BNY Mellon Investment Funds II NCSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number			811-22912

	Dreyfus BNY Mellon Funds, Inc.
	(Exact name of Registrant as specified in charter)

	c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166
	(Address of principal executive offices) (Zip code)

	Bennett A. MacDougall, Esq. 200 Park Avenue New York, New York 10166
	(Name and address of agent for service)

Registrant's telephone number, including area code:				(212) 922-6000

Date of fiscal year end:		10/31
Date of reporting period:		10/31/15

The following N-CSR relates only to the Registrant’s series listed below and does not affect the other series of the Registrant, which has a different fiscal year end and, therefore, different N-CSR reporting requirement. A separate N-CSR will be filed for those series, as appropriate.

Dreyfus Alternative Diversifier Strategies Fund

Dreyfus Emerging Markets Debt U.S. Dollar Fund

Dreyfus Global Emerging Markets Fund

Dreyfus Select Managers Long/Short Fund

Dreyfus Yield Enhancement Strategy Fund

FORM N-CSR

Item 1. Reports to Stockholders.

Dreyfus Alternative Diversifier Strategies Fund

ANNUAL REPORT

October 31, 2015

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The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

Contents

T H E F U N D

F O R M O R E I N F O R M AT I O N

Back Cover


	Dreyfus Alternative Diversifier Strategies Fund		The Fund

A LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present this annual report for Dreyfus Alternative Diversifier Strategies Fund, covering the 12-month period from November 1, 2014, through October 31, 2015. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.

Financial markets proved volatile over the reporting period amid choppy U.S. and global economic growth. U.S. stocks advanced over the final months of 2014 and the spring of 2015, with some broad measures of market performance setting new record highs. Those gains were largely erased over the summer when global economic instability undermined investor sentiment, but a renewed rally in October enabled most broad stock indices to end the reporting period in positive territory. In contrast, international stocks generally lost a degree of value, with developed markets faring far better than emerging markets amid falling commodity prices and depreciating currency values. U.S. bonds generally produced modestly positive total returns, with municipal bonds and longer term U.S. government securities faring better, on average, than corporate-backed bonds.

We expect market volatility to persist over the near term until investors see greater clarity regarding short-term U.S. interest rates and global economic conditions. Our investment strategists and portfolio managers are monitoring developments carefully, keeping a close watch on credit spreads, currency values, commodity prices, corporate profits, economic trends in the emerging markets, and other developments that could influence investor sentiment. Over the longer term, we remain confident that markets are likely to benefit as investors increasingly recognize that inflation is likely to stay low, economic growth expectations are stabilizing, and monetary policies remain accommodative in most regions of the world. In our view, investors will continue to be well served under these circumstances by a long-term perspective and a disciplined investment approach.

Thank you for your continued confidence and support.

Sincerely,

J. Charles Cardona

President

The Dreyfus Corporation

November 16, 2015

DISCUSSION OF FUND PERFORMANCE

For the period of November 1, 2014, through October 31, 2015, as provided by Jeffrey M. Mortimer, CFA, Portfolio Manager

Fund and Market Performance Overview

For the 12-month period ended October 31, 2015, Dreyfus Alternative Diversifier Strategies Fund’s Class A shares produced a total return of 0.29%, Class C shares returned –0.37%, Class I shares returned 0.45%, and Class Y shares returned 0.82%.¹ In comparison, the Standard & Poor’s^® 500 Composite Stock Price Index (“S&P 500 Index”) returned 5.21%, and the Barclays U.S. Aggregate Index returned 1.96% for the same period.²The Hybrid Index, which reflects a 50%/50% blend of the S&P 500 Index and the Barclays U.S. Aggregate Index, returned 3.92% for that period.³

Financial markets encountered heightened volatility during the reporting period amid shifting global economic sentiment. The fund lagged the Hybrid Index, mainly due to its exposure to falling commodity prices.

The Fund’s Investment Approach

The fund seeks long-term capital appreciation. To pursue its goal, the fund normally allocates its assets across non-traditional or “alternative” asset classes and investment strategies. The fund is designed to complement and diversify traditional stock and bond portfolios. The fund uses a “fund of funds” approach in which we allocate assets among other investment companies (the underlying funds) that invest in asset classes and investment strategies that typically have had a low correlation to each other and to traditional equity and fixed-income asset classes. We currently intend to allocate the fund’s assets among underlying funds that employ the following alternative investment strategies: long/short equity strategies, absolute return hedge strategies, real estate-related strategies, commodities strategies, global macro strategies, and managed futures strategies.

As of October 31, 2015, the fund held positions in nine underlying funds: AQR Managed Futures Strategy Fund, ASG Global Alternatives Fund, ASG Managed Futures Strategy Fund, DFA Commodity Strategy Portfolio, Dynamic Total Return Fund, Dreyfus Research Long/Short Equity Fund, Dreyfus Select Managers Long/Short Fund, Dreyfus Global Real Estate Securities Fund, and Dreyfus Global Real Return Fund.

Shifting Economic Sentiment Sparked Market Turmoil

Financial markets encountered heightened volatility throughout the reporting period. A U.S. stock market rally over the first several months of the reporting period was sparked by employment gains and improved consumer and business sentiment. In contrast, investors responded negatively in March to sluggish domestic economic growth stemming in part from severe winter weather. The economy regained traction in the spring, and stocks resumed their advance until a debt crisis in Greece and slowing economic growth in China again sent U.S. stock prices lower over the summer, but a strong rebound in October enabled the S&P 500 Index to end the reporting period with a moderate gain.

In the U.S. bond market, aggressively accommodative monetary policies in Europe and Japan triggered robust demand for U.S. government securities from global investors, sending longer term yields lower through the end of 2014. In the spring of 2015, a strengthening

DISCUSSION OF FUND PERFORMANCE (continued)

domestic economy sent bond yields higher, erasing previous price gains. However, renewed worries over the summer about economic instability in China caused yields to fall again, and the Barclays U.S. Aggregate Index ended the reporting period in positive territory.

An appreciating U.S. dollar undermined returns from international investments for U.S. residents. Moreover, stocks and bonds in the emerging markets lost considerable value amid economic instability and declining commodity prices.

Alternative Investments Produced Mixed Results

The fund’s various underlying strategies produced divergent results in this environment. Most notably, relative performance was undermined by modest exposure to struggling commodity markets through DFA Commodity Strategy Portfolio. In addition, Dreyfus Research Long/Short Equity Fund experienced shortfalls in the financials sector.

The fund achieved better relative results from ASG Managed Futures Strategy Fund, which benefited from long positions among fixed-income securities and short positions among commodities and emerging-markets currencies. AQR Managed Futures Strategy Fund also fared well. Finally, Dreyfus Select Managers Long/Short Fund successfully established short positions among biotechnology companies in the health care sector and oil-and-gas producers in the energy sector.

Positioned for Continued Market Volatility

We expect market volatility to persist due to uncertain global economic conditions, upcoming short-term interest-rate hikes in the United States, and a strong U.S. dollar. Still, the U.S. economy has continued to grow, inflation has remained low, and aggressively accommodative monetary policies have set the stage for recoveries in several international markets.

In our judgment, the fund’s diversifier strategies can help mitigate the impact of market volatility on more traditional investments. In anticipation of further market turbulence, we recently made several adjustments to the fund’s allocations. We reduced the fund’s exposure to Dreyfus Select Managers Long/Short Fund, Dreyfus Global Real Return Fund, and Dreyfus Dynamic Total Return Fund. We reallocated those assets to increased positions in AQR Managed Futures Strategy Fund, ASG Global Alternatives Fund, and ASG Managed Futures Strategy Fund. In our view, these changes position the fund appropriately for the foreseeable future, and we remain prepared to readjust the fund’s allocations as circumstances warrant.

November 16, 2015

Equity securities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus. Bond securities are subject generally to interest rate, credit, liquidity, call, sector, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus.

Investing internationally involves special risks, including changes in currency exchange rates, political, economic, and social instability, a lack of comprehensive company information, differing auditing and legal standards, and less market liquidity. These risks generally are greater with emerging market countries than with more economically and politically established foreign countries.

Short sales involve selling a security the fund does not own in anticipation that the security’s price will decline. Short sales may involve substantial risk and leverage, and expose the fund to the risk that it will be required to buy the security sold short at a time when the security has appreciated in value, thus resulting in a loss to the fund. Short positions in stocks involve more risk than long positions in stocks because the maximum sustainable loss on a stock purchased is limited to the amount paid for the stock plus the transaction costs, whereas there is no maximum attainable price on the shorted stock. In theory, stocks sold short have unlimited risk. It is

possible that the market value of securities the fund holds in long positions will decline at the same time that the market value of the securities in the fund has sold short increases, thereby increasing the fund’s potential volatility. Leveraging occurs when the fund increases its assets available for investment using borrowing or similar transactions. Short sales effectively leverage the fund’s assets. The use of leverage may magnify the fund’s gains or losses.

Exposure to the commodities markets may subject the fund to greater volatility than investments in traditional securities. The values of commodities and commodity-linked investments are affected by events that might have less impact on the values of stocks and bonds. Investments linked to the prices of commodities are considered speculative. Prices of commodities and related contracts may fluctuate significantly over short periods for a variety of factors.

¹Total return includes reinvestment of dividends and any capital gains paid, and does not take into consideration the maximum initial sales charge in the case of Class A shares, or the applicable contingent deferred sales charge imposed on redemptions in the case of Class C shares. Had these charges been reflected, returns would have been lower. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Return figures provided reflect the absorption of certain fund expenses pursuant to an agreement by The Dreyfus Corporation in effect until March 1, 2016, at which time it may be extended, terminated, or modified. Had these expenses not been absorbed, the fund’s returns would have been lower.

² SOURCE: Lipper Inc. — Reflects reinvestment of dividends and, where applicable, capital gain distributions. The Standard & Poor’s 500 Composite Stock Price Index is a widely accepted, unmanaged index of U.S. stock market performance. Investors cannot invest directly in any index. The Barclays U.S. Aggregate Index is a widely accepted, unmanaged total return index of corporate, U.S. government and U.S. government agency debt instruments, mortgage-backed securities, and asset-backed securities with an average maturity of 1-10 years. Investors cannot invest directly in any index.

