# EDGAR Filing Document

**Accession Number:** 0000914775
**File Stem:** 0001775697-23-000218
**Filing Date:** 2023-3
**Character Count:** 73527
**Document Hash:** 33ca31bf33b9ed8821b513644197029e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001775697-23-000218.hdr.sgml**: 20230324

**ACCESSION NUMBER**: 0001775697-23-000218

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230324

**DATE AS OF CHANGE**: 20230324

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY Mellon Advantage Funds, Inc.
- **CENTRAL INDEX KEY:** 0000914775
- **IRS NUMBER:** 133851784
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07123
- **FILM NUMBER:** 23758599

**BUSINESS ADDRESS:**
- **STREET 1:** BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10286
- **BUSINESS PHONE:** 212-922-6400

**MAIL ADDRESS:**
- **STREET 1:** BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10286

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Advantage Funds, Inc.
- **DATE OF NAME CHANGE:** 20060502

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS GROWTH & VALUE FUNDS INC
- **DATE OF NAME CHANGE:** 19951004

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS FOCUS FUNDS INC
- **DATE OF NAME CHANGE:** 19940304

## Series and Classes Contracts Data

### BNY Mellon Dynamic Total Return Fund (Series ID: S000011967)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000032670 | Class A      | AVGAX           |
| C000032716 | Class C      | AVGCX           |
| C000032717 | Class I      | AVGRX           |
| C000130429 | Class Y      | AVGYX           |

## Nport-Ex

STATEMENT OF INVESTMENTS<br>BNY Mellon Dynamic Total Return Fund

January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Exchange-Traded Funds - 9.4%**  | **Exchange-Traded Funds - 9.4%**  | **Exchange-Traded Funds - 9.4%**  |  |  |
| **Registered Investment Companies - 9.4%**  | **Registered Investment Companies - 9.4%**  | **Registered Investment Companies - 9.4%**  |  |  |
| iShares iBoxx High Yield Corporate Bond ETF |  |  | 92236 | 7040374 |
| SPDR Bloomberg High Yield Bond ETF |  |  | 75401 | 7059796 |
| **Total Exchange-Traded Funds**<br> (cost $13,700,020) | **Total Exchange-Traded Funds**<br> (cost $13,700,020) | **Total Exchange-Traded Funds**<br> (cost $13,700,020) | **14100170** | **14100170** |
| Description /Number of Contracts | Exercise<br>Price | Expiration Date | Notional Amount ($) | Value ($) |
| **Options Purchased - 1.2%** | **Options Purchased - 1.2%** | **Options Purchased - 1.2%** |  |  |
| **Call Options - 1.2%**  | **Call Options - 1.2%**  | **Call Options - 1.2%**  |  |  |
| Standard & Poor's 500 E-mini March Future, Contracts 120 | 4080 | 3/17/2023 | 24480000 | 625500 |
| Standard & Poor's 500 E-mini February Future, Contracts 231 | 4050 | 2/28/2023 | 46777500 | 1172325 |
| **Total Options Purchased**<br> (cost $955,049) | **Total Options Purchased**<br> (cost $955,049) | **Total Options Purchased**<br> (cost $955,049) | **1797825** | **1797825** |
| Description | Annualized<br>Yield (%) | Maturity Date | Principal Amount ($) | Value ($) |
| **Short-Term Investments - 69.9%** | **Short-Term Investments - 69.9%** | **Short-Term Investments - 69.9%** |  |  |
| **U.S. Government Securities**  | **U.S. Government Securities**  | **U.S. Government Securities**  |  |  |
| U.S. Treasury Bills | 4.34 | 3/16/2023 | 6935000<br> <sup>a</sup>  | 6898028 |
| U.S. Treasury Bills | 4.19 | 2/16/2023 | 32102400<br> <sup>a</sup>  | 32044983 |
| U.S. Treasury Bills | 4.59 | 5/18/2023 | 66679000<br> <sup>a</sup>  | 65793540 |
| **Total Short-Term Investments**<br> (cost $104,748,270) | **Total Short-Term Investments**<br> (cost $104,748,270) | **Total Short-Term Investments**<br> (cost $104,748,270) | **104736551** | **104736551** |
| Description | 1-Day<br>Yield (%) |  | Shares | Value ($) |
| **Investment Companies - 18.3%** | **Investment Companies - 18.3%** | **Investment Companies - 18.3%** |  |  |
| **Registered Investment Companies - 18.3%**  | **Registered Investment Companies - 18.3%**  | **Registered Investment Companies - 18.3%**  |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares<br>(cost $27,430,266) | 4.41 |  | 27430266<br> <sup>b</sup>  | **27430266** |
| **Total Investments** (cost $146,833,605) | **Total Investments** (cost $146,833,605) | **Total Investments** (cost $146,833,605) | **98.8%** | **148064812** |
| **Cash and Receivables (Net)** | **Cash and Receivables (Net)** | **Cash and Receivables (Net)** | **1.2%** | **1865540** |
| **Net Assets** | **Net Assets** | **Net Assets** | **100.0%** | **149930352** |

---

*ETF—Exchange-Traded Fund* 

*<sup>a</sup> Security is a discount security. Income is recognized through the accretion of discount.*

