0000875732-15-000009.txt : 20150701 0000875732-15-000009.hdr.sgml : 20150701 20150701115245 ACCESSION NUMBER: 0000875732-15-000009 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20150430 FILED AS OF DATE: 20150701 DATE AS OF CHANGE: 20150701 EFFECTIVENESS DATE: 20150701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS MIDCAP INDEX FUND INC CENTRAL INDEX KEY: 0000875732 IRS NUMBER: 133618129 STATE OF INCORPORATION: NY FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06325 FILM NUMBER: 15963870 BUSINESS ADDRESS: STREET 1: 200 PARK AVENUE STREET 2: THE DREYFUS CORPORATION CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129226855 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS MIDCAP INDEX FUND DATE OF NAME CHANGE: 19951228 FORMER COMPANY: FORMER CONFORMED NAME: PEOPLES S&P MIDCAP INDEX FUND INC DATE OF NAME CHANGE: 19920717 0000875732 S000000078 DREYFUS MIDCAP INDEX FUND INC C000000115 DREYFUS MIDCAP INDEX FUND INC PESPX N-CSRS 1 lp1-113.htm SEMI-ANNUAL REPORT lp1-113.htm - Generated by SEC Publisher for SEC Filing

 

 

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

811-6325

 

 

 

Dreyfus Midcap Index Fund, Inc.

 

 

(Exact name of Registrant as specified in charter)

 

 

 

 

 

 

c/o The Dreyfus Corporation

200 Park Avenue

New York, New York 10166

 

 

(Address of principal executive offices) (Zip code)

 

 

 

 

 

John Pak, Esq.

200 Park Avenue

New York, New York 10166

 

 

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code:

(212) 922-6000

 

 

Date of fiscal year end:

 

10/31

 

Date of reporting period:

04/30/15

 

             

 

 


 

 

 

FORM N-CSR

Item 1.       Reports to Stockholders.

 


 

Dreyfus 
Midcap Index Fund, Inc. 

 

SEMIANNUAL REPORT April 30, 2015



 

Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.dreyfus.com and sign up for Dreyfus eCommunications. It’s simple and only takes a few minutes.

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



 

 

Contents

 

THE FUND

2     

A Letter from the President

3     

Discussion of Fund Performance

6     

Understanding Your Fund’s Expenses

6     

Comparing Your Fund’s Expenses With Those of Other Funds

7     

Statement of Investments

21     

Statement of Financial Futures

22     

Statement of Assets and Liabilities

23     

Statement of Operations

24     

Statement of Changes in Net Assets

25     

Financial Highlights

26     

Notes to Financial Statements

36     

Information About the Renewal of the Fund’s Management Agreement

 

FOR MORE INFORMATION

 

Back Cover


 

Dreyfus
Midcap Index Fund, Inc.

The Fund

A LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present this semiannual report for Dreyfus Midcap Index Fund, covering the six-month period from November 1, 2014, through April 30, 2015. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.

The U.S. stock market encountered bouts of heightened volatility on its way to posting modest gains for the reporting period overall. Investors were confounded to a degree by divergent economic trends in domestic and international markets. On one hand, stock prices were driven broadly higher over the final months of 2014 as U.S. corporate fundamentals benefited from a sustained economic recovery, which was fueled by strengthening labor markets, intensifying manufacturing activity, and greater consumer and business confidence. However, gains moderated over the first four months of 2015, when investors worried that persistent economic weakness in overseas markets and a strengthening U.S. dollar might derail growth in the United States.

We remain optimistic regarding the long-term outlook for the U.S. economy generally and the U.S. equities asset class in particular. We believe the domestic economic recovery has continued at a sustainable pace, energy prices appear to have stabilized, foreign currencies recently have strengthened, and aggressively accommodative monetary policies from the world’s major central banks seem likely to address global economic weakness. In the meantime, expectations of the timing of short-term interest rate hikes from monetary policymakers have been pushed back, and eventual rate increases are expected to be gradual and modest. As always, we urge you to discuss these observations with your financial advisor, who can help you assess their implications for your investment portfolio.

Thank you for your continued confidence and support.

Sincerely,


J. Charles Cardona
President
The Dreyfus Corporation
May 15, 2015

2


 

DISCUSSION OF FUND PERFORMANCE

For the reporting period of November 1, 2014, through April 30, 2015, as provided by Thomas J. Durante, CFA, Karen Q.Wong, CFA, and Richard A. Brown, CFA, Portfolio Managers

Fund and Market Performance Overview

For the six-month period ended April 30, 2015, Dreyfus Midcap Index Fund produced a total return of 6.31%.1 The Standard & Poor’s MidCap 400® Index (“S&P 400 Index”), the fund’s benchmark, produced a total return of 6.53% for the same period.2,3

Despite high levels of volatility, midcap stock prices gained value amid continued U.S. economic growth and aggressive stimulus programs in overseas markets. The difference in returns between the fund and the S&P 400 Index was primarily the result of transaction costs and operating expenses that are not reflected in the S&P 400 Index’s results.

The Fund’s Investment Approach

The fund seeks to match the total return of the S&P 400 Index by generally investing in all 400 stocks in the S&P 400 Index, in proportion to their respective weight-ings.The fund may also use stock index futures as a substitute for the sale or purchase of stocks.The S&P 400 Index is composed of 400 stocks of midsize domestic companies across 10 economic sectors. Each stock is weighted by its market capitalization; that is, larger companies have greater representation in the S&P 400 Index than smaller ones.

The fund employed futures contracts during the reporting period in its efforts to replicate the returns of the S&P 400 Index.

Financial Markets Buffeted by Volatility

Although the U.S. economy continued to recover during the reporting period, the expansion proved uneven. Relatively robust economic growth over the final months of 2014 was followed by weak data during the first quarter of 2015 stemming from harsh winter weather, but economic activity appeared to rebound in the spring.

Persistently sluggish growth and deflationary pressures in international markets further increased investor uneasiness. A steep decline in oil prices generated challenges

The Fund 3


 

DISCUSSION OF FUND PERFORMANCE (continued)

for energy producers, while consumers and certain industries benefited from lower gasoline and energy prices.

U.S. economic activity also was influenced over the reporting period by changes in currency exchange rates.Aggressively accommodative monetary policies adopted by major central banks in Europe, Japan, and China sent sovereign bond yields to historical lows, including negative yields at times in Europe. Global investors instead flocked to higher yielding U.S.Treasury securities, and the resulting influx of capital to domestic investments caused the U.S. dollar to appreciate sharply against the euro, yen, and most other currencies. This development made U.S. manufactured goods more expensive for overseas customers, hampering revenues for U.S. exporters.

Most Industry Groups Posted Mild Gains

Equity markets proved choppy in this environment. During the first four months of the reporting period, broad measures of stock market performance repeatedly vacillated between gains and losses. By mid-March 2015, however, the market regained its footing, remaining in positive territory through the rest of the reporting period. Midcap stocks, which typically have only modest exposure to overseas markets, produced higher returns than their large-cap counterparts, on average.

