BNY Mellon Advantage Funds 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			811-07123

	Advantage Funds, Inc.
	(Exact name of Registrant as specified in charter)

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

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

Registrant's telephone number, including area code:				(212) 922-6400

Date of fiscal year end:		08/31
Date of reporting period:		08/31/17

The following N-CSR relates only to the Registrant's series listed below and does not relate to any series of the Registrant with a different fiscal year end and, therefore, different N-CSR reporting requirements. A separate N-CSR will be filed for any series with a different fiscal year end, as appropriate.

Dreyfus Opportunistic Midcap Value Fund

Dreyfus Opportunistic Small Cap Fund

Dreyfus Strategic Value Fund

Dreyfus Structured Midcap Fund

Dreyfus Technology Growth Fund

FORM N-CSR

Item 1. Reports to Stockholders.

Dreyfus Opportunistic Midcap Value Fund


		ANNUAL REPORT August 31, 2017

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

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

Contents

THE FUND


A Letter from the CEO of Dreyfus	2
Discussion of Fund Performance	3
Fund Performance	5
Understanding Your Fund’s Expenses	7
Comparing Your Fund’s Expenses
With Those of Other Funds	7
Statement of Investments	8
Statement of Investments
in Affiliated Issuers	12
Statement of Assets and Liabilities	13
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	17
Notes to Financial Statements	21
Report of Independent Registered
Public Accounting Firm	29
Important Tax Information	30
Information About the Renewal of
the Fund’s Management Agreement	31
Board Members Information	35
Officers of the Fund	38

FOR MORE INFORMATION

Back Cover


	Dreyfus Opportunistic Midcap Value Fund		The Fund

A LETTER FROM THE CEO OF DREYFUS

Dear Shareholder:

We are pleased to present this annual report for Dreyfus Opportunistic Midcap Value Fund, covering the 12-month period from September 1, 2016 through August 31, 2017. 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.

Stocks set a series of new record highs and bonds produced mixed results over the past year in response to changing economic and political conditions. Financial markets during the final months of 2016 were dominated by the election of a new U.S. presidential administration. Equities surged higher in anticipation of more business-friendly regulatory, tax, and fiscal policies, but high-quality bonds generally lost value due to expectations of rising interest rates and accelerating inflation in a stronger economy. Despite a series of short-term interest-rate hikes, bonds recovered over the first eight months of 2017 when it became clearer that major tax and fiscal reforms would take time and political capital to enact. Stocks continued to rally, led by large growth-oriented companies, as corporate earnings grew and global economic conditions improved.

The markets’ recent strong performance has been supported by solid underlying fundamentals. While we currently expect these favorable conditions to persist, we remain watchful for economic and political developments that could derail the rallies. As always, we encourage you to discuss the risks and opportunities of today’s investment environment with your financial advisor.

Thank you for your continued confidence and support.

Sincerely,

Mark D. Santero
Chief Executive Officer
The Dreyfus Corporation
September 15, 2017

DISCUSSION OF FUND PERFORMANCE

For the period from September 1, 2016 through August 31, 2017, as provided by David A. Daglio, James Boyd, and Dale Dutile, Primary Portfolio Managers

Market and Fund Performance Overview

For the 12-month period ended August 31, 2017, Dreyfus Opportunistic Midcap Value Fund’s Class A shares produced a total return of 13.28%, Class C shares returned 12.44%, Class I shares returned 13.63%, and Class Y shares returned 13.71%.¹In comparison, the fund’s benchmark, the Russell Midcap^® Value Index (the “Index”), produced a 10.82% total return for the same period.²

Stocks gained ground amid better-than-expected corporate earnings, improving economic prospects, and positive investor sentiment in the wake of the U.S. presidential election. Our security selection and sector allocation strategies in the financials, energy, real estate, and information technology sectors enabled the fund to outperform its benchmark.

The Fund’s Investment Approach

The fund seeks to surpass the performance of the Index by investing in mid-cap companies with market capitalizations between $1 billion and $25 billion at the time of purchase. The fund’s portfolio managers identify potential investments through extensive fundamental and quantitative research. The fund focuses on individual stock selection (a “bottom-up” approach), emphasizing three key factors: relative value, business health, and business momentum.

The fund’s portfolio managers use an opportunistic value approach to identify stocks whose current market prices trade at a large discount to their intrinsic value, as calculated by the portfolio managers. The opportunistic value style attempts to benefit from valuation inefficiencies and underappreciated fundamental prospects present in the marketplace. The portfolio managers use mid-cycle estimates, growth prospects, the identification of a revaluation catalyst and competitive advantages as some of the factors in the valuation assessment.

Rising Corporate Earnings Drove Markets Higher

While political uncertainties caused U.S. stocks to dip in the weeks before the 2016 presidential election, equity markets were reenergized in November and December when investors began to anticipate lower corporate taxes, reduced regulatory constraints on business, and increased infrastructure spending from a new presidential administration.

The market’s advance slowed in the spring when it became clearer that tax and fiscal reforms were far from certain, but the rally soon resumed in the midst of strong corporate earnings and encouraging economic data. However, market leadership shifted in the spring from smaller, value-oriented stocks to larger, more growth-oriented industry leaders. In this environment, mid-cap stocks generally produced lower returns than large-cap stocks, and value-oriented stocks lagged growth stocks for the reporting period overall.

Selection and Allocation Strategies Buoyed Fund Results

The fund outperformed the Index over the reporting period due in part to the success of our security selection strategy. In the financials sector, brokerage firms E*TRADE Financial, TD Ameritrade Holdings, and Raymond James Financial advanced after gaining market share. Student loans provider SLM benefited from higher origination volumes. Diversified financial company Leucadia National saw the start of cyclical earning recoveries in its Jefferies investment banking unit and its National Beef segment. Among banks, KeyCorp gained value in anticipation

DISCUSSION OF FUND PERFORMANCE (continued)

of a more business-friendly regulatory environment. In the information technology sector, favorable stock selections included commerce-enabling technology provider First Data, where a new management team boosted earnings. Semiconductor equipment maker Teradyne encountered rising demand for testing equipment and new “cobot” products, and Lam Research achieved strong order volumes. Electronic design and test solutions company Keysight Technologies received an acquisition offer at a premium to its stock price at the time.

The fund’s sector allocation strategy proved especially effective in the energy sector, as underweighted exposure to the lagging industry group bolstered relative results. Favorable stock selections—such as refiner Andeavor (formerly Tesoro)—also added value, enabling the fund to produce positive absolute returns in a market segment that weighed on the Index. Underweighted exposure to the real estate sector also helped cushion the impact of a relatively weak industry group.

Disappointments during the reporting period included the industrials sector, as car rental agency Hertz Global Holdings was hurt by declining used car prices, and distributor HD Supply Holdings encountered order handling difficulties. In the consumer discretionary sector, retailer Bed Bath & Beyond failed to execute effectively on its turnaround strategy, and specialty retailers such as Williams-Sonoma struggled in a generally challenging environment for brick-and-mortar stores.

Focusing on Individual Mid-Cap Value Companies

We expect to continue to choose investments one company at a time, according to their individual strengths and future prospects. Nonetheless, it is worth noting that, absent unexpected geopolitical shocks, fundamentals currently appear strong for mid-cap value companies. We recently trimmed holdings in the financials, industrials, and consumer discretionary sectors, and we redeployed those assets to other opportunities among information technology, materials, and health care companies. As of the reporting period’s end, the fund held overweighted exposure to the information technology, financials, materials and health care sectors, but we have identified relatively few opportunities in the energy, utilities, telecommunication services, and consumer discretionary sectors.

