# EDGAR Filing Document

**Accession Number:** 0001056707
**File Stem:** 0000030146-26-000053
**Filing Date:** 2026-2
**Character Count:** 333709
**Document Hash:** 5b64067200374e71a720c8e41a720a0b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000030146-26-000053.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0000030146-26-000053

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**EFFECTIVENESS DATE**: 20260212

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08673
- **FILM NUMBER:** 26623817

**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 |  |

?xml version='1.0' encoding='ASCII'? d1526b95-1df4-476c-af38-d59ccf4cd18f

#### 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:

#### 12/31/25
ITEM 1 - Reports to Stockholders

BNY Mellon Investment Portfolios, MidCap Stock Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Initial Shares
This annual shareholder report contains important information about BNY Mellon Investment Portfolios, MidCap Stock Portfolio (the "Fund") for the period of January 1, 2025 to December 31, 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 year ?
(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<sup>\*</sup> | $84 | 0.80% |

---

\* <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.</sup>

#### How did the Fund perform last year ?
* For the 12-month period ended December 31, 2025, the Fund's Initial Shares returned 10.07%.

* In comparison, the S&P MidCap 400<sup>®</sup> Index (the "Index") returned 7.50% for the same period.

**What affected the Fund's performance?**

* U.S. equities gained ground as inflation pressures eased, the Federal Reserve cut rates, and Treasury yields declined. Better-than-expected earnings supported performance, led by AI-linked technology and communication services stocks.

* Stock selection in the consumer discretionary, industrials and health care sectors contributed positively to the Fund's performance relative to the Index.

* Stock selection in consumer staples and materials detracted most from relative performance.

#### How did the Fund perform over the past 10 years?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from January 1 , 2015 through December 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_11250361.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Initial Shares to a hypothetical investment of $10,000 made in each of the S&P 1500<sup>®</sup> Index (a broad-based index) and S&P MidCap 400<sup>®</sup> Index on 12/31/2015. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the indexes are not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 12/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1YR** | **5YR** | **10YR** |
| Initial Shares | 10.07% | 9.67% | 8.78% |
| S&P 1500<sup>®</sup> Index (broad-based index) | 17.02% | 13.96% | 14.46% |
| S&P MidCap 400<sup>®</sup> Index | 7.50% | 9.12% | 10.72% |

---

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit www.bny.com/investments/us/en/intermediary/products/variable-products.html#funds-table-tabs1 .**

**KEY FUND STATISTICS (AS OF 12/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $155 | 267 | $1058837 | 65.24% |

---

**Portfolio Holdings (as of 12/31/25)**

**Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_11250390.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_11250366.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 .**

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2026 **BNY Mellon Securities Corporation**, Distributor,

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

Code-0174AR1225

![TSR- BNY Investment Logo](images_27695.jpg)

BNY Mellon Investment Portfolios, MidCap Stock Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Service Shares
This annual shareholder report contains important information about BNY Mellon Investment Portfolios, MidCap Stock Portfolio (the "Fund") for the period of January 1, 2025 to December 31, 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 year ?
(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<sup>\*</sup> | $110 | 1.05% |

---

\* <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.</sup>

#### How did the Fund perform last year ?
* For the 12-month period ended December 31, 2025, the Fund's Service Shares returned 9.81%.

* In comparison, the S&P MidCap 400<sup>®</sup> Index (the "Index") returned 7.50% for the same period.

**What affected the Fund's performance?**

* U.S. equities gained ground as inflation pressures eased, the Federal Reserve cut rates, and Treasury yields declined. Better-than-expected earnings supported performance, led by AI-linked technology and communication services stocks.

* Stock selection in the consumer discretionary, industrials and health care sectors contributed positively to the Fund's performance relative to the Index.

* Stock selection in consumer staples and materials detracted most from relative performance.

#### How did the Fund perform over the past 10 years?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from January 1 , 2015 through December 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_11250412.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Service Shares to a hypothetical investment of $10,000 made in each of the S&P 1500<sup>®</sup> Index (a broad-based index) and S&P MidCap 400<sup>®</sup> Index on 12/31/2015. The performance shown takes into account applicable fees and expenses of the Fund, including management fees, 12b-1 fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the indexes are not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 12/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1YR** | **5YR** | **10YR** |
| Service Shares | 9.81% | 9.39% | 8.51% |
| S&P 1500<sup>®</sup> Index (broad-based index) | 17.02% | 13.96% | 14.46% |
| S&P MidCap 400<sup>®</sup> Index | 7.50% | 9.12% | 10.72% |

---

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit www.bny.com/investments/us/en/intermediary/products/variable-products.html#funds-table-tabs1 .**

**KEY FUND STATISTICS (AS OF 12/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $155 | 267 | $1058837 | 65.24% |

---

**Portfolio Holdings (as of 12/31/25)**

**Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_11250441.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_11250417.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 .**

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2026 **BNY Mellon Securities Corporation**, Distributor,

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

Code-0421AR1225

![TSR- BNY Investment Logo](images_27695.jpg)

BNY Mellon Investment Portfolios, Small Cap Stock Index Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Service Shares
This 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 December 31, 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 year ?
(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 | $63 | 0.61% |

---

#### How did the Fund perform last year ?
* For the 12-month period ended December 31, 2025, the Fund's Service Shares returned 5.36%. 

* In comparison, the S&P SmallCap 600<sup>®</sup> Index (the "Index") returned 6.02% for the same period. 

 **What affected the Fund's performance?**

* U.S. equities advanced amid stable inflation, easing interest rates and effective adjustments to the administration's tariff policies. Small-cap stocks posted more moderate gains than their mid- and large-cap counterparts. 

* The best-performing small-cap sectors included information technology, industrials and materials. 

* The weakest-performing sectors included consumer staples, energy and communication services. 

* The difference in returns between the Fund and the Index resulted primarily from transaction costs and operating expenses that are not reflected in Index results. 

#### How did the Fund perform over the past 10 years?
 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

 **Cumulative Performance from January 1 , 2015 through December 31, 2025** 

 **Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_11250208.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Service Shares to a hypothetical investment of $10,000 made in each of the S&P 1500<sup>®</sup> Index (a broad-based index) and S&P SmallCap 600<sup>®</sup> Index on 12/31/2015. The performance shown takes into account applicable fees and expenses of the Fund, including management fees, 12b-1 fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the indexes are not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

 **AVERAGE ANNUAL TOTAL RETURNS (AS OF 12/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1YR** | **5YR** | **10YR** |
| Small Cap Stock Index Portfolio | 5.36% | 6.65% | 9.15% |
| S&P 1500<sup>®</sup> Index (broad-based index) | 17.02% | 13.96% | 14.46% |
| S&P SmallCap 600<sup>®</sup> Index | 6.02% | 7.31% | 9.81% |

---

 **The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit www.bny.com/investments/us/en/intermediary/products/variable-products.html#funds-table-tabs1 .**

 **KEY FUND STATISTICS (AS OF 12/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **Total Advisory Fee Paid During<br> Period** | **<br> Annual Portfolio Turnover** |
| $533 | 609 | $1845500 | 60.63% |

---

 **Portfolio Holdings (as of 12/31/25)**

 **Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_11250237.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_11250213.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 .**

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2026 **BNY Mellon Securities Corporation**, Distributor,

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

Code-0410AR1225

![TSR- BNY Investment Logo](images_27695.jpg)

BNY Mellon Investment Portfolios, Technology Growth Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Initial Shares
This annual shareholder report contains important information about BNY Mellon Investment Portfolios, Technology Growth Portfolio (the "Fund") for the period of January 1, 2025 to December 31, 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 year ?
(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 | $94 | 0.82% |

---

#### How did the Fund perform last year ?
* For the 12-month period ended December 31, 2025, the Fund's Initial Shares returned 28.16%. 

* In comparison, the NYSE<sup>®</sup> Technology Index (the "Index") returned 38.68% for the same period. 

 **What affected the Fund's performance?**

* U.S. equities advanced as easing inflation, resilient economic growth and improving earnings supported risk appetite, with growth-oriented technology stocks outperforming the broader market. 

* While all of the Fund's sector positions underperformed the Index to some degree, the strongest relative performance came from health care, financials and communication services. 

* The most significant detractors from relative performance included information technology and consumer discretionary, reflecting negative security selection effects. 

#### How did the Fund perform over the past 10 years?
 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

 **Cumulative Performance from January 1 , 2015 through December 31, 2025** 

 **Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_11250259.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Initial Shares to a hypothetical investment of $10,000 made in each of the S&P 500<sup>®</sup> Index (a broad-based index) and NYSE<sup>®</sup> Technology Index on 12/31/2015. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the indexes are not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

 **AVERAGE ANNUAL TOTAL RETURNS (AS OF 12/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1YR** | **5YR** | **10YR** |
| Initial Shares | 28.16% | 9.24% | 17.27% |
| S&P 500<sup>®</sup> Index (broad-based index) | 17.87% | 14.42% | 14.81% |
| NYSE<sup>®</sup> Technology Index | 38.68% | 15.43% | 22.15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;The performance data quoted represent past performance, which is no guarantee of future results. **For more current information visit www.bny.com/investments/us/en/intermediary/products/variable-products.html#funds-table-tabs1 .**

 **KEY FUND STATISTICS (AS OF 12/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **Total Advisory Fee Paid During<br> Period** | **<br> Annual Portfolio Turnover** |
| $174 | 37 | $2169939 | 29.88% |

---

 **Portfolio Holdings (as of 12/31/25)**

 **Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_11250288.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_11250264.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 .**

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2026 **BNY Mellon Securities Corporation**, Distributor,

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

Code-0175AR1225

![TSR- BNY Investment Logo](images_27695.jpg)

BNY Mellon Investment Portfolios, Technology Growth Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Service Shares
This annual shareholder report contains important information about BNY Mellon Investment Portfolios, Technology Growth Portfolio (the "Fund") for the period of January 1, 2025 to December 31, 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 year ?
(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 | $122 | 1.07% |

---

#### How did the Fund perform last year ?
* For the 12-month period ended December 31, 2025, the Fund's Service Shares returned 27.87%. 

* In comparison, the NYSE<sup>®</sup> Technology Index (the "Index") returned 38.68% for the same period. 

 **What affected the Fund's performance?**

* U.S. equities advanced as easing inflation, resilient economic growth and improving earnings supported risk appetite, with growth-oriented technology stocks outperforming the broader market. 

* While all of the Fund's sector positions underperformed the Index to some degree, the strongest relative performance came from health care, financials and communication services. 

* The most significant detractors from relative performance included information technology and consumer discretionary, reflecting negative security selection effects. 

#### How did the Fund perform over the past 10 years?
 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

 **Cumulative Performance from January 1 , 2015 through December 31, 2025** 

 **Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_11250310.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Service Shares to a hypothetical investment of $10,000 made in each of the S&P 500<sup>®</sup> Index (a broad-based index) and NYSE<sup>®</sup> Technology Index on 12/31/2015. The performance shown takes into account applicable fees and expenses of the Fund, including management fees, 12b-1 fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the indexes are not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

 **AVERAGE ANNUAL TOTAL RETURNS (AS OF 12/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1YR** | **5YR** | **10YR** |
| Service Shares | 27.87% | 8.96% | 16.97% |
| S&P 500<sup>®</sup> Index (broad-based index) | 17.87% | 14.42% | 14.81% |
| NYSE<sup>®</sup> Technology Index | 38.68% | 15.43% | 22.15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;The performance data quoted represent past performance, which is no guarantee of future results. **For more current information visit www.bny.com/investments/us/en/intermediary/products/variable-products.html#funds-table-tabs1 .**

 **KEY FUND STATISTICS (AS OF 12/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **Total Advisory Fee Paid During<br> Period** | **<br> Annual Portfolio Turnover** |
| $174 | 37 | $2169939 | 29.88% |

---

 **Portfolio Holdings (as of 12/31/25)**

 **Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_11250339.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_11250315.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 .**

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2026 **BNY Mellon Securities Corporation**, Distributor,

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

Code-0422AR1225

![TSR- BNY Investment Logo](images_27695.jpg)

------

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

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.

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

The Registrant's Board has determined that J. Charles Cardona, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). J. Charles Cardona is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $110,958 in 2024 and $113,175 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $21,996 in 2024 and $23,310 in 2025. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2024 and $0 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $14,289 in 2024 and $14,289 in 2025. These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $9,582 in 2024 and $10,296 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $122 in

2024 and $131 in 2025. These services consisted of a review of the Registrant's anti-money laundering program.

The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $0 in 2024 and $0 in 2025.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.

(e)(2) <u>Note</u>. None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

<u>Non-Audit Fees</u>. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $1,429,804 in 2024 and $2,001,215 in 2025.

<u>Auditor Independence</u>. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.

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

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

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

Not applicable.

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

Not applicable.

BNY Mellon Investment Portfolios, MidCap Stock Portfolio

**ANNUAL FINANCIALS AND OTHER INFORMATION**

December 31, 2025

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

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

---

![](img309da41f1.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

------

Contents

The Fund

Please note the 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_5995bfe4-e6e8-4f89-8802-b2007924b0df_SOI-Commoncontent-4785_1)**<br> **[Investment Companies](#xx_5995bfe4-e6e8-4f89-8802-b2007924b0df_SOI-Commoncontent-4785_1)**<br>| 3 |
| [Schedule of Investments](#xx_5995bfe4-e6e8-4f89-8802-b2007924b0df_SOI-Commoncontent-4785_1) | 3 |
| [Statement of Assets and Liabilities](#xx_5995bfe4-e6e8-4f89-8802-b2007924b0df_FS-Commoncontent-4785_1) | 11 |
| [Statement of Operations](#xx_5995bfe4-e6e8-4f89-8802-b2007924b0df_FS-Commoncontent-4785_2) | 12 |
| [Statement of Changes in Net Assets](#xx_5995bfe4-e6e8-4f89-8802-b2007924b0df_FS-Commoncontent-4785_3) | 13 |
| [Financial Highlights](#xx_5995bfe4-e6e8-4f89-8802-b2007924b0df_FIHI-Commoncontent-4785_1) | 14 |
| [Notes to Financial Statements](#xx_5995bfe4-e6e8-4f89-8802-b2007924b0df_NTF-Commoncontent-4785_1) | 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_5995bfe4-e6e8-4f89-8802-b2007924b0df_AUD-Commoncontent-4785_1) | 21 |
| [Important Tax Information](#xx_5995bfe4-e6e8-4f89-8802-b2007924b0df_ITI-Commoncontent-4785_1) | 22 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_5995bfe4-e6e8-4f89-8802-b2007924b0df_CDA-Commoncontent-4785_1)**<br> **[Investment Companies](#xx_5995bfe4-e6e8-4f89-8802-b2007924b0df_CDA-Commoncontent-4785_1)**<br>| 23 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_5995bfe4-e6e8-4f89-8802-b2007924b0df_PRXD-Commoncontent-4785_1)** | 24 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_5995bfe4-e6e8-4f89-8802-b2007924b0df_RMNP-Commoncontent-4785_1)**<br> **[Management Investment Companies](#xx_5995bfe4-e6e8-4f89-8802-b2007924b0df_RMNP-Commoncontent-4785_1)**<br>| 25 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_5995bfe4-e6e8-4f89-8802-b2007924b0df_AAA-Commoncontent-4785_1)** | 26 |

---

------

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

MidCap Stock Portfolio

SCHEDULE OF INVESTMENTS

December 31, 2025

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.7%** | **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |
| **Automobiles & Components — 1.6%** | **Automobiles & Components — 1.6%** | **Automobiles & Components — 1.6%** |
| Adient PLC<sup>(a)</sup> <br>| 512 | 9815 |
| Autoliv, Inc. | 7704 | 914465 |
| Gentex Corp. | 11847 | 275680 |
| Harley-Davidson, Inc. | 12518 | 256494 |
| Lear Corp.<sup>(b)</sup> <br>| 4845 | 555237 |
| Visteon Corp.<sup>(b)</sup> <br>| 4332 | 411973 |
|  |  | **2423664** |
| **Banks — 5.2%** | **Banks — 5.2%** | **Banks — 5.2%** |
| Bank OZK | 19153 | 881421 |
| Commerce Bancshares, Inc.<sup>(b)</sup> <br>| 15278 | 799650 |
| East West Bancorp, Inc. | 9847 | 1106704 |
| First Financial Bankshares, Inc. | 14762 | 440941 |
| First Horizon Corp. | 90826 | 2170741 |
| Hancock Whitney Corp. | 9945 | 633298 |
| Synovus Financial Corp. | 3759 | 188138 |
| Wintrust Financial Corp. | 5256 | 734894 |
| Zions Bancorp NA | 19801 | 1159151 |
|  |  | **8114938** |
| **Capital Goods — 19.1%** | **Capital Goods — 19.1%** | **Capital Goods — 19.1%** |
| A.O. Smith Corp.<sup>(b)</sup> <br>| 10109 | 676090 |
| Advanced Drainage Systems, Inc. | 4039 | 584968 |
| AGCO Corp.<sup>(b)</sup> <br>| 2197 | 229191 |
| Applied Industrial Technologies, Inc. | 4460 | 1145194 |
| Armstrong World Industries, Inc. | 1289 | 246328 |
| ATI, Inc.<sup>(a)</sup> <br>| 11636 | 1335347 |
| BWX Technologies, Inc. | 6057 | 1046892 |
| Carlisle Cos., Inc. | 1788 | 571910 |
| Carpenter Technology Corp. | 2114 | 665572 |
| Chart Industries, Inc.<sup>(a)</sup> <br>| 2620 | 540323 |
| Comfort Systems USA, Inc. | 1638 | 1528729 |
| Core & Main, Inc., Cl. A<sup>(a)</sup> <br>| 5829 | 302933 |
| Crane Co. | 1650 | 304310 |
| Curtiss-Wright Corp. | 1563 | 861635 |
| EMCOR Group, Inc. | 2382 | 1457284 |
| EnerSys | 2515 | 369076 |
| Flowserve Corp. | 18675 | 1295671 |
| Fortune Brands Innovations, Inc. | 7556 | 377951 |
| Graco, Inc. | 8581 | 703385 |
| ITT, Inc. | 11488 | 1993283 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> <br>| 1164 | 88359 |
| Lincoln Electric Holdings, Inc. | 6438 | 1542802 |
| MSC Industrial Direct Co., Inc., Cl. A<sup>(b)</sup> <br>| 1330 | 111853 |
| Mueller Industries, Inc. | 2222 | 255086 |
| Nextpower, Inc., Cl. A<sup>(a)</sup> <br>| 9751 | 849410 |
| nVent Electric PLC | 6707 | 683913 |
| Oshkosh Corp. | 2717 | 341337 |
| Regal Rexnord Corp.<sup>(b)</sup> <br>| 5151 | 722788 |
| Sensata Technologies Holding PLC<sup>(b)</sup> <br>| 26401 | 878889 |