Most industry groups posted gains for the reporting period overall, led by the information technology, health care, and financials sectors. Conversely, the energy, utilities, and materials sectors fared relatively poorly.

The information technology sector was driven higher by enterprise software developers that encountered more robust demand from small- and medium-size customers in the automotive, financials, and digital marketing industries. Semiconductor manufacturers also advanced amid rising sales of smartphones containing their microchips. In the health care sector, medical service providers benefited from better-than-expected progress in controlling costs, higher U.S. employment levels, and positive changes in Medicare reimbursement rates. Hospitals also were bolstered by long-term demographic trends and rising demand for preventative testing.

Among financial stocks, real estate investment trusts (REITs) generally gained value. REITs focusing on office properties in major cities particularly benefited from falling vacancy rates, and those engaged in the development and management of res-

4


 

idential apartments experienced strong demand from young Americans who are waiting longer before buying homes. Meanwhile, regional banks have experienced rising lending volumes in areas of the country where the economic recovery has been especially robust.

Weakness in the energy sector was severe among smaller exploration-and-production companies and drilling equipment providers, which saw reduced demand for their services as crude oil prices declined. Likewise, coal producers were hurt by plunging commodity prices. In the utilities sector, coal-based power producers struggled with rising costs related to more stringent environmental regulations.The materials sector struggled with lower commodity prices for metals-and-mining firms, but some chemicals producers benefited from lower costs for raw materials.

Replicating the Performance of the S&P 400 Index

Although we do not actively manage the fund’s investments in response to macroeconomic trends, it is worth noting that the U.S. economic recovery appears to remain on track. As always, we have continued to monitor the factors considered by the fund’s investment model in light of current market conditions.

May 15, 2015

Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.

Stocks of midcap companies often experience sharper price fluctuations than stocks of large-cap companies.

1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future 
results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less 
than their original cost. 
2 SOURCE: LIPPER INC.—Reflects reinvestment of dividends and, where applicable, capital gain distributions. 
The Standard & Poor’s MidCap 400 Index is a widely accepted, unmanaged total return index measuring the 
performance of the midsize company segment of the U.S. market. Investors cannot invest directly in any index. 
3 “Standard & Poor’s®,” “S&P®,” and “S&P MidCap 400®” are registered trademarks of Standard & Poor’s 
Financial Services LLC, and have been licensed for use on behalf of the fund.The fund is not sponsored, endorsed, 
managed, advised, sold, or promoted by Standard & Poor’s and its affiliates and Standard & Poor’s, and its affiliates 
make no representation regarding the advisability of investing in the fund. 

 

The Fund 5


 

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Midcap Index Fund, Inc. from November 1, 2014 to April 30, 2015. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended April 30, 2015

Expenses paid per $1,000   $ 2.56 
Ending value (after expenses)  $ 1,063.10 

 

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

Using the SEC’s method to compare expenses

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

Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended April 30, 2015

Expenses paid per $1,000  $ 2.51 
Ending value (after expenses)  $ 1,022.32 

 

† Expenses are equal to the fund’s annualized expense ratio of .50%, multiplied by the average account value over the 
period, multiplied by 181/365 (to reflect the one-half year period). 

 

6


 

STATEMENT OF INVESTMENTS

April 30, 2015 (Unaudited)

Common Stocks—98.1%  Shares   Value ($) 
Automobiles & Components—.7%       
Dana Holding  363,688   7,844,750 
Gentex  654,134   11,349,225 
Thor Industries  103,222   6,210,868 
      25,404,843 
Banks—5.5%       
Associated Banc-Corp  332,626   6,256,695 
BancorpSouth  191,065   4,625,684 
Bank of Hawaii  97,115   5,864,775 
Cathay General Bancorp  162,211   4,635,990 
City National  105,115   9,796,718 
Commerce Bancshares  181,240   7,740,760 
Cullen/Frost Bankers  121,908   8,891,970 
East West Bancorp  317,897   12,903,439 
First Horizon National  514,075   7,325,569 
First Niagara Financial Group  773,844   7,038,111 
FirstMerit  361,647   7,005,102 
Fulton Financial  393,494   4,784,887 
Hancock Holding  178,752   5,203,471 
International Bancshares  124,018   3,221,988 
New York Community Bancorp  979,345   16,834,941 
PacWest Bancorp  214,630   9,679,813 
Prosperity Bancshares  133,783   7,135,985 
Signature Bank  111,374 a  14,934,140 
SVB Financial Group  112,821 a  14,978,116 
Synovus Financial  297,462   8,227,799 
TCF Financial  359,593   5,631,226 
Trustmark  145,709   3,467,874 
Umpqua Holdings  481,603   8,192,067 
Valley National Bancorp  492,287   4,642,266 
Washington Federal  214,224   4,627,238 
Webster Financial  197,295   7,069,080 
      200,715,704 
Capital Goods—10.2%       
A.O. Smith  166,351   10,629,829 
Acuity Brands  95,974   16,022,859 

 

The Fund 7


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)  Shares   Value ($) 
Capital Goods (continued)       
AECOM  344,563 a  10,874,408 
AGCO  182,690 b  9,410,362 
B/E Aerospace  234,550   14,023,745 
Carlisle  144,311   13,926,011 
CLARCOR  109,576   7,122,440 
Crane  106,721   6,521,720 
Donaldson  281,452   10,517,861 
Esterline Technologies  69,536 a  7,738,661 
Exelis  413,385   10,136,200 
Fortune Brands Home & Security  351,097   15,658,926 
GATX  96,797   5,265,757 
Graco  128,921   9,233,322 
Granite Construction  78,770   2,734,107 
Harsco  177,120   2,848,090 
Hubbell, Cl. B  118,337   12,878,616 
Huntington Ingalls Industries  106,918   14,069,340 
IDEX  172,961   12,973,805 
ITT  201,949   8,007,278 
KBR  316,115   5,522,529 
Kennametal  176,066   6,234,497 
KLX  114,329 a  4,791,528 
Lennox International  91,111   9,654,122 
Lincoln Electric Holdings  172,121   11,508,010 
MSC Industrial Direct, Cl. A  110,861   7,877,783 
Nordson  126,005   10,036,298 
NOW  233,642 b  5,584,044 
Orbital ATK  128,104   9,372,089 
Oshkosh  174,266   9,382,481 
Regal Beloit  97,694   7,639,671 
SPX  89,728   6,909,056 
Teledyne Technologies  78,480 a  8,238,046 
Terex  231,859   6,366,848 
Timken  162,786   6,395,862 
Trinity Industries  344,814   9,341,011 
Triumph Group  111,095   6,581,268 

 

8


 