September 15, 2017

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. — The Russell Midcap^® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap^® Index companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell Midcap^® Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market. Investors cannot invest directly in any index.

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

Stocks of small- and/or mid-cap companies often experience sharper price fluctuations than stocks of large-cap companies.

FUND PERFORMANCE

Comparison of change in value of $10,000 investment in Dreyfus Opportunistic Midcap Value Fund Class A shares, Class C shares, Class I shares and Class Y shares and the Russell Midcap^® Value Index (the “Index”)

^† Source: Lipper Inc.

^†† The total return figures presented for Class C shares of the fund reflect the performance of the fund’s Class A shares for the period prior to 5/30/08 (the inception date for Class C shares), not reflecting the applicable sales charges for Class A shares.

The total return figures presented for Class I shares of the fund reflect the performance of the fund’s Class A shares for the period prior to 5/30/08 (the inception date for Class I shares), not reflecting the applicable sales charges for Class A shares.

The total return figures presented for Class Y 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 Class Y shares), not reflecting the applicable sales charges for Class A 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 Class Y shares of Dreyfus Opportunistic Midcap Value Fund on 8/31/07 to a $10,000 investment made in 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 measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap^® Index companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market. 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.

FUND PERFORMANCE (continued)


Average Annual Total Returns as of 8/31/17
	Inception Date	1 Year	5 Years	10 Years
Class A shares
with maximum sales charge (5.75%)	9/29/95	6.75%	11.51%	8.23%
without sales charge	9/29/95	13.28%	12.84%	8.88%
Class C shares
with applicable redemption charge ^†	5/30/08	11.44%	12.00%	8.09%^††
without redemption	5/30/08	12.44%	12.00%	8.09%^††
Class I shares	5/30/08	13.63%	13.12%	9.12%^††
Class Y shares	7/1/13	13.71%	13.16%^††	9.03%^††
Russell Midcap^® Value Index		10.82%	14.22%	7.82%

^† 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 Class C shares of the fund reflect the performance of the fund’s Class A shares for the period prior to 5/30/08 (the inception date for Class C shares), not reflecting the applicable sales charges for Class A shares.

The total return performance figures presented for Class I shares of the fund reflect the performance of the fund’s Class A shares for the period prior to 5/30/08 (the inception date for Class I shares), not reflecting the applicable sales charges for Class A shares.

The total return performance figures presented for Class Y 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 Class Y shares), not reflecting the applicable sales charges for Class A shares.

The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.

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

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

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

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Opportunistic Midcap Value Fund from March 1, 2017 to August 31, 2017. 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 August 31, 2017

	Class A		Class C		Class I		Class Y
Expenses paid per $1,000^†		$5.82		$9.61		$4.47		$4.02
Ending value (after expenses)		$989.30		$985.90		$990.70		$991.30

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 August 31, 2017

	Class A		Class C		Class I		Class Y
Expenses paid per $1,000^†		$5.90		$9.75		$4.53		$4.08
Ending value (after expenses)		$1,019.36		$1,015.53		$1,020.72		$1,021.17

^†Expenses are equal to the fund’s annualized expense ratio of 1.16% for Class A, 1.92% for Class C, .89% for Class I and .80% for Class Y, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS
August 31, 2017



Description	Shares		Value ($)
Common Stocks - 99.2%
Automobiles & Components - .9%
Visteon	83,463	^a	9,634,969
Banks - 2.5%
Huntington Bancshares	926,641		11,666,410
KeyCorp	909,959		15,660,394
			27,326,804
Capital Goods - 3.4%
Hubbell	159,830		18,027,226
PACCAR	278,555		18,476,553
			36,503,779
Commercial & Professional Services - 1.4%
Nielsen Holdings	397,643		15,448,431
Consumer Services - .5%
Caesars Entertainment	442,583	^a	5,133,963
Diversified Financials - 23.7%
Capital One Financial	452,720		36,041,039
E*TRADE Financial	1,030,918	^a	42,277,947
Eaton Vance	199,682		9,500,870
Franklin Resources	480,732		20,782,044
Leucadia National	1,491,058		35,308,253
Raymond James Financial	330,773		25,906,141
SLM	3,519,972	^a	35,798,115
Synchrony Financial	951,149		29,285,878
TD Ameritrade Holding	506,512		21,942,100
			256,842,387
Energy - 3.6%
Andeavor	241,823		24,218,573
Cheniere Energy	337,603	^a	14,446,032
			38,664,605
Exchange-Traded Funds - .3%
SPDR S&P MidCap 400 ETF Trust	10,277		3,243,216
Food & Staples Retailing - 1.2%
US Foods Holding	472,091	^a	12,958,898
Food, Beverage & Tobacco - 3.3%
Archer-Daniels-Midland	865,054		35,744,031
Health Care Equipment & Services - 5.4%
Boston Scientific	381,157	^a	10,500,875



Description	Shares		Value ($)
Common Stocks - 99.2% (continued)
Health Care Equipment & Services - 5.4% (continued)
Humana	69,424		17,885,011
Zimmer Biomet Holdings	266,980		30,507,805
			58,893,691
Insurance - 1.0%
Athene Holding, Cl. A	203,974		10,914,649
Materials - 12.0%
Freeport-McMoRan	2,013,723	^a	29,762,826
International Paper	581,930		31,348,569
Methanex	261,551		13,365,256
Newmont Mining	821,604		31,500,297
Westlake Chemical	315,610		24,273,565
			130,250,513
Media - 2.7%
CBS, Cl. B	48,388		3,099,735
Sinclair Broadcast Group, Cl. A	856,439		25,907,280
			29,007,015
Pharmaceuticals, Biotechnology & Life Sciences - 7.4%
Alexion Pharmaceuticals	267,661	^a	38,117,603
Jazz Pharmaceuticals	228,369	^a	34,109,194
Sage Therapeutics	96,180	^a	7,910,805
			80,137,602
Semiconductors & Semiconductor Equipment - 6.5%
Maxim Integrated Products	527,026		24,591,033
Microsemi	314,038	^a	15,821,234
Teradyne	749,320		26,683,285
United Microelectronics, ADR	1,576,067		3,940,168
			71,035,720
Software & Services - 10.8%
Broadridge Financial Solutions	117,920		9,213,090
DXC Technology	140,895		11,976,075
eBay	135,015	^a	4,878,092
First Data, Cl. A	2,216,477	^a	40,805,342
Nuance Communications	1,300,551	^a	20,899,855
Teradata	910,792	^a	29,072,481
			116,844,935
Technology Hardware & Equipment - 7.7%
Ciena	766,662	^a	16,567,566
Hewlett Packard Enterprise	870,684		15,724,553

STATEMENT OF INVESTMENTS (continued)



Description	Shares		Value ($)
Common Stocks - 99.2% (continued)
Technology Hardware & Equipment - 7.7% (continued)
Viavi Solutions	1,937,008	^a	19,447,560
Xerox	637,085		20,558,733
Zebra Technologies, Cl. A	104,437	^a	10,766,410
			83,064,822
Transportation - 4.3%
J.B. Hunt Transport Services	124,227		12,284,808
Norfolk Southern	79,448		9,575,073
Swift Transportation	886,019	^a	24,852,833
			46,712,714
Utilities - .6%
Calpine	430,234	^a	6,324,440
Total Common Stocks (cost $908,108,980)			1,074,687,184

Other Investment - .2%
Registered Investment Company;
Dreyfus Institutional Preferred Government Plus Money Market Fund (cost $2,081,600)	2,081,600	^b	2,081,600
Total Investments (cost $910,190,580)	99.4%		1,076,768,784
Cash and Receivables (Net)	.6%		6,558,269
Net Assets	100.0%		1,083,327,053

ADR—American Depository Receipt

ETF—Exchange-Traded Fund

SPDR—Standard & Poor's Depository Receipt

^aNon-income producing security.
^bInvestment in affiliated money market mutual fund.