³SOURCE: FactSet — Reflects reinvestment of dividends and, where applicable, capital gain distributions. The Hybrid Index reflects a 50/50 blend of the Standard & Poor’s 500 Composite Index and the Barclays U.S. Aggregate Index. Investors cannot invest directly in any index.

FUND PERFORMANCE

Comparison of change in value of $10,000 investment in Dreyfus Alternative Diversifier Strategies Fund Class A shares, Class C shares, Class I shares, and Class Y shares, with Standard & Poor’s 500 Composite Price Index, the Hybrid Index and Barclays U.S. Aggregate Index

^† Source: Lipper Inc.

^†† Source: Factset.

Past performance is not predictive of future performance.

The above graph compares a $10,000 investment made in each of the Class A, Class C, Class I and Class Y shares of Dreyfus Alternative Diversifier Strategies Fund on 3/31/14 (inception date) to a $10,000 investment made in the Standard & Poor’s 500 Composite Stock Price Index (the “S&P 500 Index”) as well as to a Hybrid Index reflecting a 50/50 blend of the Standard & Poor’s 500 Composite Stock Price Index and the Barclays U.S. Aggregate Index (the “Barclays Index”) on that date. All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account the maximum initial sales charge on Class A shares and all other applicable fees and expenses on all classes. The S&P 500 Index is a widely accepted, unmanaged index of U.S. stock market performance. The Barclays Index is a widely accepted, unmanaged index of corporate, government and government agency debt instruments, mortgage-backed securities and asset-backed securities with an average maturity of 1-10 years. Unlike a mutual fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.


Average Annual Total Returns as of 10/31/15
	Inception Date	1 Year	From Inception
	Inception Date	1 Year	From Inception
Class A shares
with maximum sales charge (5.75%)	3/31/14	-5.46%	-2.65%
without sales charge	3/31/14	0.29%	1.03%
Class C shares
with applicable redemption charge ^†	3/31/14	-1.36%	0.47%
without redemption	3/31/14	-0.37%	0.47%
Class I shares	3/31/14	0.45%	1.29%
Class Y shares	3/31/14	0.82%	1.57%
Standard & Poor's 500 Composite Price Index	3/31/14	5.21%	9.04%
Barclays U.S. Aggregate Index	3/31/14	1.96%	3.28%
Hybrid Index	3/31/14	3.92%	6.42%

Past performance is not predictive of future performance. The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. In addition to the performance of Class A shares shown with and without a maximum sales charge, the fund’s performance shown in the table takes into account all other applicable fees and expenses on all classes.

^† The maximum contingent deferred sales charge for Class C shares is 1% for shares redeemed within one year of the date of purchase.

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Alternative Diversifier Strategies Fund from May 1, 2015 to October 31, 2015. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.


Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended October 31, 2015

	Class A	Class C	Class I	Class Y
Expenses paid per $1,000^†	$ 3.96	$ 7.32	$ 1.88	$ 1.44
Ending value (after expenses)	$965.30	$962.40	$966.90	$967.80

COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.


Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended October 31, 2015

	Class A	Class C	Class I	Class Y
Expenses paid per $1,000^†	$ 4.08	$ 7.53	$ 1.94	$ 1.48
Ending value (after expenses)	$1,021.17	$1,017.74	$1,023.29	$1,023.74

^†Expenses are equal to the fund's annualized expense ratio of .80% for Class A, 1.48% for Class C, .38% for Class I and .29% for Class Y, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

October 31, 2015


Registered Investment Companies - 99.5%	Shares		Value ($)
Alternative Investments - 32.5%
AQR Managed Futures Strategy Fund, Cl. I	2,407,409	^a	26,144,468
ASG Global Alternatives Fund, Cl. Y	3,707,135	^a	40,037,058
ASG Managed Futures Strategy Fund, Cl. Y	2,470,701	^a	26,510,626
DFA Commodity Strategy Portfolio	1,438,414		8,529,796
Dynamic Total Return Fund, Cl. Y	3,422,295	^a,b	54,448,709
			155,670,657
Domestic Equity - 39.5%
Dreyfus Research Long/Short Equity Fund, Cl. Y	3,603,744	^a,b	45,875,658
Dreyfus Select Managers Long/Short Fund, Cl. Y	11,555,637	^a,b,c	143,174,337
			189,049,995
Foreign Equity - 27.5%
Dreyfus Global Real Estate Securities Fund, Cl. Y	5,563,446	^b	51,294,976
Dreyfus Global Real Return Fund, Cl. Y	5,454,238	^b	80,122,752
			131,417,728
Total Registered Investment Companies (cost $473,707,082)			476,138,380
Total Investments (cost $473,707,082)	99.5%		476,138,380
Cash and Receivables (Net)	.5%		2,456,205
Net Assets	100.0%		478,594,585

^a Non-income producing security.

^b Investment in affiliated mutual fund.

^c The fund's investment in the Dreyfus Select Managers Long/Short Fund represents 30.1% of the fund's total investments. The Dreyfus Select Managers Long/Short Fund seeks to provide long-term capital appreciation.


Portfolio Summary (Unaudited) ^†	Value (%)
Mutual Funds: Domestic	39.5
Mutual Funds: Alternative	32.5
Mutual Funds: Foreign	27.5
	99.5

^†Based on net assets.

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2015



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments:
Unaffiliated issuers	104,098,342	101,221,948
Affiliated issuers	369,608,740	374,916,432
Cash		2,630,682
Receivable for shares of Common Stock subscribed		700,249
Prepaid expenses		11,382
		479,480,693
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(c)		105,972
Payable for shares of Common Stock redeemed		727,116
Accrued expenses		53,020
		886,108
Net Assets ($)		478,594,585
Composition of Net Assets ($):
Paid-in capital		478,164,694
Accumulated distributions in excess of investment income—net		(750,407)
Accumulated net realized gain (loss) on investments		(1,251,000)
Accumulated net unrealized appreciation (depreciation) on investments		2,431,298
Net Assets ($)		478,594,585


Net Asset Value Per Share	Class A	Class C	Class I	Class Y
Net Assets ($)	61,550	33,652	632,984	477,866,399
Shares Outstanding	4,909	2,684	50,300	37,842,254
Net Asset Value Per Share ($)	12.54	12.54	12.58	12.63

See notes to financial statements.

STATEMENT OF OPERATIONS

Year Ended October 31, 2015




Investment Income ($):
Income:
Cash dividends:
Unaffiliated issuers					921,754
Affiliated issuers					4,635,891
Total Income					5,557,645
Expenses:
Management fee—Note 3(a)					1,075,981
Registration fees					85,630
Professional fees					74,892
Directors’ fees and expenses—Note 3(d)					26,677
Prospectus and shareholders’ reports					14,533
Custodian fees—Note 3(c)					10,076
Loan commitment fees—Note 2					4,535
Shareholder servicing costs—Note 3(c)					989
Interest expense—Note 2					319
Distribution fees—Note 3(b)					242
Miscellaneous					19,686
Total Expenses					1,313,560
Less—reduction in expenses due to undertaking—Note 3(a)					(129)
Less—reduction in fees due to earnings credits—Note 3(c)					(1)
Net Expenses					1,313,430
Investment Income—Net					4,244,215
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments:
Unaffiliated issuers					(178,016)
Affiliated issuers					(2,634,681)
Capital gain distributions on unaffiliated issuers					2,360,305
Capital gain distributions from affiliated issuers					179,914
Net Realized Gain (Loss)					(272,478)
Net unrealized appreciation (depreciation) on investments:
Unaffiliated issuers					(3,320,609)
Affiliated issuers					684,169
Net Unrealized Appreciation (Depreciation)					(2,636,440)
Net Realized and Unrealized Gain (Loss) on Investments					(2,908,918)
Net Increase in Net Assets Resulting from Operations					1,335,297

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS



	Year Ended October 31,
	2015	2014^a
Operations ($):
Investment income (loss)—net	4,244,215	(651,131)
Net realized gain (loss) on investments	(272,478)	206,457
Net unrealized appreciation (depreciation) on investments	(2,636,440)	5,067,738
Net Increase (Decrease) in Net Assets Resulting from Operations	1,335,297	4,623,064
Dividends to Shareholders from ($):
Investment income—net:
Class A	(724)	-
Class C	(97)	-
Class I	(1,946)	-
Class Y	(5,396,070)	-
Net realized gain on investments:
Class A	(22)	-
Class C	(10)	-
Class I	(55)	-
Class Y	(147,467)	-
Total Dividends	(5,546,391)	-
Capital Stock Transactions ($):
Net proceeds from shares sold:
Class A	7,491	161,520
Class C	8,960	38,600
Class I	1,094,238	117,592
Class Y	158,975,972	383,299,429
Dividends reinvested:
Class A	411	-
Class I	801	-
Class Y	393,646	-
Cost of shares redeemed:
Class A	(2,054)	(106,321)
Class C	(13,827)	-
Class I	(577,346)	-
Class Y	(50,637,333)	(14,579,164)
Increase (Decrease) in Net Assets from Capital Stock Transactions	109,250,959	368,931,656
Total Increase (Decrease) in Net Assets	105,039,865	373,554,720
Net Assets ($):
Beginning of Period	373,554,720	-
End of Period	478,594,585	373,554,720
Distributions in excess of investment income—net	(750,407)	(564,134)


		Year Ended October 31,
		2015	2014^a
Capital Share Transactions:
Class A
Shares sold		576	12,958
Shares issued for dividends reinvested		33	-
Shares redeemed		(159)	(8,499)
Net Increase (Decrease) in Shares Outstanding		450	4,459
Class C
Shares sold		684	3,083
Shares redeemed		(1,083)	-
Net Increase (Decrease) in Shares Outstanding		(399)	3,083
Class I
Shares sold		86,139	9,351
Shares issued for dividends reinvested		64	-
Shares redeemed		(45,254)	-
Net Increase (Decrease) in Shares Outstanding		40,949	9,351
Class Y
Shares sold		12,385,722	30,528,956
Shares issued for dividends reinvested		31,118	-
Shares redeemed		(3,948,427)	(1,155,115)
Net Increase (Decrease) in Shares Outstanding		8,468,413	29,373,841

^a	From March 31, 2014 (commencement of operations) to October 31, 2014.

