**

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

**Item 6.** **Investments.**

Not applicable.

BNY Mellon Stock Index Fund, Inc.

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

June 30, 2025

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

---

| |
|:---|
| **Initial Shares** |
| **Service Shares** |

---

![](img4dbcb3081.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 Semi-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_f92af4f4-2a0e-45af-bbcc-78dcfb7e7ffe_SOI-Commoncontent-4767_1)**<br> **[Investment Companies](#xx_f92af4f4-2a0e-45af-bbcc-78dcfb7e7ffe_SOI-Commoncontent-4767_1)**<br>| 3 |
| [Statement of Investments](#xx_f92af4f4-2a0e-45af-bbcc-78dcfb7e7ffe_SOI-Commoncontent-4767_1) | 3 |
| [Statement of Assets and Liabilities](#xx_f92af4f4-2a0e-45af-bbcc-78dcfb7e7ffe_FS-Commoncontent-4767_1) | 15 |
| [Statement of Operations](#xx_f92af4f4-2a0e-45af-bbcc-78dcfb7e7ffe_FS-Commoncontent-4767_2) | 16 |
| [Statement of Changes in Net Assets](#xx_f92af4f4-2a0e-45af-bbcc-78dcfb7e7ffe_FS-Commoncontent-4767_3) | 17 |
| [Financial Highlights](#xx_f92af4f4-2a0e-45af-bbcc-78dcfb7e7ffe_FIHI-Commoncontent-4767_1) | 18 |
| [Notes to Financial Statements](#xx_f92af4f4-2a0e-45af-bbcc-78dcfb7e7ffe_NTF-Commoncontent-4767_1) | 20 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_f92af4f4-2a0e-45af-bbcc-78dcfb7e7ffe_CDA-Commoncontent-4767_1)**<br> **[Investment Companies](#xx_f92af4f4-2a0e-45af-bbcc-78dcfb7e7ffe_CDA-Commoncontent-4767_1)**<br>| 26 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_f92af4f4-2a0e-45af-bbcc-78dcfb7e7ffe_PRXD-Commoncontent-4767_1)** | 27 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_f92af4f4-2a0e-45af-bbcc-78dcfb7e7ffe_RMNP-Commoncontent-4767_1)**<br> **[Management Investment Companies](#xx_f92af4f4-2a0e-45af-bbcc-78dcfb7e7ffe_RMNP-Commoncontent-4767_1)**<br>| 28 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_f92af4f4-2a0e-45af-bbcc-78dcfb7e7ffe_AAA-Commoncontent-4767_1)** | 29 |

---

------

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

BNY Mellon Stock Index Fund, Inc.

STATEMENT OF INVESTMENTS

June 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.3%** | **Common Stocks — 99.3%** | **Common Stocks — 99.3%** |
| **Automobiles & Components — 1.9%** | **Automobiles & Components — 1.9%** | **Automobiles & Components — 1.9%** |
| Aptiv PLC <sup>(a)</sup> <br>| 13925 | 949964 |
| Ford Motor Co. | 265526 | 2880957 |
| General Motors Co. | 64467 | 3172421 |
| Tesla, Inc. <sup>(a)</sup> <br>| 187952 | 59704832 |
|  |  | **66708174** |
| **Banks — 3.5%** | **Banks — 3.5%** | **Banks — 3.5%** |
| Bank of America Corp. | 439072 | 20776887 |
| Citigroup, Inc. | 125407 | 10674644 |
| Citizens Financial Group, Inc. | 29897 | 1337891 |
| Fifth Third Bancorp | 44212 | 1818440 |
| Huntington Bancshares, Inc. | 96122 | 1611005 |
| JPMorgan Chase & Co. | 186382 | 54034006 |
| KeyCorp | 67187 | 1170398 |
| M&T Bank Corp. | 10866 | 2107895 |
| Regions Financial Corp. | 60770 | 1429310 |
| The PNC Financial Services Group, Inc. | 26644 | 4966974 |
| Truist Financial Corp. | 87893 | 3778520 |
| U.S. Bancorp | 104886 | 4746091 |
| Wells Fargo & Co. | 218021 | 17467842 |
|  |  | **125919903** |
| **Capital Goods — 6.0%** | **Capital Goods — 6.0%** | **Capital Goods — 6.0%** |
| 3M Co. | 36309 | 5527682 |
| A. O. Smith Corp. | 7976 | 522986 |
| Allegion PLC | 5743 | 827681 |
| AMETEK, Inc. | 15608 | 2824424 |
| Axon Enterprise, Inc. <sup>(a)</sup> <br>| 4907 | 4062702 |
| Builders FirstSource, Inc. <sup>(a)</sup> <br>| 7916 | 923718 |
| Carrier Global Corp. | 53067 | 3883974 |
| Caterpillar, Inc. | 31444 | 12206875 |
| Cummins, Inc. | 9264 | 3033960 |
| Deere & Co. | 16940 | 8613821 |
| Dover Corp. | 9204 | 1686449 |
| Eaton Corp. PLC | 26426 | 9433818 |
| Emerson Electric Co. | 37713 | 5028274 |
| Fastenal Co. | 77276 | 3245592 |
| Fortive Corp. | 22143 | 1154315 |
| GE Vernova, Inc. | 18241 | 9652225 |
| Generac Holdings, Inc. <sup>(a)</sup> <br>| 3949 | 565536 |
| General Dynamics Corp. | 16998 | 4957637 |
| General Electric Co. | 71781 | 18475712 |
| Honeywell International, Inc. | 43488 | 10127485 |
| Howmet Aerospace, Inc. | 27425 | 5104615 |
| Hubbell, Inc. | 3478 | 1420450 |
| Huntington Ingalls Industries, Inc. | 2621 | 632867 |
| IDEX Corp. | 5247 | 921216 |
| Illinois Tool Works, Inc. | 17736 | 4385226 |
| Ingersoll Rand, Inc. | 27133 | 2256923 |
| Johnson Controls International PLC | 44235 | 4672101 |

