0000875732-18-000011.txt : 20180628 0000875732-18-000011.hdr.sgml : 20180628 20180628151731 ACCESSION NUMBER: 0000875732-18-000011 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20180430 FILED AS OF DATE: 20180628 DATE AS OF CHANGE: 20180628 EFFECTIVENESS DATE: 20180628 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: 18925180 BUSINESS ADDRESS: STREET 1: 200 PARK AVENUE STREET 2: THE DREYFUS CORPORATION CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129226400 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 7TH 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 Investor Shares PESPX C000172470 Class I DMIDX N-CSRS 1 lp1-113.htm 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

811-06325

 

 

 

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)

 

 

 

 

 

Bennett A. MacDougall, Esq.

200 Park Avenue

New York, New York  10166

 

 

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code: 

(212) 922-6400

 

 

Date of fiscal year end:

 

10/31

 

Date of reporting period:

04/30/2018

 

             

 

 

 


 

FORM N-CSR

Item 1.      Reports to Stockholders.

                 

 


 

Dreyfus Midcap Index Fund, Inc.

     

 

SEMIANNUAL REPORT
April 30, 2018

   
 

 

 

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

 

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

 

Contents

THE FUND

FOR MORE INFORMATION

 

Back Cover

 

       
 


Dreyfus Midcap Index Fund, Inc.

 

The Fund

A LETTER FROM THE PRESIDENT OF DREYFUS

Dear Shareholder:

We are pleased to present this semiannual report for Dreyfus Midcap Index Fund, Inc., covering the six-month period from November 1, 2017 through April 30, 2018. 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.

Heightened volatility has returned to the financial markets. After a period of unusually mild price swings in 2017, inflation concerns, geopolitical tensions and potential trade disputes caused volatility to increase substantially over the opening months of 2018. As a result, U.S. stocks and bonds either produced flat returns or lost a degree of value over the first four months of the year.

Stocks set a series of new record highs through January 2018 before market volatility took its toll, enabling stocks across all capitalization ranges to produce positive returns for the full six-month reporting period. Stocks gained value amid growing corporate earnings, improving global economic conditions and the enactment of tax reform legislation and other government policy reforms. In contrast, most sectors of the U.S. bond market lost a degree of value when short-term interest rates climbed, inflation expectations increased and yield differences began to widen between corporate-backed bonds and U.S. Treasury securities.

In our judgment, underlying market fundamentals remain strong, characterized by sustained economic growth, a robust labor market and strong consumer and business confidence. We expect these favorable conditions to persist, but we remain aware of economic and political developments that could negatively affect the markets. As always, we encourage you to discuss the risks and opportunities of today’s investment environment with your financial advisor.

Thank you for your continued confidence and support.

Sincerely,

Renee Laroche-Morris
President
The Dreyfus Corporation
May 15, 2018

2

 

DISCUSSION OF FUND PERFORMANCE (Unaudited)

For the period from November 1, 2017 through April 30, 2018, as provided by Thomas J. Durante, CFA, Karen Q. Wong, CFA, and Richard A. Brown, CFA, Portfolio Managers

Market and Fund Performance Overview

For the six-month period ended April 30, 2018, Dreyfus Midcap Index Fund, Inc.’s Class I shares produced a total return of 2.69%, and its Investor shares returned 2.56%.1 In comparison, the S&P MidCap 400® Index (the “Index”), the fund’s benchmark, produced a total return of 2.83% for the same period.2,3

Mid-cap stocks advanced modestly during the reporting period amid improving economic prospects and reports of better-than-expected corporate earnings. The difference in returns between the fund and the Index was primarily the result of transaction costs and operating expenses that are not reflected in the Index’s results.

The Fund’s Investment Approach

The fund seeks to match the performance of the Index. To pursue its goal, the fund generally is fully invested in stocks included in the Index and in futures whose performance is tied to the Index. The fund generally invests in all 400 stocks in the Index in proportion to their weighting in the Index.

The Index is an unmanaged index of 400 common stocks of medium-sized companies. S&P weights each company’s stock in the Index by its market capitalization (i.e., the share price times the number of shares outstanding), adjusted by the number of available float shares (i.e., those shares available to public investors). Companies included in the Index generally have market capitalizations ranging between approximately $1.4 billion and $5.9 billion, to the extent consistent with market conditions.

Positive Economic Trends in the Face of Rising Volatility

A positive economic backdrop supported U.S. equity markets in late 2017, including sustained GDP growth, robust labor markets, and higher growth forecasts from the Federal Reserve Board (the “Fed”). Passage of tax reform legislation in December 2017 sparked additional market gains, driving the Index to new all-time highs in January 2018.

Economic data in January 2018 indicated robust levels of consumer spending during the critical year-end shopping season, and long-awaited signs of wage growth began to appear. However, concerns about rising inflationary pressures and prospects for more aggressive interest-rate hikes by the Fed began to weigh on market sentiment. In March 2018, political rhetoric regarding potentially protectionist U.S. trade policies took a toll on stocks of U.S.

3

 

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

companies with substantial overseas exposure, including industrial firms and exporters. Markets remained volatile through the remainder of the reporting period.

In this environment, mid-cap stocks produced slightly lower returns than their large-cap counterparts.

Health Care Stocks Led the Market’s Rise

For the reporting period overall, financial stocks posted the highest returns of the Index’s various market segments, supported by banks benefiting from wider lending margins and cost savings stemming from new technologies. Capital markets companies, online brokerage firms, and mutual fund companies fared well as trading volumes increased.

The energy sector surged later in the reporting period when rising crude oil prices and the discovery of new North American oil-and-gas reserves sparked increased production among midsized exploration-and-production companies. Higher costs for the materials used in hydraulic fracturing were not enough to fully offset the positive impact of higher commodity prices. The health care sector also generally fared well during the reporting period despite weakness among some pharmaceutical developers. Makers and distributors of medical equipment and supplies benefited from faster regulatory approvals of new products, as did some biotechnology companies. In addition, higher levels of mergers-and-acquisitions activity helped boost the stock prices of midsized biotechnology companies that were targeted for takeovers by larger firms. Finally, hospital operators and health plan providers experienced rising demand during a severe flu season.

Laggards for the reporting period included industrial companies hurt by potentially escalating trade disputes affecting steel producers, and some machinery manufacturers struggled with write-downs after previous expansions proved excessive. Some staffing agencies posted losses, and electrical equipment makers encountered higher input costs. In the materials sector, chemical producers were constrained by higher oil costs and a limited ability to raise prices on their products. Other relatively weak areas included the traditionally defensive utilities and real estate sectors, whose dividend yields became less attractive to investors in the rising interest-rate environment. The utilities sector also was hurt by tax reform legislation that eliminated tax deferrals and reduced cash flows, and the real estate sector encountered higher financing costs and softness among retail properties.

Replicating the Performance of the Index

Although we do not actively manage the fund’s investments in response to macroeconomic trends, it is worth noting that the U.S. and global economic recoveries appear to remain intact, supported by stimulative monetary and fiscal policies that have helped boost corporate earnings. However, the market’s currently constructive conditions could be undermined by unexpected political and economic developments as geopolitical tensions potentially escalate and monetary policymakers move gradually away from the aggressively

4

 

accommodative policies of the past decade. As always, we have continued to monitor the factors considered by the fund’s investment model in light of current market conditions.

May 15, 2018

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. — The S&P MidCap 400® Index provides investors with a benchmark for mid-sized companies. The index measures the performance of mid-sized companies, reflecting the distinctive risk and return characteristics of this market segment. 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.

Equities 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 mid-cap companies often experience sharper price fluctuations than stocks of large-cap companies.

