# EDGAR Filing Document

**Accession Number:** 0001056707
**File Stem:** 0001056707-25-000004
**Filing Date:** 2025-8
**Character Count:** 262838
**Document Hash:** 8c2f190de703851cd33c011b5d4d96be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001056707-25-000004.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001056707-25-000004

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY MELLON INVESTMENT PORTFOLIOS
- **CENTRAL INDEX KEY:** 0001056707

**ORGANIZATION NAME:**
- **EIN:** 134000024
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08673
- **FILM NUMBER:** 251210126

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10289
- **BUSINESS PHONE:** 2129226400

**MAIL ADDRESS:**
- **STREET 1:** C/O BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10289

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS INVESTMENT PORTFOLIOS
- **DATE OF NAME CHANGE:** 19980226

## Series and Classes Contracts Data

### Midcap Stock Portfolio (Series ID: S000002779)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000007611 | Midcap Stock Portfolio - Initial Shares |  |
| C000007612 | Midcap Stock Portfolio - Service Shares |  |

### Small Cap Stock Index Portfolio (Series ID: S000002780)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000007613 | Small Cap Stock Index Portfolio - Service Shares |  |

### Technology Growth Portfolio (Series ID: S000002781)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000007614 | Technology Growth Portfolio - Initial Shares |  |
| C000007615 | Technology Growth Portfolio - Service Shares |  |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-08673

#### BNY Mellon Investment Portfolios
(Exact name of registrant as specified in charter)

------

c/o BNY Mellon Investment Adviser, Inc.

240 Greenwich Street

New York, New York 10286

(Address of Principal Executive Officer) (Zip Code)

Deirdre Cunnane, Esq.

240 Greenwich Street

New York, New York 10286

(Name and Address of Agent for Service)

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

#### Date of fiscal year end:

#### 12/31

#### Date of reporting period:

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

BNY Mellon Investment Portfolios, MidCap Stock Portfolio

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### June 30, 2025

#### Initial Shares
This semi-annual shareholder report contains important information about BNY Mellon Investment Portfolios, MidCap Stock Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bny.com/investments/us/en/intermediary/products/variable-products.html#funds-table-tabs1. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | |
|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** |
| Initial Shares<sup>\*</sup> | $40 0.80%<sup>\*\*</sup> |

---

\* During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher. <br> \*\* Annualized.

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $154 | 257 | 29.98% |

---

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

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

 **Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_10350710.jpg)

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

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

![Graphical Representation - Allocation 1 Chart](chartimages_10350686.jpg)

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

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

Code-0174SA0625

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

BNY Mellon Investment Portfolios, MidCap Stock Portfolio

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### June 30, 2025

#### Service Shares
This semi-annual shareholder report contains important information about BNY Mellon Investment Portfolios, MidCap Stock Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bny.com/investments/us/en/intermediary/products/variable-products.html#funds-table-tabs1. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | |
|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** |
| Service Shares<sup>\*</sup> | $53 1.05%<sup>\*\*</sup> |

---

\* During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher. <br> \*\* Annualized.

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $154 | 257 | 29.98% |

---

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

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

 **Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_10350760.jpg)

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

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

![Graphical Representation - Allocation 1 Chart](chartimages_10350736.jpg)

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

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

Code-0421SA0625

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

BNY Mellon Investment Portfolios, Small Cap Stock Index Portfolio

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### June 30, 2025

#### Service Shares
This semi-annual shareholder report contains important information about BNY Mellon Investment Portfolios, Small Cap Stock Index Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bny.com/investments/us/en/intermediary/products/variable-products.html#funds-table-tabs1. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | |
|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** |
| Service Shares<sup>\*</sup> | $30 0.61%<sup>\*\*</sup> |

---

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

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $517 | 608 | 33.03% |

---

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

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

 **Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_10350560.jpg)

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

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

![Graphical Representation - Allocation 1 Chart](chartimages_10350536.jpg)

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

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

Code-0410SA0625

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

BNY Mellon Investment Portfolios, Technology Growth Portfolio

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### June 30, 2025

#### Initial Shares
This semi-annual shareholder report contains important information about BNY Mellon Investment Portfolios, Technology Growth Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bny.com/investments/us/en/intermediary/products/variable-products.html#funds-table-tabs1. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Initial Shares | $43 | 0.81%\* |

---

\* Annualized.

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $164 | 37 | 13.89% |

---

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

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

 **Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_10350610.jpg)

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

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

![Graphical Representation - Allocation 1 Chart](chartimages_10350586.jpg)

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

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

Code-0175SA0625

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

BNY Mellon Investment Portfolios, Technology Growth Portfolio

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### June 30, 2025

#### Service Shares
This semi-annual shareholder report contains important information about BNY Mellon Investment Portfolios, Technology Growth Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bny.com/investments/us/en/intermediary/products/variable-products.html#funds-table-tabs1. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Shares | $56 | 1.06%\* |

---

\* Annualized.

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $164 | 37 | 13.89% |

---

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

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

 **Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_10350660.jpg)

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

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

![Graphical Representation - Allocation 1 Chart](chartimages_10350636.jpg)

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

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

Code-0422SA0625

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

------

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

BNY Mellon Investment Portfolios, MidCap Stock Portfolio

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

June 30, 2025

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

---

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

---

![](imgfb04432e1.gif)

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

Family of Funds.

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

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Contents

The Fund

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

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

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| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_7d366479-0989-4812-8ea6-6b4187bcd1ea_SOI-Commoncontent-4785_1)**<br> **[Investment Companies](#xx_7d366479-0989-4812-8ea6-6b4187bcd1ea_SOI-Commoncontent-4785_1)**<br>| 3 |
| [Statement of Investments](#xx_7d366479-0989-4812-8ea6-6b4187bcd1ea_SOI-Commoncontent-4785_1) | 3 |
| [Statement of Assets and Liabilities](#xx_7d366479-0989-4812-8ea6-6b4187bcd1ea_FS-Commoncontent-4785_1) | 10 |
| [Statement of Operations](#xx_7d366479-0989-4812-8ea6-6b4187bcd1ea_FS-Commoncontent-4785_2) | 11 |
| [Statement of Changes in Net Assets](#xx_7d366479-0989-4812-8ea6-6b4187bcd1ea_FS-Commoncontent-4785_3) | 12 |
| [Financial Highlights](#xx_7d366479-0989-4812-8ea6-6b4187bcd1ea_FIHI-Commoncontent-4785_1) | 13 |
| [Notes to Financial Statements](#xx_7d366479-0989-4812-8ea6-6b4187bcd1ea_NTF-Commoncontent-4785_1) | 15 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_7d366479-0989-4812-8ea6-6b4187bcd1ea_CDA-Commoncontent-4785_1)**<br> **[Investment Companies](#xx_7d366479-0989-4812-8ea6-6b4187bcd1ea_CDA-Commoncontent-4785_1)**<br>| 20 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_7d366479-0989-4812-8ea6-6b4187bcd1ea_PRXD-Commoncontent-4785_1)** | 21 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_7d366479-0989-4812-8ea6-6b4187bcd1ea_RMNP-Commoncontent-4785_1)**<br> **[Management Investment Companies](#xx_7d366479-0989-4812-8ea6-6b4187bcd1ea_RMNP-Commoncontent-4785_1)**<br>| 22 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_7d366479-0989-4812-8ea6-6b4187bcd1ea_AAA-Commoncontent-4785_1)** | 23 |

---

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

MidCap Stock Portfolio

STATEMENT OF INVESTMENTS

June 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
| **Automobiles & Components — 1.0%** | **Automobiles & Components — 1.0%** | **Automobiles & Components — 1.0%** |
| Adient PLC <sup>(a)</sup> <br>| 550 | 10703 |
| Autoliv, Inc. | 6927 | 775131 |
| Fox Factory Holding Corp. <sup>(a)</sup> <br>| 941 | 24410 |
| Lear Corp. | 5195 | 493421 |
| Visteon Corp. <sup>(a)</sup> <br>| 3321 | 309849 |
|  |  | **1613514** |
| **Banks — 6.3%** | **Banks — 6.3%** | **Banks — 6.3%** |
| Bank OZK <sup>(b)</sup> <br>| 20538 | 966518 |
| Columbia Banking System, Inc. | 32017 | 748557 |
| Commerce Bancshares, Inc. | 15606 | 970225 |
| East West Bancorp, Inc. | 6812 | 687876 |
| First Financial Bankshares, Inc. | 28616 | 1029604 |
| First Horizon Corp. | 97418 | 2065262 |
| Hancock Whitney Corp. | 10667 | 612286 |
| Old National Bancorp | 14682 | 313314 |
| Synovus Financial Corp. | 23163 | 1198685 |
| Zions Bancorp NA | 21233 | 1102842 |
|  |  | **9695169** |
| **Capital Goods — 17.3%** | **Capital Goods — 17.3%** | **Capital Goods — 17.3%** |
| Acuity, Inc. | 1799 | 536714 |
| Allison Transmission Holdings, Inc. | 2293 | 217812 |
| Applied Industrial Technologies, Inc. <sup>(b)</sup> <br>| 4781 | 1111343 |
| Armstrong World Industries, Inc. | 9107 | 1479341 |
| Axon Enterprise, Inc. <sup>(a)</sup> <br>| 2062 | 1707212 |
| BWX Technologies, Inc. | 5069 | 730240 |
| Carlisle Cos., Inc. | 1206 | 450320 |
| Comfort Systems USA, Inc. | 1543 | 827372 |
| Curtiss-Wright Corp. | 1675 | 818321 |
| EMCOR Group, Inc. | 7314 | 3912186 |
| EnerSys | 6208 | 532460 |
| Flowserve Corp. | 12035 | 630032 |
| Fluor Corp. <sup>(a)</sup> <br>| 9688 | 496704 |
| Fortune Brands Innovations, Inc. | 8101 | 417040 |
| Generac Holdings, Inc. <sup>(a)</sup> <br>| 1019 | 145931 |
| Graco, Inc. | 9202 | 791096 |
| ITT, Inc. | 12320 | 1932146 |
| Kennametal, Inc. | 1872 | 42981 |
| Lennox International, Inc. | 440 | 252226 |
| Lincoln Electric Holdings, Inc. | 6903 | 1431130 |
| MasTec, Inc. <sup>(a)</sup> <br>| 4516 | 769662 |
| Mueller Industries, Inc. | 2383 | 189377 |
| NEXTracker, Inc., Cl. A <sup>(a)</sup> <br>| 10458 | 568601 |
| nVent Electric PLC | 5462 | 400092 |
| Sensata Technologies Holding PLC | 11520 | 346867 |
| The Middleby Corp. <sup>(a)</sup> <br>| 5124 | 737856 |
| The Toro Company | 14913 | 1054051 |
| Valmont Industries, Inc. | 1719 | 561374 |

---

**3**

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STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.9% (continued)** | **Common Stocks — 99.9% (continued)** | **Common Stocks — 99.9% (continued)** |
| **Capital Goods — 17.3% (continued)** | **Capital Goods — 17.3% (continued)** | **Capital Goods — 17.3% (continued)** |
| Watts Water Technologies, Inc., Cl. A | 6719 | 1652135 |
| WESCO International, Inc. | 10046 | 1860519 |
|  |  | **26603141** |
| **Commercial & Professional Services — 3.0%** | **Commercial & Professional Services — 3.0%** | **Commercial & Professional Services — 3.0%** |
| CACI International, Inc., Cl. A <sup>(a)</sup> <br>| 2455 | 1170299 |
| ExlService Holdings, Inc. <sup>(a)</sup> <br>| 20652 | 904351 |
| Exponent, Inc. | 7233 | 540377 |
| Genpact Ltd. | 20404 | 897980 |
| KBR, Inc. | 3774 | 180926 |
| Paylocity Holding Corp. <sup>(a)</sup> <br>| 3960 | 717512 |
| The Brink's Company | 2101 | 187598 |
|  |  | **4599043** |
| **Consumer Discretionary Distribution & Retail — 2.5%** | **Consumer Discretionary Distribution & Retail — 2.5%** | **Consumer Discretionary Distribution & Retail — 2.5%** |
| Abercrombie & Fitch Co., Cl. A <sup>(a)</sup> <br>| 4672 | 387075 |
| AutoNation, Inc. <sup>(a)</sup> <br>| 312 | 61979 |
| Chewy, Inc., Cl. A <sup>(a)</sup> <br>| 13829 | 589392 |
| Dick's Sporting Goods, Inc. | 1931 | 381971 |
| Etsy, Inc. <sup>(a),(b)</sup> <br>| 3989 | 200088 |
| Five Below, Inc. <sup>(a)</sup> <br>| 3100 | 406658 |
| The Gap, Inc. | 44520 | 970981 |
| Williams-Sonoma, Inc. | 5493 | 897392 |
|  |  | **3895536** |
| **Consumer Durables & Apparel — 4.0%** | **Consumer Durables & Apparel — 4.0%** | **Consumer Durables & Apparel — 4.0%** |
| Brunswick Corp. | 6600 | 364584 |
| Carter's, Inc. | 4696 | 141491 |
| Columbia Sportswear Co. | 4979 | 304117 |
| Crocs, Inc. <sup>(a)</sup> <br>| 6227 | 630671 |
| Deckers Outdoor Corp. <sup>(a)</sup> <br>| 4188 | 431657 |
| Mattel, Inc. <sup>(a)</sup> <br>| 29740 | 586473 |
| PVH Corp. | 7920 | 543312 |
| Ralph Lauren Corp. | 880 | 241366 |
| Somnigroup International, Inc. <sup>(b)</sup> <br>| 13387 | 910985 |
| Toll Brothers, Inc. | 3249 | 370808 |
| TopBuild Corp. <sup>(a)</sup> <br>| 3610 | 1168702 |
| VF Corp. | 19215 | 225776 |
| YETI Holdings, Inc. <sup>(a)</sup> <br>| 9671 | 304830 |
|  |  | **6224772** |
| **Consumer Services — 5.3%** | **Consumer Services — 5.3%** | **Consumer Services — 5.3%** |
| ADT, Inc. | 66001 | 559028 |
| Aramark | 2698 | 112965 |
| Boyd Gaming Corp. <sup>(b)</sup> <br>| 12587 | 984681 |
| Cava Group, Inc. <sup>(a),(b)</sup> <br>| 6306 | 531154 |
| Duolingo, Inc. <sup>(a)</sup> <br>| 2267 | 929515 |
| Expedia Group, Inc. | 786 | 132583 |
| Graham Holdings Co., Cl. B | 951 | 899808 |
| Grand Canyon Education, Inc. <sup>(a)</sup> <br>| 6937 | 1311093 |
| H&R Block, Inc. | 10468 | 574589 |
| Travel + Leisure Co. | 18148 | 936618 |
| Vail Resorts, Inc. | 1566 | 246066 |
| Wingstop, Inc. | 2903 | 977556 |
|  |  | **8195656** |

---

**4**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.9% (continued)** | **Common Stocks — 99.9% (continued)** | **Common Stocks — 99.9% (continued)** |
| **Consumer Staples Distribution & Retail — 3.4%** | **Consumer Staples Distribution & Retail — 3.4%** | **Consumer Staples Distribution & Retail — 3.4%** |
| Casey's General Stores, Inc. | 1662 | 848069 |
| Maplebear, Inc. <sup>(a)</sup> <br>| 6396 | 289355 |
| Sprouts Farmers Market, Inc. <sup>(a)</sup> <br>| 13007 | 2141472 |
| US Foods Holding Corp. <sup>(a)</sup> <br>| 26155 | 2014197 |
|  |  | **5293093** |
| **Energy — 3.9%** | **Energy — 3.9%** | **Energy — 3.9%** |
| Antero Midstream Corp. | 31819 | 602970 |
| ChampionX Corp. | 34346 | 853155 |
| CNX Resources Corp. <sup>(a),(b)</sup> <br>| 7608 | 256237 |
| Diamondback Energy, Inc. | 3429 | 471145 |
| Halliburton Co. | 15646 | 318865 |
| Matador Resources Co. | 9432 | 450095 |
| Murphy Oil Corp. | 45441 | 1022423 |
| NOV, Inc. | 39809 | 494826 |
| Ovintiv, Inc. | 22522 | 856962 |
| Range Resources Corp. | 8145 | 331257 |
| Weatherford International PLC | 5448 | 274089 |
|  |  | **5932024** |
| **Equity Real Estate Investment Trusts — 8.4%** | **Equity Real Estate Investment Trusts — 8.4%** | **Equity Real Estate Investment Trusts — 8.4%** |
| American Homes 4 Rent, Cl. A <sup>(c)</sup> <br>| 18600 | 670902 |
| Brixmor Property Group, Inc. <sup>(c)</sup> <br>| 28367 | 738677 |
| Camden Property Trust <sup>(c)</sup> <br>| 1742 | 196306 |
| COPT Defense Properties <sup>(c)</sup> <br>| 36054 | 994369 |
| Cousins Properties, Inc. <sup>(c)</sup> <br>| 21305 | 639789 |
| CubeSmart <sup>(c)</sup> <br>| 26192 | 1113160 |
| EastGroup Properties, Inc. <sup>(c)</sup> <br>| 1816 | 303490 |
| EPR Properties <sup>(c)</sup> <br>| 10248 | 597048 |
| Equity LifeStyle Properties, Inc. <sup>(c)</sup> <br>| 7383 | 455310 |
| First Industrial Realty Trust, Inc. <sup>(c)</sup> <br>| 17813 | 857340 |
| Gaming & Leisure Properties, Inc. <sup>(c)</sup> <br>| 12709 | 593256 |
| Highwoods Properties, Inc. <sup>(c)</sup> <br>| 3735 | 116121 |
| Host Hotels & Resorts, Inc. <sup>(c)</sup> <br>| 27509 | 422538 |
| Lamar Advertising Co., Cl. A <sup>(c)</sup> <br>| 7602 | 922579 |
| National Storage Affiliates Trust <sup>(c)</sup> <br>| 1674 | 53551 |
| NNN REIT, Inc. <sup>(c)</sup> <br>| 32805 | 1416519 |
| Omega Healthcare Investors, Inc. <sup>(c)</sup> <br>| 19734 | 723251 |
| Park Hotels & Resorts, Inc. <sup>(b),(c)</sup> <br>| 10547 | 107896 |
| Rayonier, Inc. <sup>(c)</sup> <br>| 4218 | 93555 |
| STAG Industrial, Inc. <sup>(c)</sup> <br>| 37084 | 1345408 |
| Vornado Realty Trust <sup>(c)</sup> <br>| 14977 | 572720 |
|  |  | **12933785** |
| **Financial Services — 6.4%** | **Financial Services — 6.4%** | **Financial Services — 6.4%** |
| Affiliated Managers Group, Inc. | 1887 | 371305 |
| Essent Group Ltd. | 10361 | 629224 |
| Euronet Worldwide, Inc. <sup>(a)</sup> <br>| 10067 | 1020592 |
| Federated Hermes, Inc. | 17995 | 797538 |
| Interactive Brokers Group, Inc., Cl. A | 9137 | 506281 |
| Janus Henderson Group PLC | 27568 | 1070741 |
| MGIC Investment Corp. | 45638 | 1270562 |
| SEI Investments Co. | 16767 | 1506683 |
| Shift4 Payments, Inc., Cl. A <sup>(a),(b)</sup> <br>| 4238 | 420028 |