Portfolio Summary (Unaudited) ^†	Value (%)
Diversified Financials	23.7
Materials	12.0
Software & Services	10.8
Technology Hardware & Equipment	7.7
Pharmaceuticals, Biotechnology & Life Sciences	7.4
Semiconductors & Semiconductor Equipment	6.5
Health Care Equipment & Services	5.4
Transportation	4.3
Energy	3.6
Capital Goods	3.4
Food, Beverage & Tobacco	3.3
Media	2.7
Banks	2.5
Commercial & Professional Services	1.4
Food & Staples Retailing	1.2
Insurance	1.0
Automobiles & Components	.9
Utilities	.6
Consumer Services	.5
Exchange-Traded Funds	.3
Money Market Investment	.2
	99.4

^†Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS IN AFFILIATED ISSUERS


Registered Investment Companies	Value 8/31/2016 ($)	Purchases ($)	Sales ($)	Value 8/31/2017 ($)	Net Assets (%)	Dividends/ Distributions ($)
Dreyfus Institutional Cash Advantage Fund, Institutional Shares	18,406,000	14,777,168	33,183,168	-	-	-
Dreyfus Institutional Preferred Government Plus Money Market Fund	3,006,949	461,355,858	462,281,207	2,081,600	.2	52,082
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares	-	162,939,590	162,939,590	-	-	-
Total	21,412,949	639,072,616	658,403,965	2,081,600	.2	52,082

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2017



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments:
Unaffiliated issuers	908,108,980	1,074,687,184
Affiliated issuers	2,081,600	2,081,600
Cash		142,582
Receivable for investment securities sold		14,973,938
Dividends receivable		1,554,307
Receivable for shares of Common Stock subscribed		172,506
Prepaid expenses		45,536
		1,093,657,653
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(c)		902,193
Payable for investment securities purchased		6,638,452
Payable for shares of Common Stock redeemed		2,500,038
Interest payable—Note 2		110
Accrued expenses		289,807
		10,330,600
Net Assets ($)		1,083,327,053
Composition of Net Assets ($):
Paid-in capital		825,157,931
Accumulated undistributed investment income—net		2,115,370
Accumulated net realized gain (loss) on investments		89,475,548
Accumulated net unrealized appreciation (depreciation) on investments		166,578,204
Net Assets ($)		1,083,327,053


Net Asset Value Per Share	Class A	Class C	Class I	Class Y
Net Assets ($)	509,760,936	62,608,447	501,820,923	9,136,747
Shares Outstanding	14,831,161	2,039,450	14,644,657	266,077
Net Asset Value Per Share ($)	34.37	30.70	34.27	34.34

See notes to financial statements.

STATEMENT OF OPERATIONS
Year Ended August 31, 2017




Investment Income ($):
Income:
Cash dividends (net of $50,437 foreign taxes withheld at source):
Unaffiliated issuers					15,754,115
Affiliated issuers					52,082
Income from securities lending—Note 1(b)					40,802
Total Income					15,846,999
Expenses:
Management fee—Note 3(a)					9,226,463
Shareholder servicing costs—Note 3(c)					3,372,924
Distribution fees—Note 3(b)					536,320
Directors’ fees and expenses—Note 3(d)					90,375
Custodian fees—Note 3(c)					87,234
Registration fees					85,360
Professional fees					81,854
Prospectus and shareholders’ reports					77,763
Loan commitment fees—Note 2					35,460
Interest expense—Note 2					10,663
Miscellaneous					33,008
Total Expenses					13,637,424
Less—reduction in fees due to earnings credits—Note 3(c)					(8,455)
Net Expenses					13,628,969
Investment Income—Net					2,218,030
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments					135,298,858
Net unrealized appreciation (depreciation) on investments					31,898,736
Net Realized and Unrealized Gain (Loss) on Investments					167,197,594
Net Increase in Net Assets Resulting from Operations					169,415,624

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended August 31,
	2017	2016
Operations ($):
Investment income—net	2,218,030	2,846,092
Net realized gain (loss) on investments	135,298,858	33,387,974
Net unrealized appreciation (depreciation) on investments	31,898,736	(9,528,738)
Net Increase (Decrease) in Net Assets Resulting from Operations	169,415,624	26,705,328
Distributions to Shareholders from ($):
Investment income—net:
Class A	(150,447)	-
Class I	(1,718,638)	(378,487)
Class Y	(41,145)	(201,480)
Net realized gain on investments:
Class A	(34,720,829)	(163,514,213)
Class C	(3,672,816)	(18,133,204)
Class I	(21,342,132)	(95,819,995)
Class Y	(376,578)	(12,858,708)
Total Distributions	(62,022,585)	(290,906,087)
Capital Stock Transactions ($):
Net proceeds from shares sold:
Class A	75,094,482	144,471,285
Class C	6,613,135	9,703,250
Class I	284,476,355	141,009,615
Class Y	6,198,203	9,901,433
Distributions reinvested:
Class A	32,052,598	148,969,232
Class C	3,049,663	14,641,322
Class I	22,018,042	88,032,264
Class Y	312,777	12,714,335
Cost of shares redeemed:
Class A	(452,533,679)	(424,844,330)
Class C	(28,803,314)	(46,692,551)
Class I	(340,780,615)	(562,111,303)
Class Y	(15,338,617)	(69,663,961)
Increase (Decrease) in Net Assets from Capital Stock Transactions	(407,640,970)	(533,869,409)
Total Increase (Decrease) in Net Assets	(300,247,931)	(798,070,168)
Net Assets ($):
Beginning of Period	1,383,574,984	2,181,645,152
End of Period	1,083,327,053	1,383,574,984
Undistributed investment income—net	2,115,370	1,905,676

STATEMENT OF CHANGES IN NET ASSETS (continued)


		Year Ended August 31,
		2017	2016
Capital Share Transactions (Shares):
Class A
Shares sold		2,248,398	4,722,794
Shares issued for distributions reinvested		966,313	5,163,578
Shares redeemed		(13,502,201)	(13,754,633)
Net Increase (Decrease) in Shares Outstanding		(10,287,490)	(3,868,261)
Class C^a
Shares sold		218,979	346,788
Shares issued for distributions reinvested		102,372	558,402
Shares redeemed		(963,162)	(1,629,615)
Net Increase (Decrease) in Shares Outstanding		(641,811)	(724,425)
Class I^a
Shares sold		8,483,733	4,618,348
Shares issued for distributions reinvested		667,011	3,065,191
Shares redeemed^b		(10,075,991)	(16,927,149)
Net Increase (Decrease) in Shares Outstanding		(925,247)	(9,243,610)
Class Y
Shares sold		186,843	335,763
Shares issued for distributions reinvested		9,464	442,084
Shares redeemed		(475,970)	(2,381,985)
Net Increase (Decrease) in Shares Outstanding		(279,663)	(1,604,138)

