# EDGAR Filing Document

**Accession Number:** 0000914775
**File Stem:** 0000940400-25-002980
**Filing Date:** 2025-9
**Character Count:** 128782
**Document Hash:** f550259b5db4a87f3546e6472382ba7d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002980.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000940400-25-002980

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY Mellon Advantage Funds, Inc.
- **CENTRAL INDEX KEY:** 0000914775

**ORGANIZATION NAME:**
- **EIN:** 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:** 251350508

**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 Global Real Return Fund (Series ID: S000028808)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000088313 | Class A      | DRRAX           |
| C000088314 | Class C      | DRRCX           |
| C000088315 | Class I      | DRRIX           |
| C000130431 | Class Y      | DRRYX           |

## Nport-Ex

BNY Mellon Global Real Return Fund

CONSOLIDATED STATEMENT OF INVESTMENTS

July 31, 2025 (Unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<sup>(a)</sup> <br>| Value ($) |
| **Bonds and Notes — 33.0%** | **Bonds and Notes — 33.0%** | **Bonds and Notes — 33.0%** | **Bonds and Notes — 33.0%** | **Bonds and Notes — 33.0%** | **Bonds and Notes — 33.0%** |
| **Australia — 1.7%** |  |  |  |  |  |
| Australia Government Bond, Sr. Unscd. Bonds, Ser. 144 | AUD | 3.75 | 4/21/2037 | 17370000 | 10533470 |
| New South Wales Treasury Corp., Govt. Gtd. Notes | AUD | 5.25 | 2/24/2038 | 6560000 | 4236441 |
|  |  |  |  |  | **14769911** |
| **Cayman Islands — .3%** |  |  |  |  |  |
| Sable International Finance Ltd., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.13 | 10/15/2032 | 2184000 | **2186551** |
| **Colombia — .3%** |  |  |  |  |  |
| Ecopetrol SA, Sr. Unscd. Notes |  | 8.38 | 1/19/2036 | 2170000 | **2144311** |
| **France — .9%** |  |  |  |  |  |
| Electricite de France SA, Jr. Sub. Notes<sup>(c)</sup> <br>| EUR | 3.38 | 6/15/2030 | 2400000 | 2645769 |
| Opal Bidco SAS, Sr. Scd. Bonds | EUR | 5.50 | 3/31/2032 | 4251000 | 5002103 |
|  |  |  |  |  | **7647872** |
| **Germany — .6%** |  |  |  |  |  |
| Dynamo Newco II GmbH, Sr. Scd. Bonds | EUR | 6.25 | 10/15/2031 | 2211000 | 2636908 |
| TK Elevator Midco GmbH, Sr. Scd. Bonds | EUR | 4.38 | 7/15/2027 | 2200000 | 2516066 |
|  |  |  |  |  | **5152974** |
| **Hungary — .2%** |  |  |  |  |  |
| OTP Bank Nyrt, Sub. Notes |  | 8.75 | 5/15/2033 | 1458000 | **1566379** |
| **Indonesia — 1.1%** |  |  |  |  |  |
| Indonesia Treasury Bond, Bonds, Ser. FR91 | IDR | 6.38 | 4/15/2032 | 111041000000 | 6731789 |
| Indonesia Treasury Bond, Bonds, Ser. FR96 | IDR | 7.00 | 2/15/2033 | 46350000000 | 2897896 |
|  |  |  |  |  | **9629685** |
| **Italy — 1.2%** |  |  |  |  |  |
| Fibercop SpA, Sr. Scd. Bonds | EUR | 4.75 | 6/30/2030 | 486000 | 565730 |
| Intesa Sanpaolo SpA, Sr. Notes |  | 7.20 | 11/28/2033 | 3801000 | 4277701 |
| UniCredit SpA, Jr. Sub. Notes<sup>(c)</sup> <br>| EUR | 7.50 | 6/3/2026 | 4422000 | 5241934 |
|  |  |  |  |  | **10085365** |
| **Japan — .1%** |  |  |  |  |  |
| SoftBank Group Corp., Sr. Unscd. Bonds | EUR | 5.88 | 7/10/2031 | 847000 | **1002684** |
| **Luxembourg — .2%** |  |  |  |  |  |
| Millicom International Cellular SA, Sr. Unscd. Notes |  | 4.50 | 4/27/2031 | 1543000 | **1423061** |
| **Mexico — 3.7%** |  |  |  |  |  |
| Cemex SAB de CV, Sub. Notes<sup>(c)</sup> <br>|  | 7.20 | 6/10/2030 | 3496000 | 3573611 |
| Mexican Bonos, Bonds, Ser. M | MXN | 7.75 | 5/29/2031 | 564010000 | 28389903 |
|  |  |  |  |  | **31963514** |
| **Multi-National — .1%** |  |  |  |  |  |
| Clarios Global LP/Clarios US Finance Co., Sr. Scd. Bonds | EUR | 4.75 | 6/15/2031 | 905000 | **1046682** |
| **Netherlands — 5.2%** |  |  |  |  |  |
| Flora Food Management BV, Sr. Scd. Bonds | EUR | 6.88 | 7/2/2029 | 2158000 | 2496329 |
| Merrill Lynch BV, Bank Gtd. Bonds, Ser. DMB1<sup>(d)</sup> <br>|  | 0.00 | 2/2/2026 | 39836900 | 40314943 |
| Telefonica Europe BV, Gtd. Notes<sup>(c)</sup> <br>| EUR | 5.75 | 1/15/2032 | 1800000 | 2159148 |
|  |  |  |  |  | **44970420** |
| **New Zealand — 1.6%** |  |  |  |  |  |
| New Zealand Government Bond, Unscd. Bonds, Ser. 531 | NZD | 1.50 | 5/15/2031 | 10588000 | 5432348 |
| New Zealand Government Bond, Unscd. Bonds, Ser. 541 | NZD | 1.75 | 5/15/2041 | 11070000 | 4224109 |
| &nbsp;&nbsp;&nbsp; New Zealand Local Government Funding Agency Bond, Govt. Gtd. <br> Bonds<br>| NZD | 2.25 | 5/15/2031 | 8080000 | 4261530 |
|  |  |  |  |  | **13917987** |

---

**3**

------

*CONSOLIDATED STATEMENT OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 33.0% (continued)** | **Bonds and Notes — 33.0% (continued)** | **Bonds and Notes — 33.0% (continued)** | **Bonds and Notes — 33.0% (continued)** | **Bonds and Notes — 33.0% (continued)** | **Bonds and Notes — 33.0% (continued)** |
| **South Africa — 2.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government Bond, Sr. Unscd. Bonds, Ser. <br> R213<br>| ZAR | 7.00 | 2/28/2031 | 374600000 | **19227170** |
| **Switzerland — .1%** |  |  |  |  |  |
| Credit Suisse Group AG, Jr. Sub. Notes<sup>(c)</sup> <br>|  | 5.25 | 8/11/2027 | 9685000 | 750588 |
| Credit Suisse Group AG, Jr. Sub. Notes<sup>(c)</sup> <br>|  | 7.25 | 9/12/2025 | 2650000 | 205375 |
|  |  |  |  |  | **955963** |
| **United Kingdom — 6.0%** |  |  |  |  |  |
| Azule Energy Finance PLC, Gtd. Notes |  | 8.13 | 1/23/2030 | 1813000 | 1827829 |
| British Telecommunications PLC, Gtd. Notes | GBP | 6.38 | 12/3/2055 | 1296000 | 1735893 |
| Edge Finco PLC, Sr. Scd. Notes | GBP | 8.13 | 8/15/2031 | 1822000 | 2558381 |
| HSBC Holdings PLC, Jr. Sub. Notes<sup>(c)</sup> <br>| EUR | 4.75 | 7/4/2029 | 7651000 | 8818547 |
| HSBC Holdings PLC, Sub. Notes | EUR | 6.36 | 11/16/2032 | 4303000 | 5262497 |
| HSBC Holdings PLC, Sub. Notes | GBP | 8.20 | 11/16/2034 | 2204000 | 3214967 |
| Lloyds Banking Group PLC, Jr. Sub. Notes<sup>(c)</sup> <br>| GBP | 7.50 | 6/27/2030 | 1444000 | 1937526 |
| Nationwide Building Society, Jr. Sub. Bonds<sup>(c)</sup> <br>| GBP | 7.88 | 12/20/2031 | 1600000 | 2179740 |
| Nationwide Building Society, Jr. Sub. Notes<sup>(c)</sup> <br>| GBP | 7.50 | 12/20/2030 | 1600000 | 2155908 |
| United Kingdom Gilt, Bonds | GBP | 4.25 | 9/7/2039 | 6797400 | 8345066 |
| United Kingdom Gilt, Bonds | GBP | 4.75 | 10/22/2043 | 6719094 | 8380510 |
| Vmed O2 UK Financing I PLC, Sr. Scd. Bonds | GBP | 4.00 | 1/31/2029 | 4088000 | 5076306 |
|  |  |  |  |  | **51493170** |
| **United States — 7.5%** |  |  |  |  |  |
| Ball Corp., Gtd. Notes |  | 2.88 | 8/15/2030 | 1794000 | 1612843 |
| Beach Acquisition Bidco LLC, Sr. Scd. Bonds | EUR | 5.25 | 7/15/2032 | 359000 | 417259 |
| Boots Group Finco LP, Sr. Scd. Bonds | EUR | 5.38 | 8/31/2032 | 218000 | 254976 |
| CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 5.50 | 5/1/2026 | 2289000 | 2286629 |
| Crescent Energy Finance LLC, Gtd. Notes<sup>(b)</sup> <br>|  | 7.38 | 1/15/2033 | 2629000 | 2517410 |
| Sprint Capital Corp., Gtd. Notes |  | 8.75 | 3/15/2032 | 2087000 | 2521949 |
| U.S. Treasury Inflation Indexed Notes<sup>(e),(f)</sup> <br>|  | 1.25 | 4/15/2028 | 52254232 | 52156222 |
| Venture Global LNG, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 8.38 | 6/1/2031 | 2574000 | 2664188 |
|  |  |  |  |  | **64431476** |
| &nbsp;&nbsp;&nbsp; **Total Bonds and Notes** <br>(cost $286,952,668)<br>|  |  |  |  | **283615175** |