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, 2017 to April 30, 2018. 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, 2018

   
                 
         

Investor Shares

 

Class I

 

Expenses paid per $1,000

   

 

$2.51

$1.26

 

Ending value (after expenses)

   

 

$1,025.60

$1,026.90

 

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

Using the SEC’s method to compare expenses

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

                   

Expenses and Value of a $1,000 Investment

assuming a hypothetical 5% annualized return for the six months ended April 30, 2018

                 
         

Investor Shares

 

Class I

 

Expenses paid per $1,000

   

$2.51

$1.25

 

Ending value (after expenses)

   

$1,022.32

$1,023.55

 

 Expenses are equal to the fund’s annualized expense ratio of .50% for Investor shares and .25% for Class I, 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, 2018 (Unaudited)

               
 

Description

     

Shares

 

Value ($)

 

Common Stocks - 99.3%

         

Automobiles & Components - 1.2%

         

Cooper Tire & Rubber Co.

     

107,109

a

2,618,815

 

Dana

     

300,073

 

7,120,732

 

Delphi Technologies

     

181,994

 

8,810,330

 

Gentex

     

567,340

 

12,901,312

 

Thor Industries

     

101,464

 

10,769,389

 
       

42,220,578

 

Banks - 8.9%

         

Associated Banc-Corp

     

350,052

 

9,258,875

 

BancorpSouth Bank

     

172,774

a

5,710,181

 

Bank of Hawaii

     

87,987

a

7,409,385

 

Bank of the Ozarks

     

251,384

a

11,764,771

 

Cathay General Bancorp

     

156,611

 

6,266,006

 

Chemical Financial

     

146,373

a

8,034,414

 

Commerce Bancshares

     

194,425

a

12,349,876

 

Cullen/Frost Bankers

     

119,955

 

13,728,850

 

East West Bancorp

     

298,981

 

19,918,114

 

First Horizon National

     

676,506

 

12,380,060

 

FNB

     

664,138

a

8,633,794

 

Fulton Financial

     

363,615

 

6,145,093

 

Hancock Holding

     

175,038

 

8,550,606

 

Home BancShares

     

327,433

a

7,609,543

 

International Bancshares

     

112,287

 

4,469,023

 

LendingTree

     

16,018

a,b

3,818,691

 

MB Financial

     

173,643

a

7,400,665

 

New York Community Bancorp

     

1,014,611

 

12,053,579

 

PacWest Bancorp

     

259,589

 

13,301,340

 

Pinnacle Financial Partners

     

151,898

a

9,729,067

 

Prosperity Bancshares

     

143,472

a

10,296,985

 

Signature Bank

     

111,072

b

14,122,805

 

Sterling Bancorp

     

465,356

a

11,052,205

 

Synovus Financial

     

245,302

 

12,821,936

 

TCF Financial

     

356,123

 

8,842,534

 

Texas Capital Bancshares

     

101,944

b

10,056,776

 

Trustmark

     

138,786

a

4,345,390

 

UMB Financial

     

90,895

 

6,960,739

 

Umpqua Holdings

     

452,919

 

10,670,772

 

United Bankshares

     

215,796

a

7,326,274

 

Valley National Bancorp

     

548,853

a

6,888,105

 

Washington Federal

     

181,191

 

5,752,814

 

Webster Financial

     

190,747

a

11,481,062

 

7

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

               
 

Description

     

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

         

Banks - 8.9% (continued)

         

Wintrust Financial

     

116,446

 

10,416,095

 
       

319,566,425

 

Capital Goods - 9.8%

         

AECOM

     

329,529

a,b

11,348,979

 

AGCO

     

135,557

 

8,496,713

 

Carlisle Companies

     

127,141

 

13,696,900

 

Crane

     

104,149

 

8,711,022

 

Curtiss-Wright

     

91,404

 

11,703,368

 

Donaldson

     

268,929

a

11,902,798

 

Dycom Industries

     

64,676

a,b

6,717,249

 

EMCOR Group

     

121,126

 

8,913,662

 

EnerSys

     

86,376

 

5,921,939

 

Esterline Technologies

     

54,653

b

3,926,818

 

GATX

     

78,045

a

5,091,656

 

Graco

     

350,569

 

15,421,530

 

Granite Construction

     

81,331

a

4,260,118

 

Hubbell

     

113,213

 

11,758,302

 

IDEX

     

158,266

 

21,153,834

 

ITT

     

180,691

 

8,833,983

 

KBR

     

290,148

a

4,842,570

 

Kennametal

     

167,399

 

6,101,694

 

KLX

     

106,143

a,b

8,303,567

 

Lennox International

     

77,788

a

15,041,866

 

Lincoln Electric Holdings

     

126,833

 

10,510,651

 

MSC Industrial Direct, Cl. A

     

93,366

 

8,070,557

 

Nordson

     

105,572

 

13,576,559

 

NOW

     

217,747

a,b

2,641,271

 

Orbital ATK

     

119,579

 

15,829,868

 

Oshkosh

     

154,210

 

11,127,794

 

Regal Beloit

     

90,868

 

6,469,802

 

Teledyne Technologies

     

73,876

b

13,821,461

 

Terex

     

161,339

 

5,892,100

 

Timken

     

141,476

 

6,048,099

 

Toro

     

221,015

a

12,905,066

 

Trinity Industries

     

309,836

a

9,874,473

 

Valmont Industries

     

46,612

 

6,623,565

 

Wabtec

     

176,974

a

15,717,061

 

Watsco

     

66,257

a

11,092,747

 

Woodward

     

114,292

a

8,222,166

 
       

350,571,808

 

Commercial & Professional Services - 2.7%

         

Clean Harbors

     

105,887

b

4,849,625

 

Copart

     

417,407

a,b

21,321,150

 

8

 

               
 

Description

     

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

         

Commercial & Professional Services - 2.7% (continued)

         

Deluxe

     

99,228

a

6,801,087

 

Dun & Bradstreet

     

75,957

 

8,758,602

 

Healthcare Services Group

     

151,210

a

5,841,242

 

Herman Miller

     

122,998

 

3,776,039

 

HNI

     

89,391

a

2,984,765

 

ManpowerGroup

     

136,886

 

13,102,728

 

MSA Safety

     

69,874

 

6,067,858

 

Pitney Bowes

     

383,419

 

3,918,542

 

Rollins

     

197,129

a

9,564,699

 

The Brink's Company

     

104,846

 

7,737,635

 
       

94,723,972

 

Consumer Durables & Apparel - 3.0%

         

Brunswick

     

179,949

 

10,775,346

 

Carter's

     

98,011

a

9,832,464

 

Deckers Outdoor

     

66,201

b

6,173,905

 

Helen of Troy

     

55,347

b

4,934,185

 

KB Home

     

174,353

 

4,629,072

 

NVR

     

7,055

b

21,870,500

 

Polaris Industries

     

121,365

a

12,721,479

 

Skechers USA, Cl. A

     

280,927

b

8,006,419

 

Tempur Sealy International

     

95,392

a,b

4,268,792

 

Toll Brothers

     

295,307

 

12,450,143

 

TRI Pointe Group

     

311,591

a,b

5,331,322

 

Tupperware Brands

     

104,972

 

4,677,552

 
       

105,671,179

 

Consumer Services - 3.9%

         

Adtalem Global Education

     

126,418

a,b

6,017,497

 

Boyd Gaming

     

170,039

 

5,646,995

 

Brinker International

     

98,334

a

4,286,379

 

Cheesecake Factory

     

87,586

a

4,550,093

 

Churchill Downs

     

23,554

 

6,467,928

 

Cracker Barrel Old Country Store

     

49,751

a

8,188,517

 

Domino's Pizza

     

90,445

 

21,863,270

 

Dunkin' Brands Group

     

171,591

a

10,460,187

 

Graham Holdings, Cl. B

     

9,523

 

5,742,845

 

ILG

     

217,191

 

7,412,729

 

International Speedway, Cl. A

     

52,156

 

2,143,612

 

Jack in the Box

     

61,322

 

5,500,583

 

Papa John's International

     

51,081

a

3,167,022

 

Scientific Games

     

109,592

a,b

5,841,254

 