---

**5**

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STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.9% (continued)** | **Common Stocks — 99.9% (continued)** | **Common Stocks — 99.9% (continued)** |
| **Financial Services — 6.4% (continued)** | **Financial Services — 6.4% (continued)** | **Financial Services — 6.4% (continued)** |
| SLM Corp. | 7772 | 254844 |
| Synchrony Financial | 4871 | 325091 |
| The Western Union Company | 82845 | 697555 |
| WEX, Inc. <sup>(a)</sup> <br>| 6529 | 959045 |
|  |  | **9829489** |
| **Food, Beverage & Tobacco — 1.4%** | **Food, Beverage & Tobacco — 1.4%** | **Food, Beverage & Tobacco — 1.4%** |
| Celsius Holdings, Inc. <sup>(a)</sup> <br>| 5079 | 235615 |
| Coca-Cola Consolidated, Inc. | 4593 | 512808 |
| Flowers Foods, Inc. | 41609 | 664912 |
| Lancaster Colony Corp. | 1915 | 330855 |
| Post Holdings, Inc. <sup>(a)</sup> <br>| 257 | 28021 |
| The Boston Beer Company, Inc., Cl. A <sup>(a)</sup> <br>| 1988 | 379330 |
|  |  | **2151541** |
| **Health Care Equipment & Services — 5.1%** | **Health Care Equipment & Services — 5.1%** | **Health Care Equipment & Services — 5.1%** |
| Amedisys, Inc. <sup>(a)</sup> <br>| 1643 | 161655 |
| DENTSPLY SIRONA, Inc. | 13838 | 219747 |
| Dexcom, Inc. <sup>(a)</sup> <br>| 3122 | 272519 |
| Doximity, Inc., Cl. A <sup>(a)</sup> <br>| 14399 | 883235 |
| Envista Holdings Corp. <sup>(a),(b)</sup> <br>| 15421 | 301326 |
| Globus Medical, Inc., Cl. A <sup>(a)</sup> <br>| 2464 | 145425 |
| Haemonetics Corp. <sup>(a)</sup> <br>| 111 | 8282 |
| HealthEquity, Inc. <sup>(a)</sup> <br>| 5556 | 582047 |
| Hims & Hers Health, Inc. <sup>(a),(b)</sup> <br>| 10051 | 501042 |
| IDEXX Laboratories, Inc. <sup>(a)</sup> <br>| 149 | 79915 |
| Lantheus Holdings, Inc. <sup>(a),(b)</sup> <br>| 5112 | 418468 |
| LivaNova PLC <sup>(a)</sup> <br>| 14067 | 633296 |
| Masimo Corp. <sup>(a)</sup> <br>| 1482 | 249302 |
| Omnicell, Inc. <sup>(a)</sup> <br>| 2554 | 75088 |
| Option Care Health, Inc. <sup>(a)</sup> <br>| 21507 | 698547 |
| Penumbra, Inc. <sup>(a)</sup> <br>| 3988 | 1023441 |
| ResMed, Inc. | 613 | 158154 |
| Teladoc Health, Inc. <sup>(a),(b)</sup> <br>| 17907 | 155970 |
| Tenet Healthcare Corp. <sup>(a)</sup> <br>| 7728 | 1360128 |
|  |  | **7927587** |
| **Household & Personal Products — .5%** | **Household & Personal Products — .5%** | **Household & Personal Products — .5%** |
| BellRing Brands, Inc. <sup>(a)</sup> <br>| 11659 | 675406 |
| Energizer Holdings, Inc. | 1818 | 36651 |
|  |  | **712057** |
| **Insurance — 5.0%** | **Insurance — 5.0%** | **Insurance — 5.0%** |
| American Financial Group, Inc. | 4568 | 576527 |
| CNO Financial Group, Inc. | 21983 | 848104 |
| Kemper Corp. | 11431 | 737757 |
| Kinsale Capital Group, Inc. | 823 | 398250 |
| Loews Corp. | 4823 | 442076 |
| Old Republic International Corp. | 22036 | 847064 |
| Primerica, Inc. | 4564 | 1249030 |
| Reinsurance Group of America, Inc. | 2104 | 417350 |
| The Hanover Insurance Group, Inc. | 4344 | 737915 |
| Unum Group | 17499 | 1413219 |
|  |  | **7667292** |

---

**6**

------

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| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.9% (continued)** | **Common Stocks — 99.9% (continued)** | **Common Stocks — 99.9% (continued)** |
| **Materials — 6.4%** | **Materials — 6.4%** | **Materials — 6.4%** |
| Ashland, Inc. | 7084 | 356184 |
| Avient Corp. | 1878 | 60678 |
| Axalta Coating Systems Ltd. <sup>(a)</sup> <br>| 32646 | 969260 |
| Cabot Corp. | 10298 | 772350 |
| Carpenter Technology Corp. | 2266 | 626277 |
| Cleveland-Cliffs, Inc. <sup>(a),(b)</sup> <br>| 64398 | 489425 |
| Commercial Metals Co. | 19292 | 943572 |
| Crown Holdings, Inc. | 12167 | 1252958 |
| Eagle Materials, Inc. | 4496 | 908687 |
| Louisiana-Pacific Corp. | 4058 | 348947 |
| NewMarket Corp. | 1184 | 817978 |
| Olin Corp. | 4837 | 97175 |
| Reliance, Inc. | 2584 | 811118 |
| RPM International, Inc. | 8791 | 965603 |
| Silgan Holdings, Inc. | 4652 | 252045 |
| The Scotts Miracle-Gro Company | 3180 | 209753 |
|  |  | **9882010** |
| **Media & Entertainment — 1.7%** | **Media & Entertainment — 1.7%** | **Media & Entertainment — 1.7%** |
| Match Group, Inc. | 7558 | 233467 |
| Nexstar Media Group, Inc. | 3217 | 556380 |
| Pinterest, Inc., Cl. A <sup>(a)</sup> <br>| 19265 | 690843 |
| Roku, Inc. <sup>(a)</sup> <br>| 451 | 39638 |
| TEGNA, Inc. | 10246 | 171723 |
| The New York Times Company, Cl. A | 13971 | 782097 |
| ZoomInfo Technologies, Inc. <sup>(a)</sup> <br>| 14978 | 151577 |
|  |  | **2625725** |
| **Pharmaceuticals, Biotechnology & Life Sciences — 4.9%** | **Pharmaceuticals, Biotechnology & Life Sciences — 4.9%** | **Pharmaceuticals, Biotechnology & Life Sciences — 4.9%** |
| 10X Genomics, Inc., Cl. A <sup>(a),(b)</sup> <br>| 21253 | 246110 |
| Agilent Technologies, Inc. | 2039 | 240622 |
| Avantor, Inc. <sup>(a),(b)</sup> <br>| 16134 | 217164 |
| Azenta, Inc. <sup>(a)</sup> <br>| 6834 | 210351 |
| BioMarin Pharmaceutical, Inc. <sup>(a)</sup> <br>| 13852 | 761444 |
| Bio-Rad Laboratories, Inc., Cl. A <sup>(a)</sup> <br>| 678 | 163615 |
| Charles River Laboratories International, Inc. <sup>(a)</sup> <br>| 1291 | 195883 |
| Exelixis, Inc. <sup>(a)</sup> <br>| 30283 | 1334723 |
| Fortrea Holdings, Inc. <sup>(a)</sup> <br>| 36348 | 179559 |
| Halozyme Therapeutics, Inc. <sup>(a)</sup> <br>| 8938 | 464955 |
| Illumina, Inc. <sup>(a)</sup> <br>| 9720 | 927385 |
| IQVIA Holdings, Inc. <sup>(a)</sup> <br>| 1192 | 187847 |
| Jazz Pharmaceuticals PLC <sup>(a)</sup> <br>| 4269 | 453026 |
| Medpace Holdings, Inc. <sup>(a)</sup> <br>| 1338 | 419945 |
| Neurocrine Biosciences, Inc. <sup>(a)</sup> <br>| 7190 | 903711 |
| Repligen Corp. <sup>(a)</sup> <br>| 1589 | 197640 |
| United Therapeutics Corp. <sup>(a)</sup> <br>| 1450 | 416658 |
|  |  | **7520638** |
| **Real Estate Management & Development — .4%** | **Real Estate Management & Development — .4%** | **Real Estate Management & Development — .4%** |
| Jones Lang LaSalle, Inc. <sup>(a)</sup> <br>| 2239 | **572691** |
| **Semiconductors & Semiconductor Equipment — 2.0%** | **Semiconductors & Semiconductor Equipment — 2.0%** | **Semiconductors & Semiconductor Equipment — 2.0%** |
| Cirrus Logic, Inc. <sup>(a)</sup> <br>| 7896 | 823197 |
| Monolithic Power Systems, Inc. | 186 | 136037 |
| Onto Innovation, Inc. <sup>(a)</sup> <br>| 6388 | 644741 |

---

**7**

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STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.9% (continued)** | **Common Stocks — 99.9% (continued)** | **Common Stocks — 99.9% (continued)** |
| **Semiconductors & Semiconductor Equipment — 2.0% (continued)** | **Semiconductors & Semiconductor Equipment — 2.0% (continued)** | **Semiconductors & Semiconductor Equipment — 2.0% (continued)** |
| Power Integrations, Inc. | 6714 | 375313 |
| Rambus, Inc. <sup>(a)</sup> <br>| 9157 | 586231 |
| Skyworks Solutions, Inc. | 6455 | 481026 |
| Wolfspeed, Inc. <sup>(a),(b)</sup> <br>| 479 | 191 |
|  |  | **3046736** |
| **Software & Services — 4.4%** | **Software & Services — 4.4%** | **Software & Services — 4.4%** |
| ANSYS, Inc. <sup>(a)</sup> <br>| 350 | 122927 |
| Appfolio, Inc., Cl. A <sup>(a),(b)</sup> <br>| 2538 | 584451 |
| ASGN, Inc. <sup>(a)</sup> <br>| 7291 | 364039 |
| BILL Holdings, Inc. <sup>(a)</sup> <br>| 5815 | 269002 |
| Blackbaud, Inc. <sup>(a)</sup> <br>| 1020 | 65494 |
| Commvault Systems, Inc. <sup>(a)</sup> <br>| 5387 | 939116 |
| Docusign, Inc. <sup>(a)</sup> <br>| 12853 | 1001120 |
| Dolby Laboratories, Inc., Cl. A | 1550 | 115103 |
| Dropbox, Inc., Cl. A <sup>(a)</sup> <br>| 13814 | 395080 |
| Dynatrace, Inc. <sup>(a)</sup> <br>| 5065 | 279639 |
| Guidewire Software, Inc. <sup>(a)</sup> <br>| 2653 | 624649 |
| HubSpot, Inc. <sup>(a)</sup> <br>| 459 | 255493 |
| Manhattan Associates, Inc. <sup>(a)</sup> <br>| 2107 | 416069 |
| Okta, Inc. <sup>(a)</sup> <br>| 3900 | 389883 |
| Pegasystems, Inc. <sup>(b)</sup> <br>| 5684 | 307675 |
| Qualys, Inc. <sup>(a)</sup> <br>| 4695 | 670775 |
|  |  | **6800515** |
| **Technology Hardware & Equipment — 3.5%** | **Technology Hardware & Equipment — 3.5%** | **Technology Hardware & Equipment — 3.5%** |
| Avnet, Inc. | 27818 | 1476579 |
| Belden, Inc. | 2586 | 299459 |
| Ciena Corp. <sup>(a)</sup> <br>| 3873 | 314991 |
| Coherent Corp. <sup>(a)</sup> <br>| 5675 | 506267 |
| Fabrinet <sup>(a)</sup> <br>| 893 | 263149 |
| Flex Ltd. <sup>(a)</sup> <br>| 27794 | 1387476 |
| Novanta, Inc. <sup>(a)</sup> <br>| 548 | 70654 |
| Pure Storage, Inc., Cl. A <sup>(a)</sup> <br>| 15925 | 916962 |
| Vontier Corp. | 3444 | 127084 |
| Xerox Holdings Corp. <sup>(b)</sup> <br>| 3035 | 15994 |
|  |  | **5378615** |
| **Telecommunication Services — .5%** | **Telecommunication Services — .5%** | **Telecommunication Services — .5%** |
| Iridium Communications, Inc. | 24140 | 728304 |
| Lumen Technologies, Inc. <sup>(a)</sup> <br>| 21378 | 93635 |
|  |  | **821939** |
| **Transportation — .7%** | **Transportation — .7%** | **Transportation — .7%** |
| Avis Budget Group, Inc. <sup>(a),(b)</sup> <br>| 685 | 115799 |
| Kirby Corp. <sup>(a)</sup> <br>| 5444 | 617404 |
| Ryder System, Inc. | 2479 | 394161 |
|  |  | **1127364** |
| **Utilities — 1.9%** | **Utilities — 1.9%** | **Utilities — 1.9%** |
| Black Hills Corp. | 13078 | 733676 |
| Edison International | 5223 | 269507 |
| National Fuel Gas Co. | 10207 | 864635 |

---

**8**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.9% (continued)** | **Common Stocks — 99.9% (continued)** | **Common Stocks — 99.9% (continued)** |
| **Utilities — 1.9% (continued)** | **Utilities — 1.9% (continued)** | **Utilities — 1.9% (continued)** |
| Northwestern Energy Group, Inc. | 4659 | 239007 |
| UGI Corp. | 21727 | 791297 |
|  |  | **2898122** |
| **Total Common Stocks** <br>(cost $128,729,876)<br>|  | **153948054** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>|  |  |
| **Investment Companies — .2%** | **Investment Companies — .2%** | **Investment Companies — .2%** | **Investment Companies — .2%** |
| **Registered Investment Companies — .2%** | **Registered Investment Companies — .2%** | **Registered Investment Companies — .2%** | **Registered Investment Companies — .2%** |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares<sup>(d)</sup> <br>(cost $295,027)<br>| 4.47 | 295027 | **295027** |
| **Investment of Cash Collateral for Securities Loaned — .4%** |  |  |  |
| **Registered Investment Companies — .4%** |  |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares<sup>(d)</sup> <br>(cost $596,002)<br>| 4.47 | 596002 | **596002** |
| **Total Investments** (cost $129,620,905) | **Total Investments** (cost $129,620,905) | **100.5%** | **154839083** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(.5%)** | **(830418)** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **154008665** |

---

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

REIT—Real Estate Investment Trust<br>

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

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

<sup>(b)</sup> Security, or portion thereof, on loan. At June 30, 2025, the value of the fund's securities on loan was $7,859,083 and the value of the collateral was $7,981,404, consisting of cash collateral of $596,002 and U.S. Government & Agency securities valued at $7,385,402. In addition, the value of collateral may include pending sales that are also on loan. 

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>12/31/2024<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>6/30/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - .2%** | **Registered Investment Companies - .2%** | **Registered Investment Companies - .2%** | **Registered Investment Companies - .2%** | **Registered Investment Companies - .2%** | **Registered Investment Companies - .2%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .2%<br>| 974635 | 8954115 | (9633723) | 295027 | 18438 |
| **Investment of Cash Collateral for Securities Loaned - .4%** | **Investment of Cash Collateral for Securities Loaned - .4%** | **Investment of Cash Collateral for Securities Loaned - .4%** | **Investment of Cash Collateral for Securities Loaned - .4%** | **Investment of Cash Collateral for Securities Loaned - .4%** | **Investment of Cash Collateral for Securities Loaned - .4%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .4%<br>| 217524 | 6143044 | (5764566) | 596002 | 5252<sup>††</sup> <br>|
| **Total - .6%** | **1192159** | **15097159** | **(15398289)** | **891029** | **23690** |

---

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

---

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

---

See notes to financial statements.

**9**

------

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Statement of Investments <br>(including securities on loan, valued at $7,859,083)—Note 1(b):<br>|  |  |
| Unaffiliated issuers | 128729876 | &nbsp;&nbsp;&nbsp;&nbsp; 153948054 |
| Affiliated issuers | 891029 | &nbsp;&nbsp;&nbsp;&nbsp; 891029 |
| Dividends and securities lending income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 134573 |
| Receivable for shares of Beneficial Interest subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 8767 |
| Prepaid expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 3320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **154985743** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 110518 |
| Liability for securities on loan—Note 1(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 596002 |
| Payable for shares of Beneficial Interest redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 215431 |
| Trustees' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 758 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 54369 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **977078** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **154008665** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 124623099 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; 29385566 |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **154008665** |

---

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

---

| | | |
|:---|:---|:---|
| **Net Asset Value Per Share** | Initial Shares | Service Shares |
| Net Assets ($) | &nbsp;&nbsp;&nbsp;&nbsp; 71554249 | &nbsp;&nbsp;&nbsp;&nbsp; 82454416 |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 3784971 | &nbsp;&nbsp;&nbsp;&nbsp; 4385997 |
| **Net Asset Value Per Share ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**18.90** | &nbsp;&nbsp;&nbsp;&nbsp;**18.80** |

---

See notes to financial statements.

**10**

------

STATEMENT OF OPERATIONS

Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Cash dividends: |  |
| Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 1161187 |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 18438 |
| Affiliated income net of rebates from securities lending—Note 1(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 5252 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **1184877** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 563257 |
| Distribution Plan fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 100516 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 44773 |
| Chief Compliance Officer fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 15727 |
| Shareholder and regulatory reports service fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 6167 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 5818 |
| Custodian fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 5041 |
| Trustees' fees and expenses—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 2961 |
| Loan commitment fees—Note 2 | &nbsp;&nbsp;&nbsp;&nbsp; 1803 |
| Shareholder servicing costs—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 936 |
| Interest expense—Note 2 | &nbsp;&nbsp;&nbsp;&nbsp; 690 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 9326 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **757015** |
| Less—reduction in expenses due to undertaking—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; (52974)<br>|
| Less—reduction in fees due to earnings credits—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; (195)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **703846** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **481031** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 4125873 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (1100887)<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **3024986** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **3506017** |

---

See notes to financial statements.

**11**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>December 31, 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>December 31, 2024 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 481031 | &nbsp;&nbsp;&nbsp;&nbsp; 856259 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 4125873 | &nbsp;&nbsp;&nbsp;&nbsp; 13634674 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (1100887) | &nbsp;&nbsp;&nbsp;&nbsp; 4065586 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **3506017** | &nbsp;&nbsp;&nbsp;&nbsp; **18556519** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| Initial Shares | &nbsp;&nbsp;&nbsp;&nbsp; (6968369) | &nbsp;&nbsp;&nbsp;&nbsp; (1650917) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; (7759244) | &nbsp;&nbsp;&nbsp;&nbsp; (1691837) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(14727613)** | &nbsp;&nbsp;&nbsp;&nbsp; **(3342754)** |
| **Beneficial Interest Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| Initial Shares | &nbsp;&nbsp;&nbsp;&nbsp; 1551877 | &nbsp;&nbsp;&nbsp;&nbsp; 3776248 |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; 4952100 | &nbsp;&nbsp;&nbsp;&nbsp; 13076970 |
| Distributions reinvested: |  |  |
| Initial Shares | &nbsp;&nbsp;&nbsp;&nbsp; 6968369 | &nbsp;&nbsp;&nbsp;&nbsp; 1650917 |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; 7759244 | &nbsp;&nbsp;&nbsp;&nbsp; 1691837 |
| Cost of shares redeemed: |  |  |
| Initial Shares | &nbsp;&nbsp;&nbsp;&nbsp; (4717580) | &nbsp;&nbsp;&nbsp;&nbsp; (10746711) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; (9283711) | &nbsp;&nbsp;&nbsp;&nbsp; (20622326) |
| **Increase (Decrease) in Net Assets from Beneficial Interest** <br> **Transactions**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7230299** | &nbsp;&nbsp;&nbsp;&nbsp; **(11173065)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(3991297)** | &nbsp;&nbsp;&nbsp;&nbsp; **4040700** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 157999962 | &nbsp;&nbsp;&nbsp;&nbsp; 153959262 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **154008665** | &nbsp;&nbsp;&nbsp;&nbsp; **157999962** |
| **Capital Share Transactions (Shares):** |  |  |
| **Initial Shares** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 80458 | &nbsp;&nbsp;&nbsp;&nbsp; 184660 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 398192 | &nbsp;&nbsp;&nbsp;&nbsp; 81688 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (245906) | &nbsp;&nbsp;&nbsp;&nbsp; (546409) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **232744** | &nbsp;&nbsp;&nbsp;&nbsp; **(280061)** |
| **Service Shares** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 263263 | &nbsp;&nbsp;&nbsp;&nbsp; 679218 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 445422 | &nbsp;&nbsp;&nbsp;&nbsp; 84129 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (476309) | &nbsp;&nbsp;&nbsp;&nbsp; (1048808) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **232376** | &nbsp;&nbsp;&nbsp;&nbsp; **(285461)** |

---

See notes to financial statements.

