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
811-05883
BNY Mellon Index Funds, 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:
(212) 922-6400
Date of fiscal year end:
10/31
Date of reporting period:
4/30/25
ITEM 1 - Reports to Stockholders
BNY Mellon International Stock Index Fund
SEMI-ANNUAL
SHAREHOLDER
REPORT
April 30, 2025
Investor Shares – DIISX
This semi-annual shareholder report contains important information about BNY Mellon International Stock Index Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
What were the Fund’s costs for the last 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
Investor Shares* $31 0.60%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc.
**
Annualized.
KEY FUND STATISTICS (AS OF 4/30/25 )

Fund Size (Millions)
Number of Holdings
Portfolio Turnover
$315 700 1.74%
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
Portfolio Holdings (as of 4/30/25 )
Top Ten Holdings (Based on Net Assets) *
Graphical Representation - Top N Holdings Chart
* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.
Country Allocation (Based on Net Assets)
Graphical Representation - Allocation 1 Chart
For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/literaturecenter .
© 2025 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-0079SA0425
TSR- BNY Investment Logo
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
BNY Mellon International Stock Index Fund
SEMI-ANNUAL
SHAREHOLDER
REPORT
April 30, 2025
Class I – DINIX
This semi-annual shareholder report contains important information about BNY Mellon International Stock Index Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
What were the Fund’s costs for the last 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
Class I* $18 0.35%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc.
**
Annualized.
KEY FUND STATISTICS (AS OF 4/30/25 )

Fund Size (Millions)
Number of Holdings
Portfolio Turnover
$315 700 1.74%
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
Portfolio Holdings (as of 4/30/25 )
Top Ten Holdings (Based on Net Assets) *
Graphical Representation - Top N Holdings Chart
* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.
Country Allocation (Based on Net Assets)
Graphical Representation - Allocation 1 Chart
For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/literaturecenter .
© 2025 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-4037SA0425
TSR- BNY Investment Logo
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
BNY Mellon S&P 500 Index Fund
SEMI-ANNUAL
SHAREHOLDER
REPORT
April 30, 2025
Ticker – PEOPX
This semi-annual shareholder report contains important information about BNY Mellon S&P 500 Index Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
What were the Fund’s costs for the last six months ?
(based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
BNY Mellon S&P 500 Index Fund* $25 0.50%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc.
**
Annualized.
KEY FUND STATISTICS (AS OF 4/30/25 )

Fund Size (Millions)
Number of Holdings
Portfolio Turnover
$2,221 506 1.10%
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
Portfolio Holdings (as of 4/30/25 )
Top Ten Holdings (Based on Net Assets) *
Graphical Representation - Top N Holdings Chart
* 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
For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/literaturecenter .
© 2025 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-0078SA0425
TSR- BNY Investment Logo
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
BNY Mellon Smallcap Stock Index Fund
SEMI-ANNUAL
SHAREHOLDER
REPORT
April 30, 2025
Investor Shares – DISSX
This semi-annual shareholder report contains important information about BNY Mellon Smallcap Stock Index Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
What were the Fund’s costs for the last 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
Investor Shares* $23 0.50%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc.
**
Annualized.
KEY FUND STATISTICS (AS OF 4/30/25 )

Fund Size (Millions)
Number of Holdings
Portfolio Turnover
$819 607 26.64%
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
Portfolio Holdings (as of 4/30/25 )
Top Ten Holdings (Based on Net Assets) *
Graphical Representation - Top N Holdings Chart
* 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
For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/literaturecenter .
© 2025 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-0077SA0425
TSR- BNY Investment Logo
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
BNY Mellon Smallcap Stock Index Fund
SEMI-ANNUAL
SHAREHOLDER
REPORT
April 30, 2025
Class I – DISIX
This semi-annual shareholder report contains important information about BNY Mellon Smallcap Stock Index Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
What were the Fund’s costs for the last 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
Class I* $12 0.25%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc.
**
Annualized.
KEY FUND STATISTICS (AS OF 4/30/25 )

Fund Size (Millions)
Number of Holdings
Portfolio Turnover
$819 607 26.64%
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
Portfolio Holdings (as of 4/30/25 )
Top Ten Holdings (Based on Net Assets) *
Graphical Representation - Top N Holdings Chart
* 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
For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/literaturecenter .
© 2025 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-4036SA0425
TSR- BNY Investment Logo
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 International Stock Index Fund
SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION
April 30, 2025
 
Class
Ticker
Investor
DIISX
I
DINIX
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”).
 
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies. 
BNY Mellon International Stock Index Fund
STATEMENT OF INVESTMENTS
April 30, 2025 (Unaudited)

 
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9%
Australia — 6.5%
ANZ Group Holdings Ltd.
51,740
989,622
APA Group
22,743
119,749
Aristocrat Leisure Ltd.
9,691
414,914
ASX Ltd.
3,335
151,096
BHP Group Ltd.
88,105
2,155,278
BlueScope Steel Ltd.
7,628
116,632
Brambles Ltd.
23,656
310,937
CAR Group Ltd.
6,551
139,777
Cochlear Ltd.
1,151
202,448
Coles Group Ltd.
23,273
316,338
Commonwealth Bank of Australia
29,058
3,100,943
Computershare Ltd.
9,274
241,896
CSL Ltd.
8,408
1,352,522
Fortescue Ltd.
28,778
298,442
Goodman Group
35,122
674,472
Insurance Australia Group Ltd.
41,132
216,310
Macquarie Group Ltd.
6,271
777,067
Medibank Private Ltd.
48,294
143,846
National Australia Bank Ltd.
53,401
1,235,863
Northern Star Resources Ltd.
22,549
277,031
Origin Energy Ltd.
29,066
198,098
Pro Medicus Ltd.
1,006
147,830
Qantas Airways Ltd.
13,002
73,707
QBE Insurance Group Ltd.
26,399
365,084
REA Group Ltd.(a)
927
147,396
Reece Ltd.
3,908
39,477
Rio Tinto Ltd.(a)
6,385
478,929
Santos Ltd.
56,953
219,252
Scentre Group
91,374
211,877
SGH Ltd.
3,507
114,679
Sonic Healthcare Ltd.
8,003
133,694
South32 Ltd.
78,694
138,620
Stockland
41,137
144,663
Suncorp Group Ltd.
18,967
246,145
Telstra Group Ltd.
71,118
205,451
The GPT Group
33,724
100,017
The Lottery Corp. Ltd.
37,234
124,498
Transurban Group
53,756
485,855
Treasury Wine Estates Ltd.
14,444
82,714
Vicinity Ltd.
67,854
102,575
Washington H Soul Pattinson & Co. Ltd.(a)
4,235
100,941
Wesfarmers Ltd.
19,705
988,558
Westpac Banking Corp.
59,607
1,253,873
WiseTech Global Ltd.
3,260
184,847
Woodside Energy Group Ltd.
32,876
436,758
Woolworths Group Ltd.
21,457
433,907
 
20,394,628
3
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Austria — .2%
Erste Group Bank AG
5,399
363,611
OMV AG
2,577
133,006
Verbund AG
1,161
89,042
 
585,659
Belgium — .8%
Ageas SA
2,637
165,050
Anheuser-Busch InBev SA/NV
15,604
1,018,195
D’ieteren Group
377
75,039
Groupe Bruxelles Lambert NV
1,415
116,216
KBC Group NV
4,024
369,519
Lotus Bakeries NV
7
67,087
Sofina SA
257
71,505
Syensqo SA
1,272
90,234
UCB SA
2,195
400,717
 
2,373,562
Chile — .0%
Antofagasta PLC
6,850
149,076
China — .0%
Yangzijiang Shipbuilding Holdings Ltd.
45,300
77,344
Denmark — 2.3%
AP Moller - Maersk A/S, Cl. A
51
86,380
AP Moller - Maersk A/S, Cl. B
79
134,704
Carlsberg A/S, Cl. B
1,678
228,131
Coloplast A/S, Cl. B
2,207
248,534
Danske Bank A/S
12,095
421,645
Demant A/S(b)
1,568
56,733
DSV A/S
3,536
745,946
Genmab A/S(b)
1,069
225,514
Novo Nordisk A/S, Cl. B
55,924
3,692,902
Novonesis (Novozymes) B, Cl. B
6,037
390,403
Orsted A/S(a),(b),(c)
2,979
118,364
Pandora A/S
1,448
213,651
Rockwool A/S, Cl. B
1,610
73,060
Tryg A/S
5,669
135,251
Vestas Wind Systems A/S(b)
17,662
233,903
Zealand Pharma A/S(b)
1,117
78,253
 
7,083,374
Finland — 1.0%
Elisa OYJ
2,494
132,847
Fortum OYJ
7,944
132,696
Kesko OYJ, Cl. B
4,473
102,358
Kone OYJ, Cl. B
5,809
358,650
Metso OYJ
10,862
117,611
Neste OYJ
6,569
68,136
Nokia OYJ
93,234
463,567
Nordea Bank Abp
54,627
753,440
Orion OYJ, Cl. B
1,892
118,206
Sampo OYJ, Cl. A
42,458
424,133
Stora Enso OYJ, Cl. R
10,322
95,487
4
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Finland — 1.0% (continued)
UPM-Kymmene OYJ
9,315
246,084
Wartsila OYJ Abp
8,637
159,095
 
3,172,310
France — 10.8%
Accor SA
3,454
168,840
Aeroports de Paris SA
592
73,637
Air Liquide SA
10,041
2,053,860
Airbus SE
10,318
1,719,882
Alstom SA(b)
6,008
144,427
Amundi SA(c)
1,062
83,434
Arkema SA
993
74,976
AXA SA
30,767
1,448,897
BioMerieux
721
96,952
BNP Paribas SA
17,672
1,487,265
Bollore SE
12,504
77,058
Bouygues SA
3,291
144,282
Bureau Veritas SA
5,337
168,563
Capgemini SE
2,701
427,917
Carrefour SA
9,446
145,479
Cie de Saint-Gobain SA
7,786
842,345
Cie Generale des Etablissements Michelin SCA
11,757
428,470
Covivio SA/France
989
55,235
Credit Agricole SA
18,215
340,269
Danone SA
11,210
964,635
Dassault Aviation SA
346
124,253
Dassault Systemes SE
11,712
435,719
Edenred SE
4,224
131,018
Eiffage SA
1,203
163,198
Engie SA
31,612
651,235
EssilorLuxottica SA
5,164
1,478,304
Eurazeo SE
725
52,728
FDJ United(c)
1,762
62,757
Gecina SA
803
82,326
Getlink SE
5,238
98,977
Hermes International SCA
550
1,489,754
Ipsen SA
659
76,223
Kering SA
1,305
263,652
Klepierre SA
3,792
138,496
Legrand SA
4,523
493,430
L’Oreal SA
4,175
1,830,374
LVMH Moet Hennessy Louis Vuitton SE
4,778
2,640,884
Orange SA
32,653
472,929
Pernod Ricard SA
3,475
374,848
Publicis Groupe SA
4,014
405,888
Renault SA
3,254
171,892
Rexel SA
3,922
108,366
Safran SA
6,253
1,650,505
Sanofi SA
19,740
2,144,560
Sartorius Stedim Biotech
508
118,666
Schneider Electric SE
9,496
2,196,690
Societe Generale SA
12,449
643,090
5
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
France — 10.8% (continued)
Sodexo SA
1,551
98,219
Teleperformance SE
947
103,483
Thales SA
1,607
445,838
TotalEnergies SE
37,471
2,171,692
Unibail-Rodamco-Westfield
2,128
179,646
Veolia Environnement SA
12,088
440,669
Vinci SA
8,587
1,192,626
 
34,079,358
Germany — 9.7%
adidas AG
2,999
685,259
Allianz SE
6,706
2,766,028
BASF SE
15,465
781,896
Bayer AG
17,059
445,061
Bayerische Motoren Werke AG
5,085
428,008
Beiersdorf AG
1,728
242,738
Brenntag SE
2,152
142,812
Commerzbank AG
16,452
432,766
Continental AG
1,865
144,598
Covestro AG(b)
3,133
210,824
CTS Eventim AG & Co. KGaA
1,095
128,761
Daimler Truck Holding AG
8,099
322,591
Delivery Hero SE(b),(c)
3,158
88,687
Deutsche Bank AG
32,080
835,135
Deutsche Boerse AG
3,270
1,050,203
Deutsche Lufthansa AG
10,522
75,286
Deutsche Telekom AG
60,610
2,169,720
DHL Group
16,616
706,067
E.ON SE
39,260
685,593
Evonik Industries AG
4,544
101,667
Fresenius Medical Care AG
3,452
174,061
Fresenius SE & Co. KGaA(b)
7,363
348,661
GEA Group AG
2,720
176,561
Hannover Rueck SE
1,048
335,273
Heidelberg Materials AG
2,346
463,098
Henkel AG & Co. KGaA
1,756
123,535
Infineon Technologies AG
22,646
741,159
Knorr-Bremse AG
1,255
123,975
LEG Immobilien SE
1,282
108,270
Mercedes-Benz Group AG
12,509
743,543
Merck KGaA
2,261
312,231
MTU Aero Engines AG
943
324,650
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
2,323
1,583,177
Nemetschek SE
1,026
135,176
Puma SE
1,864
47,660
Rational AG
90
76,722
Rheinmetall AG
756
1,283,795
RWE AG
10,852
420,444
SAP SE
18,132
5,244,076
Scout24 SE(c)
1,250
148,262
Siemens AG
13,197
3,019,197
Siemens Energy AG(b)
11,091
848,602
6
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Germany — 9.7% (continued)
Siemens Healthineers AG(c)
4,922
264,186
Symrise AG
2,319
266,780
Talanx AG
1,145
130,879
Vonovia SE
12,987
430,188
Zalando SE(b),(c)
3,838
139,002
 
30,456,863
Hong Kong — 1.9%
AIA Group Ltd.
187,400
1,403,881
BOC Hong Kong Holdings Ltd.
64,500
267,794
CK Asset Holdings Ltd.
33,975
139,087
CK Hutchison Holdings Ltd.
46,975
265,293
CK Infrastructure Holdings Ltd.
11,000
74,179
CLP Holdings Ltd.
28,788
246,099
Futu Holdings Ltd., ADR
988
91,202
Galaxy Entertainment Group Ltd.
37,277
135,542
Hang Seng Bank Ltd.
13,000
181,533
Henderson Land Development Co. Ltd.
25,138
71,308
HKT Trust & HKT Ltd.
62,660
89,196
Hong Kong & China Gas Co. Ltd.
198,267
178,695
Hong Kong Exchanges & Clearing Ltd.
20,842
915,848
Hongkong Land Holdings Ltd.
19,300
94,377
Jardine Matheson Holdings Ltd.
2,846
126,533
Link REIT
45,339
212,501
MTR Corp. Ltd.
27,256
94,185
Power Assets Holdings Ltd.
23,000
152,284
Prudential PLC
45,614
481,333
Sino Land Co. Ltd.(a)
65,631
67,530
SITC International Holdings Co. Ltd.
24,000
66,378
Sun Hung Kai Properties Ltd.
25,199
239,299
Swire Pacific Ltd., Cl. A
7,000
60,563
Techtronic Industries Co. Ltd.
23,865
241,247
The Wharf Holdings Ltd.(a)
19,000
47,723
WH Group Ltd.(c)
139,885
125,174
Wharf Real Estate Investment Co. Ltd.
29,311
70,296
 
6,139,080
Ireland — .8%
AerCap Holdings NV
3,322
352,132
AIB Group PLC
36,708
245,973
Bank of Ireland Group PLC
17,596
205,815
DCC PLC
1,754
114,213
Experian PLC
15,935
788,939
James Hardie Industries PLC-CDI(b)
7,519
178,203
Kerry Group PLC, Cl. A
2,539
268,215
Kingspan Group PLC
2,711
228,187
 
2,381,677
Israel — .9%
Azrieli Group Ltd.
750
54,575
Bank Hapoalim BM
21,904
320,821
Bank Leumi Le-Israel BM
26,319
373,552
Check Point Software Technologies Ltd.(b)
1,512
331,975
CyberArk Software Ltd.(b)
802
282,432
7
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Israel — 0.9% (continued)
Elbit Systems Ltd.
468
179,687
Global-e Online Ltd.(b)
1,803
64,746
ICL Group Ltd.
13,718
91,000
Israel Discount Bank Ltd., Cl. A
21,593
161,099
Mizrahi Tefahot Bank Ltd.
2,720
137,755
Monday.com Ltd.(b)
653
183,486
Nice Ltd.(b)
1,063
166,064
Nova Ltd.(b)
519
99,548
Teva Pharmaceutical Industries Ltd., ADR(b)
19,647
304,725
Wix.com Ltd.(b)
932
158,058
 
2,909,523
Italy — 2.8%
Amplifon SpA
2,183
41,559
Banco BPM SpA
21,982
243,893
BPER Banca SPA
16,861
136,343
Davide Campari-Milano NV(a)
10,488
69,910
DiaSorin SpA
363
41,328
Enel SpA
141,230
1,222,982
Eni SpA
37,438
538,628
Ferrari NV
2,189
995,891
FinecoBank Banca Fineco SpA
10,761
214,128
Generali
16,288
593,043
Infrastrutture Wireless Italiane SpA(c)
5,672
67,725
Intesa Sanpaolo SpA
262,776
1,393,765
Leonardo SpA
7,097
368,224
Mediobanca Banca di Credito Finanziario SpA
8,651
176,258
Moncler SpA
4,032
246,836
Nexi SpA(b),(c)
8,629
50,284
Poste Italiane SpA(c)
8,016
162,004
Prysmian SpA
4,765
258,782
Recordati Industria Chimica e Farmaceutica SpA
2,038
119,709
Snam SpA
35,622
204,193
Telecom Italia SpA(a),(b)
162,296
63,982
Terna - Rete Elettrica Nazionale
24,673
245,073
UniCredit SpA
24,245
1,399,939
Unipol Assicurazioni SpA
6,291
112,246
 