Service Corporation International

     

384,388

 

14,034,006

 

Six Flags Entertainment

     

162,862

a

10,299,393

 

Sotheby's

     

77,212

b

4,076,794

 

9

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

               
 

Description

     

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

         

Consumer Services - 3.9% (continued)

         

Texas Roadhouse

     

134,834

 

8,640,163

 

Wendy's

     

376,633

 

6,304,836

 
       

140,644,103

 

Diversified Financials - 3.5%

         

Eaton Vance

     

248,499

 

13,515,861

 

Evercore, Cl. A

     

85,011

 

8,607,364

 

FactSet Research Systems

     

80,738

a

15,268,363

 

Federated Investors, Cl. B

     

194,500

 

5,148,415

 

Interactive Brokers Group, Cl. A

     

148,044

a

10,984,865

 

Janus Henderson Group

     

373,387

a

11,795,295

 

Legg Mason

     

173,559

 

6,890,292

 

MarketAxess Holdings

     

77,757

a

15,444,873

 

SEI Investments

     

269,985

 

17,071,152

 

SLM

     

897,939

b

10,308,340

 

Stifel Financial

     

148,876

 

8,676,493

 
       

123,711,313

 

Energy - 5.0%

         

Callon Petroleum

     

419,031

a,b

5,828,721

 

Chesapeake Energy

     

1,887,203

a,b

5,604,993

 

CNX Resources

     

418,049

a,b

6,212,208

 

Core Laboratories

     

90,577

a

11,091,154

 

Diamond Offshore Drilling

     

131,335

a,b

2,415,251

 

Dril-Quip

     

78,261

a,b

3,243,918

 

Energen

     

201,193

b

13,166,070

 

Ensco, Cl. A

     

894,858

a

5,055,948

 

Gulfport Energy

     

335,449

a,b

3,119,676

 

HollyFrontier

     

366,882

 

22,266,069

 

Matador Resources

     

199,918

a,b

6,545,315

 

Murphy Oil

     

333,073

a

10,028,828

 

Nabors Industries

     

643,091

a

4,893,922

 

Oasis Petroleum

     

478,723

b

5,280,315

 

Oceaneering International

     

200,876

a

4,266,606

 

Patterson-UTI Energy

     

456,413

 

9,776,366

 

PBF Energy, Cl. A

     

227,118

 

8,705,433

 

QEP Resources

     

494,464

a,b

6,022,572

 

Rowan Cos., Cl. A

     

236,120

b

3,409,573

 

SM Energy

     

208,550

a

4,994,772

 

Southwestern Energy

     

1,048,707

b

4,299,699

 

Superior Energy Services

     

316,503

b

3,396,077

 

Transocean

     

903,290

a,b

11,173,697

 

World Fuel Services

     

141,548

 

3,039,036

 

WPX Energy

     

824,450

b

14,089,850

 
       

177,926,069

 

10

 

               
 

Description

     

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

         

Food & Staples Retailing - .5%

         

Casey's General Stores

     

78,493

a

7,582,424

 

Sprouts Farmers Market

     

254,203

a,b

6,362,701

 

United Natural Foods

     

103,292

a,b

4,650,206

 
       

18,595,331

 

Food, Beverage & Tobacco - 2.3%

         

Boston Beer, Cl. A

     

18,081

a,b

4,052,856

 

Flowers Foods

     

382,067

a

8,638,535

 

Hain Celestial Group

     

213,334

b

6,214,419

 

Ingredion

     

149,409

 

18,091,936

 

Lamb Weston Holdings

     

302,364

 

19,750,416

 

Lancaster Colony

     

40,487

a

5,084,762

 

Post Holdings

     

135,691

a,b

10,796,933

 

Sanderson Farms

     

41,264

 

4,586,906

 

Tootsie Roll Industries

     

40,160

a

1,146,568

 

TreeHouse Foods

     

116,267

b

4,476,279

 
       

82,839,610

 

Health Care Equipment & Services - 6.2%

         

ABIOMED

     

86,975

b

26,175,126

 

Acadia Healthcare

     

168,000

a,b

5,977,440

 

Allscripts Healthcare Solutions

     

371,944

b

4,321,989

 

Cantel Medical

     

73,025

 

8,183,912

 

Encompass Health

     

202,636

 

12,324,322

 

Globus Medical, Cl. A

     

150,147

b

7,686,025

 

Halyard Health

     

96,304

b

4,561,920

 

Hill-Rom Holdings

     

136,994

 

11,758,195

 

ICU Medical

     

30,956

b

7,791,625

 

LifePoint Health

     

81,542

a,b

3,905,862

 

LivaNova

     

90,093

b

7,998,457

 

Masimo

     

98,420

b

8,831,227

 

Medidata Solutions

     

122,782

a,b

8,761,724

 

MEDNAX

     

194,226

b

8,916,916

 

Molina Healthcare

     

95,336

a,b

7,936,722

 

NuVasive

     

105,167

a,b

5,595,936

 

Patterson

     

169,721

 

3,951,105

 

STERIS

     

175,541

 

16,592,135

 

Teleflex

     

93,151

 

24,953,290

 

Tenet Healthcare

     

165,876

b

3,971,071

 

WellCare Health Plans

     

92,112

b

18,897,698

 

West Pharmaceutical Services

     

152,281

 

13,432,707

 
       

222,525,404

 

Household & Personal Products - .6%

         

Edgewell Personal Care

     

114,758

a,b

5,055,090

 

Energizer Holdings

     

122,654

a

7,035,433

 

11

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

               
 

Description

     

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

         

Household & Personal Products - .6% (continued)

         

Nu Skin Enterprises, Cl. A

     

112,444

 

8,000,391

 
       

20,090,914

 

Insurance - 4.5%

         

Alleghany

     

31,833

 

18,293,470

 

American Financial Group

     

142,699

 

16,156,381

 

Aspen Insurance Holdings

     

122,783

 

5,212,138

 

Brown & Brown

     

474,694

 

12,925,918

 

CNO Financial Group

     

347,486

 

7,450,100

 

First American Financial

     

229,158

 

11,712,265

 

Genworth Financial, Cl. A

     

1,041,088

b

2,873,403

 

Hanover Insurance Group

     

88,013

 

10,108,293

 

Kemper

     

100,359

a

6,774,232

 

Mercury General

     

74,620

a

3,412,373

 

Old Republic International

     

518,839

 

10,584,316

 

Primerica

     

90,853

 

8,790,028

 

Reinsurance Group of America

     

133,356

 

19,923,386

 

RenaissanceRe Holdings

     

82,862

 

11,272,546

 

W.R. Berkley

     

198,694

 

14,814,625

 
       

160,303,474

 

Materials - 7.1%

         

Allegheny Technologies

     

260,700

a,b

6,926,799

 

AptarGroup

     

127,815

a

11,950,702

 

Ashland Global Holdings

     

128,927

 

8,532,389

 

Bemis

     

186,768

 

8,081,451

 

Cabot

     

127,816

 

7,139,802

 

Carpenter Technology

     

96,973

a

5,164,782

 

Chemours

     

383,008

 

18,541,417

 

Commercial Metals

     

239,940

 

5,041,139

 

Compass Minerals International

     

69,469

a

4,675,264

 

Domtar

     

128,161

 

5,626,268

 

Eagle Materials

     

99,845

 

9,880,661

 

Greif, Cl. A

     

54,064

 

3,163,825

 

Louisiana-Pacific

     

300,343

 

8,508,717

 

Minerals Technologies

     

73,255

 

5,058,258

 

NewMarket

     

18,892

a

7,170,459

 

Olin

     

343,309

 

10,364,499

 

Owens-Illinois

     

335,069

a,b

6,811,953

 

PolyOne

     

167,320

 

7,002,342

 

Reliance Steel & Aluminum

     

150,749

 

13,253,852

 

Royal Gold

     

135,502

 

12,032,578

 

RPM International

     

