# EDGAR Filing Document

**Accession Number:** 0001111178
**File Stem:** 0001775697-23-000116
**Filing Date:** 2023-2
**Character Count:** 37174
**Document Hash:** 8cb87f4714cc93a59b112cf8c1b1b794
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001775697-23-000116.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001775697-23-000116

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY MELLON OPPORTUNITY FUNDS
- **CENTRAL INDEX KEY:** 0001111178
- **IRS NUMBER:** 134193975
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09891
- **FILM NUMBER:** 23664559

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS OPPORTUNITY FUNDS
- **DATE OF NAME CHANGE:** 20081201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS PREMIER OPPORTUNITY FUNDS
- **DATE OF NAME CHANGE:** 20000405

## Series and Classes Contracts Data

### BNY Mellon Natural Resources Fund (Series ID: S000001720)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004623 | Class A      | DNLAX           |
| C000004625 | Class C      | DLDCX           |
| C000004626 | Class I      | DLDRX           |
| C000162241 | Class Y      | DLDYX           |

## Nport-Ex

STATEMENT OF INVESTMENTS<br>BNY Mellon Natural Resources Fund

December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares |  | Value ($) |
| **Common Stocks - 98.0%**  |  |  |  |
| **Agricultural Products - 7.9%** |  |  |  |
| Archer-Daniels-Midland Co. | 368713 |  | 34235002 |
| Bunge Ltd. | 377596 |  | 37672753 |
| Darling Ingredients Inc. | 237032 | <sup>a</sup>  | 14835833 |
|  |  |  | **86743588** |
| **Aluminum - 3.5%** |  |  |  |
| Alcoa Corp. | 840533 |  | **38219035** |
| **Coal & Consumable Fuels - 5.3%** |  |  |  |
| Cameco Corp. | 1446816 | <sup>b</sup>  | 32799319 |
| Energy Fuels Inc. | 1374103 | <sup>a,b</sup>  | 8533180 |
| NexGen Energy Ltd. | 3774611 | <sup>a,b</sup>  | 16698611 |
|  |  |  | **58031110** |
| **Construction & Engineering - 4.4%** |  |  |  |
| Fluor Corp. | 1374826 | <sup>a,b</sup>  | **47651469** |
| **Construction Machinery & Heavy - 2.4%** |  |  |  |
| Caterpillar Inc. | 52069 |  | 12473650 |
| Terex Corp. | 318982 |  | 13626911 |
|  |  |  | **26100561** |
| **Copper - 6.8%** |  |  |  |
| First Quantum Minerals Ltd. | 1083504 | <sup>a</sup>  | 22638352 |
| Freeport-McMoRan Inc. | 1372884 |  | 52169592 |
|  |  |  | **74807944** |
| **Diversified Metals & Mining - 8.4%** |  |  |  |
| Anglo American PLC | 977757 | <sup>a</sup>  | 38257350 |
| BHP Group Ltd. | 172432 | <sup>a,b</sup>  | 10699406 |
| Ivanhoe Mines Ltd., CI. A | 1923873 | <sup>a,b</sup>  | 15203428 |
| MP Materials Corp. | 88309 | <sup>a,b</sup>  | 2144142 |
| Teck Resources Ltd., Cl. B | 671280 | <sup>b</sup>  | 25387810 |
|  |  |  | **91692136** |
| **Electrical Components & Equipment - .1%** |  |  |  |
| Stem Inc. | 141338 | <sup>a,b</sup>  | **1263562** |
| **Environmental & Facilities Services - .1%** |  |  |  |
| Li-Cycle Holdings Corp. | 242576 | <sup>a,b</sup>  | **1154662** |
| **Fertilizers & Agricultural Chemicals - 9.0%** |  |  |  |
| CF Industries Holdings Inc. | 431605 |  | 36772746 |
| Corteva Inc. | 573245 |  | 33695341 |
| Nutrien Ltd. | 253469 |  | 18510841 |
| OCI NV | 112672 |  | 4030778 |
| The Mosaic Company | 115571 |  | 5070100 |
|  |  |  | **98079806** |