*<sup>b</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.*

------

*STATEMENT OF INVESTMENTS (Unaudited) (continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures** | **Futures** | **Futures** | **Futures** |  |  |
| Description | Number of<br>Contracts | Expiration  | Notional<br>Value ($) | Market<br>Value ($) | Unrealized Appreciation (Depreciation) ($) |
| **Futures Long** | **Futures Long** | **Futures Long** | **Futures Long** | **Futures Long** |  |
| ASX SPI 200 | 60 | 3/16/2023 | 7715397<sup>a</sup> | 7861404 | 146007 |
| Australian 10 Year Bond | 347 | 3/15/2023 | 29377962<sup>a</sup> | 29495829 | 117867 |
| Brent Crude | 8 | 5/31/2023 | 690358<sup>b</sup> | 674480 | (15878) |
| Copper | 5 | 5/26/2023 | 525643<sup>b</sup> | 529313 | 3670 |
| Corn No.2 Yellow | 24 | 5/12/2023 | 789466<sup>b</sup> | 813000 | 23534 |
| Crude Oil | 8 | 5/22/2023 | 606268<sup>b</sup> | 634880 | 28612 |
| Crude Soybean Oil | 10 | 5/12/2023 | 372382<sup>b</sup> | 374940 | 2558 |
| E-mini Russell 2000 | 68 | 3/17/2023 | 6234367 | 6593960 | 359593 |
| FTSE 100 | 32 | 3/17/2023 | 3041021<sup>a</sup> | 3057271 | 16250 |
| Gasoline | 3 | 5/31/2023 | 336898<sup>b</sup> | 336748 | (150) |
| Gold 100 oz | 5 | 4/26/2023 | 936119<sup>b</sup> | 972650 | 36531 |
| Hard Red Winter Wheat | 3 | 5/12/2023 | 125341<sup>b</sup> | 130763 | 5422 |
| IBEX 35 Index | 68 | 2/17/2023 | 6564467<sup>a</sup> | 6683890 | 119423 |
| Japanese 10 Year Mini Bond | 299 | 3/10/2023 | 33846974<sup>a</sup> | 33675258 | (171716) |
| Lean Hog | 4 | 6/14/2023 | 167437<sup>b</sup> | 164880 | (2557) |
| Live Cattle | 7 | 6/30/2023 | 446077<sup>b</sup> | 445620 | (457) |
| LME Primary Aluminum | 12 | 3/15/2023 | 702500<sup>b</sup> | 788550 | 86050 |
| LME Primary Aluminum | 1 | 6/21/2023 | 57378<sup>b</sup> | 66644 | 9266 |
| LME Primary Nickel | 3 | 3/15/2023 | 410859<sup>b</sup> | 544428 | 133569 |
| LME Primary Nickel | 1 | 6/21/2023 | 179763<sup>b</sup> | 182892 | 3129 |
| LME Refined Pig Lead | 1 | 6/21/2023 | 56841<sup>b</sup> | 53544 | (3297) |
| LME Refined Pig Lead | 1 | 3/15/2023 | 51647<sup>b</sup> | 53319 | 1672 |
| LME Zinc | 6 | 3/15/2023 | 462918<sup>b</sup> | 509814 | 46896 |
| LME Zinc | 4 | 6/21/2023 | 297668<sup>b</sup> | 337950 | 40282 |
| Low Sulphur Gas oil | 7 | 6/12/2023 | 571727<sup>b</sup> | 583100 | 11373 |
| Natural Gas | 14 | 5/26/2023 | 479334<sup>b</sup> | 425600 | (53734) |
| NY Harbor ULSD | 6 | 5/31/2023 | 743775<sup>b</sup> | 728154 | (15621) |
| Platinum | 9 | 4/26/2023 | 470460<sup>b</sup> | 459495 | (10965) |
| Silver | 3 | 5/26/2023 | 356485<sup>b</sup> | 360615 | 4130 |
| Soybean | 5 | 5/12/2023 | 376128<sup>b</sup> | 382563 | 6435 |
| Soybean Meal | 15 | 5/12/2023 | 669719<sup>b</sup> | 702750 | 33031 |
| Standard & Poor's 500 E-mini | 15 | 3/17/2023 | 2966845 | 3067500 | 100655 |
| Sugar No.11 | 31 | 6/30/2023 | 674905<sup>b</sup> | 678082 | 3177 |
| Topix | 80 | 3/9/2023 | 11624400<sup>a</sup> | 12141513 | 517113 |
| U.S. Treasury 10 Year Notes | 83 | 3/22/2023 | 9491987 | 9504797 | 12810 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration  | Market<br>Value ($) | Unrealized Appreciation (Depreciation) ($) |
| **Futures Short** | **Futures Short** | **Futures Short** | **Futures Short** |  |
| Amsterdam Exchange Index | 19 | 2/17/2023<br> 3091782<sup>a</sup> | 3077019 | 14763 |
| CAC 40 10 Euro | 20 | 2/17/2023<br> 1533129<sup>a</sup> | 1541687 | (8558) |
| Canadian 10 Year Bond | 375 | 3/22/2023<br> 35662503<sup>a</sup> | 35584909 | 77594 |
| Chicago SRW Wheat | 1 | 5/12/2023<br> 37906<sup>b</sup> | 38525 | (619) |
| Coffee "C" | 2 | 5/18/2023<br> 123296<sup>b</sup> | 136275 | (12979) |
| DAX | 7 | 3/17/2023<br> 2816148<sup>a</sup> | 2886872 | (70724) |
| Euro-Bond | 41 | 3/8/2023<br> 6179442<sup>a</sup> | 6098498 | 80944 |
| FTSE/MIB Index | 10 | 3/17/2023<br> 1405750<sup>a</sup> | 1449551 | (43801) |
| Hang Seng | 10 | 2/27/2023<br> 1411154<sup>a</sup> | 1396606 | 14548 |
| LME Primary Aluminum | 12 | 3/15/2023<br> 701723<sup>b</sup> | 788550 | (86827) |
| LME Primary Nickel | 3 | 3/15/2023<br> 529737<sup>b</sup> | 544428 | (14691) |
| LME Refined Pig Lead | 1 | 3/15/2023<br> 57016<sup>b</sup> | 53319 | 3697 |
| LME Zinc | 6 | 3/15/2023<br> 467457<sup>b</sup> | 509814 | (42357) |
| Long Gilt | 21 | 3/29/2023<br> 2710955<sup>a</sup> | 2705748 | 5207 |
| NYMEX Palladium | 1 | 6/28/2023<br> 170647<sup>b</sup> | 166770 | 3877 |
| S&P/Toronto Stock Exchange 60 Index | 14 | 3/16/2023<br> 2592821<sup>a</sup> | 2638698 | (45877) |
| Swiss Market Index | 27 | 3/17/2023<br> 3287554<sup>a</sup> | 3303408 | (15854) |
| **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **2069685** | **2069685** |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **(616662)** | **(616662)** |