---

**3**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.3% (continued)** | **Common Stocks — 99.3% (continued)** | **Common Stocks — 99.3% (continued)** |
| **Capital Goods — 6.0% (continued)** | **Capital Goods — 6.0% (continued)** | **Capital Goods — 6.0% (continued)** |
| L3Harris Technologies, Inc. | 12701 | 3185919 |
| Lennox International, Inc. | 2168 | 1242784 |
| Lockheed Martin Corp. | 14015 | 6490907 |
| Masco Corp. | 13579 | 873944 |
| Nordson Corp. | 3538 | 758441 |
| Northrop Grumman Corp. | 9138 | 4568817 |
| Otis Worldwide Corp. | 26066 | 2581055 |
| PACCAR, Inc. | 35591 | 3383280 |
| Parker-Hannifin Corp. | 8581 | 5993571 |
| Pentair PLC | 10886 | 1117557 |
| Quanta Services, Inc. | 10118 | 3825413 |
| Rockwell Automation, Inc. | 7576 | 2516520 |
| RTX Corp. | 89092 | 13009214 |
| Snap-on, Inc. | 3565 | 1109357 |
| Stanley Black & Decker, Inc. | 10591 | 717540 |
| Textron, Inc. | 11705 | 939794 |
| The Boeing Company <sup>(a)</sup> <br>| 50674 | 10617723 |
| Trane Technologies PLC | 14946 | 6537530 |
| TransDigm Group, Inc. | 3731 | 5673508 |
| United Rentals, Inc. | 4237 | 3192156 |
| W.W. Grainger, Inc. | 2857 | 2971966 |
| Westinghouse Air Brake Technologies Corp. | 11242 | 2353513 |
| Xylem, Inc. | 15829 | 2047639 |
|  |  | **211856412** |
| **Commercial & Professional Services — 1.2%** | **Commercial & Professional Services — 1.2%** | **Commercial & Professional Services — 1.2%** |
| Automatic Data Processing, Inc. | 27211 | 8391872 |
| Broadridge Financial Solutions, Inc. | 7804 | 1896606 |
| Cintas Corp. | 22940 | 5112638 |
| Copart, Inc. <sup>(a)</sup> <br>| 58009 | 2846502 |
| Dayforce, Inc. <sup>(a)</sup> <br>| 11062 | 612724 |
| Equifax, Inc. | 8335 | 2161849 |
| Jacobs Solutions, Inc. | 8253 | 1084857 |
| Leidos Holdings, Inc. | 8986 | 1417631 |
| Paychex, Inc. | 21514 | 3129426 |
| Paycom Software, Inc. | 3564 | 824710 |
| Republic Services, Inc. | 13835 | 3411849 |
| Rollins, Inc. | 19017 | 1072939 |
| Veralto Corp. | 16302 | 1645687 |
| Verisk Analytics, Inc. | 9565 | 2979498 |
| Waste Management, Inc. | 24785 | 5671304 |
|  |  | **42260092** |
| **Consumer Discretionary Distribution & Retail — 5.8%** | **Consumer Discretionary Distribution & Retail — 5.8%** | **Consumer Discretionary Distribution & Retail — 5.8%** |
| Amazon.com, Inc. <sup>(a)</sup> <br>| 633585 | 139002213 |
| AutoZone, Inc. <sup>(a)</sup> <br>| 1110 | 4120575 |
| Best Buy Co., Inc. | 13164 | 883699 |
| CarMax, Inc. <sup>(a)</sup> <br>| 11227 | 754567 |
| eBay, Inc. | 30447 | 2267084 |
| Genuine Parts Co. | 9337 | 1132672 |
| LKQ Corp. | 17311 | 640680 |
| Lowe's Companies, Inc. | 37737 | 8372708 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> <br>| 56914 | 5129659 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.3% (continued)** | **Common Stocks — 99.3% (continued)** | **Common Stocks — 99.3% (continued)** |
| **Consumer Discretionary Distribution & Retail — 5.8% (continued)** | **Consumer Discretionary Distribution & Retail — 5.8% (continued)** | **Consumer Discretionary Distribution & Retail — 5.8% (continued)** |
| Pool Corp. <sup>(b)</sup> <br>| 2567 | 748229 |
| Ross Stores, Inc. | 22080 | 2816967 |
| The Home Depot, Inc. | 66727 | 24464787 |
| The TJX Companies, Inc. | 74984 | 9259774 |
| Tractor Supply Co. | 34951 | 1844364 |
| Ulta Beauty, Inc. <sup>(a)</sup> <br>| 3151 | 1474101 |
| Williams-Sonoma, Inc. | 8295 | 1355154 |
|  |  | **204267233** |
| **Consumer Durables & Apparel — .6%** | **Consumer Durables & Apparel — .6%** | **Consumer Durables & Apparel — .6%** |
| D.R. Horton, Inc. | 17706 | 2282658 |
| Deckers Outdoor Corp. <sup>(a)</sup> <br>| 9333 | 961952 |
| Garmin Ltd. | 10252 | 2139797 |
| Hasbro, Inc. | 9206 | 679587 |
| Lennar Corp., Cl. A | 15507 | 1715229 |
| Lululemon Athletica, Inc. <sup>(a)</sup> <br>| 7370 | 1750965 |
| Mohawk Industries, Inc. <sup>(a)</sup> <br>| 2770 | 290407 |
| NIKE, Inc., Cl. B | 78562 | 5581045 |
| NVR, Inc. <sup>(a)</sup> <br>| 197 | 1454975 |
| PulteGroup, Inc. | 14205 | 1498059 |
| Ralph Lauren Corp. | 2989 | 819823 |
| Tapestry, Inc. | 14052 | 1233906 |
|  |  | **20408403** |
| **Consumer Services — 2.1%** | **Consumer Services — 2.1%** | **Consumer Services — 2.1%** |
| Airbnb, Inc., Cl. A <sup>(a)</sup> <br>| 28951 | 3831375 |
| Booking Holdings, Inc. | 2214 | 12817377 |
| Caesars Entertainment, Inc. <sup>(a)</sup> <br>| 15562 | 441805 |
| Carnival Corp. <sup>(a),(b)</sup> <br>| 70413 | 1980014 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> <br>| 90176 | 5063382 |
| Darden Restaurants, Inc. | 7633 | 1663765 |
| Domino's Pizza, Inc. | 2279 | 1026917 |
| DoorDash, Inc., Cl. A <sup>(a)</sup> <br>| 23343 | 5754283 |
| Expedia Group, Inc. | 7752 | 1307607 |
| Hilton Worldwide Holdings, Inc. | 15756 | 4196453 |
| Las Vegas Sands Corp. | 22984 | 1000034 |
| Marriott International, Inc., Cl. A | 15071 | 4117548 |
| McDonald's Corp. | 48274 | 14104215 |
| MGM Resorts International <sup>(a)</sup> <br>| 12654 | 435171 |
| Norwegian Cruise Line Holdings Ltd. <sup>(a)</sup> <br>| 29816 | 604669 |
| Royal Caribbean Cruises Ltd. | 16947 | 5306784 |
| Starbucks Corp. | 76498 | 7009512 |
| Wynn Resorts Ltd. | 6102 | 571574 |
| Yum! Brands, Inc. | 18219 | 2699692 |
|  |  | **73932177** |
| **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** |
| Costco Wholesale Corp. | 29792 | 29492293 |
| Dollar General Corp. | 14848 | 1698314 |
| Dollar Tree, Inc. <sup>(a)</sup> <br>| 13485 | 1335554 |
| Sysco Corp. | 32060 | 2428225 |
| Target Corp. | 30505 | 3009318 |
| The Kroger Company | 41297 | 2962234 |

---

**5**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.3% (continued)** | **Common Stocks — 99.3% (continued)** | **Common Stocks — 99.3% (continued)** |
| **Consumer Staples Distribution & Retail — 2.0% (continued)** | **Consumer Staples Distribution & Retail — 2.0% (continued)** | **Consumer Staples Distribution & Retail — 2.0% (continued)** |
| Walgreens Boots Alliance, Inc. | 47069 | 540352 |
| Walmart, Inc. | 289036 | 28261940 |
|  |  | **69728230** |
| **Energy — 2.9%** | **Energy — 2.9%** | **Energy — 2.9%** |
| APA Corp. | 25962 | 474845 |
| Baker Hughes Co. | 64549 | 2474809 |
| Chevron Corp. | 108787 | 15577211 |
| ConocoPhillips | 84862 | 7615516 |
| Coterra Energy, Inc. | 51771 | 1313948 |
| Devon Energy Corp. | 41997 | 1335925 |
| Diamondback Energy, Inc. | 12583 | 1728904 |
| EOG Resources, Inc. | 37616 | 4499250 |
| EQT Corp. | 39739 | 2317578 |
| Expand Energy Corp. | 14007 | 1637979 |
| Exxon Mobil Corp. | 288919 | 31145468 |
| Halliburton Co. | 59032 | 1203072 |
| Hess Corp. | 18365 | 2544287 |
| Kinder Morgan, Inc. | 129285 | 3800979 |
| Marathon Petroleum Corp. | 20384 | 3385986 |
| Occidental Petroleum Corp. | 47190 | 1982452 |
| ONEOK, Inc. | 41961 | 3425276 |
| Phillips 66 | 27337 | 3261304 |
| Schlumberger NV | 90959 | 3074414 |
| Targa Resources Corp. | 14971 | 2606152 |
| Texas Pacific Land Corp. | 1272 | 1343728 |
| The Williams Companies, Inc. | 82427 | 5177240 |
| Valero Energy Corp. | 20939 | 2814620 |
|  |  | **104740943** |
| **Equity Real Estate Investment Trusts — 1.9%** | **Equity Real Estate Investment Trusts — 1.9%** | **Equity Real Estate Investment Trusts — 1.9%** |
| Alexandria Real Estate Equities, Inc. <sup>(c)</sup> <br>| 10800 | 784404 |
| American Tower Corp. <sup>(c)</sup> <br>| 31548 | 6972739 |
| AvalonBay Communities, Inc. <sup>(c)</sup> <br>| 9543 | 1942001 |
| BXP, Inc. <sup>(b),(c)</sup> <br>| 9701 | 654527 |
| Camden Property Trust <sup>(c)</sup> <br>| 7151 | 805846 |
| Crown Castle, Inc. <sup>(c)</sup> <br>| 29240 | 3003825 |
| Digital Realty Trust, Inc. <sup>(c)</sup> <br>| 21080 | 3674876 |
| Equinix, Inc. <sup>(c)</sup> <br>| 6560 | 5218283 |
| Equity Residential <sup>(c)</sup> <br>| 23200 | 1565768 |
| Essex Property Trust, Inc. <sup>(c)</sup> <br>| 4292 | 1216353 |
| Extra Space Storage, Inc. <sup>(c)</sup> <br>| 14374 | 2119303 |
| Federal Realty Investment Trust <sup>(c)</sup> <br>| 5874 | 557971 |
| Healthpeak Properties, Inc. <sup>(c)</sup> <br>| 46007 | 805583 |
| Host Hotels & Resorts, Inc. <sup>(c)</sup> <br>| 45764 | 702935 |
| Invitation Homes, Inc. <sup>(c)</sup> <br>| 38644 | 1267523 |
| Iron Mountain, Inc. <sup>(c)</sup> <br>| 19726 | 2023296 |
| Kimco Realty Corp. <sup>(c)</sup> <br>| 45879 | 964377 |
| Mid-America Apartment Communities, Inc. <sup>(c)</sup> <br>| 7945 | 1175940 |
| Prologis, Inc. <sup>(c)</sup> <br>| 61640 | 6479597 |
| Public Storage <sup>(c)</sup> <br>| 10346 | 3035723 |
| Realty Income Corp. <sup>(c)</sup> <br>| 60507 | 3485808 |
| Regency Centers Corp. <sup>(c)</sup> <br>| 10835 | 771777 |