Common Stocks (continued)  Shares   Value ($) 
Capital Goods (continued)       
Valmont Industries  53,590   6,753,412 
Wabtec  213,078   20,039,986 
Watsco  59,721   7,183,839 
Woodward  127,405   5,994,405 
      372,000,122 
Commercial & Professional Services—2.9%       
Clean Harbors  119,107 a  6,580,662 
Copart  248,667 a  8,845,085 
Corporate Executive Board  73,662   6,175,085 
Deluxe  109,024   7,059,304 
FTI Consulting  90,212 a  3,708,615 
Herman Miller  127,959   3,507,356 
HNI  96,511   4,501,273 
Manpowergroup  172,339   14,705,687 
MSA Safety  68,957   3,154,093 
R.R. Donnelley & Sons  436,665   8,130,702 
Rollins  210,541   5,221,417 
Towers Watson & Co., Cl. A  153,861   19,525,730 
Waste Connections  274,541   13,015,989 
      104,130,998 
Consumer Durables & Apparel—3.5%       
Brunswick  205,726   10,294,529 
Carter’s  117,020   11,685,617 
Deckers Outdoor  75,471 a  5,584,854 
Jarden  396,747 a  20,305,511 
Kate Spade & Company  278,450 a  9,105,315 
KB Home  198,905 b  2,882,133 
M.D.C. Holdings  84,590 b  2,270,396 
NVR  8,481 a  11,249,962 
Polaris Industries  134,951   18,482,889 
Tempur Sealy International  135,241 a  8,237,529 
Toll Brothers  352,672 a  12,533,963 
Tupperware Brands  109,829   7,343,167 
Vista Outdoor  138,650   6,067,324 
      126,043,189 

 

The Fund 9


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)  Shares   Value ($) 
Consumer Services—2.5%       
Apollo Education Group  211,050 a  3,542,474 
Brinker International  137,936   7,637,516 
Buffalo Wild Wings  41,367 a  6,589,763 
Cheesecake Factory  100,739   5,050,046 
DeVry Education Group  124,885   3,776,522 
Domino’s Pizza  123,210   13,288,199 
Dunkin’ Brands Group  215,307   11,219,648 
Graham Holdings, Cl. B  9,813   10,038,012 
International Speedway, Cl. A  60,536   2,201,089 
Life Time Fitness  78,799 a  5,634,129 
Panera Bread, Cl. A  55,671 a  10,158,844 
Service Corporation International  452,614   12,528,356 
Sotheby’s  134,515   5,745,136 
Wendy’s  612,663   6,200,150 
      103,609,884 
Diversified Financials—2.9%       
CBOE Holdings  186,187   10,476,742 
Eaton Vance  262,424   10,780,378 
Federated Investors, Cl. B  208,414   7,169,442 
Janus Capital Group  323,160   5,784,564 
MSCI  248,715   15,218,871 
Raymond James Financial  281,212   15,896,914 
SEI Investments  288,194   13,158,938 
SLM  925,441 a  9,430,244 
Stifel Financial  144,876 a  7,655,248 
Waddell & Reed Financial, Cl. A  182,607   9,006,177 
      104,577,518 
Energy—4.8%       
Atwood Oceanics  130,126   4,343,606 
California Resources  674,023   6,268,414 
Denbury Resources  772,866 b  6,808,949 
Dresser-Rand Group  169,742 a  14,032,571 
Dril-Quip  84,439 a  6,731,477 
Energen  161,750   11,511,747 
Gulfport Energy  209,928 a  10,273,876 
Helix Energy Solutions Group  214,268 a  3,531,137 

 

10


 

Common Stocks (continued)  Shares   Value ($) 
Energy (continued)       
HollyFrontier  433,897   16,826,526 
Nabors Industries  632,891   10,569,280 
Oceaneering International  220,681   12,161,730 
Oil States International  113,504 a  5,401,655 
Patterson-UTI Energy  325,548   7,275,998 
Peabody Energy  600,425 b  2,840,010 
Rosetta Resources  158,108 a  3,609,606 
Rowan, Cl. A  277,457   5,879,314 
SM Energy  147,430   8,546,517 
Superior Energy Services  332,516   8,479,158 
Tidewater  108,063 b  2,992,264 
Unit  100,194 a  3,490,759 
Western Refining  159,479   7,025,050 
World Fuel Services  159,882   8,873,451 
WPX Energy  453,845 a  6,240,369 
      173,713,464 
Food & Staples Retailing—.3%       
SUPERVALU  447,863 a  3,936,716 
United Natural Foods  109,273 a  7,371,557 
      11,308,273 
Food, Beverage & Tobacco—2.2%       
Boston Beer, Cl. A  19,819 a  4,911,148 
Dean Foods  210,499   3,420,609 
Flowers Foods  408,628 b  9,128,750 
Hain Celestial Group  225,167 a  13,564,060 
Ingredion  158,370   12,574,578 
Lancaster Colony  42,466   3,807,502 
Post Holdings  114,362 a  5,368,152 
Tootsie Roll Industries  44,637 b  1,382,851 
TreeHouse Foods  93,501 a  7,597,891 
WhiteWave Foods  385,932 a  16,969,430 
      78,724,971 
Health Care Equipment & Services—6.5%       
Align Technology  158,743 a  9,340,438 
Allscripts Healthcare Solutions  367,860 a  4,892,538 
Centene  262,839 a  16,293,390 

 

The Fund 11


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)  Shares   Value ($) 
Health Care Equipment & Services (continued)       
Community Health Systems  258,444 a  13,873,274 
Cooper  106,798   19,017,520 
Halyard Health  101,656   4,928,283 
Health Net  169,988 a  8,949,868 
Hill-Rom Holdings  124,878   6,236,407 
HMS Holdings  192,065 a  3,267,026 
Hologic  538,825 a  18,179,956 
IDEXX Laboratories  103,797 a  13,013,030 
LifePoint Hospitals  98,166 a  7,350,670 
MEDNAX  212,237 a  15,022,135 
Omnicare  214,889   18,905,934 
Owens & Minor  138,310   4,663,813 
ResMed  310,777   19,871,081 
Sirona Dental Systems  123,107 a  11,418,174 
STERIS  130,189   8,657,568 
Teleflex  91,831   11,291,540 
Thoratec  120,458 a  4,831,570 
VCA  183,531 a  9,354,575 
WellCare Health Plans  97,483 a  7,548,109 
      236,906,899 
Household & Personal Products—1.4%       
Avon Products  950,806   7,768,085 
Church & Dwight  290,855   23,608,700 
Energizer Holdings  137,413   18,773,364 
      50,150,149 
Insurance—4.8%       
Alleghany  35,408 a  16,766,396 
American Financial Group  162,452   10,266,966 
Arthur J. Gallagher & Co.  364,503   17,434,178 
Aspen Insurance Holdings  136,185   6,363,925 
Brown & Brown  257,169   8,216,550 
CNO Financial Group  441,664   7,508,288 
Everest Re Group  98,467   17,616,731 
First American Financial  235,542   8,194,506 
HCC Insurance Holdings  213,796   12,177,820 
Kemper  109,320   4,118,084 

 

12


 