8,966,725
Japan — 21.3%
Advantest Corp.
13,400
549,477
Aeon Co. Ltd.
11,500
339,981
AGC, Inc.
3,460
107,759
Aisin Corp.
9,400
119,094
Ajinomoto Co., Inc.
16,000
326,311
ANA Holdings, Inc.
2,900
55,493
Asahi Group Holdings Ltd.
24,900
343,511
Asahi Kasei Corp.
21,900
152,249
Asics Corp.
11,300
243,735
Astellas Pharma, Inc.
31,595
315,442
Bandai Namco Holdings, Inc.
10,250
354,786
Bridgestone Corp.
10,000
419,010
Canon, Inc.
16,117
496,428
8
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Japan — 21.3% (continued)
Capcom Co. Ltd.
6,000
173,689
Central Japan Railway Co.
13,500
276,742
Chubu Electric Power Co., Inc.
11,200
145,072
Chugai Pharmaceutical Co. Ltd.
11,584
665,890
Concordia Financial Group Ltd.
18,600
119,447
Dai Nippon Printing Co. Ltd.
6,800
94,690
Daifuku Co. Ltd.
5,700
150,971
Dai-ichi Life Holdings, Inc.
62,200
445,684
Daiichi Sankyo Co. Ltd.
30,349
773,477
Daikin Industries Ltd.
4,600
524,248
Daito Trust Construction Co. Ltd.
1,000
110,925
Daiwa House Industry Co. Ltd.
9,800
353,329
Daiwa Securities Group, Inc.
23,300
152,237
Denso Corp.
32,800
423,822
Dentsu Group, Inc.
3,500
72,800
Disco Corp.
1,600
309,078
East Japan Railway Co.
15,600
337,793
Eisai Co. Ltd.
4,300
123,845
ENEOS Holdings, Inc.
47,926
229,909
FANUC Corp.
16,245
415,158
Fast Retailing Co. Ltd.
3,274
1,075,763
Fuji Electric Co. Ltd.
2,400
106,135
FUJIFILM Holdings Corp.
19,200
394,192
Fujikura Ltd.
4,400
161,469
Fujitsu Ltd.
30,400
669,957
Hankyu Hanshin Holdings, Inc.
4,000
113,806
Hikari Tsushin, Inc.
300
83,047
Hitachi Ltd.
80,500
1,980,690
Honda Motor Co. Ltd.
77,977
792,423
Hoshizaki Corp.
1,900
80,688
Hoya Corp.
6,100
715,890
Hulic Co. Ltd.
8,200
85,481
Idemitsu Kosan Co. Ltd.
16,075
99,443
Inpex Corp.
15,300
193,577
Isuzu Motors Ltd.
9,400
126,655
ITOCHU Corp.
20,600
1,049,162
Japan Airlines Co. Ltd.
2,600
46,943
Japan Exchange Group, Inc.
17,400
193,739
Japan Post Bank Co. Ltd.
30,600
312,677
Japan Post Holdings Co. Ltd.
33,700
326,441
Japan Post Insurance Co. Ltd.
3,500
69,998
Japan Tobacco, Inc.
21,000
647,272
JFE Holdings, Inc.
10,060
116,797
Kajima Corp.
6,800
162,034
Kao Corp.
8,000
341,698
Kawasaki Kisen Kaisha Ltd.
6,300
85,921
KDDI Corp.
53,226
939,403
Keyence Corp.
3,340
1,397,857
Kikkoman Corp.
11,300
110,289
Kirin Holdings Co. Ltd.
13,600
205,360
Kobe Bussan Co. Ltd.
2,600
79,757
9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Japan — 21.3% (continued)
Komatsu Ltd.
15,800
453,181
Konami Group Corp.
1,700
241,957
Kubota Corp.
16,500
190,757
Kyocera Corp.
22,000
260,344
Kyowa Kirin Co. Ltd.
4,205
65,437
Lasertec Corp.
1,400
130,130
LY Corp.
48,700
183,860
M3, Inc.(b)
7,800
97,459
Makita Corp.
4,200
122,845
Marubeni Corp.
24,200
427,875
MatsukiyoCocokara & Co.
5,900
108,381
MEIJI Holdings Co. Ltd.
4,184
102,830
Minebea Mitsumi, Inc.
6,200
90,802
Mitsubishi Chemical Group Corp.
23,680
114,442
Mitsubishi Corp.
59,394
1,126,567
Mitsubishi Electric Corp.
32,900
635,197
Mitsubishi Estate Co. Ltd.
18,200
318,863
Mitsubishi HC Capital, Inc.
15,600
109,815
Mitsubishi Heavy Industries Ltd.
55,700
1,089,418
Mitsubishi UFJ Financial Group, Inc.
199,090
2,511,252
Mitsui & Co. Ltd.
43,800
887,763
Mitsui Fudosan Co. Ltd.
46,358
456,836
Mitsui O.S.K. Lines Ltd.
5,800
192,238
Mizuho Financial Group, Inc.
41,850
1,047,860
MonotaRO Co. Ltd.
4,300
82,659
MS&AD Insurance Group Holdings, Inc.
22,071
500,912
Murata Manufacturing Co. Ltd.
29,000
449,056
NEC Corp.
21,300
517,826
Nexon Co. Ltd.
5,500
86,358
NIDEC Corp.
14,600
258,650
Nintendo Co. Ltd.
19,150
1,584,449
Nippon Building Fund, Inc.
135
125,199
Nippon Paint Holdings Co. Ltd.
16,600
125,969
Nippon Sanso Holdings Corp.
3,100
98,975
Nippon Steel Corp.
16,961
357,061
Nippon Telegraph & Telephone Corp.
516,500
539,330
Nippon Yusen KK
7,440
241,964
Nissan Motor Co. Ltd.(a)
39,100
93,388
Nissin Foods Holdings Co. Ltd.
3,500
77,084
Nitori Holdings Co. Ltd.
1,400
167,191
Nitto Denko Corp.
12,300
215,108
Nomura Holdings, Inc.
52,700
291,623
Nomura Research Institute Ltd.
6,649
250,744
NTT Data Group Corp.
11,100
219,508
Obayashi Corp.
11,500
178,275
OBIC Co. Ltd.
5,700
198,970
Olympus Corp.
19,600
255,727
Omron Corp.
3,100
91,712
Ono Pharmaceutical Co. Ltd.
6,600
75,795
Oracle Corp.
600
71,989
Oriental Land Co. Ltd.
18,600
394,557
10
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Japan — 21.3% (continued)
ORIX Corp.
20,200
402,785
Osaka Gas Co. Ltd.
6,100
154,313
Otsuka Corp.
4,000
88,712
Otsuka Holdings Co. Ltd.
7,700
374,660
Pan Pacific International Holdings Corp.
6,500
200,483
Panasonic Holdings Corp.
40,695
467,062
Rakuten Group, Inc.(b)
26,300
154,419
Recruit Holdings Co. Ltd.
24,400
1,355,328
Renesas Electronics Corp.
29,600
346,244
Resona Holdings, Inc.
35,800
285,188
Ricoh Co. Ltd.
9,300
97,956
SBI Holdings, Inc.
4,830
126,307
SCREEN Holdings Co. Ltd.
1,400
92,668
SCSK Corp.
2,700
70,682
Secom Co. Ltd.
7,100
260,602
Seiko Epson Corp.
5,100
70,946
Sekisui Chemical Co. Ltd.
6,700
116,634
Sekisui House Ltd.
10,500
240,579
Seven & i Holdings Co. Ltd.
38,180
564,636
SG Holdings Co. Ltd.
5,500
57,873
Shimadzu Corp.
4,100
105,181
Shimano, Inc.
1,300
183,526
Shin-Etsu Chemical Co. Ltd.
30,900
935,774
Shionogi & Co. Ltd.
13,300
222,690
Shiseido Co. Ltd.
6,600
108,638
SMC Corp.
1,000
325,011
SoftBank Corp.
496,000
748,961
SoftBank Group Corp.
16,740
838,756
Sompo Holdings, Inc.
15,510
503,874
Sony Group Corp.
106,800
2,816,777
Subaru Corp.
10,400
188,572
Sumitomo Corp.
18,900
462,388
Sumitomo Electric Industries Ltd.
12,600
201,716
Sumitomo Metal Mining Co. Ltd.
4,400
97,891
Sumitomo Mitsui Financial Group, Inc.
64,700
1,538,537
Sumitomo Mitsui Trust Group, Inc.
11,228
276,813
Sumitomo Realty & Development Co. Ltd.
5,200
192,754
Suntory Beverage & Food Ltd.
2,400
83,726
Suzuki Motor Corp.
27,500
328,411
Sysmex Corp.
8,500
157,629
T&D Holdings, Inc.
8,600
182,309
Taisei Corp.
2,900
157,088
Takeda Pharmaceutical Co. Ltd.
27,623
837,113
TDK Corp.
34,100
362,870
Terumo Corp.
23,400
448,263
The Chiba Bank Ltd.
10,100
89,076
The Kansai Electric Power Co., Inc.
16,799
206,198
TIS, Inc.
3,800
109,790
Toho Co. Ltd.
2,000
114,142
Tokio Marine Holdings, Inc.
30,900
1,233,580
Tokyo Electron Ltd.
7,800
1,157,889
11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Japan — 21.3% (continued)
Tokyo Gas Co. Ltd.
6,200
205,669
Tokyo Metro Co. Ltd.
5,100
64,597
Tokyu Corp.
9,410
114,384
TOPPAN Holdings, Inc.
4,200
117,470
Toray Industries, Inc.
24,500
155,811
Toyota Industries Corp.
2,800
328,214
Toyota Motor Corp.
164,575
3,141,175
Toyota Tsusho Corp.
11,200
221,290
Trend Micro, Inc.
2,200
157,407
Unicharm Corp.
19,100
177,067
West Japan Railway Co.
7,900
165,536
Yakult Honsha Co. Ltd.
4,500
92,294
Yamaha Motor Co. Ltd.
16,400
128,695
Yaskawa Electric Corp.
3,900
82,293
Yokogawa Electric Corp.
4,000
86,390
Zensho Holdings Co. Ltd.
1,700
105,450
ZOZO, Inc.
6,900
70,168
 
67,160,764
Luxembourg — .2%
ArcelorMittal SA
8,225
241,515
CVC Capital Partners PLC(a),(b),(c)
3,374
59,703
Eurofins Scientific SE
2,368
148,830
Tenaris SA
7,321
121,791
 
571,839
Macau — .0%
Sands China Ltd.(b)
38,213
68,881
Netherlands — 4.5%
ABN AMRO Bank NV(c)
8,035
165,665
Adyen NV(b),(c)
380
610,339
Aegon Ltd.
23,187
147,938
Akzo Nobel NV
2,999
188,760
Argenx SE(b)
1,044
671,771
ASM International NV
804
387,368
ASML Holding NV
6,839
4,512,954
ASR Nederland NV
2,779
174,410
BE Semiconductor Industries NV
1,355
144,660
Euronext NV(c)
1,326
220,817
EXOR NV
1,744
163,785
Ferrovial SE
8,316
403,963
Heineken Holding NV
2,240
174,586
Heineken NV
4,960
442,210
IMCD NV
1,047
138,595
ING Groep NV
54,652
1,053,380
JDE Peet’s NV
3,027
73,041
Koninklijke Ahold Delhaize NV
15,984
654,404
Koninklijke KPN NV
67,350
312,438
Koninklijke Philips NV(b)
14,010
354,087
NN Group NV
4,715
287,901
Prosus NV
23,754
1,101,280
QIAGEN NV
3,853
164,796
Randstad NV
1,918
76,526
12
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Netherlands — 4.5% (continued)
Stellantis NV
34,984
322,601
Universal Music Group NV
14,318
419,291
Wolters Kluwer NV
4,131
727,475
 
14,095,041
New Zealand — .3%
Auckland International Airport Ltd.
29,800
133,113
Contact Energy Ltd.
14,139
74,411
Fisher & Paykel Healthcare Corp. Ltd.
10,274
207,494
Infratil Ltd.
16,127
101,063
Meridian Energy Ltd.
22,852
74,386
Xero Ltd.(b)
2,545
267,663
 
858,130
Norway — .6%
Aker BP ASA
5,371
115,232
DNB Bank ASA
15,704
390,661
Equinor ASA
14,341
327,943
Gjensidige Forsikring ASA(a)
3,364
78,446
Kongsberg Gruppen ASA
1,542
247,232
Mowi ASA
7,915
144,630
Norsk Hydro ASA
24,090
126,431
Orkla ASA
12,465
138,508
Salmar ASA
1,104
54,386
Telenor ASA
10,423
156,494
Yara International ASA
2,859
92,118
 
1,872,081
Poland — .0%
InPost SA(b)
3,883
65,103
Portugal — .1%
EDP SA
53,141
209,258
Galp Energia SGPS SA
7,317
113,021
Jeronimo Martins SGPS SA
4,942
119,361
 
441,640
Singapore — 1.6%
CapitaLand A/Scendas REIT
62,727
127,750
CapitaLand Integrated Commercial Trust
101,159
166,520
CapitaLand Investment Ltd.
41,300
86,957
DBS Group Holdings Ltd.
34,572
1,123,636
Genting Singapore Ltd.
99,827
56,559
Grab Holdings Ltd., Cl. A(b)
38,700
188,856
Keppel Ltd.
25,800
129,583
Oversea-Chinese Banking Corp. Ltd.
58,624
724,889
Sea Ltd., ADR(b)
6,423
861,003
Sembcorp Industries Ltd.
14,100
71,250
Singapore Airlines Ltd.
26,333
135,284
Singapore Exchange Ltd.
15,000
164,919
Singapore Technologies Engineering Ltd.
27,100
153,749
Singapore Telecommunications Ltd.
130,451
377,540
United Overseas Bank Ltd.
22,163
587,801
Wilmar International Ltd.
33,800
79,188
 
5,035,484
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Spain — 3.0%
Acciona SA
433
62,983
ACS Actividades de Construccion y Servicios SA
3,086
192,628
Aena SME SA(c)
1,315
329,819
Amadeus IT Group SA
7,785
610,115
Banco Bilbao Vizcaya Argentaria SA
100,075
1,367,242
Banco de Sabadell SA
92,738
269,369
Banco Santander SA
263,112
1,842,647
CaixaBank SA
68,523
522,580
Cellnex Telecom SA(c)
9,257
373,749
EDP Renovaveis SA
5,470
51,154
Endesa SA
5,570
167,214
Grifols SA(b)
4,951
46,519
Iberdrola SA
101,174
1,821,805
Industria de Diseno Textil SA
18,941
1,013,643
Redeia Corp. SA
7,082
148,423
Repsol SA
20,296
248,547
Telefonica SA
67,851
347,276
 
9,415,713
Sweden — 3.6%
AddTech AB, Cl. B
4,558
153,073
Alfa Laval AB
5,085
210,492
Assa Abloy AB, Cl. B
17,267
520,931
Atlas Copco AB, Cl. A
46,532
721,413
Atlas Copco AB, Cl. B
27,371
380,739
Beijer Ref AB
6,820
103,865
Boliden AB
4,540
139,082
Epiroc AB, Cl. A
11,522
248,905
Epiroc AB, Cl. B
6,825
133,598
EQT AB
6,560
188,544
Essity AB, Cl. B
10,712
308,543
Evolution AB(c)
2,786
194,332
Fastighets AB Balder, Cl. B(a),(b)
12,722
91,083
H & M Hennes & Mauritz AB, Cl. B(a)
9,743
141,173
Hexagon AB, Cl. B
36,341
352,224
Holmen AB, Cl. B
1,351
53,478
Industrivarden AB, Cl. A
2,122
74,425
Industrivarden AB, Cl. C
2,740
96,015
Indutrade AB
4,775
128,842
Investment AB Latour, Cl. B
2,536
68,428
Investor AB, Cl. B
30,045
886,849
L E Lundbergforetagen AB, Cl. B
1,260
66,419
Lifco AB, Cl. B
4,043
156,357
Nibe Industrier AB, Cl. B(a)
26,608
112,263
Saab AB, Cl. B
5,423
251,302
Sagax AB, Cl. B
3,810
86,405
Sandvik AB
18,697
387,075
Securitas AB, Cl. B
8,530
135,467
Skandinaviska Enskilda Banken AB, Cl. A
27,281
430,292
Skanska AB, Cl. B
6,010
139,221
SKF AB, Cl. B
5,965
116,980
Spotify Technology SA(b)
2,675
1,642,396
14
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Sweden — 3.6% (continued)
Svenska Cellulosa AB SCA, Cl. B
10,639
137,920
Svenska Handelsbanken AB, Cl. A
25,578
334,362
Swedbank AB, Cl. A
14,525
360,514
Swedish Orphan Biovitrum AB(b)
3,469
105,159
Tele2 AB, Cl. B
9,639
141,860
Telefonaktiebolaget LM Ericsson, Cl. B
47,710
401,701
Telia Co. AB
39,678
148,400
Trelleborg AB, Cl. B
3,736
128,637
Volvo AB, Cl. B
27,516
747,577
 
11,226,341
Switzerland — 10.1%
ABB Ltd.
27,462
1,437,068
Alcon AG
8,677
837,475
Avolta AG
1,571
71,379
Baloise Holding AG
723
160,569
Banque Cantonale Vaudoise
474
58,234
Barry Callebaut AG(a)
62
55,664
BKW AG
365
73,190
Chocoladefabriken Lindt & Spruengli AG
16
233,404
Chocoladefabriken Lindt & Spruengli AG-PC
2
283,031
Cie Financiere Richemont SA, Cl. A
9,335
1,642,829
Coca-Cola HBC AG
3,683
191,425
DSM-Firmenich AG
3,257
351,701
EMS-Chemie Holding AG
123
90,534
Galderma Group AG(b)
1,475
171,385
Geberit AG
580
400,698
Givaudan SA
160
771,939
Glencore PLC
179,252
583,845
Helvetia Holding AG
656
144,100
Holcim AG
9,050
1,004,398
Julius Baer Group Ltd.
3,612
232,995
Kuehne + Nagel International AG
848
194,033
Logitech International SA
2,672
200,849
Lonza Group AG
1,254
894,293
Nestle SA
45,494
4,836,304
Novartis AG
34,224
3,889,100
Partners Group Holding AG
392
510,809
Roche Holding AG
12,199
3,980,361
Roche Holding AG-BR
571
198,970
Sandoz Group AG
7,299
316,421
Schindler Holding AG
419
148,238
Schindler Holding AG-PC
693
252,565
SGS SA
2,750
268,981
SIG Group AG
5,341
102,957
Sika AG
2,647
660,026
Sonova Holding AG
889
272,942
STMicroelectronics NV
11,873
266,585
Straumann Holding AG
1,902
231,946
Swiss Life Holding AG
499
496,975
Swiss Prime Site AG
1,342
189,101
Swiss Re AG
5,237
937,501
15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Switzerland — 10.1% (continued)
Swisscom AG
448
298,540
Temenos AG
980
70,055
The Swatch Group AG-BR
469
80,776
UBS Group AG
57,111
1,722,291
VAT Group AG(c)
475
169,374
Zurich Insurance Group AG
2,541
1,793,031
 
31,778,887
United Arab Emirates — .0%
NMC Health PLC(b),(d)
4,176
1
United Kingdom — 13.9%
3i Group PLC
16,902
953,721
Admiral Group PLC
4,521
196,299
Anglo American PLC
21,953
593,620
Ashtead Group PLC
7,480
397,747
Associated British Foods PLC
5,751
158,192
AstraZeneca PLC
26,924
3,849,380
Auto Trader Group PLC(c)
15,355
171,731
Aviva PLC
46,955
350,431
BAE Systems PLC
52,264
1,208,118
Barclays PLC
250,386
990,390
Barratt Redrow PLC
24,173
150,059
BP PLC
279,939
1,306,881
British American Tobacco PLC
34,511
1,493,846
BT Group PLC(a)
113,491
262,872
Bunzl PLC
5,799
181,616
Centrica PLC
89,042
190,044
Coca-Cola Europacific Partners PLC
3,633
329,658
Compass Group PLC
29,475
989,104
Croda International PLC
2,348
92,342
Diageo PLC
38,638
1,077,231
Entain PLC
10,433
88,652
GSK PLC
71,977
1,423,029
Haleon PLC
155,808
781,577
Halma PLC
6,657
244,506
Hikma Pharmaceuticals PLC
2,927
77,431
HSBC Holdings PLC
310,354
3,441,225
Imperial Brands PLC
13,770
564,118
Informa PLC
23,102
224,075
InterContinental Hotels Group PLC
2,779
294,138
Intertek Group PLC
2,811
171,727
J Sainsbury PLC
29,724
105,688
JD Sports Fashion PLC
45,445
47,592
Kingfisher PLC
31,794
121,692
Land Securities Group PLC
12,282
96,982
Legal & General Group PLC
103,342
322,962
Lloyds Banking Group PLC
1,052,571
1,027,943
London Stock Exchange Group PLC
8,305
1,286,663
M&G PLC
39,994
110,544
Marks & Spencer Group PLC
35,453
183,796
Melrose Industries PLC
22,706
131,209
Mondi PLC
7,775
117,399
16
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
United Kingdom — 13.9% (continued)
National Grid PLC
84,949
1,226,081
NatWest Group PLC
132,726
845,859
Next PLC
2,061
338,667
Pearson PLC
10,515
167,670
Phoenix Group Holdings PLC
11,931
95,005
Reckitt Benckiser Group PLC
11,893
766,813
RELX PLC
32,292
1,750,256
Rentokil Initial PLC
44,072
201,225
Rio Tinto PLC
19,580
1,160,412
Rolls-Royce Holdings PLC(b)
147,681
1,484,375
Schroders PLC
13,613
59,578
Segro PLC
22,495
204,038
Severn Trent PLC
4,689
174,348
Shell PLC
105,841
3,442,430
Smith & Nephew PLC
14,567
204,618
Smiths Group PLC
5,954
147,906
Spirax Group PLC
1,304
102,098
SSE PLC
19,306
435,336
Standard Chartered PLC
35,409
507,760
Tesco PLC
117,051
578,269
The Sage Group PLC
17,536
289,207
Unilever PLC
43,028
2,728,973
United Utilities Group PLC
11,670
175,356
Vodafone Group PLC
356,588
348,150
Whitbread PLC
3,094
106,919
Wise PLC, Cl. A(b)
11,501
149,978
WPP PLC
19,115
146,784
 
43,644,341
Total Common Stocks
(cost $139,846,240)
305,003,425
 
 
 
Preferred
Dividend
Rate (%)
 
 
 
Preferred Stocks — .3%
Germany — .3%
Bayerische Motoren Werke AG
8.47
978
78,275
Dr. Ing. h.c. F. Porsche AG (c)
5.22
1,997
99,745
Henkel AG & Co. KGaA
2.98
2,968
229,981
Porsche Automobil Holding SE
7.01
2,696
110,469
Sartorius AG
0.32
458
117,830
Volkswagen AG
9.46
3,604
389,662
Total Preferred Stocks
(cost $867,094)
1,025,962
 
 
 
 
 
Number
of Rights
 
Rights — .0%
Italy — .0%
DiaSorin SpA
363
0
17
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Number
of Rights
Value ($)
Rights — 0.0% (continued)
Spain — .0%
EDP Renovaveis SA
5,470
558
Total Rights
(cost $520)
558
 
 
 
1-Day
Yield (%)
 
Shares
 
Investment Companies — 1.7%
Registered Investment Companies — 1.7%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional
Shares(e)
(cost $5,308,315)
4.45
5,308,315
5,308,315
Investment of Cash Collateral for Securities Loaned — .1%
Registered Investment Companies — .1%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional
Shares(e)
(cost $187,908)
4.45
187,908
187,908
Total Investments (cost $146,210,077)
99.0
%
311,526,168
Cash and Receivables (Net)
1.0
%
3,172,826
Net Assets
100.0
%
314,698,994
 
ADR—American Depositary Receipt
BR—Bearer Certificate
CDI—CREST Depository Interest
PC—Participation Certificate
REIT—Real Estate Investment Trust
 
(a)
Security, or portion thereof, on loan. At April 30, 2025, the value of the fund’s securities on loan was $1,537,205 and the value of the collateral was
$1,604,276, consisting of cash collateral of $187,908 and U.S. Government & Agency securities valued at $1,416,368.  In addition, the value of collateral
may include pending sales that are also on loan.
(b)
Non-income producing security.
(c)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At April 30, 2025, these securities amounted to $3,705,153 or 1.2% of net assets.
(d)
The fund held Level 3 securities at April 30, 2025. These securities were valued at $1 or .0% of net assets.
(e)
Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s
prospectus.
 