---

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

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Common Stocks — 40.9%** | **Common Stocks — 40.9%** | **Common Stocks — 40.9%** |
| **France — 3.0%** | **France — 3.0%** | **France — 3.0%** |
| Airbus SE | 24956 | 5013582 |
| BNP Paribas SA | 71394 | 6522875 |
| Hermes International SCA | 1895 | 4651696 |
| Schneider Electric SE | 36329 | 9462938 |
|  |  | **25651091** |
| **Germany — 1.3%** | **Germany — 1.3%** | **Germany — 1.3%** |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 9793 | 6432774 |
| Rheinmetall AG | 2211 | 4379002 |
|  |  | **10811776** |
| **Hong Kong — .8%** | **Hong Kong — .8%** | **Hong Kong — .8%** |
| AIA Group Ltd. | 714400 | **6679868** |
| **India — .5%** | **India — .5%** | **India — .5%** |
| HDFC Bank Ltd. | 196002 | **4515718** |
| **Ireland — .8%** | **Ireland — .8%** | **Ireland — .8%** |
| Experian PLC | 126045 | **6665112** |

---

**4**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 40.9% (continued)** | **Common Stocks — 40.9% (continued)** | **Common Stocks — 40.9% (continued)** |
| **Japan — .6%** | **Japan — .6%** | **Japan — .6%** |
| Mizuho Financial Group, Inc. | 161800 | **4808936** |
| **South Korea — .8%** | **South Korea — .8%** | **South Korea — .8%** |
| SK Hynix, Inc. | 36614 | **7220889** |
| **Spain — .5%** | **Spain — .5%** | **Spain — .5%** |
| Industria de Diseno Textil SA | 92560 | **4426931** |
| **Sweden — .7%** | **Sweden — .7%** | **Sweden — .7%** |
| Spotify Technology SA<sup>(g)</sup> <br>| 9793 | **6135706** |
| **Switzerland — 1.3%** | **Switzerland — 1.3%** | **Switzerland — 1.3%** |
| Alcon AG | 91612 | 8020630 |
| Nestle SA | 32854 | 2875863 |
|  |  | **10896493** |
| **Taiwan — 1.5%** | **Taiwan — 1.5%** | **Taiwan — 1.5%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 54019 | **13052071** |
| **United Kingdom — 7.1%** | **United Kingdom — 7.1%** | **United Kingdom — 7.1%** |
| Aon PLC, Cl. A | 14216 | 5056773 |
| AstraZeneca PLC | 62233 | 9306970 |
| BAE Systems PLC | 148275 | 3532582 |
| Barclays PLC | 1399765 | 6863851 |
| Informa PLC | 617906 | 7084838 |
| Land Securities Group PLC | 990136 | 7551523 |
| London Stock Exchange Group PLC | 40120 | 4906363 |
| Rolls-Royce Holdings PLC | 579366 | 8202298 |
| Unilever PLC | 145315 | 8490674 |
|  |  | **60995872** |
| **United States — 22.0%** | **United States — 22.0%** | **United States — 22.0%** |
| Alphabet, Inc., Cl. A | 48333 | 9275103 |
| Amazon.com, Inc.<sup>(g)</sup> <br>| 65076 | 15234942 |
| CME Group, Inc. | 30327 | 8439398 |
| CMS Energy Corp. | 74553 | 5502011 |
| Comerica, Inc. | 49281 | 3329917 |
| Danaher Corp. | 18638 | 3674668 |
| Deere & Co. | 12952 | 6791640 |
| Dominion Energy, Inc. | 81503 | 4763850 |
| Domino's Pizza, Inc. | 14847 | 6877279 |
| Freeport-McMoRan, Inc. | 112777 | 4538147 |
| GE Vernova, Inc. | 5686 | 3754409 |
| Hubbell, Inc. | 17375 | 7601215 |
| Ingersoll Rand, Inc. | 75817 | 6416393 |
| Intercontinental Exchange, Inc. | 35381 | 6539470 |
| Johnson & Johnson | 54335 | 8951148 |
| JPMorgan Chase & Co. | 33802 | 10013505 |
| Linde PLC | 19270 | 8869210 |
| Mastercard, Inc., Cl. A | 8845 | 5010427 |
| Meta Platforms, Inc., Cl. A | 16427 | 12705299 |
| Microsoft Corp. | 34749 | 18538592 |
| Netflix, Inc.<sup>(g)</sup> <br>| 6950 | 8057830 |
| NVIDIA Corp. | 84030 | 14946416 |

---

**5**

------

*CONSOLIDATED STATEMENT OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 40.9% (continued)** | **Common Stocks — 40.9% (continued)** | **Common Stocks — 40.9% (continued)** |
| **United States — 22.0% (continued)** | **United States — 22.0% (continued)** | **United States — 22.0% (continued)** |
| Phillips 66 | 31906 | 3942943 |
| The Estee Lauder Companies, Inc., Cl. A | 59074 | 5513967 |
|  |  | **189287779** |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** <br>(cost $283,607,131)<br>|  | **351148242** |