---

*<sup>a</sup> Notional amounts in foreign currency have been converted to USD using relevant foreign exchange rates.*

*<sup>b</sup> These securities are wholly-owned by the Subsidiary.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** |  |
| Counterparty/ Purchased<br>Currency | Purchased Currency<br>Amounts | Currency <br>Sold | Sold <br>Currency <br>Amounts | Settlement Date | Unrealized Appreciation (Depreciation) ($) |
| **Bank of Montreal** | **Bank of Montreal** | **Bank of Montreal** | **Bank of Montreal** | **Bank of Montreal** | **Bank of Montreal** |
| United States Dollar | 10250354 | Australian Dollar | 14878874 | 3/15/2023 | (269872) |
| **Citigroup Global Markets Inc.** | **Citigroup Global Markets Inc.** | **Citigroup Global Markets Inc.** | **Citigroup Global Markets Inc.** | **Citigroup Global Markets Inc.** | **Citigroup Global Markets Inc.** |
| New Zealand Dollar | 10376817 | United States Dollar | 6695351 | 3/15/2023 | 14612 |
| **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** |
| Australian Dollar | 1307000 | United States Dollar | 893674 | 3/15/2023 | 30451 |
| United States Dollar | 6658896 | Australian Dollar | 9767000 | 3/15/2023 | (246939) |
| Swiss Franc | 1890000 | United States Dollar | 2029304 | 3/15/2023 | 44881 |
| United States Dollar | 4689399 | Swiss Franc | 4297000 | 3/15/2023 | (26353) |

---

------

*STATEMENT OF INVESTMENTS (Unaudited) (continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts(continued)** | **Forward Foreign Currency Exchange Contracts(continued)** | **Forward Foreign Currency Exchange Contracts(continued)** | **Forward Foreign Currency Exchange Contracts(continued)** | **Forward Foreign Currency Exchange Contracts(continued)** |  |
| Counterparty/ Purchased<br>Currency | Purchased Currency<br>Amounts | Currency <br>Sold | Sold <br>Currency <br>Amounts | Settlement Date | Unrealized Appreciation (Depreciation) ($) |
| **Goldman Sachs & Co. LLC(continued)** | **Goldman Sachs & Co. LLC(continued)** | **Goldman Sachs & Co. LLC(continued)** | **Goldman Sachs & Co. LLC(continued)** | **Goldman Sachs & Co. LLC(continued)** | **Goldman Sachs & Co. LLC(continued)** |
| Danish Krone | 1148000 | United States Dollar | 165596 | 3/15/2023 | 2691 |
| Swedish Krona | 14681000 | United States Dollar | 1434347 | 3/15/2023 | (27124) |
| United States Dollar | 2861921 | Swedish Krona | 29502000 | 3/15/2023 | 34055 |
| Norwegian Krone | 31419000 | United States Dollar | 3065758 | 3/15/2023 | 88336 |
| United States Dollar | 1250159 | Norwegian Krone | 12213000 | 3/15/2023 | 24119 |
| New Zealand Dollar | 6053000 | United States Dollar | 3760668 | 3/15/2023 | 153384 |
| United States Dollar | 1776905 | New Zealand Dollar | 2749000 | 3/15/2023 | (681) |
| Canadian Dollar | 10151000 | United States Dollar | 7546739 | 3/15/2023 | 84842 |
| United States Dollar | 1057913 | Canadian Dollar | 1434000 | 3/15/2023 | (20177) |
| Euro | 14800000 | United States Dollar | 15944437 | 3/15/2023 | 190215 |
| United States Dollar | 12718493 | Euro | 11986000 | 3/15/2023 | (348395) |
| British Pound | 3886000 | United States Dollar | 4758011 | 3/15/2023 | 37466 |
| United States Dollar | 7855860 | British Pound | 6526000 | 3/15/2023 | (197481) |
| Japanese Yen | 378922000 | United States Dollar | 2893181 | 3/15/2023 | 35364 |
| United States Dollar | 5514165 | Japanese Yen | 705163000 | 3/15/2023 | 64227 |
| Hong Kong Dollar | 3031000 | United States Dollar | 389380 | 3/15/2023 | (1994) |
| **HSBC Securities (USA) Inc.** | **HSBC Securities (USA) Inc.** | **HSBC Securities (USA) Inc.** | **HSBC Securities (USA) Inc.** | **HSBC Securities (USA) Inc.** | **HSBC Securities (USA) Inc.** |
| United States Dollar | 416763 | Australian Dollar | 611000 | 3/15/2023 | (15249) |
| Canadian Dollar | 2317000 | United States Dollar | 1720208 | 3/15/2023 | 21726 |
| Danish Krone | 1164000 | United States Dollar | 167723 | 3/15/2023 | 2909 |
| Japanese Yen | 1587129015 | United States Dollar | 11901712 | 3/15/2023 | 364608 |
| United States Dollar | 350289 | Japanese Yen | 46049000 | 3/15/2023 | (5606) |
| United States Dollar | 5680362 | British Pound | 4692000 | 3/15/2023 | (109751) |
| Euro | 3420000 | United States Dollar | 3658109 | 3/15/2023 | 70304 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts(continued)** | **Forward Foreign Currency Exchange Contracts(continued)** | **Forward Foreign Currency Exchange Contracts(continued)** | **Forward Foreign Currency Exchange Contracts(continued)** | **Forward Foreign Currency Exchange Contracts(continued)** |  |
| Counterparty/ Purchased<br>Currency | Purchased Currency<br>Amounts | Currency <br>Sold | Sold <br>Currency <br>Amounts | Settlement Date | Unrealized Appreciation (Depreciation) ($) |
| **HSBC Securities (USA) Inc.(continued)** | **HSBC Securities (USA) Inc.(continued)** | **HSBC Securities (USA) Inc.(continued)** | **HSBC Securities (USA) Inc.(continued)** | **HSBC Securities (USA) Inc.(continued)** | **HSBC Securities (USA) Inc.(continued)** |
| United States Dollar | 1019352 | Norwegian Krone | 10243000 | 3/15/2023 | (8923) |
| New Zealand Dollar | 1690000 | United States Dollar | 1056943 | 3/15/2023 | 35862 |
| Swedish Krona | 18199000 | United States Dollar | 1748610 | 3/15/2023 | (4175) |
| Swiss Franc | 667000 | United States Dollar | 717475 | 3/15/2023 | 14526 |
| United States Dollar | 1611164 | Swiss Franc | 1479000 | 3/15/2023 | (11968) |
| **Morgan Stanley & Co. LLC** | **Morgan Stanley & Co. LLC** | **Morgan Stanley & Co. LLC** | **Morgan Stanley & Co. LLC** | **Morgan Stanley & Co. LLC** | **Morgan Stanley & Co. LLC** |
| Swiss Franc | 5957059 | United States Dollar | 6497635 | 3/15/2023 | 39953 |
| Swedish Krona | 1663000 | United States Dollar | 162255 | 3/15/2023 | (2851) |
| British Pound | 485000 | United States Dollar | 594091 | 3/15/2023 | 4418 |
| Danish Krone | 976000 | United States Dollar | 140734 | 3/15/2023 | 2339 |
| Canadian Dollar | 622000 | United States Dollar | 457267 | 3/15/2023 | 10356 |
| Japanese Yen | 186829000 | United States Dollar | 1374226 | 3/15/2023 | 69705 |
| Australian Dollar | 275000 | United States Dollar | 185577 | 3/15/2023 | 8864 |
| Euro | 2345000 | United States Dollar | 2513826 | 3/15/2023 | 42644 |
| United States Dollar | 20381392 | Euro | 19024365 | 3/15/2023 | (358574) |
| **RBC Capital Markets, LLC** | **RBC Capital Markets, LLC** | **RBC Capital Markets, LLC** | **RBC Capital Markets, LLC** | **RBC Capital Markets, LLC** | **RBC Capital Markets, LLC** |
| United States Dollar | 2421489 | British Pound | 1952349 | 3/15/2023 | 12213 |
| Canadian Dollar | 3715987 | United States Dollar | 2740606 | 3/15/2023 | 53095 |
| **Standard Chartered Securities** | **Standard Chartered Securities** | **Standard Chartered Securities** | **Standard Chartered Securities** | **Standard Chartered Securities** | **Standard Chartered Securities** |
| United States Dollar | 4824834 | Swedish Krona | 49182915 | 3/15/2023 | 110486 |
| Euro | 1075000 | United States Dollar | 1160769 | 3/15/2023 | 11174 |
| Norwegian Krone | 76503218 | United States Dollar | 7886685 | 3/15/2023 | (206672) |
| **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** |  |  | **1679825** |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** |  |  | **(1862785)** |