276,652

a

13,362,292

 

Scotts Miracle-Gro

     

82,655

a

6,908,305

 

Sensient Technologies

     

90,053

a

6,002,032

 

12

 

               
 

Description

     

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

         

Materials - 7.1% (continued)

         

Silgan Holdings

     

153,170

 

4,299,482

 

Sonoco Products

     

204,269

 

10,491,256

 

Steel Dynamics

     

488,205

 

21,876,466

 

United States Steel

     

364,062

a

12,316,217

 

Valvoline

     

414,472

a

8,405,492

 

Worthington Industries

     

91,342

 

4,067,459

 
       

252,656,158

 

Media - 1.5%

         

AMC Networks, Cl. A

     

104,350

a,b

5,426,200

 

Cable One

     

9,727

a

6,177,812

 

Cinemark Holdings

     

219,632

a

8,602,985

 

John Wiley & Sons, Cl. A

     

91,317

 

6,022,356

 

Live Nation Entertainment

     

280,183

a,b

11,058,823

 

Meredith

     

81,372

a

4,215,070

 

New York Times, Cl. A

     

262,514

a

6,155,953

 

TEGNA

     

447,829

 

4,733,553

 
       

52,392,752

 

Pharmaceuticals, Biotechnology & Life Sciences - 1.9%

         

Akorn

     

195,512

b

2,821,238

 

Bio-Rad Laboratories, Cl. A

     

41,862

b

10,620,808

 

Bio-Techne

     

77,587

 

11,708,654

 

Catalent

     

273,936

b

11,261,509

 

Charles River Laboratories International

     

98,224

b

10,233,959

 

Endo International

     

406,367

b

2,328,483

 

Mallinckrodt

     

180,701

a,b

2,349,113

 

Prestige Brands Holdings

     

108,370

a,b

3,190,413

 

Syneos Health

     

117,133

a,b

4,462,767

 

United Therapeutics

     

88,788

b

9,776,447

 
       

68,753,391

 

Real Estate - 8.9%

         

Alexander & Baldwin

     

138,674

c

3,175,634

 

American Campus Communities

     

282,632

c

11,053,738

 

Camden Property Trust

     

191,715

c

16,372,461

 

CoreCivic

     

241,601

c

4,870,676

 

CoreSite Realty

     

71,000

a,c

7,391,100

 

Corporate Office Properties Trust

     

207,844

c

5,717,788

 

Cousins Properties

     

862,272

a,c

7,665,598

 

CyrusOne

     

199,083

c

10,668,858

 

DCT Industrial Trust

     

192,510

c

12,622,881

 

Douglas Emmett

     

329,968

c

12,297,907

 

Education Realty Trust

     

155,538

a,c

5,118,756

 

EPR Properties

     

132,663

a,c

7,299,118

 

First Industrial Realty Trust

     

246,829

c

7,678,850

 

13

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

               
 

Description

     

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

         

Real Estate - 8.9% (continued)

         

GEO Group

     

254,428

c

5,724,630

 

Healthcare Realty Trust

     

256,402

c

7,135,668

 

Highwoods Properties

     

212,065

c

9,335,101

 

Hospitality Properties Trust

     

337,452

c

8,395,806

 

JBG SMITH Properties

     

193,417

a,c

7,131,285

 

Jones Lang LaSalle

     

93,945

 

15,924,617

 

Kilroy Realty

     

204,289

c

14,641,393

 

Lamar Advertising, Cl. A

     

173,597

c

11,059,865

 

LaSalle Hotel Properties

     

234,787

c

6,942,652

 

Liberty Property Trust

     

305,262

c

12,766,057

 

Life Storage

     

96,402

c

8,525,793

 

Mack-Cali Realty

     

187,864

c

3,225,625

 

Medical Properties Trust

     

748,751

a,c

9,569,038

 

National Retail Properties

     

318,562

a,c

12,118,098

 

Omega Healthcare Investors

     

411,199

a,c

10,682,950

 

PotlatchDeltic

     

123,453

c

6,401,038

 

Quality Care Properties

     

192,110

a,b,c

4,220,657

 

Rayonier

     

265,189

c

9,862,379

 

Sabra Health Care

     

365,883

a,c

6,699,318

 

Senior Housing Properties Trust

     

487,886

a,c

7,596,385

 

Tanger Factory Outlet Centers

     

196,155

a,c

4,305,602

 

Taubman Centers

     

125,118

c

7,004,106

 

Uniti Group

     

342,363

a,c

6,169,381

 

Urban Edge Properties

     

219,934

c

4,524,042

 

Weingarten Realty Investors

     

247,707

c

6,804,511

 
       

318,699,362

 

Retailing - 2.6%

         

Aaron's

     

128,982

a

5,387,578

 

American Eagle Outfitters

     

345,756

 

7,150,234

 

AutoNation

     

122,542

a,b

5,660,215

 

Bed Bath & Beyond

     

294,411

a

5,140,416

 

Big Lots

     

88,350

a

3,750,457

 

Dick's Sporting Goods

     

169,113

a

5,595,949

 

Dillard's, Cl. A

     

43,548

a

3,246,503

 

Five Below

     

104,453

b

7,375,426

 

GameStop, Cl. A

     

206,691

a

2,821,332

 

Murphy USA

     

67,009

b

4,192,753

 

Office Depot

     

1,057,006

 

2,420,544

 

Pool

     

83,624

 

11,607,847

 

Sally Beauty Holdings

     

258,320

a,b

4,466,353

 

Signet Jewelers

     

125,639

 

4,884,844

 

The Michaels Companies

     

229,763

b

4,278,187

 

Urban Outfitters

     

164,434

a,b

6,621,757

 

14

 

               
 

Description

     

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

         

Retailing - 2.6% (continued)

         

Williams-Sonoma

     

159,117

a

7,605,793

 
       

92,206,188

 

Semiconductors & Semiconductor Equipment - 3.1%

         

Cirrus Logic

     

130,112

a,b

4,745,185

 

Cree

     

201,477

a,b

7,519,122

 

Cypress Semiconductor

     

734,867

 

10,714,361

 

First Solar

     

168,703

b

11,962,730

 

Integrated Device Technology

     

271,908

a,b

7,567,200

 

Microsemi

     

243,296

b

15,738,818

 

MKS Instruments

     

112,785

 

11,549,184

 

Monolithic Power Systems

     

80,304

 

9,403,598

 

Silicon Laboratories

     

88,165

b

8,190,528

 

Synaptics

     

70,488

a,b

3,067,638

 

Teradyne

     

404,240

 

13,158,012

 

Versum Materials

     

225,350

 

7,927,813

 
       

111,544,189

 

Software & Services - 7.8%

         

ACI Worldwide

     

241,488

b

5,614,596

 

Acxiom

     

162,604

a,b

4,224,452

 

Blackbaud

     

99,574

a

10,451,287

 

Broadridge Financial Solutions

     

241,183

a

25,857,229

 

Cars.com

     

146,112

a

4,161,270

 

CDK Global

     

261,640

 

17,069,394

 

CommVault Systems

     

88,966

b

6,223,172

 

Convergys

     

192,178

 

4,489,278

 

CoreLogic

     

168,704

b

8,350,848

 

Fair Isaac

     

62,280

b

10,785,650

 

Fortinet

     

298,742

b

16,538,357

 

j2 Global

     

101,758

a

8,077,550

 

Jack Henry & Associates

     

159,802

a

19,093,143

 

Leidos Holdings

     

294,466

 

18,913,551

 

LogMeIn

     

108,057

a

11,907,881

 

Manhattan Associates

     

139,067

a,b

5,988,225

 

MAXIMUS

     

133,906

 

9,056,063

 

PTC

     

240,523

b

19,807,069

 

Sabre

     

466,554

a

9,629,675

 

Science Applications International

     

89,462

 

7,674,945

 

Teradata

     

250,555

a,b

10,252,711

 