^a	During the period ended August 31, 2017, 348 Class C shares representing $10,555 were exchanged for 313 Class I shares and during the period ended August 31, 2016, 164 Class C shares representing $5,387 were exchanged for 152 Class I shares.
^b	During the period ended August 31, 2016, 6,020,293 shares amounting to $216,790,748 were redeemed-in-kind resulting in a net realized gain on investments of $10,278,766.
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 August 31,
Class A Shares	2017	2016	2015	2014	2013
Per Share Data ($):
Net asset value, beginning of period	31.72	36.97	43.17	38.27	29.47
Investment Operations:
Investment income (loss)—net ^a	.03	.03	(.02)	.05	.03
Net realized and unrealized gain (loss) on investments	4.13	.82	(1.79)	9.10	8.83
Total from Investment Operations	4.16	.85	(1.81)	9.15	8.86
Distributions:				��
Dividends from investment income—net	(.01)	-	(.05)	-	(.06)
Dividends from net realized gain on investments	(1.50)	(6.10)	(4.34)	(4.25)	-
Total Distributions	(1.51)	(6.10)	(4.39)	(4.25)	(.06)
Net asset value, end of period	34.37	31.72	36.97	43.17	38.27
Total Return (%)^b	13.28	3.95	(4.72)	25.32	30.11
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.17	1.21	1.18	1.15	1.18
Ratio of net expenses to average net assets	1.17	1.21	1.18	1.15	1.18
Ratio of net investment income (loss) to average net assets	.10	.11	(.05)	.12	.08
Portfolio Turnover Rate	104.51	101.68	74.05	67.49	91.31
Net Assets, end of period ($ x 1,000)	509,761	796,686	1,071,713	1,417,535	1,079,346

^a Based on average shares outstanding.
^b Exclusive of sales charge.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)




	Year Ended August 31,
Class C Shares	2017	2016	2015	2014	2013
Per Share Data ($):
Net asset value, beginning of period	28.68	34.26	40.55	36.44	28.22
Investment Operations:
Investment (loss)—net ^a	(.19)	(.18)	(.29)	(.26)	(.24)
Net realized and unrealized gain (loss) on investments	3.71	.70	(1.66)	8.62	8.46
Total from Investment Operations	3.52	.52	(1.95)	8.36	8.22
Distributions:
Dividends from net realized gain on investments	(1.50)	(6.10)	(4.34)	(4.25)	-
Net asset value, end of period	30.70	28.68	34.26	40.55	36.44
Total Return (%)^b	12.44	3.19	(5.41)	24.35	29.13
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.92	1.94	1.90	1.92	1.97
Ratio of net expenses to average net assets	1.92	1.94	1.90	1.92	1.97
Ratio of net investment (loss) to average net assets	(.65)	(.62)	(.77)	(.66)	(.72)
Portfolio Turnover Rate	104.51	101.68	74.05	67.49	91.31
Net Assets, end of period ($ x 1,000)	62,608	76,886	116,683	114,179	46,708

^a Based on average shares outstanding.
^b Exclusive of sales charge.

See notes to financial statements.




	Year Ended August 31,
Class I Shares	2017	2016	2015	2014	2013
Per Share Data ($):
Net asset value, beginning of period	31.64	36.83	43.01	38.12	29.38
Investment Operations:
Investment income—net^a	.14	.12	.09	.15	.10
Net realized and unrealized gain (loss) on investments	4.11	.81	(1.78)	9.07	8.77
Total from Investment Operations	4.25	.93	(1.69)	9.22	8.87
Distributions:
Dividends from investment income—net	(.12)	(.02)	(.15)	(.08)	(.13)
Dividends from net realized gain on investments	(1.50)	(6.10)	(4.34)	(4.25)	-
Total Distributions	(1.62)	(6.12)	(4.49)	(4.33)	(.13)
Net asset value, end of period	34.27	31.64	36.83	43.01	38.12
Total Return (%)	13.63	4.23	(4.43)	25.62	30.26
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.90	.90	.89	.90	.97
Ratio of net expenses to average net assets	.90	.90	.89	.90	.97
Ratio of net investment income to average net assets	.42	.39	.22	.37	.27
Portfolio Turnover Rate	104.51	101.68	74.05	67.49	91.31
Net Assets, end of period ($ x 1,000)	501,821	492,694	913,852	1,282,578	856,830

^a Based on average shares outstanding.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)




	Year Ended August 31,
Class Y Shares	2017	2016	2015	2014	2013^a
Per Share Data ($):
Net asset value, beginning of period	31.72	36.93	43.12	38.12	37.48
Investment Operations:
Investment income—net^b	.15	.16	.13	.19	.02
Net realized and unrealized gain (loss) on investments	4.13	.83	(1.78)	9.17	.62
Total from Investment Operations	4.28	.99	(1.65)	9.36	.64
Distributions:
Dividends from investment income—net	(.16)	(.10)	(.20)	(.11)	-
Dividends from net realized gain on investments	(1.50)	(6.10)	(4.34)	(4.25)	-
Total Distributions	(1.66)	(6.20)	(4.54)	(4.36)	-
Net asset value, end of period	34.34	31.72	36.93	43.12	38.12
Total Return (%)	13.71	4.40	(4.34)	26.02	1.74^c
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.80	.78	.80	.83	.80^d
Ratio of net expenses to average net assets	.80	.78	.80	.83	.80^d
Ratio of net investment income to average net assets	.49	.53	.30	.50	.33^d
Portfolio Turnover Rate	104.51	101.68	74.05	67.49	91.31
Net Assets, end of period ($ x 1,000)	9,137	17,308	79,397	25,147	1

^a From July 1, 2013 (commencement of initial offering) to August 31, 2013.
^b Based on average shares outstanding.
^c Not annualized.
^d Annualized.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus Opportunistic Midcap Value Fund (the “fund”) is a separate diversified series of Advantage 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 to surpass the performance of the Russell Midcap^® Value Index. 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.

Effective March 31, 2017, the fund authorized the issuance of Class T shares, but, as of the date of this report, the fund did not offer Class T shares for purchase. The fund authorized 100 million Class T shares which resulted in the fund’s total authorized shares increasing from 700 million to 800 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 800 million shares of $.001 par value Common Stock. The fund currently has authorized five classes of shares: Class A (350 million shares authorized), Class C (125 million shares authorized), Class I (125 million shares authorized), Class T (100 million shares authorized) and Class Y (100 million shares authorized). Class A and Class T shares generally are subject to a sales charge imposed at the time of purchase. Class C shares are subject to a contingent deferred sales charge (“CDSC”) imposed on Class C shares redeemed within one year of purchase. Class I and Class Y shares are sold at net asset value per share 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.

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.

NOTES TO FINANCIAL STATEMENTS (continued)

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

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

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

When market quotations or official closing prices are not readily available, or are determined not to 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 Company’s Board of Directors (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 generally categorized within Level 3 of the fair value hierarchy.

The following is a summary of the inputs used as of August 31, 2017 in valuing the fund’s investments:

NOTES TO FINANCIAL STATEMENTS (continued)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs	Level 3 -Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:
Equity Securities - Domestic Common Stocks^†		1,054,138,544	-	-	1,054,138,544
Equity Securities - Foreign Common Stocks^†		17,305,424	-	-	17,305,424
Exchange Traded Funds		3,243,216	-	-	3,243,216
Registered Investment Company		2,081,600	-	-	2,081,600

^†See Statement of Investments for additional detailed categorizations.

At August 31, 2017, there were no transfers between levels of the fair value hierarchy.

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

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

During the period ended August 31, 2017, The Bank of New York Mellon earned $8,143 from lending portfolio securities, pursuant to the securities lending agreement.

(c) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” under the Act.

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

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

As of and during the period ended August 31, 2017, 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 August 31, 2017, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended August 31, 2017 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At August 31, 2017, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $24,844,384, undistributed capital gains $79,794,187 and unrealized appreciation $153,530,551.

