NPORT-P
		false
		
			
			
				
					0000813383
					XXXXXXXX
				
			
			
			
			
				S000001912
				C000005030
				C000005036
			
			
			
		
	
	
		
			BNY Mellon Variable Investment Fund
			811-05125
			0000813383
			549300WX7KVU2RWH5052
			240 Greenwich Street
			New York
			
			10286
			212 495 1784
			Appreciation Portfolio
			S000001912
			549300W1VP39REYDR142
			2021-12-31
			2021-09-30
			N
		
		
			456242449.37
			571474.30
			455670975.07
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						UST
					
				
			
			
				
					
					
				
				
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
				
				
				
				
			
			
			
			
		
		
			
				MASTERCARD INC
				AR5L2ODV9HN37376R084
				
				57636Q104
				
					
					
				
				13800.00
				NS
				USD
				4797984.00
				1.0529492248794
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				MASIMO CORP
				549300Q4A8JK0PIYCU29
				
				574795100
				
					
					
				
				13375.00
				NS
				USD
				3620746.25
				0.7945966383844
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				OTIS WORLDWIDE CORP
				549300ZLBKR8VSU25153
				
				68902V107
				
					
					
				
				22025.00
				NS
				USD
				1812217.00
				0.3977029697187
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				INTUIT INC
				VI90HBPH7XSFMB9E4M29
				
				461202103
				
					
					
				
				16300.00
				NS
				USD
				8794013.00
				1.9299041372229
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				IHS MARKIT LTD
				549300HLPTRASHS0E726
				
				N/A
				
					
					
				
				32175.00
				NS
				USD
				3752248.50
				0.8234556742227
				Long
				EC
				CORP
				BM
				
				N
				
				1
				
					N
					N
					N
				
			
			
				INTUITIVE SURGICAL INC
				54930052SRG011710797
				
				46120E602
				
					
					
				
				7375.00
				NS
				USD
				7331856.25
				1.6090241975306
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ADOBE INC
				FU4LY2G4933NH2E1CP29
				
				00724F101
				
					
					
				
				14650.00
				NS
				USD
				8434298.00
				1.8509623086492
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
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				BROADRIDGE FINANCIAL SOLUTIONS INC
				549300KZDJZQ2YIHRC28
				
				11133T103
				
					
					
				
				14475.00
				NS
				USD
				2412114.00
				0.5293543218611
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				AMAZON.COM INC
				ZXTILKJKG63JELOEG630
				
				023135106
				
					
					
				
				7875.00
				NS
				USD
				25869690.00
				5.6772740453845
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				SHERWIN-WILLIAMS CO/THE
				Z15BMIOX8DDH0X2OBP21
				
				824348106
				
					
					
				
				23650.00
				NS
				USD
				6615614.50
				1.4518402228677
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				MCDONALD'S CORP
				UE2136O97NLB5BYP9H04
				
				580135101
				
					
					
				
				31625.00
				NS
				USD
				7625103.75
				1.6733792949679
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				S&P GLOBAL INC
				Y6X4K52KMJMZE7I7MY94
				
				78409V104
				
					
					
				
				21175.00
				NS
				USD
				8997045.75
				1.974461012931
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ASML HOLDING NV
				724500Y6DUVHQD6OXN27
				
				N/A
				
					
					
				
				15975.00
				NS
				USD
				11903132.25
				2.6122208569838
				Long
				EC
				CORP
				NL
				
				N
				
				1
				
					N
					N
					N
				
			
			
				NIKE INC
				787RXPR0UX0O0XUXPZ81
				
				654106103
				
					
					
				
				45915.00
				NS
				USD
				6668235.45
				1.4633882373077
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				BLACKROCK INC
				549300LRIF3NWCU26A80
				
				09247X101
				
					
					
				
				14425.00
				NS
				USD
				12097670.50
				2.6549135586574
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				LVMH MOET HENNESSY LOUIS VUITTON SE
				IOG4E947OATN0KJYSD45
				
				N/A
				
					
					
				
				12950.00
				NS
				
				9260080.21
				2.0321856595271
				Long
				EC
				CORP
				FR
				
				N
				
				2
				
					N
					N
					N
				
			
			
				HERMES INTERNATIONAL
				969500Y4IJGHJE2MTJ13
				
				N/A
				
					
					
				
				1827.00
				NS
				
				2525054.23
				0.5541398000195
				Long
				EC
				CORP
				FR
				
				N
				
				2
				
					N
					N
					N
				
			
			