Tyler Technologies

     

72,933

a,b

15,966,492

 

Ultimate Software Group

     

60,102

a,b

14,419,672

 

WEX

     

82,830

b

13,411,834

 
       

277,964,344

 

15

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

               
 

Description

     

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

         

Technology Hardware & Equipment - 6.1%

         

3D Systems

     

231,721

a,b

2,326,479

 

ARRIS International

     

360,669

b

9,738,063

 

Arrow Electronics

     

180,383

b

13,481,825

 

Avnet

     

248,255

 

9,739,044

 

Belden

     

87,355

 

5,381,068

 

Ciena

     

299,160

b

7,703,370

 

Cognex

     

359,004

 

16,603,935

 

Coherent

     

51,407

b

8,647,686

 

Diebold Nixdorf

     

155,749

a

2,390,747

 

InterDigital

     

70,874

 

5,276,569

 

Jabil

     

361,669

 

9,620,395

 

Keysight Technologies

     

392,950

b

20,307,656

 

Knowles

     

183,467

a,b

2,348,378

 

Littelfuse

     

51,002

a

9,533,294

 

Lumentum Holdings

     

128,671

a,b

6,491,452

 

National Instruments

     

221,062

a

9,039,225

 

NCR

     

244,973

a,b

7,537,819

 

NetScout Systems

     

179,617

b

4,876,602

 

Plantronics

     

68,786

a

4,481,408

 

SYNNEX

     

60,092

 

6,019,416

 

Tech Data

     

72,052

b

5,493,965

 

Trimble

     

515,894

b

17,849,932

 

VeriFone Systems

     

228,628

b

5,260,730

 

ViaSat

     

113,532

a,b

7,263,777

 

Vishay Intertechnology

     

270,796

 

4,779,549

 

Zebra Technologies, Cl. A

     

110,179

b

14,855,435

 
       

217,047,819

 

Telecommunication Services - .1%

         

Telephone & Data Systems

     

190,017

 

5,193,165

 

Transportation - 2.4%

         

Avis Budget Group

     

148,411

b

7,332,987

 

Genesee & Wyoming, Cl. A

     

127,159

b

9,053,721

 

JetBlue Airways

     

666,143

b

12,783,284

 

Kirby

     

110,472

a,b

9,423,262

 

Knight-Swift Transportation Holdings

     

265,596

 

10,360,900

 

Landstar System

     

86,210

 

8,763,246

 

Old Dominion Freight Line

     

141,404

 

18,928,339

 

Ryder System

     

109,672

 

7,395,183

 

Werner Enterprises

     

91,452

a

3,136,804

 
       

87,177,726

 

Utilities - 5.7%

         

ALLETE

     

105,433

a

8,056,135

 

Aqua America

     

367,941

a

12,933,126

 

16

 

               
 

Description

     

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

         

Utilities - 5.7% (continued)

         

Atmos Energy

     

229,496

 

19,940,907

 

Black Hills

     

109,906

a

6,229,472

 

Great Plains Energy

     

446,279

 

14,606,712

 

Hawaiian Electric Industries

     

225,602

a

7,826,133

 

IDACORP

     

103,464

a

9,622,152

 

MDU Resources Group

     

404,358

 

11,390,765

 

National Fuel Gas

     

176,140

a

9,044,789

 

New Jersey Resources

     

179,729

a

7,431,794

 

NorthWestern

     

101,364

 

5,568,938

 

OGE Energy

     

413,313

 

13,585,598

 

ONE Gas

     

107,241

 

7,476,843

 

PNM Resources

     

163,512

a

6,483,251

 

Southwest Gas Holdings

     

98,807

a

7,211,923

 

UGI

     

357,957

 

17,321,539

 

Vectren

     

171,941

 

12,082,294

 

Westar Energy

     

294,289

 

15,944,578

 

WGL Holdings

     

105,451

 

8,973,880

 
       

201,730,829

 

Total Common Stocks (cost $2,326,348,078)

     

3,544,756,103

 
       

Principal Amount ($)

     

Short-Term Investments - .0%

         

U.S. Treasury Bills

         

1.64%, 6/7/18
(cost $1,282,840)

     

1,285,000

d,e

1,282,842

 
   

Current
Yield (%)

 

Shares

     

Other Investment - .7%

         

Registered Investment Company;

         

Dreyfus Institutional Preferred Government Plus Money Market Fund
(cost $25,235,061)

 

1.71

 

25,235,061

f

25,235,061

 

17

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

               
 

Description

 

Current
Yield (%)

 

Shares

 

Value ($)

 

Investment of Cash Collateral for Securities Loaned - 4.3%

         

Registered Investment Company;

         

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares
(cost $152,449,359)

 

1.67

 

152,449,359

f

152,449,359

 

Total Investments (cost $2,505,315,338)

 

104.3%

 

3,723,723,365

 

Liabilities, Less Cash and Receivables

 

(4.3%)

 

(151,817,400)

 

Net Assets

 

100.0%

 

3,571,905,965

 


a
Security, or portion thereof, on loan. At April 30, 2018, the value of the fund’s securities on loan was $634,837,907 and the value of the collateral held by the fund was $657,654,348, consisting of cash collateral of $152,449,359 and U.S. Government & Agency securities valued at $505,204,989.

bNon-income producing security.

cInvestment in real estate investment trust.

dHeld by a counterparty for open exchange traded derivative contracts.

eSecurity is a discount security. Income is recognized through the accretion of discount.

fInvestment in affiliated money market mutual fund.

   

Portfolio Summary (Unaudited)

Value (%)

Capital Goods

9.8

Banks

8.9

Real Estate

8.9

Software & Services

7.8

Materials

7.1

Health Care Equipment & Services

6.2

Technology Hardware & Equipment

6.1

Utilities

5.7

Short-Term/Money Market Investments

5.0

Energy

5.0

Insurance

4.5

Consumer Services

3.9

Diversified Financials

3.5

Semiconductors & Semiconductor Equipment

3.1

Consumer Durables & Apparel

3.0

Commercial & Professional Services

2.7

Retailing

2.6

Transportation

2.4

Food, Beverage & Tobacco

2.3

Pharmaceuticals, Biotechnology & Life Sciences

1.9

Media

1.5

Automobiles & Components

1.2

Household & Personal Products

.6

Food & Staples Retailing

.5

Telecommunication Services

.1

 

104.3

 Based on net assets.

See notes to financial statements.

18

 

STATEMENT OF INVESTMENTS IN AFFILIATED ISSUERS (Unaudited)

             

Registered Investment Companies

Value
10/31/17 ($)

Purchases ($)

Sales ($)

Value
4/30/18 ($)

Net
Assets (%)

Dividends/
Distributions ($)

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares

290,603,440

482,232,099

620,386,180

152,449,359

4.3

Dreyfus Institutional Preferred Government Plus Money Market Fund

29,459,785

461,243,270

465,467,994

25,235,061

.7

200,184

Total

320,063,225

943,475,369

1,085,854,174

177,684,420

5.0

200,184

19

 

STATEMENT OF FUTURES
April 30, 2018 (Unaudited)

             

Description

Number of
Contracts

Expiration

Notional
Value ($)

Value ($)

Unrealized (Depreciation) ($)

 

Futures Long

   

E-mini Standard & Poor's Midcap

159

6/2018

30,419,176

29,766,390

(652,786)

 

Gross Unrealized Depreciation

 

(652,786)

 

See notes to financial statements.

