Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Level 3-significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments). Level 2-other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.). Level 1-unadjusted quoted prices in active markets for identical investments. These inputs are summarized in the three broad levels listed below: Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods. 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).Īdditionally, 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 establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. 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. Actual results could differ from those estimates. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. Semiconductors & Semiconductor Equipment-3.2% Pharmaceuticals, Biotech & Life Sciences-9.0%

Dreyfus Investment Portfolios, Core Value Portfolio

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