BNY Mellon Global Stock Fund - Class I 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			811-3940

	Strategic 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)

	John Pak, 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:		11/30
Date of reporting period:		11/30/13

The following N-CSR relates only to the Registrant’s series listed below and does not affect the other series of the Registrant, which have different fiscal year ends and, therefore, different N-CSR reporting requirements. Separate N-CSR Forms will be filed for these series, as appropriate.

International Stock Fund

Global Stock Fund

Dreyfus U.S. Equity Fund

Dreyfus Select Managers Small Cap Value Fund

FORM N-CSR

Item 1. Reports to Stockholders.

International

Stock Fund

ANNUAL REPORT November 30, 2013

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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 LoseValue

	Contents
	THE FUND
2	A Letter from the President
3	Discussion of Fund Performance
6	Fund Performance
8	UnderstandingYour Fund’s Expenses
8	ComparingYour Fund’s Expenses With Those of Other Funds
9	Statement of Investments
13	Statement of Assets and Liabilities
14	Statement of Operations
15	Statement of Changes in Net Assets
17	Financial Highlights
21	Notes to Financial Statements
33	Report of Independent Registered Public Accounting Firm
34	Important Tax Information
35	Information About the Renewal of the Fund’s Management and Sub-Investment Advisory Agreements
41	Board Members Information
44	Officers of the Fund
	FOR MORE INFORMATION
	Back Cover

International
Stock Fund

The Fund

A LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present this annual report for International Stock Fund, covering the 12-month period from December 1, 2012, through November 30, 2013. 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.

Improving global economic conditions drove developed stock markets higher over much of the reporting period. Europe appeared to put the worst of its sovereign debt and banking crises behind it, and Japan embarked on a new economic course designed to reflate its long-stagnant domestic economy. However, the world’s emerging markets struggled with the effects of local economic slowdowns. As a result, equity market returns varied widely from one country to another over the past 12 months.

We currently expect global economic conditions to continue to improve in 2014, with stronger growth in many developed countries fueled by past and continuing monetary ease. The emerging markets seem poised for more moderate economic expansion. In the United States, we anticipate accelerating growth supported by the fading drags of tighter federal fiscal policies and downsizing on the state and local levels. For more information on how these observations may affect your investments, we encourage you to speak with your financial advisor.

Thank you for your continued confidence and support.

J. Charles Cardona
President
The Dreyfus Corporation
December 16, 2013

DISCUSSION OF FUND PERFORMANCE

For the reporting period of December 1, 2012, through November 30, 2013, as provided by Charlie Macquaker and Roy Leckie of Walter Scott & Partners Limited (Walter Scott), Sub-investment adviser

Fund and Market Performance Overview

For the 12-month period ended November 30, 2013, International Stock Fund’s Class A shares achieved a return of 11.65%, Class C shares returned 10.78% and Class I shares returned 12.13%.¹In comparison, the fund’s benchmark index, the Morgan Stanley Capital International Europe, Australasia, Far East Index (the “MSCI EAFE Index”), achieved an 24.84% return over the same period.²The fund’s Class Y shares produced a total return of 8.49% for the period since their inception of July 1, 2013, through November 30, 2013.

Stocks throughout the developed world responded positively to a recovering global economy during the reporting period. The fund’s returns lagged its benchmark, mainly due to its focus on what we determine to be high-quality growth companies at a time when more speculative value-oriented stocks fared better.

The Fund’s Investment Approach

The fund seeks long-term real return by investing in high-quality companies believed to be capable of sustainable growth and wealth creation over a long time horizon.The fund invests in stocks of foreign companies that are predominantly located in the world’s developed markets outside of the United States.When selecting stocks,Walter Scott seeks companies with fundamental strengths that indicate the potential for sustainable growth.The firm focuses on individual stock selection through extensive fundamental research. Candidates are initially selected for research if they meet certain broad absolute and trend criteria. Financial statements are analyzed in an effort to identify the nature of their cash generation and to understand the variables that could add value to their businesses. Companies meeting the financial criteria are subjected to a detailed investigation of products, costs and pricing, competition, industry position, and outlook.


The Fund	3

DISCUSSION OF FUND PERFORMANCE (continued)

Recovering Global Economy Fueled Markets’ Gains

International stocks rallied over the reporting period in response to aggressively accommodative monetary policies adopted by many central banks, which produced ample liquidity in financial markets. With bonds considered relatively unattractive due to rising long-term interest rates, investors flocked to equities to put their capital to work. Consequently, stock prices climbed sharply in most developed markets.

Europe seemed to put the worst of its financial crisis behind it, as evidenced by the end of a regional recession and rebounding stock prices in previously hard hit nations. Japan’s stock market was lifted by stimulative fiscal and monetary policies from a new government seeking to end years of economic stagnation. While the United States is not part of the MSCI EAFE Index, it led the global economic recovery as domestic growth was supported by employment gains and rebounding housing markets. In contrast, many emerging markets struggled with economic slowdowns during the reporting period.

Quality Bias Dampened Relative Performance

The fund’s relatively conservative investment approach tends to outperform market averages during downturns but typically lags during rallies.The reporting period was no exception, as industry leaders with histories of consistent growth generally fell out of favor among investors seeking more speculative opportunities. For example, in Japan, the fund maintained its emphasis on multinational companies with leadership positions in key export markets, but investors generally favored domestically focused companies that could benefit from newly stimulative fiscal and monetary policies. In Europe, the fund’s positions in global leaders in core nations trailed their lower quality counterparts in peripheral countries, where stocks rebounded from depressed levels.

Some of the fund’s greatest laggards for the reporting period were domiciled in Japan. Electronics producer Canon encountered competitive pressures in its cameras and printers segments, and energy producer INPEX was hurt by a weakening yen and sluggish demand from nearby emerging markets. In Australia, soft drinks bottler Coca-Cola Amatil encountered intensifying competitive pressures, while medical equipment maker Cochlear saw auditory implant procedures temporarily postponed in anticipation of a new product. In the emerging markets, China Shenhua Energy struggled amid an international glut of coal.

The fund achieved better results from Japanese auto parts maker Denso, which prospered in an environment of rising global car and truck sales.Also in Japan, real estate manager Mitsubishi Estate benefited from government efforts to reflate the domestic economy, and electronic equipment manufacturer Keyence proved well positioned for the global trend toward factory automation. Swiss pharmaceutical developer Roche Holding gained value when it more firmly established itself as a leader in oncology, and German apparel maker Adidas raised prices and profit margins.

High Confidence in Portfolio Holdings

Although we at Walter Scott remain more skeptical than the consensus view regarding the sustainability of economic recoveries in Japan and Europe, we have continued to identify opportunities among industry leaders that, in our analysis, are poised to benefit from positive secular trends.As of the reporting period’s end, we have found a number of companies meeting our investment criteria in the energy, consumer staples, consumer discretionary, and health care sectors, but relatively few in the financials, industrials, telecommunications services, and materials sectors. From a regional perspective, the fund held overweighted exposure to the emerging markets,Asia/Pacific markets, and Canada, and underweighted positions in Europe, the United Kingdom, and Japan.

December 16, 2013

Please note, the position in any security highlighted with italicized typeface was sold during the reporting period. Equity funds 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.

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. Past

performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption,

fund shares may be worth more or less than their original cost.

2 SOURCE: LIPPER INC. — Reflects reinvestment of net dividends and, where applicable, capital gain

distributions.The Morgan Stanley Capital International Europe,Australasia, Far East (MSCI EAFE) Index is an

unmanaged index composed of a sample of companies representative of the market structure of European and Pacific

Basin countries. Returns are calculated on a month-end basis. Investors cannot invest directly in any index.


The Fund	5

FUND PERFORMANCE


†	Source: Lipper Inc.
^††	The total return figures presented for ClassY shares of the fund reflect the performance of the fund’s Class A shares
	for the period prior to 7/1/13 (the inception date for ClassY shares).

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 ClassY shares of International Stock Fund on 12/29/06 (inception date) to a $10,000 investment made in the Morgan Stanley Capital International Europe, Australasia, Far East Index (the “Index”) on that date. All dividends and capital gain distributions are reinvested.

On April 29, 2013, the Board authorized the fund to offer ClassY shares, as a new class of shares, to certain investors, including certain institutional investors. On July 1, 2013, ClassY shares were offered at net asset value and are not subject to certain fees, including Distribution Plan and Shareholder Services Plan fees.

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 Index is an unmanaged, market capitalization weighted index that is designed to measure the performance of publicly traded stocks issued by companies in developed markets excluding the U.S. and Canada. Unlike a mutual fund, the Index is 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 11/30/13

	Inception					From
	Date	1 Year		5 Years		Inception
Class A shares
with maximum sales charge (5.75%)	12/29/06	5.24	%	12.77	%	3.15	%
without sales charge	12/29/06	11.65	%	14.10	%	4.03	%
Class C shares
with applicable redemption charge ^†	12/29/06	9.78	%	13.25	%	3.25	%
without redemption	12/29/06	10.78	%	13.25	%	3.25	%
Class I shares	12/29/06	12.13	%	14.52	%	4.42	%
Class Y shares	7/1/13	12.72	%^††	14.32	%^††	4.17	%^††
Morgan Stanley Capital
International Europe,
Australasia, Far East Index	12/31/06	24.84	%	13.42	%	1.58	%

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.