20

 

STATEMENT OF ASSETS AND LIABILITIES
April 30, 2018 (Unaudited)

             

 

 

 

 

 

 

 

 

 

 

Cost

 

Value

 

Assets ($):

 

 

 

 

Investments in securities—See Statement of Investments
(including securities on loan, valued at $634,837,907)—Note 1(b):

 

 

 

Unaffiliated issuers

2,327,630,918

 

3,546,038,945

 

Affiliated issuers

 

177,684,420

 

177,684,420

 

Cash

 

 

 

 

6,753,945

 

Receivable for investment securities sold

 

2,473,062

 

Dividends and securities lending income receivable

 

1,864,331

 

Receivable for shares of Common Stock subscribed

 

361,721

 

Other assets

 

 

 

 

87,392

 

 

 

 

 

 

3,735,263,816

 

Liabilities ($):

 

 

 

 

Due to The Dreyfus Corporation and affiliates—Note 3(b)

 

 

 

 

1,240,117

 

Liability for securities on loan—Note 1(b)

 

152,449,359

 

Payable for investment securities purchased

 

6,047,046

 

Payable for shares of Common Stock redeemed

 

3,232,822

 

Payable for futures variation margin—Note 4

 

382,339

 

Accrued expenses

 

 

 

 

6,168

 

 

 

 

 

 

163,357,851

 

Net Assets ($)

 

 

3,571,905,965

 

Composition of Net Assets ($):

 

 

 

 

Paid-in capital

 

 

 

 

2,239,409,529

 

Accumulated undistributed investment income—net

 

12,638,749

 

Accumulated net realized gain (loss) on investments

 

 

 

 

102,102,446

 

Accumulated net unrealized appreciation (depreciation)
on investments [including ($652,786) net unrealized
(depreciation) on futures]

 

1,217,755,241

 

Net Assets ($)

 

 

3,571,905,965

 

 

       

Net Asset Value Per Share

Investor Shares

Class I

 

Net Assets ($)

2,523,685,161

1,048,220,804

 

Shares Outstanding

68,671,689

28,576,957

 

Net Asset Value Per Share ($)

36.75

36.68

 

       

See notes to financial statements.

     

21

 

STATEMENT OF OPERATIONS
Six Months Ended April 30, 2018 (Unaudited)

             
             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Income ($):

 

 

 

 

Income:

 

 

 

 

Cash dividends (net of $15,226 foreign taxes withheld at source):

 

Unaffiliated issuers

 

 

31,207,806

 

Affiliated issuers

 

 

200,184

 

Income from securities lending—Note 1(b)

 

 

857,246

 

Interest

 

 

14,591

 

Total Income

 

 

32,279,827

 

Expenses:

 

 

 

 

Management fee—Note 3(a)

 

 

4,644,074

 

Shareholder servicing costs—Note 3(b)

 

 

3,349,666

 

Directors’ fees—Note 3(a,c)

 

 

158,693

 

Loan commitment fees—Note 2

 

 

39,407

 

Interest expense—Note 2

 

 

2,734

 

Total Expenses

 

 

8,194,574

 

Less—Directors’ fees reimbursed by Dreyfus—Note 3(a)

 

 

(158,693)

 

Net Expenses

 

 

8,035,881

 

Investment Income—Net

 

 

24,243,946

 

Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):

 

 

Net realized gain (loss) on investments

132,826,325

 

Net realized gain (loss) on futures

1,833,085

 

Net Realized Gain (Loss)

 

 

134,659,410

 

Net unrealized appreciation (depreciation) on investments

 

 

(54,601,904)

 

Net unrealized appreciation (depreciation) on futures

 

 

(902,685)

 

Net Unrealized Appreciation (Depreciation)

 

 

(55,504,589)

 

Net Realized and Unrealized Gain (Loss) on Investments

 

 

79,154,821

 

Net Increase in Net Assets Resulting from Operations

 

103,398,767

 

             

See notes to financial statements.

         

22

 

STATEMENT OF CHANGES IN NET ASSETS

                   
                   

 

 

 

 

Six Months Ended
April 30, 2018 (Unaudited)

 

Year Ended
October 31, 2017

 

Operations ($):

 

 

 

 

 

 

 

 

Investment income—net

 

 

24,243,946

 

 

 

34,085,813

 

Net realized gain (loss) on investments

 

134,659,410

 

 

 

279,222,926

 

Net unrealized appreciation (depreciation)
on investments

 

(55,504,589)

 

 

 

414,399,355

 

Net Increase (Decrease) in Net Assets
Resulting from Operations

103,398,767

 

 

 

727,708,094

 

Distributions to Shareholders from ($):

 

Investment income—net:

 

 

 

 

 

 

 

 

Investor Shares

 

 

(24,201,814)

 

 

 

(26,534,814)

 

Class I

 

 

(12,000,485)

 

 

 

(10,489,747)

 

Net realized gain on investments:

 

 

 

 

 

 

 

 

Investor Shares

 

 

(202,832,375)

 

 

 

(235,966,422)

 

Class I

 

 

(78,220,151)

 

 

 

(72,401,716)

 

Total Distributions

 

 

(317,254,825)

 

 

 

(345,392,699)

 

Capital Stock Transactions ($):

 

Net proceeds from shares sold:

 

 

 

 

 

 

 

 

Investor Shares

 

 

334,932,934

 

 

 

680,442,906

 

Class I

 

 

113,332,577

 

 

 

1,038,154,737

 

Distributions reinvested:

 

 

 

 

 

 

 

 

Investor Shares

 

 

223,247,292

 

 

 

258,429,799

 

Class I

 

 

37,285,087

 

 

 

35,405,826

 

Cost of shares redeemed:

 

 

 

 

 

 

 

 

Investor Shares

 

 

(594,770,387)

 

 

 

(1,748,731,327)

 

Class I

 

 

(63,958,611)

 

 

 

(108,005,014)

 

Increase (Decrease) in Net Assets
from Capital Stock Transactions

50,068,892

 

 

 

155,696,927

 

Total Increase (Decrease) in Net Assets

(163,787,166)

 

 

 

538,012,322

 

Net Assets ($):

 

Beginning of Period

 

 

3,735,693,131

 

 

 

3,197,680,809

 

End of Period

 

 

3,571,905,965

 

 

 

3,735,693,131

 

Undistributed investment income—net

12,638,749

 

 

 

24,597,102

 

Capital Share Transactions (Shares):

 

Investor Sharesa

 

 

 

 

 

 

 

 

Shares sold

 

 

8,888,239

 

 

 

18,629,424

 

Shares issued for distributions reinvested

 

 

5,983,132

 

 

 

7,363,563

 

Shares redeemed

 

 

(15,669,746)

 

 

 

(47,279,387)

 

Net Increase (Decrease) in Shares Outstanding

(798,375)

 

 

 

(21,286,400)

 

Class Ia

 

 

 

 

 

 

 

 

Shares sold

 

 

3,007,037

 

 

 

28,007,131

 

Shares issued for distributions reinvested

 

 

1,001,929

 

 

 

1,011,414

 

Shares redeemed

 

 

(1,697,295)

 

 

 

(2,920,059)

 

Net Increase (Decrease) in Shares Outstanding

2,311,671

 

 

 

26,098,486

 

                   

During the period ended April 30, 2018, 10,963 Class I shares representing $464,652 were exchanged for 10,979 Investor shares and during the period ended October 31, 2017, 39,687 Class I shares representing $1,494,502 were exchanged for 39,654 Investor shares.

 


See notes to financial statements.

               

23

 

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. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the fund’s financial statements.