**12**

------

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. The fund's total returns do not reflect expenses associated with variable annuity or insurance contracts.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **Initial Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;20.58 | &nbsp;&nbsp;&nbsp;&nbsp;18.68 | &nbsp;&nbsp;&nbsp;&nbsp;16.46 | &nbsp;&nbsp;&nbsp;&nbsp;24.77 | &nbsp;&nbsp;&nbsp;&nbsp;19.93 | &nbsp;&nbsp;&nbsp;&nbsp;18.64 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .07 | &nbsp;&nbsp;&nbsp;&nbsp; .14 | &nbsp;&nbsp;&nbsp;&nbsp; .15 | &nbsp;&nbsp;&nbsp;&nbsp; .14 | &nbsp;&nbsp;&nbsp;&nbsp; .15 | &nbsp;&nbsp;&nbsp;&nbsp; .13 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; .24 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.14)<br>|
| Dividends from net realized gain on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.14)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;18.90 | &nbsp;&nbsp;&nbsp;&nbsp;20.58 | &nbsp;&nbsp;&nbsp;&nbsp;18.68 | &nbsp;&nbsp;&nbsp;&nbsp;16.46 | &nbsp;&nbsp;&nbsp;&nbsp;24.77 | &nbsp;&nbsp;&nbsp;&nbsp;19.93 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 2.27 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;12.61 | &nbsp;&nbsp;&nbsp;&nbsp;18.31 | &nbsp;&nbsp;&nbsp;&nbsp; (14.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.89 | &nbsp;&nbsp;&nbsp;&nbsp;8.11 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .87 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .88 | &nbsp;&nbsp;&nbsp;&nbsp; .87 | &nbsp;&nbsp;&nbsp;&nbsp; .86 | &nbsp;&nbsp;&nbsp;&nbsp; .86 | &nbsp;&nbsp;&nbsp;&nbsp; .87 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .80 <br><sup>(c),(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .81 <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .80 <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .80 <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .85 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .87 |
| Ratio of net investment income to average <br> net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .77 <br><sup>(c),(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .68 <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .90 <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .77 <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .63 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .81 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 29.98 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;59.03 | &nbsp;&nbsp;&nbsp;&nbsp;66.09 | &nbsp;&nbsp;&nbsp;&nbsp;81.37 | &nbsp;&nbsp;&nbsp;&nbsp;90.95 | &nbsp;&nbsp;&nbsp;&nbsp;92.40 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 71554 | &nbsp;&nbsp;&nbsp;&nbsp; 73094 | &nbsp;&nbsp;&nbsp;&nbsp; 71570 | &nbsp;&nbsp;&nbsp;&nbsp; 66522 | &nbsp;&nbsp;&nbsp;&nbsp; 86837 | &nbsp;&nbsp;&nbsp;&nbsp; 75649 |

---

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

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

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

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

<sup>(d)</sup> Amount inclusive of reduction in expenses due to undertaking.

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

See notes to financial statements.

**13**

------

FINANCIAL HIGHLIGHTS (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **Service Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;20.44 | &nbsp;&nbsp;&nbsp;&nbsp;18.56 | &nbsp;&nbsp;&nbsp;&nbsp;16.36 | &nbsp;&nbsp;&nbsp;&nbsp;24.64 | &nbsp;&nbsp;&nbsp;&nbsp;19.84 | &nbsp;&nbsp;&nbsp;&nbsp;18.53 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .05 | &nbsp;&nbsp;&nbsp;&nbsp; .08 | &nbsp;&nbsp;&nbsp;&nbsp; .11 | &nbsp;&nbsp;&nbsp;&nbsp; .09 | &nbsp;&nbsp;&nbsp;&nbsp; .09 | &nbsp;&nbsp;&nbsp;&nbsp; .09 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; .25 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .30 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp; (2.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.09)<br>|
| Dividends from net realized gain on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.09)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;18.80 | &nbsp;&nbsp;&nbsp;&nbsp;20.44 | &nbsp;&nbsp;&nbsp;&nbsp;18.56 | &nbsp;&nbsp;&nbsp;&nbsp;16.36 | &nbsp;&nbsp;&nbsp;&nbsp;24.64 | &nbsp;&nbsp;&nbsp;&nbsp;19.84 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 2.20 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;12.33 | &nbsp;&nbsp;&nbsp;&nbsp;17.99 | &nbsp;&nbsp;&nbsp;&nbsp; (14.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.56 | &nbsp;&nbsp;&nbsp;&nbsp;7.85 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.12 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.05 <br><sup>(c),(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06 <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05 <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05 <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Ratio of net investment income to average <br> net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .52 <br><sup>(c),(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .43 <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .65 <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .52 <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .38 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .56 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 29.98 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;59.03 | &nbsp;&nbsp;&nbsp;&nbsp;66.09 | &nbsp;&nbsp;&nbsp;&nbsp;81.37 | &nbsp;&nbsp;&nbsp;&nbsp;90.95 | &nbsp;&nbsp;&nbsp;&nbsp;92.40 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 82454 | &nbsp;&nbsp;&nbsp;&nbsp; 84906 | &nbsp;&nbsp;&nbsp;&nbsp; 82389 | &nbsp;&nbsp;&nbsp;&nbsp; 72165 | &nbsp;&nbsp;&nbsp;&nbsp; 94989 | &nbsp;&nbsp;&nbsp;&nbsp; 77862 |

---

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

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

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

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

<sup>(d)</sup> Amount inclusive of reduction in expenses due to undertaking.

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

See notes to financial statements.

**14**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—**

**Significant Accounting Policies:**

MidCap Stock Portfolio (the "fund") is a separate diversified series of BNY Mellon Investment Portfolios (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company and operates as a series company currently offering three series, including the fund. The fund is only offered to separate accounts established by insurance companies to fund variable annuity contracts and variable life insurance policies. The fund's investment objective is to seek investment results that are greater than the total return performance of publicly traded common stocks of medium-size domestic companies in the aggregate, as represented by the Standard & Poor's MidCap 400® Index. BNY Mellon Investment Adviser, Inc. (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser. Newton Investment Management North America, LLC (the "Sub-Adviser" or "NIMNA"), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund's sub-adviser. NIMNA has entered into a sub-sub-investment advisory agreement with its affiliate, Newton Investment Management Limited ("NIM"), to enable NIM to provide certain advisory services to the Sub-Adviser for the benefit of the fund, including, but not limited to, portfolio management services. NIM is subject to the supervision of NIMNA and the Adviser. NIM is also an affiliate of the Adviser. NIM, located at 160 Queen Victoria Street, London, EC4V, 4LA, England, was formed in 1978. NIM is an indirect subsidiary of BNY.

BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares, which are sold without a sales charge. The fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Initial and Service. Each class of shares has identical rights and privileges, except with respect to the Distribution Plan and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

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

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

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

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

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

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

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

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

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

**15**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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

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

Investments in equity securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

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

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

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

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

The following is a summary of the inputs used as of June 30, 2025 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Equity Securities - Common Stocks | &nbsp;&nbsp; 153948054 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **153948054** |
| Investment Companies | &nbsp;&nbsp; 891029 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **891029** |
|  | &nbsp;&nbsp; **154839083** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **154839083** |

---

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

<sup>†</sup> See Statement of Investments for additional detailed categorizations, if any.

**(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 BNY, the fund may lend securities to qualified institutions. It is the fund's policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund's Statement of Investments. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to

**16**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund's rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended June 30, 2025, BNY earned $716 from the lending of the fund's portfolio securities, pursuant to the securities lending agreement.

For financial reporting purposes, the fund elects not to offset assets and liabilities subject to a securities lending agreement, if any, in the Statement of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statement of Assets and Liabilities. As of June 30, 2025, the fund had securities lending and the impact of netting of assets and liabilities and the offsetting of collateral pledged or received, if any, based on contractual netting/set-off provisions in the securities lending agreement are detailed in the following table:

---

| | |
|:---|:---|
| **Assets ($)** |  |
| Gross amount of securities loaned, at <br> value, as disclosed in the Statement <br>of Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7859083 |
| Collateral (received)/posted not offset <br>in the Statement of <br>Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7859083 )<sup>†</sup><br>|
| Net amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

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

---

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

---

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

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

**Midsize Company Risk:** Midsize companies carry additional risks because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable (and some companies may be experiencing significant losses), and their share prices more volatile than those of larger, more established companies.

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

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

As of and during the period ended June 30, 2025, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended June 30, 2025, the fund did not incur any interest or penalties.

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

**17**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The tax character of distributions paid to shareholders during the fiscal year ended December 31, 2024 were as follows: ordinary income $1,222,452 and long-term capital gains $2,120,302. The tax character of current year distributions will be determined at the end of the current fiscal year.

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

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

**NOTE 2—**

**Bank Lines of Credit:**

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

During the period ended June 30, 2025, the fund was charged $690 for interest expense. These fees are included in Interest expense in the Statement of Operations. The average amount of borrowings outstanding under the Citibank Credit Facility during the period ended June 30, 2025 was approximately $26,519 with a related weighted average annualized interest rate of 5.25%. As of June 30, 2025, the fund has no outstanding loan balance from either Facility.

**NOTE 3—**

**Management Fee, Sub-Advisory Fee and Other Transactions with Affiliates:**

**(a)** Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .75% of the value of the fund's average daily net assets and is payable monthly. The Adviser has contractually agreed, from January 1, 2025 through May 1, 2026, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of neither class of fund shares (excluding Rule 12b-1 Distribution Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .80% of the value of the fund's average daily net assets. On or after May 1, 2026, the Adviser may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $52,974 during the period ended June 30, 2025.

Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a monthly fee at an annual rate of .36% of the value of the fund's average daily net assets.

**(b)** Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Service shares pay the Distributor for distributing its shares, for servicing and/or maintaining Service shares' shareholder accounts and for advertising and marketing for Service shares. The Distribution Plan provides for payments to be made at an annual rate of .25% of the value of the Service shares' average daily net assets. The Distributor may make payments to Participating Insurance Companies and to brokers and dealers acting as principal underwriter for their variable insurance products. The fees payable under the Distribution Plan are payable without regard to actual expenses incurred. During the period ended June 30, 2025, Service shares were charged $100,516 pursuant to the Distribution Plan.

**18**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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

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

The fund compensates the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended June 30, 2025, the fund was charged $524 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset by earnings credits of $195.

The fund compensates the Custodian, under a custody agreement, for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended June 30, 2025, the fund was charged $5,041 pursuant to the custody agreement.

During the period ended June 30, 2025, the fund was charged $15,727 for services performed by the fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

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

The components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $93,867, Distribution Plan fees of $16,798, Custodian fees of $3,605, Chief Compliance Officer fees of $5,012, Transfer Agent fees of $174 and Shareholder and regulatory reports service fees of $6,167, which are offset against an expense reimbursement currently in effect in the amount of $15,105.

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

**NOTE 4—**

**Securities Transactions:**

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended June 30, 2025, amounted to $45,600,409 and $51,789,731, respectively.

At June 30, 2025, accumulated net unrealized appreciation on investments was $25,218,178, consisting of $33,570,648 gross unrealized appreciation and $8,352,470 gross unrealized depreciation.

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

**19**

------

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

N/A

**20**

------

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

N/A

**21**

------

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

Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The fund is charged for services performed by the fund's Chief Compliance Officer. Compensation paid by the fund during the period to the board members and the Chief Compliance Officer are within Item 7. Statement of Operations as Trustees' fees and expenses and Chief Compliance Officer fees, respectively. The aggregate amount of Trustees' fees and expenses and Chief Compliance Officer fees paid by the fund during the period was $18,688.

**22**

------

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

N/A

**23**

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

Code-0174NCSRSA0625

![](imgfb04432e1.gif)

------

BNY Mellon Investment Portfolios, Small Cap Stock Index Portfolio

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

June 30, 2025

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

**Service Shares**<br>

![](img5cae0f301.gif)

------

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

------

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

Family of Funds.

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

------

Contents

The Fund

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

------

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

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_66283573-b0b6-472e-9887-d3ef13e5d557_SOI-Commoncontent-4748_1)**<br> **[Investment Companies](#xx_66283573-b0b6-472e-9887-d3ef13e5d557_SOI-Commoncontent-4748_1)**<br>| 3 |
| [Statement of Investments](#xx_66283573-b0b6-472e-9887-d3ef13e5d557_SOI-Commoncontent-4748_1) | 3 |
| [Statement of Assets and Liabilities](#xx_66283573-b0b6-472e-9887-d3ef13e5d557_FS-Commoncontent-4748_1) | 18 |
| [Statement of Operations](#xx_66283573-b0b6-472e-9887-d3ef13e5d557_FS-Commoncontent-4748_2) | 19 |
| [Statement of Changes in Net Assets](#xx_66283573-b0b6-472e-9887-d3ef13e5d557_FS-Commoncontent-4748_3) | 20 |
| [Financial Highlights](#xx_66283573-b0b6-472e-9887-d3ef13e5d557_FIHI-Commoncontent-4748_1) | 21 |
| [Notes to Financial Statements](#xx_66283573-b0b6-472e-9887-d3ef13e5d557_NTF-Commoncontent-4748_1) | 22 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_66283573-b0b6-472e-9887-d3ef13e5d557_CDA-Commoncontent-4748_1)**<br> **[Investment Companies](#xx_66283573-b0b6-472e-9887-d3ef13e5d557_CDA-Commoncontent-4748_1)**<br>| 28 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_66283573-b0b6-472e-9887-d3ef13e5d557_PRXD-Commoncontent-4748_1)** | 29 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_66283573-b0b6-472e-9887-d3ef13e5d557_RMNP-Commoncontent-4748_1)**<br> **[Management Investment Companies](#xx_66283573-b0b6-472e-9887-d3ef13e5d557_RMNP-Commoncontent-4748_1)**<br>| 30 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_66283573-b0b6-472e-9887-d3ef13e5d557_AAA-Commoncontent-4748_1)** | 31 |

---

------

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

Small Cap Stock Index Portfolio

STATEMENT OF INVESTMENTS

June 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1%** | **Common Stocks — 99.1%** | **Common Stocks — 99.1%** |
| **Automobiles & Components — 2.0%** | **Automobiles & Components — 2.0%** | **Automobiles & Components — 2.0%** |
| Adient PLC <sup>(a)</sup> <br>| 32221 | 627021 |
| American Axle & Manufacturing Holdings, Inc. <sup>(a)</sup> <br>| 45738 | 186611 |
| BorgWarner, Inc. | 84622 | 2833145 |
| Dana, Inc. | 49779 | 853710 |
| Dorman Products, Inc. <sup>(a)</sup> <br>| 10454 | 1282392 |
| Fox Factory Holding Corp. <sup>(a)</sup> <br>| 15992 | 414832 |
| Gentherm, Inc. <sup>(a)</sup> <br>| 11730 | 331842 |
| LCI Industries | 9834 | 896762 |
| Patrick Industries, Inc. <sup>(b)</sup> <br>| 12846 | 1185300 |
| Phinia, Inc. | 15608 | 694400 |
| Standard Motor Products, Inc. | 7860 | 241459 |
| Winnebago Industries, Inc. | 10837 | 314273 |
| XPEL, Inc. <sup>(a)</sup> <br>| 8954 | 321449 |
|  |  | **10183196** |
| **Banks — 8.9%** | **Banks — 8.9%** | **Banks — 8.9%** |
| Ameris Bancorp | 24815 | 1605530 |
| Atlantic Union Bankshares Corp. | 54971 | 1719493 |
| Axos Financial, Inc. <sup>(a)</sup> <br>| 20631 | 1568781 |
| Banc of California, Inc. | 48986 | 688253 |
| BancFirst Corp. | 7802 | 964483 |
| Bank of Hawaii Corp. | 15186 | 1025511 |
| BankUnited, Inc. | 28697 | 1021326 |
| Banner Corp. | 13339 | 855697 |
| Berkshire Hills Bancorp, Inc. | 17563 | 439777 |
| Brookline Bancorp, Inc. | 33381 | 352170 |
| Capitol Federal Financial, Inc. | 47738 | 291202 |
| Cathay General Bancorp | 26858 | 1222845 |
| Central Pacific Financial Corp. | 10482 | 293810 |
| City Holding Co. | 5585 | 683716 |
| Community Financial System, Inc. | 20412 | 1160830 |
| Customers Bancorp, Inc. <sup>(a)</sup> <br>| 11283 | 662763 |
| CVB Financial Corp. | 49568 | 980951 |
| Dime Community Bancshares, Inc. | 15419 | 415388 |
| Eagle Bancorp, Inc. | 11870 | 231228 |
| FB Financial Corp. | 13092 | 593068 |
| First Bancorp/Puerto Rico | 61629 | 1283732 |
| First Bancorp/Southern Pines NC | 15954 | 703412 |
| First Commonwealth Financial Corp. | 40136 | 651407 |
| First Financial Bancorp | 36926 | 895825 |
| First Hawaiian, Inc. | 48018 | 1198529 |
| Fulton Financial Corp. | 69553 | 1254736 |
| Hanmi Financial Corp. | 11782 | 290780 |
| Heritage Financial Corp. | 13400 | 319456 |
| Hilltop Holdings, Inc. | 17486 | 530700 |
| Hope Bancorp, Inc. | 48410 | 519439 |
| Independent Bank Corp. | 16321 | 1026346 |
| Lakeland Financial Corp. | 9829 | 603992 |
| National Bank Holdings Corp., Cl. A | 14626 | 550084 |