†	The maximum contingent deferred sales charge for Class C shares is 1% for shares redeemed within one year of the
	date of purchase.
^††	The total return performance figures presented for ClassY shares of the fund reflect the performance of the fund’s
	Class A shares for the period prior to 7/1/13 (the inception date for ClassY shares).


The Fund	7

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 International Stock Fund from June 1, 2013 to November 30, 2013. 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 November 30, 2013^†


		Class A		Class C		Class I		Class Y
Expenses paid per $1,000^††	$	6.67	$	10.53	$	4.76	$	3.95
Ending value (after expenses)	$	1,062.80	$	1,058.30	$	1,065.00	$	1,084.90

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 November 30, 2013


		Class A		Class C		Class I		Class Y
Expenses paid per $1,000^††††	$	6.53	$	10.30	$	4.66	$	4.61
Ending value (after expenses)	$	1,018.60	$	1,014.84	$	1,020.46	$	1,020.51


†	From July 1, 2013 (commencement of initial offering) to November 30, 2013 for ClassY shares.
††	Expenses are equal to the fund’s annualized expense ratio of 1.29% for Class A, 2.04% for Class C and .92%
	for Class I, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half
	year period). Expenses are equal to the fund’s annualized expense ratio of .91% for ClassY, multiplied by the average
	account value over the period, multiplied by 152/365 (to reflect the actual days in the period).
†††	Please note that while ClassY shares commenced operations on July 1, 2013, the hypothetical expenses paid during
	the period reflect projected activity for the full six month period for purposes of comparability.This projection assumes
	that annualized expense ratios were in effect during the period June 1, 2013 to November 30, 2013.
^††††Expenses are equal to the fund’s annualized expense ratio of 1.29% for Class A, 2.04% for Class C, .92% for
	Class I and .91% for Class Y, multiplied by the average account value over the period, multiplied by 183/365 (to
	reflect the one-half year period).

STATEMENT OF INVESTMENTS

November 30, 2013


Common Stocks—96.9%	Shares	Value ($)
Australia—8.0%
Coca-Cola Amatil	4,763,000	52,416,411
Cochlear	356,600	18,982,312
CSL	1,019,000	63,750,109
Woodside Petroleum	1,692,000	57,601,310
Woolworths	2,180,100	66,855,606
		259,605,748
Belgium—1.5%
Colruyt	849,000	47,875,506
Brazil—1.5%
Petroleo Brasileiro, ADR	2,917,800	48,260,412
Canada—2.1%
Suncor Energy	1,982,200	67,941,955
China—3.2%
China Shenhua Energy, Cl. H	10,513,000	35,664,639
CNOOC	33,191,000	67,987,060
		103,651,699
Denmark—2.0%
Novo Nordisk, Cl. B	368,000	65,928,557
Finland—.9%
Kone, Cl. B	318,000	29,231,595
France—7.3%
Air Liquide	450,100	62,750,034
Danone	815,000	59,225,208
Essilor International	507,576	53,251,546
L’Oreal	366,700	61,362,482
		236,589,270
Germany—4.3%
Adidas	603,300	73,385,624
SAP	791,000	65,510,028
		138,895,652


The Fund	9

STATEMENT OF INVESTMENTS (continued)


Common Stocks (continued)	Shares	Value ($)
Hong Kong—8.4%
AIA Group	13,518,200	68,527,808
China Mobile	5,678,500	61,161,134
CLP Holdings	6,249,000	51,224,945
Hang Lung Properties	8,857,000	29,761,156
Hong Kong & China Gas	25,634,026	60,443,337
		271,118,380
Italy—.5%
Tenaris, ADR	388,800	17,422,128
Japan—19.5%
AEON Mall	953,590	27,412,978
Chugai Pharmaceutical	628,000	14,988,140
Daito Trust Construction	644,500	61,150,276
Denso	1,270,300	63,611,099
FANUC	409,400	68,896,051
Honda Motor	1,597,100	67,503,958
INPEX	5,600,000	64,940,212
Keyence	98,520	39,573,410
Komatsu	2,912,300	60,523,078
Mitsubishi Estate	1,066,000	29,593,479
Shimamura	204,300	20,959,471
Shin-Etsu Chemical	971,500	56,140,173
Tokio Marine Holdings	1,759,700	58,401,874
		633,694,199
Singapore—1.9%
DBS Group Holdings	2,401,226	32,874,896
Oversea-Chinese Banking	3,539,061	29,443,995
		62,318,891


Common Stocks (continued)	Shares	Value ($)
Spain—2.3%
Inditex	477,000	76,060,480
Sweden—2.2%
Hennes & Mauritz, Cl. B	1,718,000	72,812,702
Switzerland—9.7%
Nestle	879,000	64,198,808
Novartis	839,000	66,322,098
Roche Holding	238,400	66,464,784
SGS	11,090	24,996,547
Swatch Group-BR	52,100	34,143,204
Syngenta	153,000	60,092,674
		316,218,115
Taiwan—2.0%
Taiwan Semiconductor Manufacturing, ADR	3,648,400	64,686,132
United Kingdom—19.6%
BG Group	3,575,000	73,034,992
Burberry Group	2,506,000	62,616,170
Centrica	9,895,000	54,775,228
Compass Group	4,369,900	65,856,330
HSBC Holdings	5,347,000	59,661,926
Reckitt Benckiser Group	895,900	71,964,608
SABMiller	1,185,000	61,137,646
Smith & Nephew	4,995,000	66,653,944
Standard Chartered	2,544,000	60,297,874
Tesco	10,811,000	61,552,983
		637,551,701
Total Common Stocks
(cost $2,632,848,695)		3,149,863,122


The Fund	11

STATEMENT OF INVESTMENTS (continued)


Other Investment—2.9%	Shares		Value ($)
Registered Investment Company;
Dreyfus Institutional Preferred
Plus Money Market Fund
(cost $93,800,000)	93,800,000	^a	93,800,000

Total Investments (cost $2,726,648,695)	99.8	%	3,243,663,122
Cash and Receivables (Net)	.2	%	6,986,273
Net Assets	100.0	%	3,250,649,395

ADR—American Depository Receipts

BR—Bearer Certificate

a Investment in affiliated money market mutual fund.


Portfolio Summary (Unaudited)^†

	Value (%)		Value (%)
Consumer Staples	16.8	Materials	5.5
Consumer Discretionary	16.5	Information Technology	5.2
Financial	14.1	Utilities	5.1
Energy	13.3	Money Market Investment	2.9
Health Care	12.8	Telecommunication Services	1.9
Industrial	5.7		99.8

† Based on net assets.

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

November 30, 2013


	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments:
Unaffiliated issuers	2,632,848,695	3,149,863,122
Affiliated issuers	93,800,000	93,800,000
Cash		1,327,629
Cash denominated in foreign currencies	1,632,744	1,622,930
Dividends receivable		5,412,826
Receivable for shares of Common Stock subscribed		2,360,002
Prepaid expenses		133,929
		3,254,520,438
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(c)		2,724,229
Payable for shares of Common Stock redeemed		749,714
Accrued expenses		397,100
		3,871,043
Net Assets ($)		3,250,649,395
Composition of Net Assets ($):
Paid-in capital		2,762,989,007
Accumulated undistributed investment income—net		36,794,406
Accumulated net realized gain (loss) on investments		(66,179,326	)
Accumulated net unrealized appreciation (depreciation)
on investments and foreign currency transactions		517,045,308
Net Assets ($)		3,250,649,395


Net Asset Value Per Share
	Class A	Class C	Class I	Class Y
Net Assets ($)	284,574,952	35,904,790	2,930,168,568	1,085
Shares Outstanding	18,279,838	2,352,710	186,332,443	69
Net Asset Value Per Share ($)	15.57	15.26	15.73	15.72
See notes to financial statements.