The tax character of distributions paid to shareholders during the fiscal periods ended August 31, 2017 and August 31, 2016 were as follows: ordinary income $11,170,930 and $27,165,334, and long-term capital gains $50,851,655 and $263,740,753, respectively.

During the period ended August 31, 2017, as a result of permanent book to tax differences, primarily due to the tax treatment for limited partnerships, the fund decreased accumulated undistributed investment

NOTES TO FINANCIAL STATEMENTS (continued)

income-net by $98,106 and increased 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.

NOTE 2—Bank Lines of Credit:

The fund participates with other Dreyfus-managed funds in an $810 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. Prior to October 5, 2016, the unsecured credit facility with Citibank, N.A. was $555 million. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing.

The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2017, was approximately $654,800 with a related weighted average annualized interest rate of 1.63%.

NOTE 3—Management Fee and Other Transactions with Affiliates:

(a) Pursuant to a management agreement with Dreyfus, the management fee is computed at the annual rate of .75% of the value of the fund's average daily net assets and is payable monthly.

During the period ended August 31, 2017, the Distributor retained $19,203 from commissions earned on sales of the fund’s Class A shares and $1,818 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 August 31, 2017, Class C shares were charged $536,320 pursuant to the Distribution Plan.

(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 August 31, 2017, Class A and Class C shares were charged $1,700,463 and $178,773, 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 Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the fund. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended August 31, 2017, the fund was charged $103,681 for transfer agency services and $8,513 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 $8,395.

The fund compensates The Bank of New York Mellon under a custody agreement for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended August 31, 2017, the fund was charged $87,234 pursuant to the custody agreement. These fees were partially offset by earnings credits of $60.

During the period ended August 31, 2017, the fund was charged $11,281 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 $687,883, Distribution Plan fees $40,128, Shareholder Services Plan fees $121,894, custodian fees $28,000, Chief Compliance Officer fees $4,670 and transfer agency fees $19,618.

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

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended August 31, 2017, amounted to $1,280,677,993 and $1,750,493,984, respectively.

NOTES TO FINANCIAL STATEMENTS (continued)

At August 31, 2017, the cost of investments for federal income tax purposes was $923,238,233; accordingly, accumulated net unrealized appreciation on investments was $153,530,551, consisting of $175,853,649 gross unrealized appreciation and $22,323,098 gross unrealized depreciation.

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

Shareholders and Board of Directors
Dreyfus Opportunistic Midcap Value Fund

We have audited the accompanying statement of assets and liabilities, including the statements of investments and investments in affiliated issuers, of Dreyfus Opportunistic Midcap Value Fund (one of the series comprising Advantage Funds, Inc.) as of August 31, 2017, 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 August 31, 2017 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 Dreyfus Opportunistic Midcap Value Fund at August 31, 2017, 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.

New York, New York
October 26, 2017

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund hereby reports 52.17% of the ordinary dividends paid during the fiscal year ended August 31, 2017 as qualifying for the corporate dividends received deduction. Also, 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, $11,170,930 represents the maximum amount that may be considered qualified dividend income. The fund also hereby reports $.2311 per share as a short-term capital gain distribution and $1.2690 per share as a long-term capital gain distribution paid on December 13, 2016. Shareholders will receive notification in early 2018 of the percentage applicable to the preparation of their 2017 income tax returns.

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AGREEMENT (Unaudited)

At a meeting of the fund’s Board of Directors held on March 9-10, 2017, 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”). 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 Dreyfus representatives. In considering the renewal of the Agreement, 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 Board also considered research support available to, and portfolio management capabilities of, the fund’s portfolio management personnel and that Dreyfus also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered Dreyfus’ extensive administrative, accounting and compliance infrastructures. 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 Broadridge Financial Solutions, Inc. (“Broadridge”), 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 January 31, 2017 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 Broadridge as of the date of its analysis. Dreyfus previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AGREEMENT (Unaudited) (continued)

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. The Board discussed with representatives of Dreyfus and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was at or above the Performance Group median for all periods (highest in the one- and ten-year periods) except the three- and four- year periods when it was below the median, and the fund’s performance was above or only one basis point below the Performance Universe median for all periods except for the three- and four-year periods when it was below the median. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.

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 considered that the fund’s contractual management fee was above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.

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 Broadridge category as the fund and (2) paid to Dreyfus or the Dreyfus-affiliated primary employer of the fund’s primary portfolio manager(s) 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 Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness of the fund’s management fee.

Analysis of Profitability and Economies of Scale. Dreyfus representatives reviewed the expenses allocated and profit received by Dreyfus and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to Dreyfus and its affiliates for 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.

benefit of fund shareholders. Dreyfus representatives stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that Dreyfus may have realized any economies of scale would be less. Dreyfus representatives also stated 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 from acting as investment adviser and took into consideration 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 Agreement. 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 are adequate and appropriate.

· The Board was satisfied with the fund’s improved performance in recent periods.

· The Board concluded that the fee paid to Dreyfus supported the renewal of the Agreement 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.

In evaluating the Agreement, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with Dreyfus and its affiliates, of Dreyfus and the services provided to the fund by Dreyfus. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreement, 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 the Agreement for the fund, or substantially similar agreements for other Dreyfus funds that the Board oversees, 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

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AGREEMENT (Unaudited) (continued)

may be based, in part, on their consideration of the fund’s arrangements, or similar arrangements for other Dreyfus funds that the Board oversees, in prior years. The Board determined to renew the Agreement.

BOARD MEMBERS INFORMATION (Unaudited)

INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (73)

Chairman of the Board (1995)

Principal Occupation During Past 5 Years:

· Corporate Director and Trustee (1995-present)

Other Public Company Board Memberships During Past 5 Years:

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

No. of Portfolios for which Board Member Serves: 130

———————

Peggy C. Davis (74)

Board Member (2006)

Principal Occupation During Past 5 Years:

· Shad Professor of Law, New York University School of Law (1983-present)

No. of Portfolios for which Board Member Serves: 47

———————

David P. Feldman (77)

Board Member (1996)

Principal Occupation During Past 5 Years:

· Corporate Director and Trustee (1985-present)

Other Public Company Board Memberships During Past 5 Years:

· BBH Mutual Funds Group (5 registered mutual funds), Director (1992-2014)

No. of Portfolios for which Board Member Serves: 33

———————

Joan Gulley (69)

Board Member (2017)

Principal Occupation During Past 5 Years:

· PNC Financial Services Group, Inc.(1993-2014)

· Executive Vice President and Chief Human Resources Officer and Executive Committee Member (2008-2014)

No. of Portfolios for which Board Member Serves: 33

———————

BOARD MEMBERS INFORMATION (Unaudited) (continued)
INDEPENDENT BOARD MEMBERS (continued)

Ehud Houminer (77)

Board Member (1993)

Principal Occupation During Past 5 Years:

· Board of Overseers at the Columbia Business School, Columbia University (1992-present)

· Trustee, Ben Gurion University

Other Public Company Board Memberships During Past 5 Years:

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

No. of Portfolios for which Board Member Serves: 54

———————

Lynn Martin (77)

Board Member (2012)

Principal Occupation During Past 5 Years:

· President of The Martin Hall Group LLC, a human resources consulting firm (2005-2012)

Other Public Company Board Memberships During Past 5 Years:

· AT&T, Inc., a telecommunications company, Director (1999-2012)

· Ryder System, Inc., a supply chain and transportation management company, Director (1993-2012)

No. of Portfolios for which Board Member Serves: 33

———————

Robin A. Melvin (53)

Board Member (2012)

Principal Occupation During Past 5 Years:

· Co-chairman, Illinois Mentoring Partnership, non-profit organization dedicated to increasing the quantity and quality of mentoring services in Illinois; (2014-present; board member since 2013)

· Director, Boisi Family Foundation, a private family foundation that supports youth-serving organizations that promote the self sufficiency of youth from disadvantaged circumstances (1995-2012)

No. of Portfolios for which Board Member Serves: 102

———————

Dr. Martin Peretz (78)

Board Member (2006)

Principal Occupation During Past 5 Years:

· Editor-in-Chief Emeritus of The New Republic Magazine (2011-2012) (previously,

Editor-in-Chief, 1974-2011)

· Lecturer at Harvard University (1969-2012)

No. of Portfolios for which Board Member Serves: 33

———————

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

James F. Henry, Emeritus Board Member
Philip L. Toia, Emeritus Board Member

OFFICERS OF THE FUND (Unaudited)

BRADLEY J. SKAPYAK, President since January 2010.