---

**3**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.7% (continued)** | **Common Stocks — 99.7% (continued)** | **Common Stocks — 99.7% (continued)** |
| **Capital Goods — 19.1% (continued)** | **Capital Goods — 19.1% (continued)** | **Capital Goods — 19.1% (continued)** |
| Sterling Infrastructure, Inc.<sup>(a),(b)</sup> <br>| 2583 | 790992 |
| The Middleby Corp.<sup>(a),(b)</sup> <br>| 6014 | 894101 |
| The Toro Company | 13906 | 1094680 |
| Valmont Industries, Inc. | 2185 | 879069 |
| Watts Water Technologies, Inc., Cl. A | 6266 | 1729541 |
| WESCO International, Inc. | 9595 | 2347321 |
|  |  | **29446213** |
| **Commercial & Professional Services — 3.1%** | **Commercial & Professional Services — 3.1%** | **Commercial & Professional Services — 3.1%** |
| CACI International, Inc., Cl. A<sup>(a)</sup> <br>| 446 | 237633 |
| ExlService Holdings, Inc.<sup>(a)</sup> <br>| 23864 | 1012788 |
| Exponent, Inc. | 6745 | 468508 |
| Genpact Ltd. | 19028 | 890130 |
| KBR, Inc. | 3520 | 141504 |
| Maximus, Inc. | 4395 | 379376 |
| Paylocity Holding Corp.<sup>(a)</sup> <br>| 3694 | 563335 |
| RB Global, Inc. | 3202 | 329390 |
| Tetra Tech, Inc. | 17766 | 595872 |
| The Brink's Company | 1741 | 203227 |
|  |  | **4821763** |
| **Consumer Discretionary Distribution & Retail — 3.3%** | **Consumer Discretionary Distribution & Retail — 3.3%** | **Consumer Discretionary Distribution & Retail — 3.3%** |
| Abercrombie & Fitch Co., Cl. A<sup>(a)</sup> <br>| 4358 | 548541 |
| AutoNation, Inc.<sup>(a)</sup> <br>| 291 | 60086 |
| Bath & Body Works, Inc. | 27562 | 553445 |
| Best Buy Co., Inc. | 2981 | 199518 |
| Chewy, Inc., Cl. A<sup>(a)</sup> <br>| 12894 | 426147 |
| Etsy, Inc.<sup>(a),(b)</sup> <br>| 3721 | 206292 |
| Five Below, Inc.<sup>(a)</sup> <br>| 5563 | 1047847 |
| GameStop Corp., Cl. A<sup>(a),(b)</sup> <br>| 18440 | 370275 |
| Lithia Motors, Inc. | 1338 | 444658 |
| Macy's, Inc. | 25524 | 562804 |
| Murphy USA, Inc. | 224 | 90388 |
| The Gap, Inc. | 12791 | 327450 |
| Wayfair, Inc., Cl. A<sup>(a),(b)</sup> <br>| 2182 | 219095 |
|  |  | **5056546** |
| **Consumer Durables & Apparel — 3.4%** | **Consumer Durables & Apparel — 3.4%** | **Consumer Durables & Apparel — 3.4%** |
| Brunswick Corp. | 11943 | 886648 |
| Crocs, Inc.<sup>(a)</sup> <br>| 5807 | 496615 |
| Deckers Outdoor Corp.<sup>(a)</sup> <br>| 1964 | 203608 |
| Mattel, Inc.<sup>(a)</sup> <br>| 27731 | 550183 |
| Polaris, Inc.<sup>(b)</sup> <br>| 10675 | 675194 |
| PVH Corp.<sup>(b)</sup> <br>| 3795 | 254341 |
| Somnigroup International, Inc. | 12483 | 1114482 |
| TopBuild Corp.<sup>(a),(b)</sup> <br>| 1168 | 487278 |
| YETI Holdings, Inc.<sup>(a),(b)</sup> <br>| 14618 | 645677 |
|  |  | **5314026** |
| **Consumer Services — 3.1%** | **Consumer Services — 3.1%** | **Consumer Services — 3.1%** |
| ADT, Inc. | 61533 | 496571 |
| Boyd Gaming Corp. | 2524 | 215146 |
| Cava Group, Inc.<sup>(a),(b)</sup> <br>| 57 | 3345 |
| Duolingo, Inc.<sup>(a),(b)</sup> <br>| 1829 | 320990 |
| Graham Holdings Co., Cl. B | 887 | 974458 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.7% (continued)** | **Common Stocks — 99.7% (continued)** | **Common Stocks — 99.7% (continued)** |
| **Consumer Services — 3.1% (continued)** | **Consumer Services — 3.1% (continued)** | **Consumer Services — 3.1% (continued)** |
| Grand Canyon Education, Inc.<sup>(a)</sup> <br>| 5401 | 898240 |
| H&R Block, Inc. | 9761 | 425385 |
| Travel + Leisure Co. | 19408 | 1368846 |
| Wingstop, Inc.<sup>(b)</sup> <br>| 573 | 136655 |
|  |  | **4839636** |
| **Consumer Staples Distribution & Retail — 3.0%** | **Consumer Staples Distribution & Retail — 3.0%** | **Consumer Staples Distribution & Retail — 3.0%** |
| Casey's General Stores, Inc. | 1745 | 964479 |
| Dollar Tree, Inc.<sup>(a)</sup> <br>| 2601 | 319949 |
| Maplebear, Inc.<sup>(a)</sup> <br>| 11333 | 509758 |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> <br>| 12129 | 966318 |
| US Foods Holding Corp.<sup>(a)</sup> <br>| 24388 | 1836904 |
|  |  | **4597408** |
| **Energy — 4.0%** | **Energy — 4.0%** | **Energy — 4.0%** |
| Antero Midstream Corp. | 52087 | 926628 |
| APA Corp.<sup>(b)</sup> <br>| 12676 | 310055 |
| Civitas Resources, Inc. | 19175 | 519451 |
| CNX Resources Corp.<sup>(a)</sup> <br>| 7096 | 260920 |
| Devon Energy Corp. | 13484 | 493919 |
| Halliburton Co. | 14590 | 412313 |
| HF Sinclair Corp. | 12908 | 594800 |
| Murphy Oil Corp. | 6843 | 213844 |
| NOV, Inc.<sup>(b)</sup> <br>| 37115 | 580107 |
| TechnipFMC PLC | 29212 | 1301687 |
| Weatherford International PLC | 7703 | 602837 |
|  |  | **6216561** |
| **Equity Real Estate Investment Trusts — 7.6%** | **Equity Real Estate Investment Trusts — 7.6%** | **Equity Real Estate Investment Trusts — 7.6%** |
| American Homes 4 Rent, Cl. A<sup>(c)</sup> <br>| 41467 | 1331091 |
| COPT Defense Properties<sup>(c)</sup> <br>| 42834 | 1190785 |
| CubeSmart<sup>(c)</sup> <br>| 24423 | 880449 |
| EastGroup Properties, Inc.<sup>(c)</sup> <br>| 1694 | 301769 |
| EPR Properties<sup>(c)</sup> <br>| 9557 | 476894 |
| First Industrial Realty Trust, Inc.<sup>(c)</sup> <br>| 16611 | 951312 |
| Gaming and Leisure Properties, Inc.<sup>(c)</sup> <br>| 27628 | 1234695 |
| Host Hotels & Resorts, Inc.<sup>(c)</sup> <br>| 25652 | 454810 |
| Kilroy Realty Corp.<sup>(b),(c)</sup> <br>| 11937 | 446086 |
| Lamar Advertising Co., Cl. A<sup>(c)</sup> <br>| 7090 | 897452 |
| National Storage Affiliates Trust<sup>(c)</sup> <br>| 1562 | 44064 |
| NNN REIT, Inc.<sup>(c)</sup> <br>| 15931 | 631346 |
| Omega Healthcare Investors, Inc.<sup>(c)</sup> <br>| 18403 | 815989 |
| Park Hotels & Resorts, Inc.<sup>(b),(c)</sup> <br>| 9834 | 102864 |
| Rayonier, Inc.<sup>(b),(c)</sup> <br>| 21599 | 467618 |
| STAG Industrial, Inc.<sup>(b),(c)</sup> <br>| 34575 | 1270977 |
| Vornado Realty Trust<sup>(c)</sup> <br>| 7153 | 238052 |
|  |  | **11736253** |
| **Financial Services — 5.7%** | **Financial Services — 5.7%** | **Financial Services — 5.7%** |
| Affiliated Managers Group, Inc. | 1081 | 311631 |
| Credit Acceptance Corp.<sup>(a),(b)</sup> <br>| 685 | 303770 |
| Euronet Worldwide, Inc.<sup>(a),(b)</sup> <br>| 10456 | 795806 |
| Federated Hermes, Inc. | 16781 | 873787 |
| Hamilton Lane, Inc., Cl. A | 2485 | 333760 |
| Janus Henderson Group PLC | 25707 | 1222882 |

---

**5**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.7% (continued)** | **Common Stocks — 99.7% (continued)** | **Common Stocks — 99.7% (continued)** |
| **Financial Services — 5.7% (continued)** | **Financial Services — 5.7% (continued)** | **Financial Services — 5.7% (continued)** |
| Jefferies Financial Group, Inc. | 4518 | 279980 |
| MGIC Investment Corp. | 42548 | 1243253 |
| SEI Investments Co. | 15636 | 1282465 |
| Shift4 Payments, Inc., Cl. A<sup>(a),(b)</sup> <br>| 3952 | 248857 |
| SLM Corp.<sup>(b)</sup> <br>| 1234 | 33392 |
| Synchrony Financial | 4544 | 379106 |
| Voya Financial, Inc. | 7236 | 539010 |
| WEX, Inc.<sup>(a),(b)</sup> <br>| 6089 | 907139 |
|  |  | **8754838** |
| **Food, Beverage & Tobacco — 1.6%** | **Food, Beverage & Tobacco — 1.6%** | **Food, Beverage & Tobacco — 1.6%** |
| Celsius Holdings, Inc.<sup>(a)</sup> <br>| 10679 | 488457 |
| Coca-Cola Consolidated, Inc. | 2946 | 451622 |
| Darling Ingredients, Inc.<sup>(a)</sup> <br>| 11489 | 413604 |
| Flowers Foods, Inc.<sup>(b)</sup> <br>| 56628 | 616113 |
| Post Holdings, Inc.<sup>(a),(b)</sup> <br>| 239 | 23673 |
| The Boston Beer Company, Inc., Cl. A<sup>(a)</sup> <br>| 2597 | 506752 |
|  |  | **2500221** |
| **Health Care Equipment & Services — 4.3%** | **Health Care Equipment & Services — 4.3%** | **Health Care Equipment & Services — 4.3%** |
| Doximity, Inc., Cl. A<sup>(a)</sup> <br>| 13426 | 594503 |
| Globus Medical, Inc., Cl. A<sup>(a)</sup> <br>| 2298 | 200638 |
| Haemonetics Corp.<sup>(a)</sup> <br>| 102 | 8175 |
| HealthEquity, Inc.<sup>(a)</sup> <br>| 5181 | 474632 |
| Hims & Hers Health, Inc.<sup>(a),(b)</sup> <br>| 9372 | 304309 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> <br>| 2134 | 1443715 |
| LivaNova PLC<sup>(a)</sup> <br>| 5961 | 366780 |
| Masimo Corp.<sup>(a)</sup> <br>| 1382 | 179743 |
| Option Care Health, Inc.<sup>(a),(b)</sup> <br>| 8460 | 269536 |
| Penumbra, Inc.<sup>(a)</sup> <br>| 890 | 276710 |
| ResMed, Inc. | 5617 | 1352967 |
| Teladoc Health, Inc.<sup>(a),(b)</sup> <br>| 16699 | 116893 |
| Tenet Healthcare Corp.<sup>(a)</sup> <br>| 5308 | 1054806 |
|  |  | **6643407** |
| **Household & Personal Products — .2%** | **Household & Personal Products — .2%** | **Household & Personal Products — .2%** |
| elf Beauty, Inc.<sup>(a),(b)</sup> <br>| 3397 | 258308 |
| Energizer Holdings, Inc.<sup>(b)</sup> <br>| 1696 | 33733 |
|  |  | **292041** |
| **Insurance — 4.0%** | **Insurance — 4.0%** | **Insurance — 4.0%** |
| American Financial Group, Inc. | 1080 | 147614 |
| Assurant, Inc. | 1292 | 311178 |
| CNO Financial Group, Inc. | 20500 | 870635 |
| Kemper Corp. | 1774 | 71918 |
| Kinsale Capital Group, Inc.<sup>(b)</sup> <br>| 768 | 300380 |
| Old Republic International Corp. | 20550 | 937902 |
| Primerica, Inc. | 4256 | 1099580 |
| RenaissanceRe Holdings Ltd. | 2864 | 805242 |
| The Hanover Insurance Group, Inc. | 6572 | 1201165 |
| Unum Group | 4769 | 369598 |
|  |  | **6115212** |
| **Materials — 5.7%** | **Materials — 5.7%** | **Materials — 5.7%** |
| Alcoa Corp. | 6458 | 343178 |
| Avient Corp. | 1753 | 54764 |

---

**6**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.7% (continued)** | **Common Stocks — 99.7% (continued)** | **Common Stocks — 99.7% (continued)** |
| **Materials — 5.7% (continued)** | **Materials — 5.7% (continued)** | **Materials — 5.7% (continued)** |
| Axalta Coating Systems Ltd.<sup>(a)</sup> <br>| 30439 | 983484 |
| Cabot Corp. | 11155 | 739353 |
| CF Industries Holdings, Inc. | 4488 | 347102 |
| Cleveland-Cliffs, Inc.<sup>(a)</sup> <br>| 33070 | 439170 |
| Commercial Metals Co.<sup>(b)</sup> <br>| 17991 | 1245337 |
| Crown Holdings, Inc. | 11344 | 1168092 |
| Eagle Materials, Inc. | 2834 | 585731 |
| Greif, Inc., Cl. A<sup>(b)</sup> <br>| 4173 | 282512 |
| MP Materials Corp.<sup>(a),(b)</sup> <br>| 5629 | 284377 |
| NewMarket Corp. | 1105 | 759422 |
| Olin Corp. | 4511 | 93964 |
| Royal Gold, Inc. | 1261 | 280308 |
| RPM International, Inc. | 8198 | 852592 |
| Sealed Air Corp. | 5695 | 235944 |
| The Scotts Miracle-Gro Company | 2966 | 173066 |
|  |  | **8868396** |
| **Media & Entertainment — 1.4%** | **Media & Entertainment — 1.4%** | **Media & Entertainment — 1.4%** |
| EchoStar Corp., Cl. A<sup>(a),(b)</sup> <br>| 4366 | 474584 |
| Nexstar Media Group, Inc. | 1212 | 246097 |
| Roku, Inc.<sup>(a)</sup> <br>| 420 | 45566 |
| TEGNA, Inc. | 9556 | 185482 |
| The New York Times Company, Cl. A | 13027 | 904334 |
| ZoomInfo Technologies, Inc.<sup>(a),(b)</sup> <br>| 25731 | 261684 |
|  |  | **2117747** |
| **Pharmaceuticals, Biotechnology & Life Sciences — 5.6%** | **Pharmaceuticals, Biotechnology & Life Sciences — 5.6%** | **Pharmaceuticals, Biotechnology & Life Sciences — 5.6%** |
| Avantor, Inc.<sup>(a),(b)</sup> <br>| 4891 | 56051 |
| Azenta, Inc.<sup>(a)</sup> <br>| 6373 | 211966 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> <br>| 14624 | 869104 |
| Bio-Rad Laboratories, Inc., Cl. A<sup>(a),(b)</sup> <br>| 633 | 191793 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> <br>| 1205 | 240373 |
| Elanco Animal Health, Inc.<sup>(a),(b)</sup> <br>| 20768 | 469980 |
| Exelixis, Inc.<sup>(a)</sup> <br>| 28238 | 1237672 |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> <br>| 8337 | 561080 |
| Illumina, Inc.<sup>(a)</sup> <br>| 9828 | 1289041 |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> <br>| 3982 | 676940 |
| Medpace Holdings, Inc.<sup>(a)</sup> <br>| 1248 | 700939 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> <br>| 6704 | 950828 |
| Repligen Corp.<sup>(a)</sup> <br>| 3476 | 569577 |
| United Therapeutics Corp.<sup>(a)</sup> <br>| 1315 | 640734 |
|  |  | **8666078** |
| **Real Estate Management & Development — .2%** | **Real Estate Management & Development — .2%** | **Real Estate Management & Development — .2%** |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> <br>| 1045 | **351611** |
| **Semiconductors & Semiconductor Equipment — 2.7%** | **Semiconductors & Semiconductor Equipment — 2.7%** | **Semiconductors & Semiconductor Equipment — 2.7%** |
| Allegro MicroSystems, Inc.<sup>(a),(b)</sup> <br>| 12037 | 317536 |
| Cirrus Logic, Inc.<sup>(a)</sup> <br>| 7364 | 872634 |
| Lattice Semiconductor Corp.<sup>(a),(b)</sup> <br>| 1144 | 84176 |
| MKS, Inc. | 5823 | 930515 |
| Onto Innovation, Inc.<sup>(a)</sup> <br>| 4371 | 690006 |
| Power Integrations, Inc.<sup>(b)</sup> <br>| 3269 | 116180 |
| Qorvo, Inc.<sup>(a)</sup> <br>| 1398 | 118145 |
| Rambus, Inc.<sup>(a)</sup> <br>| 6072 | 557956 |

---

**7**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.7% (continued)** | **Common Stocks — 99.7% (continued)** | **Common Stocks — 99.7% (continued)** |
| **Semiconductors & Semiconductor Equipment — 2.7% (continued)** | **Semiconductors & Semiconductor Equipment — 2.7% (continued)** | **Semiconductors & Semiconductor Equipment — 2.7% (continued)** |
| Silicon Laboratories, Inc.<sup>(a)</sup> <br>| 714 | 93320 |
| Skyworks Solutions, Inc. | 6021 | 381792 |
| Wolfspeed, Inc.<sup>(b)</sup> <br>| 461 | 558 |
|  |  | **4162818** |
| **Software & Services — 5.1%** | **Software & Services — 5.1%** | **Software & Services — 5.1%** |
| Akamai Technologies, Inc.<sup>(a)</sup> <br>| 8507 | 742236 |
| Appfolio, Inc., Cl. A<sup>(a)</sup> <br>| 284 | 66073 |
| ASGN, Inc.<sup>(a)</sup> <br>| 915 | 44075 |
| BILL Holdings, Inc.<sup>(a)</sup> <br>| 5423 | 295770 |
| Blackbaud, Inc.<sup>(a)</sup> <br>| 6660 | 421711 |
| Commvault Systems, Inc.<sup>(a)</sup> <br>| 1484 | 186034 |
| Docusign, Inc.<sup>(a)</sup> <br>| 11986 | 819842 |
| Dolby Laboratories, Inc., Cl. A | 2514 | 161449 |
| Dropbox, Inc., Cl. A<sup>(a)</sup> <br>| 8246 | 229239 |
| Dynatrace, Inc.<sup>(a)</sup> <br>| 10883 | 471669 |
| Guidewire Software, Inc.<sup>(a)</sup> <br>| 2474 | 497299 |
| Manhattan Associates, Inc.<sup>(a)</sup> <br>| 2914 | 505025 |
| Nutanix, Inc., Cl. A<sup>(a)</sup> <br>| 7085 | 366224 |
| Okta, Inc.<sup>(a)</sup> <br>| 7714 | 667030 |
| Pegasystems, Inc.<sup>(b)</sup> <br>| 5301 | 316576 |
| PTC, Inc.<sup>(a)</sup> <br>| 509 | 88673 |
| Qualys, Inc.<sup>(a)</sup> <br>| 5349 | 710882 |
| Twilio, Inc., Cl. A<sup>(a)</sup> <br>| 7959 | 1132088 |
| UiPath, Inc., Cl. A<sup>(a)</sup> <br>| 7646 | 125318 |
|  |  | **7847213** |
| **Technology Hardware & Equipment — 4.9%** | **Technology Hardware & Equipment — 4.9%** | **Technology Hardware & Equipment — 4.9%** |
| Avnet, Inc. | 4560 | 219245 |
| Ciena Corp.<sup>(a)</sup> <br>| 7785 | 1820678 |
| Coherent Corp.<sup>(a)</sup> <br>| 5292 | 976744 |
| Fabrinet<sup>(a)</sup> <br>| 833 | 379248 |
| Flex Ltd.<sup>(a)</sup> <br>| 25919 | 1566026 |
| Littelfuse, Inc. | 557 | 140876 |
| Lumentum Holdings, Inc.<sup>(a),(b)</sup> <br>| 2214 | 816058 |
| Pure Storage, Inc., Cl. A<sup>(a)</sup> <br>| 17524 | 1174283 |
| Vontier Corp. | 7417 | 275764 |
| Xerox Holdings Corp. | 2831 | 6710 |
| Zebra Technologies Corp., Cl. A<sup>(a)</sup> <br>| 664 | 161233 |
|  |  | **7536865** |
| **Telecommunication Services — .3%** | **Telecommunication Services — .3%** | **Telecommunication Services — .3%** |
| Iridium Communications, Inc. | 22510 | **391224** |
| **Transportation — .9%** | **Transportation — .9%** | **Transportation — .9%** |
| American Airlines Group, Inc.<sup>(a)</sup> <br>| 29310 | 449322 |
| Avis Budget Group, Inc.<sup>(a),(b)</sup> <br>| 638 | 81868 |
| Delta Air Lines, Inc. | 651 | 45180 |
| Kirby Corp.<sup>(a)</sup> <br>| 613 | 67540 |
| Lyft, Inc., Cl. A<sup>(a)</sup> <br>| 11752 | 227636 |
| Ryder System, Inc. | 2313 | 442685 |
| Saia, Inc.<sup>(a),(b)</sup> <br>| 348 | 113629 |
|  |  | **1427860** |
| **Utilities — 3.7%** | **Utilities — 3.7%** | **Utilities — 3.7%** |
| Black Hills Corp.<sup>(b)</sup> <br>| 12955 | 899336 |