---

------

STATEMENT OF INVESTMENTS<br>BNY Mellon Dynamic Total Return Fund

January 31, 2023 (Unaudited)

The following is a summary of the inputs used as of January 31, 2023 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | **Total** |
| **Assets ($)** | **Assets ($)** | **Assets ($)** | **Assets ($)** |  |
| Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> |  |
| Exchange-Traded Funds | 14100170 | - | - | **14100170** |
| Investment Companies | 27430266 | - | - | **27430266** |
| U.S. Treasury Securities | - | 104736551 | - | **104736551** |
| Other Financial Instruments: | Other Financial Instruments: | Other Financial Instruments: | Other Financial Instruments: |  |
| Forward Foreign Currency Exchange Contracts<sup>††</sup> | - | 1679825 | - | **1679825** |
| Futures<sup>††</sup> | 2069685 | - | - | **2069685** |
| Options Purchased | 1797825 | - | - | **1797825** |
| **Liabilities ($)** | **Liabilities ($)** | **Liabilities ($)** | **Liabilities ($)** |  |
| Other Financial Instruments: | Other Financial Instruments: | Other Financial Instruments: | Other Financial Instruments: |  |
| Forward Foreign Currency Exchange Contracts<sup>††</sup> | - | (1862785) | - | **(1862785)** |
| Futures<sup>††</sup> | (616662) | - | - | **(616662)** |

---

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

*<sup>††</sup> Amount shown represents unrealized appreciation (depreciation) at period end.*

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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 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 Company's Board of Directors (the "Board") has designated the Adviser as the fund's valuation designee, effective September 8, 2022, 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.

------

Registered investment companies that are not traded on an exchange are valued at their net asset value and are generally categorized within Level 1 of the fair value hierarchy.

Investments in debt securities, excluding short-term investments (other than U.S. Treasury Bills), financial futures, options and forward foreign currency exchange contracts ("forward contracts") are valued each business day by one or more independent pricing services (each, a "Service") approved by the Board. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of a Service are valued at the mean between the quoted bid prices (as obtained by a Service from dealers in such securities) and asked prices (as calculated by a Service based upon its evaluation of the market for such securities). Securities are valued as determined by a Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Services are engaged under the general supervision of the Board. These securities are generally categorized within Level 2 of the fair value hierarchy.U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by the Service. These securities are generally categorized within 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 (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For 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.

Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange.

Financial futures and options, 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. Options traded over-the-counter ("OTC") are valued at the mean between the bid and asked price and are generally categorized within Level 2 of the fair value hierarchy. Investments in swap

------

transactions are valued each business day by the Service. Swaps are valued by the Service by using a swap pricing model which incorporates among other factors, default probabilities, recovery rates, credit curves of the underlying issuer and swap spreads on interest rates and are generally categorized within Level 2 of the fair value hierarchy. Forward contracts are valued at the forward rate and are generally categorized within Level 2 of the fair value hierarchy.

**Derivatives:** A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund at January 31, 2023 is discussed below.

**Futures:** In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate 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.

**Options Transactions**: The fund purchases and writes (sells) put and call options to hedge against changes in the values of interest rates, foreign currencies, or as a substitute for an investment. The fund is subject to market riskinterest rate risk and currency risk in the course of pursuing its investment objectives through its investments in options contracts. A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the writer to sell, the underlying financial instrument at the exercise price at any time during the option period, or at a specified date. Conversely, a put option gives the purchaser of the option the right (but not the obligation) to sell, and obligates the writer to buy the underlying financial instrument at the exercise price at any time during the option period, or at a specified date.