Chief Operating Officer and a director of the Manager since June 2009, Chairman of Dreyfus Transfer, Inc., an affiliate of the Manager and the transfer agent of the funds, since May 2011 and Chief Executive Officer of MBSC Securities Corporation since August 2016. He is an officer of 63 investment companies (comprised of 130 portfolios) managed by the Manager. He is 58 years old and has been an employee of the Manager since February 1988.

BENNETT A. MACDOUGALL, Chief Legal Officer since October 2015.

Chief Legal Officer of the Manager and Associate General Counsel and Managing Director of BNY Mellon since June 2015; from June 2005 to June 2015, he served in various capacities with Deutsche Bank – Asset & Wealth Management Division, including as Director and Associate General Counsel, and Chief Legal Officer of Deutsche Investment Management Americas Inc. from June 2012 to May 2015. He is an officer of 64 investment companies (comprised of 155 portfolios) managed by the Manager. He is 45 years old and has been an employee of the Manager since June 2015.

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

Associate General Counsel of BNY Mellon, and an officer of 64 investment companies (comprised of 155 portfolios) managed by the Manager. She is 54 years old and has been an employee of the Manager since February 1984.

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

Managing Counsel of BNY Mellon and Secretary of the Manager, and an officer of 64 investment companies (comprised of 155 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since December 1996.

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

Managing Counsel of BNY Mellon, and an officer of 64 investment companies (comprised of 155 portfolios) managed by the Manager. He is 55 years old and has been an employee of the Manager since June 2000.

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

Managing Counsel of BNY Mellon since July 2014; from October 2004 until July 2014, General Counsel, and from May 2009 until July 2014, Chief Compliance Officer of Century Capital Management. She is an officer of 64 investment companies (comprised of 155 portfolios) managed by the Manager. She is 55 years old and has been an employee of the Manager since July 2014.

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

Senior Counsel of BNY Mellon since March 2013, from August 2005 to March 2013, Associate General Counsel of Third Avenue Management. She is an officer of 64 investment companies (comprised of 155 portfolios) managed by the Manager. She is 41 years old and has been an employee of the Manager since March 2013.

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

Senior Managing Counsel of BNY Mellon, and an officer of 64 investment companies (comprised of 155 portfolios) managed by the Manager. He is 52 years old and has been an employee of the Manager since October 1990.

NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.

Counsel and Vice President of BNY Mellon since May 2016; Attorney at Wildermuth Endowment Strategy Fund/Wildermuth Advisory, LLC from November 2015 until May 2016; Assistant General Counsel at RCS Advisory Services from July 2014 until November 2015; Associate at Sutherland, Asbill & Brennan from January 2013 until January 2014; Associate at K&L Gates from October 2011 until January 2013. She is an officer of 64 investment companies (comprised of 155 portfolios) managed by Dreyfus. She is 32 years old and has been an employee of the Manager since May 2016.

JAMES WINDELS, Treasurer since November 2001.

Director – Mutual Fund Accounting of the Manager, and an officer of 64 investment companies (comprised of 155 portfolios) managed by the Manager. He is 58 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 64 investment companies (comprised of 155 portfolios) managed by the Manager. He is 58 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 64 investment companies (comprised of 155 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since April 1991.

ROBERT S. ROBOL, Assistant Treasurer since August 2005.

Senior Accounting Manager – Dreyfus Financial Reporting of the Manager, and an officer of 64 investment companies (comprised of 155 portfolios) managed by the Manager. He is 53 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 64 investment companies (comprised of 155 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since June 1989.

ROBERT SVAGNA, Assistant Treasurer since December 2002.

Senior Accounting Manager – Fixed Income and Equity Funds of the Manager, and an officer of 64 investment companies (comprised of 155 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since November 1990.

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

Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (64 investment companies, comprised of 155 portfolios). He is 60 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.

CARIDAD M. CAROSELLA, Anti-Money Laundering Compliance Officer since January 2016.

Anti-Money Laundering Compliance Officer of the Dreyfus Family of Funds and BNY Mellon Funds Trust since January 2016; from May 2015 to December 2015, Interim Anti-Money Laundering Compliance Officer of the Dreyfus Family of Funds and BNY Mellon Funds Trust and the Distributor; from January 2012 to May 2015, AML Surveillance Officer of the Distributor and from 2007 to December 2011, Financial Processing Manager of the Distributor. She is an officer of 59 investment companies (comprised of 150 portfolios) managed by the Manager. She is 49 years old and has been an employee of the Distributor since 1997.

NOTES

For More Information

Dreyfus Opportunistic Midcap Value Fund

200 Park Avenue
New York, NY 10166

Manager

The Dreyfus Corporation
200 Park Avenue
New York, NY 10166

Custodian

The Bank of New York Mellon
225 Liberty Street
New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent

Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166

Distributor

MBSC Securities Corporation
200 Park Avenue
New York, NY 10166


Ticker Symbols:	Class A: DMCVX Class C: DVLCX Class I: DVLIX Class Y: DMCYX

Telephone Call your financial representative or 1-800-DREYFUS

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

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

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

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

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


© 2017 MBSC Securities Corporation 0258AR0817

Dreyfus Opportunistic Small Cap Fund


		ANNUAL REPORT August 31, 2017

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

Contents

THE FUND


A Letter from the CEO of Dreyfus	2
Discussion of Fund Performance	3
Fund Performance	5
Understanding Your Fund’s Expenses	7
Comparing Your Fund’s Expenses
With Those of Other Funds	7
Statement of Investments	8
Statement of Investments
in Affiliated Issuers	13
Statement of Assets and Liabilities	14
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	20
Report of Independent Registered
Public Accounting Firm	27
Important Tax Information	28
Information About the Renewal of
the Fund’s Management Agreement	29
Board Members Information	32
Officers of the Fund	35

FOR MORE INFORM ATION

Back Cover


	Dreyfus Opportunistic Small Cap Fund		The Fund

A LETTER FROM THE CEO OF DREYFUS

Dear Shareholder:

We are pleased to present this annual report for Dreyfus Opportunistic Small Cap Fund, covering the 12-month period from September 1, 2016 through August 31, 2017. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.

Thank you for your continued confidence and support.

Sincerely,

Mark D. Santero
Chief Executive Officer
The Dreyfus Corporation
September 15, 2017

DISCUSSION OF FUND PERFORMANCE

For the period from September 1, 2016 through August 31, 2017, as provided by David A. Daglio, James Boyd, and Dale Dutile, Primary Portfolio Managers

Market and Fund Performance Overview

For the 12-month period ended August 31, 2017, Dreyfus Opportunistic Small Cap Fund’s Investor shares returned 23.67%. Between their inception on September 30, 2016 and August 31, 2017, the fund’s Class I shares and Class Y shares produced total returns of 20.02% and 20.02%, respectively.¹ In comparison, the fund’s benchmark, the Russell 2000^® Index (the “Index”), produced a total return of 14.91% for the 12-month period.²

Small-cap growth stocks gained ground amid better-than-expected corporate earnings, improving domestic growth prospects, and positive investor sentiment in the wake of the U.S. presidential election. The fund produced higher returns than its benchmark, primarily due to strong stock selections in the information technology, financials, and consumer discretionary sectors.