See notes to financial statements.

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the fund’s financial statements.



	Year Ended October 31,
Class A Shares		2015	2014^a
Per Share Data ($):
Net asset value, beginning of period		12.67	12.50
Investment Operations:
Investment income (loss)—net^b		.07	(.04)
Net realized and unrealized gain (loss) on investments		(.04)	.21
Total from Investment Operations		.03	.17
Distributions:
Dividends from investment income—net		(.16)	-
Dividends from net realized gain on investments		(.00)^c	-
Total Distributions		(.16)	-
Net asset value, end of period		12.54	12.67
Total Return (%)^d		.29	1.36^e
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^f		.86	1.02^g
Ratio of net expenses to average net assets^f		.80	.54^g
Ratio of net investment income (loss) to average net assets^f		.58	(.53)^g
Portfolio Turnover Rate		16.73	.09^e
Net Assets, end of period ($ x 1,000)		62	57

^aFrom March 31, 2014 (commencement of operations) to October 31, 2014.

^bBased on average shares outstanding.

^cAmount represents less than $.01 per share.

^d Exclusive of sales charge.

^e Not annualized.

^f Amounts do not include the expenses of the underlying funds.

^g Annualized.

See notes to financial statements.



	Year Ended October 31,
Class C Shares		2015	2014^a
Per Share Data ($):
Net asset value, beginning of period		12.64	12.50
Investment Operations:
Investment (loss)—net^b		(.05)	(.10)
Net realized and unrealized gain (loss) on investments		.00^c	.24
Total from Investment Operations		(.05)	.14
Distributions:
Dividends from investment income—net		(.05)	-
Dividends from net realized gain on investments		(.00)^c	-
Total Distributions		(.05)	-
Net asset value, end of period		12.54	12.64
Total Return (%)^d		(.37)	1.12^e
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^f		1.59	2.16^g
Ratio of net expenses to average net assets^f		1.50	1.34^g
Ratio of net investment (loss) to average net assets^f		(.36)	(1.34)^g
Portfolio Turnover Rate		16.73	.09^e
Net Assets, end of period ($ x 1,000)		34	39

^aFrom March 31, 2014 (commencement of operations) to October 31, 2014.

^bBased on average shares outstanding.

^cAmount represents less than $.01 per share.

^d Exclusive of sales charge.

^e Not annualized.

^f Amounts do not include the expenses of the underlying funds.

^g Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)



	Year Ended October 31,
Class I Shares		2015	2014^a
Per Share Data ($):
Net asset value, beginning of period		12.70	12.50
Investment Operations:
Investment income (loss)—net^b		.03	(.05)
Net realized and unrealized gain (loss) on investments		.02	.25
Total from Investment Operations		.05	.20
Distributions:
Dividends from investment income—net		(.17)	-
Dividends from net realized gain on investments		(.00)^c	-
Total Distributions		(.17)	-
Net asset value, end of period		12.58	12.70
Total Return (%)		.45	1.60^d
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^e		.43	1.06^f
Ratio of net expenses to average net assets^e		.41	.52^f
Ratio of net investment income (loss)to average net assets^e		.23	(.51)^f
Portfolio Turnover Rate		16.73	.09^d
Net Assets, end of period ($ x 1,000)		633	119

^aFrom March 31, 2014 (commencement of operations) to October 31, 2014.

^bBased on average shares outstanding.

^cAmount represents less than $.01 per share.

^d Not annualized.

^e Amounts do not include the expenses of the underlying funds.

^f Annualized.

See notes to financial statements.



	Year Ended October 31,
Class Y Shares		2015	2014^a
Per Share Data ($):
Net asset value, beginning of period		12.71	12.50
Investment Operations:
Investment income (loss)—net^b		.13	(.03)
Net realized and unrealized gain (loss) on investments		(.03)	.24
Total from Investment Operations		.10	.21
Distributions:
Dividends from investment income—net		(.18)	-
Dividends from net realized gain on investments		(.00)^c	-
Total Distributions		(.18)	-
Net asset value, end of period		12.63	12.71
Total Return (%)		.82	1.68^d
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^e		.31	.36^f
Ratio of net expenses to average net assets^e		.31	.36^f
Ratio of net investment income (loss) to average net assets^e		.99	(.36)^f
Portfolio Turnover Rate		16.73	.09^d
Net Assets, end of period ($ x 1,000)		477,866	373,341

^aFrom March 31, 2014 (commencement of operations) to October 31, 2014.

^bBased on average shares outstanding.

^cAmount represents less than $.01 per share.

^d Not annualized.

^e Amounts do not include the expenses of the underlying funds.

^f Annualized.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus Alternative Diversifier Strategies Fund (the “fund”) is a separate diversified series of Dreyfus BNY Mellon Funds, Inc. (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering five series, including the fund. The fund’s investment objective is to seek long-term capital appreciation. The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser.

MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of the fund’s shares. The fund is authorized to issue 100 million shares of $.001 par value Common Stock in each of the following classes of shares: Class A, Class C, Class I and Class Y. Class A and Class C shares are sold primarily to retail investors through financial intermediaries and bear Distribution and/or Shareholder Services Plan fees. Class A shares generally are subject to a sales charge imposed at the time of purchase. Class C shares are subject to a contingent deferred sales charge (“CDSC”) imposed on Class C shares redeemed within one year of purchase. Class I shares are sold primarily to bank trust departments and other financial service providers (including The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution or Shareholder Services Plan fees. Class Y shares are sold at net asset value per share generally to institutional investors, and bear no Distribution or Shareholder Services Plan fees. Class I and Class Y shares are offered without a front-end sales charge or CDSC. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

As of October 31, 2015, MBC Investments Corp., an indirect subsidiary of BNY Mellon, held 2,000 Class A, 2,000 Class C and 2,000 Class I shares of the fund.

The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to

that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

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’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.

(a) Portfolio valuation: 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.

Investments are valued at the net asset value of each underlying fund determined as of the close of the New York Stock Exchange (generally 4

NOTES TO FINANCIAL STATEMENTS (continued)

p.m., Eastern time) on the valuation date and are generally categorized within Level 1 of the fair value hierarchy.

The following is a summary of the inputs used as of October 31, 2015 in valuing the fund’s investments:


	Level 1 - Unadjusted Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 -Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:
Mutual Funds^†	476,138,380	-	-	476,138,380

^†See Statement of Investments for additional detailed categorizations.

At October 31, 2015, there were no transfers between Level 1, Level 2 and Level 3 of the fair value hierarchy.

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.

(c) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” under the Act. Investments in affiliated investment companies during the period ended October 31, 2015 were as follows:


Affiliated Investment Company	Value 10/31/2014 ($)	Purchases($)^†	Sales ($)	Net Realized (Loss) ($)
Dreyfus Global Real Estate Securities Fund, Cl. Y	39,430,887	13,438,832	1,449,858	(38,943)
Dreyfus Global Real Return Fund, Cl. Y	74,397,390	27,809,604	19,210,150	(979,765)
Dreyfus Research Long/Short Equity Fund, Cl. Y	36,368,548	11,922,251	2,157,534	(20,848)


Affiliated Investment Company	Value 10/31/2014 ($)	Purchases($)^†	Sales ($)	Net Realized (Loss) ($)
Dreyfus Select Managers Long/Short Fund, Cl. Y	125,671,368	41,663,317	25,367,119	(706,321)
Dynamic Total Return Fund, Cl. Y	58,238,833	18,024,698	21,914,123	(888,804)
TOTAL	334,107,026	112,858,702	70,098,784	(2,634,681)
^†Includes reinvested dividends/distributions.
Affiliated Investment Company	Change in Net Unrealized Appreciation (Depreciation) ($)	Value 10/31/2015 ($)	Net Assets (%)	Dividends/ Distributions ($)
Dreyfus Global Real Estate Securities Fund, Cl. Y	(85,942)	51,294,976	10.7	1,212,995
Dreyfus Global Real Return Fund, Cl. Y	(1,894,327)	80,122,752	16.7	3,602,810
Dreyfus Research Long/Short Equity Fund, Cl. Y	(236,759)	45,875,658	9.6	-
Dreyfus Select Managers Long/Short Fund, Cl. Y	1,913,092	143,174,337	29.9	-
Dynamic Total Return Fund, Cl. Y	988,105	54,448,709	11.4	-
TOTAL	684,169	374,916,432	78.3	4,815,805

(d) Dividends to shareholders: Dividends are recorded on the ex-dividend date. Dividends from investment income-net and dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

NOTES TO FINANCIAL STATEMENTS (continued)

(e) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended October 31, 2015, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended October 31, 2015, the fund did not incur any interest or penalties.

Each tax year in the two-year period ended October 31, 2015 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At October 31, 2015, the components of accumulated earnings on a tax basis were as follows: accumulated capital losses $385,242 and unrealized appreciation $1,565,540. In addition, the fund deferred for tax purposes late year ordinary losses of $750,407 to the first day of the following year.

Under the Regulated Investment Company Modernization Act of 2010, the fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.

The accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to October 31, 2015. The fund has $385,242 of short-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal periods ended October 31, 2015 and October 31, 2014 were as follows: ordinary income $5,398,837 and $0, and long-term capital gains $147,554 and $0, respectively.

During the period ended October 31, 2015, as a result of permanent book to tax differences, primarily due to the tax treatment for Short-term capital gain distributions from regulated investment company holdings, the fund increased accumulated undistributed investment income-net by $968,349, decreased accumulated net realized gain (loss) on investments by $966,747 and decreased paid-in capital by $1,602. Net assets and net asset value per share were not affected by this reclassification.