As a writer of call options, the fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the fund realizes a gain, to the extent of the premium, if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. Generally, the fund incurs a loss if the price of the financial instrument increases between those dates. The maximum payout for those contracts is limited to the number of call option contracts written and the related strike prices, respectively.

------

As a writer of put options, the fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the fund realizes a gain, to the extent of the premium, if the price of the underlying financial instrument increases between the date the option is written and the date on which the option is terminated. Generally, the fund incurs a loss if the price of the financial instrument decreases between those dates. The maximum payout for those contracts is limited to the number of put option contracts written and the related strike prices, respectively.

As a writer of an option, the fund has no control over whether the underlying financial instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the financial instrument underlying the written option. There is a risk of loss from a change in value of such options which may exceed the related premiums received. The Statement of Operations reflects any unrealized gains or losses which occurred during the period as well as any realized gains or losses which occurred upon the expiration or closing of the option transaction.

**Forward Foreign Currency Exchange Contracts:** The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy. When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, the fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, the fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract increases between those dates. Any realized or unrealized gains or losses which occurred during the period are reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty non-performance on these forward contracts, which is generally limited to the unrealized gain on each open contract. This risk may be mitigated by Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund's exposure to the counterparty.

At January 31, 2023, accumulated net unrealized appreciation on investments was $1,231,207, consisting of $1,242,924 gross unrealized appreciation and $11,717 gross unrealized depreciation.

At January 31, 2023, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

------

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BNY Mellon Advantage Funds, Inc.

- **b. Investment Company Act file number:** 811-07123

- **c. CIK number of Registrant:** 0000914775

- **d. LEI of Registrant:** 549300SWCD16M4CV8Q16

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 240 Greenwich Street

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10286

  - **Telephone number:** 212 495 1784

**Item A.2. Information about the Series.**

- **a. Name of Series:** BNY Mellon Dynamic Total Return Fund

- **b. EDGAR series identifier (if any):** S000011967

- **c. LEI of Series:** 3IX50J1I91RC5OKDEU06

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $150192301.57

**Total Liabilities:** $261949.97

**Net Assets:** $149930351.60

**Amount of Assets Invested in Other Investment Companies:** $8088309.76

**Cash Not Reported:** $1048500.59

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00 | **1-Year:** 0.00 | **5-Year:** 0.00 | **10-Year:** 0.00 | **30-Year:** 0.00

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00 | **1-Year:** 0.00 | **5-Year:** 0.00 | **10-Year:** 0.00 | **30-Year:** 0.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032670 | 4.51%                | -2.10%               | 2.49%                |
| Class ID C000032716 | 4.52%                | -2.20%               | 2.42%                |
| Class ID C000032717 | 4.57%                | -2.03%               | 2.48%                |
| Class ID C000130429 | 4.58%                | -2.04%               | 2.48%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $23431.54                | $420848.19                                 |
| Month 2  | $-1863319.41             | $-369857.22                                |
| Month 3  | $27648.94                | $482815.34                                 |