Affiliated Issuers
Description
Value ($)
10/31/2024
Purchases ($)†
Sales ($)
Value ($)
4/30/2025
Dividends/
Distributions ($)
Registered Investment Companies - 1.7%
Dreyfus Institutional Preferred Government Plus Money
Market Fund, Institutional Shares - 1.7%
2,882,065
25,732,827
(23,306,577)
5,308,315
105,059
18
Affiliated Issuers (continued)
Description
Value ($)
10/31/2024
Purchases ($)†
Sales ($)
Value ($)
4/30/2025
Dividends/
Distributions ($)
Investment of Cash Collateral for Securities Loaned - .1%
Dreyfus Institutional Preferred Government Plus Money
Market Fund, Institutional Shares - .1%
636,503
1,149,326
(1,597,921)
187,908
1,574††
Total - 1.8%
3,518,568
26,882,153
(24,904,498)
5,496,223
106,633
 
†
Includes reinvested dividends/distributions.
††
Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and
other payments to and from borrowers of securities.
 
Futures
Description
Number of
Contracts
Expiration
Notional
Value ($)
Market
Value ($)
Unrealized
Appreciation ($)
Futures Long
MSCI EAFE Index
57
6/20/2025
7,002,817
7,109,895
107,078
Gross Unrealized Appreciation
107,078
See notes to financial statements.
19
STATEMENT OF ASSETS AND LIABILITIES 
April 30, 2025 (Unaudited) 
 
Cost
Value
Assets ($):
Investments in securities—See Statement of Investments
(including securities on loan, valued at $1,537,205)—Note 1(c):
Unaffiliated issuers
140,713,854
306,029,945
Affiliated issuers
5,496,223
5,496,223
Cash denominated in foreign currency
224,684
225,706
Cash collateral held by broker—Note 4
376,000
Tax reclaim receivable—Note 1(b)
1,844,257
Dividends and securities lending income receivable
1,363,520
Receivable for shares of Common Stock subscribed
68,196
 
315,403,847
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)
118,585
Payable for shares of Common Stock redeemed
370,602
Liability for securities on loan—Note 1(c)
187,908
Directors’ fees and expenses payable
14,078
Payable for futures variation margin—Note 4
13,680
 
704,853
Net Assets ($)
314,698,994
Composition of Net Assets ($):
Paid-in capital
166,785,381
Total distributable earnings (loss)
147,913,613
Net Assets ($)
314,698,994
 
Net Asset Value Per Share
Investor Shares
Class I
Net Assets ($)
224,075,759
90,623,235
Shares Outstanding
10,505,487
4,253,012
Net Asset Value Per Share ($)
21.33
21.31
See notes to financial statements.
20
STATEMENT OF OPERATIONS
Six Months Ended April 30, 2025 (Unaudited) 
 
 
Investment Income ($):
Income:
Cash dividends (net of $446,263 foreign taxes withheld at source):
Unaffiliated issuers
4,432,034
Affiliated issuers
105,059
Interest
7,586
Affiliated income net of rebates from securities lending—Note 1(c)
1,574
Total Income
4,546,253
Expenses:
Management fee—Note 3(a)
534,438
Shareholder servicing costs—Note 3(b)
270,591
Directors’ fees—Notes 3(a) and 3(c)
14,635
Loan commitment fees—Note 2
2,889
Total Expenses
822,553
Less—Directors’ fees reimbursed by
BNY Mellon Investment Adviser, Inc.—Note 3(a)
(14,635
)
Net Expenses
807,918
Net Investment Income
3,738,335
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments and foreign currency transactions
8,684,021
Net realized gain (loss) on futures
(210,385
)
Net Realized Gain (Loss)
8,473,636
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions
12,335,357
Net change in unrealized appreciation (depreciation) on futures
264,057
Net Change in Unrealized Appreciation (Depreciation)
12,599,414
Net Realized and Unrealized Gain (Loss) on Investments
21,073,050
Net Increase in Net Assets Resulting from Operations
24,811,385
See notes to financial statements.
21
STATEMENT OF CHANGES IN NET ASSETS
  
 
Six Months Ended
April 30, 2025 (Unaudited)
Year Ended
October 31, 2024
 
Operations ($):
Net investment income
3,738,335
7,957,163
Net realized gain (loss) on investments
8,473,636
16,098,243
Net change in unrealized appreciation (depreciation) on investments
12,599,414
39,022,698
Net Increase (Decrease) in Net Assets Resulting from Operations
24,811,385
63,078,104
Distributions ($):
Distributions to shareholders:
Investor Shares
(6,469,086)
(7,044,295)
Class I
(2,981,216)
(3,395,774)
Total Distributions
(9,450,302)
(10,440,069)
Capital Stock Transactions ($):
Net proceeds from shares sold:
Investor Shares
12,236,587
29,133,077
Class I
5,821,177
14,084,814
Distributions reinvested:
Investor Shares
6,347,642
6,925,192
Class I
1,400,751
1,205,841
Cost of shares redeemed:
Investor Shares
(26,045,357)
(54,711,642)
Class I
(13,831,129)
(34,570,994)
Increase (Decrease) in Net Assets from Capital Stock Transactions
(14,070,329)
(37,933,712)
Total Increase (Decrease) in Net Assets
1,290,754
14,704,323
Net Assets ($):
Beginning of Period
313,408,240
298,703,917
End of Period
314,698,994
313,408,240
Capital Share Transactions (Shares):
Investor Shares(a)
Shares sold
608,768
1,472,933
Shares issued for distributions reinvested
332,163
362,765
Shares redeemed
(1,292,933)
(2,724,965)
Net Increase (Decrease) in Shares Outstanding
(352,002)
(889,267)
Class I(a)
Shares sold
289,348
702,900
Shares issued for distributions reinvested
73,453
63,266
Shares redeemed
(683,930)
(1,741,156)
Net Increase (Decrease) in Shares Outstanding
(321,129)
(974,990)
 
(a)
During the period ended April 30, 2025, 7,393 Class I shares representing $153,479 were exchanged for 7,386 Investor shares and during the period ended
October 31, 2024, 3,251 Investor shares representing $77,193 were exchanged for 3,252 Class I shares.
See notes to financial statements.
22
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. 
 
Six Months Ended
April 30, 2025
(Unaudited) 
Year Ended October 31,
Investor Shares
2024
2023
2022
2021
2020
Per Share Data ($):
 
 
 
 
 
Net asset value, beginning of period
20.31
17.27
15.40
20.78
15.85
17.52
Investment Operations:
Net investment income(a)
.24
.46
.44
.41
.39
.29
Net realized and unrealized gain (loss) on investments
1.38
3.19
1.81
(5.10
)
4.85
(1.46
)
Total from Investment Operations
1.62
3.65
2.25
(4.69
)
5.24
(1.17
)
Distributions:
Dividends from net investment income
(.60
)
(.61
)
(.38
)
(.69
)
(.31
)
(.50
)
Net asset value, end of period
21.33
20.31
17.27
15.40
20.78
15.85
Total Return (%)
8.33
(b)
21.33
14.67
(23.36
)
33.21
(7.01
)
Ratios/Supplemental Data (%):
 
 
 
 
 
Ratio of total expenses to average net assets
.61
(c)
.61
.61
.61
.61
.61
Ratio of net expenses to average net assets(d)
.60
(c)
.60
.61
.60
.60
.60
Ratio of net investment income to average net assets(d)
2.38
(c)
2.32
2.45
2.27
2.00
1.80
Portfolio Turnover Rate
1.74
(b)
3.67
2.40
3.41
2.99
3.15
Net Assets, end of period ($ x 1,000)
224,076
220,477
202,830
229,028
303,693
290,572
 
(a)
Based on average shares outstanding.
(b)
Not annualized.
(c)
Annualized.
(d)
Amount inclusive of Directors’ fees reimbursed by BNY Mellon Investment Adviser, Inc.
See notes to financial statements.
23
FINANCIAL HIGHLIGHTS (continued)
 
 
Six Months Ended
April 30, 2025
(Unaudited) 
Year Ended October 31,
Class I Shares
2024
2023
2022
2021
2020
Per Share Data ($):
 
 
 
 
 
Net asset value, beginning of period
20.32
17.28
15.41
20.80
15.86
17.53
Investment Operations:
Net investment income(a)
.26
.51
.48
.47
.45
.33
Net realized and unrealized gain (loss) on investments
1.39
3.19
1.81
(5.12
)
4.84
(1.46
)
Total from Investment Operations
1.65
3.70
2.29
(4.65
)
5.29
(1.13
)
Distributions:
Dividends from net investment income
(.66
)
(.66
)
(.42
)
(.74
)
(.35
)
(.54
)
Net asset value, end of period
21.31
20.32
17.28
15.41
20.80
15.86
Total Return (%)
8.48
(b)
21.64
14.96
(23.18
)
33.58
(6.78
)
Ratios/Supplemental Data (%):
 
 
 
 
 
Ratio of total expenses to average net assets
.36
(c)
.36
.36
.36
.36
.36
Ratio of net expenses to average net assets(d)
.35
(c)
.35
.36
.35
.35
.35
Ratio of net investment income to average net assets(d)
2.63
(c)
2.57
2.69
2.60
2.26
2.04
Portfolio Turnover Rate
1.74
(b)
3.67
2.40
3.41
2.99
3.15
Net Assets, end of period ($ x 1,000)
90,623
92,931
95,874
120,712
242,341
194,165
 
(a)
Based on average shares outstanding.
(b)
Not annualized.
(c)
Annualized.
(d)
Amount inclusive of Directors’ fees reimbursed by BNY Mellon Investment Adviser, Inc.
See notes to financial statements.
24
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—
Significant Accounting Policies:
BNY Mellon International Stock Index Fund (the “fund”) is a separate diversified series of BNY Mellon Index Funds, Inc. (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering three series, including the fund. The fund’s investment objective is to seek to match the performance of the Morgan Stanley Capital International Europe, Australasia, Far East Index (MSCI EAFE®). BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY”), serves as the fund’s investment adviser.
BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s shares, which are sold to the public without a sales charge. The fund is authorized to issue 300 million shares of $.001 par value Common Stock. The fund currently has authorized two classes of shares: Investor shares (200 million shares authorized) and Class I (100 million shares authorized). Investor shares are sold primarily to retail investors through financial intermediaries and bear Shareholder Services Plan fees. Class I shares are sold primarily to bank trust departments and other financial service providers (including BNY and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Shareholder Services Plan fees. Other differences between the classes include the services offered to and the expenses borne by each class, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the 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 Company enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: 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 Company’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.
25
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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 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 ADRs 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 (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For 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.
Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange.
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 April 30, 2025 in valuing the fund’s investments: 
 
Level 1 -
Unadjusted
Quoted Prices
Level 2- Other
Significant
Observable Inputs
Level 3-
Significant
Unobservable
Inputs
Total
Assets ($)
Investments in Securities:†
Equity Securities - Common Stocks
305,003,424
—
1
305,003,425
Equity Securities - Preferred Stocks
1,025,962
—
—
1,025,962
Rights
558
—
—
558
Investment Companies
5,496,223
—
—
5,496,223
 
311,526,167
—
1
311,526,168
Other Financial Instruments:
Futures††
107,078
—
—
107,078
 
107,078
—
—
107,078
 
†
See Statement of Investments for additional detailed categorizations, if any.
††
Amount shown represents unrealized appreciation (depreciation) at period end, but only variation margin on exchange-traded and centrally cleared derivatives,
if any, are reported in the Statement of Assets and Liabilities.
(b) Foreign currency transactions: The fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
26
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments resulting from changes in exchange rates. Foreign currency gains and losses on foreign currency transactions are also included with net realized and unrealized gain or loss on investments.
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 April 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.
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 April 30, 2025, BNY earned $217 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 April 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 ($)
Liabilities ($)
Gross amount of securities loaned, at
value, as disclosed in the Statement
of Assets and Liabilities
1,537,205
-
Collateral (received)/posted not offset
in the Statement of
Assets and Liabilities
(1,537,205
)†
-
Net amount
-
-
 
†
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,
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
securities lending.
(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
27
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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.
Foreign Investment Risk: To the extent the fund invests in foreign securities, the fund’s performance will be influenced by political, social and economic factors affecting investments in foreign issuers. Special risks associated with investments in foreign issuers include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political and economic instability and differing auditing and legal standards.
Indexing Strategy Risk: The fund uses an indexing strategy. It does not attempt to manage market volatility, use defensive strategies or reduce the effects of any long-term periods of poor index performance. The correlation between fund and index performance may be affected by the fund’s expenses and/or use of sampling techniques, changes in securities markets, changes in the composition of the index and the timing of purchases and redemptions of fund shares.
(f) Dividends and distributions to shareholders: Dividends and distributions are recorded on the ex-dividend date. Dividends from net investment income and dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
(g) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable 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 April 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 April 30, 2025, the fund did not incur any interest or penalties.
Each tax year in the three-year period ended October 31, 2024 remains subject to examination by the Internal Revenue Service and state taxing authorities.
The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.
The fund has an unused capital loss carryover of $12,273,085 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to October 31, 2024. The fund has $2,146,336 of short-term capital losses and $10,126,749 of long-term capital losses which can be carried forward for an unlimited period.
The tax character of distributions paid to shareholders during the fiscal year ended October 31, 2024 were as follows: ordinary income $10,440,069. 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.
28
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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 April 30, 2025, the fund did not borrow under either Facility.
NOTE 3—
Management Fee and Other Transactions with Affiliates:
(a) Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .35% of the value of the fund’s average daily net assets and is payable monthly. The Adviser has agreed in its management agreement with the fund to pay all of the fund’s expenses, except management fees, Shareholder Services Plan fees, interest expenses, brokerage commissions, commitment fees on borrowings and extraordinary expenses not incurred in the ordinary course of the fund’s business, and the fees and expenses of the non-interested board members and their counsel. The Adviser has further agreed to reduce its fees in an amount equal to the fund’s allocable portion of the fees and expenses of the non-interested board members and the fees and expenses of counsel to the fund and to the non-interested board members. These provisions in the management agreement may not be amended without the approval of the fund’s shareholders. During the period ended April 30, 2025, fees reimbursed by the Adviser amounted to $14,635.
(b) Under the Shareholder Services Plan, Investor shares pay the Distributor at an annual rate of .25% of the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended April 30, 2025, Investor shares were charged $270,591 pursuant to the Shareholder Services Plan.
The fund has an arrangement with The Bank of New York Mellon (the “Custodian”), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.
The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: Management fee of $86,393, Shareholder Services Plan fees of $44,027, which are offset against an expense reimbursement currently in effect in the amount of $11,835.
(c) Each board member of the fund also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—
Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding short-term securities and derivatives, during the period ended April 30, 2025, amounted to $5,268,028 and $27,862,616, 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 April 30, 2025 is discussed below.
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
29
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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 April 30, 2025 are set forth in the Statement of Investments.
The following tables show the fund’s exposure to different types of market risk as it relates to the Statement of Assets and Liabilities and the Statement of Operations, respectively.
Fair value of derivative instruments as of April 30, 2025 is shown below: 
 
Derivative
Assets ($)
 
Derivative
Liabilities ($)
Equity Risk
107,078
(1)
Equity Risk
-
Gross fair value of derivative contracts
107,078
 
-
 
Statement of Assets and Liabilities location:
(1)
Includes cumulative appreciation (depreciation) on futures as reported in the Statement of Investments, but only the unpaid variation margin is reported in the
Statement of Assets and Liabilities.
The effect of derivative instruments in the Statement of Operations during the period ended April 30, 2025 is shown below: 
Amount of realized gain (loss) on derivatives recognized in income ($)
Underlying risk
Futures(1)
Total
Equity
(210,385)
(210,385)
Total
(210,385)
(210,385)
 
Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($)
Underlying risk
Futures(2)
Total
Equity
264,057
264,057
Total
264,057
264,057
 
Statement of Operations location:
(1)
Net realized gain (loss) on futures.
(2)
Net change in unrealized appreciation (depreciation) on futures.
The following table summarizes the monthly average market value of derivatives outstanding during the period ended April 30, 2025: 
 
Average Market Value ($)
Futures:
Equity Futures Long
5,663,499
At April 30, 2025, accumulated net unrealized appreciation on investments inclusive of derivative contracts was $165,423,169, consisting of $170,688,124 gross unrealized appreciation and $5,264,955 gross unrealized depreciation.
At April 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).
30
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)
N/A
31
Item 9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)
N/A
32
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)
Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The Adviser reimburses the fund for the fees and expenses of the non-interested board members. Compensation paid by the fund to the board members and board member fees reimbursed by the Adviser during the period are within Item 7. Statement of Operations as Directors’ and Directors’ fees reimbursed by BNY Mellon Investment Adviser, Inc., respectively.
33
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 (the “Agreement”). The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser. In considering the renewal of the Agreement, 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.
Analysis of Nature, Extent, and Quality of Services Provided to the Fund. 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 retail direct or 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.
Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. 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 Investor Class shares with the performance of a group of institutional international large-cap core funds selected by Broadridge as comparable to the fund (the “Performance Group”) and with a broader group of funds consisting of all retail and institutional international large-cap core funds (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 institutional international large-cap core funds, 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 below the Performance Group median for all periods, and was above the Performance Universe median for all periods, except for the one-, two- and five-year periods when the fund’s total return performance was below the Performance Universe median. It was noted that there were only four other funds in the Performance Group and that the Performance Universe was not limited to index funds. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
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 provided by the Adviser. 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.
The Board noted that the Adviser pays all fund expenses, other than the actual management fee and certain other expenses. Because of the fund’s “unitary” fee structure, the Board recognized that the fund’s fees and expenses will vary within a much smaller range and the Adviser will bear the risk that fund expenses may increase over time. On the other hand, the Board noted that it is possible that the
34
Adviser could earn a profit on the fees charged under the Agreement and would benefit from any price decreases in third-party services covered by the Agreement. Taking into account the fund’s “unitary” fee structure, the Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and higher than the Expense Universe median actual management fee, and the fund’s total expenses were 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 by the one fund advised by the Adviser that is in the same Lipper category as the fund (the “Similar Fund”) and explained the nature of the Similar Fund. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors, noting the fund’s “unitary” fee structure. The Board considered the relevance of the fee information provided for the Similar Fund to evaluate the appropriateness of the fund’s management fee. Representatives of the Adviser noted that there were no separate accounts and/or other types of client portfolios advised by the Adviser that are considered to have similar investment strategies and policies as the fund.
Analysis of Profitability and Economies of Scale. 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 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 fee under the Agreement, considered in relation to the mix of services provided by the Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreement 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 a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also 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 from acting as investment adviser 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 Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
●The Board concluded that the nature, extent and quality of the services provided by the Adviser are satisfactory and appropriate.
●The Board was generally satisfied with the fund’s overall performance.
●The Board concluded that the fee paid to the Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
●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 pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
In evaluating the Agreement, 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, of the Adviser and the services provided to the fund by the Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the
35
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited) (continued)
operations of the fund and the investment management and other services provided under the Agreement, 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 Agreement 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 Agreement.
36
© 2025 BNY Mellon Securities Corporation
Code-0079NCSRSA0425 
 
BNY Mellon S&P 500 Index Fund
SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION
April 30, 2025
 
Class
Ticker
Single Share
PEOPX
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”).
 