The Fund’s Investment Approach

The fund seeks capital appreciation. The fund normally invests at least 80% of its assets in the stocks of small-cap companies. The fund currently considers small-cap companies to be those companies with market capitalizations that fall within the range of companies in the Index. Stocks are selected for the fund’s portfolio based primarily on bottom-up fundamental analysis. The fund’s team of portfolio managers uses a disciplined investment process that relies, in general, on proprietary fundamental research and valuation. Generally, elements of the process include analysis of mid-cycle business prospects, estimation of the intrinsic value of the company, and the identification of a revaluation trigger. The fund’s portfolio managers invest in securities and sectors that they perceive to be attractive from a valuation and fundamental standpoint.

Rising Corporate Earnings Drove Markets Higher

While political uncertainties caused U.S. stocks to dip in the weeks leading up to the 2016 presidential election, equity markets were reenergized in November and December when investors began to anticipate lower corporate taxes, reduced regulatory constraints on business, and increased infrastructure spending from a new presidential administration.

The market’s advance slowed in the spring when it became clearer that tax and fiscal reforms were far from certain in a contentious political environment, but the rally soon resumed in the midst of strong corporate earnings growth and encouraging global economic data. As a result, the Index advanced to a series of record highs. However, market leadership shifted in the spring from smaller, domestically focused businesses to industry leaders with a robust international presence, and small-cap stocks generally produced lower returns than large-cap stocks for the reporting period overall.

Security Selections Buoyed Fund Results

The fund substantially outperformed the Index over the reporting period due to the success of our security selection strategy across a variety of market sectors. In the information technology sector, payment processor Square posted strong subscriber growth and launched a variety of new services for small and midsized businesses. Semiconductor equipment maker Teradyne encountered rising demand for testing equipment and new “cobot” products. Semiconductor producer Microsemi saw a robust recovery in orders and sales. Sierra Wireless, which supplies Internet connectivity technology to automobile manufacturers, experienced strong demand for a

DISCUSSION OF FUND PERFORMANCE (continued)

new product line. Universal Display achieved higher order volumes for its new organic light emitting diode (OLED) technology.

Top performers in the financials sector included student loans provider SLM, where origination volumes increased. Regional bank SVB Financial Group gained value amid optimism about strong loan growth in its West Coast market, and brokerage firm Raymond James Financial reported strong account growth and rising assets under management. Among consumer discretionary companies, retailer Office Depot began to execute on plans to increase operating margins and cash flows by closing underperforming stores. Media companies Gray Television and Nexstar Media Group benefited from expectations of relaxed ownership rules by federal regulators.

The fund also fared well in the materials sector, where chemicals producer Methanex nearly doubled in value in an improving pricing environment. Construction materials supplier U.S. Concrete advanced late in the reporting period in anticipation of rising demand from hurricane-ravaged communities in Texas. The fund further benefited from underweighted exposure to the lagging energy sector, as well as from gains posted by seaborne shipping companies such as Scorpio Tankers.

Disappointments proved relatively modest over the reporting period. In the health care sector, emergency rooms operator Adeptus Health encountered issues related to excessively rapid growth, and Brookdale Senior Living was hurt by an oversupply of newly built independent and assisted living communities.

Focusing on Individual Small-Cap Companies

As always, we expect to continue to choose investments one company at a time, according to their valuations and future prospects. Nonetheless, it is worth noting that, absent unexpected geopolitical shocks, fundamentals currently appear strong for U.S. small-cap companies. As of the reporting period’s end, we have identified a number of attractive opportunities among companies in the financials, information technology, materials, and consumer discretionary sectors, but fewer in the real estate and utilities sectors.

September 15, 2017

¹ Total return includes reinvestment of dividends and any capital gains paid. 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. — The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000^® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. Investors cannot invest directly in any index.

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

Equities 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.

Stocks of small- and/or mid-cap companies often experience sharper price fluctuations than stocks of large-cap companies.

FUND PERFORMANCE

Comparison of change in value of $10,000 investment in Dreyfus Opportunistic Small Cap Fund Investor shares, Class I shares and Class Y shares and the Russell 2000^® Index (the “Index’)

^† Source: Lipper Inc.

^†† The total return figures presented for Class I shares of the fund reflect the performance of the fund’s Investor shares for the period prior to 9/30/16 (the inception date for Class I shares).

The total return figures presented for Class Y shares of the fund reflect the performance of the fund’s Investor shares for the period prior to 9/30/16 (the inception date for Class Y shares).

Past performance is not predictive of future performance.

The above graph compares a $10,000 investment made in each of the Investor, Class I and Class Y shares of Dreyfus Opportunistic Small Cap Fund on 8/31/07 to a $10,000 investment made in 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 all applicable fees and expenses. The Index measures the performance of the small-cap segment of the U.S. equity universe. The Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. 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.

FUND PERFORMANCE (continued)


Average Annual Total Returns as of 8/31/17
	Inception Date	1 Year	5 Years	10 Years
Investor shares	11/16/1993	23.67%	14.39%	10.85%
Class I shares	9/30/2016	23.90%^†	14.43%^†	10.87%^†
Class Y shares	9/30/2016	23.90%^†	14.43%^†	10.87%^†
Russell 2000^® Index		14.91%	13.15%	7.38%

^† The total return performance figures presented for Class I shares of the fund reflect the performance of the fund’s Investor shares for the period prior to 9/30/16 (the inception date for Class I shares).

The total return performance figures presented for Class Y shares of the fund reflect the performance of the fund’s Investor shares for the period prior to 9/30/16 (the inception date for Class Y shares).

The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment returns fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.

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.

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Opportunistic Small Cap Fund from March 1, 2017 to August 31, 2017. 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 August 31, 2017
	Investor Shares		Class I	Class Y
Expenses paid per $1,000^†		$.60	$.79	$.08
Ending value (after expenses)		$,021.50	$,022.40	$,022.60

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 August 31, 2017
	Investor Shares		Class I	Class Y
Expenses paid per $1,000^†		$.60	$.79	$.08
Ending value (after expenses)		$,019.66	$,020.47	$,021.17

^†Expenses are equal to the fund’s annualized expense ratio of 1.10% for Investor shares, .94% for Class I and .80% for Class Y, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS
August 31, 2017



Description	Shares		Value ($)
Common Stocks - 98.8%
Automobiles & Components - 1.0%
Visteon	88,062	^a	10,165,877
Banks - 15.1%
Ameris Bancorp	113,830	^b	5,014,212
Atlantic Capital Bancshares	473,591	^a	8,500,958
Banner	302,880		16,694,746
FCB Financial Holdings, Cl. A	288,588	^a	12,582,437
First Interstate BancSystem, Cl. A	443,470		15,610,144
First Merchants	141,657	^b	5,562,870
Great Western Bancorp	435,225	^b	15,633,282
MGIC Investment	2,087,965	^a	23,907,199
Midland States Bancorp	156,710		4,785,923
South State	85,459	^b	7,029,003
SVB Financial Group	105,909	^a	17,934,630
Union Bankshares	417,789		13,089,329
Univest Corporation of Pennsylvania	207,852	^b	6,058,886
			152,403,619
Capital Goods - 2.0%
Simpson Manufacturing	238,975	^b	10,462,325
Tennant	151,815	^b	9,253,124
			19,715,449
Commercial & Professional Services - 1.4%
Deluxe	146,974		10,192,647
Knoll	243,235		4,390,392
			14,583,039
Consumer Durables & Apparel - 2.7%
G-III Apparel Group	995,031	^a,b	27,363,352
Consumer Services - 5.1%
Houghton Mifflin Harcourt	1,474,974	^a,b	15,044,735
Pinnacle Entertainment	346,471	^a,b	6,756,185
Planet Fitness, Cl. A	1,070,528	^b	27,159,295
Zoe's Kitchen	213,934	^a,b	2,753,331
			51,713,546
Diversified Financials - 10.6%
Capitol Investment Corp. IV	679,597		6,897,910
Donnelley Financial Solutions	619,119		13,255,338
FNFV Group	521,543	^a	8,788,000