Common Stocks (continued)  Shares   Value ($) 
Insurance (continued)       
Mercury General  79,455   4,365,258 
Old Republic International  527,905   8,071,667 
Primerica  116,330   5,376,773 
Reinsurance Group of America  152,246   13,948,779 
RenaissanceRe Holdings  101,447   10,397,303 
StanCorp Financial Group  92,011   6,632,153 
The Hanover Insurance Group  96,815   6,638,605 
W.R. Berkley  223,012   10,925,358 
      175,019,340 
Materials—7.4%       
Albemarle  248,356   14,826,853 
AptarGroup  138,938   8,623,882 
Ashland  140,974   17,813,475 
Bemis  217,815   9,801,675 
Cabot  140,159   5,990,396 
Carpenter Technology  115,730 b  5,005,323 
Commercial Metals  255,020   4,233,332 
Compass Minerals International  74,672   6,595,778 
Cytec Industries  158,160   8,744,666 
Domtar  141,101   6,098,385 
Eagle Materials  109,875   9,162,476 
Greif, Cl. A  73,442   2,993,496 
Louisiana-Pacific  317,004 a  4,831,141 
Minerals Technologies  75,820   5,135,289 
NewMarket  23,223   10,378,359 
Olin  168,931   4,988,532 
Packaging Corporation of America  217,732   15,064,877 
PolyOne  194,674   7,602,020 
Reliance Steel & Aluminum  171,887   11,124,527 
Rock-Tenn, Cl. A  309,474   19,490,673 
Royal Gold  144,618   9,332,200 
RPM International  296,090   14,076,119 
Scotts Miracle-Gro, Cl. A  97,071   6,262,050 
Sensient Technologies  105,542   6,898,225 
Silgan Holdings  95,200   5,128,424 
Sonoco Products  223,203   9,974,942 

 

The Fund 13


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)  Shares   Value ($) 
Materials (continued)       
Steel Dynamics  535,225   11,844,529 
TimkenSteel  83,286   2,431,118 
United States Steel  323,299 b  7,765,642 
Valspar  165,999   13,462,519 
Worthington Industries  112,016   3,027,792 
      268,708,715 
Media—1.4%       
AMC Networks, Cl. A  130,961 a  9,879,698 
Cinemark Holdings  230,812   9,839,516 
DreamWorks Animation SKG, Cl. A  158,669 a  4,134,914 
John Wiley & Sons, Cl. A  101,677   5,783,388 
Live Nation Entertainment  317,019 a  7,944,496 
Meredith  81,428   4,237,513 
New York Times, Cl. A  283,973   3,802,398 
Time  239,233   5,461,689 
      51,083,612 
Pharmaceuticals, Biotech & Life Sciences—1.8%       
Akorn  171,926 a  7,158,999 
Bio-Rad Laboratories, Cl. A  45,153 a  6,070,821 
Bio-Techne  81,150   7,787,154 
Charles River Laboratories International  103,426 a  7,152,942 
Mettler-Toledo International  62,105 a  19,687,906 
United Therapeutics  102,584 a  16,381,639 
      64,239,461 
Real Estate—9.8%       
Alexander & Baldwin  98,358   3,981,532 
Alexandria Real Estate Equities  159,424 c  14,727,589 
American Campus Communities  248,615 c  9,979,406 
BioMed Realty Trust  446,321 c  9,261,161 
Camden Property Trust  191,940 c  14,410,855 
Communications Sales & Leasing  265,940   7,999,481 
Corporate Office Properties Trust  205,736 c  5,429,373 
Corrections Corporation of America  258,859 c  9,523,423 
Douglas Emmett  300,305 c  8,558,693 
Duke Realty  762,800 c  15,111,068 
Equity One  169,256 c  4,168,775 

 

14


 

Common Stocks (continued)  Shares   Value ($) 
Real Estate (continued)       
Extra Space Storage  244,667 c  16,130,895 
Federal Realty Investment Trust  151,821 c  20,293,913 
Highwoods Properties  206,033 c  8,867,660 
Home Properties  126,287 c  9,289,672 
Hospitality Properties Trust  332,245 c  9,993,930 
Jones Lang LaSalle  99,200   16,473,152 
Kilroy Realty  191,201 c  13,573,359 
Lamar Advertising, Cl. A  177,870   10,309,345 
LaSalle Hotel Properties  250,337 c  9,184,865 
Liberty Property Trust  329,822 c  11,490,998 
Mack-Cali Realty  182,956 c  3,284,060 
Mid-America Apartment Communities  166,742 c  12,440,621 
National Retail Properties  292,861 b,c  11,245,862 
Omega Healthcare Investors  349,577 c  12,616,234 
Potlatch  89,278 c  3,295,251 
Rayonier  281,090 c  7,193,093 
Regency Centers  208,374 c  13,081,720 
Senior Housing Properties Trust  520,608 c  10,656,846 
Tanger Factory Outlet Centers  208,666 c  7,007,004 
Taubman Centers  140,312 c  10,103,867 
UDR  572,339 c  18,755,549 
Urban Edge Properties  190,983   4,321,945 
Weingarten Realty Investors  249,982 c  8,189,410 
WP GLIMCHER  404,482   6,067,230 
      357,017,837 
Retailing—5.2%       
Aaron’s  141,793   4,820,962 
Abercrombie & Fitch, Cl. A  151,296 b  3,401,134 
Advance Auto Parts  161,709   23,124,387 
American Eagle Outfitters  390,036   6,205,473 
ANN  100,241 a  3,795,124 
Ascena Retail Group  288,001 a  4,317,135 
Big Lots  116,964   5,330,049 
Cabela’s  103,626 a  5,465,235 
Chico’s FAS  336,858   5,679,426 
CST Brands  168,803   7,040,773 

 

The Fund 15


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)  Shares   Value ($) 
Retailing (continued)       
Dick’s Sporting Goods  217,272   11,789,179 
Foot Locker  314,257   18,682,579 
Guess?  138,552   2,536,887 
HSN  71,000   4,431,820 
J.C. Penney  663,359 a  5,505,880 
LKQ  672,783 a  18,212,236 
Murphy USA  93,967 a  6,138,864 
Office Depot  1,088,124 a  10,032,503 
Rent-A-Center  115,586   3,421,346 
Signet Jewelers  177,247   23,774,140 
Williams-Sonoma  189,558   13,938,200 
      187,643,332 
Semiconductors & Semiconductor       
   Equipment—2.6%       
Advanced Micro Devices  1,375,589 a,b  3,108,831 
Atmel  907,596   6,879,578 
Cree  243,941 a,b  7,728,051 
Cypress Semiconductor  704,595 a  9,385,205 
Fairchild Semiconductor International  260,891 a  4,739,085 
Integrated Device Technology  329,569 a  5,994,860 
Intersil, Cl. A  285,163   3,806,926 
Qorvo  328,195 a  21,631,332 
Semtech  145,851 a  3,396,870 
Silicon Laboratories  86,170 a  4,452,404 
SunEdison  557,891 a,b  14,125,800 
Teradyne  483,022   8,815,151 
      94,064,093 
Software & Services—8.7%       
ACI Worldwide  253,184 a  5,830,828 
Acxiom  168,844 a  2,948,016 
Advent Software  98,375   4,270,459 
ANSYS  200,018 a  17,169,545 
AOL  171,336 a  6,836,306 
Broadridge Financial Solutions  267,527   14,425,056 
Cadence Design Systems  647,541 a  12,076,640 
CDK Global  356,033   17,061,101 