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies. 
BNY Mellon S&P 500 Index Fund
STATEMENT OF INVESTMENTS
April 30, 2025 (Unaudited)

 
Description
 
 
 
Shares
Value ($)
Common Stocks — 99.5%
Automobiles & Components — 1.9%
Aptiv PLC (a)
11,396
650,256
Ford Motor Co.
181,386
1,815,674
General Motors Co.
46,267
2,093,119
Tesla, Inc. (a)
131,052
36,977,632
 
41,536,681
Banks — 3.4%
Bank of America Corp.
309,665
12,349,440
Citigroup, Inc.
88,479
6,050,194
Citizens Financial Group, Inc.
20,602
760,008
Fifth Third Bancorp
32,042
1,151,589
Huntington Bancshares, Inc.
71,764
1,042,731
JPMorgan Chase & Co.
130,892
32,018,801
KeyCorp
45,508
675,339
M&T Bank Corp.
7,544
1,280,669
Regions Financial Corp.
40,436
825,299
The PNC Financial Services Group, Inc.
18,594
2,987,870
Truist Financial Corp.
61,797
2,369,297
U.S. Bancorp
72,214
2,913,113
Wells Fargo & Co.
153,925
10,930,214
 
75,354,564
Capital Goods — 5.8%
3M Co.
25,752
3,577,210
A.O. Smith Corp.
6,175
419,035
Allegion PLC
3,993
555,826
AMETEK, Inc.
10,686
1,812,132
Axon Enterprise, Inc. (a)
3,403
2,087,060
Builders FirstSource, Inc. (a)
5,331
637,748
Carrier Global Corp.
37,769
2,362,073
Caterpillar, Inc.
22,355
6,913,731
Cummins, Inc.
6,434
1,890,567
Deere & Co.
11,913
5,522,390
Dover Corp.
6,227
1,062,638
Eaton Corp. PLC
18,459
5,433,776
Emerson Electric Co.
26,269
2,761,135
Fastenal Co.
26,580
2,152,183
Fortive Corp.
16,057
1,119,012
GE Vernova, Inc.
13,005
4,822,514
Generac Holdings, Inc. (a)
2,830
323,695
General Dynamics Corp.
12,082
3,287,754
General Electric Co.
50,166
10,110,456
Honeywell International, Inc.
30,412
6,401,726
Howmet Aerospace, Inc.
19,266
2,669,882
Hubbell, Inc.
2,528
918,119
Huntington Ingalls Industries, Inc.
1,814
417,837
IDEX Corp.
3,472
604,024
Illinois Tool Works, Inc.
12,498
2,998,395
Ingersoll Rand, Inc.
18,919
1,427,060
Johnson Controls International PLC
30,788
2,583,113
3
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 99.5% (continued)
Capital Goods — 5.8% (continued)
L3Harris Technologies, Inc.
8,838
1,944,537
Lennox International, Inc.
1,441
787,867
Lockheed Martin Corp.
9,736
4,651,374
Masco Corp.
9,942
602,585
Nordson Corp.
2,517
477,148
Northrop Grumman Corp.
6,437
3,131,600
Otis Worldwide Corp.
18,663
1,796,687
PACCAR, Inc.
24,118
2,175,685
Parker-Hannifin Corp.
6,005
3,633,385
Pentair PLC
8,021
727,745
Quanta Services, Inc.
6,799
1,989,999
Rockwell Automation, Inc.
5,430
1,344,902
RTX Corp.
62,318
7,860,169
Snap-on, Inc.
2,532
794,567
Stanley Black & Decker, Inc.
7,272
436,465
Textron, Inc.
8,386
590,123
The Boeing Company (a)
34,886
6,392,511
Trane Technologies PLC
10,495
4,022,838
TransDigm Group, Inc.
2,651
3,746,049
United Rentals, Inc.
3,081
1,945,497
W.W. Grainger, Inc.
2,072
2,122,370
Westinghouse Air Brake Technologies Corp.
7,796
1,440,233
Xylem, Inc.
11,528
1,389,931
 
128,875,358
Commercial & Professional Services — 1.3%
Automatic Data Processing, Inc.
19,004
5,712,603
Broadridge Financial Solutions, Inc.
5,538
1,342,411
Cintas Corp.
16,068
3,401,274
Copart, Inc. (a)
41,202
2,514,558
Dayforce, Inc. (a)
7,022
406,363
Equifax, Inc.
5,778
1,503,031
Jacobs Solutions, Inc.
5,697
705,289
Leidos Holdings, Inc.
6,344
933,710
Paychex, Inc.
14,974
2,202,975
Paycom Software, Inc.
2,098
474,966
Republic Services, Inc.
9,627
2,413,970
Rollins, Inc.
12,363
706,298
Veralto Corp.
12,111
1,161,445
Verisk Analytics, Inc.
6,607
1,958,513
Waste Management, Inc.
16,981
3,962,686
 
29,400,092
Consumer Discretionary Distribution & Retail — 5.7%
Amazon.com, Inc. (a)
441,385
81,400,222
AutoZone, Inc. (a)
791
2,976,217
Best Buy Co., Inc.
8,668
578,069
CarMax, Inc. (a)
7,292
471,574
eBay, Inc. (b)
22,205
1,513,493
Genuine Parts Co.
6,815
801,103
LKQ Corp. (b)
13,469
514,650
Lowe’s Companies, Inc.
26,249
5,868,226
O’Reilly Automotive, Inc. (a)
2,721
3,850,759
4
Description
 
 
 
Shares
Value ($)
Common Stocks — 99.5% (continued)
Consumer Discretionary Distribution & Retail — 5.7% (continued)
Pool Corp.
1,829
536,153
Ross Stores, Inc.
15,343
2,132,677
The Home Depot, Inc.
46,505
16,764,587
The TJX Companies, Inc.
52,113
6,705,901
Tractor Supply Co.
24,802
1,255,477
Ulta Beauty, Inc. (a)
2,198
869,617
Williams-Sonoma, Inc.
5,721
883,723
 
127,122,448
Consumer Durables & Apparel — .6%
D.R. Horton, Inc.
13,771
1,739,828
Deckers Outdoor Corp. (a)
7,312
810,389
Garmin Ltd.
7,284
1,361,161
Hasbro, Inc.
5,792
358,525
Lennar Corp., Cl. A
11,094
1,204,919
Lululemon Athletica, Inc. (a)
5,301
1,435,352
Mohawk Industries, Inc. (a)
2,527
268,746
NIKE, Inc., Cl. B
55,015
3,102,846
NVR, Inc. (a)
138
983,354
PulteGroup, Inc.
8,812
903,935
Ralph Lauren Corp.
1,965
442,027
Tapestry, Inc.
9,589
677,463
 
13,288,545
Consumer Services — 2.1%
Airbnb, Inc., Cl. A (a)
20,406
2,487,900
Booking Holdings, Inc.
1,550
7,903,884
Caesars Entertainment, Inc. (a),(b)
10,535
285,077
Carnival Corp. (a)
48,602
891,361
Chipotle Mexican Grill, Inc. (a)
63,550
3,210,546
Darden Restaurants, Inc.
5,593
1,122,180
Domino’s Pizza, Inc.
1,581
775,275
DoorDash, Inc., Cl. A (a)
15,844
3,056,149
Expedia Group, Inc.
5,822
913,646
Hilton Worldwide Holdings, Inc.
11,264
2,539,807
Las Vegas Sands Corp.
16,773
615,066
Marriott International, Inc., Cl. A
10,614
2,532,288
McDonald’s Corp.
33,552
10,724,897
MGM Resorts International (a),(b)
9,453
297,391
Norwegian Cruise Line Holdings Ltd. (a),(b)
21,068
337,720
Royal Caribbean Cruises Ltd.
11,308
2,430,202
Starbucks Corp.
53,436
4,277,552
Wynn Resorts Ltd. (b)
4,091
328,548
Yum! Brands, Inc.
12,920
1,943,685
 
46,673,174
Consumer Staples Distribution & Retail — 2.2%
Costco Wholesale Corp.
20,819
20,704,495
Dollar General Corp.
10,020
938,774
Dollar Tree, Inc. (a)
9,564
782,048
Sysco Corp.
22,793
1,627,420
Target Corp.
21,592
2,087,946
The Kroger Company
31,550
2,278,226
5
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 99.5% (continued)
Consumer Staples Distribution & Retail — 2.2% (continued)
Walgreens Boots Alliance, Inc.
30,781
337,668
Walmart, Inc.
203,227
19,763,826
 
48,520,403
Energy — 3.2%
APA Corp.
18,067
280,761
Baker Hughes Co.
46,250
1,637,250
Chevron Corp.
78,249
10,646,559
ConocoPhillips
59,782
5,327,772
Coterra Energy, Inc.
34,632
850,562
Devon Energy Corp.
30,344
922,761
Diamondback Energy, Inc.
9,029
1,191,918
EOG Resources, Inc.
26,114
2,881,158
EQT Corp.
27,670
1,368,005
Expand Energy Corp.
9,775
1,015,622
Exxon Mobil Corp.
203,820
21,529,507
Halliburton Co.
41,118
814,959
Hess Corp.
13,042
1,683,070
Kinder Morgan, Inc.
90,916
2,391,091
Marathon Petroleum Corp.
14,653
2,013,469
Occidental Petroleum Corp.
31,871
1,256,036
ONEOK, Inc.
29,070
2,388,391
Phillips 66
19,191
1,997,015
Schlumberger NV
65,748
2,186,121
Targa Resources Corp.
9,938
1,698,404
Texas Pacific Land Corp. (b)
865
1,114,872
The Williams Companies, Inc.
57,044
3,341,067
Valero Energy Corp.
14,897
1,729,393
 
70,265,763
Equity Real Estate Investment Trusts — 2.1%
Alexandria Real Estate Equities, Inc. (c)
7,088
515,014
American Tower Corp. (c)
21,878
4,931,520
AvalonBay Communities, Inc. (c)
6,547
1,374,739
BXP, Inc. (c)
7,336
467,523
Camden Property Trust (c)
5,163
587,549
Crown Castle, Inc. (c)
20,712
2,190,501
Digital Realty Trust, Inc. (c)
15,022
2,411,632
Equinix, Inc. (c)
4,518
3,888,868
Equity Residential (c)
15,992
1,123,598
Essex Property Trust, Inc. (c)
2,932
818,468
Extra Space Storage, Inc. (c)
9,825
1,439,559
Federal Realty Investment Trust (c)
3,781
355,490
Healthpeak Properties, Inc. (c)
31,338
559,070
Host Hotels & Resorts, Inc. (c)
33,256
469,575
Invitation Homes, Inc. (c)
26,230
896,804
Iron Mountain, Inc. (c)
13,250
1,188,128
Kimco Realty Corp. (c)
33,044
660,219
Mid-America Apartment Communities, Inc. (c)
5,372
857,640
Prologis, Inc. (c)
43,638
4,459,804
Public Storage (c)
7,510
2,256,229
Realty Income Corp. (c)
40,754
2,358,026
Regency Centers Corp. (c)
8,089
583,864
6
Description
 
 
 
Shares
Value ($)
Common Stocks — 99.5% (continued)
Equity Real Estate Investment Trusts — 2.1% (continued)
SBA Communications Corp. (c)
5,028
1,223,815
Simon Property Group, Inc. (c)
14,494
2,281,066
UDR, Inc. (c)
13,940
583,807
Ventas, Inc. (c)
20,821
1,459,136
VICI Properties, Inc. (c)
49,203
1,575,480
Welltower, Inc. (c)
28,387
4,331,572
Weyerhaeuser Co. (c)
33,658
872,079
 
46,720,775
Financial Services — 8.7%
American Express Co.
26,056
6,941,579
Ameriprise Financial, Inc.
4,437
2,089,916
Apollo Global Management, Inc.
21,212
2,895,014
Berkshire Hathaway, Inc., Cl. B (a)
85,818
45,762,449
BlackRock, Inc.
6,813
6,228,853
Blackstone, Inc.
34,216
4,506,589
Capital One Financial Corp.
17,828
3,213,675
Cboe Global Markets, Inc.
4,862
1,078,392
CME Group, Inc.
17,042
4,721,997
Corpay, Inc. (a)
3,261
1,061,032
Discover Financial Services
11,739
2,144,363
FactSet Research Systems, Inc.
1,827
789,666
Fidelity National Information Services, Inc.
24,673
1,946,206
Fiserv, Inc. (a)
26,637
4,916,391
Franklin Resources, Inc. (b)
15,253
286,146
Global Payments, Inc.
11,465
874,894
Intercontinental Exchange, Inc.
26,883
4,515,538
Invesco Ltd.
20,682
288,100
Jack Henry & Associates, Inc.
3,512
609,086
KKR & Co., Inc.
31,817
3,635,729
MarketAxess Holdings, Inc.
1,826
404,623
Mastercard, Inc., Cl. A
38,052
20,854,779
Moody’s Corp.
7,169
3,248,417
Morgan Stanley
57,513
6,638,151
MSCI, Inc.
3,630
1,978,749
Nasdaq, Inc.
18,996
1,447,685
Northern Trust Corp.
9,599
902,114
PayPal Holdings, Inc. (a)
45,963
3,026,204
Raymond James Financial, Inc.
8,535
1,169,636
S&P Global, Inc.
14,715
7,358,236
State Street Corp.
13,602
1,198,336
Synchrony Financial
18,021
936,191
T. Rowe Price Group, Inc. (b)
10,541
933,406
The Bank of New York Mellon Corp.
34,156
2,746,484
The Charles Schwab Corp.
79,991
6,511,267
The Goldman Sachs Group, Inc.
14,575
7,980,541
Visa, Inc., Cl. A (b)
80,597
27,846,264
 
193,686,698
Food, Beverage & Tobacco — 2.7%
Altria Group, Inc.
79,350
4,693,553
Archer-Daniels-Midland Co.
21,811
1,041,475
Brown-Forman Corp., Cl. B
7,466
260,115
7
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 99.5% (continued)
Food, Beverage & Tobacco — 2.7% (continued)
Bunge Global SA
6,160
484,915
Conagra Brands, Inc.
23,476
580,092
Constellation Brands, Inc., Cl. A
7,151
1,341,099
General Mills, Inc.
26,245
1,489,141
Hormel Foods Corp.
13,387
400,271
Kellanova
13,006
1,076,507
Keurig Dr. Pepper, Inc.
55,388
1,915,871
Lamb Weston Holdings, Inc.
6,592
348,124
McCormick & Co., Inc.
11,642
892,476
Molson Coors Beverage Co., Cl. B
7,691
442,463
Mondelez International, Inc., Cl. A
60,471
4,119,889
Monster Beverage Corp. (a)
33,637
2,022,256
PepsiCo, Inc.
64,236
8,709,117
Philip Morris International, Inc.
72,797
12,474,494
The Campbell’s Company (b)
8,311
303,019
The Coca-Cola Company
181,520
13,169,276
The Hershey Company
6,817
1,139,734
The J.M. Smucker Company
4,881
567,514
The Kraft Heinz Company
40,050
1,165,455
Tyson Foods, Inc., Cl. A
12,996
795,875
 
59,432,731
Health Care Equipment & Services — 4.6%
Abbott Laboratories
81,206
10,617,684
Align Technology, Inc. (a)
3,109
538,790
Baxter International, Inc.
23,310
726,573
Becton, Dickinson and Co.
13,451
2,785,568
Boston Scientific Corp. (a)
69,004
7,098,441
Cardinal Health, Inc.
11,545
1,631,193
Cencora, Inc.
8,284
2,424,478
Centene Corp. (a)
23,440
1,402,884
CVS Health Corp.
59,321
3,957,304
DaVita, Inc. (a)
1,951
276,164
Dexcom, Inc. (a)
18,471
1,318,460
Edwards Lifesciences Corp. (a)
27,388
2,067,520
Elevance Health, Inc.
10,859
4,567,078
GE HealthCare Technologies, Inc.
21,506
1,512,517
HCA Healthcare, Inc.
8,295
2,862,439
Henry Schein, Inc. (a)
6,228
404,633
Hologic, Inc. (a)
9,977
580,661
Humana, Inc.
5,558
1,457,530
IDEXX Laboratories, Inc. (a)
3,755
1,624,601
Insulet Corp. (a)
3,091
779,828
Intuitive Surgical, Inc. (a)
16,676
8,601,481
Labcorp Holdings, Inc.
3,914
943,313
McKesson Corp.
5,933
4,228,983
Medtronic PLC
60,487
5,126,878
Molina Healthcare, Inc. (a)
2,660
869,847
Quest Diagnostics, Inc.
5,374
957,754
ResMed, Inc.
6,855
1,621,824
Solventum Corp. (a)
7,119
470,708
STERIS PLC
4,542
1,020,769
8
Description
 
 
 
Shares
Value ($)
Common Stocks — 99.5% (continued)
Health Care Equipment & Services — 4.6% (continued)
Stryker Corp.
16,031
5,994,312
The Cigna Group
12,776
4,344,351
The Cooper Companies, Inc. (a)
9,550
779,949
UnitedHealth Group, Inc.
43,087
17,727,715
Universal Health Services, Inc., Cl. B
2,793
494,557
Zimmer Biomet Holdings, Inc.
9,530
982,067
 
102,798,854
Household & Personal Products — 1.3%
Church & Dwight Co., Inc.
11,797
1,171,914
Colgate-Palmolive Co.
38,139
3,516,034
Kenvue, Inc.
90,580
2,137,688
Kimberly-Clark Corp.
15,398
2,029,148
The Clorox Company
5,595
796,169
The Estee Lauder Companies, Inc., Cl. A
10,886
652,725
The Procter & Gamble Company
109,769
17,845,146
 
28,148,824
Insurance — 2.3%
Aflac, Inc.
23,245
2,526,267
American International Group, Inc.
27,438
2,236,746
Aon PLC, Cl. A
10,114
3,588,346
Arch Capital Group Ltd.
17,231
1,562,507
Arthur J. Gallagher & Co.
11,884
3,811,080
Assurant, Inc.
2,319
446,964
Brown & Brown, Inc.
11,015
1,218,259
Chubb Ltd.
17,647
5,048,454
Cincinnati Financial Corp.
7,543
1,050,061
Erie Indemnity Co., Cl. A
1,098
393,765
Everest Group Ltd.
1,932
693,260
Globe Life, Inc.
3,757
463,388
Loews Corp.
8,523
740,052
Marsh & McLennan Cos., Inc.
22,810
5,142,971
MetLife, Inc.
26,677
2,010,645
Principal Financial Group, Inc.
9,187
681,216
Prudential Financial, Inc.
16,577
1,702,624
The Allstate Corp.
12,582
2,496,143
The Hartford Insurance Group, Inc.
13,655
1,675,059
The Progressive Corp.
27,427
7,727,283
The Travelers Companies, Inc.
10,795
2,851,283
W. R. Berkley Corp.
13,696
981,866
Willis Towers Watson PLC
4,689
1,443,274
 
50,491,513
Materials — 2.0%
Air Products and Chemicals, Inc.
10,482
2,841,565
Albemarle Corp. (b)
5,264
308,207
Amcor PLC (b)
95,551
879,069
Avery Dennison Corp.
3,870
662,196
Ball Corp.
14,212
738,171
CF Industries Holdings, Inc.
8,056
631,349
Corteva, Inc.
31,997
1,983,494
Dow, Inc.
33,080
1,011,917
DuPont de Nemours, Inc.
19,993
1,319,338
9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 99.5% (continued)
Materials — 2.0% (continued)
Eastman Chemical Co.
5,221
402,017
Ecolab, Inc.
11,737
2,951,034
Freeport-McMoRan, Inc.
67,183
2,420,604
International Flavors & Fragrances, Inc.
11,919
935,165
International Paper Co.
24,587
1,123,134
Linde PLC
22,293
10,103,856
LyondellBasell Industries NV, Cl. A
11,835
688,915
Martin Marietta Materials, Inc.
2,834
1,484,959
Newmont Corp.
52,776
2,780,240
Nucor Corp.
10,956
1,307,818
Packaging Corp. of America
3,935
730,375
PPG Industries, Inc.
10,650
1,159,359
Smurfit WestRock PLC
24,185
1,016,254
Steel Dynamics, Inc.
6,549
849,471
The Mosaic Company
15,131
459,983
The Sherwin-Williams Company
10,833
3,823,182
Vulcan Materials Co.
6,290
1,650,056
 
44,261,728
Media & Entertainment — 8.2%
Alphabet, Inc., Cl. A
273,566
43,442,281
Alphabet, Inc., Cl. C
220,751
35,516,628
Charter Communications, Inc., Cl. A (a),(b)
4,468
1,750,830
Comcast Corp., Cl. A
176,165
6,024,843
Electronic Arts, Inc.
11,292
1,638,356
Fox Corp., Cl. A
10,707
533,102
Fox Corp., Cl. B
5,566
257,372
Live Nation Entertainment, Inc. (a),(b)
7,097
939,998
Match Group, Inc. (b)
12,473
369,949
Meta Platforms, Inc., Cl. A
102,503
56,274,147
Netflix, Inc. (a)
20,013
22,649,112
News Corp., Cl. A
13,922
377,565
News Corp., Cl. B (b)
7,580
238,164
Omnicom Group, Inc.
9,610
731,898
Paramount Global, Cl. B (b)
32,153
377,476
Take-Two Interactive Software, Inc. (a)
7,633
1,780,932
The Interpublic Group of Companies, Inc.
18,444
463,313
The Walt Disney Company
84,787
7,711,378
TKO Group Holdings, Inc. (b)
3,043
495,735
Warner Bros Discovery, Inc. (a)
107,405
931,201
 
182,504,280
Pharmaceuticals, Biotechnology & Life Sciences — 6.1%
AbbVie, Inc.
82,737
16,141,989
Agilent Technologies, Inc.
13,452
1,447,435
Amgen, Inc.
25,167
7,321,584
Biogen, Inc. (a)
7,011
848,892
Bio-Techne Corp.
7,138
359,398
Bristol-Myers Squibb Co.
95,708
4,804,542
Charles River Laboratories International, Inc. (a)
2,270
269,267
Danaher Corp.
30,085
5,996,843
Eli Lilly & Co.
36,891
33,163,164
Gilead Sciences, Inc.
58,208
6,201,480
10
Description
 