---

**6**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.3% (continued)** | **Common Stocks — 99.3% (continued)** | **Common Stocks — 99.3% (continued)** |
| **Equity Real Estate Investment Trusts — 1.9% (continued)** | **Equity Real Estate Investment Trusts — 1.9% (continued)** | **Equity Real Estate Investment Trusts — 1.9% (continued)** |
| SBA Communications Corp. <sup>(c)</sup> <br>| 6945 | 1630964 |
| Simon Property Group, Inc. <sup>(c)</sup> <br>| 20430 | 3284327 |
| UDR, Inc. <sup>(c)</sup> <br>| 21604 | 882091 |
| Ventas, Inc. <sup>(c)</sup> <br>| 29582 | 1868103 |
| VICI Properties, Inc. <sup>(c)</sup> <br>| 71449 | 2329237 |
| Welltower, Inc. <sup>(c)</sup> <br>| 41625 | 6399011 |
| Weyerhaeuser Co. <sup>(c)</sup> <br>| 48570 | 1247763 |
|  |  | **66869951** |
| **Financial Services — 8.3%** | **Financial Services — 8.3%** | **Financial Services — 8.3%** |
| American Express Co. | 37118 | 11839900 |
| Ameriprise Financial, Inc. | 6506 | 3472447 |
| Apollo Global Management, Inc. | 29981 | 4253404 |
| Berkshire Hathaway, Inc., Cl. B <sup>(a)</sup> <br>| 122990 | 59744852 |
| BlackRock, Inc. | 9711 | 10189267 |
| Blackstone, Inc. | 49255 | 7367563 |
| Capital One Financial Corp. | 43163 | 9183360 |
| Cboe Global Markets, Inc. | 6739 | 1571602 |
| CME Group, Inc. | 24101 | 6642718 |
| Coinbase Global, Inc., Cl. A <sup>(a)</sup> <br>| 14164 | 4964340 |
| Corpay, Inc. <sup>(a)</sup> <br>| 4703 | 1560549 |
| FactSet Research Systems, Inc. | 2629 | 1175899 |
| Fidelity National Information Services, Inc. | 34670 | 2822485 |
| Fiserv, Inc. <sup>(a)</sup> <br>| 37184 | 6410893 |
| Franklin Resources, Inc. <sup>(b)</sup> <br>| 21069 | 502496 |
| Global Payments, Inc. | 15742 | 1259990 |
| Intercontinental Exchange, Inc. | 38796 | 7117902 |
| Invesco Ltd. | 29758 | 469284 |
| Jack Henry & Associates, Inc. | 4686 | 844277 |
| KKR & Co., Inc. | 45662 | 6074416 |
| MarketAxess Holdings, Inc. | 2704 | 603911 |
| Mastercard, Inc., Cl. A | 54467 | 30607186 |
| Moody's Corp. | 10351 | 5191958 |
| Morgan Stanley | 82756 | 11657010 |
| MSCI, Inc. | 5127 | 2956946 |
| Nasdaq, Inc. | 27242 | 2435980 |
| Northern Trust Corp. | 13588 | 1722823 |
| PayPal Holdings, Inc. <sup>(a)</sup> <br>| 66160 | 4917011 |
| Raymond James Financial, Inc. | 12374 | 1897800 |
| S&P Global, Inc. | 21020 | 11083636 |
| State Street Corp. | 18880 | 2007699 |
| Synchrony Financial | 26069 | 1739845 |
| T. Rowe Price Group, Inc. <sup>(b)</sup> <br>| 14936 | 1441324 |
| The Bank of New York Mellon Corp. | 47998 | 4373098 |
| The Charles Schwab Corp. | 113970 | 10398623 |
| The Goldman Sachs Group, Inc. | 20557 | 14549217 |
| Visa, Inc., Cl. A <sup>(b)</sup> <br>| 114802 | 40760450 |
|  |  | **295812161** |
| **Food, Beverage & Tobacco — 2.4%** | **Food, Beverage & Tobacco — 2.4%** | **Food, Beverage & Tobacco — 2.4%** |
| Altria Group, Inc. | 113278 | 6641489 |
| Archer-Daniels-Midland Co. | 32417 | 1710969 |
| Brown-Forman Corp., Cl. B | 14904 | 401067 |

---

**7**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.3% (continued)** | **Common Stocks — 99.3% (continued)** | **Common Stocks — 99.3% (continued)** |
| **Food, Beverage & Tobacco — 2.4% (continued)** | **Food, Beverage & Tobacco — 2.4% (continued)** | **Food, Beverage & Tobacco — 2.4% (continued)** |
| Bunge Global SA | 8291 | 665602 |
| Conagra Brands, Inc. | 31988 | 654794 |
| Constellation Brands, Inc., Cl. A | 10232 | 1664542 |
| General Mills, Inc. | 38140 | 1976033 |
| Hormel Foods Corp. | 18681 | 565100 |
| Kellanova | 18501 | 1471385 |
| Keurig Dr. Pepper, Inc. | 90175 | 2981186 |
| Lamb Weston Holdings, Inc. | 10195 | 528611 |
| McCormick & Co., Inc. | 17350 | 1315477 |
| Molson Coors Beverage Co., Cl. B | 11860 | 570347 |
| Mondelez International, Inc., Cl. A | 86287 | 5819195 |
| Monster Beverage Corp. <sup>(a)</sup> <br>| 47682 | 2986801 |
| PepsiCo, Inc. | 91725 | 12111369 |
| Philip Morris International, Inc. | 103988 | 18939334 |
| The Campbell's Company <sup>(b)</sup> <br>| 13419 | 411292 |
| The Coca-Cola Company | 260401 | 18423371 |
| The Hershey Company | 10074 | 1671780 |
| The J.M. Smucker Company | 7582 | 744552 |
| The Kraft Heinz Company | 59534 | 1537168 |
| Tyson Foods, Inc., Cl. A | 19267 | 1077796 |
|  |  | **84869260** |
| **Health Care Equipment & Services — 4.1%** | **Health Care Equipment & Services — 4.1%** | **Health Care Equipment & Services — 4.1%** |
| Abbott Laboratories | 116765 | 15881208 |
| Align Technology, Inc. <sup>(a)</sup> <br>| 4758 | 900832 |
| Baxter International, Inc. | 32765 | 992124 |
| Becton, Dickinson and Co. | 18995 | 3271889 |
| Boston Scientific Corp. <sup>(a)</sup> <br>| 99243 | 10659691 |
| Cardinal Health, Inc. | 16092 | 2703456 |
| Cencora, Inc. | 11754 | 3524437 |
| Centene Corp. <sup>(a)</sup> <br>| 33611 | 1824405 |
| CVS Health Corp. | 85101 | 5870267 |
| DaVita, Inc. <sup>(a)</sup> <br>| 2533 | 360826 |
| Dexcom, Inc. <sup>(a)</sup> <br>| 26061 | 2274865 |
| Edwards Lifesciences Corp. <sup>(a)</sup> <br>| 39287 | 3072636 |
| Elevance Health, Inc. | 15163 | 5897800 |
| GE HealthCare Technologies, Inc. | 30527 | 2261135 |
| HCA Healthcare, Inc. | 11990 | 4593369 |
| Henry Schein, Inc. <sup>(a)</sup> <br>| 8060 | 588783 |
| Hologic, Inc. <sup>(a)</sup> <br>| 15697 | 1022817 |
| Humana, Inc. | 8060 | 1970509 |
| IDEXX Laboratories, Inc. <sup>(a)</sup> <br>| 5553 | 2978296 |
| Insulet Corp. <sup>(a)</sup> <br>| 4535 | 1424806 |
| Intuitive Surgical, Inc. <sup>(a)</sup> <br>| 24041 | 13064120 |
| Labcorp Holdings, Inc. | 5566 | 1461131 |
| McKesson Corp. | 8382 | 6142162 |
| Medtronic PLC | 85759 | 7475612 |
| Molina Healthcare, Inc. <sup>(a)</sup> <br>| 3565 | 1062013 |
| Quest Diagnostics, Inc. | 7069 | 1269804 |
| ResMed, Inc. | 9806 | 2529948 |
| Solventum Corp. <sup>(a)</sup> <br>| 9737 | 738454 |
| STERIS PLC | 6903 | 1658239 |