---

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

---

| | | |
|:---|:---|:---|
| **Exchange-Traded Funds — 4.8%** |  |  |
| **United States — 4.8%** |  |  |
| iShares Gold Trust<sup>(g),(h)</sup> <br>| 241351 | 14966175 |
| iShares Silver Trust<sup>(g),(h)</sup> <br>| 353038 | 11763226 |
| SPDR Gold Shares<sup>(g),(h)</sup> <br>| 49405 | 14967739 |
| &nbsp;&nbsp;&nbsp; **Total Exchange-Traded Funds** <br>(cost $38,435,169)<br>|  | **41697140** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description/Number of Contracts | Exercise <br>Price<br>| Expiration <br>Date<br>| Notional <br>Amount ($)<br>|  |
| **Options Purchased — .3%** |  |  |  |  |
| **Put Options — .3%** |  |  |  |  |
| S&P 500 Index, Contracts 294 | 5600 | 12/19/2025 | 164640000 | 2049180 |
| S&P 500 Index, Contracts 295 | 5600 | 9/19/2025 | 165200000 | 513300 |
| &nbsp;&nbsp;&nbsp; **Total Options Purchased** <br>(cost $8,279,610)<br>|  |  |  | **2562480** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Annualized <br>Yield (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<br>|  |
| **Short-Term Investments — 11.9%** |  |  |  |  |  |
| **Brazil — 3.4%** |  |  |  |  |  |
| Brazil Letras do Tesouro Nacional, Treasury Bills<sup>(i)</sup> <br>| BRL | 13.27 | 1/1/2030 | 292344000 | **29699927** |
| **United States — 8.5%** |  |  |  |  |  |
| U.S. Treasury Bills<sup>(i)</sup> <br>|  | 4.34 | 11/18/2025 | 73940000 | **72992734** |
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** <br>(cost $101,156,973)<br>|  |  |  |  | **102692661** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>| Shares |  |
| **Investment Companies — 7.7%** |  |  |  |
| **Closed-End Investment Companies — 3.8%** |  |  |  |
| Amedeo Air Four Plus Ltd. |  | 1602711 | 1333471 |
| Greencoat UK Wind PLC |  | 6409435 | 10166009 |
| The BioPharma Credit Fund PLC<sup>(f)</sup> <br>|  | 13330690 | 11571039 |
| The Renewables Infrastructure Group, Ltd. |  | 7163244 | 8041117 |
| The Riverstone Credit Opportunities Income PLC Fund |  | 2092213 | 1569160 |
|  |  |  | **32680796** |
| **Registered Investment Companies — 3.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(j)</sup> <br>| 4.43 | 33329185 | **33329185** |
| &nbsp;&nbsp;&nbsp; **Total Investment Companies** <br>(cost $75,215,779)<br>|  |  | **66009981** |

---

**6**

------

---

| | | | |
|:---|:---|:---|:---|
| Description | 1-Day<br> Yield (%)<br>| Shares | Value ($) |
| **Investment of Cash Collateral for Securities Loaned — .0%** |  |  |  |
| **Registered Investment Companies — .0%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(j)</sup> <br>(cost $35,000)<br>| 4.43 | 35000 | **35000** |
| **Total Investments** (cost $793,682,330) |  | **98.6%**<br>| **847760679** |
| **Cash and Receivables (Net)** |  | **1.4%**<br>| **11699236** |
| **Net Assets** |  | **100.0%**<br>| **859459915** |

---

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

---

| |
|:---|
| *ADR—American Depositary Receipt* |
| *AUD—Australian Dollar* |
| *BRL—Brazilian Real* |
| *EUR—Euro* |
| *GBP—British Pound* |
| *IDR—Indonesian Rupiah* |
| *MXN—Mexican Peso* |
| *NZD—New Zealand Dollar* |
| *SPDR—Standard & Poor's Depository Receipt* |
| *ZAR—South African Rand* |

---

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

<sup>(a)</sup> *Amount stated in U.S. Dollars unless otherwise noted above.*

<sup>(b)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from* *registration, normally to qualified institutional buyers. At July 31, 2025, these securities amounted to $9,654,778 or 1.1% of net assets.* 

<sup>(c)</sup> *Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.*

<sup>(d)</sup> *Security issued with a zero coupon.*

<sup>(e)</sup> *Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.*

<sup>(f)</sup> *Security, or portion thereof, on loan. At July 31, 2025, the value of the fund's securities on loan was $38,158,731 and the value of the collateral was* *$41,905,631, consisting of cash collateral of $35,000 and U.S. Government & Agency securities valued at $41,870,631. In addition, the value of collateral* *may include pending sales that are also on loan.* 

<sup>(g)</sup> *Non-income producing security.*

<sup>(h)</sup> *These securities are wholly-owned by the Subsidiary referenced in Note 1.*

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

<sup>(j)</sup> *Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company's* *prospectus.* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures** | **Futures** | **Futures** | **Futures** | **Futures** | **Futures** |
| Description | Number of <br>Contracts<br>| Expiration | Notional <br>Value ($)<br>| Market <br>Value ($)<br>| Unrealized <br>Appreciation <br>(Depreciation) ($)<br>|
| **Futures Long** |  |  |  |  |  |
| Euro-Stoxx Bank Index | &nbsp;&nbsp; 674 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; 7670996<sup>(a)</sup> <br>| &nbsp;&nbsp; 8451242 | &nbsp;&nbsp;&nbsp;&nbsp; 780246 |
| Long Gilt | &nbsp;&nbsp; 368 | &nbsp;&nbsp; 9/26/2025 | &nbsp;&nbsp; 44153586<sup>(a)</sup> <br>| &nbsp;&nbsp; 44789686 | &nbsp;&nbsp;&nbsp;&nbsp; 636100 |
| MSCI Emerging Market Index | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; 9216325 | &nbsp;&nbsp; 9225335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9010 |
| S&P 500 E-Mini | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; 16000450 | &nbsp;&nbsp; 16254338 | &nbsp;&nbsp;&nbsp;&nbsp; 253888 |

---

**7**

------

*CONSOLIDATED STATEMENT OF INVESTMENTS (Unaudited) (continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures (continued)** | **Futures (continued)** | **Futures (continued)** | **Futures (continued)** | **Futures (continued)** | **Futures (continued)** |
| Description | Number of<br> Contracts<br>| Expiration | Notional<br> Value ($)<br>| Market<br> Value ($)<br>| Unrealized<br> Appreciation<br> (Depreciation) ($)<br>|
| **Futures Long (continued)** |  |  |  |  |  |
| STOXX Europe 600 Index | &nbsp;&nbsp; 379 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; 11708844<sup>(a)</sup> <br>| &nbsp;&nbsp; 11824955 | &nbsp;&nbsp;&nbsp;&nbsp; 116111 |
| Topix Bank Index | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 9/11/2025 | &nbsp;&nbsp; 3344950<sup>(a)</sup> <br>| &nbsp;&nbsp; 3587931 | &nbsp;&nbsp;&nbsp;&nbsp; 242981 |
| **Futures Short** |  |  |  |  |  |
| Ultra 10 Year U.S. Treasury Note | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; 83379098 | &nbsp;&nbsp; 83677816 | &nbsp;&nbsp; (298718) |
| **Gross Unrealized Appreciation** |  |  |  |  | &nbsp;&nbsp; **2038336** |
| **Gross Unrealized Depreciation** |  |  |  |  | &nbsp;&nbsp; **(298718)** |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Options Written** |  |  |  |  |
| Description/Contracts | Exercise Price | Expiration <br>Date<br>| Notional <br>Amount ($)<br>| Value ($) |
| **Put Options:** |  |  |  |  |
| S&P 500 Index, Contracts 294 | &nbsp;&nbsp; 5100 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; 149940000 | &nbsp;&nbsp; (981666) |
| &nbsp;&nbsp;&nbsp; **Total Options Written** <br>(premiums received $2,701,423)<br>|  |  |  | &nbsp;&nbsp; **(981666)** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | **Forward Foreign Currency Exchange Contracts** |
| Counterparty/ <br>Purchased <br>Currency<br>| Purchased <br>Currency <br>Amounts<br>| &nbsp;&nbsp; Currency <br>Sold<br>| Sold <br>Currency <br>Amounts<br>| Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation) ($)<br>|
| **Barclays Capital, Inc.** | **Barclays Capital, Inc.** | **Barclays Capital, Inc.** | **Barclays Capital, Inc.** | **Barclays Capital, Inc.** | **Barclays Capital, Inc.** |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4999060 | Swiss Franc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4058187 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (24414) |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5871250 | Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33395555 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (26721) |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13032586 | Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11246069 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 161312 |
| British Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1990926 | United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2716523 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (86084) |
| **CIBC World Markets Corp.** | **CIBC World Markets Corp.** | **CIBC World Markets Corp.** | **CIBC World Markets Corp.** | **CIBC World Markets Corp.** | **CIBC World Markets Corp.** |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11603167 | Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9942950 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 223329 |
| British Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3959359 | United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5298073 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (66914) |
| **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9953227 | Indonesian Rupiah | &nbsp;&nbsp; 162577007213 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84285 |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89252404 | British Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66040555 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp; 1998714 |
| British Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12236147 | United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16470978 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp; (304412) |
| **J.P. Morgan Securities LLC** | **J.P. Morgan Securities LLC** | **J.P. Morgan Securities LLC** | **J.P. Morgan Securities LLC** | **J.P. Morgan Securities LLC** | **J.P. Morgan Securities LLC** |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3714959 | Australian Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5646273 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83414 |
| **RBS Securities, Inc.** | **RBS Securities, Inc.** | **RBS Securities, Inc.** | **RBS Securities, Inc.** | **RBS Securities, Inc.** | **RBS Securities, Inc.** |
| Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3617545 | United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4216867 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (76539) |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15027752 | Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12899843 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 263713 |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7942153 | British Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5852611 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 209603 |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2720856 | South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49508980 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11198 |
| British Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2088161 | United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2868191 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp; (109284) |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5549402 | New Zealand Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9199723 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 121397 |
| **State Street Bank & Trust Company** | **State Street Bank & Trust Company** | **State Street Bank & Trust Company** | **State Street Bank & Trust Company** | **State Street Bank & Trust Company** | **State Street Bank & Trust Company** |
| Australian Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29544641 | United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19292532 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp; (290142) |
| Japanese Yen | &nbsp;&nbsp; 4619451884 | United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32248743 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp; (1466110) |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27810566 | Mexican Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534989069 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp; (415268) |