 
 
Shares
Value ($)
Common Stocks — 99.5% (continued)
Pharmaceuticals, Biotechnology & Life Sciences — 6.1% (continued)
Incyte Corp. (a)
7,027
440,312
IQVIA Holdings, Inc. (a)
7,931
1,229,860
Johnson & Johnson
112,300
17,553,613
Merck & Co., Inc.
118,436
10,090,747
Mettler-Toledo International, Inc. (a)
997
1,067,358
Moderna, Inc. (a)
14,584
416,227
Pfizer, Inc.
264,915
6,466,575
Regeneron Pharmaceuticals, Inc.
4,929
2,951,288
Revvity, Inc.
5,718
534,233
Thermo Fisher Scientific, Inc.
17,908
7,682,532
Vertex Pharmaceuticals, Inc. (a)
12,046
6,137,437
Viatris, Inc.
51,666
435,028
Waters Corp. (a)
2,752
956,953
West Pharmaceutical Services, Inc.
3,426
723,880
Zoetis, Inc.
21,017
3,287,059
 
136,527,696
Real Estate Management & Development — .1%
CBRE Group, Inc., Cl. A (a)
13,920
1,700,746
CoStar Group, Inc. (a)
19,559
1,450,691
 
3,151,437
Semiconductors & Semiconductor Equipment — 10.1%
Advanced Micro Devices, Inc. (a)
75,979
7,396,556
Analog Devices, Inc.
23,089
4,500,508
Applied Materials, Inc.
37,896
5,711,306
Broadcom, Inc.
219,389
42,225,801
Enphase Energy, Inc. (a)
6,539
291,574
First Solar, Inc. (a),(b)
4,900
616,518
Intel Corp.
202,828
4,076,843
KLA Corp.
6,190
4,349,651
Lam Research Corp.
59,960
4,297,333
Microchip Technology, Inc.
25,701
1,184,302
Micron Technology, Inc.
52,267
4,021,946
Monolithic Power Systems, Inc.
2,206
1,308,379
NVIDIA Corp.
1,146,273
124,852,055
NXP Semiconductors NV
11,768
2,168,960
ON Semiconductor Corp. (a)
20,636
819,249
QUALCOMM, Inc.
51,575
7,656,824
Skyworks Solutions, Inc.
8,354
536,995
Teradyne, Inc.
7,880
584,775
Texas Instruments, Inc.
42,710
6,835,735
 
223,435,310
Software & Services — 11.6%
Accenture PLC, Cl. A
29,255
8,751,633
Adobe, Inc. (a)
20,364
7,636,093
Akamai Technologies, Inc. (a)
7,367
593,633
ANSYS, Inc. (a)
4,104
1,320,996
Autodesk, Inc. (a)
10,003
2,743,323
Cadence Design Systems, Inc. (a)
12,805
3,812,561
Cognizant Technology Solutions Corp., Cl. A
23,068
1,697,113
CrowdStrike Holdings, Inc., Cl. A (a)
11,524
4,942,298
EPAM Systems, Inc. (a)
2,646
415,184
11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 99.5% (continued)
Software & Services — 11.6% (continued)
Fair Isaac Corp. (a)
1,157
2,302,060
Fortinet, Inc. (a)
30,161
3,129,505
Gartner, Inc. (a)
3,619
1,523,888
Gen Digital, Inc.
24,862
643,180
GoDaddy, Inc., Cl. A (a)
6,658
1,253,901
International Business Machines Corp.
43,291
10,468,630
Intuit, Inc.
13,123
8,234,289
Microsoft Corp.
347,923
137,520,045
Oracle Corp.
75,900
10,680,648
Palantir Technologies, Inc., Cl. A (a)
95,971
11,366,805
Palo Alto Networks, Inc. (a)
30,964
5,788,100
PTC, Inc. (a)
5,602
868,142
Roper Technologies, Inc.
4,959
2,777,437
Salesforce, Inc.
44,999
12,091,681
ServiceNow, Inc. (a)
9,645
9,211,071
Synopsys, Inc. (a)
7,261
3,332,872
Tyler Technologies, Inc. (a)
1,978
1,074,647
VeriSign, Inc. (a)
3,911
1,103,371
Workday, Inc., Cl. A (a)
10,071
2,467,395
 
257,750,501
Technology Hardware & Equipment — 8.5%
Amphenol Corp., Cl. A
56,999
4,386,073
Apple, Inc.
703,048
149,397,700
Arista Networks, Inc. (a)
47,966
3,946,163
CDW Corp.
6,254
1,004,142
Cisco Systems, Inc.
186,623
10,773,746
Corning, Inc.
35,595
1,579,706
Dell Technologies, Inc., Cl. C
14,983
1,374,840
F5, Inc. (a)
2,568
679,852
Hewlett Packard Enterprise Co.
61,062
990,426
HP, Inc.
44,536
1,138,786
Jabil, Inc. (b)
5,297
776,328
Juniper Networks, Inc.
15,100
548,432
Keysight Technologies, Inc. (a)
7,968
1,158,547
Motorola Solutions, Inc.
7,901
3,479,521
NetApp, Inc.
9,778
877,576
Seagate Technology Holdings PLC
9,455
860,689
Super Micro Computer, Inc. (a),(b)
24,179
770,343
TE Connectivity PLC
13,952
2,042,294
Teledyne Technologies, Inc. (a)
2,181
1,016,411
Trimble, Inc. (a)
11,465
712,435
Western Digital Corp. (a)
15,905
697,593
Zebra Technologies Corp., Cl. A (a)
2,467
617,540
 
188,829,143
Telecommunication Services — 1.1%
AT&T, Inc.
335,943
9,305,621
T-Mobile US, Inc.
22,446
5,543,040
Verizon Communications, Inc.
197,093
8,683,917
 
23,532,578
Transportation — 1.4%
C.H. Robinson Worldwide, Inc.
5,709
509,357
12
Description
 
 
 
Shares
Value ($)
Common Stocks — 99.5% (continued)
Transportation — 1.4% (continued)
CSX Corp.
89,861
2,522,398
Delta Air Lines, Inc.
30,826
1,283,286
Expeditors International of Washington, Inc.
6,606
726,066
FedEx Corp.
10,280
2,162,192
J.B. Hunt Transport Services, Inc.
3,804
496,726
Norfolk Southern Corp.
10,682
2,393,302
Old Dominion Freight Line, Inc.
8,629
1,322,653
Southwest Airlines Co. (b)
26,277
734,705
Uber Technologies, Inc. (a)
97,654
7,910,951
Union Pacific Corp.
28,103
6,060,693
United Airlines Holdings, Inc. (a)
15,683
1,079,304
United Parcel Service, Inc., Cl. B
34,402
3,278,511
 
30,480,144
Utilities — 2.5%
Alliant Energy Corp.
11,415
696,772
Ameren Corp.
12,800
1,270,272
American Electric Power Co., Inc.
25,377
2,749,344
American Water Works Co., Inc.
9,215
1,354,697
Atmos Energy Corp. (b)
7,292
1,171,314
CenterPoint Energy, Inc. (b)
29,698
1,151,689
CMS Energy Corp.
13,766
1,013,866
Consolidated Edison, Inc.
16,517
1,862,292
Constellation Energy Corp.
14,795
3,305,795
Dominion Energy, Inc.
39,201
2,131,750
DTE Energy Co.
9,758
1,336,846
Duke Energy Corp.
36,078
4,402,238
Edison International
18,616
996,142
Entergy Corp.
20,343
1,691,927
Evergy, Inc. (b)
10,678
737,850
Eversource Energy
16,988
1,010,446
Exelon Corp.
45,333
2,126,118
FirstEnergy Corp.
24,457
1,048,716
NextEra Energy, Inc.
96,280
6,439,206
NiSource, Inc.
21,218
829,836
NRG Energy, Inc.
9,695
1,062,378
PG&E Corp.
104,168
1,720,855
Pinnacle West Capital Corp.
5,044
480,088
PPL Corp.
34,660
1,265,090
Public Service Enterprise Group, Inc.
23,387
1,869,323
Sempra
29,980
2,226,615
The AES Corp.
28,846
288,460
The Southern Company
51,299
4,713,865
Vistra Corp.
16,058
2,081,599
WEC Energy Group, Inc.
14,585
1,597,349
Xcel Energy, Inc.
26,819
1,896,103
 
56,528,841
Total Common Stocks
(cost $402,009,853)
2,209,318,081
 
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
1-Day
Yield (%)
 
Shares
Value ($)
Investment Companies — .6%
Registered Investment Companies — .6%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional
Shares(d)
(cost $12,802,119)
4.45
12,802,119
12,802,119
Investment of Cash Collateral for Securities Loaned — .0%
Registered Investment Companies — .0%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional
Shares(d)
(cost $283,674)
4.45
283,674
283,674
Total Investments (cost $415,095,646)
 
    100.1%
2,222,403,874
Liabilities, Less Cash and Receivables
 
      (.1%)
   (1,249,097)
Net Assets
    100.0%
2,221,154,777
 
(a)
Non-income producing security.
(b)
Security, or portion thereof, on loan. At April 30, 2025, the value of the fund’s securities on loan was $27,704,092 and the value of the collateral was
$28,339,655, consisting of cash collateral of $283,674 and U.S. Government & Agency securities valued at $28,055,981.  In addition, the value of collateral
may include pending sales that are also on loan.
(c)
Investment in real estate investment trust within the United States.
(d)
Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s
prospectus.
 
Affiliated Issuers
Description
Value ($)
10/31/2024
Purchases ($)†
Sales ($)
Value ($)
4/30/2025
Dividends/
Distributions ($)
Registered Investment Companies - .6%
Dreyfus Institutional Preferred Government Plus Money
Market Fund, Institutional Shares - .6%
32,746,685
122,349,165
(142,293,731)
12,802,119
554,509
Investment of Cash Collateral for Securities Loaned - .0%
Dreyfus Institutional Preferred Government Plus Money
Market Fund, Institutional Shares - .0%
581,977
9,388,363
(9,686,666)
283,674
19,367††
Total - .6%
33,328,662
131,737,528
(151,980,397)
13,085,793
573,876
 
†
Includes reinvested dividends/distributions.
††
Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and
other payments to and from borrowers of securities.
 
Futures
Description
Number of
Contracts
Expiration
Notional
Value ($)
Market
Value ($)
Unrealized
Appreciation ($)
Futures Long
S&P 500 E-mini
53
6/20/2025
14,792,069
14,805,550
13,481
Gross Unrealized Appreciation
13,481
See notes to financial statements.
14
STATEMENT OF ASSETS AND LIABILITIES 
April 30, 2025 (Unaudited) 
 
Cost
Value
Assets ($):
Investments in securities—See Statement of Investments
(including securities on loan, valued at $27,704,092)—Note 1(c):
Unaffiliated issuers
402,009,853
2,209,318,081
Affiliated issuers
13,085,793
13,085,793
Cash
2,845
Cash collateral held by broker—Note 4
1,144,000
Dividends and securities lending income receivable
1,299,240
Receivable for shares of Common Stock subscribed
417,079
Receivable for futures variation margin—Note 4
14,262
 
2,225,281,300
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)
847,292
Payable for shares of Common Stock redeemed
2,696,513
Payable for investment securities purchased
286,834
Liability for securities on loan—Note 1(c)
283,674
Directors’ fees and expenses payable
12,210
 
4,126,523
Net Assets ($)
2,221,154,777
Composition of Net Assets ($):
Paid-in capital
316,656,261
Total distributable earnings (loss)
1,904,498,516
Net Assets ($)
2,221,154,777
Shares Outstanding
(200 million shares of $.001 par value Common Stock authorized)
40,609,243
Net Asset Value Per Share ($)
54.70
See notes to financial statements.
15
STATEMENT OF OPERATIONS
Six Months Ended April 30, 2025 (Unaudited) 
 
 
Investment Income ($):
Income:
Cash dividends (net of $3,681 foreign taxes withheld at source):
Unaffiliated issuers
15,915,507
Affiliated issuers
554,509
Affiliated income net of rebates from securities lending—Note 1(c)
19,367
Interest
8,501
Total Income
16,497,884
Expenses:
Management fee—Note 3(a)
2,959,555
Shareholder servicing costs—Note 3(b)
2,959,555
Directors’ fees—Notes 3(a) and 3(c)
117,300
Loan commitment fees—Note 2
22,982
Total Expenses
6,059,392
Less—Directors’ fees reimbursed by
BNY Mellon Investment Adviser, Inc.—Note 3(a)
(117,300
)
Net Expenses
5,942,092
Net Investment Income
10,555,792
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments
106,857,795
Net realized gain (loss) on futures
(2,599,489
)
Net Realized Gain (Loss)
104,258,306
Net change in unrealized appreciation (depreciation) on investments
(156,216,623
)
Net change in unrealized appreciation (depreciation) on futures
921,687
Net Change in Unrealized Appreciation (Depreciation)
(155,294,936
)
Net Realized and Unrealized Gain (Loss) on Investments
(51,036,630
)
Net (Decrease) in Net Assets Resulting from Operations
(40,480,838
)
See notes to financial statements.
16
STATEMENT OF CHANGES IN NET ASSETS
  
 
Six Months Ended
April 30, 2025 (Unaudited)
Year Ended
October 31, 2024
 
Operations ($):
Net investment income
10,555,792
22,599,308
Net realized gain (loss) on investments
104,258,306
210,872,332
Net change in unrealized appreciation (depreciation) on investments
(155,294,936)
468,008,088
Net Increase (Decrease) in Net Assets Resulting from Operations
(40,480,838)
701,479,728
Distributions ($):
Distributions to shareholders
(230,555,049)
(149,998,944)
Capital Stock Transactions ($):
Net proceeds from shares sold
111,699,963
177,135,401
Distributions reinvested
222,935,464
145,298,718
Cost of shares redeemed
(254,176,493)
(400,203,174)
Increase (Decrease) in Net Assets from Capital Stock Transactions
80,458,934
(77,769,055)
Total Increase (Decrease) in Net Assets
(190,576,953)
473,711,729
Net Assets ($):
Beginning of Period
2,411,731,730
1,938,020,001
End of Period
2,221,154,777
2,411,731,730
Capital Share Transactions (Shares):
Shares sold
1,923,582
3,175,609
Shares issued for distributions reinvested
3,810,211
2,860,211
Shares redeemed
(4,340,184)
(7,118,945)
Net Increase (Decrease) in Shares Outstanding
1,393,609
(1,083,125)
See notes to financial statements.
17
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated. 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. 
 
Six Months Ended
April 30, 2025
(Unaudited) 
Year Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Data ($):
 
 
 
 
 
Net asset value, beginning of period
61.50
48.09
49.07
65.31
51.48
53.93
Investment Operations:
Net investment income(a)
.26
.55
.57
.56
.56
.71
Net realized and unrealized gain (loss) on investments
(1.08
)
16.61
3.59
(9.08
)
19.58
4.07
Total from Investment Operations
(.82
)
17.16
4.16
(8.52
)
20.14
4.78
Distributions:
Dividends from net investment income
(.56
)
(.59
)
(.62
)
(.58
)
(.75
)
(.85
)
Dividends from net realized gain on investments
(5.42
)
(3.16
)
(4.52
)
(7.14
)
(5.56
)
(6.38
)
Total Distributions
(5.98
)
(3.75
)
(5.14
)
(7.72
)
(6.31
)
(7.23
)
Net asset value, end of period
54.70
61.50
48.09
49.07
65.31
51.48
Total Return (%)
(1.97
)(b)
37.34
9.60
(15.03
)
42.21
9.13
Ratios/Supplemental Data (%):
 
 
 
 
 
Ratio of total expenses to average net assets
.51
(c)
.51
.51
.51
.51
.51
Ratio of net expenses to average net assets(d)
.50
(c)
.50
.50
.50
.50
.50
Ratio of net investment income to average net assets(d)
.89
(c)
.98
1.19
1.03
.95
1.41
Portfolio Turnover Rate
1.10
(b)
2.42
1.98
1.89
3.31
2.43
Net Assets, end of period ($ x 1,000)
2,221,155
2,411,732
1,938,020
1,919,564
2,553,501
2,078,988
 
(a)
Based on average shares outstanding.
(b)
Not annualized.
(c)
Annualized.
(d)
Amount inclusive of Directors’ fees reimbursed by BNY Mellon Investment Adviser, Inc.
See notes to financial statements.
18
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—
Significant Accounting Policies:
BNY Mellon S&P 500 Index Fund (the “fund”) is a separate diversified series of BNY Mellon Index Funds, Inc. (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering three series, including the fund. The fund’s investment objective is to seek to match the performance 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. BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s shares, which are sold to the public without a sales charge.
The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the 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 Company enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: 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 Company’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 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.
19
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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 April 30, 2025 in valuing the fund’s investments: 
 
Level 1 -
Unadjusted
Quoted Prices
Level 2- Other
Significant
Observable Inputs
Level 3-
Significant
Unobservable
Inputs
Total
Assets ($)
Investments in Securities:†
Equity Securities - Common Stocks
2,209,318,081
—
—
2,209,318,081
Investment Companies
13,085,793
—
—
13,085,793
 
2,222,403,874
—
—
2,222,403,874
Other Financial Instruments:
Futures††
13,481
—
—
13,481
 
13,481
—
—
13,481
 
†
See Statement of Investments for additional detailed categorizations, if any.
††
Amount shown represents unrealized appreciation (depreciation) at period end, but only variation margin on exchange-traded and centrally cleared derivatives,
if any, are reported in the Statement of Assets and Liabilities.
(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 April 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.
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
20
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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 April 30, 2025, BNY earned $2,674 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 April 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 ($)
Liabilities ($)
Gross amount of securities loaned, at
value, as disclosed in the Statement
of Assets and Liabilities
27,704,092
-
Collateral (received)/posted not offset
in the Statement of
Assets and Liabilities
(27,704,092
)†
-
Net amount
-
-
 
†
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,
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
securities lending.
(d) Affiliated issuers: Investments in other investment companies advised by the Adviser are considered “affiliated” under the Act.
(e) Market Risk: The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide.
Indexing Strategy Risk: The fund uses an indexing strategy. It does not attempt to manage market volatility, use defensive strategies or reduce the effects of any long-term periods of poor index performance. The correlation between fund and index performance may be affected by the fund’s expenses and/or use of sampling techniques, changes in securities markets, changes in the composition of the index and the timing of purchases and redemptions of fund shares.
(f) Dividends and distributions to shareholders: Dividends and distributions are recorded on the ex-dividend date. Dividends from net investment income and dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
(g) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable 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 April 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 April 30, 2025, the fund did not incur any interest or penalties.
21
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Each tax year in the three-year period ended October 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 October 31, 2024 were as follows: ordinary income $23,750,698 and long-term capital gains $126,248,246. 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 April 30, 2025, the fund did not borrow under either Facility.
NOTE 3—
Management Fee and Other Transactions with Affiliates:
(a) Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .25% of the value of the fund’s average daily net assets and is payable monthly. The Adviser has agreed in its management agreement with the fund to pay all of the fund’s expenses, except management fees, Shareholder Services Plan fees, interest expenses, brokerage commissions, commitment fees on borrowings and extraordinary expenses not incurred in the ordinary course of the fund’s business, and the fees and expenses of the non-interested board members and their counsel. The Adviser has further agreed to reduce its fees in an amount equal to the fund’s allocable portion of the fees and expenses of the non-interested board members and the fees and expenses of counsel to the fund and to the non-interested board members. These provisions in the management agreement may not be amended without the approval of the fund’s shareholders. During the period ended April 30, 2025, fees reimbursed by the Adviser amounted to $117,300.
(b) Under the Shareholder Services Plan, the fund pays the Distributor at an annual rate of .25% of the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended April 30, 2025, the fund was charged $2,959,555 pursuant to the Shareholder Services Plan.
The fund has an arrangement with The Bank of New York Mellon (the “Custodian”), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.
22
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: Management fee of $439,646, Shareholder Services Plan fees of $439,646, which are offset against an expense reimbursement currently in effect in the amount of $32,000.
(c) Each board member of the fund also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—
Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding short-term securities and derivatives, during the period ended April 30, 2025, amounted to $25,931,259 and $143,731,259, 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 April 30, 2025 is discussed below.
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 April 30, 2025 are set forth in the Statement of Investments.
The following tables show the fund’s exposure to different types of market risk as it relates to the Statement of Assets and Liabilities and the Statement of Operations, respectively.
Fair value of derivative instruments as of April 30, 2025 is shown below: 
 
Derivative
Assets ($)
 
Derivative
Liabilities ($)
Equity Risk
13,481
(1)
Equity Risk
-
Gross fair value of derivative contracts
13,481
 