NOTE 2—Bank Lines of Credit:

The fund participates with other Dreyfus-managed funds in a $480 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. Prior to October 7, 2015, the unsecured credit facility with Citibank, N.A. was $430 million. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing.

The average amount of borrowings outstanding under the Facilities during the period ended October 31, 2015, was approximately $28,800 with a related weighted average annualized interest rate of 1.11%.

NOTE 3—Management Fee and Other Transactions with Affiliates:

(a) Pursuant to a management agreement with Dreyfus, the fund has agreed to pay a management fee at the annual rate of 1.35% applied to the portion of the fund’s average daily net assets allocated to direct investments in securities and .25% applied to that portion of the fund’s average daily net assets allocated to investments in other investment companies (underlying funds) and money market instruments (including cash and equivalents). Dreyfus has contractually agreed, from November 1, 2014 through March 1, 2016, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the expenses of none of the classes (excluding Rule 12b-1 Distribution Plan fees, Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .55% of the value of the fund’s average daily net assets. The reduction in expenses, pursuant to the undertaking, amounted to $129 during the period ended October 31, 2015.

(b) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class C shares pay the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets. During the period ended October 31, 2015, Class C shares were charged $242 pursuant to the Distribution Plan.

NOTES TO FINANCIAL STATEMENTS (continued)

and other information, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended October 31, 2015, Class A and Class C shares were charged $148 and $81, respectively, pursuant to the Shareholder Services Plan.

Under its terms, the Distribution Plan and Shareholder Services Plan shall remain in effect from year to year, provided such continuance is approved annually by a vote of a majority of those Company who are not “interested persons” of the Company and who have no direct or indirect financial interest in the operation of or in any agreement related to the Distribution Plan or Shareholder Services Plan.

The fund has arrangements with the transfer agent and the custodian whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.

The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the fund. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended October 31, 2015, the fund was charged $656 for transfer agency services and $21 for cash management services. These fees are included in Shareholder servicing costs in the Statement of Operations. Cash management fees were partially offset by earnings credits of $1.

The fund compensates The Bank of New York Mellon under a custody agreement for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended October 31, 2015, the fund was charged $10,076 pursuant to the custody agreement.

During the period ended October 31, 2015, the fund was charged $11,159 for services performed by the Chief Compliance Officer and his staff.

The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $99,815, Distribution Plan fees $21, Shareholder Services Plan fees $20, custodian fees $5,142, Chief Compliance Officer fees $882 and transfer agency fees $92.

(d) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended October 31, 2015, amounted to $181,840,412 and $71,637,789, respectively.

At October 31, 2015, the cost of investments for federal income tax purposes was $474,572,840; accordingly, accumulated net unrealized appreciation on investments was $1,565,540, consisting of $7,563,222 gross unrealized appreciation and $5,997,682 gross unrealized depreciation.

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders of
Dreyfus BNY Mellon Funds, Inc.

We have audited the accompanying statement of assets and liabilities of Dreyfus Alternative Diversifier Strategies Fund (the “Fund”), a series of Dreyfus BNY Mellon Funds, Inc., including the statement of investments as of October 31, 2015, and the related statement of operations for the year then ended, the statement of changes in net assets and the financial highlights for each of the year or period in the two-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2015, by correspondence with the custodian, the transfer agent of the underlying funds and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus Alternative Diversifier Strategies Fund as of October 31, 2015, and the results of its operations for the year then ended, the changes in its net assets, and the financial highlights for each of the year or period in the two-year period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York
December 30, 2015

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund reports the maximum amount allowable, but not less than $5,398,837 as ordinary income dividends paid during the year ended October 31, 2015 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than 100% of ordinary income dividends paid during the year ended October 31, 2015 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Shareholders will receive notification in early 2016 of the percentage applicable to the preparation of their 2015 income tax returns. Also the fund reports the maximum amount allowable but not less than $.0049 per share as a capital gain dividend in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.

BOARD MEMBERS INFORMATION (Unaudited)

INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (72)

Chairman of the Board (1999)

Principal Occupation During Past 5 Years:

· Corporate Director and Trustee (1995-present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (1997-present)

· The Newark Group, a provider of a national market of paper recovery facilities, paperboard mills and paperboard converting plants, Director (2000-2010)

No. of Portfolios for which Board Member Serves: 140

———————

Francine J. Bovich (64)

Board Member (2012)

Principal Occupation During Past 5 Years:

· Trustee, The Bradley Trusts, private trust funds (2011-present)

· Managing Director, Morgan Stanley Investment Management (1993-2010)

Other Public Company Board Memberships During Past 5 Years:

· Annaly Capital Management, Inc., Board Member (May 2014-present)

No. of Portfolios for which Board Member Serves: 79

———————

Kenneth A. Himmel (69)

Board Member (1994)

Principal Occupation During Past 5 Years:

· Managing Partner, Gulf Related, an international real estate development company (2010-present)

· President and CEO, Related Urban Development, a real estate development company (1996-present)

· President and CEO, Himmel & Company, a real estate development company (1980-present)

· CEO, American Food Management, a restaurant company (1983-present)

No. of Portfolios for which Board Member Serves: 29

———————

Stephen J. Lockwood (68)

Board Member (1994)

Principal Occupation During Past 5 Years:

· Chairman of the Board, Stephen J. Lockwood and Company LLC, a real estate investment company (2000-present)

No. of Portfolios for which Board Member Serves: 29

———————

Roslyn M. Watson (66)

Board Member (1994)

Principal Occupation During Past 5 Years:

· Principal, Watson Ventures, Inc., a real estate investment company (1993-present)

No. of Portfolios for which Board Member Serves: 65

———————

Benaree Pratt Wiley (69)

Board Member (1998)

Principal Occupation During Past 5 Years:

· Principal, The Wiley Group, a firm specializing in strategy and business development (2005-present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (2008-present)

No. of Portfolios for which Board Member Serves: 65

———————

Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80. The address of the Board Members and Officers is c/o The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166. Additional information about the Board Members is available in the fund's Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-DREYFUS.

James M. Fitzgibbons, Emeritus Board Member

OFFICERS OF THE FUND (Unaudited)

BRADLEY J. SKAPYAK, President since January 2010.

Chief Operating Officer and a director of the Manager since June 2009, Chairman of Dreyfus Transfer, Inc., an affiliate of the Manager and the transfer agent of the funds, since May 2011 and Executive Vice President of the Distributor since June 2007. From April 2003 to June 2009, Mr. Skapyak was the head of the Investment Accounting and Support Department of the Manager. He is an officer of 66 investment companies (comprised of 140 portfolios) managed by the Manager. He is 56 years old and has been an employee of the Manager since February 1988.

BENNETT A. MACDOUGALL, Chief Legal Officer since October 2015

Chief Legal Officer of the Manager since June 2015; from June 2005 to June 2015, Director and Associate General Counsel of Deutsche Bank – Asset & Wealth Management Division, and Chief Legal Officer of Deutsche Investment Management Americas Inc. He is an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since June 2015.

JANETTE E. FARRAGHER, Vice President and Secretary since December 2011.

Assistant General Counsel of BNY Mellon, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. She is 52 years old and has been an employee of the Manager since February 1984.

JAMES BITETTO, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon and Secretary of the Manager, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since December 1996.

JONI LACKS CHARATAN, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. She is 59 years old and has been an employee of the Manager since October 1988.

JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 53 years old and has been an employee of the Manager since June 2000.

JOHN B. HAMMALIAN, Vice President and Assistant Secretary since August 2005.

Senior Managing Counsel of BNY Mellon, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 52 years old and has been an employee of the Manager since February 1991.

MAUREEN E. KANE, Vice President and Assistant Secretary since April 2015.

Managing Counsel of BNY Mellon since July 2014; from October 2004 until July 2014, General Counsel, and from May 2009 until July 2014, Chief Compliance Officer of Century Capital Management. She is an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. She is 53 years old and has been an employee of the Manager since July 2014.

SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.

Senior Counsel of BNY Mellon, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager; from August 2005 to March 2013, Associate General Counsel of Third Avenue Management. She is 40 years old and has been an employee of the Manager since March 2013.

JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.

Senior Managing Counsel of BNY Mellon, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since October 1990.

JAMES WINDELS, Treasurer since November 2001.

Director – Mutual Fund Accounting of the Manager, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 57 years old and has been an employee of the Manager since April 1985.

RICHARD CASSARO, Assistant Treasurer since January 2008.

Senior Accounting Manager – Money Market and Municipal Bond Funds of the Manager, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 56 years old and has been an employee of the Manager since September 1982.

GAVIN C. REILLY, Assistant Treasurer since December 2005.

Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 47 years old and has been an employee of the Manager since April 1991.

ROBERT S. ROBOL, Assistant Treasurer since December 2002.

Senior Accounting Manager – Fixed Income Funds of the Manager, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since October 1988.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

Senior Accounting Manager – Equity Funds of the Manager, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 48 years old and has been an employee of the Manager since June 1989.

ROBERT SVAGNA, Assistant Treasurer since December 2002.

JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.

Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (67 investment companies, comprised of 165 portfolios). He is 58 years old and has served in various capacities with the Manager since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.

NOTES

For More Information

Dreyfus Alternative Diversifier Strategies Fund

200 Park Avenue

New York, NY 10166

Manager

The Dreyfus Corporation

200 Park Avenue

New York, NY 10166

Custodian

The Bank of New York Mellon

225 Liberty Street

New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent

Dreyfus Transfer, Inc.

200 Park Avenue

New York, NY 10166

Distributor

MBSC Securities Corporation

200 Park Avenue

New York, NY 10166


Ticker Symbols:	Class A: DRNAX Class C: DRNCX Class I: DRNIX Class Y: DRYNX

Telephone Call your financial representative or 1-800-DREYFUS

Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144

E-mail Send your request to info@dreyfus.com

Internet Information can be viewed online or downloaded at www.dreyfus.com

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (phone 1-800-SEC-0330 for information).