---

**8**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.7% (continued)** | **Common Stocks — 99.7% (continued)** | **Common Stocks — 99.7% (continued)** |
| **Utilities — 3.7% (continued)** | **Utilities — 3.7% (continued)** | **Utilities — 3.7% (continued)** |
| Edison International | 4872 | 292418 |
| National Fuel Gas Co. | 9517 | 761931 |
| Northwestern Energy Group, Inc. | 14821 | 956547 |
| NRG Energy, Inc. | 1359 | 216407 |
| OGE Energy Corp. | 4019 | 171611 |
| Talen Energy Corp.<sup>(a)</sup> <br>| 2634 | 987329 |
| UGI Corp. | 37924 | 1419495 |
|  |  | **5705074** |
| **Total Common Stocks** <br>(cost $127,149,123)<br>|  | **153947613** |
| **Warrants — .0%** | **Warrants — .0%** | **Warrants — .0%** |
| **Consumer Discretionary Distribution & Retail — .0%** | **Consumer Discretionary Distribution & Retail — .0%** | **Consumer Discretionary Distribution & Retail — .0%** |
| GameStop Corp., expiring 10/30/2026<sup>(a)</sup> <br>(cost $0)<br>| 1858 | **5593** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>|  |  |
| **Investment Companies — .6%** | **Investment Companies — .6%** | **Investment Companies — .6%** | **Investment Companies — .6%** |
| **Registered Investment Companies — .6%** | **Registered Investment Companies — .6%** | **Registered Investment Companies — .6%** | **Registered Investment Companies — .6%** |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares<sup>(d)</sup> <br>(cost $907,606)<br>| 3.89 | 907606 | **907606** |
| **Investment of Cash Collateral for Securities Loaned — .3%** |  |  |  |
| **Registered Investment Companies — .3%** |  |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares<sup>(d)</sup> <br>(cost $530,047)<br>| 3.89 | 530047 | **530047** |
| **Total Investments** (cost $128,586,776) | **Total Investments** (cost $128,586,776) | **100.6%** | **155390859** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(.6%)** | **(869229)** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **154521630** |

---

&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 December 31, 2025, the value of the fund's securities on loan was $19,772,076 and the value of the collateral was $20,380,676, consisting of cash collateral of $530,047 and U.S. Government & Agency securities valued at $19,850,629. 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>12/31/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - .6%** | **Registered Investment Companies - .6%** | **Registered Investment Companies - .6%** | **Registered Investment Companies - .6%** | **Registered Investment Companies - .6%** | **Registered Investment Companies - .6%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .6%<br>| 974635 | 20328746 | (20395775) | 907606 | 33176 |

---

**9**

------

SCHEDULE OF INVESTMENTS (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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> 12/31/2025<br>| Dividends/<br> Distributions ($)<br>|
| **Investment of Cash Collateral for Securities Loaned - .3%** | **Investment of Cash Collateral for Securities Loaned - .3%** | **Investment of Cash Collateral for Securities Loaned - .3%** | **Investment of Cash Collateral for Securities Loaned - .3%** | **Investment of Cash Collateral for Securities Loaned - .3%** | **Investment of Cash Collateral for Securities Loaned - .3%** |
| Dreyfus Institutional Preferred Government Plus Money <br>Market Fund, Institutional Shares - .3%<br>| 217524 | 15729531 | (15417008) | 530047 | 14127<sup>††</sup> <br>|
| **Total - .9%** | **1192159** | **36058277** | **(35812783)** | **1437653** | **47303** |

---

&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.

**10**

------

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments <br>(including securities on loan, valued at $19,772,076)—Note 1(c):<br>|  |  |
| Unaffiliated issuers | 127149123 | &nbsp;&nbsp;&nbsp;&nbsp; 153953206 |
| Affiliated issuers | 1437653 | &nbsp;&nbsp;&nbsp;&nbsp; 1437653 |
| Dividends and securities lending income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 140571 |
| Receivable for shares of Beneficial Interest subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 11854 |
| Prepaid expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 3548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **155546832** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 124869 |
| Liability for securities on loan—Note 1(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 530047 |
| Payable for shares of Beneficial Interest redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 303812 |
| Trustees' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 739 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 65735 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1025202** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **154521630** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 113809220 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; 40712410 |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **154521630** |

---

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

---

| | | |
|:---|:---|:---|
| **Net Asset Value Per Share** | Initial Shares | Service Shares |
| Net Assets ($) | &nbsp;&nbsp;&nbsp;&nbsp; 71842016 | &nbsp;&nbsp;&nbsp;&nbsp; 82679614 |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 3531750 | &nbsp;&nbsp;&nbsp;&nbsp; 4092436 |
| **Net Asset Value Per Share ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**20.34** | &nbsp;&nbsp;&nbsp;&nbsp;**20.20** |

---

See notes to financial statements.

**11**

------

STATEMENT OF OPERATIONS

Year Ended December 31, 2025

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Cash dividends (net of $252 foreign taxes withheld at source): |  |
| Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 2280589 |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 33176 |
| Affiliated income net of rebates from securities lending—Note 1(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 14127 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **2327892** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 1154129 |
| Distribution Plan fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 205982 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 90923 |
| Chief Compliance Officer fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 25676 |
| Shareholder and regulatory reports service fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 15167 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 13650 |
| Custodian fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 11122 |
| Trustees' fees and expenses—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 5970 |
| Loan commitment fees—Note 2  | &nbsp;&nbsp;&nbsp;&nbsp; 3711 |
| Shareholder servicing costs—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 1807 |
| Interest expense—Note 2 | &nbsp;&nbsp;&nbsp;&nbsp; 690 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 9415 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **1538242** |
| Less—reduction in expenses due to undertaking—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; (96350)<br>|
| Less—reduction in fees due to earnings credits—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; (195)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **1441697** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **886195** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 13461648 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 485018 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **13946666** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **14832861** |

---

See notes to financial statements.

**12**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2024 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 886195 | &nbsp;&nbsp;&nbsp;&nbsp; 856259 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 13461648 | &nbsp;&nbsp;&nbsp;&nbsp; 13634674 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 485018 | &nbsp;&nbsp;&nbsp;&nbsp; 4065586 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **14832861** | &nbsp;&nbsp;&nbsp;&nbsp; **18556519** |
| **Distributions ($):** |  |  |
| 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 ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| Initial Shares | &nbsp;&nbsp;&nbsp;&nbsp; 2738427 | &nbsp;&nbsp;&nbsp;&nbsp; 3776248 |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; 7297442 | &nbsp;&nbsp;&nbsp;&nbsp; 13076970 |
| Distributions reinvested: |  |  |
| Initial Shares | &nbsp;&nbsp;&nbsp;&nbsp; 6968369 | &nbsp;&nbsp;&nbsp;&nbsp; 1650917 |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; 7759244 | &nbsp;&nbsp;&nbsp;&nbsp; 1691837 |
| Cost of shares redeemed: |  |  |
| Initial Shares | &nbsp;&nbsp;&nbsp;&nbsp; (10924434) | &nbsp;&nbsp;&nbsp;&nbsp; (10746711) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; (17422628) | &nbsp;&nbsp;&nbsp;&nbsp; (20622326) |
| **Increase (Decrease) in Net Assets from Beneficial Interest Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **(3583580)** | &nbsp;&nbsp;&nbsp;&nbsp; **(11173065)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(3478332)** | &nbsp;&nbsp;&nbsp;&nbsp; **4040700** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 157999962 | &nbsp;&nbsp;&nbsp;&nbsp; 153959262 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **154521630** | &nbsp;&nbsp;&nbsp;&nbsp; **157999962** |
| **Capital Share Transactions (Shares):** |  |  |
| **Initial Shares** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 140291 | &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; (558960) | &nbsp;&nbsp;&nbsp;&nbsp; (546409) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(20477)** | &nbsp;&nbsp;&nbsp;&nbsp; **(280061)** |
| **Service Shares** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 382639 | &nbsp;&nbsp;&nbsp;&nbsp; 679218 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 445421 | &nbsp;&nbsp;&nbsp;&nbsp; 84129 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (889245) | &nbsp;&nbsp;&nbsp;&nbsp; (1048808) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(61185)** | &nbsp;&nbsp;&nbsp;&nbsp; **(285461)** |

---

See notes to financial statements.

**13**

------

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **Initial Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **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 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .14 | &nbsp;&nbsp;&nbsp;&nbsp; .14 | &nbsp;&nbsp;&nbsp;&nbsp; .15 | &nbsp;&nbsp;&nbsp;&nbsp; .14 | &nbsp;&nbsp;&nbsp;&nbsp; .15 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &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 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &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 |
| 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>|
| Dividends from net realized gain on investments | &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>|
| 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>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;20.34 | &nbsp;&nbsp;&nbsp;&nbsp;20.58 | &nbsp;&nbsp;&nbsp;&nbsp;18.68 | &nbsp;&nbsp;&nbsp;&nbsp;16.46 | &nbsp;&nbsp;&nbsp;&nbsp;24.77 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;10.07 | &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 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .87 | &nbsp;&nbsp;&nbsp;&nbsp; .88 | &nbsp;&nbsp;&nbsp;&nbsp; .87 | &nbsp;&nbsp;&nbsp;&nbsp; .86 | &nbsp;&nbsp;&nbsp;&nbsp; .86 |
| Ratio of net expenses to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .80 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .81 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .80 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .80 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .85 |
| Ratio of net investment income to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .71 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .68 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .90 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .77 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .63 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;65.24 | &nbsp;&nbsp;&nbsp;&nbsp;59.03 | &nbsp;&nbsp;&nbsp;&nbsp;66.09 | &nbsp;&nbsp;&nbsp;&nbsp;81.37 | &nbsp;&nbsp;&nbsp;&nbsp;90.95 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 71842 | &nbsp;&nbsp;&nbsp;&nbsp; 73094 | &nbsp;&nbsp;&nbsp;&nbsp; 71570 | &nbsp;&nbsp;&nbsp;&nbsp; 66522 | &nbsp;&nbsp;&nbsp;&nbsp; 86837 |

---

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

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

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

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

See notes to financial statements.

**14**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **Service Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **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 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .09 | &nbsp;&nbsp;&nbsp;&nbsp; .08 | &nbsp;&nbsp;&nbsp;&nbsp; .11 | &nbsp;&nbsp;&nbsp;&nbsp; .09 | &nbsp;&nbsp;&nbsp;&nbsp; .09 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &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 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &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 |
| 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>|
| Dividends from net realized gain on investments | &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>|
| 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>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;20.20 | &nbsp;&nbsp;&nbsp;&nbsp;20.44 | &nbsp;&nbsp;&nbsp;&nbsp;18.56 | &nbsp;&nbsp;&nbsp;&nbsp;16.36 | &nbsp;&nbsp;&nbsp;&nbsp;24.64 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;9.81 | &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 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Ratio of net expenses to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Ratio of net investment income to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .46 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .43 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .65 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .52 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .38 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;65.24 | &nbsp;&nbsp;&nbsp;&nbsp;59.03 | &nbsp;&nbsp;&nbsp;&nbsp;66.09 | &nbsp;&nbsp;&nbsp;&nbsp;81.37 | &nbsp;&nbsp;&nbsp;&nbsp;90.95 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 82680 | &nbsp;&nbsp;&nbsp;&nbsp; 84906 | &nbsp;&nbsp;&nbsp;&nbsp; 82389 | &nbsp;&nbsp;&nbsp;&nbsp; 72165 | &nbsp;&nbsp;&nbsp;&nbsp; 94989 |

---

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

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

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

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

See notes to financial statements.

**15**

------

NOTES TO FINANCIAL STATEMENTS

**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's principal office is located at BNY Mellon Center, 201 Washington Street, Boston, Massachusetts 02108. NIMNA has entered into a sub-sub-investment advisory agreement with its affiliate, Newton Investment Management Limited ("NIM"), which enables 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 of the Trust 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.

**16**

------

NOTES TO FINANCIAL STATEMENTS (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 December 31, 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; 153947055 | &nbsp;&nbsp; 558<sup>††</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; **153947613** |
| Warrants | &nbsp;&nbsp; 5593 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **5593** |
| Investment Companies | &nbsp;&nbsp; 1437653 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **1437653** |
|  | &nbsp;&nbsp; **155390301** | &nbsp;&nbsp; **558** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **155390859** |

---

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

<sup>†</sup> See Schedule of Investments for additional detailed categorizations, if any. <br> <sup>††</sup> Securities classified within Level 2 at period end as the values were determined pursuant to the fund's fair valuation procedures.

**(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 December 31, 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.

**17**

------

NOTES TO FINANCIAL STATEMENTS (continued)

Pursuant to a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund's policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund's Schedule 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 December 31, 2025, BNY earned $1,935 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 December 31, 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; 19772076 |
| 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; (19772076 )<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 Schedule 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.

**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.

**(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.

**18**

------

NOTES TO FINANCIAL STATEMENTS (continued)

As of and during the period ended December 31, 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 December 31, 2025, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended December 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At December 31, 2025, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $995,194, undistributed capital gains $13,217,013 and unrealized appreciation $26,500,203.

The tax character of distributions paid to shareholders during the fiscal years ended December 31, 2025 and December 31, 2024 were as follows: ordinary income $3,026,543 and $1,222,452, and long-term capital gains $11,701,070 and $2,120,302, respectively.

**(h) Operating segment reporting:** In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the fund has operated and been managed as a single reportable segment, generating returns through dividends, interest, and/or gains from investments aligned with its single stated investment objective as outlined in the fund's prospectus. The fund's accounting policies are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments and is comprised of Senior Management and Directors of BNY Investments. The CODM considers the net increase in net assets resulting from operations when deciding whether to purchase additional investments or make distributions to shareholders. Detailed financial information for the fund is presented in these financial statements, including total assets and liabilities in the Statement of Assets and Liabilities, investments held in the Schedule of Investments, results of operations and significant segment expenses in the Statement of Operations, and additional performance information—such as total return, portfolio turnover, and ratios—in 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 December 31, 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 December 31, 2025 was approximately $13,151 with a related weighted average annualized interest rate of 5.25%. As of December 31, 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 $96,350 during the period ended December 31, 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

**19**

------

NOTES TO FINANCIAL STATEMENTS (continued)

incurred. During the period ended December 31, 2025, Service shares were charged $205,982 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 December 31, 2025, the fund was charged $1,058 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 December 31, 2025, the fund was charged $11,122 pursuant to the custody agreement.

During the period ended December 31, 2025, the fund was charged $25,676 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 December 31, 2025, the Custodian was compensated $15,167 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 $99,902, Distribution Plan fees of $17,771, Custodian fees of $2,700, Chief Compliance Officer fees of $5,663, Transfer Agent fees of $261 and Shareholder and regulatory reports service fees of $9,000, which are offset against an expense reimbursement currently in effect in the amount of $10,428.

**(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 December 31, 2025, amounted to $100,285,607 and $117,350,804, respectively.

At December 31, 2025, the cost of investments for federal income tax purposes was $128,890,656; accordingly, accumulated net unrealized appreciation on investments was $26,500,203, consisting of $33,169,101 gross unrealized appreciation and $6,668,898 gross unrealized depreciation.

**20**

------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of MidCap Stock Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of MidCap Stock Portfolio (the "Fund") (one of the funds constituting BNY Mellon Investment Portfolios (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting BNY Mellon Investment Portfolios) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](img4cbf40d12.gif)

We have served as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine the specific year.

New York, New York

February 6, 2026

**21**

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IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund hereby reports 51.75% of the ordinary dividends paid during the fiscal year ended December 31, 2025 as qualifying for the corporate dividends received deduction. Shareholders will receive notification in early 2026 of the percentage applicable to the preparation of their 2025 income tax returns.The fund also hereby reports $1.5582 per share as a long-term capital gain distribution and $.2890 per share as a short-term capital gain distribution paid on March 28, 2025

**22**

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

N/A

**23**

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

N/A

**24**

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

Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The fund is charged for services performed by the fund's Chief Compliance Officer. Compensation paid by the fund during the period to the board members and the Chief Compliance Officer are within Item 7. Statement of Operations as 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 $31,646.

**25**

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

At a meeting of the fund's Board of Trustees (the "Board") held on August 13-14, 2025, the Board considered the renewal of the fund's Management Agreement, pursuant to which the Adviser provides the fund with investment advisory and administrative services, the Sub-Investment Advisory Agreement, pursuant to which Newton Investment Management North America, LLC (the "Sub-Adviser" or "NIMNA") provides day-to-day management of the fund's investments, and the Sub-Sub-Investment Advisory Agreement (collectively with the Management Agreement and the Sub-Investment Advisory Agreement, the "Agreements") between NIMNA and Newton Investment Management Limited ("NIM"), pursuant to which NIMNA may use the investment advisory personnel, resources and capabilities available at its sister company, NIM, in providing the day-to-day management of the fund's investments. The Board members, none of whom are "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and the Sub-Adviser. In considering the renewal of the Agreements, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

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

The Board also considered research support available to, and portfolio management capabilities of, the fund's portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser's extensive administrative, accounting and compliance infrastructures, as well as the Adviser's supervisory activities over the Sub-Adviser. The Board also considered portfolio management's brokerage policies and practices (including policies and practices regarding soft dollars) and the standards applied in seeking best execution.

<u>Comparative Analysis of the Fund's Performance and Management Fee and Expense Ratio.</u> The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper ("Lipper"), which included information comparing (1) the performance of the fund's Initial shares with the performance of a group of small-cap core funds underlying variable insurance products ("VIPs") selected by Broadridge as comparable to the fund (the "Performance Group") and with a broader group of funds consisting of all small-cap core funds underlying VIPs (the "Performance Universe"), all for various periods ended June 30, 2025, and (2) the fund's actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the "Expense Group") and with a broader group of funds consisting of other small-cap core funds underlying VIPs, excluding outliers (the "Expense Universe"), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board also considered the fund's performance in light of overall financial market conditions. The Board discussed with representatives of the Adviser and the Sub-Adviser the results of the comparisons and considered that the fund's total return performance was above the Performance Group and Performance Universe medians for all periods. The Adviser also provided a comparison of the fund's calendar year total returns to the returns of the fund's benchmark indices.

Management Fee and Expense Ratio Comparisons. The Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services and the sub-advisory services provided by the Adviser and the Sub-Adviser, respectively. In addition, the Board reviewed and considered the actual management fee rate paid by

**26**

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the fund over the fund's last fiscal year, which included reductions for a expense limitation arrangement in place that reduced the management fee paid to the Adviser. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.

The Board considered that the fund's contractual management fee was equal to the Expense Group median contractual management fee, the fund's actual management fee was approximately equivalent to the Expense Group median and lower than the Expense Universe median actual management fee, and the fund's total expenses were approximately equivalent to the Expense Group median and approximately equivalent to the Expense Universe median total expenses.

Representatives of the Adviser stated that the Adviser has contractually agreed, until 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 fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .80% of the fund's average daily net assets.

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

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

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

The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by the Adviser and the Sub-Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund's assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund's asset level. The Board also considered potential benefits to the Adviser and the Sub-Adviser from acting as investment adviser and sub-investment adviser, respectively, and took into consideration the soft dollar arrangements in effect for trading the fund's investments.