---

**3**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Banks — 8.9% (continued)** | **Banks — 8.9% (continued)** | **Banks — 8.9% (continued)** |
| NBT Bancorp, Inc. | 20091 | 834781 |
| Northwest Bancshares, Inc. | 49493 | 632521 |
| OFG Bancorp | 17467 | 747588 |
| Pacific Premier Bancorp, Inc. | 37200 | 784548 |
| Park National Corp. | 5659 | 946524 |
| Pathward Financial, Inc. | 9062 | 716985 |
| Preferred Bank | 4495 | 389020 |
| Provident Financial Services, Inc. | 50407 | 883635 |
| Renasant Corp. | 35705 | 1282881 |
| S&T Bancorp, Inc. | 14711 | 556370 |
| Seacoast Banking Corp. of Florida | 32688 | 902843 |
| ServisFirst Bancshares, Inc. | 19308 | 1496563 |
| Simmons First National Corp., Cl. A | 48652 | 922442 |
| Southside Bancshares, Inc. | 10773 | 317049 |
| Stellar Bancorp, Inc. | 17533 | 490573 |
| The Bancorp, Inc. <sup>(a)</sup> <br>| 18222 | 1038107 |
| Tompkins Financial Corp. | 4998 | 313525 |
| Triumph Financial, Inc. <sup>(a)</sup> <br>| 8672 | 477914 |
| TrustCo Bank Corp. NY | 7416 | 247843 |
| Trustmark Corp. | 23182 | 845216 |
| United Community Banks, Inc. | 46521 | 1385861 |
| Veritex Holdings, Inc. | 20935 | 546403 |
| WaFd, Inc. | 30805 | 901970 |
| Westamerica Bancorp | 10221 | 495105 |
| WSFS Financial Corp. | 21825 | 1200375 |
|  |  | **45961902** |
| **Capital Goods — 14.0%** | **Capital Goods — 14.0%** | **Capital Goods — 14.0%** |
| AAR Corp. <sup>(a)</sup> <br>| 13706 | 942836 |
| AeroVironment, Inc. <sup>(a)</sup> <br>| 10857 | 3093702 |
| Air Lease Corp. | 39994 | 2339249 |
| Alamo Group, Inc. | 4029 | 879853 |
| Albany International Corp., Cl. A | 11535 | 808950 |
| American Woodmark Corp. <sup>(a)</sup> <br>| 5612 | 299512 |
| Apogee Enterprises, Inc. | 8661 | 351637 |
| Arcosa, Inc. | 18727 | 1623818 |
| Armstrong World Industries, Inc. | 16725 | 2716809 |
| Astec Industries, Inc. | 8743 | 364496 |
| AZZ, Inc. | 11486 | 1085197 |
| Boise Cascade Co. | 14436 | 1253334 |
| CSW Industrials, Inc. | 6460 | 1852922 |
| DNOW, Inc. <sup>(a)</sup> <br>| 40995 | 607956 |
| DXP Enterprises, Inc. <sup>(a)</sup> <br>| 5021 | 440091 |
| Dycom Industries, Inc. <sup>(a)</sup> <br>| 11090 | 2710285 |
| Enerpac Tool Group Corp. | 20716 | 840241 |
| Enpro, Inc. | 8137 | 1558642 |
| ESCO Technologies, Inc. | 9947 | 1908531 |
| Everus Construction Group, Inc. <sup>(a)</sup> <br>| 19830 | 1259800 |
| Federal Signal Corp. | 23494 | 2500232 |
| Franklin Electric Co., Inc. | 15046 | 1350228 |
| Gates Industrial Corp. PLC <sup>(a)</sup> <br>| 88353 | 2034770 |
| Gibraltar Industries, Inc. <sup>(a)</sup> <br>| 11296 | 666464 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Capital Goods — 14.0% (continued)** | **Capital Goods — 14.0% (continued)** | **Capital Goods — 14.0% (continued)** |
| GMS, Inc. <sup>(a)</sup> <br>| 14787 | 1608086 |
| Granite Construction, Inc. <sup>(b)</sup> <br>| 16806 | 1571529 |
| Griffon Corp. | 14994 | 1085116 |
| Hayward Holdings, Inc. <sup>(a)</sup> <br>| 54940 | 758172 |
| Hillenbrand, Inc. | 26878 | 539441 |
| Insteel Industries, Inc. | 7508 | 279373 |
| JBT Marel Corp. | 17815 | 2142432 |
| Kadant, Inc. | 4562 | 1448207 |
| Kennametal, Inc. | 28895 | 663429 |
| Kratos Defense & Security Solutions, Inc. <sup>(a),(b)</sup> <br>| 64124 | 2978560 |
| Lindsay Corp. | 4149 | 598493 |
| Masterbrand, Inc. <sup>(a)</sup> <br>| 48510 | 530214 |
| Mercury Systems, Inc. <sup>(a)</sup> <br>| 19674 | 1059642 |
| Moog, Inc., Cl. A | 10885 | 1969858 |
| Mueller Water Products, Inc., Cl. A | 60253 | 1448482 |
| MYR Group, Inc. <sup>(a)</sup> <br>| 5973 | 1083801 |
| National Presto Industries, Inc. | 1981 | 194059 |
| Powell Industries, Inc. <sup>(b)</sup> <br>| 3654 | 768984 |
| Proto Labs, Inc. <sup>(a)</sup> <br>| 9083 | 363683 |
| Quanex Building Products Corp. | 17801 | 336439 |
| Resideo Technologies, Inc. <sup>(a)</sup> <br>| 57060 | 1258744 |
| Rush Enterprises, Inc., Cl. A | 23463 | 1208579 |
| SPX Technologies, Inc. <sup>(a)</sup> <br>| 18000 | 3018240 |
| Standex International Corp. | 4613 | 721842 |
| Sterling Infrastructure, Inc. <sup>(a)</sup> <br>| 11721 | 2704386 |
| Sunrun, Inc. <sup>(a),(b)</sup> <br>| 88774 | 726171 |
| Tennant Co. | 7252 | 561885 |
| The Greenbrier Companies, Inc. | 12069 | 555777 |
| Titan International, Inc. <sup>(a),(b)</sup> <br>| 17866 | 183484 |
| Trinity Industries, Inc. | 31246 | 843954 |
| Triumph Group, Inc. <sup>(a)</sup> <br>| 30113 | 775410 |
| Vicor Corp. <sup>(a)</sup> <br>| 9098 | 412685 |
| WillScot Holdings Corp. | 70185 | 1923069 |
| Worthington Enterprises, Inc. | 11898 | 757189 |
| Zurn Elkay Water Solutions Corp. | 54314 | 1986263 |
|  |  | **72555233** |
| **Commercial & Professional Services — 3.5%** | **Commercial & Professional Services — 3.5%** | **Commercial & Professional Services — 3.5%** |
| ABM Industries, Inc. | 23827 | 1124873 |
| Amentum Holdings, Inc. <sup>(a),(b)</sup> <br>| 58664 | 1385057 |
| Brady Corp., Cl. A | 16787 | 1141012 |
| CoreCivic, Inc. <sup>(a)</sup> <br>| 42008 | 885109 |
| CSG Systems International, Inc. | 10712 | 699601 |
| Deluxe Corp. | 17435 | 277391 |
| Enviri Corp. <sup>(a)</sup> <br>| 30309 | 263082 |
| Healthcare Services Group, Inc. <sup>(a)</sup> <br>| 28916 | 434607 |
| Heidrick & Struggles International, Inc. | 8047 | 368231 |
| HNI Corp. | 17810 | 875896 |
| Interface, Inc. | 23052 | 482478 |
| Korn Ferry | 19995 | 1466233 |
| Liquidity Services, Inc. <sup>(a)</sup> <br>| 8720 | 205705 |
| MillerKnoll, Inc. | 26118 | 507212 |

---

**5**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Commercial & Professional Services — 3.5% (continued)** | **Commercial & Professional Services — 3.5% (continued)** | **Commercial & Professional Services — 3.5% (continued)** |
| NV5 Global, Inc. <sup>(a)</sup> <br>| 20347 | 469812 |
| OPENLANE, Inc. <sup>(a)</sup> <br>| 41384 | 1011839 |
| Pitney Bowes, Inc. | 60470 | 659728 |
| Robert Half, Inc. | 39027 | 1602058 |
| The GEO Group, Inc. <sup>(a)</sup> <br>| 53313 | 1276846 |
| UniFirst Corp. | 5773 | 1086594 |
| Verra Mobility Corp. <sup>(a)</sup> <br>| 61375 | 1558311 |
| Vestis Corp. <sup>(b)</sup> <br>| 44025 | 252263 |
|  |  | **18033938** |
| **Consumer Discretionary Distribution & Retail — 3.6%** | **Consumer Discretionary Distribution & Retail — 3.6%** | **Consumer Discretionary Distribution & Retail — 3.6%** |
| Academy Sports & Outdoors, Inc. | 25536 | 1144268 |
| Advance Auto Parts, Inc. <sup>(b)</sup> <br>| 23288 | 1082659 |
| American Eagle Outfitters, Inc. <sup>(b)</sup> <br>| 59755 | 574843 |
| Asbury Automotive Group, Inc. <sup>(a)</sup> <br>| 7597 | 1812188 |
| Boot Barn Holdings, Inc. <sup>(a)</sup> <br>| 11780 | 1790560 |
| Caleres, Inc. | 13200 | 161304 |
| Etsy, Inc. <sup>(a)</sup> <br>| 40152 | 2014024 |
| Foot Locker, Inc. <sup>(a),(b)</sup> <br>| 32355 | 792698 |
| Group 1 Automotive, Inc. | 4873 | 2128088 |
| Guess?, Inc. <sup>(b)</sup> <br>| 10351 | 125144 |
| Kohl's Corp. <sup>(b)</sup> <br>| 43502 | 368897 |
| MarineMax, Inc. <sup>(a)</sup> <br>| 7391 | 185810 |
| Monro, Inc. | 12053 | 179710 |
| National Vision Holdings, Inc. <sup>(a)</sup> <br>| 30370 | 698814 |
| Sally Beauty Holdings, Inc. <sup>(a)</sup> <br>| 38288 | 354547 |
| Shoe Carnival, Inc. | 6476 | 121166 |
| Signet Jewelers Ltd. | 16498 | 1312416 |
| Sonic Automotive, Inc., Cl. A | 5665 | 452803 |
| The Buckle, Inc. | 11627 | 527284 |
| Upbound Group, Inc. | 19798 | 496930 |
| Urban Outfitters, Inc. <sup>(a)</sup> <br>| 21749 | 1577672 |
| Victoria's Secret & Co. <sup>(a)</sup> <br>| 31063 | 575287 |
|  |  | **18477112** |
| **Consumer Durables & Apparel — 3.6%** | **Consumer Durables & Apparel — 3.6%** | **Consumer Durables & Apparel — 3.6%** |
| Acushnet Holdings Corp. <sup>(b)</sup> <br>| 10108 | 736065 |
| Carter's, Inc. | 14067 | 423839 |
| Cavco Industries, Inc. <sup>(a)</sup> <br>| 3118 | 1354553 |
| Century Communities, Inc. | 10230 | 576154 |
| Champion Homes, Inc. <sup>(a)</sup> <br>| 20482 | 1282378 |
| Dream Finders Homes, Inc., Cl. A <sup>(a),(b)</sup> <br>| 10978 | 275877 |
| Ethan Allen Interiors, Inc. | 8657 | 241097 |
| G-III Apparel Group Ltd. <sup>(a)</sup> <br>| 15043 | 336963 |
| Green Brick Partners, Inc. <sup>(a)</sup> <br>| 11614 | 730288 |
| Hanesbrands, Inc. <sup>(a)</sup> <br>| 135797 | 621950 |
| Helen of Troy Ltd. <sup>(a)</sup> <br>| 9148 | 259620 |
| Installed Building Products, Inc. | 8774 | 1582128 |
| Kontoor Brands, Inc. | 19236 | 1268999 |
| La-Z-Boy, Inc. | 15969 | 593568 |
| Leggett & Platt, Inc. | 52056 | 464339 |
| LGI Homes, Inc. <sup>(a)</sup> <br>| 8026 | 413500 |
| M/I Homes, Inc. <sup>(a)</sup> <br>| 10277 | 1152257 |

---

**6**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Consumer Durables & Apparel — 3.6% (continued)** | **Consumer Durables & Apparel — 3.6% (continued)** | **Consumer Durables & Apparel — 3.6% (continued)** |
| Meritage Homes Corp. | 27552 | 1845157 |
| Newell Brands, Inc. | 161617 | 872732 |
| Oxford Industries, Inc. <sup>(b)</sup> <br>| 5291 | 212963 |
| Sonos, Inc. <sup>(a)</sup> <br>| 46581 | 503541 |
| Steven Madden Ltd. | 27665 | 663407 |
| Sturm Ruger & Co., Inc. | 6507 | 233601 |
| Topgolf Callaway Brands Corp. <sup>(a)</sup> <br>| 54040 | 435022 |
| Tri Pointe Homes, Inc. <sup>(a)</sup> <br>| 34808 | 1112116 |
| Wolverine World Wide, Inc. | 31531 | 570080 |
|  |  | **18762194** |
| **Consumer Services — 3.9%** | **Consumer Services — 3.9%** | **Consumer Services — 3.9%** |
| Adtalem Global Education, Inc. <sup>(a)</sup> <br>| 13826 | 1759082 |
| BJ's Restaurants, Inc. <sup>(a)</sup> <br>| 8641 | 385389 |
| Bloomin' Brands, Inc. | 28647 | 246651 |
| Brinker International, Inc. <sup>(a)</sup> <br>| 17126 | 3088332 |
| Cracker Barrel Old Country Store, Inc. <sup>(b)</sup> <br>| 8762 | 535183 |
| Dave & Buster's Entertainment, Inc. <sup>(a),(b)</sup> <br>| 10810 | 325165 |
| Frontdoor, Inc. <sup>(a)</sup> <br>| 28349 | 1670890 |
| Golden Entertainment, Inc. | 8009 | 235705 |
| Jack in the Box, Inc. <sup>(b)</sup> <br>| 7123 | 124368 |
| Matthews International Corp., Cl. A | 12051 | 288139 |
| Mister Car Wash, Inc. <sup>(a)</sup> <br>| 36710 | 220627 |
| Monarch Casino & Resort, Inc. | 4921 | 425371 |
| Papa John's International, Inc. <sup>(b)</sup> <br>| 12557 | 614540 |
| Penn Entertainment, Inc. <sup>(a),(b)</sup> <br>| 55732 | 995931 |
| Perdoceo Education Corp. | 23950 | 782926 |
| Pursuit Attractions and Hospitality, Inc. <sup>(a)</sup> <br>| 8427 | 242950 |
| Sabre Corp. <sup>(a)</sup> <br>| 149113 | 471197 |
| Shake Shack, Inc., Cl. A <sup>(a)</sup> <br>| 15489 | 2177753 |
| Six Flags Entertainment Corp. <sup>(b)</sup> <br>| 36479 | 1110056 |
| Strategic Education, Inc. | 9172 | 780812 |
| Stride, Inc. <sup>(a)</sup> <br>| 16534 | 2400571 |
| The Cheesecake Factory, Inc. <sup>(b)</sup> <br>| 17437 | 1092602 |
|  |  | **19974240** |
| **Consumer Staples Distribution & Retail — .7%** | **Consumer Staples Distribution & Retail — .7%** | **Consumer Staples Distribution & Retail — .7%** |
| Grocery Outlet Holding Corp. <sup>(a)</sup> <br>| 38365 | 476493 |
| PriceSmart, Inc. | 9594 | 1007754 |
| SpartanNash Co. | 12905 | 341854 |
| The Andersons, Inc. | 12227 | 449342 |
| The Chefs' Warehouse, Inc. <sup>(a)</sup> <br>| 13609 | 868390 |
| United Natural Foods, Inc. <sup>(a)</sup> <br>| 23146 | 539533 |
|  |  | **3683366** |
| **Energy — 3.9%** | **Energy — 3.9%** | **Energy — 3.9%** |
| Archrock, Inc. | 68103 | 1690997 |
| Atlas Energy Solutions, Inc. <sup>(b)</sup> <br>| 28288 | 378211 |
| Bristow Group, Inc. <sup>(a)</sup> <br>| 9489 | 312852 |
| Cactus, Inc., Cl. A | 26249 | 1147606 |
| California Resources Corp. | 26749 | 1221627 |
| Comstock Resources, Inc. <sup>(a),(b)</sup> <br>| 35174 | 973265 |
| Core Laboratories, Inc. | 17775 | 204768 |
| Core Natural Resources, Inc. | 19256 | 1342913 |

---

**7**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Energy — 3.9% (continued)** | **Energy — 3.9% (continued)** | **Energy — 3.9% (continued)** |
| Crescent Energy Co., Cl. A | 70534 | 606592 |
| CVR Energy, Inc. <sup>(b)</sup> <br>| 13218 | 354903 |
| Dorian LPG Ltd. | 14237 | 347098 |
| Helix Energy Solutions Group, Inc. <sup>(a)</sup> <br>| 54300 | 338832 |
| Helmerich & Payne, Inc. | 38451 | 582917 |
| Innovex International, Inc. <sup>(a)</sup> <br>| 14916 | 232988 |
| International Seaways, Inc. <sup>(b)</sup> <br>| 15496 | 565294 |
| Liberty Energy, Inc. | 62872 | 721771 |
| Magnolia Oil & Gas Corp., Cl. A | 71862 | 1615458 |
| Northern Oil & Gas, Inc. <sup>(b)</sup> <br>| 37596 | 1065847 |
| Oceaneering International, Inc. <sup>(a)</sup> <br>| 38975 | 807562 |
| Par Pacific Holdings, Inc. <sup>(a)</sup> <br>| 20184 | 535482 |
| Patterson-UTI Energy, Inc. | 135394 | 802886 |
| Peabody Energy Corp. | 46788 | 627895 |
| ProPetro Holding Corp. <sup>(a)</sup> <br>| 30959 | 184825 |
| REX American Resources Corp. <sup>(a)</sup> <br>| 5711 | 278183 |
| RPC, Inc. | 32110 | 151880 |
| SM Energy Co. | 44098 | 1089662 |
| Talos Energy, Inc. <sup>(a)</sup> <br>| 47396 | 401918 |
| Tidewater, Inc. <sup>(a),(b)</sup> <br>| 17488 | 806721 |
| Vital Energy, Inc. <sup>(a),(b)</sup> <br>| 10943 | 176073 |
| World Kinect Corp. | 21505 | 609667 |
|  |  | **20176693** |
| **Equity Real Estate Investment Trusts — 7.1%** | **Equity Real Estate Investment Trusts — 7.1%** | **Equity Real Estate Investment Trusts — 7.1%** |
| Acadia Realty Trust <sup>(c)</sup> <br>| 50536 | 938454 |
| Alexander & Baldwin, Inc. <sup>(c)</sup> <br>| 28022 | 499632 |
| American Assets Trust, Inc. <sup>(c)</sup> <br>| 17826 | 352063 |
| Apple Hospitality REIT, Inc. <sup>(c)</sup> <br>| 84534 | 986512 |
| Armada Hoffler Properties, Inc. <sup>(c)</sup> <br>| 30410 | 208917 |
| Brandywine Realty Trust <sup>(c)</sup> <br>| 66617 | 285787 |
| CareTrust REIT, Inc. <sup>(c)</sup> <br>| 73936 | 2262442 |
| Centerspace <sup>(c)</sup> <br>| 6543 | 393823 |
| Curbline Properties Corp. <sup>(c)</sup> <br>| 36454 | 832245 |
| DiamondRock Hospitality Co. <sup>(c)</sup> <br>| 79618 | 609874 |
| Douglas Emmett, Inc. <sup>(c)</sup> <br>| 64043 | 963207 |
| Easterly Government Properties, Inc. <sup>(c)</sup> <br>| 16322 | 362348 |
| Elme Communities <sup>(c)</sup> <br>| 33910 | 539169 |
| Essential Properties Realty Trust, Inc. <sup>(b),(c)</sup> <br>| 76176 | 2430776 |
| Four Corners Property Trust, Inc. <sup>(c)</sup> <br>| 38644 | 1039910 |
| Getty Realty Corp. <sup>(c)</sup> <br>| 19581 | 541219 |
| Global Net Lease, Inc. <sup>(b),(c)</sup> <br>| 73222 | 552826 |
| Highwoods Properties, Inc. <sup>(c)</sup> <br>| 41731 | 1297417 |
| Innovative Industrial Properties, Inc. <sup>(c)</sup> <br>| 10936 | 603886 |
| JBG SMITH Properties <sup>(b),(c)</sup> <br>| 29009 | 501856 |
| LTC Properties, Inc. <sup>(c)</sup> <br>| 17579 | 608409 |
| LXP Industrial Trust <sup>(c)</sup> <br>| 114634 | 946877 |
| Medical Properties Trust, Inc. <sup>(b),(c)</sup> <br>| 231279 | 996812 |
| Millrose Properties, Inc. <sup>(a),(c)</sup> <br>| 46264 | 1318987 |
| NexPoint Residential Trust, Inc. <sup>(c)</sup> <br>| 8304 | 276689 |
| Outfront Media, Inc. <sup>(c)</sup> <br>| 53230 | 868714 |
| Pebblebrook Hotel Trust <sup>(c)</sup> <br>| 45122 | 450769 |