The Fund	13

STATEMENT OF OPERATIONS

Year Ended November 30, 2013


Investment Income ($):
Income:
Cash dividends (net of $5,601,151 foreign taxes withheld at source):
Unaffiliated issuers	69,759,988
Affiliated issuers	68,608
Interest	35,435
Total Income	69,864,031
Expenses:
Management fee—Note 3(a)	24,104,015
Shareholder servicing costs—Note 3(c)	1,404,473
Custodian fees—Note 3(c)	822,894
Registration fees	260,014
Distribution fees—Note 3(b)	243,922
Directors’ fees and expenses—Note 3(d)	213,437
Professional fees	169,286
Prospectus and shareholders’ reports	97,950
Loan commitment fees—Note 2	27,924
Miscellaneous	119,371
Total Expenses	27,463,286
Less—reduction in fees due to earnings credits—Note 3(c)	(294	)
Net Expenses	27,462,992
Investment Income—Net	42,401,039
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments and foreign currency transactions	(1,708,326	)
Net realized gain (loss) on forward foreign currency exchange contracts	1,680,989
Net Realized Gain (Loss)	(27,337	)
Net unrealized appreciation (depreciation) on
investments and foreign currency transactions	260,328,361
Net Realized and Unrealized Gain (Loss) on Investments	260,301,024
Net Increase in Net Assets Resulting from Operations	302,702,063
See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended November 30,
	2013	^a	2012
Operations ($):
Investment income—net	42,401,039		32,588,010
Net realized gain (loss) on investments	(27,337	)	(26,607,763	)
Net unrealized appreciation
(depreciation) on investments	260,328,361		229,692,690
Net Increase (Decrease) in Net Assets
Resulting from Operations	302,702,063		235,672,937
Dividends to Shareholders from ($):
Investment income—net:
Class A	(2,453,861	)	(1,727,130	)
Class C	(156,624	)	(33,444	)
Class I	(32,893,538	)	(14,304,931	)
Total Dividends	(35,504,023	)	(16,065,505	)
Capital Stock Transactions ($):
Net proceeds from shares sold:
Class A	147,162,705		69,431,573
Class C	13,865,416		6,334,328
Class I	1,149,860,399		952,851,615
Class Y	1,000		—
Dividends reinvested:
Class A	2,370,457		1,702,274
Class C	110,933		23,020
Class I	22,258,109		7,414,889
Cost of shares redeemed:
Class A	(62,177,277	)	(108,468,076	)
Class C	(4,965,563	)	(8,328,062	)
Class I	(418,895,968	)	(338,580,321	)
Increase (Decrease) in Net Assets
from Capital Stock Transactions	849,590,211		582,381,240
Total Increase (Decrease) in Net Assets	1,116,788,251		801,988,672
Net Assets ($):
Beginning of Period	2,133,861,144		1,331,872,472
End of Period	3,250,649,395		2,133,861,144
Undistributed investment income—net	36,794,406		29,866,773


The Fund	15

STATEMENT OF CHANGES IN NET ASSETS (continued)


	Year Ended November 30,
	2013	^a	2012
Capital Share Transactions:
Class A^b
Shares sold	9,880,843		5,272,552
Shares issued for dividends reinvested	164,615		140,566
Shares redeemed	(4,140,282	)	(8,325,957	)
Net Increase (Decrease) in Shares Outstanding	5,905,176		(2,912,839	)
Class C^b
Shares sold	951,707		485,056
Shares issued for dividends reinvested	7,807		1,923
Shares redeemed	(336,282	)	(648,380	)
Net Increase (Decrease) in Shares Outstanding	623,232		(161,401	)
Class I
Shares sold	77,060,413		72,715,136
Shares issued for dividends reinvested	1,535,042		608,776
Shares redeemed	(27,918,325	)	(25,572,016	)
Net Increase (Decrease) in Shares Outstanding	50,677,130		47,751,896
Class Y
Shares sold	69		—

a Effective July 1, 2013, the fund commenced offering ClassY shares.

b During the period ended November 30, 2013, 6,275 Class C shares representing $95,883 were exchanged for

6,174 Class A shares.

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 November 30,
Class A Shares	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	14.13		12.58		12.83		11.97		8.43
Investment Operations:
Investment income—net^a	.17		.21		.15		.09		.05
Net realized and unrealized
gain (loss) on investments	1.46		1.46		(.31	)	.86		3.58
Total from Investment Operations	1.63		1.67		(.16	)	.95		3.63
Distributions:
Dividends from investment income—net	(.19	)	(.12	)	(.09	)	(.09	)	(.09	)
Net asset value, end of period	15.57		14.13		12.58		12.83		11.97
Total Return (%)^b	11.65		13.40		(1.32	)	7.99		43.33
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets	1.30		1.31		1.27		1.34		1.43
Ratio of net expenses
to average net assets	1.30		1.31		1.27		1.34		1.42
Ratio of net investment income
to average net assets	1.14		1.62		1.08		.69		.50
Portfolio Turnover Rate	2.58		5.47		5.07		5.91		21.67
Net Assets, end of period ($ x 1,000)	284,575		174,825		192,351		124,347		18,059


a	Based on average shares outstanding at each month end.
b	Exclusive of sales charge.

See notes to financial statements.


The Fund	17

FINANCIAL HIGHLIGHTS (continued)


			Year Ended November 30,
Class C Shares	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	13.86		12.33		12.64		11.83		8.32
Investment Operations:
Investment income (loss)—net^a	.06		.12		.04		(.02	)	(.01	)
Net realized and unrealized
gain (loss) on investments	1.43		1.43		(.30	)	.87		3.53
Total from Investment Operations	1.49		1.55		(.26	)	.85		3.52
Distributions:
Dividends from investment income—net	(.09	)	(.02	)	(.05	)	(.04	)	(.01	)
Net asset value, end of period	15.26		13.86		12.33		12.64		11.83
Total Return (%)^b	10.78		12.58		(2.08	)	7.18		42.31
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets	2.04		2.06		2.05		2.13		2.25
Ratio of net expenses
to average net assets	2.04		2.06		2.05		2.13		2.22
Ratio of net investment income (loss)
to average net assets	.42		.90		.33		(.12	)	(.13	)
Portfolio Turnover Rate	2.58		5.47		5.07		5.91		21.67
Net Assets, end of period ($ x 1,000)	35,905		23,962		23,319		13,959		1,224


a	Based on average shares outstanding at each month end.
b	Exclusive of sales charge.

See notes to financial statements.


					Year Ended November 30,
Class I Shares	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value,
beginning of period	14.26		12.70		12.93		12.04		8.47
Investment Operations:
Investment income—net^a	.23		.26		.19		.14		.12
Net realized and unrealized
gain (loss) on investments	1.48		1.46		(.31	)	.86		3.57
Total from Investment Operations	1.71		1.72		(.12	)	1.00		3.69
Distributions:
Dividends from
investment income—net	(.24	)	(.16	)	(.11	)	(.11	)	(.12	)
Net asset value, end of period	15.73		14.26		12.70		12.93		12.04
Total Return (%)	12.13		13.74		(1.01	)	8.38		43.98
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets	.92		.93		.93		.97		1.01
Ratio of net expenses
to average net assets	.92		.93		.93		.97		1.01
Ratio of net investment income
to average net assets	1.54		1.96		1.41		1.11		1.18
Portfolio Turnover Rate	2.58		5.47		5.07		5.91		21.67
Net Assets, end of period
($ x 1,000)	2,930,169		1,935,074		1,116,202		688,992		339,535

a Based on average shares outstanding at each month end.
See notes to financial statements.


The Fund	19

FINANCIAL HIGHLIGHTS (continued)


	Period Ended
Class Y Shares	November 30, 2013^a
Per Share Data ($):
Net asset value, beginning of period	14.49
Investment Operations:
Investment income—net^b	.06
Net realized and unrealized gain (loss) on investments	1.17
Total from Investment Operations	1.23
Net asset value, end of period	15.72
Total Return (%)^c	8.49
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^d	.91
Ratio of net expenses to average net assets^d	.91
Ratio of net investment income to average net assets^d	.93
Portfolio Turnover Rate	2.58
Net Assets, end of period ($ x 1,000)	1


a	From July 1, 2013 (commencement of initial offering) to November 30, 2013.
b	Based on average shares outstanding at each month end.
c	Not annualized.
d	Annualized.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

International Stock Fund (the “fund”) is a separate diversified series of Strategic 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 nine series, including the fund.The fund’s investment objective seeks long-term 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. Walter Scott & Partners Limited (“Walter Scott”), a subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as the fund’s sub-investment adviser.

At a meeting held on April 29, 2013, the Company’s Board of Directors (the “Board”) approved, effective July 1, 2013: (a) for the fund to offer Class Y shares; and, (b) an increase in the authorized shares of the fund from 400 million to 500 million and authorized 100 million Class Y shares. The Board also approved, effective July 29, 2013, an increase in the authorized shares of the fund from 500 million to 600 million and to increase Class I shares from 200 million to 300 million.

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 600 million shares of $.001 par value Common Stock.The fund currently offers four classes of shares: Class A (100 million shares authorized), Class C (100 million shares authorized), Class I (300 million shares authorized) and Class Y (100 million shares authorized). 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”) on Class C shares redeemed within one year of purchase. Class I and ClassY shares are offered at net asset value generally to institutional investors. 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.


The Fund	21

NOTES TO FINANCIAL STATEMENTS (continued)

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 November 30, 2013, MBC Investments Corp., an indirect subsidiary of BNY Mellon, held all of the outstanding 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.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 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.

The Company enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.

(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.