				CHEVRON CORP
				VA8TZDWPEZYU430RZ444
				
				166764100
				
					
					
				
				64100.00
				NS
				USD
				6502945.00
				1.4271141581929
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CLARIVATE PLC
				549300WDHIIODXFO0R55
				
				N/A
				
					
					
				
				60000.00
				NS
				USD
				1314000.00
				0.2883659640156
				Long
				EC
				CORP
				JE
				
				N
				
				1
				
					N
					N
					N
				
			
			
				UNITEDHEALTH GROUP INC
				549300GHBMY8T5GXDE41
				
				91324P102
				
					
					
				
				29675.00
				NS
				USD
				11595209.50
				2.5446451791709
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				SERVICENOW INC
				549300HJTQM36M0E1G39
				
				81762P102
				
					
					
				
				3350.00
				NS
				USD
				2084604.50
				0.4574802026132
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				MARRIOTT INTERNATIONAL INC/MD
				225YDZ14ZO8E1TXUSU86
				
				571903202
				
					
					
				
				41925.00
				NS
				USD
				6208673.25
				1.3625342823396
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				GARTNER INC
				PP55B5R38BFB8O8HH686
				
				366651107
				
					
					
				
				8300.00
				NS
				USD
				2522204.00
				0.5535142982527
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ALPHABET INC
				5493006MHB84DD0ZWV18
				
				02079K107
				
					
					
				
				9944.00
				NS
				USD
				26503842.64
				5.8164430235936
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				WALT DISNEY CO/THE
				549300GZKULIZ0WOW665
				
				254687106
				
					
					
				
				12405.00
				NS
				USD
				2098553.85
				0.4605414794474
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				AUTOMATIC DATA PROCESSING INC
				HGBOLILQXWER4SAL2I23
				
				053015103
				
					
					
				
				13440.00
				NS
				USD
				2686924.80
				0.5896633639189
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				AIR PRODUCTS AND CHEMICALS INC
				7QEON6Y1RL5XR3R1W237
				
				009158106
				
					
					
				
				40425.00
				NS
				USD
				10353246.75
				2.272088264654
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				VERISK ANALYTICS INC
				549300I1YSWNIRKBWP67
				
				92345Y106
				
					
					
				
				21115.00
				NS
				USD
				4228701.05
				0.9280163278669
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				INTERCONTINENTALEXCHANGE
				5493000F4ZO33MV32P92
				
				45866F104
				
					
					
				
				70950.00
				NS
				USD
				8146479.00
				1.7877985313303
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PEPSICO INC
				FJSUNZKFNQ5YPJ5OT455
				
				713448108
				
					
					
				
				43850.00
				NS
				USD
				6595478.50
				1.4474212448986
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				VISA INC
				549300JZ4OKEHW3DPJ59
				
				92826C839
				
					
					
				
				74625.00
				NS
				USD
				16622718.75
				3.6479652335649
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					
				
			
			
				RAYTHEON TECHNOLOGIES CORP
				I07WOS4YJ0N7YRFE7309
				
				75513E101
				
					
					
				
				37675.00
				NS
				USD
				3238543.00
				0.7107196150692
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				MICROSOFT CORP
				INR2EJN1ERAN0W5ZP974
				
				594918104
				
					
					
				
				140585.00
				NS
				USD
				39633723.20
				8.6978818859181
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ABBOTT LABORATORIES
				HQD377W2YR662HK5JX27
				
				002824100
				
					
					
				
				82125.00
				NS
				USD
				9701426.25
				2.1290419580728
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				APPLE INC
				HWUPKR0MPOU8FGXBT394
				
				037833100
				
					
					
				
				205725.00
				NS
				USD
				29110087.50
				6.3884006427067
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ALTRIA GROUP INC
				XSGZFLO9YTNO9VCQV219
				
				02209S103
				
					
					
				
				63800.00
				NS
				USD
				2904176.00
				0.6373405722306
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				COCA-COLA CO/THE
				UWJKFUJFZ02DKWI3RY53
				
				191216100
				
					
					
				
				147075.00
				NS
				USD
				7717025.25
				1.6935520742383
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PROGRESSIVE CORP/THE
				529900TACNVLY9DCR586
				
				743315103
				
					
					
				
				89225.00
				NS
				USD
				8065047.75
				1.7699279065911
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ESTEE LAUDER COS INC/THE
				549300VFZ8XJ9NUPU221
				
				518439104
				
					
					