 

16


 

Common Stocks (continued)  Shares   Value ($) 
Software & Services (continued)       
CommVault Systems  91,618 a  4,191,524 
Convergys  219,939   4,988,217 
CoreLogic  196,200 a  7,673,382 
DST Systems  64,084   7,374,787 
FactSet Research Systems  85,878   13,516,338 
Fair Isaac  70,327   6,221,126 
Fortinet  314,346 a  11,863,418 
Gartner  193,678 a  16,071,400 
Global Payments  147,337   14,774,954 
Informatica  242,520 a  11,657,936 
Jack Henry & Associates  181,110   12,045,626 
Leidos Holdings  135,948   5,660,875 
MAXIMUS  146,027   9,347,188 
Mentor Graphics  214,570   5,134,660 
NeuStar, Cl. A  121,092   3,632,760 
PTC  253,260 a  9,709,988 
Rackspace Hosting  259,526 a  13,988,451 
Rovi  203,697 a  3,770,431 
Science Applications International  85,761   4,296,626 
SolarWinds  144,992 a  7,072,710 
Solera Holdings  149,055   7,232,149 
Synopsys  339,236 a  15,903,384 
Tyler Technologies  73,376 a  8,948,203 
Ultimate Software Group  63,400 a  10,538,348 
VeriFone Systems  252,339 a  9,026,166 
WEX  86,043 a  9,697,907 
      314,956,505 
Technology Hardware & Equipment—5.3%       
3D Systems  228,441 a,b  5,731,585 
ARRIS Group  288,680 a  9,721,299 
Arrow Electronics  211,117 a  12,605,796 
Avnet  301,980   12,873,407 
Belden  93,274   7,830,352 
Ciena  236,525 a  5,037,983 
Cognex  189,194 a  8,492,919 
Diebold  141,399   4,916,443 

 

The Fund 17


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)  Shares   Value ($) 
Technology Hardware & Equipment (continued)       
FEI  91,380   6,895,535 
Ingram Micro, Cl. A  341,446 a,b  8,590,781 
InterDigital  80,924   4,428,161 
IPG Photonics  79,089 a  7,005,704 
Itron  82,865 a  2,971,539 
Jabil Circuit  428,372   9,646,937 
JDS Uniphase  508,433 a  6,436,762 
Keysight Technologies  372,957   12,479,141 
Knowles  185,047 a,b  3,547,351 
Lexmark International, Cl. A  135,011   5,993,138 
National Instruments  221,219   6,326,863 
NCR  373,800 a  10,257,072 
Plantronics  93,952   5,004,823 
Polycom  290,188 a  3,786,953 
Tech Data  83,593 a  4,712,137 
Trimble Navigation  573,768 a  14,590,920 
Vishay Intertechnology  294,591   3,735,414 
Zebra Technologies, Cl. A  112,883 a  10,394,267 
      194,013,282 
Telecommunication Services—.2%       
Telephone & Data Systems  215,170   5,747,191 
Windstream Holdings  221,616 b  2,588,474 
      8,335,665 
Transportation—2.6%       
Alaska Air Group  290,420   18,604,305 
Con-way  125,829   5,171,572 
Genesee & Wyoming, Cl. A  113,618 a  10,560,793 
J.B. Hunt Transport Services  203,656   17,758,803 
JetBlue Airways  578,633 a  11,879,335 
Kirby  123,751 a  9,718,166 
Landstar System  99,571   6,204,269 
Old Dominion Freight Line  150,419 a  10,699,303 
Werner Enterprises  98,649   2,650,699 
      93,247,245 

 

18


 

  Common Stocks (continued)  Shares   Value ($) 
  Utilities—4.6%       
  Alliant Energy  245,523   14,846,776 
  Aqua America  391,913   10,511,107 
  Atmos Energy  223,257   12,055,878 
  Black Hills  97,130   4,787,538 
  Cleco  131,966   7,172,352 
  Great Plains Energy  341,898   8,950,890 
  Hawaiian Electric Industries  228,099   7,139,499 
  IDACORP  111,638   6,735,121 
  MDU Resources Group  431,131   9,609,910 
  National Fuel Gas  186,704   12,033,073 
  OGE Energy  441,617   14,432,044 
  ONE Gas  114,266   4,795,744 
  PNM Resources  174,043   4,834,915 
  Questar  389,180   9,122,379 
  UGI  382,660   13,320,395 
  Vectren  183,294   7,912,802 
  Westar Energy  292,763   11,022,527 
  WGL Holdings  108,873   5,989,104 
        165,272,054 
  Total Common Stocks       
  (cost $2,298,250,445)      3,560,887,155 
    Principal    

Short-Term Investments—.1% 

Amount ($)   Value ($) 
  U.S. Treasury Bills       
  0.07%, 6/4/15  1,415,000 d  1,414,997 
  0.10%, 9/17/15  2,675,000 d  2,674,818 
  Total Short-Term Investments       
  (cost $4,088,864)      4,089,815 
 
  Other Investment—2.1%  Shares   Value ($) 
  Registered Investment Company;       
  Dreyfus Institutional Preferred       
  Plus Money Market Fund       
  (cost $74,605,420)  74,605,420 e  74,605,420 

 

The Fund 19


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Investment of Cash Collateral         
for Securities Loaned—2.4%  Shares   Value ($)  
Registered Investment Company;         
Dreyfus Institutional Cash         
Advantage Fund         
(cost $89,029,616)  89,029,616 e  89,029,616  
Total Investments (cost $2,465,974,345)  102.7 %  3,728,612,006  
Liabilities, Less Cash and Receivables  (2.7 %)  (98,459,394 ) 
Net Assets  100.0 %  3,630,152,612  

 

a Non-income producing security. 
b Security, or portion thereof, on loan.At April 30, 2015, the value of the fund’s securities on loan was $78,765,193 
and the value of the collateral held by the fund was $89,029,616. 
c Investment in real estate investment trust. 
d Held by or on behalf of a counterparty for open financial futures contracts. 
e Investment in affiliated money market mutual fund. 

 

Portfolio Summary (Unaudited)     
 
  Value (%)    Value (%) 
Capital Goods  10.2  Diversified Financials  2.9 
Real Estate  9.8  Consumer Services  2.8 
Software & Services  8.7  Semiconductors & Semiconductor   
Materials  7.4  Equipment  2.6 
Health Care Equipment & Services  6.5  Transportation  2.6 
Banks  5.5  Food, Beverage & Tobacco  2.2 
Technology Hardware & Equipment  5.3  Pharmaceuticals, Biotech &   
Retailing  5.2  Life Sciences  1.8 
Energy  4.8  Media  1.4 
Insurance  4.8  Household & Personal Products  1.4 
Short-Term/    Automobiles & Components  .7 
Money Market Investments  4.6  Food & Staples Retailing  .3 
Utilities  4.6  Telecommunication Services  .2 
Consumer Durables & Apparel  3.5     
Commercial & Professional Services  2.9    102.7 
 
† Based on net assets.       
See notes to financial statements.       