**Designated Index Information**

- **Index Name:** 0

- **Index Identifier:** 0

### Schedule of Portfolio Investments

| Name                                        | Title                                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |    Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LNH3 COMDTY                                 | LME NICKEL FUTURE MAR23                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | GB        |          3 | NC      | $544428.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| LAH3 23 COMDTY                              | LME PRI ALUM FUTR MAR23                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | GB        |         12 | NC      | $788550.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| LXH3 COMDTY                                 | LME ZINC FUTURE MAR23                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | GB        |          6 | NC      | $509814.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| LLH3 COMDTY                                 | LME LEAD FUTURE MAR23                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | GB        |          1 | NC      | $53318.75     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LLH3 COMDTY                                 | LME LEAD FUTURE MAR23                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DCO              |  | GB        |         -1 | NC      | $-53318.75    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| LNH3 COMDTY                                 | LME NICKEL FUTURE MAR23                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DCO              |  | GB        |         -3 | NC      | $-544428.00   | -0.36%            |  |  |  | No            |                  1 | On Loan: No      |
| LAH3 23 COMDTY                              | LME PRI ALUM FUTR MAR23                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DCO              |  | GB        |        -12 | NC      | $-788550.00   | -0.53%            |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                               | UNITED STATES TREASURY BILL                                       | CUSIP: 912796W47<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    6200000 | OU      | $6117667.47   | 4.08%             | 2023-05-18      | Fixed         |  | No            |                  2 | On Loan: No      |
| LNM3 COMDTY                                 | LME NICKEL FUTURE JUN23                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | GB        |          1 | NC      | $182892.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| LXM3 COMDTY                                 | LME ZINC FUTURE JUN23                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | GB        |          4 | NC      | $337950.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| LXH3 COMDTY                                 | LME ZINC FUTURE MAR23                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DCO              |  | GB        |         -6 | NC      | $-509814.00   | -0.34%            |  |  |  | No            |                  1 | On Loan: No      |
| LAM3 23 COMDTY                              | LME PRI ALUM FUTR JUN23                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | GB        |          1 | NC      | $66643.75     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LLM3 COMDTY                                 | LME LEAD FUTURE JUN23                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | GB        |          1 | NC      | $53543.75     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR BLOOMBERG HIGH YIELD BOND ETF          | SPDR BLOOMBERG HIGH YIELD BOND ETF                                | CUSIP: 78468R622<br>LEI: 549300NCLW2248PN7J24 | Long             | EC               | RF                | US        |      75401 | NS      | $7059795.63   | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| F83DB4A6KGMR2KOR_1071200_L                  | JPY/USD FWD 20230315 050                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | JP        |  186829000 | NC      | $1443930.73   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | UNITED STATES TREASURY BILL                                       | CUSIP: 912796YA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   32102400 | OU      | $32044983.57  | 21.37%            | 2023-02-16      | Fixed         |  | No            |                  2 | On Loan: No      |
| KEQ0CIPL9QNJUMGU_1071200_L                  | EUR/USD FWD 20230315 050                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | XX        |    2345000 | NC      | $2556470.14   | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| 0HSAQINO13O07N6F_1071200_L                  | AUD/USD FWD 20230315 GOLDUS33                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | AU        |    1307000 | NC      | $924124.68    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| QSAV0GRRQRMAJKIE_1071200_S                  | GBP/USD FWD 20230315 GOLDUS33                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              |  | GB        |   -6526000 | NC      | $-8053341.03  | -5.37%            |  |  |  | No            |                  2 | On Loan: No      |
| 219J53LD88G9V78Q_1071200_S                  | CHF/USD FWD 20230315 GOLDUS33                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              |  | CH        |   -4297000 | NC      | $-4715752.26  | -3.15%            |  |  |  | No            |                  2 | On Loan: No      |
| 54V67H093F7LKLNN_1071200_S                  | SEK/USD FWD 20230315 GOLDUS33                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              |  | SE        |  -29502000 | NC      | $-2827866.13  | -1.89%            |  |  |  | No            |                  2 | On Loan: No      |
| SFE9TT9INJJQCE2V_1071200_L                  | HKD/USD FWD 20230315 GOLDUS33                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | HK        |    3031000 | NC      | $387385.98    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| C477UBJ00LKUCGED_1071200_S                  | CAD/USD FWD 20230315 GOLDUS33                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              |  | CA        |   -1434000 | NC      | $-1078089.59  | -0.72%            |  |  |  | No            |                  2 | On Loan: No      |
| AM3PFO6FSI0U18P0_1071200_L                  | DKK/USD FWD 20230315 050                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | DK        |     976000 | NC      | $143073.02    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| 6O31G65LSJLF9I0T_1071200_S                  | GBP/USD FWD 20230315 816                                          | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              |  | GB        |   -4692000 | NC      | $-5790112.80  | -3.86%            |  |  |  | No            |                  2 | On Loan: No      |
| D5Q25RTVCK842O9B_1071200_L                  | EUR/USD FWD 20230315 816                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | XX        |    3420000 | NC      | $3728412.74   | 2.49%             |  |  |  | No            |                  2 | On Loan: No      |
| LHID58V5S5VAC53N_1071200_S                  | CHF/USD FWD 20230315 816                                          | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              |  | CH        |   -1479000 | NC      | $-1623131.86  | -1.08%            |  |  |  | No            |                  2 | On Loan: No      |
| 164DKQHT0MVJ86H1_1071200_L                  | CAD/USD FWD 20230315 816                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | CA        |    2317000 | NC      | $1741934.15   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| RKHTNQG4V5CRAV7P_1071200_L                  | JPY/USD FWD 20230315 GOLDUS33                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | JP        |  294334000 | NC      | $2274796.24   | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| 0DMBIM55MD6OQJ5A_1071200_S                  | AUD/USD FWD 20230315 816                                          | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              |  | AU        |    -611000 | NC      | $-432012.38   | -0.29%            |  |  |  | No            |                  2 | On Loan: No      |
| CJ4VSOD8V6R50TK0_1071200_S                  | EUR/USD FWD 20230315 GOLDUS33                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              |  | XX        |  -11986000 | NC      | $-13066887.47 | -8.72%            |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | UNITED STATES TREASURY BILL                                       | CUSIP: 912796YL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    6935000 | OU      | $6898028.13   | 4.60%             | 2023-03-16      | Fixed         |  | No            |                  2 | On Loan: No      |
| 82DT66OL9Q1RRA3J_1071200_L                  | NOK/USD FWD 20230315 GOLDUS33                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | NO        |   31419000 | NC      | $3154094.06   | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| VJ3FB7B6EEIIMBAC_1071200_S                  | AUD/USD FWD 20230315 BOFMCAM2                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              |  | AU        |  -14878874 | NC      | $-10520225.42 | -7.02%            |  |  |  | No            |                  2 | On Loan: No      |
| LD7JO0FBFHIO8CIB_1071200_L                  | SEK/USD FWD 20230315 816                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | SE        |   18199000 | NC      | $1744435.48   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| 9MSQODH6M8BFQTNL_1071200_L                  | GBP/USD FWD 20230315 050                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | GB        |     485000 | NC      | $598509.10    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| QSAV0GRRQRMAJKIE_1071200_L                  | GBP/USD FWD 20230315 GOLDUS33                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | GB        |    3886000 | NC      | $4795477.05   | 3.20%             |  |  |  | No            |                  2 | On Loan: No      |