                         
         

Six Months Ended

 

April 30, 2018

Year Ended October 31,

Investor Shares

(Unaudited)

2017

2016a

2015

2014

2013

Per Share Data ($):

           

Net asset value,
beginning of period

39.03

35.17

37.70

39.13

36.81

29.10

Investment Operations:

           

Investment income—netb

.23

.32

.42

.39

.37

.35

Net realized and unrealized
gain (loss) on investments

.81

7.30

1.45

.81

3.64

8.80

Total from Investment Operations

1.04

7.62

1.87

1.20

4.01

9.15

Distributions:

           

Dividends from investment
income—net

(.35)

(.38)

(.43)

(.40)

(.32)

(.34)

Dividends from net realized
gain on investments

(2.97)

(3.38)

(3.97)

(2.23)

(1.37)

(1.10)

Total Distributions

(3.32)

(3.76)

(4.40)

(2.63)

(1.69)

(1.44)

Net asset value, end of period

36.75

39.03

35.17

37.70

39.13

36.81

Total Return (%)

2.56c

22.89

5.79

2.98

11.21

32.84

Ratios/Supplemental Data (%)

           

Ratio of total expenses
to average net assets

.51d

.51

.51

.51

.51

.51

Ratio of net expenses
to average net assets

.50d

.50

.50

.50

.50

.50

Ratio of net investment income
to average net assets

1.24d

.88

1.23

1.00

.98

1.07

Portfolio Turnover Rate

7.37c

24.48

21.68

19.45

16.22

10.41

Net Assets, end of period
($ x 1,000)

2,523,685

2,711,092

3,191,813

3,303,416

3,572,418

3,406,208


a
 On August 31, 2016, the fund redesignated existing shares as Investor shares.

b Based on average shares outstanding.

c Not annualized.

d Annualized.

See notes to financial statements.

24

 

                       
         

Six Months Ended

   

April 30, 2018

Year Ended October 31,

Class I Shares

   

(Unaudited)

2017

2016a

Per Share Data ($):

           

Net asset value, beginning of period

     

39.01

35.18

36.39

Investment Operations:

           

Investment income—netb

     

.28

.42

.02

Net realized and unrealized gain (loss) on investments

     

.82

7.28

(1.23)

Total from Investment Operations

     

1.10

7.70

(1.21)

Distributions:

           

Dividends from investment income—net

     

(.46)

(.49)

Dividends from net realized gain on investments

     

(2.97)

(3.38)

Total Distributions

     

(3.43)

(3.87)

Net asset value, end of period

     

36.68

39.01

35.18

Total Return (%)

     

2.69c

23.17

(3.33)c

Ratios/Supplemental Data (%):

           

Ratio of total expenses to average net assets

     

.26d

.26

.26d

Ratio of net expenses to average net assets

     

.25d

.25

.25d

Ratio of net investment income to average net assets

     

1.49d

1.10

.70d

Portfolio Turnover Rate

     

7.37c

24.48

21.68

Net Assets, end of period ($ x 1,000)

     

1,048,221

1,024,602

5,867


a
 From August 31, 2016 (commencement of initial offering) to October 31, 2016.

b Based on average shares outstanding.

c Not annualized.

d Annualized.

See notes to financial statements.

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 S&P’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 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 at net asset value per share generally to institutional investors. Other differences between the classes include the services offered to and the expenses borne by each class, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 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

26

 

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:

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.

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

27

 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 is engaged 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 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 to not 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 restricted 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, 2018 in valuing the fund’s investments:

28

 

         
 

Level 1 -
Unadjusted
Quoted Prices

Level 2 – Other
Significant
Observable
Inputs

Level 3 -
Significant
Unobservable
Inputs

Total

Assets ($)

       

Investments in Securities:

   

Equity Securities—Domestic
Common Stocks

3,508,732,706

3,508,732,706

Equity Securities—Foreign
Common Stocks

36,023,397

36,023,397

Registered
Investment
Companies

177,684,420

177,684,420

U.S. Treasury

1,282,842

1,282,842

Liabilities ($)

       

Other Financial Instruments:

   

Futures††

(652,786)

(652,786)


 See Statement of Investments for additional detailed categorizations.

†† Amount shown represents unrealized (depreciation) at period end.

At April 30, 2018, there were no transfers between levels of the fair value hierarchy. It is the fund’s policy to recognize transfers between levels at the end of the reporting period.

(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.

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

29

 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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, 2018, The Bank of New York Mellon earned $166,448 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.

(d) Dividends and distributions to shareholders: Dividends and distributions 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, 2018, 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, 2018, the fund did not incur any interest or penalties.

Each tax year in the three-year period ended October 31, 2017 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, 2017 was as follows: ordinary income $37,024,561 and long-term capital gains $308,368,138. 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 an $830 million unsecured credit facility led by Citibank, N.A. and a $300 million

30

 

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, 2018 was approximately $222,100 with a related weighted average annualized interest rate of 2.48%.

NOTE 3—Management Fee and Other Transactions with Affiliates:

(a) Pursuant to a management 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. Out of its fee, Dreyfus pays all of the expenses of the fund except management fees, Shareholder Services Plan fees, brokerage fees and commissions, taxes, interest expense, commitment fees on borrowings, fees and expenses of the interested Directors (including counsel fees) and extraordinary expenses. In addition, Dreyfus is required to reduce its fee in an amount equal to the fund’s allocable portion of fees and expenses of the non-interested Directors (including counsel fees). During the period ended April 30, 2018, fees reimbursed by Dreyfus amounted to $158,693.

(b) Under the Shareholder Services Plan, Investor shares pay the Distributor at an annual rate of .25% of the value of its 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 providing reports and other information, and services related to the maintenance of shareholder accounts, such as recordkeeping and sub-accounting services. 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, 2018, the fund was charged $3,349,666 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 $739,392 and Shareholder Services Plan fees $524,178, which are offset against an expense reimbursement currently in effect in the amount of $23,453.

31

 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

(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 futures, during the period ended April 30, 2018, amounted to $270,989,823 and $511,288,623, 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, 2018 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, 2018 are set forth in the Statement of Futures.

The following summarizes the average market value of derivatives outstanding during the period ended April 30, 2018:

     

 

 

Average Market Value ($)

Equity futures

 

38,232,493

     

At April 30, 2018, accumulated net unrealized appreciation on investments inclusive of derivative contracts was $1,217,755,241, consisting of $1,377,617,670 gross unrealized appreciation and $159,862,429 gross unrealized depreciation.

32

 

At April 30, 2018, the cost of investments inclusive of derivative contracts for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

33

 

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

At a meeting of the fund’s Board of Directors held on February 14-15, 2018, 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 infrastructures. 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.

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, 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, 2017, 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 Broadridge as of the date of its analysis. Dreyfus 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.

34

 

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 with representatives of Dreyfus and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was at or above, or within one or two basis points of, the Performance Group median, and above the Performance Universe median, for all periods. 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 considered 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 Expense Universe medians and the fund’s total expenses were at the Expense Group median and above the Expense Universe median.

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 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, considered in relation to the mix of services provided by Dreyfus, 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

35

 

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

benefit of fund shareholders. Dreyfus representatives also stated 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 took into consideration the 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 Dreyfus are adequate and appropriate.

 The Board was satisfied with the fund’s performance.

 The Board concluded that the fee paid to Dreyfus 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 Dreyfus and its affiliates in connection with the management 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.

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 Dreyfus 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 the Agreement for the fund, or substantially similar agreements for other Dreyfus funds that the Board oversees, 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 fund’s arrangements, or substantially similar arrangements for other Dreyfus funds that the Board oversees, in prior years. The Board determined to renew the Agreement.

36

 

NOTES

37

 

For More Information

Dreyfus Midcap Index Fund, Inc.

200 Park Avenue
New York, NY 10166

Manager

The Dreyfus Corporation
200 Park Avenue
New York, NY 10166

Custodian

The Bank of New York Mellon
225 Liberty Street
New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent

Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166

Distributor

MBSC Securities Corporation
200 Park Avenue
New York, NY 10166

   

Ticker Symbols:

Investor: PESPX          Class I: DMIDX

Telephone Call your financial representative or 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 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 www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (phone 1-800-SEC-0330 for information).

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 www.dreyfus.com and on the SEC’s website at www.sec.gov and without charge, upon request, by calling 1-800-DREYFUS.

   

© 2018 MBSC Securities Corporation
0113SA0418

 


 

 

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.