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

Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered invest-


The Fund	23

NOTES TO FINANCIAL STATEMENTS (continued)

ment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are categorized within Level 1 of the fair value hierarchy.

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

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

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

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

Forward foreign currency exchange contracts (“forward contracts”) are valued at the forward rate and are generally categorized within Level 2 of the fair value hierarchy.

The following is a summary of the inputs used as of November 30, 2013 in valuing the fund’s investments:


		Level 2—Other	Level 3—
	Level 1—	Significant	Significant
	Unadjusted	Observable	Unobservable
	Quoted Prices	Inputs	Inputs	Total
Assets ($)
Investments in Securities:
Equity Securities—
Foreign
Common
Stocks^†	3,149,863,122	—	—	3,149,863,122
Mutual Funds	93,800,000	—	—	93,800,000

† See Statement of Investments for additional detailed categorizations.

At November 30, 2013, there were no transfers between Level 1 and Level 2 of the fair value hierarchy.

(b) Foreign currency transactions: The fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments resulting from changes in exchange rates. Foreign currency gains and losses on foreign currency transactions are also included with net realized and unrealized gain or loss on investments.


The Fund	25

NOTES TO FINANCIAL STATEMENTS (continued)

(c) 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.

(d) 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 November 30, 2013 were as follows:


Affiliated
Investment	Value ($)			Value	Net
Company	11/30/2012	Purchases ($)	Sales ($)	11/30/2013 ($)	Assets (%)
Dreyfus
Institutional
Preferred
Plus Money
Market
Fund	47,720,000	850,450,000	804,370,000	93,800,000	2.9

(e) Risk: Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S.These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and capital, and adverse political and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls and delayed settlements, and their prices may be more volatile than those of comparable securities in the U.S.

(f) 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 dis-

tributions are determined in accordance with income tax regulations, which may differ from GAAP.

(g) 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 November 30, 2013, 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 November 30, 2013, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended November 30, 2013 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At November 30, 2013, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $46,743,520, accumulated capital losses $63,676,108 and unrealized appreciation $504,592,976.

Under the Regulated Investment Company Modernization Act of 2010 (the “2010 Act”), the fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) for an unlimited period. Furthermore, post-enactment capital loss carryovers retain their character as either short-term or long-term capital losses rather than short-term as they were under previous statute.The 2010 Act requires post-enactment losses to be utilized before the utilization of losses incurred in taxable years prior to the effective date of the 2010 Act (“pre-enactment losses”).As a result of this ordering rule, pre-enactment losses may be more likely to expire unused.


The Fund	27

NOTES TO FINANCIAL STATEMENTS (continued)

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 November 30, 2013. If not applied, $598,805 of the carryover expires in fiscal year 2016, $15,114,500 expires in fiscal year 2017 and $16,297,830 expires in fiscal year 2019. The fund has $5,721,194 of post-enactment short-term capital losses and $25,943,779 of post-enactment long-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 November 30, 2013 and November 30, 2012 were as follows: ordinary income $35,504,023 and $16,065,505, respectively.

During the period ended November 30, 2013, as a result of permanent book to tax differences, primarily due to the tax treatment for foreign currency gains and losses, the fund increased accumulated undistributed investment income-net by $30,617 and decreased accumulated net realized gain (loss) on investments by the same amount. Net assets and net asset value per share were not affected by this reclassification.

(h) Accounting Pronouncement: In January 2013, FASB issued Accounting Standards Update No. 2013-01 (“ASU 2013-01”), “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”, which replaced Accounting Standards Update No. 2011-11 (“ASU 2011-11”), “Disclosures about Offsetting Assets and Liabilities”. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods.ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities.ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to enforceable master netting arrangements (“MNA”) or similar agreements. Management is currently evaluating the application of ASU 2013-01 and its impact on the fund’s financial statements.

NOTE 2—Bank Lines of Credit:

The fund participates with other Dreyfus-managed funds in a $265 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. Prior to October 9, 2013, the unsecured credit facility with Citibank, N.A. was $210 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. During the period ended November 30, 2013, the fund did not borrow under the Facilities.

NOTE 3—Management 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 .85% of the value of the fund’s average daily net assets and is payable monthly.

Pursuant to a sub-investment advisory agreement between Dreyfus and Walter Scott, Dreyfus pays Walter Scott a monthly fee at an annual percentage of the value of the fund’s average daily net assets.

During the period ended November 30, 2013, the Distributor retained $15,844 from commissions earned on sales of the fund’s Class A shares and $5,646 from CDSCs on redemptions of the fund’s Class C shares.

(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 November 30, 2013, Class C shares were charged $243,922, pursuant to the Distribution Plan.


The Fund	29

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 November 30, 2013, Class A and Class C shares were charged $604,029 and $81,307, respectively, pursuant to the 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 DreyfusTransfer, 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 November 30, 2013, the fund was charged $67,590 for transfer agency services and $2,166 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 $291.

The fund compensates The Bank of NewYork 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 November 30, 2013, the fund was charged $822,894 pursuant to the custody agreement.

The fund compensated The Bank of New York Mellon under a cash management agreement that was in effect until September 30, 2013 for performing certain cash management services related to fund subscriptions and redemptions. During the period ended November 30, 2013, the fund was charged $1,071 pursuant to the cash management agreement, which is included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset by earnings credits of $3.

During the period ended November 30, 2013, the fund was charged $9,055 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 $2,256,243, Distribution Plan fees $22,091, Shareholder Services Plan fees $65,630, custodian fees $355,080, Chief Compliance Officer fees $3,833 and transfer agency fees $21,352.

(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 and forward contracts, during the period ended November 30, 2013, amounted to $881,721,875 and $70,224,287, 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 November 30, 2013 is discussed below.


The Fund	31

NOTES TO FINANCIAL STATEMENTS (continued)

foreign currency transactions or as a part of its investment strategy. When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, the fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed.The fund realizes a gain if the value of the contract decreases between those dates.With respect to purchases of forward contracts, the fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed.The fund realizes a gain if the value of the contract increases between those dates. Any realized or unrealized gains or losses which occurred during the period are reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments.The fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is generally limited to the unrealized gain on each open contract. At November 30, 2013, there were no forward contracts outstanding.

The following summarizes the average market value of derivatives outstanding during the period ended November 30, 2013:


	Average Market Value ($)
Forward contracts	10,572,723

At November 30, 2013, the cost of investments for federal income tax purposes was $2,739,101,027; accordingly, accumulated net unrealized appreciation on investments was $504,562,095, consisting of $586,893,219 gross unrealized appreciation and $82,331,124 gross unrealized depreciation.

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

Shareholders and Board of Directors
International Stock Fund

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of International Stock Fund (one of the series comprising Strategic Funds, Inc.) as of November 30, 2013, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. 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.We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2013 by correspondence with the custodian and others. 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 International Stock Fund at November 30, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the indicated periods, in conformity with U.S. generally accepted accounting principles.

NewYork, NewYork

January 27, 2014


The Fund	33

IMPORTANT TAX INFORMATION (Unaudited)

In accordance with federal tax law, the fund elects to provide each shareholder with their portion of the fund’s foreign taxes paid and the income sourced from foreign countries. Accordingly, the fund hereby reports the following information regarding its fiscal year ended November 30, 2013:

—the total amount of taxes paid to foreign countries was $5,384,262

—the total amount of income sourced from foreign countries was $75,361,140.

Where required by federal tax law rules, shareholders will receive notification of their proportionate share of foreign taxes paid and foreign sourced income for the 2013 calendar year with Form 1099-DIV which will be mailed in early 2014.

For the fiscal year ended November 30, 2013, certain dividends paid by the fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Of the distributions paid during the fiscal year, $35,504,023 represents the maximum amount that may be considered qualified dividend income.

INFORMATION ABOUT THE RENEWAL OF THE

FUND’S MANAGEMENT AND SUB-INVESTMENT

ADVISORY AGREEMENTS (Unaudited)

At a meeting of the fund’s Board of Directors held on November 4-5, 2013, the Board considered the renewal of the fund’s Management Agreement, pursuant to which Dreyfus provides the fund with investment advisory and administrative services (the “Agreement”), and the Sub-Investment Advisory Agreement (together, the “Agreements”), pursuant to which Walter Scott & Partners Limited (the “Sub-Adviser”) provides day-to-day management of the fund’s investments.The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of Dreyfus and the Sub-Adviser. In considering the renewal of the Agreements, the Board considered all factors that it believed to be relevant, including those discussed below.The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The Board considered information provided to them at the meeting and in previous presentations from Dreyfus representatives regarding the nature, extent, and quality of the services provided to funds in the Dreyfus fund complex. Dreyfus provided the number of open accounts in the fund, the fund’s asset size and the allocation of fund assets among distribution channels. Dreyfus also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the Dreyfus fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or Dreyfus) and Dreyfus’ corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.