---

**8**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Equity Real Estate Investment Trusts — 7.1% (continued)** | **Equity Real Estate Investment Trusts — 7.1% (continued)** | **Equity Real Estate Investment Trusts — 7.1% (continued)** |
| Phillips Edison & Co., Inc. <sup>(c)</sup> <br>| 48726 | 1706872 |
| Ryman Hospitality Properties, Inc. <sup>(c)</sup> <br>| 23127 | 2281941 |
| Safehold, Inc. <sup>(c)</sup> <br>| 17840 | 277590 |
| Saul Centers, Inc. <sup>(c)</sup> <br>| 4497 | 153528 |
| SITE Centers Corp. <sup>(c)</sup> <br>| 18036 | 203987 |
| SL Green Realty Corp. <sup>(c)</sup> <br>| 27305 | 1690179 |
| Summit Hotel Properties, Inc. <sup>(b),(c)</sup> <br>| 43349 | 220646 |
| Sunstone Hotel Investors, Inc. <sup>(c)</sup> <br>| 75870 | 658552 |
| Tanger, Inc. <sup>(c)</sup> <br>| 43486 | 1329802 |
| Terreno Realty Corp. <sup>(c)</sup> <br>| 39821 | 2232763 |
| The Macerich Company <sup>(c)</sup> <br>| 97061 | 1570447 |
| Uniti Group, Inc. <sup>(c)</sup> <br>| 96399 | 416444 |
| Universal Health Realty Income Trust <sup>(c)</sup> <br>| 5170 | 206645 |
| Urban Edge Properties <sup>(c)</sup> <br>| 48238 | 900121 |
| Veris Residential, Inc. <sup>(c)</sup> <br>| 30670 | 456676 |
| Whitestone REIT <sup>(c)</sup> <br>| 18068 | 225489 |
| Xenia Hotels & Resorts, Inc. <sup>(c)</sup> <br>| 38485 | 483756 |
|  |  | **36685058** |
| **Financial Services — 7.5%** | **Financial Services — 7.5%** | **Financial Services — 7.5%** |
| Acadian Asset Management, Inc. | 10305 | 363148 |
| Apollo Commercial Real Estate Finance, Inc. <sup>(c)</sup> <br>| 48434 | 468841 |
| Arbor Realty Trust, Inc. <sup>(b),(c)</sup> <br>| 74472 | 796850 |
| ARMOUR Residential REIT, Inc. <sup>(b),(c)</sup> <br>| 30943 | 520152 |
| Artisan Partners Asset Management, Inc., Cl. A | 27315 | 1210874 |
| BGC Group, Inc., Cl. A | 147051 | 1504332 |
| Blackstone Mortgage Trust, Inc., Cl. A <sup>(b),(c)</sup> <br>| 64929 | 1249883 |
| Bread Financial Holdings, Inc. | 17864 | 1020392 |
| Cohen & Steers, Inc. | 10421 | 785222 |
| Donnelley Financial Solutions, Inc. <sup>(a)</sup> <br>| 9941 | 612863 |
| Ellington Financial, Inc. <sup>(b),(c)</sup> <br>| 36525 | 474460 |
| Enact Holdings, Inc. | 11191 | 415746 |
| Encore Capital Group, Inc. <sup>(a)</sup> <br>| 9258 | 358377 |
| Enova International, Inc. <sup>(a)</sup> <br>| 9740 | 1086205 |
| EVERTEC, Inc. | 24385 | 879079 |
| EZCORP, Inc., Cl. A <sup>(a)</sup> <br>| 20029 | 278003 |
| Franklin BSP Realty Trust, Inc. <sup>(b),(c)</sup> <br>| 32644 | 348964 |
| HA Sustainable Infrastructure Capital, Inc. <sup>(b)</sup> <br>| 46484 | 1248560 |
| Jackson Financial, Inc., Cl. A | 27468 | 2438884 |
| KKR Real Estate Finance Trust, Inc. <sup>(c)</sup> <br>| 22298 | 195553 |
| Moelis & Co., Cl. A | 28522 | 1777491 |
| Mr. Cooper Group, Inc. <sup>(a)</sup> <br>| 24665 | 3680265 |
| Navient Corp. | 27585 | 388948 |
| NCR Atleos Corp. <sup>(a)</sup> <br>| 28088 | 801351 |
| New York Mortgage Trust, Inc. <sup>(b),(c)</sup> <br>| 34298 | 229797 |
| NMI Holdings, Inc. <sup>(a)</sup> <br>| 30003 | 1265827 |
| Payoneer Global, Inc. <sup>(a)</sup> <br>| 99420 | 681027 |
| PennyMac Mortgage Investment Trust <sup>(b),(c)</sup> <br>| 34283 | 440879 |
| Piper Sandler Companies | 6313 | 1754635 |
| PJT Partners, Inc., Cl. A | 9400 | 1551094 |
| PRA Group, Inc. <sup>(a)</sup> <br>| 15503 | 228669 |
| PROG Holdings, Inc. | 15732 | 461734 |

---

**9**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Financial Services — 7.5% (continued)** | **Financial Services — 7.5% (continued)** | **Financial Services — 7.5% (continued)** |
| Radian Group, Inc. | 51876 | 1868574 |
| Ready Capital Corp. <sup>(b),(c)</sup> <br>| 66251 | 289517 |
| Redwood Trust, Inc. <sup>(c)</sup> <br>| 51548 | 304649 |
| StepStone Group, Inc., Cl. A | 25525 | 1416637 |
| StoneX Group, Inc. <sup>(a)</sup> <br>| 16908 | 1540995 |
| Two Harbors Investment Corp. <sup>(b),(c)</sup> <br>| 40022 | 431037 |
| Virtu Financial, Inc., Cl. A | 31114 | 1393596 |
| Virtus Investment Partners, Inc. | 2525 | 458035 |
| Walker & Dunlop, Inc. | 12518 | 882269 |
| WisdomTree, Inc. | 45101 | 519112 |
| World Acceptance Corp. <sup>(a)</sup> <br>| 1218 | 201116 |
|  |  | **38823642** |
| **Food, Beverage & Tobacco — 1.5%** | **Food, Beverage & Tobacco — 1.5%** | **Food, Beverage & Tobacco — 1.5%** |
| B&G Foods, Inc. <sup>(b)</sup> <br>| 30770 | 130157 |
| Cal-Maine Foods, Inc. | 16619 | 1655751 |
| Fresh Del Monte Produce, Inc. | 12946 | 419709 |
| Freshpet, Inc. <sup>(a)</sup> <br>| 18751 | 1274318 |
| J & J Snack Foods Corp. | 5954 | 675243 |
| John B. Sanfilippo & Son, Inc. | 3707 | 234431 |
| MGP Ingredients, Inc. | 5430 | 162737 |
| National Beverage Corp. <sup>(a)</sup> <br>| 9094 | 393225 |
| The Simply Good Foods Company <sup>(a)</sup> <br>| 35159 | 1110673 |
| Tootsie Roll Industries, Inc. | 6410 | 214415 |
| TreeHouse Foods, Inc. <sup>(a)</sup> <br>| 17739 | 344491 |
| Universal Corp. | 9647 | 561841 |
| WK Kellogg Co. <sup>(b)</sup> <br>| 26179 | 417293 |
|  |  | **7594284** |
| **Health Care Equipment & Services — 5.9%** | **Health Care Equipment & Services — 5.9%** | **Health Care Equipment & Services — 5.9%** |
| AdaptHealth Corp. <sup>(a)</sup> <br>| 41881 | 394938 |
| Addus HomeCare Corp. <sup>(a)</sup> <br>| 7066 | 813933 |
| AMN Healthcare Services, Inc. <sup>(a)</sup> <br>| 14808 | 306081 |
| Artivion, Inc. <sup>(a)</sup> <br>| 14888 | 463017 |
| Astrana Health, Inc. <sup>(a)</sup> <br>| 15863 | 394672 |
| Avanos Medical, Inc. <sup>(a)</sup> <br>| 17989 | 220185 |
| Certara, Inc. <sup>(a)</sup> <br>| 42846 | 501298 |
| Concentra Group Holdings Parent, Inc. | 41802 | 859867 |
| CONMED Corp. | 11932 | 621419 |
| CorVel Corp. <sup>(a)</sup> <br>| 10465 | 1075593 |
| Embecta Corp. | 22645 | 219430 |
| Enovis Corp. <sup>(a)</sup> <br>| 21648 | 678881 |
| Glaukos Corp. <sup>(a)</sup> <br>| 21983 | 2270624 |
| HealthStream, Inc. | 9329 | 258133 |
| ICU Medical, Inc. <sup>(a)</sup> <br>| 9495 | 1254764 |
| Inspire Medical Systems, Inc. <sup>(a)</sup> <br>| 11353 | 1473279 |
| Integer Holdings Corp. <sup>(a)</sup> <br>| 13373 | 1644478 |
| Integra LifeSciences Holdings Corp. <sup>(a)</sup> <br>| 26218 | 321695 |
| LeMaitre Vascular, Inc. | 7873 | 653853 |
| Merit Medical Systems, Inc. <sup>(a)</sup> <br>| 22702 | 2122183 |
| National HealthCare Corp. | 4858 | 519855 |
| Neogen Corp. <sup>(a)</sup> <br>| 77745 | 371621 |
| NeoGenomics, Inc. <sup>(a)</sup> <br>| 50017 | 365624 |

---

**10**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Health Care Equipment & Services — 5.9% (continued)** | **Health Care Equipment & Services — 5.9% (continued)** | **Health Care Equipment & Services — 5.9% (continued)** |
| Omnicell, Inc. <sup>(a)</sup> <br>| 18333 | 538990 |
| Owens & Minor, Inc. <sup>(a)</sup> <br>| 29126 | 265047 |
| Pediatrix Medical Group, Inc. <sup>(a)</sup> <br>| 32198 | 462041 |
| Premier, Inc., Cl. A | 32129 | 704589 |
| Privia Health Group, Inc. <sup>(a)</sup> <br>| 40148 | 923404 |
| Progyny, Inc. <sup>(a)</sup> <br>| 28681 | 630982 |
| QuidelOrtho Corp. <sup>(a),(b)</sup> <br>| 25500 | 734910 |
| RadNet, Inc. <sup>(a),(b)</sup> <br>| 25389 | 1444888 |
| Schrodinger, Inc. <sup>(a),(b)</sup> <br>| 21998 | 442600 |
| Select Medical Holdings Corp. | 40229 | 610676 |
| Simulations Plus, Inc. | 6294 | 109830 |
| STAAR Surgical Co. <sup>(a),(b)</sup> <br>| 19392 | 325398 |
| Tandem Diabetes Care, Inc. <sup>(a)</sup> <br>| 25855 | 481937 |
| Teleflex, Inc. | 16989 | 2010818 |
| TransMedics Group, Inc. <sup>(a),(b)</sup> <br>| 13021 | 1744944 |
| U.S. Physical Therapy, Inc. | 5772 | 451370 |
| UFP Technologies, Inc. <sup>(a)</sup> <br>| 2820 | 688531 |
|  |  | **30376378** |
| **Household & Personal Products — .7%** | **Household & Personal Products — .7%** | **Household & Personal Products — .7%** |
| Central Garden & Pet Co. <sup>(a)</sup> <br>| 3418 | 120245 |
| Central Garden & Pet Co., Cl. A <sup>(a)</sup> <br>| 18669 | 584153 |
| Edgewell Personal Care Co. | 17787 | 416394 |
| Energizer Holdings, Inc. | 25477 | 513616 |
| Interparfums, Inc. | 6951 | 912736 |
| USANA Health Sciences, Inc. <sup>(a)</sup> <br>| 4001 | 122150 |
| WD-40 Co. | 5253 | 1198157 |
|  |  | **3867451** |
| **Insurance — 2.6%** | **Insurance — 2.6%** | **Insurance — 2.6%** |
| AMERISAFE, Inc. | 7353 | 321547 |
| Assured Guaranty Ltd. | 17701 | 1541757 |
| Employers Holdings, Inc. | 9545 | 450333 |
| Genworth Financial, Inc. <sup>(a)</sup> <br>| 159256 | 1239012 |
| Goosehead Insurance, Inc., Cl. A | 9610 | 1013951 |
| HCI Group, Inc. | 3591 | 546550 |
| Horace Mann Educators Corp. | 15847 | 680946 |
| Lincoln National Corp. | 65677 | 2272424 |
| Mercury General Corp. | 10267 | 691380 |
| Palomar Holdings, Inc. <sup>(a)</sup> <br>| 10284 | 1586307 |
| ProAssurance Corp. <sup>(a)</sup> <br>| 19611 | 447719 |
| Safety Insurance Group, Inc. | 5850 | 464431 |
| SiriusPoint Ltd. <sup>(a)</sup> <br>| 35754 | 729024 |
| Stewart Information Services Corp. | 10791 | 702494 |
| Trupanion, Inc. <sup>(a),(b)</sup> <br>| 13185 | 729790 |
| United Fire Group, Inc. | 8336 | 239243 |
|  |  | **13656908** |
| **Materials — 4.9%** | **Materials — 4.9%** | **Materials — 4.9%** |
| AdvanSix, Inc. | 10193 | 242084 |
| Alpha Metallurgical Resources, Inc. <sup>(a)</sup> <br>| 4275 | 480852 |
| Balchem Corp. | 12560 | 1999552 |
| Celanese Corp. | 42138 | 2331496 |
| Century Aluminum Co. <sup>(a)</sup> <br>| 20217 | 364310 |

---

**11**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Materials — 4.9% (continued)** | **Materials — 4.9% (continued)** | **Materials — 4.9% (continued)** |
| Element Solutions, Inc. | 85906 | 1945771 |
| FMC Corp. | 48118 | 2008926 |
| Hawkins, Inc. | 7292 | 1036193 |
| HB Fuller Co. | 20748 | 1247992 |
| Ingevity Corp. <sup>(a)</sup> <br>| 13970 | 601967 |
| Innospec, Inc. | 9640 | 810628 |
| Kaiser Aluminum Corp. | 6217 | 496738 |
| Koppers Holdings, Inc. | 7891 | 253696 |
| Materion Corp. | 7998 | 634801 |
| Metallus, Inc. <sup>(a)</sup> <br>| 13995 | 215663 |
| Minerals Technologies, Inc. | 12315 | 678187 |
| MP Materials Corp. <sup>(a),(b)</sup> <br>| 46615 | 1550881 |
| O-I Glass, Inc. <sup>(a)</sup> <br>| 59692 | 879860 |
| Quaker Chemical Corp. | 5178 | 579625 |
| Sealed Air Corp. | 56542 | 1754498 |
| Sensient Technologies Corp. | 16471 | 1622723 |
| Stepan Co. | 8246 | 450067 |
| SunCoke Energy, Inc. | 33067 | 284046 |
| Sylvamo Corp. | 13271 | 664877 |
| The Chemours Company <sup>(b)</sup> <br>| 57593 | 659440 |
| Warrior Met Coal, Inc. | 20183 | 924987 |
| Worthington Steel, Inc. | 13824 | 412370 |
|  |  | **25132230** |
| **Media & Entertainment — 2.1%** | **Media & Entertainment — 2.1%** | **Media & Entertainment — 2.1%** |
| Angi, Inc. <sup>(a)</sup> <br>| 16637 | 253881 |
| Cable One, Inc. | 1817 | 246767 |
| Cargurus, Inc. <sup>(a)</sup> <br>| 32441 | 1085800 |
| Cars.com, Inc. <sup>(a)</sup> <br>| 21989 | 260570 |
| Cinemark Holdings, Inc. <sup>(b)</sup> <br>| 38828 | 1171829 |
| DoubleVerify Holdings, Inc. <sup>(a)</sup> <br>| 51794 | 775356 |
| IAC, Inc. <sup>(a)</sup> <br>| 24968 | 932305 |
| John Wiley & Sons, Inc., Cl. A | 15890 | 709171 |
| Madison Square Garden Sports Corp. <sup>(a)</sup> <br>| 6432 | 1343966 |
| QuinStreet, Inc. <sup>(a)</sup> <br>| 22218 | 357710 |
| Scholastic Corp. | 9451 | 198282 |
| Shutterstock, Inc. | 9605 | 182111 |
| TechTarget, Inc. <sup>(a)</sup> <br>| 11165 | 86752 |
| TEGNA, Inc. | 62325 | 1044567 |
| Thryv Holdings, Inc. <sup>(a)</sup> <br>| 15680 | 190669 |
| TripAdvisor, Inc. <sup>(a)</sup> <br>| 45819 | 597938 |
| Yelp, Inc. <sup>(a)</sup> <br>| 24327 | 833686 |
| Ziff Davis, Inc. <sup>(a)</sup> <br>| 16108 | 487589 |
|  |  | **10758949** |
| **Pharmaceuticals, Biotechnology & Life Sciences — 4.6%** | **Pharmaceuticals, Biotechnology & Life Sciences — 4.6%** | **Pharmaceuticals, Biotechnology & Life Sciences — 4.6%** |
| ACADIA Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 47725 | 1029428 |
| ADMA Biologics, Inc. <sup>(a)</sup> <br>| 91956 | 1674519 |
| Alkermes PLC <sup>(a)</sup> <br>| 63439 | 1814990 |
| Amphastar Pharmaceuticals, Inc. <sup>(a),(b)</sup> <br>| 13947 | 320223 |
| ANI Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 6536 | 426474 |
| Arcus Biosciences, Inc. <sup>(a)</sup> <br>| 25592 | 208319 |
| Arrowhead Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 48194 | 761465 |

---

**12**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Pharmaceuticals, Biotechnology & Life Sciences — 4.6% (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences — 4.6% (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences — 4.6% (continued)** |
| Azenta, Inc. <sup>(a)</sup> <br>| 17475 | 537881 |
| BioLife Solutions, Inc. <sup>(a)</sup> <br>| 14273 | 307440 |
| Catalyst Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 44012 | 955060 |
| Collegium Pharmaceutical, Inc. <sup>(a)</sup> <br>| 12627 | 373380 |
| Corcept Therapeutics, Inc. <sup>(a)</sup> <br>| 36358 | 2668677 |
| Cytek Biosciences, Inc. <sup>(a)</sup> <br>| 41650 | 141610 |
| Dynavax Technologies Corp. <sup>(a),(b)</sup> <br>| 42588 | 422473 |
| Fortrea Holdings, Inc. <sup>(a)</sup> <br>| 35284 | 174303 |
| Harmony Biosciences Holdings, Inc. <sup>(a)</sup> <br>| 14876 | 470082 |
| Innoviva, Inc. <sup>(a)</sup> <br>| 21530 | 432538 |
| Krystal Biotech, Inc. <sup>(a)</sup> <br>| 9835 | 1351919 |
| Ligand Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 7468 | 848962 |
| Mesa Laboratories, Inc. | 2155 | 203044 |
| Myriad Genetics, Inc. <sup>(a)</sup> <br>| 35833 | 190273 |
| Organon & Co. <sup>(b)</sup> <br>| 99851 | 966558 |
| Pacira BioSciences, Inc. <sup>(a),(b)</sup> <br>| 18222 | 435506 |
| Phibro Animal Health Corp., Cl. A | 7760 | 198190 |
| Prestige Consumer Healthcare, Inc. <sup>(a)</sup> <br>| 18998 | 1516990 |
| Protagonist Therapeutics, Inc. <sup>(a),(b)</sup> <br>| 24134 | 1333886 |
| Supernus Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 21469 | 676703 |
| TG Therapeutics, Inc. <sup>(a),(b)</sup> <br>| 52239 | 1880082 |
| Vericel Corp. <sup>(a)</sup> <br>| 19631 | 835299 |
| Vir Biotechnology, Inc. <sup>(a),(b)</sup> <br>| 34803 | 175407 |
| Xencor, Inc. <sup>(a)</sup> <br>| 27053 | 212637 |
|  |  | **23544318** |
| **Real Estate Management & Development — .5%** | **Real Estate Management & Development — .5%** | **Real Estate Management & Development — .5%** |
| Cushman & Wakefield PLC <sup>(a)</sup> <br>| 88835 | 983403 |
| eXp World Holdings, Inc. <sup>(b)</sup> <br>| 33458 | 304468 |
| Kennedy-Wilson Holdings, Inc. | 44895 | 305286 |
| Marcus & Millichap, Inc. | 9074 | 278663 |
| The St. Joe Company | 14622 | 697469 |
|  |  | **2569289** |
| **Semiconductors & Semiconductor Equipment — 2.8%** | **Semiconductors & Semiconductor Equipment — 2.8%** | **Semiconductors & Semiconductor Equipment — 2.8%** |
| Alpha & Omega Semiconductor Ltd. <sup>(a)</sup> <br>| 9391 | 240973 |
| Axcelis Technologies, Inc. <sup>(a)</sup> <br>| 12308 | 857744 |
| CEVA, Inc. <sup>(a)</sup> <br>| 9300 | 204414 |
| Cohu, Inc. <sup>(a)</sup> <br>| 18136 | 348937 |
| Diodes, Inc. <sup>(a)</sup> <br>| 17815 | 942235 |
| FormFactor, Inc. <sup>(a)</sup> <br>| 29893 | 1028618 |
| Ichor Holdings Ltd. <sup>(a)</sup> <br>| 13327 | 261742 |
| Impinj, Inc. <sup>(a),(b)</sup> <br>| 9022 | 1002074 |
| Kulicke & Soffa Industries, Inc. | 20071 | 694457 |
| MaxLinear, Inc. <sup>(a)</sup> <br>| 30255 | 429924 |
| PDF Solutions, Inc. <sup>(a)</sup> <br>| 11948 | 255448 |
| Penguin Solutions, Inc. <sup>(a)</sup> <br>| 20186 | 399885 |
| Photronics, Inc. <sup>(a)</sup> <br>| 24411 | 459659 |
| Qorvo, Inc. <sup>(a)</sup> <br>| 35983 | 3055317 |
| Semtech Corp. <sup>(a),(b)</sup> <br>| 33552 | 1514537 |
| SiTime Corp. <sup>(a)</sup> <br>| 8045 | 1714229 |
| SolarEdge Technologies, Inc. <sup>(a),(b)</sup> <br>| 23107 | 471383 |