---

**8**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** | **Forward Foreign Currency Exchange Contracts (continued)** |
| Counterparty/<br> Purchased<br> Currency<br>| Purchased<br> Currency<br> Amounts<br>| &nbsp;&nbsp; Currency<br> Sold<br>| Sold<br> Currency<br> Amounts<br>| Settlement<br> Date<br>| Unrealized<br> Appreciation<br> (Depreciation) ($)<br>|
| **State Street Bank & Trust Company (continued)** | **State Street Bank & Trust Company (continued)** | **State Street Bank & Trust Company (continued)** | **State Street Bank & Trust Company (continued)** | **State Street Bank & Trust Company (continued)** | **State Street Bank & Trust Company (continued)** |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28795221 | Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24944353 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 246080 |
| Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp; 258383437 | United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6045004 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79076 |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16633640 | South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300546942 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 184515 |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37263133 | Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp; 5368746164 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp; 1487428 |
| Mexican Peso | &nbsp;&nbsp;&nbsp;&nbsp; 332189285 | United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17358392 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 167797 |
| Swiss Franc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1874207 | United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2313487 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6522 |
| British Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23445949 | United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31841701 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp; (864591) |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30580905 | British Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22468431 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 895305 |
| South Korean Won | &nbsp;&nbsp; 11753841300 | United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8693670 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp; (196896) |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8828277 | New Zealand Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14505400 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 269826 |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3892106 | Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333709215 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90117 |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142587 | Swiss Franc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112724 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3050 |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2115024 | Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11997050 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3769) |
| **UBS Securities LLC** | **UBS Securities LLC** | **UBS Securities LLC** | **UBS Securities LLC** | **UBS Securities LLC** | **UBS Securities LLC** |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1980892 | Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1707283 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26884 |
| Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4838271 | United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5708362 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp; (170897) |
| United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15178944 | Australian Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23119856 | &nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 308819 |
| **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **6922384** |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **(4102041)** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OTC Total Return Swaps** | **OTC Total Return Swaps** | **OTC Total Return Swaps** | **OTC Total Return Swaps** | **OTC Total Return Swaps** | **OTC Total Return Swaps** |
| Received <br>Reference <br>Entity<br>| &nbsp;&nbsp; Paid <br>Reference <br>Entity<br>| Counterparties | Maturity <br>Date<br>| Notional <br>Amount ($)<br>| Unrealized <br>Appreciation <br>(Depreciation) ($)<br>|
| &nbsp;&nbsp;&nbsp; USD - GSVLTYIA at <br> Maturity<br>| &nbsp;&nbsp; USD - FEDL01 4.96% at <br> Maturity<br>| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 3/9/2026 | &nbsp;&nbsp; 41195162 | &nbsp;&nbsp; 937569 |
| &nbsp;&nbsp;&nbsp; USD - BXIINIM3 at <br> Maturity<sup>(a)</sup> <br>| &nbsp;&nbsp; USD Maturity Fixed at <br> 0.60%<br>| Barclays Capital, Inc. | &nbsp;&nbsp; 11/24/2025 | &nbsp;&nbsp; 34486023 | &nbsp;&nbsp; (2318938) |
| &nbsp;&nbsp;&nbsp; USD - BXIINIF3 at <br> Maturity<sup>(a)</sup> <br>| &nbsp;&nbsp; USD Maturity Fixed at <br> 0.60%<br>| Barclays Capital, Inc. | &nbsp;&nbsp; 12/5/2025 | &nbsp;&nbsp; 34517987 | &nbsp;&nbsp; (1147218) |
| &nbsp;&nbsp;&nbsp; USD - GSVISK2S at <br> Maturity<br>| &nbsp;&nbsp; USD Maturity Fixed at <br> 0.00%<br>| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 2/23/2026 | &nbsp;&nbsp; 83829886 | &nbsp;&nbsp; (5813620) |
| &nbsp;&nbsp;&nbsp; USD - CIEQVHG4 at <br> Maturity<sup>(a)</sup> <br>| &nbsp;&nbsp; USD 6 Month Fixed at <br> 0.00%<br>| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 1/6/2026 | &nbsp;&nbsp; 34796499 | &nbsp;&nbsp; 457072 |
| **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **1394641** |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **(9279776)** |

---

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

---

| |
|:---|
| *FEDL01—Effective Federal Funds Rate* |
| *GSVISK2S—GS Systematic Skew US Series 2S Excess Return Strategy* |
| *BXIINIM3—Barclays NIM3 Index* |
| *BXIINIF3—Barclays NIF3 Index* |
| *CIEQVHG4—Citi High Yield CB Volatility Carry Series 4 Index* |
| *GSVLTYIA—GS Treasury Inter-Weekly Volatility Carry* |
| *USD—United States Dollar* |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Underlying reference is the Index which is a basket of underlying securities listed within the Custom Basket Table. Payment to or from Counterparties is based* *on the underlying components of the Basket.* 