 

20


 

STATEMENT OF FINANCIAL FUTURES

April 30, 2015 (Unaudited)

    Market Value    Unrealized  
    Covered by    (Depreciation)  
  Contracts  Contracts ($)  Expiration  at 4/30/2015 ($) 
Financial Futures Long           
Standard & Poor’s Midcap 400 E-mini  527  78,865,550  June 2015  (1,381,072 ) 
See notes to financial statements.           

 

The Fund 21


 

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2015 (Unaudited)

  Cost  Value 
Assets ($):     
Investments in securities—See Statement of Investments (including     
securities on loan, valued at $78,765,193)—Note 1(b):     
Unaffiliated issuers  2,302,339,309  3,564,976,970 
Affiliated issuers  163,635,036  163,635,036 
Cash    2,785,303 
Dividends and securities lending income receivable    1,757,263 
Receivable for shares of Common Stock subscribed    1,406,968 
Other receivables    19,317 
    3,734,580,857 
Liabilities ($):     
Due to The Dreyfus Corporation and affiliates—Note 3(b)    1,506,758 
Liability for securities on loan—Note 1(b)    89,029,616 
Payable for shares of Common Stock redeemed    13,075,724 
Payable for futures variation margin—Note 4    423,309 
Payable for investment securities purchased    389,338 
Accrued expenses    3,500 
    104,428,245 
Net Assets ($)    3,630,152,612 
Composition of Net Assets ($):     
Paid-in capital    2,166,835,028 
Accumulated undistributed investment income—net    10,353,717 
Accumulated net realized gain (loss) on investments    191,707,278 
Accumulated net unrealized appreciation (depreciation)     
on investments [including ($1,381,072) net unrealized     
(depreciation) on financial futures]    1,261,256,589 
Net Assets ($)    3,630,152,612 
Shares Outstanding     
(200 million shares of $.001 par value Common Stock authorized)    93,278,481 
Net Asset Value, offering and redemption price per share ($)    38.92 
 
See notes to financial statements.     

 

22


 

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2015 (Unaudited)

Investment Income ($):     
Income:     
Cash dividends:     
Unaffiliated issuers  28,664,059  
Affiliated issuers  31,404  
Income from securities lending—Note 1(b)  942,872  
Interest  789  
Total Income  29,639,124  
Expenses:     
Management fee—Note 3(a)  4,465,677  
Shareholder servicing costs—Note 3(b)  4,465,677  
Directors’ fees —Note 3(a,c)  131,866  
Loan commitment fees—Note 2  15,452  
Interest expense—Note 2  597  
Total Expenses  9,079,269  
Less—Directors’ fees reimbursed by Dreyfus—Note 3(a)  (131,866 ) 
Net Expenses  8,947,403  
Investment Income—Net  20,691,721  
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):     
Net realized gain (loss) on investments  216,776,708  
Net realized gain (loss) on financial futures  6,268,412  
Net Realized Gain (Loss)  223,045,120  
Net unrealized appreciation (depreciation) on investments  (21,034,651 ) 
Net unrealized appreciation (depreciation) on financial futures  (2,756,711 ) 
Net Unrealized Appreciation (Depreciation)  (23,791,362 ) 
Net Realized and Unrealized Gain (Loss) on Investments  199,253,758  
Net Increase in Net Assets Resulting from Operations  219,945,479  
 
See notes to financial statements.     

 

The Fund 23


 

STATEMENT OF CHANGES IN NET ASSETS

  Six Months Ended      
  April 30, 2015   Year Ended  
  (Unaudited)   October 31, 2014  
Operations ($):         
Investment income—net  20,691,721   34,775,881  
Net realized gain (loss) on investments  223,045,120   190,480,929  
Net unrealized appreciation         
(depreciation) on investments  (23,791,362 )  147,343,603  
Net Increase (Decrease) in Net Assets         
Resulting from Operations  219,945,479   372,600,413  
Dividends to Shareholders from ($):         
Investment income—net  (34,999,103 )  (29,701,904 ) 
Net realized gain on investments  (194,304,335 )  (126,163,403 ) 
Total Dividends  (229,303,438 )  (155,865,307 ) 
Capital Stock Transactions ($):         
Net proceeds from shares sold  504,122,498   802,100,848  
Dividends reinvested  203,641,906   140,337,139  
Cost of shares redeemed  (640,671,894 )  (992,963,048 ) 
Increase (Decrease) in Net Assets from         
Capital Stock Transactions  67,092,510   (50,525,061 ) 
Total Increase (Decrease) in Net Assets  57,734,551   166,210,045  
Net Assets ($):         
Beginning of Period  3,572,418,061   3,406,208,016  
End of Period  3,630,152,612   3,572,418,061  
Undistributed investment income—net  10,353,717   24,661,099  
Capital Share Transactions (Shares):         
Shares sold  13,051,531   21,370,235  
Shares issued for dividends reinvested  5,334,154   3,833,741  
Shares redeemed  (16,395,120 )  (26,445,797 ) 
Net Increase (Decrease) in Shares Outstanding  1,990,565   (1,241,821 ) 
 
See notes to financial statements.         

 

24


 

FINANCIAL HIGHLIGHTS

The following table describes the performance for the fiscal periods indicated.Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and dis-tributions.These figures have been derived from the fund’s financial statements.

  Six Months Ended                      
  April 30, 2015       Year Ended October 31,      
  (Unaudited)   2014   2013   2012   2011   2010  
Per Share Data ($):                         
Net asset value,                           
beginning of period  39.13   36.81   29.10   27.46   25.98   20.66  
Investment Operations:                         
Investment income—neta  .22   .37   .35   .26   .18   .25  
Net realized and                           
unrealized gain (loss)                         
on investments    2.20   3.64   8.80   2.72   1.91   5.31  
Total from                           
Investment Operations  2.42   4.01   9.15   2.98   2.09   5.56  
Distributions:                           
Dividends from                           
investment income—net  (.40 )  (.32 )  (.34 )  (.20 )  (.22 )  (.24 ) 
Dividends from net realized                         
gain on investments  (2.23 )  (1.37 )  (1.10 )  (1.14 )  (.39 )   
Total Distributions    (2.63 )  (1.69 )  (1.44 )  (1.34 )  (.61 )  (.24 ) 
Net asset value,                           
end of period    38.92   39.13   36.81   29.10   27.46   25.98  
Total Return (%)    6.31 b  11.21   32.84   11.51   8.00   27.05  
Ratios/Supplemental                         
Data (%):                           
Ratio of total expenses                         
to average net assets  .51 c  .51   .51   .51   .51   .51  
Ratio of net expenses                         
to average net assets  .50 c  .50   .50   .50   .50   .50  
Ratio of net investment                         
income to average                         
net assets    1.16 c  .98   1.07   .92   .64   1.07  
Portfolio Turnover Rate  12.04 b  16.22   10.41   12.76   19.40   14.15  
Net Assets,                           
end of period                           
($ x 1,000)  3,630,153   3,572,418   3,406,208   2,494,980   2,302,143   2,201,094  

 

a  Based on average shares outstanding. 
b  Not annualized. 
c  Annualized. 