**27**

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Management Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

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

**28**

------© 2026 BNY Mellon Securities Corporation

Code-0174NCSRAR1225

![](img309da41f1.gif)

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BNY Mellon Investment Portfolios, Small Cap Stock Index Portfolio

**ANNUAL FINANCIALS AND OTHER INFORMATION**

December 31, 2025

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

**Service Shares**<br>

![](imgb8e066951.gif)

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**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.**

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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 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;

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| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_d911e66d-6f6e-47a4-897b-7587bbee2960_SOI-Commoncontent-4748_1)**<br> **[Investment Companies](#xx_d911e66d-6f6e-47a4-897b-7587bbee2960_SOI-Commoncontent-4748_1)**<br>| 3 |
| [Schedule of Investments](#xx_d911e66d-6f6e-47a4-897b-7587bbee2960_SOI-Commoncontent-4748_1) | 3 |
| [Statement of Assets and Liabilities](#xx_d911e66d-6f6e-47a4-897b-7587bbee2960_FS-Commoncontent-4748_1) | 18 |
| [Statement of Operations](#xx_d911e66d-6f6e-47a4-897b-7587bbee2960_FS-Commoncontent-4748_2) | 19 |
| [Statement of Changes in Net Assets](#xx_d911e66d-6f6e-47a4-897b-7587bbee2960_FS-Commoncontent-4748_3) | 20 |
| [Financial Highlights](#xx_d911e66d-6f6e-47a4-897b-7587bbee2960_FIHI-Commoncontent-4748_1) | 21 |
| [Notes to Financial Statements](#xx_d911e66d-6f6e-47a4-897b-7587bbee2960_NTF-Commoncontent-4748_1) | 22 |
| [Report of Independent Registered Public Accounting Firm](#xx_d911e66d-6f6e-47a4-897b-7587bbee2960_AUD-Commoncontent-4748_1) | 28 |
| [Important Tax Information](#xx_d911e66d-6f6e-47a4-897b-7587bbee2960_ITI-Commoncontent-4748_1) | 29 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_d911e66d-6f6e-47a4-897b-7587bbee2960_CDA-Commoncontent-4748_1)**<br> **[Investment Companies](#xx_d911e66d-6f6e-47a4-897b-7587bbee2960_CDA-Commoncontent-4748_1)**<br>| 30 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_d911e66d-6f6e-47a4-897b-7587bbee2960_PRXD-Commoncontent-4748_1)** | 31 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_d911e66d-6f6e-47a4-897b-7587bbee2960_RMNP-Commoncontent-4748_1)**<br> **[Management Investment Companies](#xx_d911e66d-6f6e-47a4-897b-7587bbee2960_RMNP-Commoncontent-4748_1)**<br>| 32 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_d911e66d-6f6e-47a4-897b-7587bbee2960_AAA-Commoncontent-4748_1)** | 33 |

---

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

Small Cap Stock Index Portfolio

SCHEDULE OF INVESTMENTS

December 31, 2025

------

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| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 98.4%** | **Common Stocks — 98.4%** | **Common Stocks — 98.4%** |
| **Automobiles & Components — 1.5%** | **Automobiles & Components — 1.5%** | **Automobiles & Components — 1.5%** |
| Adient PLC<sup>(a)</sup> <br>| 28328 | 543048 |
| American Axle & Manufacturing Holdings, Inc.<sup>(a),(b)</sup> <br>| 41496 | 265989 |
| Dana, Inc. | 41608 | 988606 |
| Dorman Products, Inc.<sup>(a)</sup> <br>| 9906 | 1220320 |
| Fox Factory Holding Corp.<sup>(a)</sup> <br>| 14788 | 253023 |
| Gentherm, Inc.<sup>(a)</sup> <br>| 10823 | 393633 |
| LCI Industries | 8612 | 1044980 |
| Patrick Industries, Inc. | 11852 | 1285112 |
| Phinia, Inc. | 13692 | 858351 |
| Standard Motor Products, Inc. | 7470 | 275269 |
| Winnebago Industries, Inc. | 9934 | 402526 |
| XPEL, Inc.<sup>(a),(b)</sup> <br>| 8949 | 446645 |
|  |  | **7977502** |
| **Banks — 8.5%** | **Banks — 8.5%** | **Banks — 8.5%** |
| Ameris Bancorp | 22782 | 1692019 |
| Atlantic Union Bankshares Corp. | 50761 | 1791863 |
| Axos Financial, Inc.<sup>(a)</sup> <br>| 20175 | 1738278 |
| Banc of California, Inc. | 47577 | 917760 |
| BancFirst Corp. | 7361 | 780413 |
| Bank of Hawaii Corp. | 14139 | 966683 |
| BankUnited, Inc. | 26764 | 1192872 |
| Banner Corp. | 12099 | 758123 |
| Beacon Financial Corp. | 29827 | 786538 |
| Capitol Federal Financial, Inc. | 43426 | 295731 |
| Cathay General Bancorp | 24233 | 1172635 |
| Central Pacific Financial Corp. | 9496 | 295895 |
| City Holding Co. | 5132 | 611734 |
| Community Financial System, Inc. | 18756 | 1077345 |
| Customers Bancorp, Inc.<sup>(a)</sup> <br>| 11299 | 826183 |
| CVB Financial Corp.<sup>(b)</sup> <br>| 45804 | 851954 |
| Dime Community Bancshares, Inc. | 14543 | 437599 |
| Eagle Bancorp, Inc.<sup>(b)</sup> <br>| 9559 | 204754 |
| FB Financial Corp. | 14342 | 800284 |
| First Bancorp/Puerto Rico | 55884 | 1158475 |
| First Bancorp/Southern Pines NC | 14854 | 754435 |
| First Commonwealth Financial Corp. | 36610 | 617245 |
| First Financial Bancorp | 34908 | 873398 |
| First Hawaiian, Inc. | 44022 | 1113757 |
| First Interstate BancSystem, Inc., Cl. A | 31883 | 1103152 |
| Fulton Financial Corp. | 64323 | 1243364 |
| Hanmi Financial Corp. | 10679 | 288653 |
| Heritage Financial Corp. | 12066 | 285361 |
| Hilltop Holdings, Inc. | 15146 | 514055 |
| Hope Bancorp, Inc. | 45481 | 498472 |
| Independent Bank Corp. | 17658 | 1290447 |
| Lakeland Financial Corp. | 9138 | 521414 |
| National Bank Holdings Corp., Cl. A | 13470 | 511995 |
| NBT Bancorp, Inc. | 18784 | 779912 |

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**3**

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SCHEDULE OF INVESTMENTS (continued)

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| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** |
| **Banks — 8.5% (continued)** | **Banks — 8.5% (continued)** | **Banks — 8.5% (continued)** |
| Northwest Bancshares, Inc. | 52124 | 625488 |
| OFG Bancorp | 15639 | 640886 |
| Park National Corp. | 5097 | 775662 |
| Pathward Financial, Inc. | 8053 | 571763 |
| Preferred Bank | 4084 | 385652 |
| Provident Financial Services, Inc. | 46424 | 916874 |
| Renasant Corp. | 33844 | 1191986 |
| S&T Bancorp, Inc. | 13651 | 537167 |
| Seacoast Banking Corp. of Florida | 34503 | 1084084 |
| ServisFirst Bancshares, Inc. | 17899 | 1284969 |
| Simmons First National Corp., Cl. A | 51348 | 967910 |
| Southside Bancshares, Inc. | 10188 | 309613 |
| Stellar Bancorp, Inc. | 16498 | 510448 |
| The Bancorp, Inc.<sup>(a)</sup> <br>| 15642 | 1056148 |
| Tompkins Financial Corp. | 4506 | 326775 |
| Triumph Financial, Inc.<sup>(a)</sup> <br>| 8086 | 506426 |
| TrustCo Bank Corp. NY | 6633 | 274142 |
| Trustmark Corp. | 21355 | 831777 |
| United Community Banks, Inc. | 43295 | 1351670 |
| WaFd, Inc. | 27979 | 896167 |
| Westamerica BanCorp | 8804 | 421095 |
| WSFS Financial Corp. | 19474 | 1075744 |
|  |  | **45295244** |
| **Capital Goods — 11.5%** | **Capital Goods — 11.5%** | **Capital Goods — 11.5%** |
| AAR Corp.<sup>(a)</sup> <br>| 13854 | 1146973 |
| Air Lease Corp. | 37419 | 2403422 |
| Alamo Group, Inc. | 3854 | 646971 |
| Albany International Corp., Cl. A | 10276 | 520993 |
| American Woodmark Corp.<sup>(a)</sup> <br>| 5087 | 274189 |
| Apogee Enterprises, Inc. | 7741 | 281850 |
| Arcosa, Inc. | 17469 | 1857304 |
| Armstrong World Industries, Inc. | 15361 | 2935487 |
| Astec Industries, Inc. | 8101 | 350935 |
| AZZ, Inc. | 10701 | 1146933 |
| Boise Cascade Co.<sup>(b)</sup> <br>| 13194 | 971079 |
| CSW Industrials, Inc.<sup>(b)</sup> <br>| 5943 | 1744449 |
| DNOW, Inc.<sup>(a)</sup> <br>| 66016 | 874712 |
| DXP Enterprises, Inc.<sup>(a)</sup> <br>| 4529 | 497239 |
| Enerpac Tool Group Corp. | 18768 | 717688 |
| Enpro, Inc. | 7503 | 1606617 |
| ESCO Technologies, Inc. | 9198 | 1797197 |
| Everus Construction Group, Inc.<sup>(a)</sup> <br>| 18167 | 1554369 |
| Federal Signal Corp. | 21659 | 2351951 |
| Franklin Electric Co., Inc. | 13634 | 1302456 |
| Gates Industrial Corp. PLC<sup>(a)</sup> <br>| 91992 | 1975068 |
| Gibraltar Industries, Inc.<sup>(a)</sup> <br>| 10327 | 510567 |
| Granite Construction, Inc.<sup>(b)</sup> <br>| 15547 | 1793347 |
| Griffon Corp. | 13928 | 1025797 |
| Hayward Holdings, Inc.<sup>(a)</sup> <br>| 71040 | 1097568 |
| Hillenbrand, Inc. | 25014 | 793444 |
| Insteel Industries, Inc. | 7069 | 223875 |

---

**4**

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| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** |
| **Capital Goods — 11.5% (continued)** | **Capital Goods — 11.5% (continued)** | **Capital Goods — 11.5% (continued)** |
| JBT Marel Corp. | 18511 | 2789052 |
| Kadant, Inc.<sup>(b)</sup> <br>| 4195 | 1195659 |
| Kennametal, Inc. | 26972 | 766275 |
| Lindsay Corp. | 3797 | 447552 |
| Masterbrand, Inc.<sup>(a),(b)</sup> <br>| 45290 | 500002 |
| Mercury Systems, Inc.<sup>(a)</sup> <br>| 18837 | 1375289 |
| Moog, Inc., Cl. A | 10124 | 2465700 |
| Mueller Water Products, Inc., Cl. A | 55681 | 1326322 |
| MYR Group, Inc.<sup>(a)</sup> <br>| 5529 | 1208087 |
| National Presto Industries, Inc. | 1838 | 196225 |
| Powell Industries, Inc.<sup>(b)</sup> <br>| 3353 | 1068869 |
| Primoris Services Corp. | 19245 | 2389074 |
| Proto Labs, Inc.<sup>(a)</sup> <br>| 8504 | 430217 |
| Quanex Building Products Corp. | 15998 | 246049 |
| Resideo Technologies, Inc.<sup>(a)</sup> <br>| 49039 | 1722250 |
| Rush Enterprises, Inc., Cl. A | 21600 | 1165104 |
| Standex International Corp.<sup>(b)</sup> <br>| 4342 | 943430 |
| Sunrun, Inc.<sup>(a),(b)</sup> <br>| 82647 | 1520705 |
| Tennant Co. | 6526 | 480966 |
| The Greenbrier Companies, Inc. | 11152 | 521245 |
| Titan International, Inc.<sup>(a)</sup> <br>| 16539 | 129500 |
| Trinity Industries, Inc. | 28558 | 755074 |
| Vicor Corp.<sup>(a)</sup> <br>| 8092 | 886883 |
| WillScot Holdings Corp.<sup>(b)</sup> <br>| 64804 | 1220259 |
| Worthington Enterprises, Inc. | 11210 | 578100 |
| Zurn Elkay Water Solutions Corp. | 53049 | 2466248 |
|  |  | **61196616** |
| **Commercial & Professional Services — 3.8%** | **Commercial & Professional Services — 3.8%** | **Commercial & Professional Services — 3.8%** |
| ABM Industries, Inc. | 21790 | 921717 |
| Amentum Holdings, Inc.<sup>(a),(b)</sup> <br>| 54600 | 1583400 |
| Brady Corp., Cl. A | 15513 | 1215754 |
| Casella Waste Systems, Inc., Cl. A<sup>(a)</sup> <br>| 22073 | 2161830 |
| CoreCivic, Inc.<sup>(a)</sup> <br>| 37090 | 708790 |
| CSG Systems International, Inc. | 9675 | 741976 |
| Deluxe Corp. | 16012 | 357548 |
| Enviri Corp.<sup>(a),(b)</sup> <br>| 28504 | 510792 |
| Healthcare Services Group, Inc.<sup>(a)</sup> <br>| 25365 | 484979 |
| HNI Corp. | 24526 | 1031073 |
| Insperity, Inc.<sup>(b)</sup> <br>| 12895 | 499294 |
| Interface, Inc. | 20797 | 580652 |
| Korn Ferry | 18660 | 1231933 |
| Liquidity Services, Inc.<sup>(a)</sup> <br>| 8371 | 253725 |
| ManpowerGroup, Inc. | 16431 | 488494 |
| MillerKnoll, Inc. | 23902 | 436929 |
| OPENLANE, Inc.<sup>(a)</sup> <br>| 37848 | 1127113 |
| Pitney Bowes, Inc.<sup>(b)</sup> <br>| 53299 | 563370 |
| Robert Half, Inc. | 35452 | 962876 |
| The GEO Group, Inc.<sup>(a)</sup> <br>| 48573 | 782997 |
| UniFirst Corp. | 5188 | 1000765 |
| Upwork, Inc.<sup>(a),(b)</sup> <br>| 46525 | 922125 |

---

**5**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** |
| **Commercial & Professional Services — 3.8% (continued)** | **Commercial & Professional Services — 3.8% (continued)** | **Commercial & Professional Services — 3.8% (continued)** |
| Verra Mobility Corp.<sup>(a)</sup> <br>| 56832 | 1273605 |
| Vestis Corp.<sup>(b)</sup> <br>| 39109 | 260857 |
|  |  | **20102594** |
| **Consumer Discretionary Distribution & Retail — 4.4%** | **Consumer Discretionary Distribution & Retail — 4.4%** | **Consumer Discretionary Distribution & Retail — 4.4%** |
| Academy Sports & Outdoors, Inc. | 23730 | 1185551 |
| Advance Auto Parts, Inc.<sup>(b)</sup> <br>| 21378 | 840155 |
| American Eagle Outfitters, Inc. | 56092 | 1479146 |
| Asbury Automotive Group, Inc.<sup>(a)</sup> <br>| 6924 | 1610038 |
| Boot Barn Holdings, Inc.<sup>(a),(b)</sup> <br>| 10858 | 1916111 |
| CarMax, Inc.<sup>(a)</sup> <br>| 52302 | 2020949 |
| Etsy, Inc.<sup>(a),(b)</sup> <br>| 35156 | 1949049 |
| Group 1 Automotive, Inc. | 4406 | 1732880 |
| Guess?, Inc.<sup>(b)</sup> <br>| 10638 | 178186 |
| Kohl's Corp. | 40190 | 820278 |
| LKQ Corp. | 91168 | 2753274 |
| MarineMax, Inc.<sup>(a),(b)</sup> <br>| 6775 | 164158 |
| Monro, Inc.<sup>(b)</sup> <br>| 10460 | 209618 |
| National Vision Holdings, Inc.<sup>(a),(b)</sup> <br>| 28390 | 733030 |
| Sally Beauty Holdings, Inc.<sup>(a)</sup> <br>| 34392 | 490430 |
| Signet Jewelers Ltd. | 14581 | 1208473 |
| Sonic Automotive, Inc., Cl. A | 5293 | 327425 |
| The Buckle, Inc. | 10674 | 570205 |
| Upbound Group, Inc. | 18466 | 324263 |
| Urban Outfitters, Inc.<sup>(a)</sup> <br>| 19169 | 1442659 |
| Victoria's Secret & Co.<sup>(a)</sup> <br>| 28552 | 1546662 |
|  |  | **23502540** |
| **Consumer Durables & Apparel — 4.0%** | **Consumer Durables & Apparel — 4.0%** | **Consumer Durables & Apparel — 4.0%** |
| Acushnet Holdings Corp. | 9883 | 788861 |
| Carter's, Inc. | 13045 | 423049 |
| Cavco Industries, Inc.<sup>(a)</sup> <br>| 2780 | 1642257 |
| Century Communities, Inc. | 9105 | 540382 |
| Champion Homes, Inc.<sup>(a)</sup> <br>| 19895 | 1681127 |
| Dream Finders Homes, Inc., Cl. A<sup>(a),(b)</sup> <br>| 10281 | 175805 |
| Ethan Allen Interiors, Inc. | 8214 | 187608 |
| G-III Apparel Group Ltd. | 13374 | 387311 |
| Green Brick Partners, Inc.<sup>(a)</sup> <br>| 10831 | 678670 |
| Installed Building Products, Inc.<sup>(b)</sup> <br>| 8067 | 2092499 |
| Kontoor Brands, Inc. | 18217 | 1112877 |
| La-Z-Boy, Inc. | 14600 | 544142 |
| Leggett & Platt, Inc. | 47813 | 525943 |
| LGI Homes, Inc.<sup>(a)</sup> <br>| 7353 | 315885 |
| M/I Homes, Inc.<sup>(a)</sup> <br>| 9314 | 1191726 |
| Meritage Homes Corp. | 25077 | 1650067 |
| Mohawk Industries, Inc.<sup>(a)</sup> <br>| 18496 | 2021613 |
| Newell Brands, Inc. | 149308 | 555426 |
| Oxford Industries, Inc.<sup>(b)</sup> <br>| 4863 | 166315 |
| Sonos, Inc.<sup>(a)</sup> <br>| 43213 | 758820 |
| Steven Madden Ltd.<sup>(b)</sup> <br>| 25865 | 1077019 |
| Topgolf Callaway Brands Corp.<sup>(a)</sup> <br>| 49675 | 579707 |
| Tri Pointe Homes, Inc.<sup>(a)</sup> <br>| 30614 | 963423 |
| Under Armour, Inc., Cl. A<sup>(a),(b)</sup> <br>| 67984 | 337880 |

---

**6**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** |
| **Consumer Durables & Apparel — 4.0% (continued)** | **Consumer Durables & Apparel — 4.0% (continued)** | **Consumer Durables & Apparel — 4.0% (continued)** |
| Under Armour, Inc., Cl. C<sup>(a),(b)</sup> <br>| 42611 | 204533 |
| Wolverine World Wide, Inc. | 29079 | 527784 |
|  |  | **21130729** |
| **Consumer Services — 3.3%** | **Consumer Services — 3.3%** | **Consumer Services — 3.3%** |
| Adtalem Global Education, Inc.<sup>(a)</sup> <br>| 12939 | 1338798 |
| BJ's Restaurants, Inc.<sup>(a)</sup> <br>| 7609 | 299795 |
| Bloomin' Brands, Inc. | 27004 | 166615 |
| Brinker International, Inc.<sup>(a)</sup> <br>| 15825 | 2271204 |
| Caesars Entertainment, Inc.<sup>(a),(b)</sup> <br>| 72698 | 1700406 |
| Cracker Barrel Old Country Store, Inc.<sup>(b)</sup> <br>| 8135 | 206629 |
| Dave & Buster's Entertainment, Inc.<sup>(a),(b)</sup> <br>| 9837 | 159458 |
| Frontdoor, Inc.<sup>(a)</sup> <br>| 25685 | 1481768 |
| Golden Entertainment, Inc. | 6904 | 187720 |
| Marriott Vacations Worldwide Corp.<sup>(b)</sup> <br>| 9969 | 575112 |
| Matthews International Corp., Cl. A<sup>(b)</sup> <br>| 10959 | 286249 |
| Mister Car Wash, Inc.<sup>(a)</sup> <br>| 34826 | 193632 |
| Monarch Casino & Resort, Inc. | 4372 | 418400 |
| Papa John's International, Inc.<sup>(b)</sup> <br>| 11624 | 447408 |
| Penn Entertainment, Inc.<sup>(a),(b)</sup> <br>| 45257 | 667541 |
| Perdoceo Education Corp. | 21498 | 630536 |
| Pursuit Attractions and Hospitality, Inc.<sup>(a)</sup> <br>| 7673 | 258427 |
| Red Rock Resorts, Inc., Cl. A<sup>(b)</sup> <br>| 17334 | 1073841 |
| Sabre Corp.<sup>(a)</sup> <br>| 141712 | 192728 |
| Shake Shack, Inc., Cl. A<sup>(a)</sup> <br>| 14337 | 1163734 |
| Six Flags Entertainment Corp.<sup>(a),(b)</sup> <br>| 36395 | 558299 |
| Strategic Education, Inc. | 8223 | 659485 |
| Stride, Inc.<sup>(a)</sup> <br>| 15299 | 993364 |
| The Cheesecake Factory, Inc.<sup>(b)</sup> <br>| 16414 | 828579 |
| The Wendy's Company<sup>(b)</sup> <br>| 55911 | 465739 |
| United Parks & Resorts, Inc.<sup>(a)</sup> <br>| 9734 | 353344 |
|  |  | **17578811** |
| **Consumer Staples Distribution & Retail — .7%** | **Consumer Staples Distribution & Retail — .7%** | **Consumer Staples Distribution & Retail — .7%** |
| Grocery Outlet Holding Corp.<sup>(a),(b)</sup> <br>| 34793 | 351409 |
| PriceSmart, Inc. | 9012 | 1105502 |
| The Andersons, Inc. | 12039 | 640114 |
| The Chefs' Warehouse, Inc.<sup>(a)</sup> <br>| 12897 | 803870 |
| United Natural Foods, Inc.<sup>(a)</sup> <br>| 21716 | 731178 |
|  |  | **3632073** |
| **Energy — 4.4%** | **Energy — 4.4%** | **Energy — 4.4%** |
| Archrock, Inc. | 62462 | 1625261 |
| Atlas Energy Solutions, Inc.<sup>(b)</sup> <br>| 27253 | 256723 |
| Bristow Group, Inc.<sup>(a)</sup> <br>| 9099 | 333205 |
| Cactus, Inc., Cl. A | 24634 | 1125281 |
| California Resources Corp. | 27895 | 1247185 |
| Comstock Resources, Inc.<sup>(a),(b)</sup> <br>| 28182 | 653259 |
| Core Laboratories, Inc. | 16794 | 269208 |
| Core Natural Resources, Inc. | 18250 | 1615307 |
| Crescent Energy Co., Cl. A | 86630 | 726826 |
| CVR Energy, Inc.<sup>(a)</sup> <br>| 10602 | 269715 |
| Dorian LPG Ltd. | 13120 | 319341 |
| Helix Energy Solutions Group, Inc.<sup>(a)</sup> <br>| 49513 | 310447 |