---

------

*STATEMENT OF INVESTMENTS (Unaudited) (continued)*

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares |  | Value ($) |
| **Common Stocks - 98.0% (continued)** |  |  |  |
| **Industrial Machinery - 1.7%** |  |  |  |
| Energy Recovery Inc. | 215686 | <sup>a</sup>  | 4419406 |
| Flowserve Corp. | 374768 |  | 11497882 |
| The Weir Group PLC | 151460 |  | 3056065 |
|  |  |  | **18973353** |
| **Integrated Oil & Gas - 5.5%** |  |  |  |
| Equinor ASA | 465415 |  | 16712906 |
| Occidental Petroleum Corp. | 696459 |  | 43869952 |
|  |  |  | **60582858** |
| **Marine - .7%** |  |  |  |
| Kirby Corp. | 125626 | <sup>a</sup>  | **8084033** |
| **Oil & Gas Drilling - 3.7%** |  |  |  |
| Patterson-UTI Energy Inc. | 1039973 |  | 17513145 |
| Transocean Ltd. | 5113456 | <sup>a,b</sup>  | 23317359 |
|  |  |  | **40830504** |
| **Oil & Gas Equipment & Services - 11.8%** |  |  |  |
| Halliburton Co. | 614348 |  | 24174594 |
| Liberty Energy Inc. | 690394 |  | 11053208 |
| Nextier Oilfield Solutions Inc. | 1123453 | <sup>a</sup>  | 10380706 |
| NOV Inc. | 407384 |  | 8510252 |
| Schlumberger Ltd. | 893396 |  | 47760950 |
| Weatherford International PLC | 538408 | <sup>a</sup>  | 27415735 |
|  |  |  | **129295445** |
| **Oil & Gas Exploration & Production - 18.5%** |  |  |  |
| Chesapeake Energy Corp. | 204627 | <sup>b</sup>  | 19310650 |
| Comstock Resources Inc. | 534385 | <sup>b</sup>  | 7326418 |
| ConocoPhillips | 190599 |  | 22490682 |
| Devon Energy Corp. | 310870 |  | 19121614 |
| EOG Resources Inc. | 367636 |  | 47616215 |
| EQT Corp. | 564114 |  | 19083977 |
| Hess Corp. | 374557 |  | 53119674 |
| Range Resources Corp. | 147119 |  | 3680917 |
| Woodside Energy Group Ltd. | 461720 | <sup>a</sup>  | 11140991 |
|  |  |  | **202891138** |
| **Oil & Gas Refining & Marketing - 3.9%** |  |  |  |
| Marathon Petroleum Corp. | 370815 |  | **43159158** |
| **Oil & Gas Storage & Transportation - 2.8%** |  |  |  |
| Frontline PLC | 1317731 | <sup>a,b</sup>  | 15997254 |
| Scorpio Tankers Inc. | 270724 |  | 14556829 |
|  |  |  | **30554083** |
| **Packaged Foods & Meats - 1.2%** |  |  |  |
| Adecoagro SA | 1591658 | <sup>b</sup>  | **13194845** |
| **Precious Metals & Minerals - .3%** |  |  |  |
| Sibanye Stillwater Ltd. | 1129377 | <sup>a</sup>  | **2972456** |
| **Total Common Stocks** (cost $877,850,632) |  |  | **1074281746** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day<br>Yield (%) |  |  |
| **Investment Companies - 1.7%**  | **Investment Companies - 1.7%**  |  |  |
| **Registered Investment Companies - 1.7%** | **Registered Investment Companies - 1.7%** |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares<br>(cost $18,408,186) | 4.37 | 18408186<br> <sup>c</sup>  | **18408186** |
| **Investment of Cash Collateral for Securities Loaned - 4.6%**  | **Investment of Cash Collateral for Securities Loaned - 4.6%**  |  |  |
| **Registered Investment Companies - 4.6%** | **Registered Investment Companies - 4.6%** |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares<br>(cost $50,605,077) | 4.37 | 50605077<br> <sup>c</sup>  | **50605077** |
| **Total Investments** (cost $946,863,895) | **Total Investments** (cost $946,863,895) | **104.3%** | **1143295009** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(4.3%)** | **(47533418)** |
| **Net Assets** | **Net Assets** | **100.0%** | **1095761591** |

---

*ADR—American Depository Receipt*

*<sup>a</sup> Non-income producing security.*

*<sup>b</sup> Security, or portion thereof, on loan. At December 31, 2022, the value of the fund's securities on loan was $83,181,844 and the value of the collateral was $85,451,772, consisting of cash collateral of $50,605,077 and U.S. Government & Agency securities valued at $34,846,695. In addition, the value of collateral may include pending sales that are also on loan.*

*<sup>c</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<br>BNY Mellon Natural Resources Fund

December 31, 2022 (Unaudited)

The following is a summary of the inputs used as of December 31, 2022 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> |  |
| Equity Securities - Common Stocks | 1074281746 | - | - | **1074281746** |
| Investment Companies | 69013263 | - | - | **69013263** |

---

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

------

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 Trust's Board of Trustees (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.