| C477UBJ00LKUCGED_1071200_L                  | CAD/USD FWD 20230315 GOLDUS33                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | CA        |   10151000 | NC      | $7631581.18   | 5.09%             |  |  |  | No            |                  2 | On Loan: No      |
| BBG019GZRRY8                                | SCG3C    4050 ELEC                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               |  | US        |        231 | NC      | $1172325.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| 226H2G2QCR6ARKD7_1071200_S                  | GBP/USD FWD 20230315 235                                          | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              |  | GB        |   -1952349 | NC      | $-2409275.56  | -1.61%            |  |  |  | No            |                  2 | On Loan: No      |
| 4IHD6MQHHJV9E690_1071200_L                  | SEK/USD FWD 20230315 050                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | SE        |    1663000 | NC      | $159404.15    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CJ4VSOD8V6R50TK0_1071200_L                  | EUR/USD FWD 20230315 GOLDUS33                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | XX        |   13904000 | NC      | $15157851.10  | 10.11%            |  |  |  | No            |                  2 | On Loan: No      |
| 3ES408PK1QIVVCGS_1071200_L                  | DKK/USD FWD 20230315 816                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | DK        |    1164000 | NC      | $170632.16    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| 68LRK973LLJ89EUC_1071200_L                  | JPY/USD FWD 20230315 816                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | JP        | 1587129015 | NC      | $12266320.30  | 8.18%             |  |  |  | No            |                  2 | On Loan: No      |
| JC7T6HBIL3DE71I6_1071200_L                  | AUD/USD FWD 20230315 050                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | AU        |     275000 | NC      | $194440.92    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| G9ETQGGJV0M60JQD_1071200_S                  | NOK/USD FWD 20230315 816                                          | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              |  | NO        |  -10243000 | NC      | $-1028275.42  | -0.69%            |  |  |  | No            |                  2 | On Loan: No      |
| RKHTNQG4V5CRAV7P_1071200_S                  | JPY/USD FWD 20230315 GOLDUS33                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              |  | JP        | -705163000 | NC      | $-5449938.31  | -3.63%            |  |  |  | No            |                  2 | On Loan: No      |
| 219J53LD88G9V78Q_1071200_L                  | CHF/USD FWD 20230315 GOLDUS33                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | CH        |    1890000 | NC      | $2074184.73   | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| 0HSAQINO13O07N6F_1071200_S                  | AUD/USD FWD 20230315 GOLDUS33                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              |  | AU        |   -9767000 | NC      | $-6905834.52  | -4.61%            |  |  |  | No            |                  2 | On Loan: No      |
| KOVGUOK6G6B58TNO_1071200_L                  | NOK/USD FWD 20230315 SCSEUS31                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | NO        |   76503218 | NC      | $7680013.55   | 5.12%             |  |  |  | No            |                  2 | On Loan: No      |
| ISHARES IBOXX HIGH YIELD CORPORATE BOND ETF | ISHARES IBOXX HIGH YIELD CORPORATE BOND ETF                       | CUSIP: 464288513<br>LEI: N/A                  | Long             | EC               | RF                | US        |      92236 | NS      | $7040373.88   | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| BJSKU3J2NF6AJJ93_1071200_L                  | CAD/USD FWD 20230315 050                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | CA        |     622000 | NC      | $467623.24    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| 68LRK973LLJ89EUC_1071200_S                  | JPY/USD FWD 20230315 816                                          | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              |  | JP        |  -46049000 | NC      | $-355895.32   | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| 277PNK9S76F2E5QS_1071200_L                  | DKK/USD FWD 20230315 GOLDUS33                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | DK        |    1148000 | NC      | $168286.70    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| KEQ0CIPL9QNJUMGU_1071200_S                  | EUR/USD FWD 20230315 050                                          | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              |  | XX        |  -19024365 | NC      | $-20739966.34 | -13.83%           |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | UNITED STATES TREASURY BILL                                       | CUSIP: 912796W47<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   60479000 | OU      | $59675872.75  | 39.80%            | 2023-05-18      | Fixed         |  | No            |                  2 | On Loan: No      |
| 3JL1VJL7OMOB0OCV_1071200_S                  | SEK/USD FWD 20230315 SCSEUS31                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              |  | SE        |  -49182915 | NC      | $-4714348.16  | -3.14%            |  |  |  | No            |                  2 | On Loan: No      |
| 9O81N4A165109953_1071200_L                  | NZD/USD FWD 20230315 GOLDUS33                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | NZ        |    6053000 | NC      | $3914052.36   | 2.61%             |  |  |  | No            |                  2 | On Loan: No      |
| 54V67H093F7LKLNN_1071200_L                  | SEK/USD FWD 20230315 GOLDUS33                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | SE        |   14681000 | NC      | $1407223.33   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| TM3L5H9ADFNLSLOU_1071200_L                  | NZD/USD FWD 20230315 00418                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | NZ        |   10376817 | NC      | $6709962.84   | 4.48%             |  |  |  | No            |                  2 | On Loan: No      |
| BBG01BHTK0Y2                                | ESH3C    4080                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               |  | US        |        120 | NC      | $625500.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| 29391TS1ADDHV1OP_1071200_L                  | CHF/USD FWD 20230315 050                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | CH        |    5957059 | NC      | $6537587.72   | 4.36%             |  |  |  | No            |                  2 | On Loan: No      |
| 8GNVD9F19J1V8A7T_1071200_L                  | EUR/USD FWD 20230315 SCSEUS31                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | XX        |    1075000 | NC      | $1171942.60   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| J37JVHU1IKMH8KGT_1071200_L                  | NZD/USD FWD 20230315 816                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | NZ        |    1690000 | NC      | $1092804.97   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| LHID58V5S5VAC53N_1071200_L                  | CHF/USD FWD 20230315 816                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | CH        |     667000 | NC      | $732000.64    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| 82DT66OL9Q1RRA3J_1071200_S                  | NOK/USD FWD 20230315 GOLDUS33                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              |  | NO        |  -12213000 | NC      | $-1226040.00  | -0.82%            |  |  |  | No            |                  2 | On Loan: No      |
| 9O81N4A165109953_1071200_S                  | NZD/USD FWD 20230315 GOLDUS33                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              |  | NZ        |    -765000 | NC      | $-494672.07   | -0.33%            |  |  |  | No            |                  2 | On Loan: No      |
| HU6R9N6OTAAQTR98_1071200_L                  | CAD/USD FWD 20230315 235                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | CA        |    3715987 | NC      | $2793700.76   | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| HIG3 INDEX                                  | HANG SENG IDX FUT FEB23                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               |  | HK        |        -18 | NC      | $-2513891.46  | -1.68%            |  |  |  | No            |                  1 | On Loan: No      |
| STH3 INDEX                                  | FTSE/MIB IDX FUT MAR23                                            | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               |  | IT        |        -10 | NC      | $-1449551.45  | -0.97%            |  |  |  | No            |                  1 | On Loan: No      |
| EOG3 INDEX                                  | AMSTERDAM IDX FUT FEB23                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               |  | NL        |        -19 | NC      | $-3077019.35  | -2.05%            |  |  |  | No            |                  1 | On Loan: No      |
| PTH3 INDEX                                  | S&P/TSX 60 IX FUT MAR23                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               |  | CA        |        -14 | NC      | $-2638698.28  | -1.76%            |  |  |  | No            |                  1 | On Loan: No      |