The Fund	35

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AND

SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited) (continued)

including fund accounting and administration and assistance in meeting legal and regulatory requirements.The Board also considered Dreyfus’ extensive administrative, accounting, and compliance infrastructures, as well as Dreyfus’ supervisory activities over the Sub-Adviser.The Board also considered portfolio management’s brokerage policies and practices (including policies and practices regarding soft dollars) and the standards applied in seeking best execution.

Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Lipper, Inc. (“Lipper”), an independent provider of investment company data, which included information comparing (1) the fund’s performance with the performance of a group of comparable funds (the “Performance Group”) and with a broader group of funds (the “Performance Universe”), all for various periods ended September 30, 2013, and (2) the fund’s actual and contractual management fees and total expenses with those of a group of comparable funds (the “Expense Group”) and with a broader group of funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Lipper as of the date of its analysis. Dreyfus previously had furnished the Board with a description of the methodology Lipper used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Dreyfus representatives stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations that may be applicable to the fund and comparison funds.They also noted that performance generally should be considered over longer periods of time, although it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to affect disproportionately long-term performance. The Board discussed the results of the comparisons and noted that the fund’s total return performance was below the Performance Group and Performance Universe medians for the one- and two- year periods and above the

Performance Group and Performance Universe medians for the three-, four- and five-year periods. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index and noted that the fund’s performance was above the returns of the benchmark in four of the five years.

The Board received a presentation from a representative of the Sub-Adviser describing the fund’s investment strategy and performance generally over the past two calendar years as well as the appeal to fund shareholders of the Sub-Adviser’s low beta and benchmark-agnostic investment approach, as reflected in the fund’s continuing net asset growth since inception. During this presentation, the Board noted how the Sub-Adviser’s benchmark-agnostic investment approach can be expected to result in periods of significant outperformance and underperformance from time to time.

The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons.The Board noted that the fund’s contractual management fee was slightly below the Expense Group median, the fund’s actual management fee was at the Expense Group median and slightly above the Expense Universe median, and the fund’s total expenses were below the Expense Group and Expense Universe medians (lowest in the Expense Group).

Dreyfus representatives reviewed with the Board the management or investment advisory fees (1) paid by funds advised or administered by Dreyfus that are in the same Lipper category as the fund and (2) paid to Dreyfus or the Sub-Adviser or its affiliates for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the “Similar Clients”), and explained the nature of the Similar Clients.They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors.The


The Fund	37

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AND

SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited) (continued)

Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness and reasonableness of the fund’s management fee.

The Board considered the fee to the Sub-Adviser in relation to the fee paid to Dreyfus by the fund and the respective services provided by the Sub-Adviser and Dreyfus.The Board also noted the Sub-Adviser’s fee is paid by Dreyfus (out of its fee from the fund) and not the fund.

Analysis of Profitability and Economies of Scale. Dreyfus representatives reviewed the expenses allocated and profit received by Dreyfus and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to Dreyfus of managing the funds in the Dreyfus fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by Dreyfus. The Board also had been provided with information prepared by an independent consulting firm regarding Dreyfus’ approach to allocating costs to, and determining the profitability of, individual funds and the entire Dreyfus fund complex.The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.

The Board considered on the advice of its counsel the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements bear a reasonable relationship to the mix of services provided by Dreyfus and the Sub-Adviser, including the nature, extent, and quality of such services, and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Since Dreyfus, and not the fund, pays the Sub-Adviser pursuant to the Sub-Investment Advisory Agreement, the Board did not consider the Sub-Adviser’s profitability to be relevant to its deliberations. Dreyfus representatives also noted that, as a result of shared and allocated costs among funds in the Dreyfus fund complex, the extent of economies of scale could depend substantially on

the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund’s asset level.The Board also considered potential benefits to Dreyfus and the Sub-Adviser from acting as investment adviser and sub-investment adviser, respectively, and noted the soft dollar arrangements in effect for trading the fund’s investments.

At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

The Board concluded that the nature, extent, and quality of the services provided by Dreyfus and the Sub-Adviser are adequate and appropriate.
The Board generally was satisfied with the fund’s overall performance, in light of the considerations described above.
The Board concluded that the fees paid to Dreyfus and the Sub- Adviser were reasonable in light of the considerations described above.
The Board determined that the economies of scale which may accrue to Dreyfus and its affiliates in connection with the management of the fund had been adequately considered by Dreyfus in connection with the fee rate charged to the fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.


The Fund	39

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AND

SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited) (continued)

the operations of the fund and the investment management and other services provided under the Agreements, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for this fund had the benefit of a number of years of reviews of prior or similar agreements during which lengthy discussions took place between the Board and Dreyfus representatives. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on their consideration of the same or similar arrangements in prior years.The Board determined that renewal of the Agreements was in the best interests of the fund and its shareholders.

BOARD MEMBERS INFORMATION (Unaudited)

Joseph S. DiMartino (70)

Chairman of the Board (1995)

Principal Occupation During Past 5Years:

• Corporate Director and Trustee

Other Public Company Board Memberships During Past 5Years:

• 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)

• Sunair Services Corporation, a provider of certain outdoor-related services to homes and

businesses, Director (2005-2009)

No. of Portfolios for which Board Member Serves: 141

———————

William Hodding Carter III (78)

Board Member (1988)

Principal Occupation During Past 5Years:

• Professor of Leadership & Public Policy, University of North Carolina, Chapel Hill (2006-present)

No. of Portfolios for which Board Member Serves: 24

———————

Gordon J. Davis (72)^†

Board Member (2006)

Principal Occupation During Past 5Years:

• Partner in the law firm ofVenable LLP (2012-present)

• Partner in the law firm of Dewey & LeBoeuf LLP (1994-2012)

Other Public Company Board Memberships During Past 5Years:

• Consolidated Edison, Inc., a utility company, Director (1997-present)

• The Phoenix Companies, Inc., a life insurance company, Director (2000-present)

No. of Portfolios for which Board Member Serves: 49

† Mr. Davis is deemed to be an “interested person” (as defined in the Act) of the fund as a result of his affiliation with

Venable LLP, which provides legal services to the fund.

———————

Joni Evans (71)

Board Member (2006)

Principal Occupation During Past 5Years:

• Chief Executive Officer, www.wowOwow.com an online community dedicated to women’s

conversations and publications (2007-present)

• Principal, Joni Evans Ltd. (publishing) (2006-present)

No. of Portfolios for which Board Member Serves: 24


The Fund	41

BOARD MEMBERS INFORMATION (Unaudited) (continued)

Ehud Houminer (73)

Board Member (1994)

Principal Occupation During Past 5Years:

• Executive-in-Residence at the Columbia Business School, Columbia University (1992-present)

Other Public Company Board Memberships During Past 5Years:

• Avnet Inc., an electronics distributor, Director (1993-2012)

No. of Portfolios for which Board Member Serves: 66

———————

Richard C. Leone (73)

Board Member (1984)

Principal Occupation During Past 5Years:

• Senior Fellow and former President of The Century Foundation (formerly, The Twentieth

Century Fund, Inc.), a tax exempt research foundation engaged in the study of economic, foreign

policy and domestic issues

No. of Portfolios for which Board Member Serves: 24

———————

Hans C. Mautner (76)

Board Member (1984)

Principal Occupation During Past 5Years:

• President—International Division and an Advisory Director of Simon Property Group, a real

estate investment company (1998-2010)

• Chairman and Chief Executive Officer of Simon Global Limited, a real estate company (1999-2010)

No. of Portfolios for which Board Member Serves: 24

———————

Robin A. Melvin (50)

Board Member (1995)

Principal Occupation During Past 5Years:

• Board Member, Illinois Mentoring Partnership, non-profit organization dedicated to increasing

the quantity and quality of mentoring services in Illinois (2013-present)

• Director, Boisi Family Foundation, a private family foundation that supports youth-serving orga-

nizations that promote the self sufficiency of youth from disadvantaged circumstances (1995-2012)

No. of Portfolios for which Board Member Serves: 90

Burton N. Wallack (63)

Board Member (2006)

Principal Occupation During Past 5Years:

• President and Co-owner of Wallack Management Company, a real estate management company

No. of Portfolios for which Board Member Serves: 24

———————

John E. Zuccotti (76)

Board Member (1984)

Principal Occupation During Past 5Years:

• Chairman of Brookfield Properties, Inc.

• Senior Counsel of Weil, Gotshal & Manges, LLP

• Emeritus Chairman of the Real Estate Board of NewYork

Other Public Company Board Memberships During Past 5Years:

• Wellpoint, Inc., a health benefits company, Director (2005-2010)

No. of Portfolios for which Board Member Serves: 24

———————

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, NewYork, NewYork 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.

David W. Burke, Emeritus Board Member
Arnold S. Hiatt, Emeritus Board Member


The Fund	43

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 68 investment companies (comprised of 141 portfolios) managed by the Manager. He is 55 years old and has been an employee of the Manager since February 1988.