------

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. U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by an independent pricing service (the "Service") approved by the Board Members ("Board").These securities are generally categorized within Level 2 of the fair value hierarchy.The Service's procedures are reviewed by BNY Mellon under the general supervision of the Board.

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 Depository 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 (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.

At December 31, 2022, accumulated net unrealized appreciation on investments was $196,431,114, consisting of $218,402,813 gross unrealized appreciation and $21,971,699 gross unrealized depreciation.

------

At December 31, 2022, 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 Opportunity Funds

- **b. Investment Company Act file number:** 811-09891

- **c. CIK number of Registrant:** 0001111178

- **d. LEI of Registrant:** 549300YBI6B5NEUMTY90

- **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 Natural Resources Fund

- **b. EDGAR series identifier (if any):** S000001720

- **c. LEI of Series:** 549300PMKZQ978Y04H70

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $1097631774.23

**Total Liabilities:** $1870183.26

**Net Assets:** $1095761590.97

**Cash Not Reported:** $1804988.42

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000004623 | 16.86%               | 5.79%                | -6.61%               |
| Class ID C000004625 | 16.80%               | 5.73%                | -6.65%               |
| Class ID C000004626 | 16.89%               | 5.82%                | -6.58%               |
| Class ID C000162241 | 16.89%               | 5.83%                | -6.58%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1220567.86              | $149638323.83                              |
| Month 2  | $26114407.97             | $33891899.78                               |
| Month 3  | $19049771.89             | $-95124252.67                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HALLIBURTON CO                 | HALLIBURTON CO                                                    | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |    614348 | NS      | $24174593.80  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| COMSTOCK RESOURCES INC         | COMSTOCK RESOURCES INC                                            | CUSIP: 205768302<br>LEI: I03QQGEA4SS774AURI46 | Long             | EC               | CORP              | US        |    534385 | NS      | $7326418.35   | 0.67%             |  |  |  | No            |                  1 | On Loan: —       |
| EQT CORP                       | EQT CORP                                                          | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |    564114 | NS      | $19083976.62  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CHESAPEAKE ENERGY CORP         | CHESAPEAKE ENERGY CORP                                            | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |    204627 | NS      | $19310649.99  | 1.76%             |  |  |  | No            |                  1 | On Loan: —       |
| ANGLO AMERICAN PLC             | ANGLO AMERICAN PLC                                                | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |    977757 | NS      | $38257350.06  | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY ENERGY INC             | LIBERTY ENERGY INC                                                | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    690394 | NS      | $11053207.94  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTIER OILFIELD SOLUTIONS INC | NEXTIER OILFIELD SOLUTIONS INC                                    | CUSIP: 65290C105<br>LEI: 529900L27H2D4QT0IT24 | Long             | EC               | CORP              | US        |   1123453 | NS      | $10380705.72  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| PATTERSON-UTI ENERGY INC       | PATTERSON-UTI ENERGY INC                                          | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |   1039973 | NS      | $17513145.32  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP GROUP LTD                  | BHP GROUP LTD                                                     | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |    172432 | NS      | $10699405.60  | 0.98%             |  |  |  | No            |                  1 | On Loan: —       |
| SCORPIO TANKERS INC            | SCORPIO TANKERS INC                                               | CUSIP: N/A<br>LEI: 549300NVJUH16NXG8K87       | Long             | EC               | CORP              | MH        |    270724 | NS      | $14556829.48  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| TEREX CORP                     | TEREX CORP                                                        | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |    318982 | NS      | $13626911.04  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MP MATERIALS CORP              | MP MATERIALS CORP                                                 | CUSIP: 553368101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     88309 | NS      | $2144142.52   | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| LI-CYCLE HOLDINGS CORP         | LI-CYCLE HOLDINGS CORP                                            | CUSIP: 50202P105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    242576 | NS      | $1154661.76   | 0.11%             |  |  |  | No            |                  1 | On Loan: —       |