 

See notes to financial statements.

The Fund 25


 

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—Significant Accounting Policies:

Dreyfus Midcap Index Fund, Inc. (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a non-diversified open-end management investment company. The fund’s investment objective is to seek to match the performance of the Standard & Poor’s ® MidCap 400 Index.The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of the fund’s shares, which are sold to the public without a sales charge.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

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

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

26


 

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:

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

The Fund 27


 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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. U.S.Treasury Bills are valued at the mean price between quoted bid prices and asked prices by an independent pricing service (the “Service”) approved by the fund’s Board of Directors (the “Board”).These securities are generally categorized within Level 2 of the fair value hierarchy.

The Service’s procedures are reviewed by Dreyfus under the general supervision of the Board.

Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository Receipts and financial 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 reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. 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 restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.

28


 

Financial 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, 2015 in valuing the fund’s investments:

      Level 2—Other  Level 3—     
  Level 1—   Significant  Significant     
  Unadjusted   Observable  Unobservable     
  Quoted Prices   Inputs  Inputs  Total  
Assets ($)             
Investments in Securities:          
Equity Securities—             
Domestic             
Common             
Stocks  3,537,113,015       3,537,113,015  
Equity Securities—             
Foreign             
Common Stocks  23,774,140       23,774,140  
Mutual Funds  163,635,036       163,635,036  
U.S. Treasury    4,089,815    4,089,815  
Liabilities ($)             
Other Financial             
Instruments:             
Financial Futures††  (1,381,072 )      (1,381,072 ) 

 

  See Statement of Investments for additional detailed categorizations. 
††  Amount shown represents unrealized (depreciation) at period end. 

 

At April 30, 2015, there were no transfers between Level 1 and Level 2 of the fair value hierarchy.

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

The Fund 29


 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus or U.S. Government and Agency securities.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, The Bank of New York Mellon 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. During the period ended April 30, 2015, The Bank of New York Mellon earned $259,446 from lending portfolio securities, pursuant to the securities lending agreement.

(c) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” under the Act. Investments in affiliated investment companies during the period ended April 30, 2015 were as follows:

Affiliated           
Investment  Value     Value  Net
Company  10/31/2014 ($)   Purchases ($)  Sales ($)  4/30/2015($) Assets (%)
Dreyfus           
Institutional           
Preferred           
Plus Money           
Market           
Fund  27,543,002    471,091,568 424,029,150  74,605,420  2.1
Dreyfus           
Institutional           
Cash           
Advantage           
Fund  145,869,660    452,656,720 509,496,764  89,029,616  2.4
Total  173,412,662    923,748,288 933,525,914  163,635,036  4.5

 

30


 

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

(e) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended April 30, 2015, 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, 2015, the fund did not incur any interest or penalties.

Each tax year in the three-year period ended October 31, 2014 remains subject to examination by the Internal Revenue Service and state taxing authorities.

The tax character of distributions paid to shareholders during the fiscal period ended October 31, 2014 was as follows: ordinary income $43,050,248 and long-term capital gains $112,815,059.The tax character of current year distributions will be determined at the end of the current fiscal year.

NOTE 2—Bank Lines of Credit:

The fund participates with other Dreyfus-managed funds in a $430 million unsecured credit facility led by Citibank, N.A. and a $300 million

The Fund 31


 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

unsecured credit facility provided by The Bank of New York Mellon (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing.

The average amount of borrowings outstanding under the Facilities during the period ended April 30, 2015 was approximately $110,500 with a related weighted average annualized interest rate of 1.09%.

NOTE 3—Management Fee and Other Transactions with Affiliates:

(a) Pursuant to a management agreement (the “Agreement”) with Dreyfus, the management fee is computed at the annual rate of .25% of the value of the fund’s average daily net assets and is payable monthly. Under the terms of the Agreement, Dreyfus has agreed to pay all of the fund’s direct expenses, except management fees, Shareholder Services Plan fees, brokerage fees and commissions, taxes, interest expense, commitment fees on borrowings, fees and expenses of non-interested Board members, fees and expenses of independent counsel to the fund and extraordinary expenses. Dreyfus has also agreed to reduce its management fee in an amount equal to the fund’s allocable portion of the accrued fees and expenses of the non-interested Board members and fees and expenses of independent counsel to the fund and to non-interested Board members. During the period ended April 30, 2015, fees reimbursed by Dreyfus amounted to $131,866.

(b) Under the Shareholder Services Plan, the fund pays the Distributor for the provision of certain services, at an annual rate of .25% of the value of the fund’s average daily net assets.The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. The Distributor may make payments to

32


 

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, 2015, the fund was charged $4,465,677 pursuant to the Shareholder Services Plan.

The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $762,832 and Shareholder Services Plan fees $762,832, which are offset against an expense reimbursement currently in effect in the amount of $18,906.

(c) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities and financial futures, during the period ended April 30, 2015, amounted to $425,044,556 and $609,499,124, respectively.

Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund during the period ended April 30, 2015 is discussed below.

Financial 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 financial futures in order to manage its exposure to or protect against changes in the market.A financial 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 deter-

The Fund 33


 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

mined 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 counter-party credit risk to the fund with financial futures since they are exchange traded, and the exchange guarantees the financial futures against default. Financial futures open at April 30, 2015 are set forth in the Statement of Financial Futures.

The following summarizes the average market value of derivatives outstanding during the period ended April 30, 2015:

  Average Market Value ($) 
Equity financial futures  59,579,056 

 

At April 30, 2015, accumulated net unrealized appreciation on investments was $1,262,637,661, consisting of 1,338,417,549 gross unrealized appreciation and $75,779,888 gross unrealized depreciation.

At April 30, 2015, 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).

NOTE 5—Pending Legal Matters

The fund and dozens of other entities and individuals have been named as defendants in an adversary proceeding pending in the United States Bankruptcy Court for the Southern District of New York (Weisfelner, as Trustee of the LB Creditor Trust v. Fund 1, et al., Adv. Pro. No. 10-04609). The complaint alleges that payments made to shareholders of Lyondell Chemical Company (“Lyondell”) in connection with the acquisition of Lyondell by Basell AF S.C.A. in a cash-out merger in or around December, 2007 constituted constructive or intentional “fraudulent transfers” under applicable state law and seeks to recover from the former Lyondell shareholders the payments received for the shares.

34


 

On January 14, 2014, the Court issued a decision and order on motions to dismiss granting in part, and denying in part, the motions. On April 9, 2014, plaintiff filed a Third Amended Complaint continuing to assert constructive or intentional fraudulent transfer claims under applicable state law. On August 1, 2014, defendants filed a motion to dismiss the Third Amended Complaint, and oral arguments on the motion to dismiss was held on January 14, 2015. A decision on the motion to dismiss is still pending.