A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at www.dreyfus.com and on the SEC’s website at www.sec.gov and without charge, upon request, by calling 1-800-DREYFUS.


© 2015 MBSC Securities Corporation 6253AR1015

Dreyfus Emerging Markets Debt U.S. Dollar Fund

ANNUAL REPORT

October 31, 2015

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

Contents

T H E F U N D

F O R M O R E I N F O R M AT I O N

Back Cover


	Dreyfus Emerging Markets Debt U.S. Dollar Fund		The Fund

A LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present this annual report for Dreyfus Emerging Markets Debt U.S. Dollar Fund, from the fund’s inception on December 3, 2014 to the end of its fiscal year on October 31, 2015. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.

Thank you for your continued confidence and support.

Sincerely,

J. Charles Cardona

President

The Dreyfus Corporation

November 16, 2015

DISCUSSION OF FUND PERFORMANCE

For the period from the fund’s inception on December 3, 2014, through October 31, 2015, as provided by Alexander Kozhemiakin and Josephine Shea, Primary Portfolio Managers

Fund and Market Performance Overview

From the fund’s inception on December 3, 2014 to the end of its fiscal year on October 31, 2015, Dreyfus Emerging Markets Debt U.S. Dollar Fund’s Class A shares produced a total return of -1.28%, Class C shares returned -1.91%, Class I shares returned -0.99%, and Class Y shares returned -1.05%.¹ For comparison, the fund uses a customized blended index (the “Blended Index”), composed of 50% JPMorgan Corporate Emerging Markets Bond Index — Broad (CEMBI-Broad Index) and 50% JPMorgan Emerging Markets Bond Index — Global (EMBI-Global Index). For the same period, CEMBI-Broad Index returned 0.59%, the EMBI-Global Index returned -0.11%, and the Blended Index returned 0.24%.^{2 3}

Emerging market bonds proved volatile over the reporting period as a result of global macroeconomic headwinds as well as various national and regional developments. The fund’s lack of exposure to Ukrainian and Venezuelan debt securities caused its returns to lag the benchmark.

The Fund’s Investment Approach

The fund seeks to maximize total return. To pursue its goal, the fund normally invests at least 80% of its net assets in emerging market bonds and other debt instruments denominated in U.S. dollars, and in derivative instruments that provide investment exposure to such securities.

When choosing investments, we employ in-depth fundamental country and credit analysis. A “top down” analysis of macroeconomics and financial and political variables guides country allocations, while a “bottom-up” analysis of the fundamental measures of an issuer’s creditworthiness guides securities selection. We also consider technical market factors and the global risk environment. We typically sell a security if we believe it is overvalued from a valuation standpoint, another sector becomes relatively more attractive, or we expect fundamentals to deteriorate.

Macroeconomic Shifts Produced Heightened Volatility

Several ongoing macroeconomic developments led to a volatile environment for financial markets in many developing nations. Slowing demand for industrial materials from the decelerating Chinese economy and falling global commodity prices pressured many exporters of oil and basic materials, such as Russia and Brazil. In China, monetary easing encouraged investors until late summer 2015, when continued economic weakness and a currency devaluation undermined confidence and securities prices. India’s economy proved somewhat insulated from the slowdown in Chinese growth, but the rate of domestic growth disappointed those who expected more from the current, business-friendly government.

U.S. economic developments rippled through the emerging markets as well. Emerging market bonds were affected by shifts in the outlook for changes in U.S. monetary policy from the Federal Reserve Board, with securities’ prices coming under pressure when the timing of expected rate hikes proved uncertain. The rising value of the U.S. dollar against most local currencies also raised some investor concerns over the ability of borrowers to

DISCUSSION OF FUND PERFORMANCE (continued)

repay bonds issued in dollars, although most of these issuers have US dollar revenues and have found their competitiveness enhanced. In any case, US dollar-denominated emerging markets bonds were considerably less affected by dollar strength then were bonds denominated in local currencies.

Risk Control Strategies Hampered Fund Performance

The fund’s dollar-denominated investment strategy insulated U.S. investors from the currency fluctuations that sharply undercut the value of emerging market bonds denominated in local currencies. However, the fund’s risk-control approach detracted from returns relative to the benchmark. In particular, the fund avoided both corporate and government securities linked to the fragile Venezuelan and Ukrainian economies. In both cases, the countries’ bonds performed relatively well despite local economic difficulties. In addition, while the fund avoided most exposure to countries heavily leveraged to petroleum and other commodity exports, it held a few oil companies’ bonds that sold off with the decline in petroleum prices. Some company-specific problems affecting corporate holdings in India further hurt relative returns.

On a more positive note, the fund enhanced relative performance with strong security selections in Russia, where we avoided most private sector and pure sovereign bonds. Instead, the fund emphasized bonds issued by government agencies and state-controlled enterprises, which outperformed market averages. Similarly, the fund’s investments in Turkish agency and corporate bonds generated stronger returns than the country’s pure sovereign bonds due to their relative attractive valuations. Good security selections further bolstered relative results in Peru and South Africa. A relatively short average duration starting in July 2015 proved an effective strategy during a widespread market selloff in August and September, as did the fund’s relatively high cash position.

Continuing to Focus on Individual Securities

Emerging market bond valuations generally appear attractive in the wake of the recent market selloff. Therefore, as of the end of the reporting period, we have begun reducing the fund’s cash position, adding opportunistically to pure sovereign bond holdings, an area where the fund has remained underweighted. We have increased the fund’s duration exposure and maintained the generally high credit quality of its portfolio. As for country allocations, we have found a relatively large number of attractive opportunities in Chile, Panama, Brazil, Mexico, and Colombia. In contrast, we have maintained relatively little exposure to the Philippines, South Korea, Hong Kong, China, and Malaysia.

November 16, 2015

Bond funds are subject generally to interest rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.

Foreign bonds are subject to special risks including exposure to changing political and economic conditions, and potentially less liquidity. The fixed income securities of issuers located in emerging markets can be more volatile and less liquid than those of issuers in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.

The fund may use derivative instruments, such as options, futures, and options on futures, forward contracts, swaps (including credit default swaps on corporate bonds and asset-backed securities), options on swaps, and other credit derivatives. A small investment in derivatives could have a potentially large impact on the fund’s performance.

The fund is non-diversified, which means that the fund may invest a relatively high percentage of its assets in a limited number of issuers. Therefore, the fund’s performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund.

¹ Total return includes reinvestment of dividends and any capital gains paid, and does not take into consideration the maximum initial sales charge in the case of Class A shares, or the applicable contingent deferred sales charge imposed on redemptions in the case of Class C shares. Had these charges been reflected, returns would have been lower. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Return figures provided reflect the absorption of certain fund expenses pursuant to an agreement by The Dreyfus Corporation through March 1, 2017, at which time it may be extended, terminated, or modified. Had these expenses not been absorbed, the fund’s returns would have been lower. Past performance is no guarantee of future results.

² SOURCE: FactSet — JPMorgan Corporate Emerging Markets Bond Index is a market capitalization weighted index consisting of U.S. dollar denominated emerging market corporate bonds. JPMorgan Emerging Markets Bond Index is a market capitalization weighted index consisting of U.S. dollar denominated emerging market bonds. The Blended Index is a static blend of 50% JPMorgan Corporate Emerging Markets Bond Index and 50% JPMorgan Emerging Markets Bond Index. Investors cannot invest directly in any index.

³For comparative purpose, the value of the indexes as of 11/30/14 is used as the beginning value on 12/3/14.

FUND PERFORMANCE

Comparison of change in value of $10,000 investment in Dreyfus Emerging Markets Debts U.S. Dollar Fund Class A shares, Class C shares, Class I shares and Class Y shares, with the JP Morgan Corporate Emerging Markets Bond Index-Board, the JP Morgan Emerging Markets Bond Index-Global and the Customized Index

^†Source: Factset.

Past performance is not predictive of future performance.

The above graph compares a $10,000 investment made in each of the Class A, Class C, Class I and Class Y shares of Dreyfus Emerging Markets Debt U.S. Dollar Fund on 12/3/14 (inception date) to a $10,000 investment made in the JP Morgan Corporate Emerging Markets Bond Index-Broad (the “CEMBI-Broad Index”), the JP Morgan Emerging Markets Bond Index-Global (the “EMBI-Global Index”) and as well as to a Customized Blended index comprised of 50% of CEMBI-Broad and 50% of EMBI-Global (the “Customized Index”) on that date. All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class C sales and all other applicable fees and expenses on all classes. The CEMBI-Broad Index is a market capitalization weighted index consisting of U.S. dollar denominated emerging market corporate bonds. The EMBI-Global Index is a market capitalization weighted index consisting of U.S. dollar denominated emerging market bonds. Unlike a mutual fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund expenses, including expense reimbursements, if applicable, is contained in the Fees and Expenses section of the prospectus and elsewhere in this report.


Average Annual Total Returns as of 10/31/15
	Inception Date	From
	Inception Date	Inception
Class A shares
with maximum sales charge (4.50%)	12/3/14	-5.73%
without sales charge	12/3/14	-1.28%
Class C shares
with applicable redemption charge ^†	12/3/14	-2.86%
without redemption	12/3/14	-1.91%
Class I shares	12/3/14	-0.99%
Class Y shares	12/3/14	-1.05%
JP Morgan Corporate Emerging Markets
Bond Index-Board	11/30/14	0.59%	^††
JP Morgan Emerging Markets Bond
Index-Global	11/30/14	-0.11%	^††
Customized Blended Index	11/30/14	0.24%	^††

^†The maximum contingent deferred sales charge for Class C shares is 1% for shares redeemed within one year of the date of purchase.

^††For comparative purpose, the value of the index as of 11/30/14 is used as the beginning value on 12/3/14.

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Emerging Markets Debt U.S. Dollar Fund from May 1, 2015 to October 31, 2015. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.


Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended October 31, 2015

	Class A		Class C		Class I		Class Y
Expenses paid per $1,000^†	$	4.48	$	8.19	$	3.24	$	3.23
Ending value (after expenses)	$	973.20	$	969.40	$	975.00	$	974.40

COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses


Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended October 31, 2015

	Class A		Class C		Class I		Class Y
Expenses paid per $1,000^†	$	4.58	$	8.39	$	3.31	$	3.31
Ending value (after expenses)	$	1,020.67	$	1,016.89	$	1,021.93	$	1,021.93

^†Expenses are equal to the fund’s annualized expense ratio of .90% for Class A, 1.65% for Class C, .65% for Class I and .65% for Class Y, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

October 31, 2015


Bonds and Notes - 97.8%	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
Consumer Discretionary - 4.2%
Alibaba Group Holding, Gtd. Notes	3.13	11/28/21	200,000		197,395
Arcelik, Sr. Unscd. Notes	5.00	4/3/23	260,000		244,653
Cencosud, Gtd. Notes	4.88	1/20/23	250,000		247,920
InRetail Shopping Malls, Gtd. Notes	6.50	7/9/21	80,000		82,200
Tenedora Nemak, Sr. Unscd. Notes	5.50	2/28/23	240,000		246,600
				1,018,768
Consumer Staples - 1.0%
King Power Capital, Gtd. Bonds	5.63	11/3/24	225,000		236,783
Energy - 7.2%
AES Panama, Sr. Unscd. Notes	6.00	6/25/22	200,000	^a	199,000
ONGC Videsh, Gtd. Notes	4.63	7/15/24	210,000		217,142
Pacific Rubiales Energy, Gtd. Notes	5.13	3/28/23	100,000		37,000
Petrobras Global Finance, Gtd. Notes	3.25	3/17/17	505,000		482,527
Petrobras Global Finance, Gtd. Notes	6.25	3/17/24	280,000		224,966
Petronas Capital, Gtd. Bonds	7.88	5/22/22	280,000		351,814
YPF, Sr. Unscd. Notes	8.50	7/28/25	130,000		128,440
YPF, Sr. Unscd. Notes	8.50	7/28/25	120,000	^a	118,560
				1,759,449
Financials - 14.3%
Akbank TAS, Sr. Unscd. Notes	4.00	1/24/20	200,000	^a	196,695
AkBank TAS, Sr. Unscd. Bonds	5.13	3/31/25	200,000	^a	191,304
Alternatifbank, Gtd. Bonds	3.13	7/22/19	250,000		248,750
Banco Davivienda, Sub. Notes	5.88	7/9/22	240,000		245,100
Banco Internacional del Peru, Sr. Unscd. Bonds	5.75	10/7/20	140,000		151,200
Bank Rakyat Indonesia Persero, Sr. Unscd. Notes	2.95	3/28/18	200,000		200,000
BBVA Banco Continental, Sr. Unscd. Bonds	5.25	9/22/29	90,000	^b	90,450
BBVA Bancomer, Jr. Sub. Notes	7.25	4/22/20	220,000		245,318
China Cinda Finance 2014, Gtd. Notes	5.63	5/14/24	250,000		263,590
China Overseas Finance, Gtd. Bonds	5.95	5/8/24	430,000		480,332

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 97.8% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
Financials - 14.3% (continued)
Embraer Netherlands, Gtd. Notes	5.05	6/15/25	120,000		115,200
Global Bank, Sr. Unscd. Notes	5.13	10/30/19	200,000	^a	203,000
Itau Unibanco Holding, Sub. Notes	5.65	3/19/22	240,000		228,000
Krung Thai Bank, Sub. Notes	5.20	12/26/24	250,000	^b	255,243
MAF Global Securities, Gtd. Bonds	4.75	5/7/24	240,000		247,178
Tanner Servicios Financieros, Sr. Unscd. Notes	4.38	3/13/18	125,000		127,000
				3,488,360
Foreign/Governmental - 52.5%
Argentine Government, Sr. Unscd. Bonds	3.00	12/15/35	540,000	^c	53,973
Argentine Government, Sr. Unscd. Notes	9.95	6/9/21	150,000	^a	154,875
Banco Nacional de Desenvolvimento Economico e Social, Sr. Unscd. Notes	5.75	9/26/23	645,000		574,050
Bank of Ceylon, Sr. Unscd. Notes	5.33	4/16/18	240,000		239,100
Brazil Minas, Govt. Gtd. Notes	5.33	2/15/28	715,000		585,406
Brazilian Government, Sr. Unscd. Bonds	7.13	1/20/37	190,000		185,725
CNOOC Curtis Funding, Gtd. Notes	4.50	10/3/23	230,000		241,210
Colombian Government, Sr. Unscd. Bonds	4.50	1/28/26	200,000		198,750
Colombian Government, Sr. Unscd. Bonds	7.38	9/18/37	130,000		151,450
Comision Federal de Electricidad, Sr. Unscd. Notes	4.88	1/15/24	630,000		647,325
Comision Federal de Electricidad, Sr. Unscd. Notes	5.75	2/14/42	340,000		320,875
Corp Nacional del Cobre de Chile, Sr. Unscd. Bonds	4.88	11/4/44	245,000		219,653
Corp Nacional del Cobre de Chile , Sr. Unscd. Notes	4.50	9/16/25	200,000	^a	198,924
Corporación Financiera de Desarrollo, Sr. Unscd. Notes	4.75	7/15/25	200,000	^a	203,750
Development Bank of Kazakhstan, Sr. Unscd. Notes	4.13	12/10/22	220,000		193,463
Dominican Republic Government, Sr. Unscd. Bonds	5.88	4/18/24	385,000		392,700
Ecopetrol, Sr. Unscd. Notes	5.38	6/26/26	180,000		168,187
El Salvador Government, Sr. Unscd. Notes	8.25	4/10/32	100,000		100,125
El Salvador Government, Sr. Unscd. Notes	7.65	6/15/35	190,000		173,138
Export Credit Bank of Turkey, Sr. Unscd. Notes	5.88	4/24/19	325,000		341,361


Bonds and Notes - 97.8% (continued)	��	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
Foreign/Governmental - 52.5% (continued)
Gazprom, Sr. Unscd. Bonds		6.00	11/27/23	310,000		299,987
Ghanaian Government, Govt. Gtd. Bonds		10.75	10/14/30	200,000	^a	212,450
Hungarian Government, Sr. Unscd. Notes		5.38	10/21/20	110,000		121,825
Israel Electric, Sr. Scd. Bonds		5.00	11/12/24	240,000	^a	249,804
Ivory Coast Government, Sr. Unscd. Notes		5.38	7/23/24	270,000		242,764
Jamaican Government, Sr. Unscd. Notes		6.75	4/28/28	285,000		290,700
KazAgro National Management Holding, Sr. Unscd. Notes		4.63	5/24/23	220,000		180,004
Kazakhstan Temir Zholy Finance, Gtd. Notes		6.95	7/10/42	200,000		166,022
Lithuanian Government, Sr. Unscd. Notes		6.63	2/1/22	200,000		243,460
Magyar Export-Import Bank, Gtd. Bonds		4.00	1/30/20	250,000		255,050
Mexican Government, Sr. Unscd. Notes		4.75	3/8/44	320,000		304,800
MFB Magyar Fejlesztesi Bank, Govt. Gtd. Notes		6.25	10/21/20	220,000		246,147
NTPC, Sr. Unscd. Notes		4.75	10/3/22	240,000		254,313
OCP, Sr. Unscd. Notes		5.63	4/25/24	230,000		240,867
Panamanian Government, Sr. Unscd. Bonds, Ser. A		5.63	7/25/22	45,000		49,808
Pertamina, Sr. Unscd. Notes		4.30	5/20/23	440,000		417,337
Perusahaan Gas Negara, Sr. Unscd. Notes		5.13	5/16/24	240,000		238,590
Perusahaan Listrik Negara, Sr. Unscd. Notes		5.25	10/24/42	270,000		223,425
Peruvian Government, Sr. Unscd. Bonds		4.13	8/25/27	65,000		65,650
Petroleos Mexicanos, Gtd. Bonds		6.63	6/15/35	210,000		207,638
Petroleos Mexicanos, Gtd. Notes		4.25	1/15/25	250,000		238,500
Petroleos Mexicanos, Gtd. Notes		4.50	1/23/26	240,000		229,752
Petroleos Mexicanos, Gtd. Notes		6.38	1/23/45	115,000		109,538
Petroleum Co. of Trinidad & Tobago, Sr. Unscd. Notes		6.00	5/8/22	70,000		67,585
Petroliam Nasional, Sr. Unscd. Notes		7.63	10/15/26	100,000		131,735
Polish Government, Sr. Unscd. Notes		4.00	1/22/24	1,000		1,067
Russian Agricultural Bank, Sr. Unscd. Notes		7.75	5/29/18	240,000		255,965
Sberbank of Russia, Sr. Unscd. Notes		6.13	2/7/22	250,000		257,374

STATEMENT OF INVESTMENTS (continued)