-
 
Statement of Assets and Liabilities location:
(1)
Includes cumulative appreciation (depreciation) on futures as reported in the Statement of Investments, but only the unpaid variation margin is reported in the
Statement of Assets and Liabilities.
The effect of derivative instruments in the Statement of Operations during the period ended April 30, 2025 is shown below: 
Amount of realized gain (loss) on derivatives recognized in income ($)
Underlying risk
Futures(1)
Total
Equity
(2,599,489)
(2,599,489)
Total
(2,599,489)
(2,599,489)
23
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
 
Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($)
Underlying risk
Futures(2)
Total
Equity
921,687
921,687
Total
921,687
921,687
 
Statement of Operations location:
(1)
Net realized gain (loss) on futures.
(2)
Net change in unrealized appreciation (depreciation) on futures.
The following table summarizes the monthly average market value of derivatives outstanding during the period ended April 30, 2025: 
 
Average Market Value ($)
Futures:
Equity Futures Long
30,047,214
At April 30, 2025, accumulated net unrealized appreciation on investments inclusive of derivative contracts was $1,807,321,709, consisting of $1,830,642,433 gross unrealized appreciation and $23,320,724 gross unrealized depreciation.
At April 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).
24
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)
N/A
25
Item 9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)
N/A
26
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)
Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The Adviser reimburses the fund for the fees and expenses of the non-interested board members. Compensation paid by the fund to the board members and board member fees reimbursed by the Adviser during the period are within Item 7. Statement of Operations as Directors’ and Directors’ fees reimbursed by BNY Mellon Investment Adviser, Inc., respectively.
27
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 (the “Agreement”). The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser. In considering the renewal of the Agreement, 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.
Analysis of Nature, Extent, and Quality of Services Provided to the Fund. 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 retail direct or 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.
Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. 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 shares with the performance of a group of retail no-load S&P 500 index funds selected by Broadridge as comparable to the fund (the “Performance Group”) and with a broader group of funds consisting of all retail and institutional S&P 500 index funds (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 retail no-load S&P 500 index funds, 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 below the Performance Group and Performance Universe medians for all periods. It was noted that there were only five other funds in the Performance Group. The Board considered the relative proximity of the fund’s performance to the Performance Group and/or Performance Universe medians in periods under review. 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 overall rating and a four-star rating for the ten-year period 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 provided by the Adviser. 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.
The Board noted that the Adviser pays all fund expenses, other than the actual management fee and certain other expenses. Because of the fund’s “unitary” fee structure, the Board recognized that the fund’s fees and expenses will vary within a much smaller range and the Adviser will bear the risk that fund expenses may increase over time. On the other hand, the Board noted that it is possible that the Adviser could earn a profit on the fees charged under the Agreement and would benefit from any price decreases in third-party services covered by the Agreement. Taking into account the fund’s “unitary” fee structure, the Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and higher than the Expense Universe median actual management fee, and the fund’s total expenses were 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 (1) paid by the one fund advised by the Adviser that is in the same Lipper category as the fund and (2) paid to the Adviser, or the primary employer of the fund’s primary portfolio managers that is affiliated with the Adviser, 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
28
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)
the relationship of the fees paid in light of any differences in the services provided and other relevant factors, noting the fund’s “unitary” fee structure. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness of the fund’s management fee.
Analysis of Profitability and Economies of Scale. 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 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 fee under the Agreement, considered in relation to the mix of services provided by the Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreement 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 from acting as investment adviser 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 Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
●The Board concluded that the nature, extent and quality of the services provided by the Adviser are satisfactory and appropriate.
●The Board was generally satisfied with the fund’s overall performance.
●The Board concluded that the fee paid to the Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
●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 pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
In evaluating the Agreement, 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, of the Adviser and the services provided to the fund by the Adviser. 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 Agreement, 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 Agreement 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 Agreement.
29
© 2025 BNY Mellon Securities Corporation
Code-0078NCSRSA0425 
 
BNY Mellon Smallcap Stock Index Fund
SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION
April 30, 2025
 
Class
Ticker
Investor
DISSX
I
DISIX
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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”).
 
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies. 
BNY Mellon Smallcap Stock Index Fund
STATEMENT OF INVESTMENTS
April 30, 2025 (Unaudited)

 
Description
 
 
 
Shares
Value ($)
Common Stocks — 98.8%
Automobiles & Components — 1.8%
Adient PLC (a)
55,323
699,836
American Axle & Manufacturing Holdings, Inc. (a)
75,344
287,814
BorgWarner, Inc.
145,882
4,140,131
Dana, Inc.
85,976
1,181,310
Dorman Products, Inc. (a)
18,293
2,072,597
Fox Factory Holding Corp. (a)
27,698
562,546
Gentherm, Inc. (a)
20,397
530,526
LCI Industries
17,084
1,316,835
Patrick Industries, Inc.
22,598
1,739,594
Phinia, Inc.
27,151
1,090,113
Standard Motor Products, Inc.
14,384
389,806
Winnebago Industries, Inc.
18,583
591,311
XPEL, Inc. (a)
15,348
439,567
 
15,041,986
Banks — 9.0%
Ameris Bancorp
43,088
2,524,957
Atlantic Union Bankshares Corp.
86,543
2,397,241
Axos Financial, Inc. (a)
36,174
2,296,326
Banc of California, Inc.
91,207
1,229,470
BancFirst Corp.
13,376
1,575,960
Bank of Hawaii Corp.
26,292
1,738,164
BankUnited, Inc.
49,938
1,633,472
Banner Corp.
22,986
1,405,364
Berkshire Hills Bancorp, Inc.
30,479
756,794
Brookline Bancorp, Inc.
58,876
614,665
Capitol Federal Financial, Inc.
83,281
472,203
Cathay General Bancorp
47,750
1,990,697
Central Pacific Financial Corp.
18,268
469,305
City Holding Co.
9,848
1,141,088
Community Financial System, Inc.
34,929
1,906,774
Customers Bancorp, Inc. (a)
19,381
969,050
CVB Financial Corp.
87,733
1,626,570
Dime Community Bancshares, Inc.
26,782
688,030
Eagle Bancorp, Inc.
19,881
356,864
FB Financial Corp.
23,102
983,221
First BanCorp/Puerto Rico
108,704
2,134,947
First Bancorp/Southern Pines NC
27,714
1,121,308
First Commonwealth Financial Corp.
67,119
1,028,263
First Financial Bancorp
63,620
1,472,803
First Hawaiian, Inc.
83,739
1,914,274
Fulton Financial Corp.
120,790
2,014,777
Hanmi Financial Corp.
20,511
469,087
Heritage Financial Corp.
23,024
525,408
Hilltop Holdings, Inc.
31,146
919,741
Hope Bancorp, Inc.
83,868
836,164
Independent Bank Corp.
28,500
1,684,065
Lakeland Financial Corp.
17,226
958,971
National Bank Holdings Corp., Cl. A
25,196
911,087
3
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 98.8% (continued)
Banks — 9.0% (continued)
NBT Bancorp, Inc.
31,429
1,330,704
Northwest Bancshares, Inc.
84,393
1,042,254
OFG Bancorp
30,518
1,200,883
Pacific Premier Bancorp, Inc.
64,459
1,311,096
Park National Corp.
9,706
1,456,871
Pathward Financial, Inc.
15,926
1,264,047
Preferred Bank
8,413
671,862
Provident Financial Services, Inc.
86,503
1,416,054
Renasant Corp.
62,078
1,990,841
S&T Bancorp, Inc.
25,775
939,241
Seacoast Banking Corp. of Florida
56,607
1,342,152
ServisFirst Bancshares, Inc.
33,474
2,384,018
Simmons First National Corp., Cl. A
84,041
1,568,205
Southside Bancshares, Inc.
19,081
537,893
Stellar Bancorp, Inc.
31,272
780,549
The Bancorp, Inc. (a)
31,637
1,528,383
Tompkins Financial Corp.
8,403
500,819
Triumph Financial, Inc. (a)
14,515
775,391
TrustCo Bank Corp. NY
13,453
409,644
Trustmark Corp.
40,850
1,370,518
United Community Banks, Inc.
79,121
2,184,531
Veritex Holdings, Inc.
36,224
843,295
WaFd, Inc.
54,273
1,548,409
Westamerica BanCorp
18,110
877,067
WSFS Financial Corp.
38,983
2,009,574
 
74,051,411
Capital Goods — 13.0%
AAR Corp. (a)
23,328
1,247,115
AeroVironment, Inc. (a)
18,686
2,831,303
Air Lease Corp.
69,084
3,230,368
Alamo Group, Inc.
6,843
1,142,644
Albany International Corp., Cl. A
20,958
1,378,198
American Woodmark Corp. (a)
10,249
604,691
Apogee Enterprises, Inc.
14,718
583,863
Arcosa, Inc.
32,442
2,597,631
Armstrong World Industries, Inc.
29,084
4,217,762
Astec Industries, Inc.
15,228
551,710
AZZ, Inc.
19,793
1,717,241
Boise Cascade Co.
25,539
2,382,278
CSW Industrials, Inc.
11,202
3,500,401
DNOW, Inc. (a)
70,358
1,116,582
DXP Enterprises, Inc. (a)
8,664
766,417
Dycom Industries, Inc. (a)
19,468
3,261,863
Enerpac Tool Group Corp.
36,615
1,478,148
Enpro, Inc.
13,973
2,087,566
ESCO Technologies, Inc.
17,219
2,693,913
Everus Construction Group, Inc. (a)
33,929
1,365,303
Federal Signal Corp.
40,738
3,317,295
Franklin Electric Co., Inc.
26,074
2,215,247
Gates Industrial Corp. PLC (a)
151,623
2,868,707
Gibraltar Industries, Inc. (a)
20,103
1,064,454
4
Description
 
 
 
Shares
Value ($)
Common Stocks — 98.8% (continued)
Capital Goods — 13.0% (continued)
GMS, Inc. (a)
25,978
1,903,148
Granite Construction, Inc.
28,907
2,349,850
Griffon Corp.
26,511
1,805,664
Hayward Holdings, Inc. (a)
94,264
1,256,539
Hillenbrand, Inc.
46,913
949,050
Insteel Industries, Inc.
13,497
457,683
JBT Marel Corp.
30,803
3,242,324
Kadant, Inc.
7,824
2,308,080
Kennametal, Inc.
50,748
988,571
Kratos Defense & Security Solutions, Inc. (a)
102,032
3,447,151
Lindsay Corp.
7,312
943,687
Masterbrand, Inc. (a)
84,378
1,025,193
Mercury Systems, Inc. (a)
34,058
1,702,900
Moog, Inc., Cl. A
18,924
3,165,039
Mueller Water Products, Inc., Cl. A
104,506
2,742,237
MYR Group, Inc. (a)
10,784
1,319,099
National Presto Industries, Inc.
3,167
267,136
Powell Industries, Inc.
6,237
1,142,057
Proto Labs, Inc. (a)
16,255
571,526
Quanex Building Products Corp.
31,730
521,641
Resideo Technologies, Inc. (a)
98,520
1,653,166
Rush Enterprises, Inc., Cl. A
41,521
2,117,156
SPX Technologies, Inc. (a)
30,943
4,151,004
Standex International Corp.
7,976
1,127,966
Sterling Infrastructure, Inc. (a)
20,499
3,063,166
Sunrun, Inc. (a)
149,301
1,028,684
Tennant Co.
12,383
893,557
The Greenbrier Companies, Inc.
20,777
881,360
Titan International, Inc. (a)
32,675
240,161
Trinity Industries, Inc.
55,142
1,384,064
Triumph Group, Inc. (a)
51,210
1,300,734
Vicor Corp. (a)
15,526
619,565
WillScot Holdings Corp.
123,074
3,091,619
Worthington Enterprises, Inc.
21,095
1,068,040
Zurn Elkay Water Solutions Corp.
95,170
3,231,973
 
106,181,490
Commercial & Professional Services — 3.8%
ABM Industries, Inc.
41,294
2,012,670
Amentum Holdings, Inc. (a)
96,655
2,109,012
Brady Corp., Cl. A
29,424
2,068,213
CoreCivic, Inc. (a)
72,956
1,651,724
CSG Systems International, Inc.
18,447
1,109,218
Deluxe Corp.
29,480
430,408
Enviri Corp. (a)
54,843
376,772
Healthcare Services Group, Inc. (a)
49,792
707,544
Heidrick & Struggles International, Inc.
13,736
535,979
HNI Corp.
32,005
1,353,812
Interface, Inc.
38,979
732,805
Korn Ferry
34,307
2,116,742
Liquidity Services, Inc. (a)
15,331
487,219
Matthews International Corp., Cl. A
21,176
433,049
5
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 98.8% (continued)
Commercial & Professional Services — 3.8% (continued)
MillerKnoll, Inc.
45,191
741,132
NV5 Global, Inc. (a)
35,155
652,125
OPENLANE, Inc. (a)
71,096
1,315,987
Pitney Bowes, Inc.
104,879
910,350
Pursuit Attractions and Hospitality, Inc. (a)
14,410
422,069
Robert Half, Inc.
66,931
2,965,043
The GEO Group, Inc. (a)
90,848
2,841,726
UniFirst Corp.
9,977
1,780,595
Verra Mobility Corp. (a)
109,818
2,394,032
Vestis Corp.
78,146
684,559
 
30,832,785
Consumer Discretionary Distribution & Retail — 3.2%
Academy Sports & Outdoors, Inc.
46,000
1,733,280
Advance Auto Parts, Inc.
39,864
1,304,350
American Eagle Outfitters, Inc.
115,515
1,216,373
Asbury Automotive Group, Inc. (a)
13,056
2,848,036
Boot Barn Holdings, Inc. (a)
20,353
2,123,632
Caleres, Inc.
22,665
345,415
Etsy, Inc. (a)
74,793
3,252,000
Foot Locker, Inc. (a)
54,325
666,568
Group 1 Automotive, Inc.
8,661
3,495,839
Guess, Inc.
18,558
208,777
Kohl’s Corp.
73,218
490,561
MarineMax, Inc. (a)
13,400
287,564
Monro, Inc.
19,648
273,893
National Vision Holdings, Inc. (a)
52,523
648,659
Sally Beauty Holdings, Inc. (a)
66,486
541,196
Shoe Carnival, Inc.
12,365
214,904
Signet Jewelers Ltd.
29,257
1,734,940
Sonic Automotive, Inc., Cl. A
9,895
600,824
The Buckle, Inc.
20,229
703,160
Upbound Group, Inc.
34,467
685,893
Urban Outfitters, Inc. (a)
37,460
1,977,139
Victoria’s Secret & Co. (a)
52,363
984,424
 
26,337,427
Consumer Durables & Apparel — 4.0%
Acushnet Holdings Corp.
18,187
1,204,343
Carter’s, Inc.
24,128
797,430
Cavco Industries, Inc. (a)
5,349
2,641,604
Century Communities, Inc.
18,398
1,003,427
Champion Homes, Inc. (a)
35,156
3,040,994
Dream Finders Homes, Inc., Cl. A (a)
17,373
393,672
Ethan Allen Interiors, Inc.
14,745
419,200
G-III Apparel Group Ltd. (a)
26,116
658,646
Green Brick Partners, Inc. (a)
20,311
1,198,146
Hanesbrands, Inc. (a)
236,314
1,084,681
Helen of Troy Ltd. (a)
15,566
433,669
Installed Building Products, Inc.
15,482
2,567,380
Kontoor Brands, Inc.
32,964
1,982,785
La-Z-Boy, Inc.
27,717
1,094,822
Leggett & Platt, Inc.
88,719
853,477
6
Description
 
 
 
Shares
Value ($)
Common Stocks — 98.8% (continued)
Consumer Durables & Apparel — 4.0% (continued)
LGI Homes, Inc. (a)
13,682
747,174
M/I Homes, Inc. (a)
18,295
1,951,711
Meritage Homes Corp.
48,157
3,281,418
Newell Brands, Inc.
275,313
1,315,996
Oxford Industries, Inc.
9,569
465,053
Sonos, Inc. (a)
78,525
723,215
Steven Madden Ltd.
48,409
1,016,589
Sturm Ruger & Co., Inc.
11,188
454,904
Topgolf Callaway Brands Corp. (a)
95,330
630,131
Tri Pointe Homes, Inc. (a)
62,748
1,929,501
Wolverine World Wide, Inc.
54,525
711,551
 
32,601,519
Consumer Services — 3.4%
Adtalem Global Education, Inc. (a)
24,828
2,636,734
BJ’s Restaurants, Inc. (a)
15,199
505,975
Bloomin’ Brands, Inc.
50,582
405,668
Brinker International, Inc. (a)
29,642
3,980,921
Cracker Barrel Old Country Store, Inc.
15,194
648,784
Dave & Buster’s Entertainment, Inc. (a)
20,861
400,322
Frontdoor, Inc. (a)
50,460
2,074,411
Golden Entertainment, Inc.
13,835
355,559
Jack in the Box, Inc.
12,739
331,723
Mister Car Wash, Inc. (a)
63,993
438,992
Monarch Casino & Resort, Inc.
8,361
653,746
Papa John’s International, Inc.
22,271
769,018
Penn Entertainment, Inc. (a)
100,121
1,523,842
Perdoceo Education Corp.
40,934
1,028,262
Sabre Corp. (a)
263,376
624,201
Shake Shack, Inc., Cl. A (a)
26,665
2,339,587
Six Flags Entertainment Corp.
62,118
2,137,480
Strategic Education, Inc.
16,314
1,330,896
Stride, Inc. (a)
28,544
4,060,384
The Cheesecake Factory, Inc.
31,433
1,583,280
 
27,829,785
Consumer Staples Distribution & Retail — .8%
Grocery Outlet Holding Corp. (a)
65,434
1,098,637
PriceSmart, Inc.
16,597
1,684,429
SpartanNash Co.
22,502
446,440
The Andersons, Inc.
21,272
802,167
The Chefs’ Warehouse, Inc. (a)
23,371
1,331,446
United Natural Foods, Inc. (a)
39,775
1,062,390
 
6,425,509
Energy — 3.8%
Archrock, Inc.
116,856
2,749,622
Atlas Energy Solutions, Inc.
49,085
664,120
Bristow Group, Inc. (a)
16,849
489,295
Cactus, Inc., Cl. A
44,650
1,694,021
California Resources Corp.
47,973
1,655,548
Comstock Resources, Inc. (a)
59,825
1,093,003
Core Laboratories, Inc.
32,507
369,605
Core Natural Resources, Inc.
33,866
2,445,464
7
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 98.8% (continued)
Energy — 3.8% (continued)
Crescent Energy Co., Cl. A
122,722
1,016,138
CVR Energy, Inc.
22,515
424,633
Dorian LPG Ltd.
24,835
531,966
Helix Energy Solutions Group, Inc. (a)
95,055
578,885
Helmerich & Payne, Inc.
66,448
1,255,203
Innovex International, Inc. (a)
26,920
406,492
International Seaways, Inc.
26,788
909,720
Liberty Energy, Inc.
107,722
1,238,803
Magnolia Oil & Gas Corp., Cl. A
127,380
2,615,111
Northern Oil & Gas, Inc.
66,440
1,614,492
Oceaneering International, Inc. (a)
66,889
1,187,280
Par Pacific Holdings, Inc. (a)
36,755
526,332
Patterson-UTI Energy, Inc.
232,522
1,311,424
Peabody Energy Corp.
80,609
994,715
ProPetro Holding Corp. (a)
52,014
259,030
REX American Resources Corp. (a)
10,390
412,691
RPC, Inc.
55,969
264,733
SM Energy Co.
76,679
1,747,514
Talos Energy, Inc. (a)
82,083
564,731
Tidewater, Inc. (a)
31,954
1,156,415
Vital Energy, Inc. (a)
18,105
256,729
World Kinect Corp.
39,469
990,277
 
31,423,992
Equity Real Estate Investment Trusts — 7.4%
Acadia Realty Trust (b)
79,183
1,512,395
Alexander & Baldwin, Inc. (b)
48,307
829,914
American Assets Trust, Inc. (b)
31,899
597,468
Apple Hospitality REIT, Inc. (b)
147,678
1,738,170
Armada Hoffler Properties, Inc. (b)
53,506
362,236
Brandywine Realty Trust (b)
116,852
462,734
CareTrust REIT, Inc. (b)
125,224
3,665,306
Centerspace (b)
11,115
670,901
Curbline Properties Corp. (b)
63,200
1,446,648
DiamondRock Hospitality Co. (b)
135,865
997,249
Douglas Emmett, Inc. (b)
112,226
1,552,086
Easterly Government Properties, Inc. (b)
26,538
535,280
Elme Communities (b)
59,574
927,567
Essential Properties Realty Trust, Inc. (b)
125,715
4,044,252
Four Corners Property Trust, Inc. (b)
65,868
1,841,011
Getty Realty Corp. (b)
33,025
924,370
Global Net Lease, Inc. (b)
131,060
989,503
Highwoods Properties, Inc. (b)
71,485
2,033,033
Innovative Industrial Properties, Inc. (b)
19,249
1,045,413
JBG SMITH Properties (b)
56,910
795,602
LTC Properties, Inc. (b)
29,898
1,072,441
LXP Industrial Trust (b)
195,402
1,541,722
Medical Properties Trust, Inc. (b)
400,491
2,210,710
Millrose Properties, Inc. (a),(b)
80,065
2,004,828
NexPoint Residential Trust, Inc. (b)
14,985
558,641
Outfront Media, Inc. (b)
91,319
1,381,656
Pebblebrook Hotel Trust (b)
79,441
718,941
8
Description
 