---

**8**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.3% (continued)** | **Common Stocks — 99.3% (continued)** | **Common Stocks — 99.3% (continued)** |
| **Health Care Equipment & Services — 4.1% (continued)** | **Health Care Equipment & Services — 4.1% (continued)** | **Health Care Equipment & Services — 4.1% (continued)** |
| Stryker Corp. | 22826 | 9030650 |
| The Cigna Group | 17884 | 5912093 |
| The Cooper Companies, Inc. <sup>(a)</sup> <br>| 13640 | 970622 |
| UnitedHealth Group, Inc. | 60848 | 18982751 |
| Universal Health Services, Inc., Cl. B | 3854 | 698152 |
| Zimmer Biomet Holdings, Inc. | 13626 | 1242827 |
|  |  | **144312729** |
| **Household & Personal Products — 1.1%** | **Household & Personal Products — 1.1%** | **Household & Personal Products — 1.1%** |
| Church & Dwight Co., Inc. | 16246 | 1561403 |
| Colgate-Palmolive Co. | 54103 | 4917963 |
| Kenvue, Inc. | 129005 | 2700074 |
| Kimberly-Clark Corp. | 21988 | 2834693 |
| The Clorox Company | 8198 | 984334 |
| The Estee Lauder Companies, Inc., Cl. A | 15389 | 1243431 |
| The Procter & Gamble Company | 156822 | 24984881 |
|  |  | **39226779** |
| **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** |
| Aflac, Inc. | 32887 | 3468263 |
| American International Group, Inc. | 38480 | 3293503 |
| Aon PLC, Cl. A | 14493 | 5170523 |
| Arch Capital Group Ltd. | 25230 | 2297191 |
| Arthur J. Gallagher & Co. | 17309 | 5540957 |
| Assurant, Inc. | 3328 | 657247 |
| Brown & Brown, Inc. | 15640 | 1734007 |
| Chubb Ltd. | 24807 | 7187084 |
| Cincinnati Financial Corp. | 10233 | 1523898 |
| Erie Indemnity Co., Cl. A | 1623 | 562840 |
| Everest Group Ltd. | 2825 | 960076 |
| Globe Life, Inc. | 5825 | 723989 |
| Loews Corp. | 12030 | 1102670 |
| Marsh & McLennan Cos., Inc. | 32865 | 7185604 |
| MetLife, Inc. | 37217 | 2992991 |
| Principal Financial Group, Inc. | 13099 | 1040454 |
| Prudential Financial, Inc. | 23338 | 2507435 |
| The Allstate Corp. | 17983 | 3620158 |
| The Hartford Insurance Group, Inc. | 19081 | 2420806 |
| The Progressive Corp. | 39565 | 10558316 |
| The Travelers Companies, Inc. | 15048 | 4025942 |
| W. R. Berkley Corp. | 21035 | 1545441 |
| Willis Towers Watson PLC | 6879 | 2108414 |
|  |  | **72227809** |
| **Materials — 1.9%** | **Materials — 1.9%** | **Materials — 1.9%** |
| Air Products and Chemicals, Inc. | 14743 | 4158411 |
| Albemarle Corp. | 7972 | 499605 |
| Amcor PLC | 149191 | 1371065 |
| Avery Dennison Corp. | 5171 | 907355 |
| Ball Corp. | 18788 | 1053819 |
| CF Industries Holdings, Inc. | 10792 | 992864 |
| Corteva, Inc. | 46858 | 3492327 |
| Dow, Inc. | 47383 | 1254702 |
| DuPont de Nemours, Inc. | 27500 | 1886225 |

---

**9**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.3% (continued)** | **Common Stocks — 99.3% (continued)** | **Common Stocks — 99.3% (continued)** |
| **Materials — 1.9% (continued)** | **Materials — 1.9% (continued)** | **Materials — 1.9% (continued)** |
| Eastman Chemical Co. | 7944 | 593099 |
| Ecolab, Inc. | 16855 | 4541411 |
| Freeport-McMoRan, Inc. | 97163 | 4212016 |
| International Flavors & Fragrances, Inc. | 17043 | 1253513 |
| International Paper Co. | 35624 | 1668272 |
| Linde PLC | 31571 | 14812482 |
| LyondellBasell Industries NV, Cl. A <sup>(b)</sup> <br>| 16990 | 983041 |
| Martin Marietta Materials, Inc. | 4098 | 2249638 |
| Newmont Corp. | 74451 | 4337515 |
| Nucor Corp. | 15994 | 2071863 |
| Packaging Corp. of America | 6089 | 1147472 |
| PPG Industries, Inc. | 14915 | 1696581 |
| Smurfit WestRock PLC | 33972 | 1465892 |
| Steel Dynamics, Inc. | 8827 | 1129944 |
| The Mosaic Company | 20963 | 764730 |
| The Sherwin-Williams Company | 15430 | 5298045 |
| Vulcan Materials Co. | 8858 | 2310344 |
|  |  | **66152231** |
| **Media & Entertainment — 8.8%** | **Media & Entertainment — 8.8%** | **Media & Entertainment — 8.8%** |
| Alphabet, Inc., Cl. A | 390108 | 68748733 |
| Alphabet, Inc., Cl. C | 315086 | 55893106 |
| Charter Communications, Inc., Cl. A <sup>(a)</sup> <br>| 6252 | 2555880 |
| Comcast Corp., Cl. A | 249097 | 8890272 |
| Electronic Arts, Inc. | 15306 | 2444368 |
| Fox Corp., Cl. A | 14997 | 840432 |
| Fox Corp., Cl. B | 7258 | 374731 |
| Live Nation Entertainment, Inc. <sup>(a),(b)</sup> <br>| 10460 | 1582389 |
| Match Group, Inc. | 16846 | 520373 |
| Meta Platforms, Inc., Cl. A | 145609 | 107472547 |
| Netflix, Inc. <sup>(a)</sup> <br>| 28524 | 38197344 |
| News Corp., Cl. A | 25770 | 765884 |
| News Corp., Cl. B <sup>(b)</sup> <br>| 7085 | 243086 |
| Omnicom Group, Inc. | 13649 | 981909 |
| Paramount Global, Cl. B <sup>(b)</sup> <br>| 34138 | 440380 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup> <br>| 11417 | 2772618 |
| The Interpublic Group of Companies, Inc. | 26109 | 639148 |
| The Walt Disney Company | 120904 | 14993305 |
| TKO Group Holdings, Inc. | 4459 | 811315 |
| Warner Bros Discovery, Inc. <sup>(a)</sup> <br>| 153212 | 1755810 |
|  |  | **310923630** |
| **Pharmaceuticals, Biotechnology & Life Sciences — 5.2%** | **Pharmaceuticals, Biotechnology & Life Sciences — 5.2%** | **Pharmaceuticals, Biotechnology & Life Sciences — 5.2%** |
| AbbVie, Inc. | 118604 | 22015274 |
| Agilent Technologies, Inc. | 19578 | 2310400 |
| Amgen, Inc. | 35794 | 9994043 |
| Biogen, Inc. <sup>(a)</sup> <br>| 9759 | 1225633 |
| Bio-Techne Corp. | 10898 | 560702 |
| Bristol-Myers Squibb Co. | 136808 | 6332842 |
| Charles River Laboratories International, Inc. <sup>(a)</sup> <br>| 3532 | 535910 |
| Danaher Corp. | 42590 | 8413229 |
| Eli Lilly & Co. | 52823 | 41177113 |
| Gilead Sciences, Inc. | 83185 | 9222721 |