**9**

------

*CONSOLIDATED STATEMENT OF INVESTMENTS (Unaudited) (continued)*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Custom Basket** | **Custom Basket** | **Custom Basket** | **Custom Basket** | **Custom Basket** | **Custom Basket** | **Custom Basket** |
| Underlying | Effective <br>Date<br>| Termination <br>Date<br>| Volatility <br>Strike (%)<br>| Vega <br>Notional<br>|  | Index (%) |
| &nbsp;&nbsp;&nbsp; **Barclays BXIINIF3 Index** <br>S&P 500 Variance Swap<br>| &nbsp;&nbsp; 7/25/2025 | &nbsp;&nbsp; 8/1/2025 | 12.13 | &nbsp;&nbsp; 67927 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 100% |
| &nbsp;&nbsp;&nbsp; **Barclays BXIINIM3 Index** <br>S&P 500 Variance Swap<br>| &nbsp;&nbsp; 7/28/2025 | &nbsp;&nbsp; 8/4/2025 | 12.02 | &nbsp;&nbsp; 115292 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 100% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Custom Basket** | **Custom Basket** | **Custom Basket** | **Custom Basket** | **Custom Basket** | **Custom Basket** |
| Underlying | Strike | Expiration <br>Date<br>| Shares | Value ($) | Index (%) |
| **CIEQVHG4** |  |  |  |  |  |
| **Cash:** |  |  |  |  |  |
| USD |  |  | &nbsp;&nbsp; (78132999) | &nbsp;&nbsp; (78132999) | &nbsp;&nbsp; -224.5% |
| **Equity:** |  |  |  |  |  |
| iShares iBoxx $ High Yield Corporate Bond ETF |  |  | &nbsp;&nbsp; 1452050 | &nbsp;&nbsp; 116715794 | &nbsp;&nbsp; 335.4% |
| **Options:** |  |  |  |  |  |
| iShares iBoxx $ High Yield Corporate Bond ETF Call | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 8/15/2025 | &nbsp;&nbsp; (6631) | &nbsp;&nbsp; (20746) | &nbsp;&nbsp; -0.1% |
| iShares iBoxx $ High Yield Corporate Bond ETF Call | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 8/15/2025 | &nbsp;&nbsp; (19923) | &nbsp;&nbsp; (42635) | &nbsp;&nbsp; -0.1% |
| iShares iBoxx $ High Yield Corporate Bond ETF Call | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 8/15/2025 | &nbsp;&nbsp; (1125001) | &nbsp;&nbsp; (1327903) | &nbsp;&nbsp; -3.8% |
| iShares iBoxx $ High Yield Corporate Bond ETF Call | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 8/15/2025 | &nbsp;&nbsp; (115107) | &nbsp;&nbsp; (36431) | &nbsp;&nbsp; -0.1% |
| iShares iBoxx $ High Yield Corporate Bond ETF Put | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 8/15/2025 | &nbsp;&nbsp; (6631) | (165) | &nbsp;&nbsp; 0.0% |
| iShares iBoxx $ High Yield Corporate Bond ETF Put | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 8/15/2025 | &nbsp;&nbsp; (19923) | (593) | &nbsp;&nbsp; 0.0% |
| iShares iBoxx $ High Yield Corporate Bond ETF Put | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 8/15/2025 | &nbsp;&nbsp; (393307) | &nbsp;&nbsp; (13670) | &nbsp;&nbsp; 0.0% |
| iShares iBoxx $ High Yield Corporate Bond ETF Put | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 8/15/2025 | &nbsp;&nbsp; (777568) | &nbsp;&nbsp; (34584) | &nbsp;&nbsp; -0.1% |
| iShares iBoxx $ High Yield Corporate Bond ETF Put | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 8/15/2025 | &nbsp;&nbsp; (69232) | &nbsp;&nbsp; (5750) | &nbsp;&nbsp; 0.0% |
| iShares iBoxx $ High Yield Corporate Bond ETF Call | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; (486631) | &nbsp;&nbsp; (512320) | &nbsp;&nbsp; -1.5% |
| iShares iBoxx $ High Yield Corporate Bond ETF Call | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; (787721) | &nbsp;&nbsp; (318439) | &nbsp;&nbsp; -0.9% |
| iShares iBoxx $ High Yield Corporate Bond ETF Put | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; (33185) | &nbsp;&nbsp; (4346) | &nbsp;&nbsp; 0.0% |
| iShares iBoxx $ High Yield Corporate Bond ETF Put | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; (603939) | &nbsp;&nbsp; (104057) | &nbsp;&nbsp; -0.3% |
| iShares iBoxx $ High Yield Corporate Bond ETF Put | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; (603537) | &nbsp;&nbsp; (166430) | &nbsp;&nbsp; -0.5% |
| iShares iBoxx $ High Yield Corporate Bond ETF Put | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; (33691) | &nbsp;&nbsp; (18362) | &nbsp;&nbsp; -0.1% |
| iShares iBoxx $ High Yield Corporate Bond ETF Call | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 10/17/2025 | &nbsp;&nbsp; (1150151) | &nbsp;&nbsp; (516977) | &nbsp;&nbsp; -1.5% |
| iShares iBoxx $ High Yield Corporate Bond ETF Put | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 10/17/2025 | &nbsp;&nbsp; (12084) | &nbsp;&nbsp; (3673) | &nbsp;&nbsp; 0.0% |
| iShares iBoxx $ High Yield Corporate Bond ETF Put | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 10/17/2025 | &nbsp;&nbsp; (1138067) | &nbsp;&nbsp; (504571) | &nbsp;&nbsp; -1.5% |
| iShares iBoxx $ High Yield Corporate Bond ETF Call | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 11/21/2025 | &nbsp;&nbsp; (124040) | &nbsp;&nbsp; (75263) | &nbsp;&nbsp; -0.2% |
| iShares iBoxx $ High Yield Corporate Bond ETF Put | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 11/21/2025 | &nbsp;&nbsp; (124040) | &nbsp;&nbsp; (79381) | &nbsp;&nbsp; -0.2% |
| **Total Basket Value** |  |  |  | &nbsp;&nbsp; **34796499** |  |

---

*See notes to consolidated statement of investments.*

**10**

------

Consolidated Statement of Investments

BNY Mellon Global Real Return Fund

July 31, 2025 (Unaudited)

The following is a summary of the inputs used as of July 31, 2025 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 128798721 | &nbsp;&nbsp; — | &nbsp;&nbsp; **128798721** |
| Equity Securities - Common Stocks | &nbsp;&nbsp; 351148242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **351148242** |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp; 41697140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **41697140** |
| Foreign Governmental | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 132360159 | &nbsp;&nbsp; — | &nbsp;&nbsp; **132360159** |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 125148956 | &nbsp;&nbsp; — | &nbsp;&nbsp; **125148956** |
| Investment Companies | &nbsp;&nbsp;&nbsp; 66044981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **66044981** |
|  | &nbsp;&nbsp; **458890363** | &nbsp;&nbsp; **386307836** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **845198199** |
| Other Financial Instruments: |  |  |  |  |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 2562480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **2562480** |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2038336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **2038336** |
| Forward Foreign Currency Exchange Contracts<sup>††</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6922384 | &nbsp;&nbsp; — | &nbsp;&nbsp; **6922384** |
| Swap Agreements<sup>††</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1394641 | &nbsp;&nbsp; — | &nbsp;&nbsp; **1394641** |
|  | &nbsp;&nbsp; **4600816** | &nbsp;&nbsp; **8317025** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **12917841** |
| **Liabilities ($)** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (981666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **(981666)** |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (298718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **(298718)** |
| Forward Foreign Currency Exchange Contracts<sup>††</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4102041) | &nbsp;&nbsp; — | &nbsp;&nbsp; **(4102041)** |
| Swap Agreements<sup>††</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9279776) | &nbsp;&nbsp; — | &nbsp;&nbsp; **(9279776)** |
|  | &nbsp;&nbsp; **(1280384)** | &nbsp;&nbsp; **(13381817)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(14662201)** |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| *See Consolidated Statement of Investments for additional detailed categorizations, if any.* |
| <sup>††</sup> <br>| *Amount shown represents unrealized appreciation (depreciation) at period end.* |

---

**11**

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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 Securities and Exchange Commission ("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 consolidated 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 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 debt securities, excluding short-term investments (other than U.S. Treasury Bills), forward foreign currency exchange contracts ("forward contracts"), futures and options, 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.

Investments in equity securities and exchange-traded funds are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. These securities are generally categorized within Level 2 of the fair value hierarchy.

**12**

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Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.

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

Forward contracts are valued at the forward rate and are generally categorized within Level 2 of the fair value hierarchy. 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. Investments in swap agreements are valued each business day by a Service. Swap agreements 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.

Pursuant to a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund's policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. The securities on loan, if any, are also disclosed in the fund's Statement of Investments. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund's rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis.

**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 July 31, 2025 is discussed below.

**Futures:** In the normal course of pursuing its investment objective, the fund is exposed to market risk, including equity risk and interest 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 Consolidated Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Consolidated Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at July 31, 2025 are set forth in the Consolidated Statement of Investments.

**Options Transactions**: The fund purchases and writes (sells) put and call options to hedge against changes in the values of equities risk and interest rate risk or as a substitute for an investment. The fund is subject to market risk and interest rate 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.

**13**

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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. <br>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. <br>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. 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. The Consolidated 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. Options purchased and written open at July 31, 2025 are set forth in the Consolidated Statement of Investments.

**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 Consolidated 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. Forward contracts open at July 31, 2025 are set forth in the Consolidated Statement of Investments.

**Swap Agreements**: The fund enters into swap agreements to exchange the interest rate on, or return generated by, one nominal instrument for the return generated by another nominal instrument. Swap agreements are privately negotiated in the over-the-counter ("OTC") market or centrally cleared. The fund enters into these agreements to hedge certain market or interest rate risks, to manage the interest rate sensitivity (sometimes called duration) of fixed income securities, to provide a substitute for purchasing or selling particular securities or to increase potential returns.

For OTC swaps, the fund accrues for interim payments on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) on swap agreements in the Consolidated Statement of Assets and Liabilities. Once the interim payments are settled in cash, the net amount is recorded as a realized gain (loss) on swaps, in addition to realized gain (loss) recorded upon the termination of swap agreements in the Consolidated Statement of Operations. Upfront payments made and/or received by the fund, are recorded as an asset and/or liability in the Consolidated Statement of Assets and Liabilities and are recorded as a realized gain or loss ratably over the agreement's term/event with the exception of forward starting interest rate swaps which are recorded as realized gains or losses on the termination date.