 
 
Shares
Value ($)
Common Stocks — 98.8% (continued)
Equity Real Estate Investment Trusts — 7.4% (continued)
Phillips Edison & Co., Inc. (b)
83,505
2,897,624
Ryman Hospitality Properties, Inc. (b)
39,850
3,504,807
Safehold, Inc. (b)
31,195
491,321
Saul Centers, Inc. (b)
8,812
288,152
SITE Centers Corp. (b)
31,284
370,403
SL Green Realty Corp. (b)
46,612
2,452,257
Summit Hotel Properties, Inc. (b)
75,329
306,589
Sunstone Hotel Investors, Inc. (b)
134,446
1,121,280
Tanger, Inc. (b)
73,612
2,319,514
Terreno Realty Corp. (b)
66,807
3,763,238
The Macerich Company (b)
165,351
2,424,046
Uniti Group, Inc. (b)
166,735
820,336
Universal Health Realty Income Trust (b)
8,780
335,484
Urban Edge Properties (b)
83,651
1,511,574
Veris Residential, Inc. (b)
53,281
826,921
Whitestone REIT (b)
30,634
399,467
Xenia Hotels & Resorts, Inc. (b)
67,764
723,720
 
61,016,810
Financial Services — 7.4%
Acadian Asset Management, Inc.
19,047
513,126
Apollo Commercial Real Estate Finance, Inc. (b)
84,473
791,512
Arbor Realty Trust, Inc. (b)
124,908
1,440,189
ARMOUR Residential REIT, Inc. (b)
51,164
842,671
Artisan Partners Asset Management, Inc., Cl. A
46,784
1,730,072
BGC Group, Inc., Cl. A
249,664
2,261,956
Blackstone Mortgage Trust, Inc., Cl. A (b)
115,083
2,192,331
Bread Financial Holdings, Inc.
32,853
1,558,875
Cohen & Steers, Inc.
17,973
1,371,699
Donnelley Financial Solutions, Inc. (a)
17,885
862,057
Ellington Financial, Inc. (b)
60,616
789,826
Enact Holdings, Inc.
19,694
704,848
Encore Capital Group, Inc. (a)
15,682
539,461
Enova International, Inc. (a)
17,252
1,583,561
EVERTEC, Inc.
42,704
1,449,374
EZCORP, Inc., Cl. A (a)
33,520
548,722
Franklin BSP Realty Trust, Inc. (b)
54,026
614,816
HA Sustainable Infrastructure Capital, Inc.
79,165
1,977,542
Jackson Financial, Inc., Cl. A
49,308
3,841,586
KKR Real Estate Finance Trust, Inc. (b)
39,062
361,324
Moelis & Co., Cl. A
47,002
2,518,367
Mr. Cooper Group, Inc. (a)
42,475
5,054,950
Navient Corp.
50,361
623,469
NCR Atleos Corp. (a)
48,212
1,346,079
New York Mortgage Trust, Inc. (b)
61,878
363,224
NMI Holdings, Inc. (a)
52,664
1,904,857
Payoneer Global, Inc. (a)
170,778
1,200,569
PennyMac Mortgage Investment Trust (b)
58,715
753,901
Piper Sandler Companies
10,730
2,587,218
PJT Partners, Inc., Cl. A
15,780
2,236,184
PRA Group, Inc. (a)
26,009
475,965
PROG Holdings, Inc.
27,866
734,548
9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 98.8% (continued)
Financial Services — 7.4% (continued)
Radian Group, Inc.
97,013
3,098,595
Ready Capital Corp. (b)
115,176
512,533
Redwood Trust, Inc. (b)
87,181
541,394
StepStone Group, Inc., Cl. A
44,011
2,200,990
StoneX Group, Inc. (a)
28,563
2,529,682
Two Harbors Investment Corp. (b)
69,291
822,484
Virtu Financial, Inc., Cl. A
53,830
2,107,445
Virtus Investment Partners, Inc.
4,445
682,708
Walker & Dunlop, Inc.
21,584
1,652,039
WisdomTree, Inc.
77,004
669,935
World Acceptance Corp. (a)
2,154
278,124
 
60,870,808
Food, Beverage & Tobacco — 1.7%
B&G Foods, Inc.
54,321
374,272
Cal-Maine Foods, Inc.
28,810
2,689,990
Fresh Del Monte Produce, Inc.
22,726
772,911
Freshpet, Inc. (a)
32,340
2,378,284
J & J Snack Foods Corp.
10,495
1,360,047
John B. Sanfilippo & Son, Inc.
6,067
402,060
MGP Ingredients, Inc.
9,125
268,914
National Beverage Corp.
16,003
710,533
The Simply Good Foods Company (a)
61,891
2,234,884
Tootsie Roll Industries, Inc.
11,274
360,768
TreeHouse Foods, Inc. (a)
29,735
692,528
Universal Corp.
16,554
964,601
WK Kellogg Co.
44,785
802,995
 
14,012,787
Health Care Equipment & Services — 6.5%
AdaptHealth Corp. (a)
72,522
617,162
Addus HomeCare Corp. (a)
12,023
1,257,005
AMN Healthcare Services, Inc. (a)
24,411
498,717
Artivion, Inc. (a)
25,382
601,300
Astrana Health, Inc. (a)
28,034
873,820
Avanos Medical, Inc. (a)
30,947
388,385
Certara, Inc. (a)
72,964
1,011,281
Concentra Group Holdings Parent, Inc.
72,475
1,576,331
CONMED Corp.
20,664
1,014,809
CorVel Corp. (a)
18,333
1,993,897
Embecta Corp.
37,192
453,370
Enovis Corp. (a)
37,675
1,303,178
Glaukos Corp. (a)
36,755
3,464,159
HealthStream, Inc.
15,939
536,029
ICU Medical, Inc. (a)
16,297
2,226,007
Inspire Medical Systems, Inc. (a)
19,785
3,133,548
Integer Holdings Corp. (a)
22,294
2,815,955
Integra LifeSciences Holdings Corp. (a)
45,304
742,533
LeMaitre Vascular, Inc.
13,706
1,243,682
Merit Medical Systems, Inc. (a)
38,807
3,665,321
National HealthCare Corp.
8,246
779,165
Neogen Corp. (a)
133,865
676,018
NeoGenomics, Inc. (a)
85,839
548,940
10
Description
 
 
 
Shares
Value ($)
Common Stocks — 98.8% (continued)
Health Care Equipment & Services — 6.5% (continued)
Omnicell, Inc. (a)
30,804
962,933
Owens & Minor, Inc. (a)
50,986
359,961
Pediatrix Medical Group, Inc. (a)
57,645
742,468
Premier, Inc., Cl. A
60,589
1,232,986
Privia Health Group, Inc. (a)
68,433
1,606,807
Progyny, Inc. (a)
48,836
1,115,414
QuidelOrtho Corp. (a)
44,167
1,227,401
RadNet, Inc. (a)
43,360
2,271,197
Schrodinger, Inc. (a)
37,117
951,309
Select Medical Holdings Corp.
69,314
1,264,287
Simulations Plus, Inc.
11,204
384,857
STAAR Surgical Co. (a)
33,107
604,534
Tandem Diabetes Care, Inc. (a)
44,333
747,011
Teleflex, Inc.
30,947
4,241,286
TransMedics Group, Inc. (a)
22,356
2,056,976
U.S. Physical Therapy, Inc.
10,171
723,260
UFP Technologies, Inc. (a)
4,937
1,029,562
 
52,942,861
Household & Personal Products — .8%
Central Garden & Pet Co. (a)
6,097
204,615
Central Garden & Pet Co., Cl. A (a)
33,314
985,095
Edgewell Personal Care Co.
31,714
968,863
Energizer Holdings, Inc.
44,101
1,192,491
Interparfums, Inc.
11,860
1,295,112
USANA Health Sciences, Inc. (a)
7,635
214,467
WD-40 Co.
9,003
2,055,925
 
6,916,568
Insurance — 2.7%
AMERISAFE, Inc.
13,039
606,183
Assured Guaranty Ltd.
31,848
2,794,025
Employers Holdings, Inc.
16,705
811,696
Genworth Financial, Inc. (a)
286,929
1,968,333
Goosehead Insurance, Inc., Cl. A
16,437
1,597,841
HCI Group, Inc.
5,714
835,958
Horace Mann Educators Corp.
27,011
1,122,037
Lincoln National Corp.
113,693
3,623,396
Mercury General Corp.
17,683
979,992
Palomar Holdings, Inc. (a)
17,693
2,565,839
ProAssurance Corp. (a)
34,463
799,886
Safety Insurance Group, Inc.
10,154
776,781
SiriusPoint Ltd. (a)
61,213
1,028,378
Stewart Information Services Corp.
18,583
1,216,815
Trupanion, Inc. (a)
22,456
821,890
United Fire Group, Inc.
13,471
372,742
 
21,921,792
Materials — 4.9%
AdvanSix, Inc.
18,429
394,749
Alpha Metallurgical Resources, Inc. (a)
7,391
896,898
Balchem Corp.
21,727
3,401,362
Celanese Corp.
72,913
3,245,358
Century Aluminum Co. (a)
34,755
570,330
11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 98.8% (continued)
Materials — 4.9% (continued)
Element Solutions, Inc.
148,646
3,033,865
FMC Corp.
83,320
3,492,774
Hawkins, Inc.
12,639
1,539,177
HB Fuller Co.
36,608
1,978,296
Ingevity Corp. (a)
24,077
794,059
Innospec, Inc.
16,676
1,492,169
Kaiser Aluminum Corp.
10,841
698,811
Koppers Holdings, Inc.
13,228
331,494
Materion Corp.
13,742
1,140,723
Metallus, Inc. (a)
25,688
324,953
Minerals Technologies, Inc.
21,098
1,088,446
MP Materials Corp. (a)
81,239
1,987,106
O-I Glass, Inc. (a)
102,445
1,296,954
Quaker Chemical Corp.
8,998
953,248
Sealed Air Corp.
96,954
2,672,052
Sensient Technologies Corp.
28,263
2,655,309
Stepan Co.
14,359
725,991
SunCoke Energy, Inc.
56,329
510,341
Sylvamo Corp.
22,827
1,360,946
The Chemours Co.
99,215
1,228,282
Warrior Met Coal, Inc.
34,903
1,669,061
Worthington Steel, Inc.
23,834
611,580
 
40,094,334
Media & Entertainment — 2.1%
Angi, Inc. (a)
30,179
345,851
Cable One, Inc.
3,078
822,657
Cargurus, Inc. (a)
58,829
1,644,859
Cars.com, Inc. (a)
39,154
455,753
Cinemark Holdings, Inc.
71,875
2,149,781
IAC, Inc. (a)
47,066
1,644,486
John Wiley & Sons, Inc., Cl. A
27,291
1,190,979
Madison Square Garden Sports Corp. (a)
11,121
2,141,571
QuinStreet, Inc. (a)
38,068
666,951
Scholastic Corp.
16,927
305,194
Shutterstock, Inc.
15,575
248,577
TechTarget, Inc. (a)
18,761
149,525
TEGNA, Inc.
106,652
1,730,962
Thryv Holdings, Inc. (a)
26,559
363,858
TripAdvisor, Inc. (a)
73,066
909,672
Yelp, Inc. (a)
44,011
1,543,906
Ziff Davis, Inc. (a)
28,248
834,164
 
17,148,746
Pharmaceuticals, Biotechnology & Life Sciences — 5.2%
ACADIA Pharmaceuticals, Inc. (a)
82,471
1,204,077
ADMA Biologics, Inc. (a)
157,778
3,755,116
Alkermes PLC (a)
108,392
3,118,438
Amphastar Pharmaceuticals, Inc. (a)
24,991
610,030
ANI Pharmaceuticals, Inc. (a)
11,103
786,314
Arcus Biosciences, Inc. (a)
45,569
398,729
Arrowhead Pharmaceuticals, Inc. (a)
83,453
1,159,162
Azenta, Inc. (a)
30,227
796,179
12
Description
 
 
 
Shares
Value ($)
Common Stocks — 98.8% (continued)
Pharmaceuticals, Biotechnology & Life Sciences — 5.2% (continued)
BioLife Solutions, Inc. (a)
24,679
595,011
Catalyst Pharmaceuticals, Inc. (a)
75,376
1,830,883
Collegium Pharmaceutical, Inc. (a)
22,076
595,942
Corcept Therapeutics, Inc. (a)
62,238
4,473,667
Cytek Biosciences, Inc. (a)
67,613
250,844
Dynavax Technologies Corp. (a)
81,349
955,851
Fortrea Holdings, Inc. (a)
61,191
381,220
Harmony Biosciences Holdings, Inc. (a)
25,232
743,587
Innoviva, Inc. (a)
36,043
673,644
Krystal Biotech, Inc. (a)
16,877
2,867,065
Ligand Pharmaceuticals, Inc. (a)
12,667
1,391,597
Mesa Laboratories, Inc.
3,689
425,157
Myriad Genetics, Inc. (a)
62,978
466,667
Organon & Co.
173,223
2,239,773
Pacira BioSciences, Inc. (a)
30,969
833,066
Phibro Animal Health Corp., Cl. A
13,323
247,941
Prestige Consumer Healthcare, Inc. (a)
32,993
2,680,021
Protagonist Therapeutics, Inc. (a)
40,143
1,839,352
Supernus Pharmaceuticals, Inc. (a)
36,706
1,192,211
TG Therapeutics, Inc. (a)
89,070
4,053,576
Vericel Corp. (a)
32,776
1,246,144
Vir Biotechnology, Inc. (a)
57,979
354,832
Xencor, Inc. (a)
47,101
519,053
 
42,685,149
Real Estate Management & Development — .5%
Cushman & Wakefield PLC (a)
154,050
1,443,449
eXp World Holdings, Inc.
56,242
515,177
Kennedy-Wilson Holdings, Inc.
79,905
511,392
Marcus & Millichap, Inc.
16,086
489,014
The St. Joe Company
25,420
1,075,774
 
4,034,806
Semiconductors & Semiconductor Equipment — 2.5%
Alpha & Omega Semiconductor Ltd. (a)
16,509
310,865
Axcelis Technologies, Inc. (a)
21,942
1,074,719
CEVA, Inc. (a)
15,643
410,003
Cohu, Inc. (a)
29,727
475,632
Diodes, Inc. (a)
30,733
1,180,147
FormFactor, Inc. (a)
51,602
1,452,080
Ichor Holdings Ltd. (a)
22,183
438,780
Impinj, Inc. (a)
15,387
1,417,604
Kulicke & Soffa Industries, Inc.
35,026
1,128,888
MaxLinear, Inc. (a)
50,895
508,441
PDF Solutions, Inc. (a)
21,226
389,497
Penguin Solutions, Inc. (a)
35,445
605,046
Photronics, Inc. (a)
42,962
784,916
Qorvo, Inc. (a)
62,296
4,464,754
Semtech Corp. (a)
57,835
1,807,344
SiTime Corp. (a)
12,709
1,866,444
SolarEdge Technologies, Inc. (a)
38,599
472,259
Ultra Clean Holdings, Inc. (a)
30,618
572,710
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 98.8% (continued)
Semiconductors & Semiconductor Equipment — 2.5% (continued)
Veeco Instruments, Inc. (a)
39,061
730,441
Wolfspeed, Inc. (a)
105,777
375,508
 
20,466,078
Software & Services — 4.5%
A10 Networks, Inc.
49,619
817,721
ACI Worldwide, Inc. (a)
70,008
3,735,627
Adeia, Inc.
74,160
912,910
Agilysys, Inc. (a)
15,225
1,131,979
Alarm.com Holdings, Inc. (a)
33,080
1,773,088
BlackLine, Inc. (a)
34,871
1,646,957
Box, Inc., Cl. A (a)
95,727
2,988,597
Cleanspark, Inc. (a)
184,075
1,503,893
Clear Secure, Inc., Cl. A
62,529
1,543,216
DigitalOcean Holdings, Inc. (a)
42,271
1,306,174
DoubleVerify Holdings, Inc. (a)
93,959
1,245,896
DXC Technology Co. (a)
121,589
1,887,061
Grid Dynamics Holdings, Inc. (a)
41,088
581,806
InterDigital, Inc.
17,135
3,444,135
LiveRamp Holdings, Inc. (a)
43,551
1,139,294
MARA Holdings, Inc. (a)
226,392
3,026,861
N-able, Inc. (a)
48,485
342,304
NCR Voyix Corp. (a)
97,011
831,384
Progress Software Corp.
28,813
1,727,627
Sprinklr, Inc., Cl. A (a)
74,501
572,913
SPS Commerce, Inc. (a)
25,296
3,630,229
Teradata Corp. (a)
63,443
1,364,025
 
37,153,697
Technology Hardware & Equipment — 4.7%
Advanced Energy Industries, Inc.
25,093
2,444,309
Arlo Technologies, Inc. (a)
68,186
670,268
Badger Meter, Inc.
19,626
4,333,813
Benchmark Electronics, Inc.
24,006
780,915
Calix, Inc. (a)
39,581
1,619,259
Corsair Gaming, Inc. (a)
30,753
217,731
CTS Corp.
19,624
747,282
Digi International, Inc. (a)
24,938
678,314
ePlus, Inc. (a)
17,485
1,090,365
Extreme Networks, Inc. (a)
88,996
1,171,187
Harmonic, Inc. (a)
79,491
713,829
Insight Enterprises, Inc. (a)
18,220
2,519,462
Itron, Inc. (a)
30,083
3,347,937
Knowles Corp. (a)
58,792
925,386
NetScout Systems, Inc. (a)
47,648
1,001,561
OSI Systems, Inc. (a)
10,526
2,155,093
PC Connection, Inc.
8,237
511,023
Plexus Corp. (a)
18,188
2,226,757
Rogers Corp. (a)
11,452
707,848
Sandisk Corp. (a)
76,778
2,465,342
Sanmina Corp. (a)
36,257
2,784,175
ScanSource, Inc. (a)
14,708
485,217
TTM Technologies, Inc. (a)
67,788
1,357,116
14
Description
 
 
 
Shares
Value ($)
Common Stocks — 98.8% (continued)
Technology Hardware & Equipment — 4.7% (continued)
Viasat, Inc. (a)
58,199
539,505
Viavi Solutions, Inc. (a)
147,467
1,560,201
Vishay Intertechnology, Inc.
74,225
964,183
Xerox Holdings Corp.
77,816
343,168
 
38,361,246
Telecommunication Services — .9%
Cogent Communications Holdings, Inc.
28,012
1,522,452
Gogo, Inc. (a)
38,832
293,958
Lumen Technologies, Inc. (a)
676,837
2,396,003
Shenandoah Telecommunications Co.
31,648
352,559
Telephone and Data Systems, Inc.
65,011
2,437,263
 
7,002,235
Transportation — 1.6%
Allegiant Travel Co.
9,688
454,658
ArcBest Corp.
15,377
899,862
Forward Air Corp. (a)
14,275
210,128
Heartland Express, Inc.
28,349
215,452
Hertz Global Holdings, Inc. (a)
81,779
557,733
Hub Group, Inc., Cl. A
40,070
1,265,811
JetBlue Airways Corp. (a)
203,813
888,625
Marten Transport Ltd.
37,519
481,744
Matson, Inc.
22,132
2,414,380
RXO, Inc. (a)
95,031
1,338,987
Schneider National, Inc., Cl. B
31,513
677,214
SkyWest, Inc. (a)
26,803
2,390,024
Sun Country Airlines Holdings, Inc. (a)
27,378
268,304
Werner Enterprises, Inc.
41,493
1,023,217
 
13,086,139
Utilities — 2.6%
American States Water Co.
25,394
2,059,707
Avista Corp.
52,619
2,182,110
California Water Service Group
39,448
1,998,041
Chesapeake Utilities Corp.
15,068
1,984,004
Clearway Energy, Inc., Cl. A
23,201
634,547
Clearway Energy, Inc., Cl. C
55,179
1,618,952
MDU Resources Group, Inc.
135,976
2,330,629
MGE Energy, Inc.
24,409
2,207,062
Middlesex Water Co.
12,197
769,875
Northwest Natural Holding Co.
26,304
1,133,702
Otter Tail Corp.
27,842
2,210,098
SJW Group
20,273
1,150,290
Unitil Corp.
11,100
651,126
 
20,930,143
Total Common Stocks
(cost $647,295,433)
809,370,103
 
15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Number of Rights
Value ($)
Rights — .0%
Health Care Equipment & Services — .0%
Omniab Operations, Inc.-Earnout 12.5
9,476
0
Omniab Operations, Inc.-Earnout 15.0
9,476
0
Total Rights
(cost $33,892)
0
 
 
 
 
 
Shares
 
Exchange-Traded Funds — .8%
Registered Investment Companies — .8%
iShares Core S&P Small-Cap ETF
(cost $6,300,243)
64,077
6,416,030
 
 
 
1-Day
Yield (%)
 
 
 
Investment Companies — .3%
Registered Investment Companies — .3%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares(c)
(cost $2,829,825)
4.45
2,829,825
2,829,825
Total Investments (cost $656,459,393)
 
    99.9%
818,615,958
Cash and Receivables (Net)
 
      .1%
    700,486
Net Assets
   100.0%
819,316,444
 
ETF—Exchange-Traded Fund
REIT—Real Estate Investment Trust
 
(a)
Non-income producing security.
(b)
Investment in real estate investment trust within the United States.
(c)
Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s
prospectus.
 
