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    BNY Mellon Variable Investment Fund, Appreciation Portfolio

    Why invest in this Fund?

    The fund seeks long-term capital growth consistent with the preservation of capital. A secondary goal is current income.

    To pursue these goals, the fund normally invests at least 80% of its assets in common stock. The fund focuses on 'blue-chip' companies with total market capitalizations of more than $5 billion at the time of purchase, including multinational companies.

    In choosing stocks, the fund first identifies economic sectors it believes will expand over the next three to five years or longer. Using fundamental analysis, the fund then seeks companies within these sectors that have proven track records and dominant positions in their industries. The fund also may invest in companies which it considers undervalued in terms of earnings, assets or growth prospects. The fund employs a 'buy-and-hold' investment strategy, which generally has resulted in an annual fund turnover of below 15%.

    In addition to direct investments, the fund may invest in securities of foreign companies in the form of U.S. dollar-denominated American Depositary Receipts ('ADRs'). ADRs typically are issued by an American bank or trust company and evidence ownership of, and may be converted into an underlying foreign security. ADRs are traded in the United States on national securities exchanges and in the over-the counter market. The fund may purchase ADRs through 'sponsored' or 'unsponsored' facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary. A depositary may establish an unsponsored facility without participation by the issuer of the deposited security.

    Min. class investment
    Class Inception Date
    Fund Assets
    $183,871,464  As of  10/03/23
    Class Assets
    $146,737,157  As of  10/03/23
    Portfolio Turnover Rate
    8.59% As of fiscal year end  12/31/22
    Morningstar Category
    Large Growth
    S&P 500® Index
    Morningstar Overall Rating
    Fund Holdings
    47 As of 08/31/23

    Morningstar Rating™ as of August 31, 2023 for the Initial Shares class shares; other classes may have different performance characteristics. Overall rating for the Large Growth category. Fund ratings are out of 5 Stars: Overall 3 Stars (1122 funds rated); 3 Yrs. 4 Stars (1122 funds rated); 5 Yrs. 4 Stars (1035 funds rated); 10 Yrs. 2 Stars (803 funds rated). The Morningstar Rating™ for funds, or "star rating", is calculated for managed products with at least a 3-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance (not including the effects of sales charges, loads and redemption fees if applicable), placing more emphasis on downward variations and rewarding consistent performance. Managed products; including open-end mutual funds, closed-end funds and exchange-traded funds; are considered a single population for comparative purposes. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. © Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The fund represents a single portfolio with multiple share classes that have different expense structures. Other share classes may have achieved different results.


    This fund is only offered as an underlying investment option for variable annuity contracts and variable life insurance policies and is not sold directly to the general public. Please refer investors to the applicable variable annuity or variable life insurance prospectus as well as the underlying fund prospectus for more detailed information and other important considerations, which should be read carefully before investing.

    Portfolio Managers

    • Alan R.  Christensen

      Alan R. Christensen, CFA

      Portfolio Manager,

      3 yr(s). on fund

    • Catherine Crain

      Catherine Crain, CFA

      Portfolio Manager,

      25 yr(s). on fund

    • Gentry Lee

      Gentry Lee, CFA

      Chief Executive Officer and Chief Investment Officer,

      12 yr(s). on fund

    • Christopher  Sarofim

      Christopher Sarofim

      Portfolio Manager,

      23 yr(s). on fund

    • Charles E. Sheedy

      Charles E. Sheedy, CFA

      Portfolio Manager,

      23 yr(s). on fund

    Fees & Expenses

    Variable insurance products have additional fees, charges and expenses. Please consult the applicable variable contract prospectus for more detailed information.

    Portfolio Manager/Sub-Investment Adviser

    The fund's investment adviser is BNY Mellon Investment Adviser, Inc. (BNYM Investment Adviser), and the fund's sub-investment adviser is Fayez Sarofim & Co. (Sarofim & Co.). The fund is managed by a team of portfolio managers employed by Sarofim & Co., consisting of Gentry Lee, Catherine Crain, Christopher Sarofim, Charles Sheedy and Alan Christensen. The team is supported by Sarofim & Co.'s Investment Committee, all the members of which are senior investment professionals at Sarofim & Co. The team members hold the following positions at Sarofim & Co.: Mr. Lee is Chief Executive Officer and Chief Investment Officer, Ms. Crain is a Vice President, Mr. Sarofim is Chairman, Mr. Sheedy is a Senior Vice President and Mr. Christensen is the President and Head of Investment Risk. Mr. Lee has been a portfolio manager of the fund since December 2010. Ms. Crain has been a portfolio manager of the fund since March 1998. Messrs. Sarofim and Sheedy have been portfolio managers of the fund since October 2000. Mr. Christensen has been a portfolio manager of the fund since March 2020.

    Top Holdings

    As of 08/31/23

    Asset Allocation

        Main Risks

        An investment in the fund is not a bank deposit. It is not insured or guaranteed by the FDIC or any other government agency. It is not a complete investment program. The fund's share price fluctuates, sometimes dramatically, which means you could lose money.
        Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund's prospectus.
        ADR risk. ADRs may be subject to certain of the risks associated with direct investment in foreign companies, such as currency risk, political and economic risk and market risk, because their values depend on the performance of the non-dollar denominated underlying foreign securities. For further information, see Fund Details - Investment Risks in the prospectus.
        Please refer to the prospectus for a more complete discussion of the fund's main risks.

        Risk Metrics

        As of  08/31/23  3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        18.62 -3.41 1.02 95.70 0.35

        All risk metrics are provided by Morningstar. The index used in the calculations are determined by Morningstar which may not be the funds primary benchmark. The index Morningstar used for this analysis is S&P 500® Index.



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