Fluctuations in the value of swap agreements are recorded for financial statement purposes as unrealized appreciation or depreciation on swap agreements.

**Total Return Swaps**: Total return swaps involve commitments to pay interest in exchange for a market-linked return based on a notional principal amount. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the specific reference entity, the fund either receives a payment from or makes a payment to the counterparty, respectively. Total return swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. This risk is mitigated by Master Agreements 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

**14**

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to the counterparty. The underlying reference asset could be a security, an index, or basket of investments. Total return swaps open at July 31, 2025 are set forth in the Consolidated Statement of Investments.

At July 31, 2025, accumulated net unrealized appreciation on investments inclusive of derivative contracts was $52,472,932, consisting of $95,132,088 gross unrealized appreciation and $42,659,156 gross unrealized depreciation.

At July 31, 2025, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Consolidated 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.

**15**

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## 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:** 212-922-6400

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

- **a. Name of Series:** BNY Mellon Global Real Return Fund

- **b. EDGAR series identifier (if any):** S000028808

- **c. LEI of Series:** 5493000A8ZNCNJ3H1S06

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $874539679.45

**Total Liabilities:** $15451437.28

**Net Assets:** $859088242.17

**Amount of Assets Invested in Other Investment Companies:** $49627670.84

**Delayed Delivery Securities:** $253915.50

**Cash Not Reported:** $30696588.73

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 1678.70028000 | **5-Year:** 14949.29513000 | **10-Year:** 4878.13143000 | **30-Year:** 0.00000000