Bonds and Notes - 97.8% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
Foreign/Governmental - 52.5% (continued)
Sinopec Group Oversea 2015, Gtd. Notes	3.25	4/28/25	300,000	^a	288,592
Sri Lankan Government, Sr. Unscd. Notes	6.13	6/3/25	200,000		189,796
Transnet, Sr. Unscd. Notes	4.00	7/26/22	260,000		246,285
Turkish Government, Sr. Unscd. Notes	7.38	2/5/25	90,000		107,845
Uruguayan Government, Sr. Unscd. Bonds	7.88	1/15/33	95,000		121,600
Vietnam Government, Sr. Unscd. Bonds	4.80	11/19/24	240,000	^a	236,788
Vnesheconombank, Sr. Unscd. Notes	6.03	7/5/22	290,000		281,588
Vnesheconombank, Sr. Unscd. Notes	6.80	11/22/25	170,000		167,766
				12,786,457
Industrials - 3.2%
Alliance Global Group, Gtd. Notes	6.50	8/18/17	230,000		242,880
DP World, Sr. Unscd. Notes	6.85	7/2/37	220,000		233,475
ENA Norte Trust, Pass Through Certificates	4.95	4/25/28	156,414		160,794
Rolta Americas, Sub. Notes	8.88	7/24/19	250,000		129,750
				766,899
Information Technology - 2.0%
Alibaba Group Holding, Gtd. Notes	3.60	11/28/24	245,000		238,238
Tencent Holdings, Sr. Unscd. Notes	3.80	2/11/25	245,000		244,052
				482,290
Materials - 6.2%
Cementos Pacasmayo, Gtd. Notes	4.50	2/8/23	130,000		123,338
CEMEX Espana, Sr. Scd. Notes	9.88	4/30/19	170,000		182,113
Minsur, Sr. Unscd. Notes	6.25	2/7/24	170,000		177,140
MMC Norilsk Nickel, Sr. Unscd. Notes	6.63	10/14/22	200,000	^a	205,250
Severstal, Sr. Unscd. Notes	5.90	10/17/22	270,000		263,967
Southern Copper, Sr. Unscd. Notes	5.88	4/23/45	130,000		114,379
Turkiye Sise ve Cam Fabrikalari AS, Sr. Unscd. Notes	4.25	5/9/20	250,000		245,925
Vedanta Resources, Sr. Unscd. Notes	6.75	6/7/16	200,000		199,000
				1,511,112
Telecommunications - 5.3%
Bharti Airtel International, Gtd. Notes	5.13	3/11/23	230,000		244,487


Bonds and Notes - 97.8% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
Telecommunications - 5.3% (continued)
Globo Comunicacao e Participacoes, Sr. Unscd. Notes	4.84	6/8/25	200,000	^b	186,250
Oi, Sr. Unscd. Notes	5.75	2/10/22	260,000		163,800
Turkcell Iletisim Hizmetleri, Unscd. Notes	5.75	10/15/25	200,000	^a	200,125
VimpelCom Holdings, Gtd. Notes	7.50	3/1/22	470,000		496,729
				1,291,391
Utilities - 1.9%
AES Gener, Sr. Unscd. Notes	5.00	7/14/25	200,000	^a	201,996
Talent Yield Investments, Gtd. Notes	4.50	4/25/22	240,000		250,842
				452,838
Total Bonds and Notes (cost $24,520,357)			23,794,347
Other Investment - 2.0%			Shares		Value ($)
Registered Investment Company
Dreyfus Institutional Preferred Plus Money Market Fund (cost $487,526)			487,526	^d	487,526
Total Investments (cost $25,007,883)			99.8%	24,281,873
Cash and Receivables (Net)			.2%	60,828
Net Assets			100.0%	24,342,701

^a 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 October 31, 2015, these securities were valued at $3,061,113, or 12.6% of net assets.

^b Variable rate security--interest rate subject to periodic change.

^c Non-income producing--security in default.

^d Investment in affiliated money market mutual fund.

STATEMENT OF INVESTMENTS (continued)


Portfolio Summary (Unaudited) ^†	Value (%)
Mexico	12.4
Brazil	11.3
Russia	9.2
China	9.1
Turkey	7.3
Indonesia	4.4
India	4.3
Chile	4.1
Panama	3.1
Colombia	3.1
Peru	3.0
Hungary	2.6
Kazakhstan	2.2
Money Market Investment	2.0
United Arab Emirates	2.0
Argentina	1.9
Sri Lanka	1.8
Dominican Republic	1.6
Jamaica	1.2
El Salvador	1.1
Thailand	1.0
Israel	1.0
South Africa	1.0
Lithuania	1.0
Philippine	1.0
Ivory Coast	1.0
Morocco	1.0
Vietnam	1.0
United Kingdom	1.0
Ghana	.9
Spain	.7
Malaysia	.5
Uruguay	.5
Trinidad and Tobago	.3
Canada	.2
Poland	.0
	99.8

^†Based on net assets.

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2015



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments:
Unaffiliated issuers	24,520,357	23,794,347
Affiliated issuers	487,526	487,526
Dividends and interest receivable		332,217
Receivable for investment securities sold		134,121
Due from The Dreyfus Corporation and affiliates—Note 3(c)		4,524
Prepaid expenses		37,927
		24,790,662
Liabilities ($):
Payable for investment securities purchased		401,100
Accrued expenses		46,861
		447,961
Net Assets ($)		24,342,701
Composition of Net Assets ($):
Paid-in capital		25,498,132
Accumulated undistributed investment income—net		124,004
Accumulated net realized gain (loss) on investments		(553,425)
Accumulated net unrealized appreciation (depreciation) on investments		(726,010)
Net Assets ($)		24,342,701


Net Asset Value Per Share	Class A	Class C	Class I	Class Y
Net Assets ($)	95,491	95,447	23,572,295	579,468
Shares Outstanding	8,000	8,000	1,976,000	48,602
Net Asset Value Per Share ($)	11.94	11.93	11.93	11.92

See notes to financial statements.

STATEMENT OF OPERATIONS

From December 3, 2014 (commencement of operations) to October 31, 2015




Investment Income ($):
Income:
Interest					1,064,941
Dividends from affiliated issuers					1,484
Total Income					1,066,425
Expenses:
Investment advisory fee—Note 3(a)					112,190
Professional fees					100,809
Registration fees					66,438
Custodian fees—Note 3(c)					8,532
Prospectus and shareholders’ reports					7,421
Directors’ fees and expenses—Note 3(d)					1,432
Shareholder servicing costs—Note 3(c)					714
Distribution fees—Note 3(b)					667
Loan commitment fees—Note 2					112
Miscellaneous					27,848
Total Expenses					326,163
Less—reduction in expenses due to undertaking—Note 3(a)					(179,204)
Less—reduction in fees due to earnings credits—Note 3(c)					(1)
Net Expenses					146,958
Investment Income—Net					919,467
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments					(448,586)
Net realized gain (loss) on financial futures					(7,212)
Net Realized Gain (Loss)					(455,798)
Net unrealized appreciation (depreciation) on investments					(726,010)
Net Realized and Unrealized Gain (Loss) on Investments					(1,181,808)
Net (Decrease) in Net Assets Resulting from Operations					(262,341)

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS
From December 3, 2014 (commencement of operations) to October 31, 2015



				Year Ended October 31,
				2015

Operations ($):
Investment income—net				919,467
Net realized gain (loss) on investments				(455,798)
Net unrealized appreciation (depreciation) on investments				(726,010)
Net Increase (Decrease) in Net Assets Resulting from Operations				(262,341)
Dividends to Shareholders from ($):
Investment income—net:
Class A				(3,296)
Class C				(2,672)
Class I				(883,272)
Class Y				(12,870)
Total Dividends				(902,110)
Capital Stock Transactions ($):
Net proceeds from shares sold:
Class A				100,000
Class C				100,000
Class I				24,701,002
Class Y				597,864
Dividends reinvested
Class Y				9,270
Cost of shares redeemed
Class I				(984)
Increase (Decrease) in Net Assets from Capital Stock Transactions				25,507,152
Total Increase (Decrease) in Net Assets				24,342,701
Net Assets ($):
Beginning of Period				-
End of Period				24,342,701
Undistributed investment income—net				124,004
Capital Share Transactions (Shares):
Class A
Shares sold				8,000
Class C
Shares sold				8,000
Class I
Shares sold				1,976,081
Shares redeemed				(81)
Net Increase (Decrease) in Shares Outstanding				1,976,000
Class Y
Shares sold				47,829
Shares issued for dividends reinvested				773
Net Increase (Decrease) in Shares Outstanding				48,602

See notes to financial statements.

FINANCIAL HIGHLIGHTS

The following table describes the performance for each share class for the period from December 3, 2014 (commencement of operations) to October 31, 2015. All information (except portfolio turnover rate) reflects financial results for a single fund share. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the fund’s financial statements.


	Class A	Class C	Class I	Class Y
	Shares	Shares	Shares	Shares
Per Share Data ($):
Net asset value, beginning of period	12.50	12.50	12.50	12.50
Investment Operations:
Investment income—net^a	.43	.34	.46	.41
Net realized and unrealized gain (loss) on investments	(.58)	(.58)	(.58)	(.54)
Total from Investment Operations	(.15)	(.24)	(.12)	(.13)
Distributions:
Dividends from investment income—net	(.41)	(.33)	(.45)	(.45)
Net asset value, end of period	11.94	11.93	11.93	11.92
Total Return (%)^b	(1.28)^c	(1.91)^c	(.99)	(1.05)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^d	1.75	2.49	1.45	1.46
Ratio of net expenses to average net assets^d	.90	1.65	.65	.65
Ratio of net investment income to average net assets^d	3.85	3.10	4.10	4.15
Portfolio Turnover Rate^b	67.64	67.64	67.64	67.64
Net Assets, end of period ($ x 1,000)	95	95	23,572	579

^a Based on average shares outstanding.

^bNot annualized.

^c Exclusive of sales charge.

^dAnnualized.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus Emerging Markets Debt U.S. Dollar Fund (the “fund”) is a separate non-diversified series of Dreyfus BNY Mellon Funds, Inc. (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering five series, including the fund. The fund commenced operations on December 3, 2014. The fund’s investment objective is to seek to maximize total return. The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser. Standish Mellon Asset Management Company LLC (“Standish”), a wholly-owned subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as the fund’s sub-investment adviser.

NOTES TO FINANCIAL STATEMENTS (continued)

As of October 31, 2015, MBC Investments Corp., an indirect subsidiary of BNY Mellon, held all of the outstanding Class A, Class C, Class I shares and 8,000 Class Y shares of the fund.

The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

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:

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

Investments in securities, excluding short-term investments (other than U.S. Treasury Bills), and financial futures are valued each business day by an independent pricing service (the “Service”) approved by the Company’s Board of Directors (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 the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are valued as determined by the 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. These securities are generally categorized within Level 2 of the fair value hierarchy.

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

When market quotations or official closing prices are not readily available, or are determined not to reflect accurately 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.