---

**7**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** |
| **Energy — 4.4% (continued)** | **Energy — 4.4% (continued)** | **Energy — 4.4% (continued)** |
| Helmerich & Payne, Inc. | 35370 | 1014412 |
| Innovex International, Inc.<sup>(a)</sup> <br>| 13990 | 305961 |
| International Seaways, Inc.<sup>(b)</sup> <br>| 14532 | 705529 |
| Kinetik Holdings, Inc.<sup>(b)</sup> <br>| 15914 | 573700 |
| Kodiak Gas Services, Inc. | 29603 | 1107152 |
| Liberty Energy, Inc. | 57688 | 1064920 |
| Magnolia Oil & Gas Corp., Cl. A | 65234 | 1427972 |
| Noble Corp. PLC<sup>(b)</sup> <br>| 44696 | 1262215 |
| Northern Oil & Gas, Inc.<sup>(b)</sup> <br>| 34362 | 737752 |
| Oceaneering International, Inc.<sup>(a)</sup> <br>| 35478 | 852536 |
| Par Pacific Holdings, Inc.<sup>(a),(b)</sup> <br>| 17912 | 629428 |
| Patterson-UTI Energy, Inc. | 122428 | 748035 |
| Peabody Energy Corp. | 43311 | 1286337 |
| REX American Resources Corp.<sup>(a)</sup> <br>| 9977 | 322457 |
| RPC, Inc. | 32110 | 174678 |
| SM Energy Co. | 40800 | 762960 |
| Talos Energy, Inc.<sup>(a)</sup> <br>| 44804 | 493740 |
| Tidewater, Inc.<sup>(a)</sup> <br>| 16417 | 829223 |
| World Kinect Corp. | 19621 | 459720 |
|  |  | **23510485** |
| **Equity Real Estate Investment Trusts — 6.5%** | **Equity Real Estate Investment Trusts — 6.5%** | **Equity Real Estate Investment Trusts — 6.5%** |
| Acadia Realty Trust<sup>(c)</sup> <br>| 46671 | 958622 |
| Alexander & Baldwin, Inc.<sup>(c)</sup> <br>| 25627 | 528941 |
| American Assets Trust, Inc.<sup>(c)</sup> <br>| 17051 | 322775 |
| Apple Hospitality REIT, Inc.<sup>(b),(c)</sup> <br>| 78364 | 928613 |
| Armada Hoffler Properties, Inc.<sup>(b),(c)</sup> <br>| 28083 | 185909 |
| Brandywine Realty Trust<sup>(c)</sup> <br>| 63022 | 184024 |
| CareTrust REIT, Inc.<sup>(c)</sup> <br>| 79533 | 2875913 |
| Centerspace<sup>(c)</sup> <br>| 6008 | 400854 |
| Curbline Properties Corp.<sup>(c)</sup> <br>| 34527 | 801372 |
| DiamondRock Hospitality Co.<sup>(c)</sup> <br>| 72173 | 646670 |
| Douglas Emmett, Inc.<sup>(b),(c)</sup> <br>| 59967 | 659037 |
| Easterly Government Properties, Inc.<sup>(c)</sup> <br>| 15617 | 330924 |
| Elme Communities<sup>(c)</sup> <br>| 31720 | 551928 |
| Essential Properties Realty Trust, Inc.<sup>(b),(c)</sup> <br>| 70574 | 2093225 |
| Four Corners Property Trust, Inc.<sup>(c)</sup> <br>| 37962 | 875404 |
| Getty Realty Corp.<sup>(c)</sup> <br>| 19008 | 520249 |
| Global Net Lease, Inc.<sup>(b),(c)</sup> <br>| 69911 | 601235 |
| Highwoods Properties, Inc.<sup>(c)</sup> <br>| 39141 | 1010621 |
| Innovative Industrial Properties, Inc.<sup>(c)</sup> <br>| 9981 | 472700 |
| JBG SMITH Properties<sup>(b),(c)</sup> <br>| 21079 | 358554 |
| LTC Properties, Inc.<sup>(c)</sup> <br>| 16675 | 573287 |
| LXP Industrial Trust<sup>(c)</sup> <br>| 21071 | 1044700 |
| Medical Properties Trust, Inc.<sup>(b),(c)</sup> <br>| 174632 | 873160 |
| Millrose Properties, Inc.<sup>(c)</sup> <br>| 54916 | 1640341 |
| NexPoint Residential Trust, Inc.<sup>(c)</sup> <br>| 7785 | 234329 |
| Outfront Media, Inc.<sup>(c)</sup> <br>| 51821 | 1248886 |
| Pebblebrook Hotel Trust<sup>(b),(c)</sup> <br>| 40897 | 462954 |
| Phillips Edison & Co., Inc.<sup>(c)</sup> <br>| 44807 | 1593785 |
| Ryman Hospitality Properties, Inc.<sup>(c)</sup> <br>| 22440 | 2123273 |
| Safehold, Inc.<sup>(c)</sup> <br>| 15964 | 218547 |

---

**8**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** |
| **Equity Real Estate Investment Trusts — 6.5% (continued)** | **Equity Real Estate Investment Trusts — 6.5% (continued)** | **Equity Real Estate Investment Trusts — 6.5% (continued)** |
| Saul Centers, Inc.<sup>(c)</sup> <br>| 4497 | 141790 |
| SL Green Realty Corp.<sup>(c)</sup> <br>| 25298 | 1160419 |
| Summit Hotel Properties, Inc.<sup>(b),(c)</sup> <br>| 38578 | 187875 |
| Sunstone Hotel Investors, Inc.<sup>(c)</sup> <br>| 67703 | 605265 |
| Tanger, Inc.<sup>(c)</sup> <br>| 40999 | 1368137 |
| Terreno Realty Corp.<sup>(b),(c)</sup> <br>| 36827 | 2162113 |
| The Macerich Company<sup>(c)</sup> <br>| 91222 | 1683958 |
| Universal Health Realty Income Trust<sup>(c)</sup> <br>| 4493 | 176171 |
| Urban Edge Properties<sup>(c)</sup> <br>| 44605 | 855970 |
| Veris Residential, Inc.<sup>(c)</sup> <br>| 28585 | 425345 |
| Whitestone REIT<sup>(c)</sup> <br>| 15603 | 216726 |
| Xenia Hotels & Resorts, Inc.<sup>(c)</sup> <br>| 33767 | 477465 |
|  |  | **34782066** |
| **Financial Services — 7.3%** | **Financial Services — 7.3%** | **Financial Services — 7.3%** |
| Acadian Asset Management, Inc. | 9403 | 441941 |
| Adamas Trust, Inc.<sup>(b),(c)</sup> <br>| 30464 | 222387 |
| Apollo Commercial Real Estate Finance, Inc.<sup>(b),(c)</sup> <br>| 46860 | 453605 |
| Arbor Realty Trust, Inc.<sup>(b),(c)</sup> <br>| 68859 | 534346 |
| ARMOUR Residential REIT, Inc.<sup>(b),(c)</sup> <br>| 39855 | 705035 |
| Artisan Partners Asset Management, Inc., Cl. A | 25097 | 1022452 |
| BGC Group, Inc., Cl. A | 127971 | 1142781 |
| Blackstone Mortgage Trust, Inc., Cl. A<sup>(c)</sup> <br>| 56154 | 1074226 |
| Bread Financial Holdings, Inc. | 16264 | 1204024 |
| Cohen & Steers, Inc. | 9835 | 617441 |
| Donnelley Financial Solutions, Inc.<sup>(a)</sup> <br>| 9554 | 446076 |
| Ellington Financial, Inc.<sup>(b),(c)</sup> <br>| 37860 | 514139 |
| Enact Holdings, Inc. | 10252 | 406389 |
| Encore Capital Group, Inc.<sup>(a)</sup> <br>| 8030 | 436431 |
| Enova International, Inc.<sup>(a)</sup> <br>| 8834 | 1388705 |
| EVERTEC, Inc. | 22789 | 662932 |
| EZCORP, Inc., Cl. A<sup>(a)</sup> <br>| 20578 | 399625 |
| Franklin BSP Realty Trust, Inc.<sup>(b),(c)</sup> <br>| 28638 | 287239 |
| HA Sustainable Infrastructure Capital, Inc. | 44811 | 1408410 |
| Jackson Financial, Inc., Cl. A | 24209 | 2581890 |
| KKR Real Estate Finance Trust, Inc.<sup>(b),(c)</sup> <br>| 18678 | 153533 |
| MarketAxess Holdings, Inc. | 13240 | 2399750 |
| Moelis & Co., Cl. A | 26355 | 1811643 |
| Navient Corp. | 24142 | 313846 |
| NCR Atleos Corp.<sup>(a)</sup> <br>| 26242 | 1000083 |
| NMI Holdings, Inc.<sup>(a)</sup> <br>| 27378 | 1116749 |
| Payoneer Global, Inc.<sup>(a)</sup> <br>| 103943 | 584160 |
| PennyMac Mortgage Investment Trust<sup>(c)</sup> <br>| 30756 | 385988 |
| Piper Sandler Companies | 5925 | 2012782 |
| PJT Partners, Inc., Cl. A | 8658 | 1447618 |
| PRA Group, Inc.<sup>(a)</sup> <br>| 13918 | 246209 |
| PROG Holdings, Inc. | 14097 | 415721 |
| Radian Group, Inc. | 48258 | 1736805 |
| Redwood Trust, Inc.<sup>(b),(c)</sup> <br>| 45293 | 250470 |
| Sezzle, Inc.<sup>(a)</sup> <br>| 6133 | 389292 |
| StepStone Group, Inc., Cl. A | 25891 | 1661425 |
| StoneX Group, Inc.<sup>(a),(b)</sup> <br>| 16539 | 1573355 |

---

**9**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** |
| **Financial Services — 7.3% (continued)** | **Financial Services — 7.3% (continued)** | **Financial Services — 7.3% (continued)** |
| The Western Union Company<sup>(b)</sup> <br>| 113208 | 1053966 |
| Two Harbors Investment Corp.<sup>(c)</sup> <br>| 37412 | 392826 |
| Victory Capital Holdings, Inc., Cl. A<sup>(b)</sup> <br>| 17115 | 1079785 |
| Virtu Financial, Inc., Cl. A | 28614 | 953418 |
| Virtus Investment Partners, Inc. | 2248 | 366761 |
| Walker & Dunlop, Inc. | 12068 | 725890 |
| WisdomTree, Inc.<sup>(b)</sup> <br>| 41363 | 504215 |
| World Acceptance Corp.<sup>(a)</sup> <br>| 1035 | 145304 |
|  |  | **38671668** |
| **Food, Beverage & Tobacco — 1.1%** | **Food, Beverage & Tobacco — 1.1%** | **Food, Beverage & Tobacco — 1.1%** |
| Cal-Maine Foods, Inc. | 16238 | 1292058 |
| Fresh Del Monte Produce, Inc.<sup>(b)</sup> <br>| 11723 | 417690 |
| Freshpet, Inc.<sup>(a)</sup> <br>| 17384 | 1059207 |
| J & J Snack Foods Corp. | 5502 | 497216 |
| John B. Sanfilippo & Son, Inc. | 3223 | 227544 |
| National Beverage Corp.<sup>(a)</sup> <br>| 8187 | 261083 |
| The Simply Good Foods Company<sup>(a)</sup> <br>| 32721 | 657038 |
| Tootsie Roll Industries, Inc. | 7001 | 256447 |
| TreeHouse Foods, Inc.<sup>(a)</sup> <br>| 16001 | 377463 |
| Universal Corp. | 8818 | 465149 |
| Vital Farms, Inc.<sup>(a),(b)</sup> <br>| 13371 | 427070 |
|  |  | **5937965** |
| **Health Care Equipment & Services — 5.8%** | **Health Care Equipment & Services — 5.8%** | **Health Care Equipment & Services — 5.8%** |
| Acadia Healthcare Co., Inc.<sup>(a),(b)</sup> <br>| 32860 | 466283 |
| AdaptHealth Corp.<sup>(a)</sup> <br>| 38214 | 380611 |
| Addus HomeCare Corp.<sup>(a)</sup> <br>| 6517 | 699861 |
| AMN Healthcare Services, Inc.<sup>(a)</sup> <br>| 13914 | 219285 |
| Artivion, Inc.<sup>(a)</sup> <br>| 14825 | 676168 |
| Astrana Health, Inc.<sup>(a),(b)</sup> <br>| 15376 | 381479 |
| Avanos Medical, Inc.<sup>(a)</sup> <br>| 16620 | 186643 |
| BrightSpring Health Services, Inc.<sup>(a)</sup> <br>| 40469 | 1515564 |
| Certara, Inc.<sup>(a),(b)</sup> <br>| 42780 | 376892 |
| Concentra Group Holdings Parent, Inc. | 42140 | 829315 |
| CONMED Corp. | 10884 | 441890 |
| CorVel Corp.<sup>(a)</sup> <br>| 11192 | 757363 |
| Embecta Corp. | 20497 | 243504 |
| Enovis Corp.<sup>(a)</sup> <br>| 19952 | 531521 |
| Glaukos Corp.<sup>(a)</sup> <br>| 20376 | 2300654 |
| HealthStream, Inc. | 8605 | 198517 |
| ICU Medical, Inc.<sup>(a),(b)</sup> <br>| 8816 | 1257779 |
| Inspire Medical Systems, Inc.<sup>(a)</sup> <br>| 9406 | 867515 |
| Integer Holdings Corp.<sup>(a)</sup> <br>| 12331 | 967120 |
| Integra LifeSciences Holdings Corp.<sup>(a),(b)</sup> <br>| 23476 | 291572 |
| LeMaitre Vascular, Inc. | 7400 | 600140 |
| Merit Medical Systems, Inc.<sup>(a)</sup> <br>| 21176 | 1866453 |
| National HealthCare Corp. | 4421 | 606075 |
| Neogen Corp.<sup>(a),(b)</sup> <br>| 77504 | 541753 |
| NeoGenomics, Inc.<sup>(a)</sup> <br>| 45878 | 539525 |
| Omnicell, Inc.<sup>(a)</sup> <br>| 16113 | 729919 |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> <br>| 29813 | 637700 |
| Privia Health Group, Inc.<sup>(a)</sup> <br>| 41400 | 981594 |

---

**10**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** |
| **Health Care Equipment & Services — 5.8% (continued)** | **Health Care Equipment & Services — 5.8% (continued)** | **Health Care Equipment & Services — 5.8% (continued)** |
| Progyny, Inc.<sup>(a)</sup> <br>| 28557 | 733344 |
| QuidelOrtho Corp.<sup>(a),(b)</sup> <br>| 23928 | 683384 |
| RadNet, Inc.<sup>(a)</sup> <br>| 24669 | 1760133 |
| Schrodinger, Inc.<sup>(a)</sup> <br>| 20363 | 364090 |
| Select Medical Holdings Corp. | 39250 | 582863 |
| STAAR Surgical Co.<sup>(a)</sup> <br>| 17844 | 412018 |
| Tandem Diabetes Care, Inc.<sup>(a)</sup> <br>| 24064 | 528927 |
| Teleflex, Inc. | 15736 | 1920421 |
| TransMedics Group, Inc.<sup>(a),(b)</sup> <br>| 12172 | 1480724 |
| U.S. Physical Therapy, Inc. | 5388 | 420749 |
| UFP Technologies, Inc.<sup>(a),(b)</sup> <br>| 2747 | 609916 |
| Waystar Holding Corp.<sup>(a),(b)</sup> <br>| 40885 | 1338984 |
|  |  | **30928248** |
| **Household & Personal Products — .6%** | **Household & Personal Products — .6%** | **Household & Personal Products — .6%** |
| Central Garden & Pet Co.<sup>(a)</sup> <br>| 2908 | 93492 |
| Central Garden & Pet Co., Cl. A<sup>(a)</sup> <br>| 18304 | 534294 |
| Edgewell Personal Care Co. | 16869 | 287616 |
| Energizer Holdings, Inc.<sup>(b)</sup> <br>| 21705 | 431713 |
| Interparfums, Inc. | 6510 | 552243 |
| Reynolds Consumer Products, Inc. | 19416 | 445015 |
| WD-40 Co. | 4810 | 947089 |
|  |  | **3291462** |
| **Insurance — 2.5%** | **Insurance — 2.5%** | **Insurance — 2.5%** |
| AMERISAFE, Inc. | 6617 | 254159 |
| Assured Guaranty Ltd. | 15430 | 1386694 |
| Employers Holdings, Inc. | 8093 | 349375 |
| Genworth Financial, Inc.<sup>(a)</sup> <br>| 142249 | 1284508 |
| Goosehead Insurance, Inc., Cl. A | 8872 | 653423 |
| HCI Group, Inc. | 3806 | 729572 |
| Horace Mann Educators Corp. | 14491 | 669194 |
| Lincoln National Corp. | 60210 | 2681151 |
| Mercury General Corp. | 9521 | 895545 |
| Palomar Holdings, Inc.<sup>(a)</sup> <br>| 9439 | 1272000 |
| ProAssurance Corp.<sup>(a)</sup> <br>| 18379 | 444037 |
| Safety Insurance Group, Inc. | 5381 | 419234 |
| SiriusPoint Ltd.<sup>(a)</sup> <br>| 37030 | 810587 |
| Stewart Information Services Corp. | 9981 | 701265 |
| Trupanion, Inc.<sup>(a),(b)</sup> <br>| 12001 | 448477 |
| United Fire Group, Inc. | 7813 | 284003 |
|  |  | **13283224** |
| **Materials — 5.3%** | **Materials — 5.3%** | **Materials — 5.3%** |
| Alpha Metallurgical Resources, Inc.<sup>(a)</sup> <br>| 3847 | 768938 |
| Balchem Corp. | 11535 | 1769008 |
| Celanese Corp. | 39003 | 1649047 |
| Century Aluminum Co.<sup>(a)</sup> <br>| 19095 | 748142 |
| Eastman Chemical Co. | 40629 | 2593349 |
| Element Solutions, Inc. | 81022 | 2024740 |
| FMC Corp. | 44415 | 616036 |
| Hawkins, Inc.<sup>(b)</sup> <br>| 7441 | 1057069 |
| HB Fuller Co. | 19241 | 1144070 |
| Ingevity Corp.<sup>(a)</sup> <br>| 12709 | 752119 |