---

**13**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Semiconductors & Semiconductor Equipment — 2.8% (continued)** | **Semiconductors & Semiconductor Equipment — 2.8% (continued)** | **Semiconductors & Semiconductor Equipment — 2.8% (continued)** |
| Ultra Clean Holdings, Inc. <sup>(a)</sup> <br>| 17378 | 392221 |
| Veeco Instruments, Inc. <sup>(a),(b)</sup> <br>| 22713 | 461528 |
|  |  | **14735325** |
| **Software & Services — 4.4%** | **Software & Services — 4.4%** | **Software & Services — 4.4%** |
| A10 Networks, Inc. <sup>(b)</sup> <br>| 28270 | 547025 |
| ACI Worldwide, Inc. <sup>(a)</sup> <br>| 40381 | 1853892 |
| Adeia, Inc. | 42388 | 599366 |
| Agilysys, Inc. <sup>(a)</sup> <br>| 8645 | 991063 |
| Alarm.com Holdings, Inc. <sup>(a)</sup> <br>| 19058 | 1078111 |
| BlackLine, Inc. <sup>(a)</sup> <br>| 19894 | 1126398 |
| Box, Inc., Cl. A <sup>(a)</sup> <br>| 55794 | 1906481 |
| Cleanspark, Inc. <sup>(a),(b)</sup> <br>| 108002 | 1191262 |
| Clear Secure, Inc., Cl. A | 36041 | 1000498 |
| DigitalOcean Holdings, Inc. <sup>(a)</sup> <br>| 24062 | 687211 |
| DXC Technology Co. <sup>(a)</sup> <br>| 70127 | 1072242 |
| Grid Dynamics Holdings, Inc. <sup>(a)</sup> <br>| 23558 | 272095 |
| InterDigital, Inc. | 9995 | 2241179 |
| LiveRamp Holdings, Inc. <sup>(a)</sup> <br>| 25357 | 837795 |
| MARA Holdings, Inc. <sup>(a),(b)</sup> <br>| 135550 | 2125424 |
| N-able, Inc. <sup>(a)</sup> <br>| 26900 | 217890 |
| NCR Voyix Corp. <sup>(a),(b)</sup> <br>| 53862 | 631801 |
| Progress Software Corp. | 16543 | 1056105 |
| Sprinklr, Inc., Cl. A <sup>(a)</sup> <br>| 42885 | 362807 |
| SPS Commerce, Inc. <sup>(a)</sup> <br>| 14615 | 1988955 |
| Teradata Corp. <sup>(a)</sup> <br>| 37005 | 825582 |
|  |  | **22613182** |
| **Technology Hardware & Equipment — 5.7%** | **Technology Hardware & Equipment — 5.7%** | **Technology Hardware & Equipment — 5.7%** |
| Advanced Energy Industries, Inc. | 14494 | 1920455 |
| Arlo Technologies, Inc. <sup>(a)</sup> <br>| 40256 | 682742 |
| Badger Meter, Inc. | 11350 | 2780182 |
| Benchmark Electronics, Inc. | 13829 | 536980 |
| Calix, Inc. <sup>(a)</sup> <br>| 22158 | 1178584 |
| Corsair Gaming, Inc. <sup>(a)</sup> <br>| 17968 | 169438 |
| CTS Corp. | 11536 | 491549 |
| Digi International, Inc. <sup>(a)</sup> <br>| 14211 | 495395 |
| ePlus, Inc. <sup>(a)</sup> <br>| 10110 | 728931 |
| Extreme Networks, Inc. <sup>(a)</sup> <br>| 51269 | 920279 |
| Harmonic, Inc. <sup>(a)</sup> <br>| 45163 | 427694 |
| Insight Enterprises, Inc. <sup>(a)</sup> <br>| 10618 | 1466187 |
| Itron, Inc. <sup>(a)</sup> <br>| 17570 | 2312739 |
| Knowles Corp. <sup>(a)</sup> <br>| 33004 | 581530 |
| NetScout Systems, Inc. <sup>(a)</sup> <br>| 27244 | 675924 |
| OSI Systems, Inc. <sup>(a)</sup> <br>| 6002 | 1349610 |
| PC Connection, Inc. | 4556 | 299694 |
| Plexus Corp. <sup>(a)</sup> <br>| 10502 | 1421026 |
| Ralliant Corp. <sup>(a)</sup> <br>| 44104 | 2138603 |
| Rogers Corp. <sup>(a)</sup> <br>| 6493 | 444641 |
| Sandisk Corp. <sup>(a)</sup> <br>| 52044 | 2360195 |
| Sanmina Corp. <sup>(a)</sup> <br>| 20597 | 2015004 |
| ScanSource, Inc. <sup>(a)</sup> <br>| 7950 | 332389 |
| TTM Technologies, Inc. <sup>(a)</sup> <br>| 39144 | 1597858 |

---

**14**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Technology Hardware & Equipment — 5.7% (continued)** | **Technology Hardware & Equipment — 5.7% (continued)** | **Technology Hardware & Equipment — 5.7% (continued)** |
| Viasat, Inc. <sup>(a)</sup> <br>| 33160 | 484136 |
| Viavi Solutions, Inc. <sup>(a)</sup> <br>| 86032 | 866342 |
| Vishay Intertechnology, Inc. <sup>(b)</sup> <br>| 42950 | 682046 |
| Xerox Holdings Corp. <sup>(b)</sup> <br>| 44102 | 232418 |
|  |  | **29592571** |
| **Telecommunication Services — .9%** | **Telecommunication Services — .9%** | **Telecommunication Services — .9%** |
| Cogent Communications Holdings, Inc. | 16457 | 793392 |
| Gogo, Inc. <sup>(a)</sup> <br>| 22538 | 330858 |
| Lumen Technologies, Inc. <sup>(a)</sup> <br>| 395220 | 1731064 |
| Shenandoah Telecommunications Co. | 17581 | 240156 |
| Telephone and Data Systems, Inc. | 37920 | 1349194 |
|  |  | **4444664** |
| **Transportation — 1.6%** | **Transportation — 1.6%** | **Transportation — 1.6%** |
| Allegiant Travel Co. <sup>(a)</sup> <br>| 5709 | 313709 |
| ArcBest Corp. | 8764 | 674916 |
| Forward Air Corp. <sup>(a),(b)</sup> <br>| 8135 | 199633 |
| Heartland Express, Inc. | 16612 | 143528 |
| Hertz Global Holdings, Inc. <sup>(a),(b)</sup> <br>| 45823 | 312971 |
| Hub Group, Inc., Cl. A | 23521 | 786307 |
| JetBlue Airways Corp. <sup>(a)</sup> <br>| 119432 | 505197 |
| Marten Transport Ltd. | 22201 | 288391 |
| Matson, Inc. | 12551 | 1397554 |
| RXO, Inc. <sup>(a)</sup> <br>| 54794 | 861362 |
| Schneider National, Inc., Cl. B <sup>(b)</sup> <br>| 18484 | 446389 |
| SkyWest, Inc. <sup>(a)</sup> <br>| 15514 | 1597476 |
| Sun Country Airlines Holdings, Inc. <sup>(a)</sup> <br>| 14499 | 170363 |
| Werner Enterprises, Inc. | 23986 | 656257 |
|  |  | **8354053** |
| **Utilities — 2.2%** | **Utilities — 2.2%** | **Utilities — 2.2%** |
| American States Water Co. | 14774 | 1132575 |
| Avista Corp. | 30783 | 1168215 |
| California Water Service Group | 22835 | 1038536 |
| Chesapeake Utilities Corp. | 8932 | 1073805 |
| Clearway Energy, Inc., Cl. A | 13782 | 417043 |
| Clearway Energy, Inc., Cl. C | 31638 | 1012416 |
| H2O America | 12013 | 624316 |
| MDU Resources Group, Inc. | 79217 | 1320547 |
| MGE Energy, Inc. | 14061 | 1243555 |
| Middlesex Water Co. | 6964 | 377309 |
| Northwest Natural Holding Co. | 15521 | 616494 |
| Otter Tail Corp. | 16223 | 1250631 |
| Unitil Corp. | 6372 | 332300 |
|  |  | **11607742** |
| **Total Common Stocks** <br>(cost $383,900,205)<br>|  | **512163918** |

---

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

**15**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Number of Rights | Value ($) |
| **Rights — .0%** | **Rights — .0%** | **Rights — .0%** |
| **Pharmaceuticals, Biotechnology & Life Sciences — .0%** | **Pharmaceuticals, Biotechnology & Life Sciences — .0%** | **Pharmaceuticals, Biotechnology & Life Sciences — .0%** |
| Omniab Operations, Inc.- 12.5 Earnout | 3619 | 0 |
| Omniab Operations, Inc.- 15.0 Earnout | 3619 | 0 |
| **Total Rights** <br>(cost $12,944)<br>|  | **0** |

---

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

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Exchange-Traded Funds — .5%** | **Exchange-Traded Funds — .5%** | **Exchange-Traded Funds — .5%** |
| **Registered Investment Companies — .5%** | **Registered Investment Companies — .5%** | **Registered Investment Companies — .5%** |
| iShares Core S&P Small-Cap ETF <br>(cost $2,321,927)<br>| 23668 | **2586676** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>|  |  |
| **Investment Companies — .0%** | **Investment Companies — .0%** | **Investment Companies — .0%** | **Investment Companies — .0%** |
| **Registered Investment Companies — .0%** | **Registered Investment Companies — .0%** | **Registered Investment Companies — .0%** | **Registered Investment Companies — .0%** |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(d)</sup> <br>(cost $97,729)<br>| 4.47 | 97729 | **97729** |
| **Investment of Cash Collateral for Securities Loaned — 2.1%** |  |  |  |
| **Registered Investment Companies — 2.1%** |  |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(d)</sup> <br>(cost $10,844,268)<br>| 4.47 | 10844268 | **10844268** |
| **Total Investments** (cost $397,177,073) | **Total Investments** (cost $397,177,073) | **101.7%** | **525692591** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(1.7%)** | **(8539384)** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **517153207** |

---

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

ETF—Exchange-Traded Fund <br> REIT—Real Estate Investment Trust

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

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

<sup>(b)</sup> Security, or portion thereof, on loan. At June 30, 2025, the value of the fund's securities on loan was $46,235,389 and the value of the collateral was $47,344,152, consisting of cash collateral of $10,844,268 and U.S. Government & Agency securities valued at $36,499,884. In addition, the value of collateral may include pending sales that are also on loan. 

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>12/31/2024<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>6/30/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - .0%** | **Registered Investment Companies - .0%** | **Registered Investment Companies - .0%** | **Registered Investment Companies - .0%** | **Registered Investment Companies - .0%** | **Registered Investment Companies - .0%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .0%<br>| 2877181 | 95564216 | (98343668) | 97729 | 42727 |

---

**16**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers (continued)** | **Affiliated Issuers (continued)** | **Affiliated Issuers (continued)** | **Affiliated Issuers (continued)** | **Affiliated Issuers (continued)** | **Affiliated Issuers (continued)** |
| Description | Value ($)<br> 12/31/2024<br>| Purchases ($)<sup>†</sup> | Sales ($) | Value ($)<br> 6/30/2025<br>| Dividends/<br> Distributions ($)<br>|
| **Investment of Cash Collateral for Securities Loaned - 2.1%** | **Investment of Cash Collateral for Securities Loaned - 2.1%** | **Investment of Cash Collateral for Securities Loaned - 2.1%** | **Investment of Cash Collateral for Securities Loaned - 2.1%** | **Investment of Cash Collateral for Securities Loaned - 2.1%** | **Investment of Cash Collateral for Securities Loaned - 2.1%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - 2.1%<br>| 6591083 | 44470705 | (40217520) | 10844268 | 69216<sup>††</sup> <br>|
| **Total - 2.1%** | **9468264** | **140034921** | **(138561188)** | **10941997** | **111943** |

---

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

---

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

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures** | **Futures** | **Futures** | **Futures** | **Futures** | **Futures** |
| Description | Number of <br>Contracts<br>| Expiration | Notional <br>Value ($)<br>| Market <br>Value ($)<br>| Unrealized <br>Appreciation ($)<br>|
| **Futures Long** |  |  |  |  |  |
| E-mini Russell 2000 Index | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; 2568058 | &nbsp;&nbsp; 2630040 | &nbsp;&nbsp; 61982 |
| **Gross Unrealized Appreciation** |  |  |  |  | &nbsp;&nbsp; **61982** |

---

See notes to financial statements.

**17**

------

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Statement of Investments <br>(including securities on loan, valued at $46,235,389)—Note 1(c):<br>|  |  |
| Unaffiliated issuers | 386235076 | &nbsp;&nbsp;&nbsp;&nbsp; 514750594 |
| Affiliated issuers | 10941997 | &nbsp;&nbsp;&nbsp;&nbsp; 10941997 |
| Cash collateral held by broker—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 234000 |
| Receivable for investment securities sold |  | &nbsp;&nbsp;&nbsp;&nbsp; 8599612 |
| Dividends and securities lending income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 610943 |
| Receivable for shares of Beneficial Interest subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 235184 |
| Receivable for futures variation margin—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **535376818** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 252507 |
| Liability for securities on loan—Note 1(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10844268 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 4725350 |
| Note payable—Note 2 |  | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 |
| Payable for shares of Beneficial Interest redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 294612 |
| Trustees' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 6310 |
| Interest payable—Note 2 |  | &nbsp;&nbsp;&nbsp;&nbsp; 564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **18223611** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **517153207** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 394031739 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; 123121468 |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **517153207** |
| **Shares Outstanding** |  |  |
| (unlimited number of $.001 par value shares of Beneficial Interest authorized) |  | &nbsp;&nbsp;&nbsp;&nbsp; 31795411 |
| **Net Asset Value Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**16.27** |

---

See notes to financial statements.

**18**

------

STATEMENT OF OPERATIONS

Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Cash dividends (net of $5,081 foreign taxes withheld at source): |  |
| Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 4590490 |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 42727 |
| Affiliated income net of rebates from securities lending—Note 1(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 69216 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp; 6597 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **4709030** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 912286 |
| Distribution Plan fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 651633 |
| Interest expense—Note 2 | &nbsp;&nbsp;&nbsp;&nbsp; 13109 |
| Trustees' fees—Notes 3(a) and 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 8740 |
| Loan commitment fees—Note 2 | &nbsp;&nbsp;&nbsp;&nbsp; 5260 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **1591028** |
| Less—Trustees' fees reimbursed by <br>BNY Mellon Investment Adviser, Inc.—Note 3(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (8740)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **1582288** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **3126742** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 5111249 |
| Net realized gain (loss) on futures | &nbsp;&nbsp;&nbsp;&nbsp; (245576)<br>|
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **4865673** |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (37369204)<br>|
| Net change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp;&nbsp;&nbsp; 205281 |
| **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **(37163923)**<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **(32298250)**<br>|
| **Net (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **(29171508)**<br>|

---

See notes to financial statements.

**19**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>December 31, 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>December 31, 2024 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3126742 | &nbsp;&nbsp;&nbsp;&nbsp; 6259881 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 4865673 | &nbsp;&nbsp;&nbsp;&nbsp; 53138340 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (37163923) | &nbsp;&nbsp;&nbsp;&nbsp; (17024522) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **(29171508)** | &nbsp;&nbsp;&nbsp;&nbsp; **42373699** |
| **Distributions ($):** |  |  |
| **Distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **(61582942)** | &nbsp;&nbsp;&nbsp;&nbsp; **(19677634)** |
| **Beneficial Interest Transactions ($):** |  |  |
| Net proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 88244286 | &nbsp;&nbsp;&nbsp;&nbsp; 189396668 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 61582942 | &nbsp;&nbsp;&nbsp;&nbsp; 19677634 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (123654858) | &nbsp;&nbsp;&nbsp;&nbsp; (228895292) |
| **Increase (Decrease) in Net Assets from Beneficial Interest** <br> **Transactions**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **26172370** | &nbsp;&nbsp;&nbsp;&nbsp; **(19820990)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(64582080)** | &nbsp;&nbsp;&nbsp;&nbsp; **2875075** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 581735287 | &nbsp;&nbsp;&nbsp;&nbsp; 578860212 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **517153207** | &nbsp;&nbsp;&nbsp;&nbsp; **581735287** |
| **Capital Share Transactions (Shares):** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 5066981 | &nbsp;&nbsp;&nbsp;&nbsp; 10025982 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 3980798 | &nbsp;&nbsp;&nbsp;&nbsp; 1078226 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (7249513) | &nbsp;&nbsp;&nbsp;&nbsp; (12262650) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **1798266** | &nbsp;&nbsp;&nbsp;&nbsp; **(1158442)** |

---

See notes to financial statements.

**20**

------

FINANCIAL HIGHLIGHTS

The following table describes the performance for the fiscal periods indicated. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. The fund's total returns do not reflect expenses associated with variable annuity or insurance contracts.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **Service Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;19.39 | &nbsp;&nbsp;&nbsp;&nbsp;18.58 | &nbsp;&nbsp;&nbsp;&nbsp;17.26 | &nbsp;&nbsp;&nbsp;&nbsp;23.55 | &nbsp;&nbsp;&nbsp;&nbsp;19.06 | &nbsp;&nbsp;&nbsp;&nbsp;19.06 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .10 | &nbsp;&nbsp;&nbsp;&nbsp; .20 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .16 | &nbsp;&nbsp;&nbsp;&nbsp; .14 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp; (3.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp; (3.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.18)<br>|
| Dividends from net realized gain on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.00)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.18)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;16.27 | &nbsp;&nbsp;&nbsp;&nbsp;19.39 | &nbsp;&nbsp;&nbsp;&nbsp;18.58 | &nbsp;&nbsp;&nbsp;&nbsp;17.26 | &nbsp;&nbsp;&nbsp;&nbsp;23.55 | &nbsp;&nbsp;&nbsp;&nbsp;19.06 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; (4.88 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;7.96 | &nbsp;&nbsp;&nbsp;&nbsp;15.39 | &nbsp;&nbsp;&nbsp;&nbsp; (16.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.14 | &nbsp;&nbsp;&nbsp;&nbsp;10.64 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net <br> assets<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .61 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp; .61 |
| Ratio of net expenses to average net <br> assets<sup>(c),(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .61 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp; .60 | &nbsp;&nbsp;&nbsp;&nbsp; .60 | &nbsp;&nbsp;&nbsp;&nbsp; .60 | &nbsp;&nbsp;&nbsp;&nbsp; .60 |
| Ratio of net investment income to average <br> net assets<sup>(c),(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp; .97 | &nbsp;&nbsp;&nbsp;&nbsp; .73 | &nbsp;&nbsp;&nbsp;&nbsp; .95 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 33.03 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;77.24 | &nbsp;&nbsp;&nbsp;&nbsp;38.37 | &nbsp;&nbsp;&nbsp;&nbsp;28.27 | &nbsp;&nbsp;&nbsp;&nbsp;46.01 | &nbsp;&nbsp;&nbsp;&nbsp;47.77 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 517153 | &nbsp;&nbsp;&nbsp;&nbsp; 581735 | &nbsp;&nbsp;&nbsp;&nbsp; 578860 | &nbsp;&nbsp;&nbsp;&nbsp; 523889 | &nbsp;&nbsp;&nbsp;&nbsp; 723023 | &nbsp;&nbsp;&nbsp;&nbsp; 617985 |

---

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

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

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

<sup>(c)</sup> Amount does not include the expenses of the underlying funds.