NOTES TO FINANCIAL STATEMENTS (continued)

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

Financial futures, 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.

The following is a summary of the inputs used as of October 31, 2015 in valuing the fund’s investments:


Assets ($)	Level 1 Unadjusted Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 Significant Unobservable Inputs	Total
Investments in Securities:
Corporate Bonds^†	-	11,007,890	—	11,007,890
Foreign Government	-	12,786,457	—	12,786,457
Mutual Funds	487,526	-	—	487,526

^† See Statement of Investments for additional detailed categorizations.

At October 31, 2015, there were no transfers between Level 1, Level 2 and Level 3 of the fair value hierarchy.


Affiliated Investment Company	Value 12/3/2014 ($)	Purchases ($)	Sales ($)	Value 10/31/2015 ($)	Net Asset (%)
Dreyfus Institutional Preferred Plus Money Market Fund	—	36,935,806	36,448,280	487,526	2.0

(d) Risk: The fund invests primarily in debt securities. Failure of an issuer of the debt securities to make timely interest or principal payments, or a decline or the perception of a decline in the credit quality of a debt security, can cause the debt security’s price to fall, potentially lowering the fund’s share price. In addition, the value of debt securities may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline because of factors that affect a particular industry.

(e) Dividends to shareholders: Dividends are recorded on the ex-dividend date. Dividends from investment income-net are normally declared and paid on a monthly basis. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

On October 30, 2015, the Board declared a cash dividend of $.045, $.038, $.047 and $.048 per share from undistributed investment income-net for Class A, Class C, Class I and Class Y shares, respectively, payable on November 2, 2015 (ex-dividend date), to shareholders of record as of the close of business on October 30, 2015.

(f) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes.

NOTES TO FINANCIAL STATEMENTS (continued)

tax expense in the Statement of Operations. During the period ended October 31, 2015, the fund did not incur any interest or penalties.

The tax year for the period ended October 31, 2015 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At October 31, 2015, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $124,004, accumulated capital losses $488,509 and unrealized depreciation $790,926.

The accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to October 31, 2015. The fund has $484,182 of short-term capital losses and $4,327 of long-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal period ended October 31, 2015 was as follows: ordinary income $902,110.

During the period ended October 31, 2015, as a result of permanent book to tax differences, primarily due to the tax treatment for amortization of premiums and fund start-up costs, the fund increased accumulated undistributed investment income-net by $106,647, decreased accumulated net realized gain (loss) on investments by $97,627 and decreased paid-in capital by $9,020. Net assets and net asset value per share were not affected by this reclassification.

NOTE 2—Bank Lines of Credit:

The fund participates with other Dreyfus-managed funds in a $480 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended October 31, 2015, the fund did not borrow under the Facilities.

NOTE 3—Investment Advisory Fee, Sub-Investment Advisory Fee and Other Transactions with Affiliates:

(a) Pursuant to a management agreement with Dreyfus, the management fee is computed at the annual rate of .50% of the value of the fund’s average daily net assets and is payable monthly. Dreyfus has contractually agreed, from December 3, 2014 through March 1, 2016, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the expenses of none of the classes (excluding Rule 12b-1 Distribution Plan fees, Shareholder Services Plan fees, taxes, brokerage commissions and extraordinary expenses) exceed .65% of the value of the fund’s average daily net assets. The reduction in expenses, pursuant to the undertaking amounted to $179,204 during the period ended October 31, 2015.

Pursuant to a sub-investment advisory agreement between Dreyfus and Standish, Standish serves as the fund’s sub-investment adviser responsible for the day-to–day management of the fund’s portfolio. Dreyfus pays the sub-investment adviser a monthly fee at an annual percentage of the value of the fund’s average daily net assets. Dreyfus has obtained an exemptive order from the SEC (the “Order”), upon which the fund may rely, to use a manager of managers approach that permits Dreyfus, subject to certain conditions and approval by the Board, to enter into and materially amend sub-investment advisory agreements with one or more sub-investment advisers who are either unaffiliated with Dreyfus or are wholly-owned subsidiaries (as defined under the Act) of Dreyfus’ ultimate parent company, BNY Mellon, without obtaining shareholder approval. The Order also allows the fund to disclose the sub-investment advisory fee paid by Dreyfus to any unaffiliated sub-investment adviser in the aggregate with other unaffiliated sub-investment advisers in documents filed with the SEC and provided to shareholders. In addition, pursuant to the Order, it is not necessary to disclose the sub-investment advisory fee payable by Dreyfus separately to a sub-investment adviser that is a wholly-owned subsidiary of BNY Mellon in documents filed with the SEC and provided to shareholders; such fees are to be aggregated with fees payable to Dreyfus. Dreyfus has ultimate responsibility (subject to oversight by the Board) to supervise any sub-investment adviser and recommend the hiring, termination, and replacement of any sub-investment adviser to the Board.

NOTES TO FINANCIAL STATEMENTS (continued)

(c) Under the Shareholder Services Plan, Class A and Class C shares pay the Distributor at an annual rate of .25% of the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended October 31, 2015, Class A and Class C shares were charged $223 and $222, respectively, pursuant to the Shareholder Services Plan.

Under its terms, the Distribution Plan and Shareholder Services Plan shall remain in effect from year to year, provided such continuance is approved annually by a vote of a majority of those Directors who are not “interested persons” of the Company and who have no direct or indirect financial interest in the operation of or in any agreement related to the Distribution Plan and Shareholder Services Plan.

The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the fund. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended October 31, 2015, the fund was charged $34 for transfer agency services and $258 for cash management services. These fees are included in Shareholder servicing costs in the Statement of Operations. Cash management fees were partially offset by earnings credits of $1.

During the period ended October 31, 2015, the fund was charged $9,843 for services performed by the Chief Compliance Officer and his staff.

The components of “Due from The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $10,239, Distribution Plan fees $60, Shareholder Services Plan fees $40, custodian fees $4,085, Chief Compliance Officer fees $882 and transfer agency fees $34, which are offset against an expense reimbursement currently in effect in the amount of $19,864.

(d) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

(e) A 2% redemption fee is charged and retained by the fund on certain shares redeemed within sixty days following the date of issuance subject to certain exceptions, including redemptions made through use of the fund’s exchange privilege. During the period ended October 31, 2015, redemption fees charged and retained by the fund amounted to $20.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities and financial futures during the period ended October 31, 2015, amounted to $40,690,110 and $15,666,675, respectively.

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 during the period ended October 31, 2015 is discussed below.

Financial Futures: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk as a result of changes in value of underlying financial instruments. The fund invests in financial futures in order to manage its exposure to or protect against changes in the market. A financial futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with financial futures since they are exchange traded, and the exchange guarantees the financial futures

NOTES TO FINANCIAL STATEMENTS (continued)

against default. At October 31, 2015, there were no financial futures outstanding.

The following summarizes the average market value of derivatives outstanding during the period ended October 31, 2015:


					Average Market Value ($)
Interest rate financial futures					785,115

At October 31, 2015, the cost of investments for federal income tax purposes was $25,072,799; accordingly, accumulated net unrealized depreciation on investments was $790,926, consisting of $307,253 gross unrealized appreciation and $1,098,179 gross unrealized depreciation.

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders of
Dreyfus BNY Mellon Fund, Inc.

We have audited the accompanying statement of assets and liabilities of Dreyfus Emerging Markets Debt U.S. Dollar Fund (the “Fund”), a series of Dreyfus BNY Mellon Fund, Inc., including the statement of investments, as of October 31, 2015, and the related statement of operations, the statement of changes in net assets and the financial highlights for the period from December 3, 2014 (commencement of operations) through October 31, 2015. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2015, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus Emerging Markets Debt U.S. Dollar Fund as of October 31, 2015, and the results of its operations, the changes in its net assets and the financial highlights for the period from December 3, 2014 (commencement of operations) through October 31, 2015, in conformity with U.S. generally accepted accounting principles.

New York, New York
December 30, 2015

BOARD MEMBERS INFORMATION (Unaudited)

INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (72)

Chairman of the Board (1999)

Principal Occupation During Past 5 Years:

· Corporate Director and Trustee (1995-present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (1997-present)

· The Newark Group, a provider of a national market of paper recovery facilities, paperboard mills and paperboard converting plants, Director (2000-2010)

No. of Portfolios for which Board Member Serves: 140

———————

Francine J. Bovich (64)

Board Member (2012)

Principal Occupation During Past 5 Years:

· Trustee, The Bradley Trusts, private trust funds (2011-present)

· Managing Director, Morgan Stanley Investment Management (1993-2010)

Other Public Company Board Memberships During Past 5 Years:

· Annaly Capital Management, Inc., Board Member (May 2014-present)

No. of Portfolios for which Board Member Serves: 79

———————

Kenneth A. Himmel (69)

Board Member (1994)

Principal Occupation During Past 5 Years:

· Managing Partner, Gulf Related, an international real estate development company (2010-present)

· President and CEO, Related Urban Development, a real estate development company (1996-present)

· President and CEO, Himmel & Company, a real estate development company (1980-present)

· CEO, American Food Management, a restaurant company (1983-present)

No. of Portfolios for which Board Member Serves: 29

———————

Stephen J. Lockwood (68)

Board Member (1994)

Principal Occupation During Past 5 Years:

· Chairman of the Board, Stephen J. Lockwood and Company LLC, a real estate investment company (2000-present)

No. of Portfolios for which Board Member Serves: 29

———————

Roslyn M. Watson (66)

Board Member (1994)

Principal Occupation During Past 5 Years:

· Principal, Watson Ventures, Inc., a real estate investment company (1993-present)

No. of Portfolios for which Board Member Serves: 65

———————

Benaree Pratt Wiley (69)

Board Member (1998)

Principal Occupation During Past 5 Years:

· Principal, The Wiley Group, a firm specializing in strategy and business development (2005-present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (2008-present)

No. of Portfolios for which Board Member Serves: 65

———————

Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80. The address of the Board Members and Officers is c/o The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-DREYFUS.