---

**11**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** |
| **Materials — 5.3% (continued)** | **Materials — 5.3% (continued)** | **Materials — 5.3% (continued)** |
| Innospec, Inc. | 8904 | 681512 |
| Kaiser Aluminum Corp. | 5718 | 656770 |
| Koppers Holdings, Inc. | 7030 | 190372 |
| Materion Corp. | 7385 | 918103 |
| Metallus, Inc.<sup>(a),(b)</sup> <br>| 13065 | 224195 |
| Minerals Technologies, Inc. | 11035 | 672583 |
| O-I Glass, Inc.<sup>(a)</sup> <br>| 54532 | 804892 |
| Quaker Chemical Corp.<sup>(b)</sup> <br>| 4856 | 666777 |
| Sealed Air Corp. | 52401 | 2170974 |
| Sensient Technologies Corp. | 15131 | 1421558 |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> <br>| 56534 | 2746422 |
| Stepan Co. | 7570 | 358515 |
| SunCoke Energy, Inc. | 29275 | 210780 |
| Sylvamo Corp. | 11927 | 574285 |
| The Chemours Company | 53517 | 630965 |
| Warrior Met Coal, Inc. | 18724 | 1650895 |
| Worthington Steel, Inc. | 11582 | 400969 |
|  |  | **28103085** |
| **Media & Entertainment — 1.8%** | **Media & Entertainment — 1.8%** | **Media & Entertainment — 1.8%** |
| Angi, Inc.<sup>(a)</sup> <br>| 12609 | 163034 |
| Cable One, Inc. | 1636 | 184623 |
| Cargurus, Inc.<sup>(a)</sup> <br>| 28934 | 1109619 |
| Cars.com, Inc.<sup>(a),(b)</sup> <br>| 19673 | 240011 |
| Cinemark Holdings, Inc. | 36754 | 854163 |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> <br>| 47901 | 547987 |
| IAC, Inc.<sup>(a)</sup> <br>| 23201 | 907159 |
| John Wiley & Sons, Inc., Cl. A<sup>(b)</sup> <br>| 14624 | 447933 |
| Madison Square Garden Sports Corp.<sup>(a),(b)</sup> <br>| 6400 | 1655360 |
| QuinStreet, Inc.<sup>(a)</sup> <br>| 20471 | 294168 |
| Scholastic Corp. | 7908 | 234314 |
| Shutterstock, Inc. | 8785 | 167793 |
| TEGNA, Inc. | 57326 | 1112698 |
| TripAdvisor, Inc.<sup>(a)</sup> <br>| 41442 | 603396 |
| Yelp, Inc.<sup>(a)</sup> <br>| 20807 | 632325 |
| Ziff Davis, Inc.<sup>(a),(b)</sup> <br>| 14223 | 499938 |
|  |  | **9654521** |
| **Pharmaceuticals, Biotechnology & Life Sciences — 6.2%** | **Pharmaceuticals, Biotechnology & Life Sciences — 6.2%** | **Pharmaceuticals, Biotechnology & Life Sciences — 6.2%** |
| ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> <br>| 44491 | 1188355 |
| ADMA Biologics, Inc.<sup>(a)</sup> <br>| 84769 | 1546186 |
| Alkermes PLC<sup>(a)</sup> <br>| 58811 | 1645532 |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> <br>| 12433 | 332956 |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> <br>| 6341 | 500558 |
| Arcus Biosciences, Inc.<sup>(a)</sup> <br>| 29868 | 711754 |
| Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> <br>| 49244 | 3269309 |
| Azenta, Inc.<sup>(a)</sup> <br>| 14495 | 482104 |
| BioLife Solutions, Inc.<sup>(a)</sup> <br>| 13671 | 330565 |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> <br>| 41243 | 962612 |
| Collegium Pharmaceutical, Inc.<sup>(a),(b)</sup> <br>| 11236 | 520227 |
| Corcept Therapeutics, Inc.<sup>(a)</sup> <br>| 33344 | 1160371 |
| Cytek Biosciences, Inc.<sup>(a)</sup> <br>| 39601 | 199985 |
| Dynavax Technologies Corp.<sup>(a),(b)</sup> <br>| 35460 | 545375 |

---

**12**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** |
| **Pharmaceuticals, Biotechnology & Life Sciences — 6.2% (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences — 6.2% (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences — 6.2% (continued)** |
| Fortrea Holdings, Inc.<sup>(a)</sup> <br>| 33266 | 573838 |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> <br>| 14166 | 530092 |
| Indivior PLC<sup>(a)</sup> <br>| 44470 | 1595584 |
| Innoviva, Inc.<sup>(a)</sup> <br>| 24966 | 499070 |
| Krystal Biotech, Inc.<sup>(a),(b)</sup> <br>| 9192 | 2266196 |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> <br>| 7008 | 1325003 |
| Myriad Genetics, Inc.<sup>(a)</sup> <br>| 33795 | 207839 |
| Organon & Co. | 92805 | 665412 |
| Pacira BioSciences, Inc.<sup>(a)</sup> <br>| 15488 | 400829 |
| Perrigo Co. PLC | 48765 | 678809 |
| Phibro Animal Health Corp., Cl. A | 7366 | 275194 |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> <br>| 17126 | 1056503 |
| Protagonist Therapeutics, Inc.<sup>(a),(b)</sup> <br>| 20931 | 1828113 |
| PTC Therapeutics, Inc.<sup>(a)</sup> <br>| 28596 | 2172152 |
| Sarepta Therapeutics, Inc.<sup>(a),(b)</sup> <br>| 36787 | 791656 |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> <br>| 20399 | 1013830 |
| TG Therapeutics, Inc.<sup>(a)</sup> <br>| 48427 | 1443609 |
| Veracyte, Inc.<sup>(a),(b)</sup> <br>| 28086 | 1182421 |
| Vericel Corp.<sup>(a)</sup> <br>| 17927 | 645551 |
| Vir Biotechnology, Inc.<sup>(a),(b)</sup> <br>| 33034 | 199195 |
| Xencor, Inc.<sup>(a)</sup> <br>| 25745 | 394156 |
|  |  | **33140941** |
| **Real Estate Management & Development — .6%** | **Real Estate Management & Development — .6%** | **Real Estate Management & Development — .6%** |
| Cushman & Wakefield Ltd.<sup>(a)</sup> <br>| 82492 | 1335545 |
| eXp World Holdings, Inc. | 32602 | 295048 |
| Kennedy-Wilson Holdings, Inc. | 42885 | 414698 |
| Marcus & Millichap, Inc. | 8518 | 232456 |
| The St. Joe Company<sup>(b)</sup> <br>| 14123 | 838483 |
|  |  | **3116230** |
| **Semiconductors & Semiconductor Equipment — 3.8%** | **Semiconductors & Semiconductor Equipment — 3.8%** | **Semiconductors & Semiconductor Equipment — 3.8%** |
| ACM Research, Inc., Cl. A<sup>(a)</sup> <br>| 18876 | 744658 |
| Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> <br>| 8840 | 175120 |
| Axcelis Technologies, Inc.<sup>(a)</sup> <br>| 11030 | 886150 |
| Cohu, Inc.<sup>(a)</sup> <br>| 16583 | 385886 |
| Diodes, Inc.<sup>(a)</sup> <br>| 16610 | 819537 |
| Enphase Energy, Inc.<sup>(a)</sup> <br>| 45715 | 1465166 |
| FormFactor, Inc.<sup>(a)</sup> <br>| 27609 | 1540030 |
| Ichor Holdings Ltd.<sup>(a)</sup> <br>| 12468 | 229785 |
| Impinj, Inc.<sup>(a),(b)</sup> <br>| 9544 | 1660752 |
| Kulicke & Soffa Industries, Inc. | 18573 | 846186 |
| MaxLinear, Inc.<sup>(a)</sup> <br>| 29204 | 509026 |
| PDF Solutions, Inc.<sup>(a),(b)</sup> <br>| 11405 | 325385 |
| Penguin Solutions, Inc.<sup>(a)</sup> <br>| 17367 | 339699 |
| Photronics, Inc.<sup>(a)</sup> <br>| 20923 | 669536 |
| Power Integrations, Inc. | 19632 | 697721 |
| Qorvo, Inc.<sup>(a)</sup> <br>| 29947 | 2530821 |
| Semtech Corp.<sup>(a)</sup> <br>| 30907 | 2277537 |
| SiTime Corp.<sup>(a)</sup> <br>| 7809 | 2758061 |
| SolarEdge Technologies, Inc.<sup>(a),(b)</sup> <br>| 21227 | 612399 |

---

**13**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** |
| **Semiconductors & Semiconductor Equipment — 3.8% (continued)** | **Semiconductors & Semiconductor Equipment — 3.8% (continued)** | **Semiconductors & Semiconductor Equipment — 3.8% (continued)** |
| Ultra Clean Holdings, Inc.<sup>(a)</sup> <br>| 16172 | 409637 |
| Veeco Instruments, Inc.<sup>(a),(b)</sup> <br>| 21428 | 612412 |
|  |  | **20495504** |
| **Software & Services — 4.2%** | **Software & Services — 4.2%** | **Software & Services — 4.2%** |
| A10 Networks, Inc.<sup>(b)</sup> <br>| 25547 | 451926 |
| ACI Worldwide, Inc.<sup>(a)</sup> <br>| 36717 | 1755440 |
| Adeia, Inc. | 39003 | 672802 |
| Agilysys, Inc.<sup>(a),(b)</sup> <br>| 9034 | 1073601 |
| Alarm.com Holdings, Inc.<sup>(a)</sup> <br>| 17885 | 912493 |
| BlackLine, Inc.<sup>(a),(b)</sup> <br>| 17798 | 984051 |
| Box, Inc., Cl. A<sup>(a)</sup> <br>| 51605 | 1543505 |
| Cleanspark, Inc.<sup>(a),(b)</sup> <br>| 100114 | 1013154 |
| Clear Secure, Inc., Cl. A | 31579 | 1107791 |
| DigitalOcean Holdings, Inc.<sup>(a),(b)</sup> <br>| 24550 | 1181346 |
| DXC Technology Co.<sup>(a)</sup> <br>| 61979 | 907992 |
| Grid Dynamics Holdings, Inc.<sup>(a)</sup> <br>| 23558 | 212729 |
| InterDigital, Inc.<sup>(b)</sup> <br>| 9170 | 2919545 |
| LiveRamp Holdings, Inc.<sup>(a)</sup> <br>| 22554 | 662411 |
| MARA Holdings, Inc.<sup>(a),(b)</sup> <br>| 134699 | 1209597 |
| N-able, Inc.<sup>(a)</sup> <br>| 26900 | 201212 |
| NCR Voyix Corp.<sup>(a),(b)</sup> <br>| 49014 | 499943 |
| Progress Software Corp.<sup>(a)</sup> <br>| 15283 | 656558 |
| Q2 Holdings, Inc.<sup>(a)</sup> <br>| 22272 | 1607147 |
| Sprinklr, Inc., Cl. A<sup>(a)</sup> <br>| 42918 | 333902 |
| SPS Commerce, Inc.<sup>(a)</sup> <br>| 13431 | 1197105 |
| Teradata Corp.<sup>(a)</sup> <br>| 33195 | 1010456 |
|  |  | **22114706** |
| **Technology Hardware & Equipment — 5.8%** | **Technology Hardware & Equipment — 5.8%** | **Technology Hardware & Equipment — 5.8%** |
| Advanced Energy Industries, Inc. | 13444 | 2814770 |
| Arlo Technologies, Inc.<sup>(a)</sup> <br>| 37237 | 520946 |
| Badger Meter, Inc. | 10496 | 1830607 |
| Benchmark Electronics, Inc. | 12708 | 543394 |
| Calix, Inc.<sup>(a)</sup> <br>| 21481 | 1136989 |
| Corsair Gaming, Inc.<sup>(a),(b)</sup> <br>| 16044 | 95301 |
| CTS Corp. | 10348 | 443619 |
| Digi International, Inc.<sup>(a)</sup> <br>| 13198 | 571342 |
| ePlus, Inc. | 9329 | 818153 |
| Extreme Networks, Inc.<sup>(a)</sup> <br>| 47373 | 788761 |
| Harmonic, Inc.<sup>(a)</sup> <br>| 39974 | 395343 |
| Insight Enterprises, Inc.<sup>(a)</sup> <br>| 11020 | 897799 |
| Itron, Inc.<sup>(a)</sup> <br>| 16293 | 1512968 |
| Knowles Corp.<sup>(a)</sup> <br>| 30246 | 648172 |
| Mirion Technologies, Inc.<sup>(a),(b)</sup> <br>| 88268 | 2067237 |
| NetScout Systems, Inc.<sup>(a)</sup> <br>| 24428 | 661022 |
| OSI Systems, Inc.<sup>(a),(b)</sup> <br>| 5690 | 1451291 |
| PC Connection, Inc. | 4137 | 238953 |
| Plexus Corp.<sup>(a)</sup> <br>| 9599 | 1411053 |
| Ralliant Corp. | 40178 | 2045462 |
| Rogers Corp.<sup>(a)</sup> <br>| 5957 | 545483 |
| Sanmina Corp.<sup>(a)</sup> <br>| 19434 | 2916460 |
| ScanSource, Inc.<sup>(a)</sup> <br>| 7190 | 280841 |

---

**14**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** | **Common Stocks — 98.4% (continued)** |
| **Technology Hardware & Equipment — 5.8% (continued)** | **Technology Hardware & Equipment — 5.8% (continued)** | **Technology Hardware & Equipment — 5.8% (continued)** |
| TTM Technologies, Inc.<sup>(a)</sup> <br>| 36804 | 2539476 |
| Viasat, Inc.<sup>(a)</sup> <br>| 48404 | 1668002 |
| Viavi Solutions, Inc.<sup>(a)</sup> <br>| 79498 | 1416654 |
| Vishay Intertechnology, Inc.<sup>(b)</sup> <br>| 43984 | 637328 |
|  |  | **30897426** |
| **Telecommunication Services — 1.1%** | **Telecommunication Services — 1.1%** | **Telecommunication Services — 1.1%** |
| Cogent Communications Holdings, Inc.<sup>(b)</sup> <br>| 16854 | 363372 |
| Gogo, Inc.<sup>(a)</sup> <br>| 27184 | 126678 |
| Iridium Communications, Inc. | 37711 | 655417 |
| Lumen Technologies, Inc.<sup>(a)</sup> <br>| 336947 | 2618078 |
| Shenandoah Telecommunications Co. | 16317 | 188625 |
| Telephone and Data Systems, Inc. | 35432 | 1452712 |
| Uniti Group, Inc.<sup>(a)</sup> <br>| 63841 | 447525 |
|  |  | **5852407** |
| **Transportation — 1.5%** | **Transportation — 1.5%** | **Transportation — 1.5%** |
| Allegiant Travel Co.<sup>(a)</sup> <br>| 4774 | 407079 |
| ArcBest Corp.<sup>(b)</sup> <br>| 8104 | 601236 |
| Forward Air Corp.<sup>(a)</sup> <br>| 7712 | 192800 |
| Heartland Express, Inc. | 16612 | 150006 |
| Hertz Global Holdings, Inc.<sup>(a),(b)</sup> <br>| 43807 | 225168 |
| Hub Group, Inc., Cl. A | 21718 | 925404 |
| JetBlue Airways Corp.<sup>(a),(b)</sup> <br>| 104012 | 473255 |
| Marten Transport Ltd. | 20778 | 236454 |
| Matson, Inc. | 11105 | 1372023 |
| RXO, Inc.<sup>(a),(b)</sup> <br>| 58964 | 745305 |
| Schneider National, Inc., Cl. B<sup>(b)</sup> <br>| 17698 | 469528 |
| SkyWest, Inc.<sup>(a)</sup> <br>| 14284 | 1434256 |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> <br>| 18487 | 266028 |
| Werner Enterprises, Inc. | 21454 | 643834 |
|  |  | **8142376** |
| **Utilities — 2.2%** | **Utilities — 2.2%** | **Utilities — 2.2%** |
| American States Water Co. | 13701 | 993048 |
| Avista Corp. | 28983 | 1117005 |
| California Water Service Group | 21107 | 914566 |
| Chesapeake Utilities Corp. | 8467 | 1056343 |
| Clearway Energy, Inc., Cl. A | 12232 | 384329 |
| Clearway Energy, Inc., Cl. C | 30220 | 1005117 |
| H2O America | 11890 | 582491 |
| Hawaiian Electric Industries, Inc.<sup>(a)</sup> <br>| 61243 | 753289 |
| MDU Resources Group, Inc. | 72777 | 1420607 |
| MGE Energy, Inc. | 12987 | 1018441 |
| Middlesex Water Co. | 6585 | 332016 |
| Northwest Natural Holding Co. | 14759 | 689836 |
| Otter Tail Corp. | 14926 | 1206170 |
| Unitil Corp. | 6415 | 310743 |
|  |  | **11784001** |
| **Total Common Stocks** <br>(cost $384,332,897)<br>|  | **524122424** |

---

**15**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Exchange-Traded Funds — 1.1%** | **Exchange-Traded Funds — 1.1%** | **Exchange-Traded Funds — 1.1%** |
| **Registered Investment Companies — 1.1%** | **Registered Investment Companies — 1.1%** | **Registered Investment Companies — 1.1%** |
| iShares Core S&P Small-Cap ETF<sup>(b)</sup> <br>(cost $6,062,112)<br>| 52073 | **6258133** |

---

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

---

| | | |
|:---|:---|:---|
|  | Number of Rights |  |
| **Rights — .0%** | **Rights — .0%** | **Rights — .0%** |
| **Health Care Equipment & Services — .0%** | **Health Care Equipment & Services — .0%** | **Health Care Equipment & Services — .0%** |
| Omniab Operations, Inc.-Earnout 12.5 | 3619 | 0 |
| Omniab Operations, Inc.-Earnout 15.0 | 3619 | 0 |
| **Total Rights** <br>(cost $12,944)<br>|  | **0** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>| Shares |  |
| **Investment Companies — .4%** | **Investment Companies — .4%** | **Investment Companies — .4%** | **Investment Companies — .4%** |
| **Registered Investment Companies — .4%** | **Registered Investment Companies — .4%** | **Registered Investment Companies — .4%** | **Registered Investment Companies — .4%** |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares<sup>(d)</sup> <br>(cost $1,990,803)<br>| 3.89 | 1990803 | **1990803** |
| **Investment of Cash Collateral for Securities Loaned — 1.4%** |  |  |  |
| **Registered Investment Companies — 1.4%** |  |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares<sup>(d)</sup> <br>(cost $7,323,778)<br>| 3.89 | 7323778 | **7323778** |
| **Total Investments** (cost $399,722,534) | **Total Investments** (cost $399,722,534) | **101.3%** | **539695138** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(1.3%)** | **(6984656)** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **532710482** |

---

&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 December 31, 2025, the value of the fund's securities on loan was $83,956,166 and the value of the collateral was $86,923,611, consisting of cash collateral of $7,323,778 and U.S. Government & Agency securities valued at $79,599,833. 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>12/31/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - .4%** | **Registered Investment Companies - .4%** | **Registered Investment Companies - .4%** | **Registered Investment Companies - .4%** | **Registered Investment Companies - .4%** | **Registered Investment Companies - .4%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .4%<br>| 2877181 | 150766400 | (151652778) | 1990803 | 87298 |
| **Investment of Cash Collateral for Securities Loaned - 1.4%** | **Investment of Cash Collateral for Securities Loaned - 1.4%** | **Investment of Cash Collateral for Securities Loaned - 1.4%** | **Investment of Cash Collateral for Securities Loaned - 1.4%** | **Investment of Cash Collateral for Securities Loaned - 1.4%** | **Investment of Cash Collateral for Securities Loaned - 1.4%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - 1.4%<br>| 6591083 | 90054226 | (89321531) | 7323778 | 121751<sup>††</sup> <br>|
| **Total - 1.8%** | **9468264** | **240820626** | **(240974309)** | **9314581** | **209049** |

---

&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>|

---

**16**

------

&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>(Depreciation) ($)<br>|
| **Futures Long** |  |  |  |  |  |
| E-mini Russell 2000 Index | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp; 2568006 | &nbsp;&nbsp; 2498000 | &nbsp;&nbsp; (70006) |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** |  |  | **(70006)** |

---

See notes to financial statements.

**17**

------

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments <br>(including securities on loan, valued at $83,956,166)—Note 1(c):<br>|  |  |
| Unaffiliated issuers | 390407953 | &nbsp;&nbsp;&nbsp;&nbsp; 530380557 |
| Affiliated issuers | 9314581 | &nbsp;&nbsp;&nbsp;&nbsp; 9314581 |
| Cash collateral held by broker—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 234000 |
| Dividends and securities lending income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 647765 |
| Receivable for shares of Beneficial Interest subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 333350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **540910253** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 278412 |
| Liability for securities on loan—Note 1(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7323778 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 325481 |
| Payable for shares of Beneficial Interest redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 248155 |
| Payable for futures variation margin—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19700 |
| Trustees' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 3091 |
| Interest payable—Note 2 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8199771** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **532710482** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 355424043 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; 177286439 |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **532710482** |
| **Shares Outstanding** |  |  |
| (unlimited number of $.001 par value shares of Beneficial Interest authorized) |  | &nbsp;&nbsp;&nbsp;&nbsp; 29585023 |
| **Net Asset Value Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**18.01** |

---

See notes to financial statements.