At this stage in the proceedings, it is not possible to assess with any reasonable certainty the probable outcome of the pending litigation. Consequently, at this time, management is unable to estimate the possible loss that may result.

The Fund 35


 

INFORMATION ABOUT THE RENEWAL OF THE
FUND’S MANAGEMENT AGREEMENT (Unaudited)

At a meeting of the fund’s Board of Directors held on March 11-12, 2015, the Board considered the renewal of the fund’s Management Agreement pursuant to which Dreyfus provides the fund with investment advisory and administrative services (the “Agreement”).The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from Dreyfus representatives. In considering the renewal of the Agreement, the Board considered all factors that it believed to be relevant, including those discussed below.The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The Board considered information provided to them at the meeting and in previous presentations from Dreyfus representatives regarding the nature, extent, and quality of the services provided to funds in the Dreyfus fund complex. Dreyfus provided the number of open accounts in the fund, the fund’s asset size and the allocation of fund assets among distribution channels. Dreyfus also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the Dreyfus fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or Dreyfus) and Dreyfus’ 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 Dreyfus also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements.The Board also considered Dreyfus’ extensive administrative, accounting and compliance infra-structures.The Board also considered portfolio management’s brokerage policies and practices (including policies and practices regarding soft dollars) and the standards applied in seeking best execution.

36


 

Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Lipper, Inc. (“Lipper”), an independent provider of investment company data, which included information comparing (1) the fund’s performance with the performance of a group of comparable funds (the “Performance Group”) and with a broader group of funds (the “Performance Universe”), all for various periods ended December 31, 2014, and (2) the fund’s actual and contractual management fees and total expenses with those of a group of comparable funds (the “Expense Group”) and with a broader group of funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Lipper as of the date of its analysis. Dreyfus previously had furnished the Board with a description of the methodology Lipper used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Dreyfus representatives stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations that may be applicable to the fund and comparison funds. The Board discussed the results of the comparisons and noted that the fund’s total return performance was generally at or above the Performance Group and Performance Universe medians. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.

The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. Taking into account the fund’s “unitary” fee structure, the Board noted that the fund’s contractual management fee was above the Expense Group median, the fund’s actual management fee was above the Expense Group and the Expense Universe medians and the fund’s total expenses were below the Expense Group median and above the Expense Universe median.

The Fund 37


 

INFORMATION ABOUT THE RENEWAL OF THE FUND’S
MANAGEMENT AGREEMENT (Unaudited) (continued)

Dreyfus representatives reviewed with the Board the management or investment advisory fees (1) paid by funds advised or administered by Dreyfus that are in the same Lipper category as the fund and (2) paid to Dreyfus or the Dreyfus-affiliated primary employer of the fund’s primary portfolio manager(s) for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the “Similar Clients”), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors noting the fund’s “unitary” fee structure. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness and reasonableness of the fund’s management fee.

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

The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreement bear a reasonable relationship to the mix of services provided by Dreyfus, including the nature, extent and quality of such services, and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund

38


 

grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Dreyfus representatives noted 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 Dreyfus may have realized any economies of scale would be less. Dreyfus representatives also noted that, as a result of shared and allocated costs among funds in the Dreyfus 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 Dreyfus from acting as investment adviser and noted that there were no soft dollar arrangements in effect for trading the fund’s investments.

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

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

  • The Board was satisfied with the fund’s performance.

  • The Board concluded that the fee paid to Dreyfus was reasonable in light of the considerations described above.

  • The Board determined that the economies of scale which may accrue to Dreyfus and its affiliates in connection with the manage- ment of the fund had been adequately considered by Dreyfus in connection with the fee rate charged to the fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

The Fund 39


 

INFORMATION ABOUT THE RENEWAL OF THE FUND’S
MANAGEMENT AGREEMENT (Unaudited) (continued)

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 Dreyfus and its affiliates, of the fund and the services provided to the fund by Dreyfus. 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 this fund had the benefit of a number of years of reviews of prior or similar agreements during which lengthy discussions took place between the Board and Dreyfus representatives. 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 their consideration of the same or similar arrangements in prior years.The Board determined to renew the Agreement.

40


 


 

For More Information


Ticker Symbol: PESPX

Telephone 1-800-DREYFUS

Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144 E-mail Send your request to info@dreyfus.com Internet Information can be viewed online or downloaded at: http://www.dreyfus.com

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-DREYFUS.



 

 

 

Item 2.       Code of Ethics.

                  Not applicable.

Item 3.       Audit Committee Financial Expert.

                  Not applicable.

Item 4.       Principal Accountant Fees and Services.

                  Not applicable.

Item 5.       Audit Committee of Listed Registrants.

                  Not applicable.

Item 6.       Investments.

(a)              Not applicable.

Item 7.       Disclosure of Proxy Voting Policies and Procedures for Closed-End Management      Investment Companies.

                  Not applicable.

Item 8.       Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.       Purchases of Equity Securities by Closed-End Management Investment Companies and         Affiliated Purchasers.

                  Not applicable.  [CLOSED END FUNDS ONLY]

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

                  There have been no material changes to the procedures applicable to Item 10.

Item 11.     Controls and Procedures.

(a)        The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

 


 

 

(b)        There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12.     Exhibits.

(a)(1)   Not applicable.

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

(a)(3)   Not applicable.

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

 


 

 

 

SIGNATURES

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

Dreyfus Midcap Index Fund, Inc.

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak,

            President

 

Date:    June 17, 2015

 

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/ Bradley J. Skapyak

            Bradley J. Skapyak,

            President

 

Date:    June 17, 2015

 

By:       /s/ James Windels

            James Windels,

            Treasurer

 

Date:    June 17, 2015

 

 

 


 

 

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)

 

EX-99.CERT 2 exhibit302-113.htm CERTIFICATION REQUIRED BY RULE 30A-2 exhibit302-113.htm - Generated by SEC Publisher for SEC Filing

 

[EX-99.CERT]—Exhibit  (a)(2)

SECTION 302 CERTIFICATION

 

I, Bradley J. Skapyak, certify that:

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

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

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

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

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

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

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

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

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

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

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

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak,

            President

Date:    June 17, 2015

 


 

 

SECTION 302 CERTIFICATION

I, James Windels, certify that:

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

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

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

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

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

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

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

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

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

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

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

By:       /s/ James Windels

            James Windels,

            Treasurer

Date:    June 17, 2015

 

 

EX-99.906 CERT 3 exhibit906-113.htm CERTIFICATION REQUIRED BY SECTION 906 exhibit906-113.htm - Generated by SEC Publisher for SEC Filing

 

[EX-99.906CERT]

Exhibit (b)

 

 

SECTION 906 CERTIFICATIONS

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

 

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

 

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

 

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak,

            President

 

Date:    June 17, 2015

 

 

By:       /s/ James Windels

            James Windels,

            Treasurer

 

Date:    June 17, 2015

 

 

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

 

 

 

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