				
				49225.00
				NS
				USD
				14764054.25
				3.240069053714
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				NESTLE SA
				KY37LUS27QQX7BB93L28
				
				641069406
				
					
					
				
				55025.00
				NS
				USD
				6614555.25
				1.4516077634709
				Long
				EC
				CORP
				CH
				
				N
				
				1
				
					N
					N
					N
				
			
			
				UNION PACIFIC CORP
				549300LMMRSZZCZ8CL11
				
				907818108
				
					
					
				
				36400.00
				NS
				USD
				7134764.00
				1.5657710037168
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PHILIP MORRIS INTERNATIONAL INC
				HL3H1H2BGXWVG3BSWR90
				
				718172109
				
					
					
				
				88825.00
				NS
				USD
				8419721.75
				1.8477634544764
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				COMCAST CORP
				51M0QTTNCGUN7KFCFZ59
				
				20030N101
				
					
					
				
				169965.00
				NS
				USD
				9506142.45
				2.0861856405358
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				FACEBOOK INC
				BQ4BKCS1HXDV9HN80Z93
				
				30303M102
				
					
					
				
				76835.00
				NS
				USD
				26077030.65
				5.7227763181523
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				TEXAS INSTRUMENTS INC
				WDJNR2L6D8RWOEB8T652
				
				882508104
				
					
					
				
				85000.00
				NS
				USD
				16337850.00
				3.5854489080613
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CANADIAN PACIFIC RAILWAY LTD
				54930036474DURYNB481
				
				13645T100
				
					
					
				
				69675.00
				NS
				USD
				4533752.25
				0.9949618250983
				Long
				EC
				CORP
				CA
				
				N
				
				1
				
					N
					N
					
				
			
			
				JPMORGAN CHASE & CO
				8I5DZWZKVSZI1NUHU748
				
				46625H100
				
					
					
				
				68550.00
				NS
				USD
				11220949.50
				2.462511354443
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				NOVO NORDISK A/S
				549300DAQ1CVT6CXN342
				
				670100205
				
					
					
				
				99025.00
				NS
				USD
				9507390.25
				2.0864594784733
				Long
				EC
				CORP
				DK
				
				N
				
				1
				
					N
					N
					N
				
			
			
				DREYFUS INSTITUTIONAL PREFERRE
				549300RBWL04JG8SIX57
				
				N/A
				
					
					
				
				927231.20
				OU
				Other Units
				USD
				927231.20
				0.2034870006494
				Long
				STIV
				RF
				US
				
				N
				
				1
				
					2099-12-01
					Variable
					0.061343
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				99VVB9HH4
				N/A
				
				99VVB9HH4
				
					
					
				
				0.02
				OU
				Other Units
				USD
				0.02
				0.0000000043891
				Long
				
				RF
				US
				
				N
				1
				
					
					N
					N
				
			
		
		
			2021-11-23
			BNY Mellon Advantage Funds, Inc.
			James Windels
			James Windels
			Fund Treasurer
		
	
	XXXX

STATEMENT OF INVESTMENTS
Appreciation Portfolio

September 30, 2021 (Unaudited)

STATEMENT OF INVESTMENTS (Unaudited) (continued)

ADR—American Depository Receipt

^a Non-income producing security.

^b Security, or portion thereof, on loan. At September 30, 2021, the value of the fund’s securities on loan was $20,970,491 and the value of the collateral was $21,760,244, consisting of U.S. Government & Agency securities.

^c Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.

STATEMENT OF INVESTMENTS
Appreciation Portfolio

September 30, 2021 (Unaudited)

The following is a summary of the inputs used as of September 30, 2021 in valuing the fund’s investments:

^†  See Statement of Investments for additional detailed categorizations, if any.

^†† Securities classified within Level 2 at period end as the values were determined pursuant to the fund’s fair valuation procedures.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

Investments in equity securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation

purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by an independent pricing service (the “Service”) approved by the Board Members (“Board”). These securities are generally categorized within Level 2 of the fair value hierarchy.

The Service’s procedures are reviewed by BNY Mellon under the general supervision of the Board.

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

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

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

Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of BNY Mellon Investment Adviser, Inc., 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 BNY Mellon Investment Adviser Inc., or U.S. Government and Agency securities. 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, The Bank of New York Mellon 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.

At September 30, 2021, accumulated net unrealized appreciation on investments was $308,544,164, consisting of $308,863,704 gross unrealized appreciation and $319,540 gross unrealized depreciation.

At September 30, 2021, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

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