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

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

See notes to financial statements.

**21**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—**

**Significant Accounting Policies:**

Small Cap Stock Index Portfolio (the "fund") is a separate diversified series of BNY Mellon Investment Portfolios (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company and operates as a series company currently offering three series, including the fund. The fund is only offered to separate accounts established by insurance companies to fund variable annuity contracts and variable life insurance policies. The fund's investment objective is to seek to match the performance of the Standard & Poor's® SmallCap 600 Index. BNY Mellon Investment Adviser, Inc. (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser.

BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares, which are sold without a sales charge. The fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in Service Shares which bears a Distribution Plan.

The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

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

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

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

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

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

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

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

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

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

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

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

Investments in equity securities and exchange-traded funds are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

**22**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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

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

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

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

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

The following is a summary of the inputs used as of June 30, 2025 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Equity Securities - Common Stocks | &nbsp;&nbsp; 512163918 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **512163918** |
| Exchange-Traded Funds | &nbsp;&nbsp; 2586676 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **2586676** |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; **0** |
| Investment Companies | &nbsp;&nbsp; 10941997 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **10941997** |
|  | &nbsp;&nbsp; **525692591** | &nbsp;&nbsp; **0** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **525692591** |
| Other Financial Instruments: |  |  |  |  |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp; 61982 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **61982** |
|  | &nbsp;&nbsp; **61982** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **61982** |

---

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

---

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

---

**(b) Foreign taxes:** The fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the fund invests. These foreign taxes, if any, are paid by the fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred or those subject to reclaims as of June 30, 2025, if any, are disclosed in the fund's Statement of Assets and Liabilities.

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

Pursuant to a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund's policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign

**23**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund's Statement of Investments. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund's rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended June 30, 2025, BNY earned $9,396 from the lending of the fund's portfolio securities, pursuant to the securities lending agreement.

For financial reporting purposes, the fund elects not to offset assets and liabilities subject to a securities lending agreement, if any, in the Statement of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statement of Assets and Liabilities. As of June 30, 2025, the fund had securities lending and the impact of netting of assets and liabilities and the offsetting of collateral pledged or received, if any, based on contractual netting/set-off provisions in the securities lending agreement are detailed in the following table:

---

| | |
|:---|:---|
| **Assets ($)** |  |
| Gross amount of securities loaned, at <br> value, as disclosed in the Statement <br>of Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46235389 |
| Collateral (received)/posted not offset <br>in the Statement of <br>Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46235389 )<sup>†</sup><br>|
| Net amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

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

---

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

---

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

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

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

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

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

**24**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

As of and during the period ended June 30, 2025, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended June 30, 2025, the fund did not incur any interest or penalties.

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

The tax character of distributions paid to shareholders during the fiscal year ended December 31, 2024 were as follows: ordinary income $6,649,877 and long-term capital gains $13,027,757. The tax character of current year distributions will be determined at the end of the current fiscal year.

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

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

**NOTE 2—**

**Bank Lines of Credit:**

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

During the period ended June 30, 2025, the fund was charged $13,109 for interest expense. These fees are included in Interest expense in the Statement of Operations. The average amount of borrowings outstanding under the Citibank Credit Facility during the period ended June 30, 2025 was approximately $499,448 with a related weighted average annualized interest rate of 5.29%. As of June 30, 2025, the fund has an outstanding loan balance of $2,100,000 under the Citibank Credit Facility.

**NOTE 3—**

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

**(a)** Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .35% of the value of the fund's average daily net assets and is payable monthly. The fund's Adviser has agreed in its management agreement with the fund to pay all of the fund's expenses, except management fees, Rule 12b-1 Distribution Plan fees, interest expense, brokerage commissions, commitment fees on borrowings, extraordinary expenses not incurred in the ordinary course of the fund's business, and the fees and expenses of the non-interested board members and their counsel. The Adviser has further agreed to reduce its fees in an amount equal to the fund's allocable portion of the fees and expenses of the non-interested board members and the fees and expenses of counsel to the fund and to the non-interest board members. These provisions in the management agreement may not be amended without the approval of the fund's shareholders. During the period ended June 30, 2025, Trustees' fees reimbursed by the Adviser amounted to $8,740.

**(b)** Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, the fund pays the Distributor for distributing its shares, for servicing and/or maintaining shareholder accounts and for advertising and marketing. The Distribution Plan provides for

**25**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

payments to be made at an annual rate of .25% of the value of the fund's average daily net assets. The Distributor may make payments to Participating Insurance Companies and to brokers and dealers acting as principal underwriter for their variable insurance products. The fees payable under the Distribution Plan are payable without regard to actual expenses incurred. During the period ended June 30, 2025, the fund was charged $651,633 pursuant to the Distribution Plan.

The components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $148,346, Distribution Plan fees of $105,961, which are offset against an expense reimbursement currently in effect in the amount of $1,800.

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

**NOTE 4—**

**Securities Transactions:**

The aggregate amount of purchases and sales of investment securities, excluding short-term securities and derivatives, during the period ended June 30, 2025, amounted to $175,823,727 and $208,341,765, respectively.

**Derivatives:** A derivative is a financial instrument whose performance is derived from the performance of another asset. Rule 18f-4 under the Act regulates the use of derivatives transactions for certain funds registered under the Act. The fund is deemed a "limited" derivatives user under the rule and is required to limit its derivatives exposure so that the total notional value of applicable derivatives does not exceed 10% of fund's net assets, and is subject to certain reporting requirements. Each type of derivative instrument that was held by the fund during the period ended June 30, 2025 is discussed below.

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

**Futures:** In the normal course of pursuing its investment objective, the fund is exposed to market risk, including equity price risk, as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at June 30, 2025 are set forth in the Statement of Investments.

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

Fair value of derivative instruments as of June 30, 2025 is shown below:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Derivative <br>Assets ($)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Derivative <br>Liabilities ($)<br>|
| Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp; 61982 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Gross fair value of derivative contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **61982** | &nbsp;&nbsp;&nbsp;&nbsp; **-** |

---

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

---

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

---

The effect of derivative instruments in the Statement of Operations during the period ended June 30, 2025 is shown below:

---

| | | |
|:---|:---|:---|
| Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) |
| Underlying risk | Futures<sup>(1)</sup> <br>| Total |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp; (245576) | &nbsp;&nbsp;&nbsp;&nbsp; **(245576)** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **(245576)** | &nbsp;&nbsp;&nbsp;&nbsp; **(245576)** |

---

**26**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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

---

| | | |
|:---|:---|:---|
| Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) |
| Underlying risk | Futures<sup>(2)</sup> <br>| Total |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp; 205281 | &nbsp;&nbsp;&nbsp;&nbsp; **205281** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **205281** | &nbsp;&nbsp;&nbsp;&nbsp; **205281** |

---

Statement of Operations location:

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

The following table summarizes the monthly average market value of derivatives outstanding during the period ended June 30, 2025:

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **Futures:** |  |
| Equity Futures Long | &nbsp;&nbsp; 2614181 |

---

At June 30, 2025, accumulated net unrealized appreciation on investments inclusive of derivative contracts was $128,577,500, consisting of $187,464,396 gross unrealized appreciation and $58,886,896 gross unrealized depreciation.

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

**27**

------

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

N/A

**28**

------

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

N/A

**29**

------

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

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

**30**

------

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

N/A

**31**

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

Code-0410NCSRSA0625

![](img5cae0f301.gif)

------

BNY Mellon Investment Portfolios, Technology Growth Portfolio

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

June 30, 2025

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

---

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

---

![](img46cd440e1.gif)

------

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

------

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

Family of Funds.

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

------

Contents

The Fund

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

------

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

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_b085b953-8368-400e-b963-53e647741ce9_SOI-Commoncontent-4697_1)**<br> **[Investment Companies](#xx_b085b953-8368-400e-b963-53e647741ce9_SOI-Commoncontent-4697_1)**<br>| 3 |
| [Statement of Investments](#xx_b085b953-8368-400e-b963-53e647741ce9_SOI-Commoncontent-4697_1) | 3 |
| [Statement of Assets and Liabilities](#xx_b085b953-8368-400e-b963-53e647741ce9_FS-Commoncontent-4697_1) | 5 |
| [Statement of Operations](#xx_b085b953-8368-400e-b963-53e647741ce9_FS-Commoncontent-4697_2) | 6 |
| [Statement of Changes in Net Assets](#xx_b085b953-8368-400e-b963-53e647741ce9_FS-Commoncontent-4697_3) | 7 |
| [Financial Highlights](#xx_b085b953-8368-400e-b963-53e647741ce9_FIHI-Commoncontent-4697_1) | 8 |
| [Notes to Financial Statements](#xx_b085b953-8368-400e-b963-53e647741ce9_NTF-Commoncontent-4697_1) | 10 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_b085b953-8368-400e-b963-53e647741ce9_CDA-Commoncontent-4697_1)**<br> **[Investment Companies](#xx_b085b953-8368-400e-b963-53e647741ce9_CDA-Commoncontent-4697_1)**<br>| 16 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_b085b953-8368-400e-b963-53e647741ce9_PRXD-Commoncontent-4697_1)** | 17 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_b085b953-8368-400e-b963-53e647741ce9_RMNP-Commoncontent-4697_1)**<br> **[Management Investment Companies](#xx_b085b953-8368-400e-b963-53e647741ce9_RMNP-Commoncontent-4697_1)**<br>| 18 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_b085b953-8368-400e-b963-53e647741ce9_AAA-Commoncontent-4697_1)** | 19 |

---

------

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

Technology Growth Portfolio

STATEMENT OF INVESTMENTS

June 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 98.1%** | **Common Stocks — 98.1%** | **Common Stocks — 98.1%** |
| **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** |
| Axon Enterprise, Inc. <sup>(a)</sup> <br>| 5283 | **4374007** |
| **Application Software — 13.1%** | **Application Software — 13.1%** | **Application Software — 13.1%** |
| Atlassian Corp., Cl. A <sup>(a)</sup> <br>| 12270 | 2491914 |
| Datadog, Inc., Cl. A <sup>(a)</sup> <br>| 21698 | 2914692 |
| HubSpot, Inc. <sup>(a)</sup> <br>| 5531 | 3078721 |
| Intuit, Inc. | 10269 | 8088172 |
| Klaviyo, Inc., Cl. A <sup>(a)</sup> <br>| 85974 | 2887007 |
| Synopsys, Inc. <sup>(a)</sup> <br>| 3944 | 2022010 |
|  |  | **21482516** |
| **Broadline Retail — 8.8%** | **Broadline Retail — 8.8%** | **Broadline Retail — 8.8%** |
| Alibaba Group Holding Ltd., ADR <sup>(b)</sup> <br>| 20729 | 2350876 |
| Amazon.com, Inc. <sup>(a)</sup> <br>| 34131 | 7488000 |
| MercadoLibre, Inc. <sup>(a)</sup> <br>| 698 | 1824314 |
| PDD Holdings, Inc., ADR <sup>(a)</sup> <br>| 26035 | 2724823 |
|  |  | **14388013** |
| **Interactive Media & Services — 9.7%** | **Interactive Media & Services — 9.7%** | **Interactive Media & Services — 9.7%** |
| Alphabet, Inc., Cl. C | 30505 | 5411282 |
| Meta Platforms, Inc., Cl. A | 10619 | 7837778 |
| Tencent Holdings Ltd., ADR <sup>(b)</sup> <br>| 42212 | 2722674 |
|  |  | **15971734** |
| **Internet Services & Infrastructure — 5.6%** | **Internet Services & Infrastructure — 5.6%** | **Internet Services & Infrastructure — 5.6%** |
| MongoDB, Inc. <sup>(a)</sup> <br>| 11200 | 2351888 |
| Shopify, Inc., Cl. A <sup>(a)</sup> <br>| 59554 | 6869554 |
|  |  | **9221442** |
| **Movies & Entertainment — 7.4%** | **Movies & Entertainment — 7.4%** | **Movies & Entertainment — 7.4%** |
| Netflix, Inc. <sup>(a)</sup> <br>| 7008 | 9384623 |
| Spotify Technology SA <sup>(a)</sup> <br>| 3580 | 2747077 |
|  |  | **12131700** |
| **Real Estate Services — 1.9%** | **Real Estate Services — 1.9%** | **Real Estate Services — 1.9%** |
| CoStar Group, Inc. <sup>(a)</sup> <br>| 38668 | **3108907** |
| **Semiconductor Materials & Equipment — 6.0%** | **Semiconductor Materials & Equipment — 6.0%** | **Semiconductor Materials & Equipment — 6.0%** |
| Applied Materials, Inc. | 16182 | 2962439 |
| ASML Holding NV | 2435 | 1951385 |
| Lam Research Corp. | 49869 | 4854248 |
|  |  | **9768072** |
| **Semiconductors — 24.9%** | **Semiconductors — 24.9%** | **Semiconductors — 24.9%** |
| Infineon Technologies AG, ADR | 73365 | 3123882 |
| Micron Technology, Inc. | 63311 | 7803081 |
| NVIDIA Corp. | 73406 | 11597414 |
| QUALCOMM, Inc. | 24179 | 3850747 |
| Synaptics, Inc. <sup>(a),(b)</sup> <br>| 32974 | 2137375 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 54474 | 12337816 |
|  |  | **40850315** |
| **Systems Software — 15.7%** | **Systems Software — 15.7%** | **Systems Software — 15.7%** |
| JFrog Ltd. <sup>(a)</sup> <br>| 63836 | 2801124 |
| Microsoft Corp. | 17467 | 8688261 |

---

**3**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 98.1% (continued)** | **Common Stocks — 98.1% (continued)** | **Common Stocks — 98.1% (continued)** |
| **Systems Software — 15.7% (continued)** | **Systems Software — 15.7% (continued)** | **Systems Software — 15.7% (continued)** |
| Oracle Corp. | 35324 | 7722886 |
| ServiceNow, Inc. <sup>(a)</sup> <br>| 6254 | 6429612 |
|  |  | **25641883** |
| **Technology Hardware, Storage & Peripherals — 2.3%** | **Technology Hardware, Storage & Peripherals — 2.3%** | **Technology Hardware, Storage & Peripherals — 2.3%** |
| Apple, Inc. | 18142 | **3722194** |
| **Total Common Stocks** <br>(cost $103,663,624)<br>|  | **160660783** |
| **Private Equity — 1.0%** | **Private Equity — 1.0%** | **Private Equity — 1.0%** |
| **Real Estate Services — .0%** | **Real Estate Services — .0%** | **Real Estate Services — .0%** |
| Roofstock, Ser. E <sup>(a),(c)</sup> <br>| 10567 | **62768** |
| **Systems Software — 1.0%** | **Systems Software — 1.0%** | **Systems Software — 1.0%** |
| Databricks, Inc., Ser. H <sup>(a),(c)</sup> <br>| 9003 | 795865 |
| Databricks, Inc., Ser. I <sup>(a),(c)</sup> <br>| 775 | 68510 |
| Databricks, Inc., Ser. J <sup>(a),(c)</sup> <br>| 7982 | 705609 |
|  |  | **1569984** |
| **Total Private Equity** <br>(cost $1,768,444)<br>|  | **1632752** |
| **Total Investments** (cost $105,432,068) | **99.1%**<br>| **162293535** |
| **Cash and Receivables (Net)** | **0.9%**<br>| **1391905** |
| **Net Assets** | **100.0%**<br>| **163685440** |

---

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

ADR—American Depositary Receipt<br>

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

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

<sup>(b)</sup> Security, or portion thereof, on loan. At June 30, 2025, the value of the fund's securities on loan was $5,252,421 and the value of the collateral was $5,385,659, consisting of U.S. Government & Agency securities. In addition, the value of collateral may include pending sales that are also on loan. 

<sup>(c)</sup> The fund held Level 3 securities at June 30, 2025. These securities were valued at $1,632,752 or 1.0% of net assets.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>12/31/2024<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>6/30/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - .0%** | **Registered Investment Companies - .0%** | **Registered Investment Companies - .0%** | **Registered Investment Companies - .0%** | **Registered Investment Companies - .0%** | **Registered Investment Companies - .0%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .0%<br>| 40404102 | 77928585 | (118332687) | - | 196425 |
| **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .0%<br>| 11669070 | 34333533 | (46002603) | - | 5858<sup>††</sup> <br>|
| **Total - .0%** | **52073172** | **112262118** | **(164335290)** | **—** | **202283** |

---

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

---

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

---

See notes to financial statements.

**4**

------

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Statement of Investments <br>(including securities on loan, valued at $5,252,421)—Note 1(c) <br>| 105432068 | &nbsp;&nbsp;&nbsp;&nbsp; 162293535 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp; 13434 |
| Cash denominated in foreign currency | 53100 | &nbsp;&nbsp;&nbsp;&nbsp; 52943 |
| Receivable for investment securities sold |  | &nbsp;&nbsp;&nbsp;&nbsp; 2963355 |
| Dividends and securities lending income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 94155 |
| Receivable for shares of Beneficial Interest subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 18869 |
| Tax reclaim receivable—Note 1(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15070 |
| Prepaid expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 5759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **165457120** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 125949 |
| Note payable—Note 2 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 |
| Payable for shares of Beneficial Interest redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 188741 |
| Trustees' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 4076 |
| Interest payable—Note 2 |  | &nbsp;&nbsp;&nbsp;&nbsp; 202 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 52712 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1771680** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **163685440** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; (427418473)<br>|
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; 591103913 |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **163685440** |

---

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

---

| | | |
|:---|:---|:---|
| **Net Asset Value Per Share** | Initial Shares | Service Shares |
| Net Assets ($) | &nbsp;&nbsp;&nbsp;&nbsp; 92223804 | &nbsp;&nbsp;&nbsp;&nbsp; 71461636 |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 4728711 | &nbsp;&nbsp;&nbsp;&nbsp; 4651227 |
| **Net Asset Value Per Share ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**19.50** | &nbsp;&nbsp;&nbsp;&nbsp;**15.36** |

---

See notes to financial statements.

**5**

------

STATEMENT OF OPERATIONS

Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Cash dividends (net of $24,124 foreign taxes withheld at source): |  |
| Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 497389 |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 196425 |
| Affiliated income net of rebates from securities lending—Note 1(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 5858 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **699672** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 1525902 |
| Distribution Plan fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 320610 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 46816 |
| Chief Compliance Officer fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 15770 |
| Trustees' fees and expenses—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 10483 |
| Custodian fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 6403 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 6264 |
| Shareholder and regulatory reports service fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 6167 |
| Loan commitment fees—Note 2 | &nbsp;&nbsp;&nbsp;&nbsp; 4789 |
| Shareholder servicing costs—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 576 |
| Interest expense—Note 2 | &nbsp;&nbsp;&nbsp;&nbsp; 202 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 16661 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **1960643** |
| Less—reduction in fees due to earnings credits—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; (132)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **1960511** |
| **Net Investment (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **(1260839)**<br>|
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 20885072 |
| Net realized gain (loss) on In-Kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp; 515088909 |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **535973981** |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; (446808681)<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **89165300** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **87904461** |

---

See notes to financial statements.