**18**

------

STATEMENT OF OPERATIONS

Year Ended December 31, 2025

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Cash dividends (net of $9,732 foreign taxes withheld at source): |  |
| Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 8246067 |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 87298 |
| Affiliated income net of rebates from securities lending—Note 1(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 121751 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp; 11171 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **8466287** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 1861370 |
| Distribution Plan fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 1329550 |
| Interest expense—Note 2 | &nbsp;&nbsp;&nbsp;&nbsp; 15921 |
| Trustees' fees—Notes 3(a) and 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 15870 |
| Loan commitment fees—Note 2  | &nbsp;&nbsp;&nbsp;&nbsp; 13325 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **3236036** |
| Less—Trustees' fees reimbursed by <br>BNY Mellon Investment Adviser, Inc.—Note 3(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (15870)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **3220166** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **5246121** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 45401849 |
| Net realized gain (loss) on futures | &nbsp;&nbsp;&nbsp;&nbsp; 184318 |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **45586167** |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (25912118)<br>|
| Net change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp;&nbsp;&nbsp; 73293 |
| **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **(25838825)**<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **19747342** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **24993463** |

---

See notes to financial statements.

**19**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2024 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5246121 | &nbsp;&nbsp;&nbsp;&nbsp; 6259881 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 45586167 | &nbsp;&nbsp;&nbsp;&nbsp; 53138340 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (25838825) | &nbsp;&nbsp;&nbsp;&nbsp; (17024522) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **24993463** | &nbsp;&nbsp;&nbsp;&nbsp; **42373699** |
| **Distributions ($):** |  |  |
| **Distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **(61582942)** | &nbsp;&nbsp;&nbsp;&nbsp; **(19677634)** |
| **Beneficial Interest Transactions ($):** |  |  |
| Net proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 124680129 | &nbsp;&nbsp;&nbsp;&nbsp; 189396668 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 61582942 | &nbsp;&nbsp;&nbsp;&nbsp; 19677634 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (198698397) | &nbsp;&nbsp;&nbsp;&nbsp; (228895292) |
| **Increase (Decrease) in Net Assets from Beneficial Interest Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **(12435326)** | &nbsp;&nbsp;&nbsp;&nbsp; **(19820990)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(49024805)** | &nbsp;&nbsp;&nbsp;&nbsp; **2875075** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 581735287 | &nbsp;&nbsp;&nbsp;&nbsp; 578860212 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **532710482** | &nbsp;&nbsp;&nbsp;&nbsp; **581735287** |
| **Capital Share Transactions (Shares):** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 7151346 | &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; (11544266) | &nbsp;&nbsp;&nbsp;&nbsp; (12262650) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(412122)** | &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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **Service Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **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 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .17 | &nbsp;&nbsp;&nbsp;&nbsp; .20 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .16 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; .53 | &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 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .70 | &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 |
| 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>|
| Dividends from net realized gain on investments | &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>|
| 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>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;18.01 | &nbsp;&nbsp;&nbsp;&nbsp;19.39 | &nbsp;&nbsp;&nbsp;&nbsp;18.58 | &nbsp;&nbsp;&nbsp;&nbsp;17.26 | &nbsp;&nbsp;&nbsp;&nbsp;23.55 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;5.36 | &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 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets<sup>(b)</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 assets<sup>(b),(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp; .60 | &nbsp;&nbsp;&nbsp;&nbsp; .60 | &nbsp;&nbsp;&nbsp;&nbsp; .60 |
| Ratio of net investment income to average net assets<sup>(b),(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .99 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp; .97 | &nbsp;&nbsp;&nbsp;&nbsp; .73 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;60.63 | &nbsp;&nbsp;&nbsp;&nbsp;77.24 | &nbsp;&nbsp;&nbsp;&nbsp;38.37 | &nbsp;&nbsp;&nbsp;&nbsp;28.27 | &nbsp;&nbsp;&nbsp;&nbsp;46.01 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 532710 | &nbsp;&nbsp;&nbsp;&nbsp; 581735 | &nbsp;&nbsp;&nbsp;&nbsp; 578860 | &nbsp;&nbsp;&nbsp;&nbsp; 523889 | &nbsp;&nbsp;&nbsp;&nbsp; 723023 |

---

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

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

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

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

See notes to financial statements.

**21**

------

NOTES TO FINANCIAL STATEMENTS

**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 of the Trust 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 (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 December 31, 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 ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Equity Securities - Common Stocks | &nbsp;&nbsp; 524122424 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **524122424** |
| Exchange-Traded Funds | &nbsp;&nbsp; 6258133 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **6258133** |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<sup>††</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; **0** |
| Investment Companies | &nbsp;&nbsp; 9314581 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **9314581** |
|  | &nbsp;&nbsp; **539695138** | &nbsp;&nbsp; **0** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **539695138** |
| **Liabilities ($)** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| Futures<sup>†††</sup> <br>| &nbsp;&nbsp; (70006) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **(70006)** |
|  | &nbsp;&nbsp; **(70006)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(70006)** |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| See Schedule of Investments for additional detailed categorizations, if any. |
| <sup>††</sup> <br>| Securities classified within Level 2 at period end as the values were determined pursuant to the fund's fair valuation procedures. |
| <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 December 31, 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.

**23**

------

NOTES TO FINANCIAL STATEMENTS (continued)

Pursuant to a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund's policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund's Schedule 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 December 31, 2025, BNY earned $16,599 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 December 31, 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; 83956166 |
| 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; (83956166 )<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 Schedule 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

**24**

------

NOTES TO FINANCIAL STATEMENTS (continued)

income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended December 31, 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 December 31, 2025, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended December 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At December 31, 2025, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $22,343,717, undistributed capital gains $26,107,649 and unrealized appreciation $128,835,073.

The tax character of distributions paid to shareholders during the fiscal years ended December 31, 2025 and December 31, 2024 were as follows: ordinary income $7,150,535 and $6,649,877, and long-term capital gains $54,432,407 and $13,027,757, respectively.

**(h) Operating segment reporting:** In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the fund has operated and been managed as a single reportable segment, generating returns through dividends, interest, and/or gains from investments aligned with its single stated investment objective as outlined in the fund's prospectus. The fund's accounting policies are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments and is comprised of Senior Management and Directors of BNY Investments. The CODM considers the net increase in net assets resulting from operations when deciding whether to purchase additional investments or make distributions to shareholders. Detailed financial information for the fund is presented in these financial statements, including total assets and liabilities in the Statement of Assets and Liabilities, investments held in the Schedule of Investments, results of operations and significant segment expenses in the Statement of Operations, and additional performance information—such as total return, portfolio turnover, and ratios—in 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 December 31, 2025, the fund was charged $15,921 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 December 31, 2025 was approximately $304,658 with a related weighted average annualized interest rate of 5.23%. As of December 31, 2025, the fund has no outstanding loan balance from either Facility.

**NOTE 3—**

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

**(a)** Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .35% of the value of the fund's average daily net assets and is payable monthly. The Adviser has agreed in its management agreement with the fund to pay all of the fund's expenses, except management fees, interest expenses, brokerage commissions and commitment fees on borrowings, if any, fees pursuant to any distribution or shareholder services plan adopted by the fund, fees and expenses of the non-interested board members and their counsel and independent counsel to the fund, and any extraordinary expenses. 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 independent 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 December 31, 2025, Trustees' fees reimbursed by the Adviser amounted to $15,870.

**(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 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.

**25**

------

NOTES TO FINANCIAL STATEMENTS (continued)

The fees payable under the Distribution Plan are payable without regard to actual expenses incurred. During the period ended December 31, 2025, the fund was charged $1,329,550 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 $162,442, Distribution Plan fees of $116,030, which are offset against an expense reimbursement currently in effect in the amount of $60.

**(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 December 31, 2025, amounted to $322,996,829 and $390,723,814, 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. Each type of derivative instrument that was held by the fund during the period ended December 31, 2025 is discussed below.

**Deposits with Broker:** The amount included in Cash collateral held by broker in the Statement of Asset and Liabilities represents cash balances that are held by a broker, including collateral required for derivative contracts. 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 December 31, 2025 are set forth in the fund's Schedule 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 December 31, 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; - | &nbsp;&nbsp;&nbsp;&nbsp; (70006 )<sup>(1)</sup><br>|
| **Gross fair value of derivative contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **-** | &nbsp;&nbsp;&nbsp;&nbsp; **(70006)**<br>|

---

&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 Schedule 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 December 31, 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; 184318 | &nbsp;&nbsp;&nbsp;&nbsp; **184318** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **184318** | &nbsp;&nbsp;&nbsp;&nbsp; **184318** |

---

**26**

------

NOTES TO FINANCIAL STATEMENTS (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; 73293 | &nbsp;&nbsp;&nbsp;&nbsp; **73293** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **73293** | &nbsp;&nbsp;&nbsp;&nbsp; **73293** |

---

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

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

The following table summarizes the monthly average market value of derivatives outstanding during the period ended December 31, 2025:

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **Futures:** |  |
| Equity Futures Long | &nbsp;&nbsp; 2645700 |

---

At December 31, 2025, the cost of investments for federal income tax purposes was $410,860,065; accordingly, accumulated net unrealized appreciation on investments was $128,835,073, consisting of $187,760,541 gross unrealized appreciation and $58,925,468 gross unrealized depreciation.

**27**

------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Small Cap Stock Index Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Small Cap Stock Index Portfolio (the "Fund") (one of the funds constituting BNY Mellon Investment Portfolios (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting BNY Mellon Investment Portfolios) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](img8270fbc02.gif)

We have served as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine the specific year.

New York, New York

February 6, 2026

**28**

------

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund hereby reports 85.99% of the ordinary dividends paid during the fiscal year ended December 31, 2025 as qualifying for the corporate dividends received deduction. Shareholders will receive notification in early 2026 of the percentage applicable to the preparation of their 2025 income tax returns.The fund also hereby reports $1.8361 per share as a long-term capital gain distribution paid on March 28, 2025.

**29**

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

N/A

**30**

------

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

N/A

**31**

------

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.

**32**

------

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

At a meeting of the fund's Board of Trustees (the "Board") held on August 13-14, 2025, the Board considered the renewal of the fund's Management Agreement pursuant to which the Adviser provides the fund with investment advisory and administrative services (the "Agreement"). The Board members, none of whom are "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser. In considering the renewal of the Agreement, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

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

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

<u>Comparative Analysis of the Fund's Performance and Management Fee and Expense Ratio.</u> The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper ("Lipper"), which included information comparing (1) the performance of the fund's Service shares with the performance of two other small-cap core pure index funds underlying variable insurance products ("VIPs") benchmarked against the S&P SmallCap 600 Index selected by Broadridge as comparable to the fund (the "Performance Group") and with a broader group of funds consisting of all small-cap core funds underlying VIPs (the "Performance Universe"), all for various periods ended June 30, 2025, and (2) the fund's actual and contractual management fees and total expenses with those of the same two funds in the Performance Group (the "Expense Group") and with a broader group of funds consisting of other small-cap core funds underlying VIPs with similar 12b-1/non-12b-1 structures, excluding outliers (the "Expense Universe"), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board also considered the fund's performance in light of overall financial market conditions. The Board discussed with representatives of the Adviser the results of the comparisons and considered that the fund's total return performance was below the Performance Group median for all periods, except for the ten-year period when the fund's total return performance was at the Performance Group median, and was below the Performance Universe median for all periods, except for the ten-year period when the fund's total return performance was above the Performance Universe median. It was noted that there were only two other funds in the Performance Group and that the Performance Universe was not limited to index funds. The Adviser also provided a comparison of the fund's calendar year total returns to the returns of the fund's benchmark indices.

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

**33**

------

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

The Board noted that the Adviser pays all fund expenses, other than the actual management fee and certain other expenses. Because of the fund's "unitary fee" structure, the Board recognized that the fund's fees and expenses will vary within a much smaller range and the Adviser will bear the risk that fund expenses may increase over time. On the other hand, the Board noted that it is possible that the Adviser could earn a profit on the fees charged under the Agreement and would benefit from any price decreases in third party services covered by the Agreement. Taking into account the fund's unitary fee structure, the Board considered that the fund's contractual management fee was higher than the Expense Group median contractual management fee, the fund's actual management fee was higher than the Expense Group median and approximately equivalent to the Expense Universe median actual management fee, and the fund's total expenses were approximately equivalent to the Expense Group median and approximately equivalent to the Expense Universe median total expenses.

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

In evaluating the Agreement, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates, of the Adviser and the services provided to the fund

**34**

------

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

**35**

------© 2026 BNY Mellon Securities Corporation

Code-0410NCSRAR1225

![](imgb8e066951.gif)

------

BNY Mellon Investment Portfolios, Technology Growth Portfolio

**ANNUAL FINANCIALS AND OTHER INFORMATION**

December 31, 2025

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

---

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

---

![](img2fdb469e1.gif)

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**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 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_a4b628eb-0671-4d19-bbfe-240a36dff19f_SOI-Commoncontent-4697_1)**<br> **[Investment Companies](#xx_a4b628eb-0671-4d19-bbfe-240a36dff19f_SOI-Commoncontent-4697_1)**<br>| 3 |
| [Schedule of Investments](#xx_a4b628eb-0671-4d19-bbfe-240a36dff19f_SOI-Commoncontent-4697_1) | 3 |
| [Statement of Assets and Liabilities](#xx_a4b628eb-0671-4d19-bbfe-240a36dff19f_FS-Commoncontent-4697_1) | 6 |
| [Statement of Operations](#xx_a4b628eb-0671-4d19-bbfe-240a36dff19f_FS-Commoncontent-4697_2) | 7 |
| [Statement of Changes in Net Assets](#xx_a4b628eb-0671-4d19-bbfe-240a36dff19f_FS-Commoncontent-4697_3) | 8 |
| [Financial Highlights](#xx_a4b628eb-0671-4d19-bbfe-240a36dff19f_FIHI-Commoncontent-4697_1) | 9 |
| [Notes to Financial Statements](#xx_a4b628eb-0671-4d19-bbfe-240a36dff19f_NTF-Commoncontent-4697_1) | 11 |
| [Report of Independent Registered Public Accounting Firm](#xx_a4b628eb-0671-4d19-bbfe-240a36dff19f_AUD-Commoncontent-4697_1) | 18 |
| [Important Tax Information](#xx_a4b628eb-0671-4d19-bbfe-240a36dff19f_ITI-Commoncontent-4697_1) | 19 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_a4b628eb-0671-4d19-bbfe-240a36dff19f_CDA-Commoncontent-4697_1)**<br> **[Investment Companies](#xx_a4b628eb-0671-4d19-bbfe-240a36dff19f_CDA-Commoncontent-4697_1)**<br>| 20 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_a4b628eb-0671-4d19-bbfe-240a36dff19f_PRXD-Commoncontent-4697_1)** | 21 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_a4b628eb-0671-4d19-bbfe-240a36dff19f_RMNP-Commoncontent-4697_1)**<br> **[Management Investment Companies](#xx_a4b628eb-0671-4d19-bbfe-240a36dff19f_RMNP-Commoncontent-4697_1)**<br>| 22 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_a4b628eb-0671-4d19-bbfe-240a36dff19f_AAA-Commoncontent-4697_1)** | 23 |

---

------

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

Technology Growth Portfolio

SCHEDULE OF INVESTMENTS

December 31, 2025

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 97.4%** | **Common Stocks — 97.4%** | **Common Stocks — 97.4%** |
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |
| Axon Enterprise, Inc. <sup>(a)</sup> <br>| 6851 | **3890888** |
| **Application Software — 9.3%** | **Application Software — 9.3%** | **Application Software — 9.3%** |
| Datadog, Inc., Cl. A <sup>(a)</sup> <br>| 8661 | 1177809 |
| HubSpot, Inc. <sup>(a)</sup> <br>| 6492 | 2605240 |
| Intuit, Inc. | 9979 | 6610289 |
| Klaviyo, Inc., Cl. A <sup>(a),(b)</sup> <br>| 100625 | 3267294 |
| Synopsys, Inc. <sup>(a)</sup> <br>| 5449 | 2559504 |
|  |  | **16220136** |
| **Broadline Retail — 8.1%** | **Broadline Retail — 8.1%** | **Broadline Retail — 8.1%** |
| Alibaba Group Holding Ltd., ADR <sup>(b)</sup> <br>| 44428 | 6512256 |
| Amazon.com, Inc. <sup>(a)</sup> <br>| 33165 | 7655145 |
|  |  | **14167401** |
| **Electronic Components — 1.7%** | **Electronic Components — 1.7%** | **Electronic Components — 1.7%** |
| Amphenol Corp., Cl. A | 21398 | **2891726** |
| **Interactive Media & Services — 9.6%** | **Interactive Media & Services — 9.6%** | **Interactive Media & Services — 9.6%** |
| Alphabet, Inc., Cl. C | 21515 | 6751407 |
| Meta Platforms, Inc., Cl. A | 10319 | 6811469 |
| Tencent Holdings Ltd., ADR <sup>(b)</sup> <br>| 41018 | 3139928 |
|  |  | **16702804** |
| **Internet Services & Infrastructure — 5.9%** | **Internet Services & Infrastructure — 5.9%** | **Internet Services & Infrastructure — 5.9%** |
| MongoDB, Inc. <sup>(a)</sup> <br>| 9566 | 4014755 |
| Shopify, Inc., Cl. A <sup>(a)</sup> <br>| 38327 | 6169497 |
|  |  | **10184252** |
| **Movies & Entertainment — 3.5%** | **Movies & Entertainment — 3.5%** | **Movies & Entertainment — 3.5%** |
| Netflix, Inc. <sup>(a)</sup> <br>| 47270 | 4432035 |
| Spotify Technology SA <sup>(a)</sup> <br>| 2818 | 1636441 |
|  |  | **6068476** |
| **Real Estate Services — 1.4%** | **Real Estate Services — 1.4%** | **Real Estate Services — 1.4%** |
| CoStar Group, Inc. <sup>(a)</sup> <br>| 37574 | **2526476** |
| **Semiconductor Materials & Equipment — 9.5%** | **Semiconductor Materials & Equipment — 9.5%** | **Semiconductor Materials & Equipment — 9.5%** |
| Applied Materials, Inc. | 21881 | 5623198 |
| ASML Holding NV | 2367 | 2532359 |
| Lam Research Corp. | 48458 | 8295040 |
|  |  | **16450597** |
| **Semiconductors — 28.6%** | **Semiconductors — 28.6%** | **Semiconductors — 28.6%** |
| Intel Corp. <sup>(a)</sup> <br>| 188478 | 6954838 |
| Micron Technology, Inc. | 39601 | 11302521 |
| NVIDIA Corp. | 62969 | 11743719 |
| QUALCOMM, Inc. | 23496 | 4018991 |
| Synaptics, Inc. <sup>(a)</sup> <br>| 32041 | 2371675 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 43671 | 13271181 |
|  |  | **49662925** |
| **Systems Software — 13.4%** | **Systems Software — 13.4%** | **Systems Software — 13.4%** |
| JFrog Ltd. <sup>(a)</sup> <br>| 36143 | 2257492 |
| Microsoft Corp. | 16974 | 8208966 |
| Oracle Corp. | 34325 | 6690286 |
| ServiceNow, Inc. <sup>(a)</sup> <br>| 39708 | 6082868 |
|  |  | **23239612** |

---

**3**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 97.4% (continued)** | **Common Stocks — 97.4% (continued)** | **Common Stocks — 97.4% (continued)** |
| **Technology Hardware, Storage & Peripherals — 2.7%** | **Technology Hardware, Storage & Peripherals — 2.7%** | **Technology Hardware, Storage & Peripherals — 2.7%** |
| Apple, Inc. | 17630 | **4792892** |
| **Transaction & Payment Processing Services — 1.5%** | **Transaction & Payment Processing Services — 1.5%** | **Transaction & Payment Processing Services — 1.5%** |
| Mastercard, Inc., Cl. A | 4495 | **2566105** |
| **Total Common Stocks** <br>(cost $104,426,472)<br>|  | **169364290** |
| **Private Equity — 2.0%** | **Private Equity — 2.0%** | **Private Equity — 2.0%** |
| **Real Estate Services — .0%** | **Real Estate Services — .0%** | **Real Estate Services — .0%** |
| Roofstock, Ser. E <sup>(a),(c)</sup> <br>| 10567 | **55266** |
| **Systems Software — 2.0%** | **Systems Software — 2.0%** | **Systems Software — 2.0%** |
| Databricks, Inc., Ser. H <sup>(a),(c)</sup> <br>| 9003 | 1723534 |
| Databricks, Inc., Ser. I <sup>(a),(c)</sup> <br>| 775 | 148366 |
| Databricks, Inc., Ser. J <sup>(a),(c)</sup> <br>| 7982 | 1528074 |
|  |  | **3399974** |
| **Total Private Equity** <br>(cost $1,768,444)<br>|  | **3455240** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>|  |  |
| **Investment Companies — .7%** |  |  |  |
| **Registered Investment Companies — .7%** |  |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(d)</sup> <br>(cost $1,194,068)<br>| 3.89 | 1194068 | **1194068** |
| **Total Investments** (cost $107,388,984) |  | **100.1%**<br>| **174013598** |
| **Liabilities, Less Cash and Receivables** |  | **(.1**<br> **%)**<br>| **(198685)**<br>|
| **Net Assets** |  | **100.0%**<br>| **173814913** |

---

&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 December 31, 2025, the value of the fund's securities on loan was $7,418,125 and the value of the collateral was $7,614,071, 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 December 31, 2025. These securities were valued at $3,455,240 or 2.0% of net assets.