---

**10**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.3% (continued)** | **Common Stocks — 99.3% (continued)** | **Common Stocks — 99.3% (continued)** |
| **Pharmaceuticals, Biotechnology & Life Sciences — 5.2% (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences — 5.2% (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences — 5.2% (continued)** |
| Incyte Corp. <sup>(a)</sup> <br>| 10831 | 737591 |
| IQVIA Holdings, Inc. <sup>(a)</sup> <br>| 11250 | 1772888 |
| Johnson & Johnson | 161682 | 24696925 |
| Merck & Co., Inc. | 167912 | 13291914 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> <br>| 1417 | 1664578 |
| Moderna, Inc. <sup>(a)</sup> <br>| 22949 | 633163 |
| Pfizer, Inc. | 380165 | 9215200 |
| Regeneron Pharmaceuticals, Inc. | 6889 | 3616725 |
| Revvity, Inc. <sup>(b)</sup> <br>| 8180 | 791170 |
| Thermo Fisher Scientific, Inc. | 25261 | 10242325 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 17402 | 7747370 |
| Viatris, Inc. | 77835 | 695067 |
| Waters Corp. <sup>(a)</sup> <br>| 3917 | 1367190 |
| West Pharmaceutical Services, Inc. | 4915 | 1075402 |
| Zoetis, Inc. | 29512 | 4602396 |
|  |  | **183937771** |
| **Real Estate Management & Development — .1%** | **Real Estate Management & Development — .1%** | **Real Estate Management & Development — .1%** |
| CBRE Group, Inc., Cl. A <sup>(a)</sup> <br>| 20139 | 2821877 |
| CoStar Group, Inc. <sup>(a)</sup> <br>| 28485 | 2290194 |
|  |  | **5112071** |
| **Semiconductors & Semiconductor Equipment — 12.6%** | **Semiconductors & Semiconductor Equipment — 12.6%** | **Semiconductors & Semiconductor Equipment — 12.6%** |
| Advanced Micro Devices, Inc. <sup>(a)</sup> <br>| 109190 | 15494061 |
| Analog Devices, Inc. | 33053 | 7867275 |
| Applied Materials, Inc. | 54293 | 9939420 |
| Broadcom, Inc. | 315396 | 86938908 |
| Enphase Energy, Inc. <sup>(a)</sup> <br>| 8859 | 351259 |
| First Solar, Inc. <sup>(a)</sup> <br>| 7139 | 1181790 |
| Intel Corp. | 291827 | 6536925 |
| KLA Corp. | 8926 | 7995375 |
| Lam Research Corp. | 85597 | 8332012 |
| Microchip Technology, Inc. | 36119 | 2541694 |
| Micron Technology, Inc. | 74515 | 9183974 |
| Monolithic Power Systems, Inc. | 3321 | 2428913 |
| NVIDIA Corp. | 1635786 | 258437830 |
| NXP Semiconductors NV | 17211 | 3760431 |
| ON Semiconductor Corp. <sup>(a)</sup> <br>| 27140 | 1422407 |
| QUALCOMM, Inc. | 73314 | 11675988 |
| Skyworks Solutions, Inc. | 9770 | 728060 |
| Teradyne, Inc. | 11308 | 1016815 |
| Texas Instruments, Inc. | 60883 | 12640529 |
|  |  | **448473666** |
| **Software & Services — 12.5%** | **Software & Services — 12.5%** | **Software & Services — 12.5%** |
| Accenture PLC, Cl. A | 42159 | 12600903 |
| Adobe, Inc. <sup>(a)</sup> <br>| 28565 | 11051227 |
| Akamai Technologies, Inc. <sup>(a)</sup> <br>| 9546 | 761389 |
| ANSYS, Inc. <sup>(a)</sup> <br>| 6038 | 2120666 |
| Autodesk, Inc. <sup>(a)</sup> <br>| 14065 | 4354102 |
| Cadence Design Systems, Inc. <sup>(a)</sup> <br>| 18467 | 5690606 |
| Cognizant Technology Solutions Corp., Cl. A | 32832 | 2561881 |
| CrowdStrike Holdings, Inc., Cl. A <sup>(a)</sup> <br>| 16692 | 8501402 |
| EPAM Systems, Inc. <sup>(a)</sup> <br>| 3421 | 604901 |

---

**11**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.3% (continued)** | **Common Stocks — 99.3% (continued)** | **Common Stocks — 99.3% (continued)** |
| **Software & Services — 12.5% (continued)** | **Software & Services — 12.5% (continued)** | **Software & Services — 12.5% (continued)** |
| Fair Isaac Corp. <sup>(a)</sup> <br>| 1601 | 2926564 |
| Fortinet, Inc. <sup>(a)</sup> <br>| 42864 | 4531582 |
| Gartner, Inc. <sup>(a)</sup> <br>| 5213 | 2107199 |
| Gen Digital, Inc. | 36535 | 1074129 |
| GoDaddy, Inc., Cl. A <sup>(a)</sup> <br>| 9463 | 1703908 |
| International Business Machines Corp. | 62352 | 18380123 |
| Intuit, Inc. | 18672 | 14706627 |
| Microsoft Corp. | 498574 | 247995693 |
| Oracle Corp. | 109072 | 23846411 |
| Palantir Technologies, Inc., Cl. A <sup>(a)</sup> <br>| 142649 | 19445912 |
| Palo Alto Networks, Inc. <sup>(a)</sup> <br>| 44276 | 9060641 |
| PTC, Inc. <sup>(a)</sup> <br>| 7546 | 1300478 |
| Roper Technologies, Inc. | 7224 | 4094852 |
| Salesforce, Inc. | 64393 | 17559327 |
| ServiceNow, Inc. <sup>(a)</sup> <br>| 13870 | 14259470 |
| Synopsys, Inc. <sup>(a)</sup> <br>| 10357 | 5309827 |
| Tyler Technologies, Inc. <sup>(a)</sup> <br>| 2933 | 1738800 |
| VeriSign, Inc. | 5385 | 1555188 |
| Workday, Inc., Cl. A <sup>(a)</sup> <br>| 14708 | 3529920 |
|  |  | **443373728** |
| **Technology Hardware & Equipment — 7.7%** | **Technology Hardware & Equipment — 7.7%** | **Technology Hardware & Equipment — 7.7%** |
| Amphenol Corp., Cl. A | 81570 | 8055037 |
| Apple, Inc. | 1001841 | 205547718 |
| Arista Networks, Inc. <sup>(a)</sup> <br>| 69003 | 7059697 |
| CDW Corp. | 8422 | 1504085 |
| Cisco Systems, Inc. | 267933 | 18589192 |
| Corning, Inc. | 51850 | 2726791 |
| Dell Technologies, Inc., Cl. C | 19947 | 2445502 |
| F5, Inc. <sup>(a)</sup> <br>| 3655 | 1075740 |
| Hewlett Packard Enterprise Co. | 86390 | 1766675 |
| HP, Inc. | 66448 | 1625318 |
| Jabil, Inc. | 6690 | 1459089 |
| Juniper Networks, Inc. | 21269 | 849271 |
| Keysight Technologies, Inc. <sup>(a)</sup> <br>| 11523 | 1888159 |
| Motorola Solutions, Inc. | 11311 | 4755823 |
| NetApp, Inc. | 13737 | 1463677 |
| Ralliant Corp. <sup>(a)</sup> <br>| 71 | 3443 |
| Seagate Technology Holdings PLC | 14226 | 2053239 |
| Super Micro Computer, Inc. <sup>(a)</sup> <br>| 34013 | 1666977 |
| TE Connectivity PLC | 19954 | 3365641 |
| Teledyne Technologies, Inc. <sup>(a)</sup> <br>| 3200 | 1639392 |
| Trimble, Inc. <sup>(a)</sup> <br>| 16867 | 1281555 |
| Western Digital Corp. | 24043 | 1538512 |
| Zebra Technologies Corp., Cl. A <sup>(a)</sup> <br>| 3518 | 1084810 |
|  |  | **273445343** |
| **Telecommunication Services — .9%** | **Telecommunication Services — .9%** | **Telecommunication Services — .9%** |
| AT&T, Inc. | 484667 | 14026263 |
| T-Mobile US, Inc. | 32042 | 7634327 |
| Verizon Communications, Inc. | 281543 | 12182365 |
|  |  | **33842955** |

---

**12**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.3% (continued)** | **Common Stocks — 99.3% (continued)** | **Common Stocks — 99.3% (continued)** |
| **Transportation — 1.4%** | **Transportation — 1.4%** | **Transportation — 1.4%** |
| C.H. Robinson Worldwide, Inc. | 8100 | 777195 |
| CSX Corp. | 124413 | 4059596 |
| Delta Air Lines, Inc. | 43883 | 2158166 |
| Expeditors International of Washington, Inc. | 9278 | 1060012 |
| FedEx Corp. | 15007 | 3411241 |
| J.B. Hunt Transport Services, Inc. | 5015 | 720154 |
| Norfolk Southern Corp. | 15241 | 3901239 |
| Old Dominion Freight Line, Inc. | 12574 | 2040760 |
| Southwest Airlines Co. <sup>(b)</sup> <br>| 35183 | 1141337 |
| Uber Technologies, Inc. <sup>(a)</sup> <br>| 140919 | 13147743 |
| Union Pacific Corp. | 39841 | 9166617 |
| United Airlines Holdings, Inc. <sup>(a)</sup> <br>| 22623 | 1801469 |
| United Parcel Service, Inc., Cl. B | 49636 | 5010258 |
|  |  | **48395787** |
| **Utilities — 2.4%** | **Utilities — 2.4%** | **Utilities — 2.4%** |
| Alliant Energy Corp. | 17725 | 1071831 |
| Ameren Corp. | 18192 | 1747160 |
| American Electric Power Co., Inc. | 35544 | 3688045 |
| American Water Works Co., Inc. | 13385 | 1861987 |
| Atmos Energy Corp. <sup>(b)</sup> <br>| 10885 | 1677487 |
| CenterPoint Energy, Inc. | 44401 | 1631293 |
| CMS Energy Corp. | 19919 | 1379988 |
| Consolidated Edison, Inc. | 23984 | 2406794 |
| Constellation Energy Corp. | 20893 | 6743425 |
| Dominion Energy, Inc. | 56300 | 3182076 |
| DTE Energy Co. | 13659 | 1809271 |
| Duke Energy Corp. | 52569 | 6203142 |
| Edison International | 25767 | 1329577 |
| Entergy Corp. | 29546 | 2455864 |
| Evergy, Inc. <sup>(b)</sup> <br>| 14961 | 1031262 |
| Eversource Energy | 25098 | 1596735 |
| Exelon Corp. | 68436 | 2971491 |
| FirstEnergy Corp. | 33771 | 1359620 |
| NextEra Energy, Inc. | 137823 | 9567673 |
| NiSource, Inc. | 31012 | 1251024 |
| NRG Energy, Inc. | 13568 | 2178749 |
| PG&E Corp. | 148473 | 2069714 |
| Pinnacle West Capital Corp. | 7570 | 677288 |
| PPL Corp. | 48100 | 1630109 |
| Public Service Enterprise Group, Inc. | 34687 | 2919952 |
| Sempra | 43921 | 3327894 |
| The AES Corp. | 49717 | 523023 |
| The Southern Company | 73770 | 6774299 |
| Vistra Corp. | 22599 | 4379912 |
| WEC Energy Group, Inc. | 20982 | 2186324 |
| Xcel Energy, Inc. | 38965 | 2653517 |
|  |  | **84286526** |
| **Total Common Stocks** <br>(cost $673,744,131)<br>|  | **3521083964** |