**6**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>December 31, 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>December 31, 2024 |
| **Operations ($):** |  |  |
| Net investment (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (1260839) | &nbsp;&nbsp;&nbsp;&nbsp; (6263376) |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 535973981 | &nbsp;&nbsp;&nbsp;&nbsp; 167420031 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (446808681) | &nbsp;&nbsp;&nbsp;&nbsp; 95132396 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **87904461** | &nbsp;&nbsp;&nbsp;&nbsp; **256289051** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| Initial Shares | &nbsp;&nbsp;&nbsp;&nbsp; (42643745) | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; (35416459) | &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(78060204)** | &nbsp;&nbsp;&nbsp;&nbsp; **-** |
| **Beneficial Interest Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| Initial Shares | &nbsp;&nbsp;&nbsp;&nbsp; 63900372 | &nbsp;&nbsp;&nbsp;&nbsp; 23074894 |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; 13164033 | &nbsp;&nbsp;&nbsp;&nbsp; 76399621 |
| Distributions reinvested: |  |  |
| Initial Shares | &nbsp;&nbsp;&nbsp;&nbsp; 42643745 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; 35416459 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Cost of shares redeemed: |  |  |
| Initial Shares | &nbsp;&nbsp;&nbsp;&nbsp; (323079682) | &nbsp;&nbsp;&nbsp;&nbsp; (33209238) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; (912377990) | &nbsp;&nbsp;&nbsp;&nbsp; (120392156) |
| **Increase (Decrease) in Net Assets from Beneficial Interest** <br> **Transactions**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(1080333063)** | &nbsp;&nbsp;&nbsp;&nbsp; **(54126879)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(1070488806)** | &nbsp;&nbsp;&nbsp;&nbsp; **202162172** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 1234174246 | &nbsp;&nbsp;&nbsp;&nbsp; 1032012074 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **163685440** | &nbsp;&nbsp;&nbsp;&nbsp; **1234174246** |
| **Capital Share Transactions (Shares):** |  |  |
| **Initial Shares** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1748862 | &nbsp;&nbsp;&nbsp;&nbsp; 710292 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 2617786 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (8778630) | &nbsp;&nbsp;&nbsp;&nbsp; (1065187) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(4411982)** | &nbsp;&nbsp;&nbsp;&nbsp; **(354895)** |
| **Service Shares** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 468866 | &nbsp;&nbsp;&nbsp;&nbsp; 2580477 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 2758291 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (27478147) | &nbsp;&nbsp;&nbsp;&nbsp; (4114410) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(24250990)** | &nbsp;&nbsp;&nbsp;&nbsp; **(1533933)** |

---

See notes to financial statements.

**7**

------

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. The fund's total returns do not reflect expenses associated with variable annuity or insurance contracts.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **Initial Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;35.22 | &nbsp;&nbsp;&nbsp;&nbsp;28.01 | &nbsp;&nbsp;&nbsp;&nbsp;17.57 | &nbsp;&nbsp;&nbsp;&nbsp;35.59 | &nbsp;&nbsp;&nbsp;&nbsp;36.68 | &nbsp;&nbsp;&nbsp;&nbsp;25.26 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment (loss)<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.03)<br>|
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;7.33 | &nbsp;&nbsp;&nbsp;&nbsp;10.51 | &nbsp;&nbsp;&nbsp;&nbsp; (15.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;14.68 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;7.21 | &nbsp;&nbsp;&nbsp;&nbsp;10.44 | &nbsp;&nbsp;&nbsp;&nbsp; (15.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;14.65 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.08)<br>|
| Dividends from net realized gain on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.15)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (16.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.23)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;19.50 | &nbsp;&nbsp;&nbsp;&nbsp;35.22 | &nbsp;&nbsp;&nbsp;&nbsp;28.01 | &nbsp;&nbsp;&nbsp;&nbsp;17.57 | &nbsp;&nbsp;&nbsp;&nbsp;35.59 | &nbsp;&nbsp;&nbsp;&nbsp;36.68 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 12.42 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;25.74 | &nbsp;&nbsp;&nbsp;&nbsp;59.42 | &nbsp;&nbsp;&nbsp;&nbsp; (46.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.93 | &nbsp;&nbsp;&nbsp;&nbsp;69.92 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .81 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .77 | &nbsp;&nbsp;&nbsp;&nbsp; .78 | &nbsp;&nbsp;&nbsp;&nbsp; .78 | &nbsp;&nbsp;&nbsp;&nbsp; .78 | &nbsp;&nbsp;&nbsp;&nbsp; .78 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .81 <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .77 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .78 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .78 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .78 | &nbsp;&nbsp;&nbsp;&nbsp; .78 |
| Ratio of net investment (loss) to average net <br> assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.46 )<sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.36 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.29 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.27 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.10)<br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 13.89 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;34.96 | &nbsp;&nbsp;&nbsp;&nbsp;36.88 | &nbsp;&nbsp;&nbsp;&nbsp;51.13 | &nbsp;&nbsp;&nbsp;&nbsp;38.70 | &nbsp;&nbsp;&nbsp;&nbsp;80.81 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 92224 | &nbsp;&nbsp;&nbsp;&nbsp; 321904 | &nbsp;&nbsp;&nbsp;&nbsp; 265980 | &nbsp;&nbsp;&nbsp;&nbsp; 163979 | &nbsp;&nbsp;&nbsp;&nbsp; 266078 | &nbsp;&nbsp;&nbsp;&nbsp; 227325 |

---

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

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

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

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

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

See notes to financial statements.

**8**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **Service Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>June 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;31.56 | &nbsp;&nbsp;&nbsp;&nbsp;25.17 | &nbsp;&nbsp;&nbsp;&nbsp;15.83 | &nbsp;&nbsp;&nbsp;&nbsp;32.42 | &nbsp;&nbsp;&nbsp;&nbsp;33.95 | &nbsp;&nbsp;&nbsp;&nbsp;23.63 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment (loss)<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.09)<br>|
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; .69 | &nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp;9.45 | &nbsp;&nbsp;&nbsp;&nbsp; (14.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;13.58 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .59 | &nbsp;&nbsp;&nbsp;&nbsp;6.39 | &nbsp;&nbsp;&nbsp;&nbsp;9.34 | &nbsp;&nbsp;&nbsp;&nbsp; (14.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;13.49 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.02)<br>|
| Dividends from net realized gain on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.15)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (16.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.17)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;15.36 | &nbsp;&nbsp;&nbsp;&nbsp;31.56 | &nbsp;&nbsp;&nbsp;&nbsp;25.17 | &nbsp;&nbsp;&nbsp;&nbsp;15.83 | &nbsp;&nbsp;&nbsp;&nbsp;32.42 | &nbsp;&nbsp;&nbsp;&nbsp;33.95 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 12.30 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;25.39 | &nbsp;&nbsp;&nbsp;&nbsp;59.00 | &nbsp;&nbsp;&nbsp;&nbsp; (46.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.64 | &nbsp;&nbsp;&nbsp;&nbsp;69.57 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.06 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.06 <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Ratio of net investment (loss) to average net <br> assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.71 )<sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.61 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.54 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.52 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.34)<br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 13.89 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;34.96 | &nbsp;&nbsp;&nbsp;&nbsp;36.88 | &nbsp;&nbsp;&nbsp;&nbsp;51.13 | &nbsp;&nbsp;&nbsp;&nbsp;38.70 | &nbsp;&nbsp;&nbsp;&nbsp;80.81 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 71462 | &nbsp;&nbsp;&nbsp;&nbsp; 912270 | &nbsp;&nbsp;&nbsp;&nbsp; 766032 | &nbsp;&nbsp;&nbsp;&nbsp; 523705 | &nbsp;&nbsp;&nbsp;&nbsp; 853460 | &nbsp;&nbsp;&nbsp;&nbsp; 736258 |

---

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

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

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

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

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

See notes to financial statements.

**9**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—**

**Significant Accounting Policies:**

Technology Growth Portfolio (the "fund") is a separate diversified series of BNY Mellon Investment Portfolios (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company and operates as a series company currently offering three series, including the fund. The fund is only offered to separate accounts established by insurance companies to fund variable annuity contracts and variable life insurance policies. The fund's investment objective is to seek capital appreciation. BNY Mellon Investment Adviser, Inc. (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser. Newton Investment Management North America, LLC (the "Sub-Adviser" or "NIMNA"), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund's sub-adviser. NIMNA has entered into a sub-sub-investment advisory agreement with its affiliate, Newton Investment Management Limited ("NIM"), to enable NIM to provide certain advisory services to the Sub-Adviser for the benefit of the fund, including, but not limited to, portfolio management services. NIM is subject to the supervision of NIMNA and the Adviser. NIM is also an affiliate of the Adviser. NIM, located at 160 Queen Victoria Street, London, EC4V, 4LA, England, was formed in 1978. NIM is an indirect subsidiary of BNY.

BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares, which are sold without a sales charge. The fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Initial and Service. Each class of shares has identical rights and privileges, except with respect to the Distribution Plan and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

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

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

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

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

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

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

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

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

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

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

**10**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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

Investments in equity securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

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

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

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

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

Investment in private equity securities will be fair valued by the Board in accordance with valuation procedures approved by the Board. Those portfolio valuations will be based on unobservable inputs and certain assumptions about how market participants would price the instrument. The fund expects that inputs into the determination of fair value of those investments will require significant management judgment or estimation. Because valuations may fluctuate over short periods of time and may be based on estimates, fair value determinations may differ materially from the value received in an actual transaction. Additionally, valuations of private companies are inherently uncertain. The fund's net asset value could be adversely affected if the fund's determinations regarding the fair value of those investments were materially higher or lower than the values that it ultimately realized upon the disposal of such investments. These securities are categorized within Level 3 of the fair value hierarchy.

The following is a summary of the inputs used as of June 30, 2025 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Equity Securities - Common Stocks | &nbsp;&nbsp; 160660783 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **160660783** |
| Equity Securities - Private Equity | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1632752 | &nbsp;&nbsp; **1632752** |
|  | &nbsp;&nbsp; **160660783** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **1632752** | &nbsp;&nbsp; **162293535** |

---

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

<sup>†</sup> See Statement of Investments for additional detailed categorizations, if any.

**11**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | |
|:---|:---|
|  | Equity Securities-Private Equity ($) |
| Balance as of 12/31/2024<sup>†</sup> <br>| &nbsp;&nbsp; 12943684 |
| Purchases/Issuances | &nbsp;&nbsp; - |
| Sales/Dispositions on in-kind redemptions | &nbsp;&nbsp; (12534986) |
| Net realized gain (loss) on in-kind redemptions | &nbsp;&nbsp; 247519 |
| Change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 976535 |
| Transfers into Level 3 | &nbsp;&nbsp; - |
| Transfers out of Level 3 | &nbsp;&nbsp; - |
| Balance as of 6/30/2025<sup>†</sup> <br>| &nbsp;&nbsp; 1632752 |
| The amount of total gains (losses) for the period included in earnings attributable to the change in <br> unrealized appreciation (depreciation) relating to investments still held at 6/30/2025<br>| &nbsp;&nbsp; 1224054 |

---

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

<sup>†</sup> Securities deemed as Level 3 due to the lack of observable inputs by management assessment.

The following table summarizes the significant unobservable inputs the fund used to value its investment categorized within Level 3 as of June 30, 2025. In addition to the techniques and inputs noted in the table below, according to the fund's valuation policy, other valuation techniques and methodologies when determining the fund's fair value measurements may be used. The below table is not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they are to the fund's determination of fair values at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Asset Type | Value ($) | &nbsp;&nbsp;&nbsp; Valuation Techniques/ <br>Methodologies<br>| Unobservable Inputs | &nbsp;&nbsp;&nbsp; Amount or Range/ <br>Weighted Average |
| Private Equity | &nbsp;&nbsp;&nbsp; 1632752 | &nbsp;&nbsp;&nbsp; Market Comparables <br>Companies<br>| &nbsp;&nbsp;&nbsp; Changes in Enterprise Market <br>Value of Comparables from <br>prior month-end valuation<br>| (4.3%)-(6.5%)/(6.42%) |

---

**(b) Foreign currency transactions:** The fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments resulting from changes in exchange rates. Foreign currency gains and losses on foreign currency transactions are also included with net realized and unrealized gain or loss on investments.

**Foreign taxes:** The fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the fund invests. These foreign taxes, if any, are paid by the fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred or those subject to reclaims as of June 30, 2025, if any, are disclosed in the fund's Statement of Assets and Liabilities.

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

Pursuant to a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund's policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower

**12**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

default, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund's Statement of Investments. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund's rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended June 30, 2025, BNY earned $797 from the lending of the fund's portfolio securities, pursuant to the securities lending agreement.

For financial reporting purposes, the fund elects not to offset assets and liabilities subject to a securities lending agreement, if any, in the Statement of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statement of Assets and Liabilities. As of June 30, 2025, the fund had securities lending and the impact of netting of assets and liabilities and the offsetting of collateral pledged or received, if any, based on contractual netting/set-off provisions in the securities lending agreement are detailed in the following table:

---

| | |
|:---|:---|
| **Assets ($)** |  |
| Gross amount of securities loaned, at <br> value, as disclosed in the Statement <br>of Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5252421 |
| Collateral (received)/posted not offset <br>in the Statement of <br>Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5252421 )<sup>†</sup><br>|
| Net amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

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

---

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

---

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

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

**Foreign Investment Risk**: To the extent the fund invests in foreign securities, the fund's performance will be influenced by political, social and economic factors affecting investments in foreign issuers. Special risks associated with investments in foreign issuers include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political and economic instability and differing auditing and legal standards.

**Technology Company Risk:** The technology sector has been among the most volatile sectors of the stock market. Because the fund's investments are concentrated in the technology sector, its performance will be significantly affected by developments in that sector. Technology companies, especially small-cap technology companies, involve greater risk because their revenue and/or earnings tend to be less predictable (and some companies may be experiencing significant losses) and their share prices tend to be more volatile. Certain technology companies may have limited product lines, markets or financial resources, or may depend on a limited management group. In addition, these companies are strongly affected by worldwide technological developments, and their products and services may not be economically successful or may quickly become outdated. Investor perception may play a greater role in determining the day-to-day value of tech stocks than it does in other sectors. Fund investments made in anticipation of future products and services may decline dramatically in value if the anticipated products or services are delayed or cancelled. The risks associated with technology companies are magnified in the case of small-cap technology companies. The shares of smaller technology companies tend to trade less frequently than those of larger, more established companies, which can have an adverse effect on the pricing of these securities and on the fund's ability to sell these securities.

**(f) Dividends and distributions to shareholders:** Dividends and distributions are recorded on the ex-dividend date. Dividends from

**13**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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

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

As of and during the period ended June 30, 2025, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended June 30, 2025, the fund did not incur any interest or penalties.

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

There were no distributions paid to shareholders during the fiscal year ended December 31, 2024. The tax character of current year distributions will be determined at the end of the current fiscal year.

**(h) In-kind redemptions:** The fund transferred securities and cash to shareholders in connection with an in-kind redemption transaction. For financial reporting purposes, these transactions were treated as sales of securities and the resulting gains and losses were recognized based on the market value of the securities on the date of the redemption. For the period ended June 30, 2025, the fund had in-kind redemptions of $1,196,563,503. For tax purposes, no gains or losses were recognized. Net gains and losses resulting from such in-kind redemptions are shown in the Statement of Operations.

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

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

**NOTE 2—**

**Bank Lines of Credit:**

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

During the period ended June 30, 2025, the fund was charged $202 for interest expense. These fees are included in Interest expense in the Statement of Operations. The average amount of borrowings outstanding under the Citibank Credit Facility during the period ended June 30, 2025 was approximately $7,735 with a related weighted average annualized interest rate of 5.27%. As of June 30, 2025, the fund has an outstanding loan balance of $1,400,000 under the Citibank Credit Facility.

**14**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

**NOTE 3—**

**Management Fee, Sub-Advisory Fee and Other Transactions with Affiliates:**

**(a)** Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .75% of the value of the fund's average daily net assets and is payable monthly.

Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a monthly fee at an annual rate of .36% of the value of the fund's average daily net assets.

**(b)** Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Service shares pay the Distributor for distributing its shares, for servicing and/or maintaining Service shares' shareholder accounts and for advertising and marketing for Service shares. The Distribution Plan provides for payments to be made at an annual rate of .25% of the value of the Service shares' average daily net assets. The Distributor may make payments to Participating Insurance Companies and to brokers and dealers acting as principal underwriter for their variable insurance products. The fees payable under the Distribution Plan are payable without regard to actual expenses incurred. During the period ended June 30, 2025, Service shares were charged $320,610 pursuant to the Distribution Plan.

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

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

The fund compensates the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended June 30, 2025, the fund was charged $353 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset by earnings credits of $132.

The fund compensates the Custodian, under a custody agreement, for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended June 30, 2025, the fund was charged $6,403 pursuant to the custody agreement.

During the period ended June 30, 2025, the fund was charged $15,770 for services performed by the fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

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

The components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $98,666, Distribution Plan fees of $14,144, Custodian fees of $2,445, Chief Compliance Officer fees of $4,405, Transfer Agent fees of $122 and Shareholder and regulatory reports service fees of $6,167.

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

**NOTE 4—**

**Securities Transactions:**

The aggregate amount of purchases and sales of investment securities, excluding short-term securities and in-kind transactions, during the period ended June 30, 2025, amounted to $124,768,814 and $63,595,805, respectively.

The aggregate amount of purchases and sales of investment securities, excluding short-term securities and including in-kind redemptions, during the period ended June 30, 2025, amounted to $124,768,814 and $1,245,884,107, respectively.

At June 30, 2025, accumulated net unrealized appreciation on investments was $56,861,467, consisting of $59,641,866 gross unrealized appreciation and $2,780,399 gross unrealized depreciation.

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

**15**

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

N/A

**16**

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

N/A

**17**

------

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

Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The fund is charged for services performed by the fund's Chief Compliance Officer. Compensation paid by the fund during the period to the board members and the Chief Compliance Officer are within Item 7. Statement of Operations as Trustees' fees and expenses and Chief Compliance Officer fees, respectively. The aggregate amount of Trustees' fees and expenses and Chief Compliance Officer fees paid by the fund during the period was $26,253.

**18**

------

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

N/A

**19**

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

Code-0175NCSRSA0625

![](img46cd440e1.gif)

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

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

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

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

Not applicable.

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

Not applicable.

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

(a)(1) Not applicable.

(a)(2) [Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940](exhibit302-172.htm).

(a)(3) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940](exhibit906-172.htm).

**SIGNATURES** 

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

BNY Mellon Investment Portfolios

By: /s/ David J. DiPetrillo

David J. DiPetrillo

President (Principal Executive Officer)

Date: August 11, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ David J. DiPetrillo

David J. DiPetrillo

President (Principal Executive Officer)

Date: August 11, 2025

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

James Windels

Treasurer (Principal Financial Officer)

Date: August 8, 2025

**EXHIBIT INDEX**

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

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

## Ex-99.Cert

[EX-99.CERT]—Exhibit (a)(2)

**SECTION 302 CERTIFICATION**

I, David J. DiPetrillo, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon Investment Portfolios;

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

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

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

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

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

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

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

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

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

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

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

David J. DiPetrillo

President (Principal Executive Officer)

Date: August 11, 2025

**SECTION 302 CERTIFICATION**

I, James Windels, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon Investment Portfolios;

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

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

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

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

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

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

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

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

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

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

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

James Windels

Treasurer (Principal Financial Officer)

Date: August 8, 2025

## Exhibit 99.906

[EX-99.906CERT]

Exhibit (b)

**SECTION 906 CERTIFICATIONS**

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

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

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

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

David J. DiPetrillo

President (Principal Executive Officer)<br>

Date: August 11, 2025

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

James Windels

Treasurer (Principal Financial Officer)

Date: August 8, 2025

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