Affiliated Issuers
Description
Value ($)
10/31/2024
Purchases ($)†
Sales ($)
Value ($)
4/30/2025
Dividends/
Distributions ($)
Registered Investment Companies - .3%
Dreyfus Institutional Preferred Government Plus Money
Market Fund, Institutional Shares - .3%
4,209,742
82,773,376
(84,153,293)
2,829,825
69,484
Investment of Cash Collateral for Securities Loaned - .0%
Dreyfus Institutional Preferred Government Plus Money
Market Fund, Institutional Shares - .0%
9,207,995
41,822,328
(51,030,323)
-
76,309††
Total - .3%
13,417,737
124,595,704
(135,183,616)
2,829,825
145,793
 
†
Includes reinvested dividends/distributions.
††
Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and
other payments to and from borrowers of securities.
16
 
Futures
Description
Number of
Contracts
Expiration
Notional
Value ($)
Market
Value ($)
Unrealized
(Depreciation) ($)
Futures Long
E-mini Russell 2000 Index
42
6/20/2025
4,244,231
4,136,580
(107,651)
Gross Unrealized Depreciation
(107,651)
See notes to financial statements.
17
STATEMENT OF ASSETS AND LIABILITIES 
April 30, 2025 (Unaudited) 
 
Cost
Value
Assets ($):
Investments in securities—See Statement of Investments:
Unaffiliated issuers
653,629,568
815,786,133
Affiliated issuers
2,829,825
2,829,825
Cash collateral held by broker—Note 4
397,000
Receivable for investment securities sold
750,006
Dividends receivable
380,029
Receivable for shares of Common Stock subscribed
159,356
 
820,302,349
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)
301,517
Cash overdraft due to Custodian
2,845
Payable for shares of Common Stock redeemed
639,054
Payable for futures variation margin—Note 4
28,980
Directors’ fees and expenses payable
13,509
 
985,905
Net Assets ($)
819,316,444
Composition of Net Assets ($):
Paid-in capital
596,401,960
Total distributable earnings (loss)
222,914,484
Net Assets ($)
819,316,444
 
Net Asset Value Per Share
Investor Shares
Class I
Net Assets ($)
693,283,561
126,032,883
Shares Outstanding
32,923,595
6,012,194
Net Asset Value Per Share ($)
21.06
20.96
See notes to financial statements.
18
STATEMENT OF OPERATIONS
Six Months Ended April 30, 2025 (Unaudited) 
 
 
Investment Income ($):
Income:
Cash dividends (net of $9,388 foreign taxes withheld at source):
Unaffiliated issuers
8,909,242
Affiliated issuers
69,484
Affiliated income net of rebates from securities lending—Note 1(c)
76,309
Interest
14,205
Total Income
9,069,240
Expenses:
Management fee—Note 3(a)
1,277,823
Shareholder servicing costs—Note 3(b)
1,019,039
Directors’ fees—Notes 3(a) and 3(c)
13,260
Interest expense—Note 2
12,999
Loan commitment fees—Note 2
10,173
Total Expenses
2,333,294
Less—Directors’ fees reimbursed by
BNY Mellon Investment Adviser, Inc.—Note 3(a)
(13,260
)
Net Expenses
2,320,034
Net Investment Income
6,749,206
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments
69,379,029
Net realized gain (loss) on futures
(579,540
)
Net Realized Gain (Loss)
68,799,489
Net change in unrealized appreciation (depreciation) on investments
(180,206,023
)
Net change in unrealized appreciation (depreciation) on futures
(110,293
)
Net Change in Unrealized Appreciation (Depreciation)
(180,316,316
)
Net Realized and Unrealized Gain (Loss) on Investments
(111,516,827
)
Net (Decrease) in Net Assets Resulting from Operations
(104,767,621
)
See notes to financial statements.
19
STATEMENT OF CHANGES IN NET ASSETS
  
 
Six Months Ended
April 30, 2025 (Unaudited)
Year Ended
October 31, 2024
 
Operations ($):
Net investment income
6,749,206
14,908,637
Net realized gain (loss) on investments
68,799,489
162,047,208
Net change in unrealized appreciation (depreciation) on investments
(180,316,316)
118,387,519
Net Increase (Decrease) in Net Assets Resulting from Operations
(104,767,621)
295,343,364
Distributions ($):
Distributions to shareholders:
Investor Shares
(119,906,826)
(85,214,975)
Class I
(34,421,810)
(22,526,163)
Total Distributions
(154,328,636)
(107,741,138)
Capital Stock Transactions ($):
Net proceeds from shares sold:
Investor Shares
31,382,897
67,928,010
Class I
19,152,416
46,780,979
Distributions reinvested:
Investor Shares
118,649,562
84,450,762
Class I
32,128,411
19,999,337
Cost of shares redeemed:
Investor Shares
(121,058,183)
(279,670,676)
Class I
(115,148,345)
(85,756,868)
Increase (Decrease) in Net Assets from Capital Stock Transactions
(34,893,242)
(146,268,456)
Total Increase (Decrease) in Net Assets
(293,989,499)
41,333,770
Net Assets ($):
Beginning of Period
1,113,305,943
1,071,972,173
End of Period
819,316,444
1,113,305,943
Capital Share Transactions (Shares):
Investor Shares(a)
Shares sold
1,295,404
2,601,574
Shares issued for distributions reinvested
4,886,720
3,274,555
Shares redeemed
(4,900,917)
(10,753,057)
Net Increase (Decrease) in Shares Outstanding
1,281,207
(4,876,928)
Class I(a)
Shares sold
779,224
1,797,773
Shares issued for distributions reinvested
1,330,369
778,791
Shares redeemed
(4,973,236)
(3,315,021)
Net Increase (Decrease) in Shares Outstanding
(2,863,643)
(738,457)
 
(a)
During the period ended April 30, 2025, 3,455 Investor shares representing $84,881 were exchanged for 3,472 Class I shares and during the period ended
October 31, 2024, 36,037 Investor shares representing $952,797 were exchanged for 36,150 Class I shares.
See notes to financial statements.
20
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. 
 
Six Months Ended
April 30, 2025
(Unaudited) 
Year Ended October 31,
Investor Shares
2024
2023
2022
2021
2020
Per Share Data ($):
 
 
 
 
 
Net asset value, beginning of period
27.49
23.24
28.82
36.44
24.77
29.19
Investment Operations:
Net investment income(a)
.16
.33
.34
.30
.27
.25
Net realized and unrealized gain (loss) on investments
(2.71
)
6.37
(2.52
)
(4.32
)
13.63
(2.27
)
Total from Investment Operations
(2.55
)
6.70
(2.18
)
(4.02
)
13.90
(2.02
)
Distributions:
Dividends from net investment income
(.37
)
(.37
)
(.34
)
(.30
)
(.27
)
(.33
)
Dividends from net realized gain on investments
(3.51
)
(2.08
)
(3.06
)
(3.30
)
(1.96
)
(2.07
)
Total Distributions
(3.88
)
(2.45
)
(3.40
)
(3.60
)
(2.23
)
(2.40
)
Net asset value, end of period
21.06
27.49
23.24
28.82
36.44
24.77
Total Return (%)
(11.14
)(b)
29.52
(8.13
)
(12.29
)
58.22
(8.01
)
Ratios/Supplemental Data (%):
 
 
 
 
 
Ratio of total expenses to average net assets(c)
.51
(d)
.51
.51
.51
.51
.52
Ratio of net expenses to average net assets(c),(e)
.50
(d)
.51
.50
.50
.50
.50
Ratio of net investment income to average net
assets(c),(e)
1.27
(d)
1.27
1.30
.99
.79
1.00
Portfolio Turnover Rate
26.64
(b)
40.52
37.96
25.75
26.70
40.49
Net Assets, end of period ($ x 1,000)
693,284
869,834
848,876
1,110,002
1,519,919
1,159,850
 
(a)
Based on average shares outstanding.
(b)
Not annualized.
(c)
Amounts do not include the expenses of the underlying funds.
(d)
Annualized.
(e)
Amount inclusive of Directors’ fees reimbursed by BNY Mellon Investment Adviser, Inc.
See notes to financial statements.
21
FINANCIAL HIGHLIGHTS (continued)
 
 
Six Months Ended
April 30, 2025
(Unaudited) 
Year Ended October 31,
Class I Shares
2024
2023
2022
2021
2020
Per Share Data ($):
 
 
 
 
 
Net asset value, beginning of period
27.43
23.20
28.80
36.43
24.76
29.19
Investment Operations:
Net investment income(a)
.19
.40
.40
.38
.35
.29
Net realized and unrealized gain (loss) on investments
(2.69
)
6.35
(2.51
)
(4.32
)
13.62
(2.24
)
Total from Investment Operations
(2.50
)
6.75
(2.11
)
(3.94
)
13.97
(1.95
)
Distributions:
Dividends from net investment income
(.46
)
(.44
)
(.43
)
(.39
)
(.34
)
(.41
)
Dividends from net realized gain on investments
(3.51
)
(2.08
)
(3.06
)
(3.30
)
(1.96
)
(2.07
)
Total Distributions
(3.97
)
(2.52
)
(3.49
)
(3.69
)
(2.30
)
(2.48
)
Net asset value, end of period
20.96
27.43
23.20
28.80
36.43
24.76
Total Return (%)
(11.04
)(b)
29.83
(7.90
)
(12.08
)
58.63
(7.79
)
Ratios/Supplemental Data (%):
 
 
 
 
 
Ratio of total expenses to average net assets(c)
.26
(d)
.26
.26
.26
.26
.27
Ratio of net expenses to average net assets(c),(e)
.25
(d)
.26
.25
.25
.25
.25
Ratio of net investment income to average net
assets(c),(e)
1.52
(d)
1.52
1.55
1.24
1.03
1.17
Portfolio Turnover Rate
26.64
(b)
40.52
37.96
25.75
26.70
40.49
Net Assets, end of period ($ x 1,000)
126,033
243,472
223,096
297,615
413,833
270,454
 
(a)
Based on average shares outstanding.
(b)
Not annualized.
(c)
Amounts do not include the expenses of the underlying funds.
(d)
Annualized.
(e)
Amount inclusive of Directors’ fees reimbursed by BNY Mellon Investment Adviser, Inc.
See notes to financial statements.
22
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—
Significant Accounting Policies:
BNY Mellon Smallcap Stock Index Fund (the “fund”) is a separate diversified series of BNY Mellon Index Funds, Inc. (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering three series, including the fund. The fund’s investment objective is to seek to match the performance of the S&P SmallCap 600® Index. BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY”), serves as the fund’s investment adviser.
BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s shares, which are sold to the public without a sales charge. The fund is authorized to issue 300 million shares of $.001 par value Common Stock. The fund currently has authorized two classes of shares: Investor shares (200 million shares authorized) and Class I (100 million shares authorized). Investor shares are sold primarily to retail investors through financial intermediaries and bear Shareholder Services Plan fees. Class I shares are sold primarily to bank trust departments and other financial service providers (including BNY and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Shareholder Services Plan fees. Other differences between the classes include the services offered to and the expenses borne by each class, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the 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 Company enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: 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 Company’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.
23
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Investments in equity securities and exchange-traded funds are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.
Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. 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 April 30, 2025 in valuing the fund’s investments: 
 
Level 1 -
Unadjusted
Quoted Prices
Level 2- Other
Significant
Observable Inputs
Level 3-
Significant
Unobservable
Inputs
Total
Assets ($)
Investments in Securities:†
Equity Securities - Common Stocks
809,370,103
—
—
809,370,103
Exchange-Traded Funds
6,416,030
—
—
6,416,030
Rights
—
0
—
0
Investment Companies
2,829,825
—
—
2,829,825
 
818,615,958
0
—
818,615,958
Liabilities ($)
Other Financial Instruments:
Futures††
(107,651)
—
—
(107,651)
 
(107,651)
—
—
(107,651)
 
†
See Statement of Investments for additional detailed categorizations, if any.
††
Amount shown represents unrealized appreciation (depreciation) at period end, but only variation margin on exchange-traded and centrally cleared derivatives,
if any, are reported in the Statement of Assets and Liabilities.
(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
24
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
subject to reclaims as of April 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.
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 April 30, 2025, BNY earned $10,397 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 April 30, 2025, the fund had no securities on loan.
(d) Affiliated issuers: Investments in other investment companies advised by the Adviser are considered “affiliated” under the Act.
(e) Market Risk: The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide.
Indexing Strategy Risk: The fund uses an indexing strategy. It does not attempt to manage market volatility, use defensive strategies or reduce the effects of any long-term periods of poor index performance. The correlation between fund and index performance may be affected by the fund’s expenses and/or use of sampling techniques, changes in securities markets, changes in the composition of the index and the timing of purchases and redemptions of fund shares.
(f) Dividends and distributions to shareholders: Dividends and distributions are recorded on the ex-dividend date. Dividends from net investment income and dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
(g) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable 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 April 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 April 30, 2025, the fund did not incur any interest or penalties.
Each tax year in the three-year period ended October 31, 2024 remains subject to examination by the Internal Revenue Service and state taxing authorities.
25
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The tax character of distributions paid to shareholders during the fiscal year ended October 31, 2024 were as follows: ordinary income $16,948,957 and long-term capital gains $90,792,181. 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 April 30, 2025, the fund was charged $12,999 for interest expense. These fees are included in Interest expense in the Statement of Operations. The average amount of borrowings outstanding under the Citibank Credit Facility during the period ended April 30, 2025 was approximately $526,519 with a related weighted average annualized interest rate of 4.98%. As of April 30, 2025, the fund has no outstanding loan balance from either Facility.
NOTE 3—
Management Fee and Other Transactions with Affiliates:
(a) Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .25% of the value of the fund’s average daily net assets and is payable monthly. The Adviser has agreed in its management agreement with the fund to pay all of the fund’s expenses, except management fees, Shareholder Services Plan fees, interest expenses, brokerage commissions, commitment fees on borrowings and extraordinary expenses not incurred in the ordinary course of the fund’s business, and the fees and expenses of the non-interested board members and their counsel. The Adviser has further agreed to reduce its fees in an amount equal to the fund’s allocable portion of the fees and expenses of the non-interested board members and the fees and expenses of counsel to the fund and to the non-interested board members. These provisions in the management agreement may not be amended without the approval of the fund’s shareholders. During the period ended April 30, 2025, fees reimbursed by the Adviser amounted to $13,260.
(b) Under the Shareholder Services Plan, Investor shares pay the Distributor at an annual rate of .25% of the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended April 30, 2025, Investor shares were charged $1,019,039 pursuant to the Shareholder Services Plan.
26
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The fund has an arrangement with The Bank of New York Mellon (the “Custodian”), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.
The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: Management fee of $165,228, Shareholder Services Plan fees of $139,289, which are offset against an expense reimbursement currently in effect in the amount of $3,000.
(c) Each board member of the fund also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—
Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding short-term securities and derivatives, during the period ended April 30, 2025, amounted to $272,125,882 and $453,062,548, 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 April 30, 2025 is discussed below.
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 April 30, 2025 are set forth in the Statement of Investments.
The following tables show the fund’s exposure to different types of market risk as it relates to the Statement of Assets and Liabilities and the Statement of Operations, respectively.
Fair value of derivative instruments as of April 30, 2025 is shown below: 
 
Derivative
Assets ($)
 
Derivative
Liabilities ($)
Equity Risk
-
Equity Risk
(107,651
)(1)
Gross fair value of derivative contracts
-
 
(107,651
)
 
Statement of Assets and Liabilities location:
(1)
Includes cumulative appreciation (depreciation) on futures as reported in the Statement of Investments, but only the unpaid variation margin is reported in the
Statement of Assets and Liabilities.
The effect of derivative instruments in the Statement of Operations during the period ended April 30, 2025 is shown below: 
Amount of realized gain (loss) on derivatives recognized in income ($)
Underlying risk
Futures(1)
Total
Equity
(579,540)
(579,540)
Total
(579,540)
(579,540)
27
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
 
Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($)
Underlying risk
Futures(2)
Total
Equity
(110,293)
(110,293)
Total
(110,293)
(110,293)
 
Statement of Operations location:
(1)
Net realized gain (loss) on futures.
(2)
Net change in unrealized appreciation (depreciation) on futures.
The following table summarizes the monthly average market value of derivatives outstanding during the period ended April 30, 2025: 
 
Average Market Value ($)
Futures:
Equity Futures Long
5,113,354
At April 30, 2025, accumulated net unrealized appreciation on investments inclusive of derivative contracts was $162,048,914, consisting of $282,084,233 gross unrealized appreciation and $120,035,319 gross unrealized depreciation.
At April 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).
28
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)
N/A
29
Item 9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)
N/A
30
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)
Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The Adviser reimburses the fund for the fees and expenses of the non-interested board members. Compensation paid by the fund to the board members and board member fees reimbursed by the Adviser during the period are within Item 7. Statement of Operations as Directors’ and Directors’ fees reimbursed by BNY Mellon Investment Adviser, Inc., respectively.
31
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 (the “Agreement”). The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser. In considering the renewal of the Agreement, 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.
Analysis of Nature, Extent, and Quality of Services Provided to the Fund. 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 retail direct or 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.
Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. 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 Investor Class shares with the performance of a group of retail no-load small-cap core funds selected by Broadridge as comparable to the fund (the “Performance Group”) and with a broader group of funds consisting of all retail and institutional small-cap core funds (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 retail no-load small-cap core funds, 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 at the Performance Group median for all periods, except for the one-year period when the fund’s total return performance was above the Performance Group median, and was below the Performance Universe median for all periods. It was noted that there were only two other funds in the Performance Group and that the Performance Universe was not limited to index funds. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
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 provided by the Adviser. 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.
The Board noted that the Adviser pays all fund expenses, other than the actual management fee and certain other expenses. Because of the fund’s “unitary” fee structure, the Board recognized that the fund’s fees and expenses will vary within a much smaller range and the Adviser will bear the risk that fund expenses may increase over time. On the other hand, the Board noted that it is possible that the
32
Adviser could earn a profit on the fees charged under the Agreement and would benefit from any price decreases in third-party services covered by the Agreement. Taking into account the fund’s “unitary” fee structure, the Board considered that the fund’s contractual management fee was equal to the Expense Group median contractual management fee, the fund’s actual management fee was equal to the Expense Group median and higher than the Expense Universe median actual management fee, and the fund’s total expenses were equal to 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 (1) paid by funds advised by the Adviser that are in the same Lipper category as the fund and (2) paid to the Adviser, or the primary employer of the fund’s primary portfolio managers that is affiliated with the Adviser, for advising the one separate account or other type of client portfolio that is considered to have similar investment strategies and policies as the fund (the “Similar Clients”), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors, noting the fund’s “unitary” fee structure. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness of the fund’s management fee.
Analysis of Profitability and Economies of Scale. 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 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 fee under the Agreement, considered in relation to the mix of services provided by the Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreement 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 from acting as investment adviser 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 Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
●The Board concluded that the nature, extent and quality of the services provided by the Adviser are satisfactory and appropriate.
●The Board was generally satisfied with the fund’s overall performance.
●The Board concluded that the fee paid to the Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
●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 pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
In evaluating the Agreement, 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, of the Adviser and the services provided to the fund by the Adviser. 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 Agreement, 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
33
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited) (continued)
the fund had the benefit of a number of years of reviews of the Agreement 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 Agreement.
34
© 2025 BNY Mellon Securities Corporation
Code-0077NCSRSA0425 
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.

 

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

 

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

 

Not applicable.

 

Item 18. Recovery of Erroneously Awarded Compensation.

 

Not applicable.

 

Item 19. Exhibits.

 

(a)(1) Not applicable.

 

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

 

(a)(3) Not applicable.

 

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.

 
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

BNY Mellon Index Funds, Inc.

By: /s/ David J. DiPetrillo

David J. DiPetrillo

President (Principal Executive Officer)

 

Date: June 18, 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: June 18, 2025

 

 

By: /s/ James Windels

James Windels

Treasurer (Principal Financial Officer)

 

Date: June 18, 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)

(b)       Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATION REQUIRED BY RULE 30A-2

CERTIFICATION REQUIRED BY SECTION 906

TAXONOMY

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