---

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

**13**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| Description | 1-Day <br>Yield (%)<br>| Shares | Value ($) |
| **Investment Companies — .6%** | **Investment Companies — .6%** | **Investment Companies — .6%** | **Investment Companies — .6%** |
| **Registered Investment Companies — .6%** | **Registered Investment Companies — .6%** | **Registered Investment Companies — .6%** | **Registered Investment Companies — .6%** |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(d)</sup> <br>(cost $22,288,863)<br>| 4.47 | 22288863 | **22288863** |
| **Total Investments** (cost $696,032,994) | **Total Investments** (cost $696,032,994) | **99.9%** | **3543372827** |
| **Cash and Receivables (Net)** | **Cash and Receivables (Net)** | **.1%** | **2253099** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **3545625926** |

---

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

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

<sup>(b)</sup> Security, or portion thereof, on loan. At June 30, 2025, the value of the fund's securities on loan was $39,979,929 and the value of the collateral was $40,265,233, consisting of U.S. Government & Agency securities. In addition, the value of collateral may include pending sales that are also on loan. 

<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 ($) <br>12/31/2024<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>6/30/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - .6%** | **Registered Investment Companies - .6%** | **Registered Investment Companies - .6%** | **Registered Investment Companies - .6%** | **Registered Investment Companies - .6%** | **Registered Investment Companies - .6%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .6%<br>| 69658059 | 177078549 | (224447745) | 22288863 | 971852 |
| **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .0%<br>| 292105 | 12847201 | (13139306) | - | 28564<sup>††</sup> <br>|
| **Total - .6%** | **69950164** | **189925750** | **(237587051)** | **22288863** | **1000416** |

---

&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>Appreciation ($)<br>|
| **Futures Long** |  |  |  |  |  |
| S&P 500 E-mini | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; 25381349 | &nbsp;&nbsp; 26265750 | &nbsp;&nbsp; 884401 |
| **Gross Unrealized Appreciation** |  |  |  |  | &nbsp;&nbsp; **884401** |

---

See notes to financial statements.

**14**

------

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Statement of Investments <br>(including securities on loan, valued at $39,979,929)—Note 1(c):<br>|  |  |
| Unaffiliated issuers | 673744131 | &nbsp;&nbsp;&nbsp;&nbsp; 3521083964 |
| Affiliated issuers | 22288863 | &nbsp;&nbsp;&nbsp;&nbsp; 22288863 |
| Cash collateral held by broker—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2344000 |
| Dividends and securities lending income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 1897627 |
| Receivable for investment securities sold |  | &nbsp;&nbsp;&nbsp;&nbsp; 354462 |
| Receivable for shares of Common Stock subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 205484 |
| Receivable for futures variation margin—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 143224 |
| Prepaid expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 14468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3548332092** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 720559 |
| Payable for shares of Common Stock redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 1766165 |
| Directors' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 32124 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 187318 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2706166** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **3545625926** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 672984460 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; 2872641466 |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **3545625926** |

---

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

---

| | | |
|:---|:---|:---|
| **Net Asset Value Per Share** | Initial Shares | Service Shares |
| Net Assets ($) | &nbsp;&nbsp;&nbsp;&nbsp; 3481858073 | &nbsp;&nbsp;&nbsp;&nbsp; 63767853 |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 44069415 | &nbsp;&nbsp;&nbsp;&nbsp; 804567 |
| **Net Asset Value Per Share ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**79.01** | &nbsp;&nbsp;&nbsp;&nbsp;**79.26** |

---

See notes to financial statements.

**15**

------

STATEMENT OF OPERATIONS

Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Cash dividends (net of $5,242 foreign taxes withheld at source): |  |
| Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 22299320 |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 971852 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp; 54130 |
| Affiliated income net of rebates from securities lending—Note 1(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 28564 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **23353866** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 4098779 |
| Directors' fees and expenses—Note 3(d)  | &nbsp;&nbsp;&nbsp;&nbsp; 153762 |
| Distribution Plan fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 77324 |
| Loan commitment fees—Note 2 | &nbsp;&nbsp;&nbsp;&nbsp; 40733 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 37003 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 27080 |
| Chief Compliance Officer fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 15577 |
| Shareholder servicing costs—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 7529 |
| Shareholder and regulatory reports service fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 6167 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 117752 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **4581706** |
| Less—reduction in fees due to earnings credits—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; (244)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **4581462** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **18772404** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 37073214 |
| Net realized gain (loss) on futures | &nbsp;&nbsp;&nbsp;&nbsp; 671456 |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **37744670** |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 146512678 |
| Net change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp;&nbsp;&nbsp; 2760228 |
| **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **149272906** |
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **187017576** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **205789980** |

---

See notes to financial statements.

**16**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>December 31, 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>December 31, 2024 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 18772404 | &nbsp;&nbsp;&nbsp;&nbsp; 37158537 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 37744670 | &nbsp;&nbsp;&nbsp;&nbsp; 202579577 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 149272906 | &nbsp;&nbsp;&nbsp;&nbsp; 461192732 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **205789980** | &nbsp;&nbsp;&nbsp;&nbsp; **700930846** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| Initial Shares | &nbsp;&nbsp;&nbsp;&nbsp; (213328839) | &nbsp;&nbsp;&nbsp;&nbsp; (234789824) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; (3901763) | &nbsp;&nbsp;&nbsp;&nbsp; (4461319) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(217230602)** | &nbsp;&nbsp;&nbsp;&nbsp; **(239251143)** |
| **Capital Stock Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| Initial Shares | &nbsp;&nbsp;&nbsp;&nbsp; 237527238 | &nbsp;&nbsp;&nbsp;&nbsp; 363140137 |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; 1179909 | &nbsp;&nbsp;&nbsp;&nbsp; 1661291 |
| Distributions reinvested: |  |  |
| Initial Shares | &nbsp;&nbsp;&nbsp;&nbsp; 213328839 | &nbsp;&nbsp;&nbsp;&nbsp; 234789824 |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; 3901763 | &nbsp;&nbsp;&nbsp;&nbsp; 4461319 |
| Cost of shares redeemed: |  |  |
| Initial Shares | &nbsp;&nbsp;&nbsp;&nbsp; (336093853) | &nbsp;&nbsp;&nbsp;&nbsp; (578937052) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; (6013411) | &nbsp;&nbsp;&nbsp;&nbsp; (7770381) |
| **Increase (Decrease) in Net Assets from Capital Stock Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **113830485** | &nbsp;&nbsp;&nbsp;&nbsp; **17345138** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **102389863** | &nbsp;&nbsp;&nbsp;&nbsp; **479024841** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 3443236063 | &nbsp;&nbsp;&nbsp;&nbsp; 2964211222 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **3545625926** | &nbsp;&nbsp;&nbsp;&nbsp; **3443236063** |
| **Capital Share Transactions (Shares):** |  |  |
| **Initial Shares** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 3145957 | &nbsp;&nbsp;&nbsp;&nbsp; 4793050 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 2973224 | &nbsp;&nbsp;&nbsp;&nbsp; 3264012 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (4405328) | &nbsp;&nbsp;&nbsp;&nbsp; (7777351) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **1713853** | &nbsp;&nbsp;&nbsp;&nbsp; **279711** |
| **Service Shares** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 15032 | &nbsp;&nbsp;&nbsp;&nbsp; 22174 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 54263 | &nbsp;&nbsp;&nbsp;&nbsp; 61953 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (78623) | &nbsp;&nbsp;&nbsp;&nbsp; (104479) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(9328)** | &nbsp;&nbsp;&nbsp;&nbsp; **(20352)** |

---

See notes to financial statements.