JOHN PAK, Chief Legal Officer since March 2013.

Chief Legal Officer of the Manager and Associate General Counsel and Managing Director of BNY Mellon since August 2012; from March 2005 to July 2012, Managing Director of Deutsche Bank, Deputy Global Head of Deutsche Asset Management Legal and Regional Head of Deutsche Asset Management Americas Legal. He is an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 45 years old and has been an employee of the Manager since August 2012.

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

Assistant General Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. She is 50 years old and has been an employee of the Manager since February 1984.

KIESHA ASTWOOD, Vice President and Assistant Secretary since January 2010.

Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. She is 40 years old and has been an employee of the Manager since July 1995.

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

Senior Counsel of BNY Mellon and Secretary of the Manager, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 47 years old and has been an employee of the Manager since December 1996.

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

Senior Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. She is 58 years old and has been an employee of the Manager since October 1988.

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

Senior Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 52 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 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since February 1991.

ROBERT R. MULLERY, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 61 years old and has been an employee of the Manager since May 1986.

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

Senior Managing Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 48 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 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 55 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 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 54 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 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 45 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 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 49 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 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 46 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 (69 investment companies, comprised of 166 portfolios). He is 56 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.

MATTHEW D. CONNOLLY, Anti-Money Laundering Compliance Officer since April 2012.

Anti-Money Laundering Compliance Officer of the Distributor since October 2011; from March 2010 to September 2011, Global Head, KYC Reviews and Director, UBS Investment Bank; until March 2010, AML Compliance Officer and Senior Vice President, Citi Global Wealth Management. He is an officer of 64 investment companies (comprised of 161 portfolios) managed by the Manager. He is 41 years old and has been an employee of the Distributor since October 2011.


The Fund	45

For More Information

Telephone Call your financial representative or 1-800-DREYFUS

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

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 http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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 http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-DREYFUS.

Global Stock Fund

ANNUAL REPORT November 30, 2013

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

	Contents
	THE FUND
2	A Letter from the President
3	Discussion of Fund Performance
6	Fund Performance
8	Understanding Your Fund’s Expenses
8	Comparing Your Fund’s Expenses With Those of Other Funds
9	Statement of Investments
12	Statement of Assets and Liabilities
13	Statement of Operations
14	Statement of Changes in Net Assets
16	Financial Highlights
20	Notes to Financial Statements
32	Report of Independent Registered Public Accounting Firm
33	Important Tax Information
34	Information About the Renewal of the Fund’s Management and Sub-Investment Advisory Agreements
40	Board Members Information
43	Officers of the Fund
	FOR MORE INFORMATION
	Back Cover

Global Stock Fund

The Fund

A LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present this annual report for Global Stock Fund, covering the 12-month period from December 1, 2012, through November 30, 2013. 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.

J. Charles Cardona
President
The Dreyfus Corporation
December 16, 2013

DISCUSSION OF FUND PERFORMANCE

For the reporting period of December 1, 2012, through November 30, 2013, as provided by Charlie Macquaker and Roy Leckie of Walter Scott & Partners Limited (Walter Scott), Sub-investment adviser

Fund and Market Performance Overview

For the 12-month period ended November 30, 2013, Global Stock Fund’s Class A shares produced a total return of 20.60%, Class C shares returned 19.72%, and Class I shares returned 20.93%.¹In comparison, the fund’s benchmark, the Morgan Stanley Capital International World Index (the “MSCI World Index”), achieved a 26.38% return over the same period.²The fund’s Class Y shares produced a total return of 11.40% for the period since their inception of July 1, 2013, through November 30, 2013.

The Fund’s Investment Approach

The fund seeks long-term real returns by investing in high-quality companies that we believe are capable of sustainable growth and wealth creation over a long time horizon. The firm focuses on individual stock selection through extensive fundamental research. Candidates are initially selected for research if they meet certain broad absolute and trend criteria. Financial statements are analyzed in an effort to identify the nature of the cash generation that is looked for in any investment and to understand the variables that demonstrate robust financial health and define long-term competitive advantage. Companies meeting the financial criteria are then subjected to a detailed investigation of products, costs and pricing, competition, industry position, and outlook.

Recovering Global Economy Fueled Markets’ Gains

Global stocks rallied over the reporting period in response to aggressively accommodative monetary policies adopted by many central banks, which helped to produce


The Fund	3

DISCUSSION OF FUND PERFORMANCE (continued)

ample liquidity in the financial markets.With bonds considered relatively unattractive due to rising long-term interest rates, investors flocked to equities to put their capital to work. Consequently, stock prices climbed sharply in most developed markets.

The United States led the global economic recovery, as domestic growth was supported by employment gains, rebounding housing markets, and a massive quantitative easing program. Europe seemed to put the worst of its financial crisis behind it, as evidenced by the end of a regional recession, greater confidence in the banking system, and rebounding stock prices in previously hard hit nations. Japan’s stock market was lifted by stimulative fiscal and monetary policies from a new government seeking to reflate the domestic economy after years of stagnation. In contrast, many emerging markets struggled with economic slowdowns and capital outflows during the reporting period.

Quality Bias Dampened Relative Performance

The fund’s relatively conservative investment approach tends to outperform market averages during downturns but typically lags during rallies.The reporting period was no exception, as industry leaders with histories of consistent growth generally fell out of favor among investors seeking more speculative opportunities. For example, in Japan, the fund maintained its emphasis on multinational companies with leadership positions in key export markets, but investors generally favored domestically focused companies that seemed likely to benefit from the new government’s stimulative fiscal and monetary policies. In Europe, the fund’s positions in global leaders based in core nations trailed their lower quality counterparts in peripheral countries, where stocks rebounded from depressed levels.

Several of the fund’s greatest laggards for the reporting period were domiciled in Japan. Construction machinery manufacturer Komatsu and industrial conglomerate Daikin Industries were hurt by sluggish demand from Asian emerging markets, and electronics producer Canon encountered competitive pressures in its cameras and printers segments. In the emerging markets, China Shenhua Energy suffered amid an international glut of coal, and Brazilian energy giant Petroleo Brasileiro was hurt by elevated production costs and government-imposed price controls on imported oil.

The fund achieved better results in the United States, which accounted for four of its top five performers over the reporting period. Software developer Adobe Systems benefited from a change in its distribution model to “software as a service,”

footwear maker NIKE achieved strong sales in North American markets, payments processor MasterCard benefited from higher transaction volumes, and technology leader Google continued to generate consistently strong results from online advertising sales and its Android smartphone operating system. The fund also received a strong contribution to performance from Japanese auto parts maker Denso, which prospered when vehicle sales climbed globally.

High Confidence in Portfolio Holdings

Although we at Walter Scott remain more skeptical than the consensus view regarding the sustainability of economic recoveries in Japan and Europe, we have continued to identify opportunities among industry leaders throughout the world that, in our analysis, are poised to benefit from positive secular trends.As of the reporting period’s end, we have found a number of companies meeting our investment criteria in the information technology, energy, and health care sectors, but relatively few in the financials, industrials, and telecommunications services sectors. From a regional perspective, the fund held overweighted exposure to the emerging markets, Asia/Pacific markets, and Japan, and underweighted positions in the United States, Canada, and Europe.

December 16, 2013

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.

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. 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.

2 SOURCE: LIPPER INC. — Reflects reinvestment of net dividends and, where applicable, capital gain

distributions.The Morgan Stanley Capital International (MSCI) World Index is an unmanaged index of global stock

market performance, including the United States, Canada, Europe,Australia, New Zealand and the Far East.

Investors cannot invest directly in any index.


The Fund	5

FUND PERFORMANCE


†	Source: Lipper Inc.
^††	The total return figures presented for ClassY shares of the fund reflect the performance of the fund’s Class A shares
	for the period prior to 7/1/13 (the inception date for ClassY shares).

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 ClassY shares of Global Stock Fund on 12/29/06 (inception date) to a $10,000 investment made in the Morgan Stanley Capital International World Index (the “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 Index is an unmanaged index of global stock market performance, including the United States, Canada, Australia, New Zealand and the Far East and includes net dividends reinvested. Unlike a mutual fund, the Index is 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 11/30/13

	Inception					From
	Date	1 Year		5 Years		Inception
Class A shares
with maximum sales charge (5.75%)	12/29/06	13.64	%	14.63	%	5.29	%
without sales charge	12/29/06	20.60	%	15.99	%	6.19	%
Class C shares
with applicable redemption charge ^†	12/29/06	18.72	%	15.13	%	5.40	%
without redemption	12/29/06	19.72	%	15.13	%	5.40	%
Class I shares	12/29/06	20.93	%	16.42	%	6.55	%
Class Y shares	7/1/13	22.28	%^††	16.31	%^††	6.40	%^††
Morgan Stanley Capital
International World Index	12/31/06	26.38	%	15.27	%	3.57	%


†	The maximum contingent deferred sales charge for Class C shares is 1% for shares redeemed within one year of the
	date of purchase.
^††	The total return performance figures presented for ClassY shares of the fund reflect the performance of the fund’s
	Class A shares for the period prior to 7/1/13 (the inception date for ClassY shares).