| WEATHERFORD INTERNATIONAL PLC  | WEATHERFORD INTERNATIONAL PLC                                     | CUSIP: N/A<br>LEI: 529900LPBDSCQDJKHQ39       | Long             | EC               | CORP              | IE        |    538408 | NS      | $27415735.36  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORP              | DEVON ENERGY CORP                                                 | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |    310870 | NS      | $19121613.70  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY RECOVERY INC            | ENERGY RECOVERY INC                                               | CUSIP: 29270J100<br>LEI: 549300ZEQL52Z525WJ22 | Long             | EC               | CORP              | US        |    215686 | NS      | $4419406.14   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| FLOWSERVE CORP                 | FLOWSERVE CORP                                                    | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |    374768 | NS      | $11497882.24  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV INC                        | NOV INC                                                           | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |    407384 | NS      | $8510251.76   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| TECK RESOURCES LTD             | TECK RESOURCES LTD                                                | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |    671280 | NS      | $25387809.60  | 2.32%             |  |  |  | No            |                  1 | On Loan: —       |
| DARLING INGREDIENTS INC        | DARLING INGREDIENTS INC                                           | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |    237032 | NS      | $14835832.88  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| KIRBY CORP                     | KIRBY CORP                                                        | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |    125626 | NS      | $8084033.10   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CATERPILLAR INC                | CATERPILLAR INC                                                   | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     52069 | NS      | $12473649.64  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON PETROLEUM CORP        | MARATHON PETROLEUM CORP                                           | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |    370815 | NS      | $43159157.85  | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSOCEAN LTD                 | TRANSOCEAN LTD                                                    | CUSIP: N/A<br>LEI: 529900QO4W5DQGBGEF32       | Long             | EC               | CORP              | CH        |   5113456 | NS      | $23317359.36  | 2.13%             |  |  |  | No            |                  1 | On Loan: —       |
| ARCHER-DANIELS-MIDLAND CO      | ARCHER-DANIELS-MIDLAND CO                                         | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |    368713 | NS      | $34235002.05  | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CORTEVA INC                    | CORTEVA INC                                                       | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    573245 | NS      | $33695341.10  | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| STEM INC                       | STEM INC                                                          | CUSIP: 85859N102<br>LEI: 549300GVWIYFILN5V546 | Long             | EC               | CORP              | US        |    141338 | NS      | $1263561.72   | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| FLUOR CORP                     | FLUOR CORP                                                        | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |   1374826 | NS      | $47651469.16  | 4.35%             |  |  |  | No            |                  1 | On Loan: —       |
| FRONTLINE LTD/BERMUDA          | FRONTLINE LTD/BERMUDA                                             | CUSIP: N/A<br>LEI: 5493004BCIKYU1YL3H63       | Long             | EC               | CORP              | BM        |   1317731 | NS      | $15997254.34  | 1.46%             |  |  |  | No            |                  1 | On Loan: —       |
| CF INDUSTRIES HOLDINGS INC     | CF INDUSTRIES HOLDINGS INC                                        | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |    431605 | NS      | $36772746.00  | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHLUMBERGER LTD               | SCHLUMBERGER LTD                                                  | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |    893396 | NS      | $47760950.16  | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| RANGE RESOURCES CORP           | RANGE RESOURCES CORP                                              | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |    147119 | NS      | $3680917.38   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY FUELS INC/CANADA        | ENERGY FUELS INC/CANADA                                           | CUSIP: 292671708<br>LEI: 529900P0GCATXMGK8I62 | Long             | EC               | CORP              | CA        |   1374103 | NS      | $8533179.63   | 0.78%             |  |  |  | No            |                  1 | On Loan: —       |
| ALCOA CORP                     | ALCOA CORP                                                        | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |    840533 | NS      | $38219035.51  | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES INC              | EOG RESOURCES INC                                                 | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    367636 | NS      | $47616214.72  | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                 | CONOCOPHILLIPS                                                    | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    190599 | NS      | $22490682.00  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ADECOAGRO SA                   | ADECOAGRO SA                                                      | CUSIP: N/A<br>LEI: 529900Q00UR5LFELO811       | Long             | EC               | CORP              | LU        |   1591658 | NS      | $13194844.82  | 1.20%             |  |  |  | No            |                  1 | On Loan: —       |