| GXH3 INDEX                                  | DAX INDEX FUTURE MAR23                                            | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               |  | DE        |         -7 | NC      | $-2886872.47  | -1.93%            |  |  |  | No            |                  1 | On Loan: No      |
| ESH3 INDEX                                  | S&P500 EMINI FUT MAR23                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               |  | US        |         15 | NC      | $3067500.00   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| XMH3 COMDTY                                 | AUST 10Y BOND FUT MAR23                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DIR              |  | AU        |        347 | NC      | $29495828.84  | 19.67%            |  |  |  | No            |                  1 | On Loan: No      |
| IBG3 INDEX                                  | IBEX 35 INDX FUTR FEB23                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               |  | ES        |         68 | NC      | $6683889.52   | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BJH3 COMDTY                                 | 10YR MINI JGB FUT MAR23                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DIR              |  | SG        |        390 | NC      | $43924249.99  | 29.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Z H3 INDEX                                  | FTSE 100 IDX FUT MAR23                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               |  | GB        |         57 | NC      | $5445763.51   | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| XPH3 INDEX                                  | SPI 200 FUTURES MAR23                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               |  | AU        |         60 | NC      | $7861404.38   | 5.24%             |  |  |  | No            |                  1 | On Loan: No      |
| TPH3 INDEX                                  | TOPIX INDX FUTR MAR23                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               |  | JP        |         86 | NC      | $13052126.15  | 8.71%             |  |  |  | No            |                  1 | On Loan: No      |
| RXH3 COMDTY                                 | EURO-BUND FUTURE MAR23                                            | CUSIP: N/A<br>LEI: N/A                        | Short            | DIR              |  | DE        |        -41 | NC      | $-6098498.38  | -4.07%            |  |  |  | No            |                  1 | On Loan: No      |
| RTYH3 INDEX                                 | E-MINI RUSS 2000 MAR23                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               |  | US        |         68 | NC      | $6593960.00   | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| G H3 COMDTY                                 | LONG GILT FUTURE MAR23                                            | CUSIP: N/A<br>LEI: N/A                        | Short            | DIR              |  | GB        |        -21 | NC      | $-2705748.22  | -1.80%            |  |  |  | No            |                  1 | On Loan: No      |
| TYH3 COMDTY                                 | US 10YR NOTE (CBT)MAR23                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DIR              |  | US        |        -25 | NC      | $-2862890.75  | -1.91%            |  |  |  | No            |                  1 | On Loan: No      |
| SMH3 INDEX                                  | SWISS MKT IX FUTR MAR23                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               |  | DE        |        -27 | NC      | $-3303407.97  | -2.20%            |  |  |  | No            |                  1 | On Loan: No      |
| CNH3 COMDTY                                 | CAN 10YR BOND FUT MAR23                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DIR              |  | CA        |       -375 | NC      | $-35584908.50 | -23.73%           |  |  |  | No            |                  1 | On Loan: No      |
| KWK3 COMDTY                                 | KC HRW WHEAT FUT MAY23                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | US        |          3 | NC      | $130762.50    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NGM3 23 COMDTY                              | NATURAL GAS FUTR JUN23                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | US        |         14 | NC      | $425600.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| S K3 COMDTY                                 | SOYBEAN FUTURE MAY23                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | US        |          7 | NC      | $535587.50    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| LCJ3 COMDTY                                 | LIVE CATTLE FUTR APR23                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | US        |          6 | NC      | $391260.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| XBM3 COMDTY                                 | GASOLINE RBOB FUT JUN23                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | US        |          2 | NC      | $224498.40    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SIH3 COMDTY                                 | SILVER FUTURE MAR23                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | US        |          3 | NC      | $357540.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| HGH3 COMDTY                                 | COPPER FUTURE MAR23                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | US        |          5 | NC      | $528250.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| C K3 COMDTY                                 | CORN FUTURE MAY23                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | US        |         26 | NC      | $880750.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| HOM3 COMDTY                                 | NY HARB ULSD FUT JUN23                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | US        |          6 | NC      | $728154.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| QSK3 COMDTY                                 | LOW SU GASOIL G MAY23                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | GB        |          7 | NC      | $593775.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| LHM3 COMDTY                                 | LEAN HOGS FUTURE JUN23                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | US        |          4 | NC      | $164880.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| GCJ3 COMDTY                                 | GOLD 100 OZ FUTR APR23                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | US        |          5 | NC      | $972650.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| KCK3 COMDTY                                 | COFFEE 'C' FUTURE MAY23                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DCO              |  | US        |         -2 | NC      | $-136275.00   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| SMK3 COMDTY                                 | SOYBEAN MEAL FUTR MAY23                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | US        |         15 | NC      | $702750.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| W K3 COMDTY                                 | WHEAT FUTURE(CBT) MAY23                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DCO              |  | US        |         -1 | NC      | $-38525.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| PAM3 COMDTY                                 | PALLADIUM FUTURE JUN23                                            | CUSIP: N/A<br>LEI: N/A                        | Short            | DCO              |  | US        |         -1 | NC      | $-166770.00   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| CON3 COMDTY                                 | BRENT CRUDE FUTR JUL23                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | GB        |          8 | NC      | $674480.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK3 COMDTY                                 | SOYBEAN OIL FUTR MAY23                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | US        |         10 | NC      | $374940.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SBK3 COMDTY                                 | SUGAR #11 (WORLD) MAY23                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | US        |         29 | NC      | $663891.20    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CLM3 COMDTY                                 | WTI CRUDE FUTURE JUN23                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | US        |          8 | NC      | $634880.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| PLJ3 COMDTY                                 | PLATINUM FUTURE APR23                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              |  | US        |          9 | NC      | $459495.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CFG3 INDEX                                  | CAC40 10 EURO FUT FEB23                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               |  | FR        |        -20 | NC      | $-1541687.42  | -1.03%            |  |  |  | No            |                  1 | On Loan: No      |
| DREYFUS INSTITUTIONAL PREFERRE              | Dreyfus Institutional Preferred Government Plus Money Market Fund | CUSIP: N/A<br>LEI: 549300RBWL04JG8SIX57       | Long             | STIV             | RF                | US        |   27430266 | OU      | $27430265.94  | 18.30%            | 2099-12-01      | Variable      | 4.40%                 | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-23

**Name of Applicant:** BNY Mellon Advantage Funds, Inc.

**Signature:** James Windels

**Name of Signer:** James Windels

**Title:** Fund Treasurer