The Fund	7

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 Global Stock Fund from June 1, 2013 to November 30, 2013. 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 November 30, 2013 ^†


		Class A		Class C		Class I		Class Y
Expenses paid per $1,000^††	$	6.54	$	10.52	$	4.80	$	3.96
Ending value (after expenses)	$	1,102.80	$	1,098.60	$	1,104.50	$	1,114.00

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 November 30, 2013


		Class A		Class C		Class I		Class Y
Expenses paid per $1,000^††††	$	6.28	$	10.10	$	4.61	$	4.56
Ending value (after expenses)	$	1,018.85	$	1,015.04	$	1,020.51	$	1,020.56


	From July 1, 2013 (commencement of initial offering) to November 30, 2013 for ClassY shares.
††	Expenses are equal to the fund’s annualized expense ratio of 1.24% for Class A, 2.00% for Class C and .91%
	for Class I, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half
	year period). Expenses are equal to the fund’s annualized expense ratio of .90% for ClassY, multiplied by the
	average account value over the period, multiplied by 152/365 (to reflect the actual days in the period).
†††	Please note that while ClassY shares commenced operations on July 1, 2013, the hypothetical expenses paid
	during the period reflect projected activity for the full six month period for purposes of comparability.This projection
	assumes that annualized expense ratios were in effect during the period June 1, 2013 to November 30, 2013.
^††††	Expenses are equal to the fund’s annualized expense ratio of 1.24% for Class A, 2.00% for Class C, .91% for
	Class I and .90% for ClassY, multiplied by the average account value over the period, multiplied by 183/365 (to
	reflect the one-half year period).

STATEMENT OF INVESTMENTS

November 30, 2013


Common Stocks—97.6%	Shares	Value ($)
Australia—3.5%
CSL	515,200	32,231,654
Woodside Petroleum	790,000	26,894,229
		59,125,883
Brazil—1.0%
Petroleo Brasileiro, ADR	1,044,300	17,272,722
Canada—1.2%
Suncor Energy	611,200	20,949,512
China—2.9%
China Shenhua Energy, Cl. H	4,950,500	16,794,235
CNOOC	15,694,000	32,146,935
		48,941,170
Denmark—2.1%
Novo Nordisk, Cl. B	198,400	35,544,092
France—2.9%
Essilor International	182,100	19,104,738
L’Oreal	182,300	30,505,537
		49,610,275
Hong Kong—6.5%
AIA Group	7,017,000	35,571,277
China Mobile	2,855,500	30,755,590
CLP Holdings	1,301,000	10,664,691
Hong Kong & China Gas	14,047,434	33,122,920
		110,114,478
Japan—11.4%
Chugai Pharmaceutical	371,100	8,856,845
Denso	512,700	25,673,786
FANUC	201,200	33,859,027
Honda Motor	825,400	34,886,837
Keyence	33,557	13,479,140
Komatsu	1,357,500	28,211,406
Mitsubishi Estate	587,000	16,295,846
Shin-Etsu Chemical	559,400	32,326,107
		193,588,994
Singapore—1.9%
DBS Group Holdings	2,390,369	32,726,254


The Fund	9

STATEMENT OF INVESTMENTS (continued)


Common Stocks (continued)	Shares		Value ($)
Spain—2.1%
Inditex	226,000		36,037,041
Sweden—2.2%
Hennes & Mauritz, Cl. B	861,000		36,491,116
Switzerland—8.1%
Nestle	453,700		33,136,518
Novartis	150,700		11,912,682
Roche Holding	128,700		35,880,947
SGS	5,000		11,269,859
Swatch Group-BR	23,400		15,334,951
Syngenta	76,400		30,007,061
			137,542,018
Taiwan—2.0%
Taiwan Semiconductor Manufacturing, ADR	1,932,800		34,268,544
United Kingdom—9.5%
BG Group	1,678,000		34,280,480
HSBC Holdings	2,834,000		31,621,825
Reckitt Benckiser Group	435,700		34,998,303
Standard Chartered	1,319,000		31,262,931
Tesco	5,322,000		30,301,080
			162,464,619
United States—40.3%
Adobe Systems	678,900	^a	38,547,942
Amphenol, Cl. A	165,400		14,059,000
Automatic Data Processing	422,900		33,840,458
C.R. Bard	79,700		11,068,736
Cisco Systems	1,258,100		26,734,625
Colgate-Palmolive	517,800		34,076,418
EOG Resources	200,500		33,082,500
Fastenal	210,000		9,771,300
Google, Cl. A	35,400	^a	37,509,486
Intuitive Surgical	42,600	^a	16,055,940
Johnson & Johnson	341,000		32,279,060
MasterCard, Cl. A	49,200		37,431,852
Microsoft	967,600		36,894,588
NIKE, Cl. B	490,600		38,826,084
Oracle	950,200		33,532,558
Praxair	260,500		32,890,730


Common Stocks (continued)	Shares		Value ($)
United States (continued)
Precision Castparts	139,500		36,053,775
QUALCOMM	458,600		33,743,788
Schlumberger	379,500		33,555,390
Sigma-Aldrich	166,400		14,350,336
Stryker	448,300		33,362,486
The TJX Companies	564,100		35,470,608
Wal-Mart Stores	417,800		33,845,978
			686,983,638
Total Common Stocks
(cost $1,303,015,508)			1,661,660,356

Other Investment—2.2%
Registered Investment Company;
Dreyfus Institutional Preferred
Plus Money Market Fund
(cost $38,300,000)	38,300,000	^b	38,300,000
Total Investments (cost $1,341,315,508)	99.8	%	1,699,960,356
Cash and Receivables (Net)	.2	%	3,364,157
Net Assets	100.0	%	1,703,324,513


ADR—American Depository Receipts
BR—Bearer Certificate
a	Non-income producing security.
b	Investment in affiliated money market mutual fund.


Portfolio Summary (Unaudited)^†

	Value (%)		Value (%)
Information Technology	20.0	Industrial	7.0
Health Care	13.9	Materials	6.4
Consumer Discretionary	13.1	Utilities	2.6
Energy	12.6	Money Market Investment	2.2
Consumer Staples	11.5	Telecommunication Services	1.8
Financial	8.7		99.8

† Based on net assets.

See notes to financial statements.


The Fund	11

STATEMENT OF ASSETS AND LIABILITIES

November 30, 2013


			Cost	Value
Assets ($):
Investments in securities—See Statement of Investments:
Unaffiliated issuers			1,303,015,508 1,661,660,356
Affiliated issuers			38,300,000	38,300,000
Cash				500,098
Cash denominated in foreign currencies			737,146	733,986
Dividends receivable				2,513,228
Receivable for shares of Common Stock subscribed				1,312,963
Prepaid expenses				73,898
			1,705,094,529
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(c)				1,342,380
Payable for shares of Common Stock redeemed				205,703
Accrued expenses				221,933
				1,770,016
Net Assets ($)			1,703,324,513
Composition of Net Assets ($):
Paid-in capital			1,333,154,689
Accumulated undistributed investment income—net				13,734,250
Accumulated net realized gain (loss) on investments				(2,228,523	)
Accumulated net unrealized appreciation (depreciation)
on investments and foreign currency transactions				358,664,097
Net Assets ($)			1,703,324,513


Net Asset Value Per Share
	Class A	Class C	Class I	Class Y
Net Assets ($)	89,024,040	23,543,015	1,567,608,039	23,149,419
Shares Outstanding	4,939,637	1,337,129	85,751,924	1,267,093
Net Asset Value Per Share ($)	18.02	17.61	18.28	18.27

See notes to financial statements.

STATEMENT OF OPERATIONS

Year Ended November 30, 2013


Investment Income ($):
Income:
Cash dividends (net of $1,572,645 foreign taxes withheld at source):
Unaffiliated issuers	26,459,843
Affiliated issuers	36,026
Interest	13,244
Total Income	26,509,113
Expenses:
Management fee—Note 3(a)	11,110,680
Shareholder servicing costs—Note 3(c)	431,344
Custodian fees—Note 3(c)	262,364
Registration fees	152,090
Distribution fees—Note 3(b)	143,618
Professional fees	99,723
Directors’ fees and expenses—Note 3(d)	93,562
Prospectus and shareholders’ reports	20,274
Loan commitment fees—Note 2	12,518
Miscellaneous	50,081
Total Expenses	12,376,254
Less—reduction in fees due to earnings credits—Note 3(c)	(71	)
Net Expenses	12,376,183
Investment Income—Net	14,132,930
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments and foreign currency transactions	3,590,507
Net realized gain (loss) on forward foreign currency exchange contracts	(701,339	)
Net Realized Gain (Loss)	2,889,168
Net unrealized appreciation (depreciation) on
investments and foreign currency transactions	226,811,107
Net Realized and Unrealized Gain (Loss) on Investments	229,700,275
Net Increase in Net Assets Resulting from Operations	243,833,205

See notes to financial statements.