| MOSAIC CO/THE                  | MOSAIC CO/THE                                                     | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |    115571 | NS      | $5070099.77   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| HESS CORP                      | HESS CORP                                                         | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |    374557 | NS      | $53119673.74  | 4.85%             |  |  |  | No            |                  1 | On Loan: No      |
| NUTRIEN LTD                    | NUTRIEN LTD                                                       | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |    253469 | NS      | $18510841.07  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORP      | OCCIDENTAL PETROLEUM CORP                                         | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |    696459 | NS      | $43869952.41  | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BUNGE LTD                      | BUNGE LTD                                                         | CUSIP: N/A<br>LEI: 5493007M0RIN8HY3MM77       | Long             | EC               | CORP              | BM        |    377596 | NS      | $37672752.92  | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC           | FREEPORT-MCMORAN INC                                              | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |   1372884 | NS      | $52169592.00  | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMECO CORP                    | CAMECO CORP                                                       | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |   1446816 | NS      | $32799318.72  | 2.99%             |  |  |  | No            |                  1 | On Loan: —       |
| WOODSIDE ENERGY GROUP LTD      | WOODSIDE ENERGY GROUP LTD                                         | CUSIP: N/A<br>LEI: 2549005ZC5RXAOO7FH41       | Long             | EC               | CORP              | AU        |    461720 | NS      | $11140991.48  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| 9KJV7503VM452G37_1010300_L     | ZAR/USD SPOT 20230104 00642                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | ZA        |   1657740 | NC      | $97524.16     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| I5557TTR6L0OE85L_1010300_L     | AUD/USD SPOT 20230103 050                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              |  | AU        |    310055 | NC      | $211135.67    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SIBANYE STILLWATER LTD         | SIBANYE STILLWATER LTD                                            | CUSIP: N/A<br>LEI: 378900F238434B74D281       | Long             | EC               | CORP              | ZA        |   1129377 | NS      | $2972455.79   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINOR ASA                    | EQUINOR ASA                                                       | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |    465415 | NS      | $16712905.95  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| OCI NV                         | OCI NV                                                            | CUSIP: N/A<br>LEI: 549300NCMRGIBJYUOE57       | Long             | EC               | CORP              | NL        |    112672 | NS      | $4030777.59   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| IVANHOE MINES LTD              | IVANHOE MINES LTD                                                 | CUSIP: N/A<br>LEI: 5299006XZISURYIA4G32       | Long             | EC               | CORP              | CA        |   1923873 | NS      | $15203427.70  | 1.39%             |  |  |  | No            |                  1 | On Loan: —       |
| FIRST QUANTUM MINERALS LTD     | FIRST QUANTUM MINERALS LTD                                        | CUSIP: N/A<br>LEI: 549300I7UVBGWRYMYZ18       | Long             | EC               | CORP              | CA        |   1083504 | NS      | $22638351.67  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| WEIR GROUP PLC/THE             | WEIR GROUP PLC/THE                                                | CUSIP: N/A<br>LEI: 549300KDR56WHY9I3D10       | Long             | EC               | CORP              | GB        |    151460 | NS      | $3056065.29   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXGEN ENERGY LTD              | NEXGEN ENERGY LTD                                                 | CUSIP: N/A<br>LEI: 529900N0IXNXB3IP7F06       | Long             | EC               | CORP              | CA        |   3774611 | NS      | $16698611.44  | 1.52%             |  |  |  | No            |                  1 | On Loan: —       |
| DREYFUS INSTITUTIONAL PREFERRE | Dreyfus Institutional Preferred Government Plus Money Market Fund | CUSIP: N/A<br>LEI: 549300RBWL04JG8SIX57       | Long             | STIV             | RF                | US        |  18408186 | OU      | $18408185.95  | 1.68%             | 2099-12-01      | Variable      | 4.37%                 | No            |                  1 | On Loan: No      |
| 99VVB9HH4                      | DREYFUS INST PREF GOVT PLUS-SL #4134                              | CUSIP: 99VVB9HH4<br>LEI: N/A                  | Long             |  | RF                | US        |  50605078 | OU      | $50605078.28  | 4.62%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-23

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

**Signature:** James Windels

**Name of Signer:** James Windels

**Title:** Fund Treasurer