**17**

------

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. The fund's total returns do not reflect expenses associated with variable annuity or insurance contracts.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **Initial Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;79.76 | &nbsp;&nbsp;&nbsp;&nbsp;69.08 | &nbsp;&nbsp;&nbsp;&nbsp;57.81 | &nbsp;&nbsp;&nbsp;&nbsp;77.81 | &nbsp;&nbsp;&nbsp;&nbsp;64.27 | &nbsp;&nbsp;&nbsp;&nbsp;59.95 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .43 | &nbsp;&nbsp;&nbsp;&nbsp; .86 | &nbsp;&nbsp;&nbsp;&nbsp; .89 | &nbsp;&nbsp;&nbsp;&nbsp; .85 | &nbsp;&nbsp;&nbsp;&nbsp; .80 | &nbsp;&nbsp;&nbsp;&nbsp; .88 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;15.51 | &nbsp;&nbsp;&nbsp;&nbsp;13.62 | &nbsp;&nbsp;&nbsp;&nbsp; (14.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.71 | &nbsp;&nbsp;&nbsp;&nbsp;8.01 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp;16.37 | &nbsp;&nbsp;&nbsp;&nbsp;14.51 | &nbsp;&nbsp;&nbsp;&nbsp; (13.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.51 | &nbsp;&nbsp;&nbsp;&nbsp;8.89 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.90)<br>|
| Dividends from net realized gain on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.67)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.57)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;79.01 | &nbsp;&nbsp;&nbsp;&nbsp;79.76 | &nbsp;&nbsp;&nbsp;&nbsp;69.08 | &nbsp;&nbsp;&nbsp;&nbsp;57.81 | &nbsp;&nbsp;&nbsp;&nbsp;77.81 | &nbsp;&nbsp;&nbsp;&nbsp;64.27 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 6.04 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;24.67 | &nbsp;&nbsp;&nbsp;&nbsp;25.93 | &nbsp;&nbsp;&nbsp;&nbsp; (18.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.40 | &nbsp;&nbsp;&nbsp;&nbsp;18.01 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .27 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .27 | &nbsp;&nbsp;&nbsp;&nbsp; .27 | &nbsp;&nbsp;&nbsp;&nbsp; .26 | &nbsp;&nbsp;&nbsp;&nbsp; .26 | &nbsp;&nbsp;&nbsp;&nbsp; .27 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .27 <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .27 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .27 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .26 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .26 | &nbsp;&nbsp;&nbsp;&nbsp; .27 |
| Ratio of net investment income to average <br> net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13 <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; .93 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 3481858 | &nbsp;&nbsp;&nbsp;&nbsp; 3378132 | &nbsp;&nbsp;&nbsp;&nbsp; 2906425 | &nbsp;&nbsp;&nbsp;&nbsp; 2540045 | &nbsp;&nbsp;&nbsp;&nbsp; 3272702 | &nbsp;&nbsp;&nbsp;&nbsp; 2718274 |

---

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

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

<sup>(b)</sup> Not annualized.

<sup>(c)</sup> Annualized.

<sup>(d)</sup> Amount inclusive of reduction in fees due to earnings credits.

See notes to financial statements.

**18**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **Service Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;79.99 | &nbsp;&nbsp;&nbsp;&nbsp;69.27 | &nbsp;&nbsp;&nbsp;&nbsp;57.97 | &nbsp;&nbsp;&nbsp;&nbsp;78.00 | &nbsp;&nbsp;&nbsp;&nbsp;64.37 | &nbsp;&nbsp;&nbsp;&nbsp;60.03 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .33 | &nbsp;&nbsp;&nbsp;&nbsp; .68 | &nbsp;&nbsp;&nbsp;&nbsp; .73 | &nbsp;&nbsp;&nbsp;&nbsp; .69 | &nbsp;&nbsp;&nbsp;&nbsp; .63 | &nbsp;&nbsp;&nbsp;&nbsp; .74 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;15.54 | &nbsp;&nbsp;&nbsp;&nbsp;13.65 | &nbsp;&nbsp;&nbsp;&nbsp; (14.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.75 | &nbsp;&nbsp;&nbsp;&nbsp;8.02 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;16.22 | &nbsp;&nbsp;&nbsp;&nbsp;14.38 | &nbsp;&nbsp;&nbsp;&nbsp; (13.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.38 | &nbsp;&nbsp;&nbsp;&nbsp;8.76 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.75)<br>|
| Dividends from net realized gain on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.67)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (4.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.42)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;79.26 | &nbsp;&nbsp;&nbsp;&nbsp;79.99 | &nbsp;&nbsp;&nbsp;&nbsp;69.27 | &nbsp;&nbsp;&nbsp;&nbsp;57.97 | &nbsp;&nbsp;&nbsp;&nbsp;78.00 | &nbsp;&nbsp;&nbsp;&nbsp;64.37 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 5.92 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;24.34 | &nbsp;&nbsp;&nbsp;&nbsp;25.60 | &nbsp;&nbsp;&nbsp;&nbsp; (18.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.11 | &nbsp;&nbsp;&nbsp;&nbsp;17.71 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .52 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .52 | &nbsp;&nbsp;&nbsp;&nbsp; .52 | &nbsp;&nbsp;&nbsp;&nbsp; .51 | &nbsp;&nbsp;&nbsp;&nbsp; .51 | &nbsp;&nbsp;&nbsp;&nbsp; .52 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .52 <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .52 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .52 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .51 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .51 | &nbsp;&nbsp;&nbsp;&nbsp; .52 |
| Ratio of net investment income to average <br> net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .88 <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .91 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .89 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; .93 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 63768 | &nbsp;&nbsp;&nbsp;&nbsp; 65104 | &nbsp;&nbsp;&nbsp;&nbsp; 57786 | &nbsp;&nbsp;&nbsp;&nbsp; 51121 | &nbsp;&nbsp;&nbsp;&nbsp; 68792 | &nbsp;&nbsp;&nbsp;&nbsp; 195831 |

---

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

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

<sup>(b)</sup> Not annualized.

<sup>(c)</sup> Annualized.

<sup>(d)</sup> Amount inclusive of reduction in fees due to earnings credits.

See notes to financial statements.

**19**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—**

**Significant Accounting Policies:**

BNY Mellon Stock 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 is only offered to separate accounts established by insurance companies to fund variable annuity contracts and variable life insurance policies. The fund's investment objective is to seek to match the total return of the S&P 500® 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. Mellon Investments Corporation, an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund's index manager (the "Index Manager").

BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares, which are sold without a sales charge. The fund is authorized to issue 400 million shares of $.001 par value of Common Stock in each of the following classes of shares: Initial shares (250 million shares authorized) and Service shares (150 million shares authorized). Initial shares are subject to a Shareholder Services Plan fee and Service shares are subject to a Distribution Plan fee. Each class of shares has identical rights and privileges, except with respect to the Distribution Plan, Shareholder Services Plan and the expenses borne by each class, the allocation of certain transfer agency costs 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

**20**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (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 June 30, 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; 3521083964 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **3521083964** |
| Investment Companies | &nbsp;&nbsp; 22288863 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **22288863** |
|  | &nbsp;&nbsp; **3543372827** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **3543372827** |
| Other Financial Instruments: |  |  |  |  |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp; 884401 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **884401** |
|  | &nbsp;&nbsp; **884401** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **884401** |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| See Statement 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 June 30, 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.

**21**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (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 Statement 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 June 30, 2025, BNY earned $3,885 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 June 30, 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; 39979929 |
| 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; (39979929 )<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 Statement 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, 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 are normally declared and paid quarterly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code"). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

**(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

**22**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (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 June 30, 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 June 30, 2025, the fund did not incur any interest or penalties.

Each tax year in the three-year period ended December 31, 2024 remains subject to examination by the Internal Revenue Service and state taxing authorities.

The tax character of distributions paid to shareholders during the fiscal year ended December 31, 2024 were as follows: ordinary income $37,798,883 and long-term capital gains $201,452,260. The tax character of current year distributions will be determined at the end of the current fiscal year.

**(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 management of the Adviser, comprising Senior Management and Directors. 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 Statement 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 June 30, 2025, the fund did not borrow under either Facility.

**NOTE 3—**

**Management Fee, Index-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 .245% of the value of the fund's average daily net assets and is payable monthly.

Pursuant to an index-management agreement (the "Index Agreement"), the Adviser has agreed to pay the Index Manager a monthly index-management fee at the annual rate of .095% of the value of the fund's average daily net assets. Pursuant to the Index Agreement, the Index Manager pays The Bank of New York Mellon (the "Custodian"), a subsidiary of BNY and an affiliate of the Adviser, for its services to the fund, excluding services related to shareholder reporting and regulatory services for the fund.

**(b)** Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Service shares pay the Distributor for distributing its shares, for servicing and/or maintaining Service shares' shareholder accounts and for advertising and marketing for Service shares. The Distribution Plan provides for payments to be made at an annual rate of .25% of the value of the Service shares' average daily net assets. The Distributor may make payments to Participating Insurance Companies and to brokers and dealers acting as principal underwriter for their variable insurance products. The fees payable under the Distribution Plan are payable without regard to actual expenses incurred. During the period ended June 30, 2025, Service shares were charged $77,324 pursuant to the Distribution Plan.