The Fund	13

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended November 30,
	2013	^a	2012
Operations ($):
Investment income—net	14,132,930		6,765,358
Net realized gain (loss) on investments	2,889,168		(1,806,095	)
Net unrealized appreciation
(depreciation) on investments	226,811,107		73,510,804
Net Increase (Decrease) in Net Assets
Resulting from Operations	243,833,205		78,470,067
Dividends to Shareholders from ($):
Investment income—net:
Class A	(320,140	)	(361,165	)
Class C	—		(5,282	)
Class I	(6,883,220	)	(5,003,982	)
Net realized gain on investments:
Class A	—		(446,761	)
Class C	—		(130,675	)
Class I	—		(4,313,537	)
Total Dividends	(7,203,360	)	(10,261,402	)
Capital Stock Transactions ($):
Net proceeds from shares sold:
Class A	35,004,750		25,765,348
Class C	6,888,808		3,753,627
Class I	818,048,770		281,322,507
Class Y	23,098,999		—
Dividends reinvested:
Class A	309,658		778,549
Class C	—		91,613
Class I	4,696,246		4,912,548
Cost of shares redeemed:
Class A	(21,347,106	)	(19,549,231	)
Class C	(2,640,193	)	(3,380,751	)
Class I	(143,116,756	)	(151,541,785	)
Increase (Decrease) in Net Assets
from Capital Stock Transactions	720,943,176		142,152,425
Total Increase (Decrease) in Net Assets	957,573,021		210,361,090
Net Assets ($):
Beginning of Period	745,751,492		535,390,402
End of Period	1,703,324,513		745,751,492
Undistributed investment income—net	13,734,250		6,631,320


	Year Ended November 30,
	2013	^a	2012
Capital Share Transactions:
Class A^b
Shares sold	2,125,139		1,825,152
Shares issued for dividends reinvested	20,095		59,567
Shares redeemed	(1,319,501	)	(1,387,430	)
Net Increase (Decrease) in Shares Outstanding	825,733		497,289
Class C^b
Shares sold	421,400		270,088
Shares issued for dividends reinvested	—		7,107
Shares redeemed	(163,680	)	(245,232	)
Net Increase (Decrease) in Shares Outstanding	257,720		31,963
Class I
Shares sold	50,129,888		19,533,004
Shares issued for dividends reinvested	301,235		371,881
Shares redeemed	(8,528,852	)	(10,561,836	)
Net Increase (Decrease) in Shares Outstanding	41,902,271		9,343,049
Class Y
Shares sold	1,267,093		—

a Effective July 1, 2013, the fund commenced offering ClassY shares.

b During the period ended November 30, 2013, 10,068 Class C shares representing $168,940 were exchanged for

9,874 Class A shares.

See notes to financial statements.


The Fund	15

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 November 30,
Class A Shares	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	15.02		13.51		12.99		12.23		8.91
Investment Operations:
Investment income—net^a	.13		.11		.11		.07		.06
Net realized and unrealized
gain (loss) on investments	2.95		1.62		.52		.75		3.28
Total from Investment Operations	3.08		1.73		.63		.82		3.34
Distributions:
Dividends from investment income—net	(.08	)	(.10	)	(.07	)	(.06	)	(.02	)
Dividends from net realized
gain on investments	—		(.12	)	(.04	)	—		—
Total Distributions	(.08	)	(.22	)	(.11	)	(.06	)	(.02	)
Net asset value, end of period	18.02		15.02		13.51		12.99		12.23
Total Return (%)^b	20.60		13.08		4.86		6.70		37.57
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets	1.24		1.28		1.27		1.32		1.38
Ratio of net expenses
to average net assets	1.24		1.28		1.27		1.32		1.38
Ratio of net investment income
to average net assets	.76		.80		.80		.56		.53
Portfolio Turnover Rate	6.39		6.05		8.54		7.50		12.75
Net Assets, end of period ($ x 1,000)	89,024		61,806		48,872		37,152		8,212


a	Based on average shares outstanding at each month end.
b	Exclusive of sales charge.

See notes to financial statements.


			Year Ended November 30,
Class C Shares	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	14.71		13.24		12.78		12.07		8.83
Investment Operations:
Investment income (loss)—net^a	.00	^b	.01		.01		(.02	)	(.01	)
Net realized and unrealized
gain (loss) on investments	2.90		1.59		.50		.73		3.25
Total from Investment Operations	2.90		1.60		.51		.71		3.24
Distributions:
Dividends from investment income—net	—		(.01	)	(.01	)	(.00	)^b	—
Dividends from net realized
gain on investments	—		(.12	)	(.04	)	—		—
Total Distributions	—		(.13	)	(.05	)	(.00	)^b	—
Net asset value, end of period	17.61		14.71		13.24		12.78		12.07
Total Return (%)^c	19.72		12.21		4.01		5.90		36.69
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets	2.01		2.05		2.03		2.09		2.12
Ratio of net expenses
to average net assets	2.01		2.05		2.03		2.09		2.09
Ratio of net investment income
(loss) to average net assets	.00	^d	.05		.05		(.17	)	(.11	)
Portfolio Turnover Rate	6.39		6.05		8.54		7.50		12.75
Net Assets, end of period ($ x 1,000)	23,543		15,883		13,872		10,243		1,873


a	Based on average shares outstanding at each month end.
b	Amount represents less than $.01 per share.
c	Exclusive of sales charge.
d	Amount represents less than .01%.

See notes to financial statements.


The Fund	17

FINANCIAL HIGHLIGHTS (continued)


			Year Ended November 30,
Class I Shares	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	15.24		13.70		13.15		12.36		8.99
Investment Operations:
Investment income—net^a	.19		.16		.16		.12		.11
Net realized and unrealized
gain (loss) on investments	2.98		1.64		.53		.76		3.31
Total from Investment Operations	3.17		1.80		.69		.88		3.42
Distributions:
Dividends from investment income—net	(.13	)	(.14	)	(.10	)	(.09	)	(.05	)
Dividends from net realized
gain on investments	—		(.12	)	(.04	)	—		—
Total Distributions	(.13	)	(.26	)	(.14	)	(.09	)	(.05	)
Net asset value, end of period	18.28		15.24		13.70		13.15		12.36
Total Return (%)	20.93		13.49		5.23		7.12		38.22
Ratios/Supplemental Data (%):
Ratio of total expenses										��
to average net assets	.91		.93		.93		.96		.99
Ratio of net expenses
to average net assets	.91		.93		.93		.96		.99
Ratio of net investment income
to average net assets	1.12		1.14		1.13		.94		1.05
Portfolio Turnover Rate	6.39		6.05		8.54		7.50		12.75
Net Assets, end of period ($ x 1,000)	1,567,608		668,063		472,646		364,688		263,694

a Based on average shares outstanding at each month end.
See notes to financial statements.


	Period Ended
Class Y Shares	November 30, 2013 ^a
Per Share Data ($):
Net asset value, beginning of period	16.40
Investment Operations:
Investment income—net^b	.01
Net realized and unrealized gain (loss) on investments	1.86
Total from Investment Operations	1.87
Net asset value, end of period	18.27
Total Return (%)^c	11.40
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^d	.90
Ratio of net expenses to average net assets^d	.90
Ratio of net investment income
to average net assets^d	.83
Portfolio Turnover Rate	6.39
Net Assets, end of period ($ x 1,000)	23,149


a	From July 1, 2013 (commencement of initial offering) to November 30, 2013.
b	Based on average shares outstanding at each month end.
c	Not annualized.
d	Annualized.

See notes to financial statements.


The Fund	19

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Global Stock Fund (the “fund”) is a separate diversified series of Strategic 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 nine series, including the fund.The fund’s investment objective is to seek long-term total return. The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of NewYork Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser.Walter Scott & Partners Limited (“Walter Scott”), a subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as the fund’s sub-investment adviser.

At a meeting held on April 29, 2013, the Company’s Board of Directors (the “Board”) approved, effective July 1, 2013: (a) for the fund to offer Class Y shares; and, (b) an increase in the authorized shares of the fund from 300 million to 400 million and authorized 100 million Class Y shares. At a meeting held on September 25, 2013, the Board approved to increase the authorized shares of the fund from 400 million to 500 million and increase Class I shares from 100 million to 200 million.

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 500 million shares of $.001 par value Common Stock.The fund currently offers four classes of shares: Class A (100 million shares authorized), Class C (100 million shares authorized), Class I (200 million shares authorized) and Class Y (100 million shares authorized). 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”) on Class C shares redeemed within one year of purchase. Class I and ClassY shares are offered at net asset value generally to institutional investors. 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 November 30, 2013, MBC Investments Corp., an indirect subsidiary of BNY Mellon, held all of the outstanding Class Y shares of the fund.


The Fund	21