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

- **3-Month:** 209.76837000 | **1-Year:** 3767.32083000 | **5-Year:** 14491.22461000 | **10-Year:** 921.13597000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000088314 | 2.63%                | 2.56%                | 0.85%                |
| Class ID C000130431 | 2.78%                | 2.64%                | 0.94%                |
| Class ID C000088315 | 2.71%                | 2.64%                | 0.94%                |
| Class ID C000088313 | 2.65%                | 2.65%                | 0.88%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5034418.80              | $13931812.83                               |
| Month 2  | $15102591.57             | $6539691.63                                |
| Month 3  | $7302373.10              | $-10510374.76                              |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AstraZeneca PLC                                                   | AstraZeneca PLC                                                   | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |        58642 | NS      | $8769934.91   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                                     | HDFC Bank Ltd                                                     | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |       196002 | NS      | $4515717.82   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| BALL CORP                                                         | Ball Corp                                                         | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |      1794000 | PA      | $1612842.42   | 0.19%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIO                                          | British Telecommunications PLC                                    | CUSIP: 000000000<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |      1296000 | PA      | $1735892.96   | 0.20%             | 2055-12-03      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                                  | Vmed O2 UK Financing I PLC                                        | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |      4088000 | PA      | $5076305.36   | 0.59%             | 2029-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                              | Indonesia Treasury Bond                                           | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  46350000000 | PA      | $2897896.08   | 0.34%             | 2033-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                      | USD/GBP FORWARD                                                   | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-86084.12    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                 | HSBC Holdings PLC                                                 | CUSIP: 000000000<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      4303000 | PA      | $5262496.94   | 0.61%             | 2032-11-16      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| Linde PLC                                                         | Linde PLC                                                         | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | US        |        18378 | NS      | $8458658.28   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc                                              | Freeport-McMoRan Inc                                              | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |       106269 | NS      | $4276264.56   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA                                             | Spotify Technology SA                                             | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | SE        |         9228 | NS      | $5781711.12   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubbell Inc                                                       | Hubbell Inc                                                       | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |        16372 | NS      | $7162422.56   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                            | CCO Holdings LLC / CCO Holdings Capital Corp                      | CUSIP: 1248EPBR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2289000 | PA      | $2286628.39   | 0.27%             | 2026-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MILLICOM INTL CELLULAR                                            | Millicom International Cellular SA                                | CUSIP: 000000000<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |      1543000 | PA      | $1423060.68   | 0.17%             | 2031-04-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Riverstone Credit Opportunities Income PLC/The Fund               | Riverstone Credit Opportunities Income PLC/The Fund               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | RF                | GB        |      2092213 | NS      | $1569159.75   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNAMO NEWCO II GMBH                                              | Dynamo Newco II GmbH                                              | CUSIP: 000000000<br>LEI: 391200FDSPYB8FKV7F97 | Long             | DBT              | CORP              | DE        |      2211000 | PA      | $2636907.84   | 0.31%             | 2031-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORP                                               | Sprint Capital Corp                                               | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |      2087000 | PA      | $2521948.94   | 0.29%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                 | HSBC Holdings PLC                                                 | CUSIP: 000000000<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      7651000 | PA      | $8818547.10   | 1.03%             | N/A             | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS SECURITIES INC.                                   | USD/ZAR FORWARD                                                   | CUSIP: 000000000<br>LEI: ZE2ZWJ5BTIQJ8M0C6K34 | N/A              | DFE              | CORP              | US        |            1 | NC      | $11198.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NATWEST MARKETS SECURITIES INC.                                   | USD/EUR FORWARD                                                   | CUSIP: 000000000<br>LEI: ZE2ZWJ5BTIQJ8M0C6K34 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-76539.38    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GE Vernova Inc                                                    | GE Vernova Inc                                                    | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |         5358 | NS      | $3537833.82   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| AUSTRALIAN GOVERNMENT                                             | Australia Government Bond                                         | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |     17370000 | PA      | $10533470.12  | 1.23%             | 2037-04-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Munich Re                                                         | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen         | CUSIP: 000000000<br>LEI: 529900MUF4C20K50JS49 | Long             | EC               | CORP              | DE        |         9228 | NS      | $6061639.92   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                                    | Mastercard Inc                                                    | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |         8335 | NS      | $4721527.45   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                                      | Alphabet Inc                                                      | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |        45544 | NS      | $8739893.60   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                          | Republic of South Africa Government Bond                          | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    374600000 | PA      | $19227170.00  | 2.24%             | 2031-02-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Deere & Co                                                        | Deere & Co                                                        | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |        12205 | NS      | $6399935.85   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP BANK NYRT                                                     | OTP Bank Nyrt                                                     | CUSIP: 000000000<br>LEI: 529900W3MOO00A18X956 | Long             | DBT              | CORP              | HU        |      1458000 | PA      | $1566379.29   | 0.18%             | 2033-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CMS Energy Corp                                                   | CMS Energy Corp                                                   | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |        70251 | NS      | $5184523.80   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOTS GROUP FINCO LP                                              | Boots Group Finco LP                                              | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | DBT              | CORP              | US        |       218000 | PA      | $254976.26    | 0.03%             | 2032-08-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company                               | USD/INR FORWARD                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |            1 | NC      | $90116.56     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                                                   | Cemex SAB de CV                                                   | CUSIP: 000000000<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |      3496000 | PA      | $3573611.20   | 0.42%             | N/A             | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                                            | Credit Suisse Group AG                                            | CUSIP: 000000000<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |      9685000 | PA      | $750587.50    | 0.09%             | N/A             | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                           | TRS GSVISK2S INDEX                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |            1 | NC      | $-5813619.48  | -0.68%            |  |  |  | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                | Meta Platforms Inc                                                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |        15479 | NS      | $11972077.76  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT SUISSE GROUP AG                                            | Credit Suisse Group AG                                            | CUSIP: 000000000<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |      2650000 | PA      | $205375.00    | 0.02%             | N/A             | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS SECURITIES INC.                                   | GBP/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: ZE2ZWJ5BTIQJ8M0C6K34 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-109284.38   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                                 | STOXX EUROPE 600                                                  | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               | CORP              | DE        |          411 | NC      | $121926.54    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DREYFUS INSTITUTIONAL PREFERRED GOVERNMENT PLUS MONEY MARKET FUND | DREYFUS INSTITUTIONAL PREFERRED GOVERNMENT PLUS MONEY MARKET FUND | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |        35076 | NS      | $35075.65     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Rolls-Royce Holdings PLC                                          | Rolls-Royce Holdings PLC                                          | CUSIP: 000000000<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |       545932 | NS      | $7728960.23   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| SOFTBANK GROUP CORP                                               | SoftBank Group Corp                                               | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |       847000 | PA      | $1002684.03   | 0.12%             | 2031-07-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| UBS Securities LLC                                                | AUD/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |            1 | NC      | $308818.63    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                                   | BAE Systems PLC                                                   | CUSIP: 000000000<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |       148275 | NS      | $3532581.59   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                                                      | Barclays PLC                                                      | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |      1334966 | NS      | $6546103.83   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                                     | Intercontinental Exchange Inc                                     | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |        33339 | NS      | $6162047.37   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                                         | S&P 500 INDEX                                                     | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |         -294 | NC      | $-981666.00   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                          | Clarios Global LP / Clarios US Finance Co                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |       905000 | PA      | $1046681.97   | 0.12%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                                           | Beach Acquisition Bidco LLC                                       | CUSIP: 000000000<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |       359000 | PA      | $417259.19    | 0.05%             | 2032-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UBS Securities LLC                                                | USD/EUR FORWARD                                                   | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-170897.24   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                          | Electricite de France SA                                          | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |      2400000 | PA      | $2645768.98   | 0.31%             | N/A             | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Rheinmetall AG                                                    | Rheinmetall AG                                                    | CUSIP: 000000000<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |         2084 | NS      | $4127471.62   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                           | Mexican Bonos                                                     | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    564010000 | PA      | $28389903.02  | 3.30%             | 2031-05-29      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CIBC WORLD MARKETS CORP.                                          | EUR/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: 549300445CON3DBMU275 | N/A              | DFE              | CORP              | US        |            1 | NC      | $223329.61    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank, National Association                                    | GBP/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-304411.85   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| ICE FUTURES U.S., INC.                                            | MSCI EMGMKT                                                       | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               | CORP              | US        |          149 | NC      | $9009.67      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank and Trust Company                               | USD/EUR FORWARD                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |            1 | NC      | $246079.82    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company                               | USD/TRY FORWARD                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |            1 | NC      | $79075.93     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                    | TRS CIEQVHG4 INDEX                                                | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               | CORP              | US        |            1 | NC      | $457072.31    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                              | Indonesia Treasury Bond                                           | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 111041000000 | PA      | $6731789.26   | 0.78%             | 2032-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company                               | GBP/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |            1 | NC      | $895304.76    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Danaher Corp                                                      | Danaher Corp                                                      | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |        17563 | NS      | $3462721.08   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| FLORA FOOD MANAGEMENT BV                                          | Flora Food Management BV                                          | CUSIP: 000000000<br>LEI: 2549002VGA888UKFKS25 | Long             | DBT              | CORP              | NL        |      2158000 | PA      | $2496329.55   | 0.29%             | 2029-07-02      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NZ LOCAL GOVT FUND AGENC                                          | New Zealand Local Government Funding Agency Bond                  | CUSIP: 000000000<br>LEI: 254900ZJG39H1CAH6K02 | Long             | DBT              | NUSS              | NZ        |      8080000 | PA      | $4261530.22   | 0.50%             | 2031-05-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| UNICREDIT SPA                                                     | UniCredit SpA                                                     | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |      4422000 | PA      | $5241933.87   | 0.61%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                    | BNP Paribas SA                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |        67274 | NS      | $6146453.49   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS BANK PLC                                                 | TRS BXIINIF3 INDEX                                                | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               | CORP              | GB        |            1 | NC      | $-1147217.57  | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| Amedeo Air Four Plus Ltd                                          | Amedeo Air Four Plus Ltd                                          | CUSIP: 000000000<br>LEI: 21380056PDNOTWERG107 | Long             | EC               | RF                | GG        |      1602711 | NS      | $1333470.78   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY                                           | Nationwide Building Society                                       | CUSIP: 000000000<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |      1600000 | PA      | $2155908.30   | 0.25%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                      | EUR/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |            1 | NC      | $161311.63    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| London Stock Exchange Group PL                                    | London Stock Exchange Group PLC                                   | CUSIP: 000000000<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |        37804 | NS      | $4623133.95   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW ZEALAND GOVERNMENT                                            | New Zealand Government Bond                                       | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |     10588000 | PA      | $5432347.61   | 0.63%             | 2031-05-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                                         | S&P 500 INDEX                                                     | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |          147 | NC      | $255780.