**23**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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

**(c)** Under the Shareholder Services Plan, Initial shares reimburse the Distributor at an amount not to exceed an annual rate of .25% of the value of its average daily net assets for certain allocated expenses with respect to servicing and/or maintaining Initial shares' shareholder accounts. During the period ended June 30, 2025, Initial shares were charged $6,405 pursuant to the Shareholder Services Plan.

The fund has an arrangement with BNY Mellon Transfer, Inc., (the "Transfer Agent"), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset Transfer Agent fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, as an expense offset in the Statement of Operations.

The fund has an arrangement with the Custodian 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 fund compensates the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended June 30, 2025, the fund was charged $661 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset by earnings credits of $244.

During the period ended June 30, 2025, the fund was charged $15,577 for services performed by the fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The fund compensates the Custodian for providing shareholder reporting and regulatory services for the fund. These fees are included in Shareholder and regulatory reports service fees in the Statement of Operations. During the period ended June 30, 2025, the Custodian was compensated $6,167 for financial reporting and regulatory services.

The components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $696,924, Distribution Plan fees of $12,927, Chief Compliance Officer fees of $4,320, Transfer Agent fees of $221 and Shareholder and regulatory reports service fees of $6,167.

**(d)** 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 June 30, 2025, amounted to $31,269,335 and $62,664,371, 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. The fund is deemed a "limited" derivatives user under the rule and is required to limit its derivatives exposure so that the total notional value of applicable derivatives does not exceed 10% of fund's net assets, and is subject to certain reporting requirements. Each type of derivative instrument that was held by the fund during the period ended June 30, 2025 is discussed below.

**Deposits with Broker:** The amount included in deposits held with broker represents cash balances that are held by a broker including collateral required for derivative contracts within Cash collateral held by broker in the Statement of Asset and Liabilities. 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 June 30, 2025 are set forth in the Statement of Investments.

**24**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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

Fair value of derivative instruments as of June 30, 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; 884401 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Gross fair value of derivative contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **884401** | &nbsp;&nbsp;&nbsp;&nbsp; **-** |

---

&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 Statement 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 June 30, 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; 671456 | &nbsp;&nbsp;&nbsp;&nbsp; **671456** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **671456** | &nbsp;&nbsp;&nbsp;&nbsp; **671456** |

---

&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; 2760228 | &nbsp;&nbsp;&nbsp;&nbsp; **2760228** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **2760228** | &nbsp;&nbsp;&nbsp;&nbsp; **2760228** |

---

&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 June 30, 2025:

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **Futures:** |  |
| Equity Futures Long | &nbsp;&nbsp; 51892398 |

---

At June 30, 2025, accumulated net unrealized appreciation on investments inclusive of derivative contracts was $2,848,224,234, consisting of $2,878,800,528 gross unrealized appreciation and $30,576,294 gross unrealized depreciation.

At June 30, 2025, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

**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 fund is charged for services performed by the fund's Chief Compliance Officer. Compensation paid by the fund during the period to the board members and the Chief Compliance Officer are within Item 7. Statement of Operations as Directors' fees and expenses and Chief Compliance Officer fees, respectively. The aggregate amount of Directors' fees and expenses and Chief Compliance Officer fees paid by the fund during the period was $169,339.

**28**

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

At a meeting of the fund's Board of Directors (the "Board") held on March 4-5, 2025, the Board considered the renewal of the fund's Management Agreement, pursuant to which the Adviser provides the fund with investment advisory and administrative services, and the Index Management Agreement (together with the Management Agreement, the "Agreements"), pursuant to which Mellon Investments Corporation (the "Index Manager") provides day-to-day management of the fund's investments. The Board members, none of whom are "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and Index Manager. In considering the renewal of the Agreements, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

<u>Analysis of Nature, Extent, and Quality of Services Provided to the Fund.</u> The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to funds in the BNY fund complex, including the fund. The Adviser provided the number of open accounts in the fund, the fund's asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the BNY fund complex (such as intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser's corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.

The Board also considered research support available to, and portfolio management capabilities of, the fund's portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser's extensive administrative, accounting and compliance infrastructures, as well as the Adviser's supervisory activities over the Index Manager.

<u>Comparative Analysis of the Fund's Performance and Management Fee and Expense Ratio.</u> The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper ("Lipper"), which included information comparing (1) the performance of the fund's Initial shares with the performance of a group of S&P 500 index funds underlying variable insurance products ("VIPs") selected by Broadridge as comparable to the fund (the "Performance Group") and with a broader group of funds consisting of all S&P 500 index funds underlying VIPs (the "Performance Universe"), all for various periods ended December 31, 2024, and (2) the fund's actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the "Expense Group") and with a broader group of funds consisting of all S&P 500 index funds underlying VIPs with similar 12b-1/non-12b-1 structures, excluding outliers (the "Expense Universe"), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board also considered the fund's performance in light of overall financial market conditions. The Board discussed with representatives of the Adviser the results of the comparisons and considered that the fund's total return performance was above the Performance Group median for all periods and above the Performance Universe median for all periods, except for the two-year period when the fund's total return performance was at the Performance Universe median. The Adviser also provided a comparison of the fund's calendar year total returns to the returns of the fund's benchmark index. The Board noted that the fund had a four star rating for each of the three-, five- and ten-year periods and a four star overall rating from Morningstar based on Morningstar's risk-adjusted return measures.

Management Fee and Expense Ratio Comparisons. The Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services and index management services provided by the Adviser and Index Manager, respectively. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund's last fiscal year. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.

**29**

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

The Board considered that the fund's contractual management fee was slightly higher than the Expense Group median contractual management fee, the fund's actual management fee was slightly higher than the Expense Group median and slightly higher than the Expense Universe median actual management fee, and the fund's total expenses were lower than the Expense Group median and lower than the Expense Universe median total expenses. The Board noted, however, that the Expense Group included funds that charged 12b-1 fees and/or non-12b-1 service fees, whereas, the fund's Initial shares are not subject to such fees. Had the 12b-1/non-12b-1 fees applicable to the fund's Service shares been included in the comparison with the Expense Group, the fund's total expenses would have been higher than the Expense Group median and higher than the Expense Universe median total expenses.

Representatives of the Adviser reviewed with the Board the management or investment advisory fees paid to the Adviser or the Index Manager for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the "Similar Clients"), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness of the fund's management fee. Representatives of the Adviser noted that there were no other funds advised by the Adviser that are in the same Lipper category as the fund.

The Board considered the fee payable to the Index Manager in relation to the fee payable to the Adviser by the fund and the respective services provided by the Index Manager and the Adviser. The Board also took into consideration that the Index Manager's fee is paid by the Adviser, out of its fee from the fund, and not the fund.

<u>Analysis of Profitability and Economies of Scale.</u> Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser's approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.

The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by the Adviser and the Index Manager, including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that, as a result of shared and allocated costs among funds in the BNY fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund's asset level. The Board also considered potential benefits to the Adviser and the Index Manager from acting as investment adviser and index manager, respectively, and took into consideration that there were no soft dollar arrangements in effect for trading the fund's investments.

At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Board concluded that the nature, extent and quality of the services provided by the Adviser and the Index Manager are satisfactory and appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;●The Board was satisfied with the fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Board concluded that the fees paid to the Adviser and the Index Manager continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund

**30**

------

pursuant to the Management Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

In evaluating the Agreements, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates and the Index Manager, of the Adviser and the Index Manager and the services provided to the fund by the Adviser and the Index Manager. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreements, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board's consideration of the contractual fee arrangements for the fund had the benefit of a number of years of reviews of the Agreements for the fund, or substantially similar agreements for other BNY funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board's conclusions may be based, in part, on its consideration of the fund's arrangements, or substantially similar arrangements for other BNY funds that the Board oversees, in prior years. The Board determined to renew the Agreements.

**31**

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

Code-0763NCSRSA0625

![](img4dbcb3081.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 materials changes to the procedures applicable to Item 15.

**Item 16.** **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

(a)(2) [Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940](exhibit_99-302cert.htm).

(a)(3) Not applicable.

&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;(b) [Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940](exhibit_99-906cert.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 Stock Index Fund, Inc.

By: /s/ David J. DiPetrillo

David J. DiPetrillo

President (Principal Executive Officer)

Date: August 11, 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: /s/ David J. DiPetrillo

David J. DiPetrillo

President (Principal Executive Officer)

Date: August 11, 2025

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

James Windels

Treasurer (Principal Financial Officer)

Date: August 8, 2025

**EXHIBIT INDEX**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; 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.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 Stock 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: August 11, 2025

**SECTION 302 CERTIFICATION**

I, James Windels, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon Stock 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: August 8, 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: August 11, 2025

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

James Windels

Treasurer (Principal Financial Officer)

Date: August 8, 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.*