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 27, 2018

 

 

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 27, 2018

 

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    June 27, 2018


 

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.htm CERTIFICATION REQUIRED BY RULE 30A-2 exhibit302.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 27, 2018 SECTION 302 CERTIFICATION

1

 


 

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 27, 2018

 

2

 

EX-99.906 CERT 3 exhibit906.htm CERTIFICATION REQUIRED BY SECTION 906 exhibit906.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 27, 2018

 

                                                                        By:       /s/ James Windels

                                                                                    James Windels

                                                                                    Treasurer

 

                                                                        Date:    June 27, 2018

 

 

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.

1

 

GRAPHIC 5 x18062813120600.jpg begin 644 x18062813120600.jpg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�!PMYX0*O\UU2L%Q(!_$[;17H5W=WK MJ6,X3Z FN5U*X"L2\N]NV]@/YT <\VDO#QFV0^@;<1^6:8;&Y88 G8?41+^N M3^E%QJ\:G:LP+>D0S^M49KZXDR?+8 ]Y6Q0!9.GQ0'=-+#'ZA"7;\S5:XNH$ MPD991GDMWJC+-*_'F?0(*KLBKR_/JHY_,T ;UM>J4!5W14.=W3-:#:]=*J[I MY<,.N_!-7";8L]![FL'_A+KFVW&-V,C9RY.3N/>N6@C9D9@FV,3V'M0!>%U(RR2NQ5Y#DR$\X[FH?M,00H@<(>HS\S?7TJFLT]S.4 MW#'KUP*6XN(X5P@RW8>GO0 LEQSM50 .P[57>;CEOPJL9/*4\DN>35:69MO. M,_RH L2W 49W4Q+KY=Q__75!I-SXW4\*=P+')]/2@#3MBTLFY^_-:6W.[)X( MK.LVV+O8[0. 3W-:=MEP,B@"YHSNMK*I&=LI _(45)ID96&4'.1(<^_ HH [ M"2"+S7^7N>](;>(-PGZT44 6[:VA+G*=!QR:8X$=U;R)E70?*0>E%% &VH\Z MTDDD9F< 8)8\567*Q;@3D'@DYHHH G_A!R=O\ M&BB@"*>QMDF,:1!%]$)7^55I-.M#)S"#]2:** :=:A.(OO=?F/^--FTNSP! MY(QC^\?\:** (6TFR(4>1QG/WV_QI#IEH3CRCCI@.P_K110 B:59! GRAPHIC 6 x18062813120601.jpg begin 644 x18062813120601.jpg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end GRAPHIC 7 x18062813120602.jpg begin 644 x18062813120602.jpg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x18062813120700.jpg begin 644 x18062813120700.jpg M_]C_X 02D9)1@ ! 0$ 8 !@ #_VP!# @&!@<&!0@'!P<)"0@*#!0-# L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$ P$! 0$! M 0$! 0 $" P0%!@<("0H+_\0 M1$ @$"! 0#! <%! 0 0)W $" M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,! (1 Q$ /P#VG2_$NCZQ M-+!97\+W,+%);=CME1AP04//%:U>3?$3P%IT^MCQ!%/,EPT322V-GC[1=,F/ MFBR>#C[Q / S@FN*T[XO^(],G4+Y,]DHV);7!9V _P"NA.XM[G/T% 'T=4;S M11G$DB(<9PS 5SWA#Q7/XHL_/FT*_P!-P,AIU'EO_NG@G\A6'\2X86U+PE(] MDMTQU94,>Q2TB[6^3YL#!]"<4 =]YD9C\P.NS&=V>/SH\R/R_,WKLQG=GC\Z M\_\ !4-O_P );XFMGM!IL4RQ,NB2H.%P09L#*88\84GISS6+X3NW\)FUM]1V MR^&M=ED6)I%!2TN-[#RSV", ,>_XT >K_:K?&?/BQ_OBGF:(.$,B!ST7<,FN M D\'6WB+X:Z9#;0P6^I001SVDXC7Y90,\\<@]#]:G\%O_P )=)%XKU&R@BF@ MC^R6\04'8ZG$KY]2PPOH!_M&@#N7D2-=TCJHSC+'%*"" 000>A%8/C>&*;P1 MK(FC5U6TD8;E!P=IY&>_O7)^'M;N] T#4?"\KB36-,G2SL-Q_P!6JD!KF$%B% +CDGH/K7 _"RPAC\(:M!,J M7#?VC6.+'F.B9Z;CC-<+J5M WQKT9C!$6.ES. M24&2P=0#]1ZT[XMQ12>""[QHS+>6^TLH)&95!Q]10!W2E64,I!4C(([TSSX? M/\CS8_.QGR]PW8^E#9$C@5+R.V,ZZD#_I'G!=WF^;][.>>OMTH [(R1JX1G4.W12>30\T4;!7D M16/0%@":\MOHI_&_@'PA=SR"VU>ZN$V7J( Z.LN:=EUDZHU\_> VTE+S49M5N#$D>K+&A\E7"-(6VLQ;( M"[DQT/.T\4 =WH7QF\.:O=QVMS'<:?)(=JO/M,>?0L#Q^(Q7HU?-_P 2;.U; M7=2O2RPR/Y AM/*5652&!# =#\I/TV^O'3:7XX\5V,7@[34AM)X]0MU$88-Y MLF,J-['A1]TY /&: /:J*\G3QKXPL]5@\.ZS;10:E/))*+BSMC.1 =NR,'Y MB2&Y/0#D9JOJGC3Q]I_A^XU"73TMTL;D122SV++Y\3$A90I;Y2" "/\ :'- M'L%X-JQ8%@0FWY\ MAB ?N[>]>?:%J^L>'?A!;:Y9MIT\-O>,(X+JT+M&Q M8C<'W#G)]._6@#WVBO/=7\7:WI_C+POIR/:&RU=4:13"=Z'C=@[L8.1CCBLJ MR^(^H7NMSV,M]8Z;J$5\85TV]MF57B#8XFSPY'/(P3@4 .U#X<:YXP\4R:WK MFI_V= C[;2WMFW2Q1@\?-T4GJ2,\FNWTWP;H6F7 NTL8Y[[ #7EPH>9SZEL= M?<KWFM7>J/>:M<6XMDE:$)'"@.0%0'^]R3> M!(L7EE=QW CD\AB2#]*Z2B@#.TO2Y=*\.6FEPW(:6VME@2=H\@E5P&*Y_'&: MI>$?#2:WJ* ,W7]+FUK1+G38KI;;[2A MC>0Q>9\I&#@9'/O5%O"D$NOV>OS2H^JVMFULLHBPA8]'VYZCYAC/1CS7044 M2X21K7'ENYRW&[YAGH./K571/!^K:'I5GI5OXC M_P!!MY ^T6861AOWE=^_H>1TZ&NPHH Y?4_"M_>^+(?$%KK*6TT%NUO%&UH) M %8@MD[ADY'M46L^#[_7/#@TJ[UXLS7/VB29FSTQQG;G'>NNHH P[_P //,-(BTZZBL;;395DCA^S[P<*4 ^\,#:Q M_2DNO"MG/XPL/$J'RKRVB>&3:O$R,I S[C/!_"MVB@!:R--_Y#VM?]=(?_18 MK6K+T_\ Y#>K_P"_%_Z+% $NLVEW>V'DV4L$4^\,'G1F5<=\*PR>G?%>86?P M9U"RN)ID\102?:%99XY;(LDH)R0PW^O(]" 17KU% 'DEA\#+;[6LVL:[<7J@ M_,B1["X]"Q)./I70ZYX#OM0\3:5JVGZG:646DHJ6=L;0N !U#'>,CMQC KNJ M* .*\8> Y_$=_I^KV&JMIVL62[5G1,JPSGIG(Y)]>"0%])%IXPU* M^U8:P3;RS+;8BB&WH$7[N<]LDGZ<=W4W8\]:])HH \WD^'6OW.IZ%J-WXGAEN=*&$)LAMP", ,,\#DD_E5K4?A]? CZNHM=2U.SN[=9_-2[DL_],C3=N\L2;L8_AR1T[5WU% '_]D! end