<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>12/31/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - .7%** | **Registered Investment Companies - .7%** | **Registered Investment Companies - .7%** | **Registered Investment Companies - .7%** | **Registered Investment Companies - .7%** | **Registered Investment Companies - .7%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .7%<br>| 40404102 | 93075501 | (132285535) | 1194068 | 219737 |

---

**4**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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> 12/31/2025<br>| Dividends/<br> Distributions ($)<br>|
| **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 | 52690256 | (64359326) | - | 12070<sup>††</sup> <br>|
| **Total - .7%** | **52073172** | **145765757** | **(196644861)** | **1194068** | **231807** |

---

&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.

**5**

------

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments <br>(including securities on loan, valued at $7,418,125)—Note 1(c):<br>|  |  |
| Unaffiliated issuers | 106194916 | &nbsp;&nbsp;&nbsp;&nbsp; 172819530 |
| Affiliated issuers | 1194068 | &nbsp;&nbsp;&nbsp;&nbsp; 1194068 |
| Cash denominated in foreign currency | 53100 | &nbsp;&nbsp;&nbsp;&nbsp; 53400 |
| Dividends and securities lending income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 48643 |
| Tax reclaim receivable—Note 1(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15070 |
| Receivable for shares of Beneficial Interest subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 2062 |
| Prepaid expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 3085 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **174135858** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 142650 |
| Payable for shares of Beneficial Interest redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 104514 |
| Trustees' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 191 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 73590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **320945** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **173814913** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 75598199 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; 98216714 |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **173814913** |

---

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

---

| | | |
|:---|:---|:---|
| **Net Asset Value Per Share** | Initial Shares | Service Shares |
| Net Assets ($) | &nbsp;&nbsp;&nbsp;&nbsp; 98057146 | &nbsp;&nbsp;&nbsp;&nbsp; 75757767 |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 4411128 | &nbsp;&nbsp;&nbsp;&nbsp; 4331512 |
| **Net Asset Value Per Share ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**22.23** | &nbsp;&nbsp;&nbsp;&nbsp;**17.49** |

---

See notes to financial statements.

**6**

------

STATEMENT OF OPERATIONS

Year Ended December 31, 2025

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Cash dividends (net of $41,572 foreign taxes withheld at source): |  |
| Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 791426 |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 219737 |
| Affiliated income net of rebates from securities lending—Note 1(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 12070 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **1023233** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 2169939 |
| Distribution Plan fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 414553 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 99835 |
| Chief Compliance Officer fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 25106 |
| Shareholder and regulatory reports service fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 15167 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 11992 |
| Trustees' fees and expenses—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 9870 |
| Custodian fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 7175 |
| Loan commitment fees—Note 2  | &nbsp;&nbsp;&nbsp;&nbsp; 5082 |
| Shareholder servicing costs—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 1118 |
| Interest expense—Note 2 | &nbsp;&nbsp;&nbsp;&nbsp; 202 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 26678 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **2786717** |
| Less—reduction in fees due to earnings credits—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; (132)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **2786585** |
| **Net Investment (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **(1763352)**<br>|
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 33617131 |
| Net realized gain (loss) on in-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp; 515088909 |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **548706040** |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; (437045077)<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **111660963** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **109897611** |

---

See notes to financial statements.

**7**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2024 |
| **Operations ($):** |  |  |
| Net investment (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (1763352) | &nbsp;&nbsp;&nbsp;&nbsp; (6263376) |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 548706040 | &nbsp;&nbsp;&nbsp;&nbsp; 167420031 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (437045077) | &nbsp;&nbsp;&nbsp;&nbsp; 95132396 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **109897611** | &nbsp;&nbsp;&nbsp;&nbsp; **256289051** |
| **Distributions ($):** |  |  |
| 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 ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| Initial Shares | &nbsp;&nbsp;&nbsp;&nbsp; 64440558 | &nbsp;&nbsp;&nbsp;&nbsp; 23074894 |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; 16636199 | &nbsp;&nbsp;&nbsp;&nbsp; 76399621 |
| Distributions reinvested: |  |  |
| Initial Shares | &nbsp;&nbsp;&nbsp;&nbsp; 42643745 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; 35416459 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Cost of shares redeemed: |  |  |
| Initial Shares | &nbsp;&nbsp;&nbsp;&nbsp; (330185881) | &nbsp;&nbsp;&nbsp;&nbsp; (33209238) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; (921147820) | &nbsp;&nbsp;&nbsp;&nbsp; (120392156) |
| **Increase (Decrease) in Net Assets from Beneficial Interest Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **(1092196740)** | &nbsp;&nbsp;&nbsp;&nbsp; **(54126879)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(1060359333)** | &nbsp;&nbsp;&nbsp;&nbsp; **202162172** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 1234174246 | &nbsp;&nbsp;&nbsp;&nbsp; 1032012074 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **173814913** | &nbsp;&nbsp;&nbsp;&nbsp; **1234174246** |
| **Capital Share Transactions (Shares):** |  |  |
| **Initial Shares** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1774765 | &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; (9122116) | &nbsp;&nbsp;&nbsp;&nbsp; (1065187) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(4729565)** | &nbsp;&nbsp;&nbsp;&nbsp; **(354895)** |
| **Service Shares** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 680984 | &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; (28009980) | &nbsp;&nbsp;&nbsp;&nbsp; (4114410) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(24570705)** | &nbsp;&nbsp;&nbsp;&nbsp; **(1533933)** |

---

See notes to financial statements.

**8**

------

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **Initial Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **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 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment (loss)<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (.11)<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>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &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 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;3.80 | &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 |
| Distributions: |  |  |  |  |  |
| Dividends from net realized gain on investments | &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>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;22.23 | &nbsp;&nbsp;&nbsp;&nbsp;35.22 | &nbsp;&nbsp;&nbsp;&nbsp;28.01 | &nbsp;&nbsp;&nbsp;&nbsp;17.57 | &nbsp;&nbsp;&nbsp;&nbsp;35.59 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;28.16 | &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 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .82 | &nbsp;&nbsp;&nbsp;&nbsp; .77 | &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; .82 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .77 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .78 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .78 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .78 |
| Ratio of net investment (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; (.47 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.36 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.29 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.27 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.49)<br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 29.88 <br><sup>(c)</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 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 98057 | &nbsp;&nbsp;&nbsp;&nbsp; 321904 | &nbsp;&nbsp;&nbsp;&nbsp; 265980 | &nbsp;&nbsp;&nbsp;&nbsp; 163979 | &nbsp;&nbsp;&nbsp;&nbsp; 266078 |

---

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

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

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

<sup>(c)</sup> Portfolio turnover rate does not include securities delivered from processing in-kind redemptions.

See notes to financial statements.

**9**

------

FINANCIAL HIGHLIGHTS (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **Service Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **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 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment (loss)<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (.17)<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>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &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 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &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 |
| Distributions: |  |  |  |  |  |
| Dividends from net realized gain on investments | &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>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;17.49 | &nbsp;&nbsp;&nbsp;&nbsp;31.56 | &nbsp;&nbsp;&nbsp;&nbsp;25.17 | &nbsp;&nbsp;&nbsp;&nbsp;15.83 | &nbsp;&nbsp;&nbsp;&nbsp;32.42 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;27.87 | &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 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &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; 1.07 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Ratio of net investment (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; (.72 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.61 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.54 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.52 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.74)<br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 29.88 <br><sup>(c)</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 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 75758 | &nbsp;&nbsp;&nbsp;&nbsp; 912270 | &nbsp;&nbsp;&nbsp;&nbsp; 766032 | &nbsp;&nbsp;&nbsp;&nbsp; 523705 | &nbsp;&nbsp;&nbsp;&nbsp; 853460 |

---

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

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

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

<sup>(c)</sup> Portfolio turnover rate does not include securities delivered from processing in-kind redemptions.

See notes to financial statements.

**10**

------

NOTES TO FINANCIAL STATEMENTS

**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's principal office is located at BNY Mellon Center, 201 Washington Street, Boston, Massachusetts 02108. NIMNA has entered into a sub-sub-investment advisory agreement with its affiliate, Newton Investment Management Limited ("NIM"), which enables 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 of the Trust 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:

**11**

------

NOTES TO FINANCIAL STATEMENTS (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 December 31, 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; 169364290 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **169364290** |
| Equity Securities - Private Equity | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3455240 | &nbsp;&nbsp; **3455240** |
| Investment Companies | &nbsp;&nbsp; 1194068 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **1194068** |
|  | &nbsp;&nbsp; **170558358** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **3455240** | &nbsp;&nbsp; **174013598** |

---

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

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

**12**

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NOTES TO FINANCIAL STATEMENTS (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; 2799023 |
| Transfers into Level 3 | &nbsp;&nbsp; - |
| Transfers out of Level 3 | &nbsp;&nbsp; - |
| Balance as of 12/31/2025<sup>†</sup> <br>| &nbsp;&nbsp; 3455240 |
| 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 12/31/2025<br>| &nbsp;&nbsp; 3046542 |

---

&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 December 31, 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<sup>†</sup> <br>| Unobservable Inputs | &nbsp;&nbsp;&nbsp; Amount or Range/ <br>Weighted Average |
| Private Equity | &nbsp;&nbsp;&nbsp; 3455240 | &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>| (-6.1%)-(0.8%)/(0.69%) |

---

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

<sup>†</sup> Valuation techniques may change in order to reflect the Valuation Designee's judgment of current market participant assumptions.

**(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 December 31, 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

**13**

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NOTES TO FINANCIAL STATEMENTS (continued)

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 Schedule 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 December 31, 2025, BNY earned $1,648 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 December 31, 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; 7418125 |
| 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; (7418125 )<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 Schedule 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.

**14**

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NOTES TO FINANCIAL STATEMENTS (continued)

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

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

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

As of and during the period ended December 31, 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 December 31, 2025, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended December 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At December 31, 2025, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $1,872,668, undistributed capital gains $29,784,297 and unrealized appreciation $66,559,749.

The tax character of distributions paid to shareholders during the fiscal years ended December 31, 2025 and December 31, 2024 were as follows: long-term capital gains $78,060,204 and $0, respectively.

During the period ended December 31, 2025, as a result of permanent book to tax differences, primarily due to in-kind redemptions, the fund decreased total distributable earnings (loss) by $514,880,349 and increased paid-in capital by the same amount. Net assets and net asset value per share were not affected by this reclassification.

**(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. During the period ended December 31, 2025, the fund had in-kind redemptions of $1,196,563,492. 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 accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the fund has operated and been managed as a single reportable segment, generating returns through dividends, interest, and/or gains from investments aligned with its single stated investment objective as outlined in the fund's prospectus. The fund's accounting policies are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments and is comprised of Senior Management and Directors of BNY Investments. The CODM considers the net increase in net assets resulting from operations when deciding whether to purchase additional investments or make distributions to shareholders. Detailed financial information for the fund is presented in these financial statements, including total assets and liabilities in the Statement of Assets and Liabilities, investments held in the Schedule of Investments, results of operations and significant segment expenses in the Statement of Operations, and additional performance information—such as total return, portfolio turnover, and ratios—in 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 December 31, 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

**15**

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NOTES TO FINANCIAL STATEMENTS (continued)

period ended December 31, 2025 was approximately $3,836 with a related weighted average annualized interest rate of 5.27%. As of December 31, 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.

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 December 31, 2025, Service shares were charged $414,553 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 December 31, 2025, the fund was charged $688 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 December 31, 2025, the fund was charged $7,175 pursuant to the custody agreement.

During the period ended December 31, 2025, the fund was charged $25,106 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 December 31, 2025, the Custodian was compensated $15,167 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 $110,999, Distribution Plan fees of $16,122, Custodian fees of $1,500, Chief Compliance Officer fees of $4,849, Transfer Agent fees of $180 and Shareholder and regulatory reports service fees of $9,000.

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

**NOTE 4—**

**Securities Transactions:**

The aggregate amount of purchases and sales of investment securities, excluding short-term securities and in-kind transactions, during the period ended December 31, 2025, amounted to $146,827,556 and $97,135,621, respectively.

The aggregate amount of purchases and sales of investment securities, excluding short-term securities and including in-kind redemptions, during the period ended December 31, 2025, amounted to $146,827,556 and $1,279,423,923, respectively.

**16**

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2025, the cost of investments for federal income tax purposes was $107,454,149; accordingly, accumulated net unrealized appreciation on investments was $66,559,449, consisting of $69,133,172 gross unrealized appreciation and $2,573,723 gross unrealized depreciation.

**17**

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Technology Growth Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Technology Growth Portfolio (the "Fund") (one of the funds constituting BNY Mellon Investment Portfolios (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting BNY Mellon Investment Portfolios) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](img6a609f712.gif)

We have served as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine the specific year.

New York, New York

February 6, 2026

**18**

------

IMPORTANT TAX INFORMATION (Unaudited)

The fund hereby reports $16.7869 per share as a long-term capital gain distribution paid on March 27, 2025.

**19**

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

N/A

**20**

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

N/A

**21**

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

Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The fund is charged for services performed by the fund's Chief Compliance Officer. Compensation paid by the fund during the period to the board members and the Chief Compliance Officer are within Item 7. Statement of Operations as 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 $34,976.

**22**

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

At a meeting of the fund's Board of Trustees (the "Board") held on August 13-14, 2025, the Board considered the renewal of the fund's Management Agreement, pursuant to which the Adviser provides the fund with investment advisory and administrative services, the Sub-Investment Advisory Agreement, pursuant to which Newton Investment Management North America, LLC (the "Sub-Adviser" or "NIMNA") provides day-to-day management of the fund's investments, and the Sub-Sub-Investment Advisory Agreement (collectively with the Management Agreement and the Sub-Investment Advisory Agreement, the "Agreements") between NIMNA and Newton Investment Management Limited ("NIM"), pursuant to which NIMNA may use the investment advisory personnel, resources and capabilities available at its sister company, NIM, in providing the day-to-day management of the fund's investments. The Board members, none of whom are "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and the Sub-Adviser. In considering the renewal of the Agreements, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

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

The Board also considered research support available to, and portfolio management capabilities of, the fund's portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser's extensive administrative, accounting and compliance infrastructures, as well as the Adviser's supervisory activities over the Sub-Adviser. The Board also considered portfolio management's brokerage policies and practices (including policies and practices regarding soft dollars) and the standards applied in seeking best execution.

<u>Comparative Analysis of the Fund's Performance and Management Fee and Expense Ratio.</u> The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper ("Lipper"), which included information comparing (1) the performance of the fund's Initial shares with the performance of a group of science and technology funds underlying variable insurance products ("VIPs") selected by Broadridge as comparable to the fund (the "Performance Group") and with a broader group of funds consisting of all science and technology funds underlying VIPs (the "Performance Universe"), all for various periods ended June 30, 2025, and (2) the fund's actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the "Expense Group") and with a broader group of funds consisting of other science and technology funds underlying VIPs with similar 12b-1/non-12b-1 structures, excluding outliers (the "Expense Universe"), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board also considered the fund's performance in light of overall financial market conditions. The Board discussed with representatives of the Adviser and the Sub-Adviser the results of the comparisons and considered that the fund's total return performance was below the Performance Group median for all periods, except for the one-year period when the fund's total return performance was above the Performance Group median, and was below the Performance Universe median for all periods, except for the one- and two-year periods when the fund's total return performance was above, and the three-year period when the fund's total return performance was equal to, the Performance Universe median. The Adviser also provided a comparison of the fund's calendar year total returns to the returns of the fund's benchmark indices.

**23**

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

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

The Board considered that the fund's contractual management fee was lower than the Expense Group median contractual management fee, the fund's actual management fee was lower than the Expense Group median and approximately equivalent to the Expense Universe median actual management fee, and the fund's total expenses were lower than the Expense Group median and lower than the Expense Universe median total expenses.

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

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

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

The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by the Adviser and the Sub-Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund's assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund's asset level. The Board also considered potential benefits to the Adviser and the Sub-Adviser from acting as investment adviser and sub-investment adviser, respectively, and took into consideration the soft dollar arrangements in effect for trading the fund's investments.

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

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

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

**24**

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Management Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

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

**25**

------© 2026 BNY Mellon Securities Corporation

Code-0175NCSRAR1225

![](img2fdb469e1.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 material changes to the procedures applicable to Item 15.

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

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

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

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

Not applicable.

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

Not applicable.

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

(a)(1) [Code of ethics referred to in Item 2](ncsrcodeofethics-jan 2021.htm).

(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_99-302cert172.htm).

(a)(3) Not applicable.

&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](ex_99-906cert172.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: <u>/s/ David J. DiPetrillo</u>

David J. DiPetrillo

President (Principal Executive Officer)

Date: February 6, 2026

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

David J. DiPetrillo

President (Principal Executive Officer)

Date: February 6, 2026

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

James Windels

Treasurer (Principal Financial Officer)

Date: February 5, 2026

**EXHIBIT INDEX**

(a)(1) Code of ethics referred to in Item 2.

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

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

## Ex-99.Code

**THE BNY MELLON FAMILY OF FUNDS**

**BNY MELLON FUNDS TRUST**

**Principal Executive Officer and Senior Financial Officer**

**Code of Ethics**

**I. Covered Officers/Purpose of the Code**

This code of ethics (the "Code"), adopted by the funds in the BNY Mellon Family of Funds and BNY Mellon Funds Trust (each, a "Fund"), applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller, or other persons performing similar functions, each of whom is listed on Exhibit A (the "Covered Officers"), for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (the "SEC") and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "Investment Company Act"), and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The compliance programs and procedures of the Fund and the Fund's investment adviser (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. The Code does not, and is not intended to, repeat or replace these programs and procedures, and the circumstances they cover fall outside of the parameters of the Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the Adviser of which the Covered Officers are also officers or employees. As a result, the Code recognizes that the Covered Officers, in the ordinary course of their duties (whether formally for the Fund or for the Adviser, or for both), will be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board that the Covered Officers also may be officers or employees of one or more other investment companies covered by this or other codes of ethics.

------

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. Covered Officers should keep in mind that the Code cannot enumerate every possible scenario. The overarching principle of the Code is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund within his area of responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board members and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Adviser's General Counsel (the "General Counsel") promptly if he knows of any violation of the Code. Failure to do so is itself a violation of the Code.

The General Counsel is responsible for applying the Code to specific situations in which questions are presented under it and has the authority to interpret the Code in any particular situation. However, waivers sought by any Covered Officer will be considered by the Fund's Board.

The Fund will follow these procedures in investigating and enforcing the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the General Counsel will take all appropriate action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the General Counsel believes is a violation will be reported to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the Board concurs that a violation has occurred, it will consider appropriate action, which may include: review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser or its board; or dismissal of the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any waivers of or amendments to the Code, to the extent required, will be disclosed as provided by SEC rules.

**V. Other Policies and Procedures**

The Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. The Fund's, its principal underwriter's and the Adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and the Adviser's additional policies and procedures, including its Code of Conduct, are separate requirements applying to the Covered Officers and others, and are not part of the Code.

**VI. Amendments**

Except as to Exhibit A, the Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of the Fund's Board, including a majority of independent Board members.

**VII. Confidentiality**

All reports and records prepared or maintained pursuant to the Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than the appropriate Funds and their counsel, the appropriate Boards (or Committees) and their counsel and the Adviser.

------

**VIII. Internal Use**

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

Dated as of: January 14, 2021

------

**Exhibit A**

**Persons Covered by the Code of Ethics**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; David J. DiPetrillo | &nbsp;&nbsp; President | &nbsp;&nbsp; (Principal Executive Officer, BNY Mellon Family of Funds) |
| &nbsp;&nbsp; Lisa M. Sampson | &nbsp;&nbsp; President | &nbsp;&nbsp; (Principal Executive Officer, BNY Mellon Funds Trust) |
| &nbsp;&nbsp; James M. Windels | &nbsp;&nbsp; Treasurer | &nbsp;&nbsp; (Principal Financial and Accounting Officer) |

---

## 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: February 6, 2026

**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: February 5, 2026

## 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: February 6, 2026

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

James Windels

Treasurer (Principal Financial Officer)

Date: February 5, 2026

*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.*