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LETRA TESOURO NACIONAL                                            | Brazil Letras do Tesouro Nacional                                 | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    292344000 | PA      | $29699926.84  | 3.46%             | 2030-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                                                  | Merrill Lynch BV                                                  | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |     39836900 | PA      | $40314942.80  | 4.69%             | 2026-02-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Land Securities Group PLC                                         | Land Securities Group PLC                                         | CUSIP: 000000000<br>LEI: 213800V8IAVKS37D6B88 | Long             | EC               | CORP              | GB        |       990136 | NS      | $7551523.45   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Hermes International SCA                                          | Hermes International SCA                                          | CUSIP: 000000000<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |         1786 | NS      | $4384132.06   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                        | USD/AUD FORWARD                                                   | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |            1 | NC      | $83413.85     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Aon PLC                                                           | Aon PLC                                                           | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | GB        |        13395 | NS      | $4764735.45   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                                                     | AIA Group Ltd                                                     | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |       714400 | NS      | $6679867.52   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Informa PLC                                                       | Informa PLC                                                       | CUSIP: 000000000<br>LEI: 5493006VM2LKUPSEDU20 | Long             | EC               | CORP              | GB        |       582248 | NS      | $6675987.62   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| OSAKA EXCHANGE,INC                                                | TPX BANKS INDEX                                                   | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DE               | CORP              | JP        |          130 | NC      | $242981.03    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                                          | Azule Energy Finance Plc                                          | CUSIP: 000000000<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |      1813000 | PA      | $1827828.53   | 0.21%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                      | USD/CHF FORWARD                                                   | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-24413.47    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                 | Johnson & Johnson                                                 | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |        51200 | NS      | $8434688.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                                                     | United States Treasury Bill                                       | CUSIP: 912797RP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     73940000 | PA      | $72992733.96  | 8.50%             | 2025-11-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DREYFUS INSTITUTIONAL PREFERRE                                    | DREYFUS INSTITUTIONAL PREFERRED GOVERNMENT PLUS MONEY MARKET FUND | CUSIP: 000000000<br>LEI: 549300RBWL04JG8SIX57 | Long             | STIV             | RF                | US        |     33329185 | NS      | $33329184.84  | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                                                 | HSBC Holdings PLC                                                 | CUSIP: 000000000<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      2204000 | PA      | $3214967.09   | 0.37%             | 2034-11-16      | Fixed         | 8.20%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                               | JPMorgan Chase & Co                                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |        32237 | NS      | $9549888.88   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Gold Shares                                                  | SPDR Gold Shares                                                  | CUSIP: 78463V107<br>LEI: N/A                  | Long             | EC               | RF                | US        |        49405 | NS      | $14967738.80  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank and Trust Company                               | USD/AUD FORWARD                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-290141.90   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                          | Lloyds Banking Group PLC                                          | CUSIP: 000000000<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |      1444000 | PA      | $1937526.13   | 0.23%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| EDGE FINCO PLC                                                    | Edge Finco PLC                                                    | CUSIP: 000000000<br>LEI: 648835NI8LJE5190NT73 | Long             | DBT              | CORP              | GB        |      1822000 | PA      | $2558380.98   | 0.30%             | 2031-08-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                      | USD/BRL FORWARD                                                   | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-26721.39    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc                                        | Mizuho Financial Group Inc                                        | CUSIP: 000000000<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | EC               | CORP              | JP        |       161800 | NS      | $4808936.34   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEFONICA EUROPE BV                                              | Telefonica Europe BV                                              | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |      1800000 | PA      | $2159147.56   | 0.25%             | N/A             | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                               | Intesa Sanpaolo SpA                                               | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |      3801000 | PA      | $4277701.20   | 0.50%             | 2033-11-28      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                               | Dominion Energy Inc                                               | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |        76800 | NS      | $4488960.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank and Trust Company                               | GBP/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-864590.74   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                                                      | SK Hynix Inc                                                      | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |        36614 | NS      | $7220889.10   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                                 | EURO STOXX BANK                                                   | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               | CORP              | DE        |          763 | NC      | $868744.92    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank and Trust Company                               | USD/MXN FORWARD                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-415268.34   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Amazon.com Inc                                                    | Amazon.com Inc                                                    | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |        61321 | NS      | $14355859.31  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                                                              | Taiwan Semiconductor Manufacturing Co Ltd                         | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |        50984 | NS      | $12318754.08  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                                         | Nestle SA                                                         | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |        30958 | NS      | $2709896.95   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                                         | Airbus SE                                                         | CUSIP: 000000000<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |        23516 | NS      | $4724290.28   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED KINGDOM GILT                                               | United Kingdom Gilt                                               | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |      6797400 | PA      | $8345066.35   | 0.97%             | 2039-09-07      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Unilever PLC                                                      | Unilever PLC                                                      | CUSIP: 000000000<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |       136929 | NS      | $8000684.79   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW S WALES TREASURY CRP                                          | New South Wales Treasury Corp                                     | CUSIP: 000000000<br>LEI: TC7LRO17HPNPLTAV0H77 | Long             | DBT              | NUSS              | AU        |      6560000 | PA      | $4236441.34   | 0.49%             | 2038-02-24      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                       | US 10YR ULTRA                                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         -740 | NC      | $-298718.28   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                                         | S&P 500 INDEX                                                     | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |          294 | NC      | $2049180.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc                                                | Ingersoll Rand Inc                                                | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |        71441 | NS      | $6046051.83   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                           | Crescent Energy Finance LLC                                       | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |      2629000 | PA      | $2517410.25   | 0.29%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                                                | LONG GILT                                                         | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |          368 | NC      | $636100.05    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NATWEST MARKETS SECURITIES INC.                                   | EUR/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: ZE2ZWJ5BTIQJ8M0C6K34 | N/A              | DFE              | CORP              | US        |            1 | NC      | $263713.47    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| TK ELEVATOR MIDCO GMBH                                            | TK Elevator Midco GmbH                                            | CUSIP: 000000000<br>LEI: 254900K869UN2ZWVB351 | Long             | DBT              | CORP              | DE        |      2200000 | PA      | $2516066.60   | 0.29%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company                               | USD/ZAR FORWARD                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |            1 | NC      | $184515.06    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SABLE INTL FINANCE LTD                                            | Sable International Finance Ltd                                   | CUSIP: 785712AK6<br>LEI: 2138009IE9A35LO5JS73 | Long             | DBT              | CORP              | KY        |      2184000 | PA      | $2186550.91   | 0.25%             | 2032-10-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company                               | MXN/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |            1 | NC      | $167797.02    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NATWEST MARKETS SECURITIES INC.                                   | GBP/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: ZE2ZWJ5BTIQJ8M0C6K34 | N/A              | DFE              | CORP              | US        |            1 | NC      | $209602.84    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                                             | Schneider Electric SE                                             | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |        34232 | NS      | $8916713.70   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW ZEALAND GOVERNMENT                                            | New Zealand Government Bond                                       | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |     11070000 | PA      | $4224109.57   | 0.49%             | 2041-05-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company                               | USD/KRW FORWARD                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-196896.38   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Comerica Inc                                                      | Comerica Inc                                                      | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |        46999 | NS      | $3175722.43   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS BANK PLC                                                 | TRS BXIINIM3 INDEX                                                | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               | CORP              | GB        |            1 | NC      | $-2318938.25  | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED KINGDOM GILT                                               | United Kingdom Gilt                                               | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |      6719094 | PA      | $8380510.16   | 0.98%             | 2043-10-22      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                            | Venture Global LNG Inc                                            | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      2574000 | PA      | $2664187.81   | 0.31%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CME Group Inc                                                     | CME Group Inc                                                     | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |        28577 | NS      | $7952407.56   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank and Trust Company                               | JPY/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-1466110.03  | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| Renewables Infrastructure Group Ltd/The                           | Renewables Infrastructure Group Ltd/The                           | CUSIP: 000000000<br>LEI: 213800NO6Q7Q7HMOMT20 | Long             | EC               | RF                | GG        |      7163244 | NS      | $8041117.46   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CIBC WORLD MARKETS CORP.                                          | USD/GBP FORWARD                                                   | CUSIP: 000000000<br>LEI: 549300445CON3DBMU275 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-66913.68    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company                               | CHF/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |            1 | NC      | $6521.67      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company                               | JPY/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |            1 | NC      | $1487428.30   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Securities LLC                                                | USD/EUR FORWARD                                                   | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |            1 | NC      | $26884.39     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank, National Association                                    | GBP/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $1998713.84   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon AG                                                          | Alcon AG                                                          | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |        86325 | NS      | $7557753.75   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc                                                | Domino's Pizza Inc                                                | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |        13991 | NS      | $6480771.11   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                                    | Microsoft Corp                                                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |        32744 | NS      | $17468924.00  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| OPAL BIDCO SAS                                                    | Opal Bidco SAS                                                    | CUSIP: 000000000<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |      4251000 | PA      | $5002102.67   | 0.58%             | 2032-03-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp                                                       | NVIDIA Corp                                                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |        79181 | NS      | $14083924.47  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank and Trust Company                               | USD/CHF FORWARD                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |            1 | NC      | $3050.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                                   | United States Treasury Inflation Indexed Bonds                    | CUSIP: 91282CGW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     52254232 | PA      | $52156222.31  | 6.07%             | 2028-04-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: —       |
| NATIONWIDE BLDG SOCIETY                                           | Nationwide Building Society                                       | CUSIP: 000000000<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |      1600000 | PA      | $2179740.22   | 0.25%             | N/A             | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                           | TRS GSVLTYIA INDEX                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |            1 | NC      | $937568.97    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                                         | S&P 500 INDEX                                                     | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |          148 | NC      | $257520.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank and Trust Company                               | NZD/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |            1 | NC      | $269826.31    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                                      | Fibercop SpA                                                      | CUSIP: 000000000<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |       486000 | PA      | $565729.44    | 0.07%             | 2030-06-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Netflix Inc                                                       | Netflix Inc                                                       | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |         6549 | NS      | $7592910.60   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Estee Lauder Cos Inc/The                                          | Estee Lauder Cos Inc/The                                          | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |        55665 | NS      | $5195771.10   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Industria de Diseno Textil SA                                     | Industria de Diseno Textil SA                                     | CUSIP: 000000000<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |        87218 | NS      | $4171435.64   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| BioPharma Credit PLC/The Fund                                     | BioPharma Credit PLC/The Fund                                     | CUSIP: 000000000<br>LEI: 213800AV55PYXAS7SY24 | Long             | EC               | RF                | GB        |     13330690 | NS      | $11571038.92  | 1.35%             |  |  |  | No            |                  1 | On Loan: —       |
| ECOPETROL SA                                                      | Ecopetrol SA                                                      | CUSIP: 279158AV1<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |      2170000 | PA      | $2144311.11   | 0.25%             | 2036-01-19      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS SECURITIES INC.                                   | NZD/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: ZE2ZWJ5BTIQJ8M0C6K34 | N/A              | DFE              | CORP              | US        |            1 | NC      | $121397.55    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares Gold Trust                                                | iShares Gold Trust                                                | CUSIP: 464285204<br>LEI: 5493006UOY7GXQW0IP42 | Long             | EC               | RF                | US        |       241351 | NS      | $14966175.51  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Greencoat UK Wind PLC/Funds                                       | Greencoat UK Wind PLC/Funds                                       | CUSIP: 000000000<br>LEI: 213800ZPBBK8H51RX165 | Long             | EC               | RF                | GB        |      6409435 | NS      | $10166009.02  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                  | S&P500 EMINI                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |           99 | NC      | $937769.74    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Experian PLC                                                      | Experian PLC                                                      | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | IE        |       120210 | NS      | $6356563.67   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank and Trust Company                               | USD/BRL FORWARD                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-3768.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| iShares Silver Trust                                              | iShares Silver Trust                                              | CUSIP: 46428Q109<br>LEI: 549300K2C2CG14B0ZA09 | Long             | EC               | RF                | US        |       353038 | NS      | $11763226.16  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                                       | Phillips 66                                                       | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |        30065 | NS      | $3715432.70   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association                                    | IDR/USD FORWARD                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $84284.87     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-18

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

**Signature:** James Windels

**Name of Signer:** James Windels

**Title:** Treasurer