Description	Shares		Value ($)
Common Stocks - 98.8% (continued)
Diversified Financials - 10.6% (continued)
Green Dot, Cl. A	293,717	^a	14,151,285
Investment Technology Group	591,609		11,885,425
Landcadia Holdings	301,090	^a	3,230,696
Raymond James Financial	230,079		18,019,787
SLM	2,528,749	^a	25,717,377
TPG Pace Holdings	471,627		4,857,758
			106,803,576
Energy - 3.6%
Arch Coal, Cl. A	163,984	^b	13,097,402
Ardmore Shipping	39,480	^a	319,788
GasLog	263,149	^b	4,420,903
Oasis Petroleum	594,165	^a,b	4,337,405
Scorpio Tankers	609,326		2,479,957
Select Energy Services, Cl. A	831,293	^b	11,721,231
			36,376,686
Exchange-Traded Funds - .6%
iShares Russell 2000 ETF	43,167	^b	6,031,725
Food & Staples Retailing - .5%
US Foods Holding	177,829	^a	4,881,406
Health Care Equipment & Services - 1.6%
Brookdale Senior Living	1,295,958	^a	15,719,971
Household & Personal Products - .5%
Avon Products	2,147,916	^a	5,348,311
Materials - 5.6%
Methanex	579,507	^b	29,612,808
OMNOVA Solutions	1,045,045	^a	9,091,891
US Concrete	220,034	^a,b	17,613,722
			56,318,421
Media - 4.5%
Gray Television	332,433	^a,b	4,753,792
Nexstar Media Group, Cl. A	338,122	^b	20,354,944
Sinclair Broadcast Group, Cl. A	660,928	^b	19,993,072
			45,101,808
Pharmaceuticals, Biotechnology & Life Sciences - 8.9%
Flexion Therapeutics	622,892	^a,b	16,008,324
Revance Therapeutics	768,367	^a,b	18,863,410
Sage Therapeutics	293,215	^a,b	24,116,934

STATEMENT OF INVESTMENTS (continued)



Description	Shares		Value ($)
Common Stocks - 98.8% (continued)
Pharmaceuticals, Biotechnology & Life Sciences - 8.9% (continued)
TherapeuticsMD	5,144,575	^a	30,867,450
			89,856,118
Retailing - 2.7%
Lithia Motors, Cl. A	188,082	^b	20,312,856
Office Depot	1,739,131		7,460,872
			27,773,728
Semiconductors & Semiconductor Equipment - 3.2%
Microsemi	271,380	^a	13,672,124
Teradyne	524,771		18,687,095
			32,359,219
Software & Services - 5.7%
Acxiom	582,329	^a	13,562,442
CommVault Systems	108,750	^a	6,639,188
Envestnet	115,694	^a,b	5,142,598
Silver Spring Networks	833,942	^a,b	10,557,706
Square, Cl. A	629,723	^a	16,442,068
Teradata	155,643	^a,b	4,968,125
			57,312,127
Technology Hardware & Equipment - 12.8%
Ciena	1,286,200	^a	27,794,782
Infinera	2,357,154	^a,b	19,941,523
Methode Electronics	324,512		13,272,541
Sierra Wireless	719,308	^a,b	15,932,672
Universal Display	40,034	^b	5,088,321
VeriFone Systems	851,607	^a	16,836,270
Viavi Solutions	3,025,619	^a	30,377,215
			129,243,324
Transportation - 9.4%
Avis Budget Group	721,095	^a,b	26,125,272
Covenant Transportation Group, Cl. A	192,981	^a,b	4,633,474
Knight Transportation	701,053	^b	27,376,120
Swift Transportation	387,158	^a,b	10,859,782
Werner Enterprises	793,133		26,252,702
			95,247,350
Utilities - 1.3%
Calpine	167,116	^a	2,456,605



Description	Shares		Value ($)
Common Stocks - 98.8% (continued)
Utilities - 1.3% (continued)
Dynegy	1,093,820	^a	10,303,784
			12,760,389
Total Common Stocks (cost $820,806,232)			997,079,041

Other Investment - 1.1%
Registered Investment Company;
Dreyfus Institutional Preferred Government Plus Money Market Fund (cost $11,747,168)	11,747,168	^c	11,747,168

Investment of Cash Collateral for Securities Loaned - 16.0%
Registered Investment Company;
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares (cost $161,197,475)	161,197,475	^c	161,197,475
Total Investments (cost $993,750,875)	115.9%		1,170,023,684
Liabilities, Less Cash and Receivables	(15.9%)		(160,650,041)
Net Assets	100.0%		1,009,373,643

ETF—Exchange-Traded Fund

^aNon-income producing security.
^b Security, or portion thereof, on loan. At August 31, 2017, the value of the fund’s securities on loan was $198,523,577 and the value of the collateral held by the fund was $202,131,213, consisting of cash collateral of $161,197,475 and U.S. Government & Agency securities valued at $40,933,738.
^c Investment in affiliated money market mutual fund.

STATEMENT OF INVESTMENTS (continued)


Portfolio Summary (Unaudited) ^†	Value (%)
Money Market Investments	17.1
Banks	15.1
Technology Hardware & Equipment	12.8
Diversified Financials	10.6
Transportation	9.4
Pharmaceuticals, Biotechnology & Life Sciences	8.9
Software & Services	5.7
Materials	5.6
Consumer Services	5.1
Media	4.5
Energy	3.6
Semiconductors & Semiconductor Equipment	3.2
Retailing	2.7
Consumer Durables & Apparel	2.7
Capital Goods	2.0
Health Care Equipment & Services	1.6
Commercial & Professional Services	1.4
Utilities	1.3
Automobiles & Components	1.0
Exchange-Traded Funds	.6
Household & Personal Products	.5
Food & Staples Retailing	.5
	115.9

^†Based on net assets.
See notes to financial statements.

STATEMENT OF INVESTMENTS IN AFFILIATED ISSUERS


Registered Investment Companies	Value 8/31/2016 ($)	Purchases ($)	Sales ($)	Value 8/31/2017 ($)	Net Assets (%)	Dividends/ Distributions ($)
Dreyfus Institutional Cash Advantage Fund, Institutional Shares	65,913,277	76,865,905	142,779,182	–	–	–
Dreyfus Institutional Preferred Government Plus Money Market Fund	12,473,420	329,338,918	330,065,170	11,747,168	1.1	59,898
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares	–	1,046,021,295	884,823,820	161,197,475	16.0	–
Total	78,386,697	1,452,226,118	1,357,668,172	172,944,643	17.1	59,898

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES
August 31, 2017



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments (including securities on loan, valued at $198,523,577)—Note 1(b):
Unaffiliated issuers	820,806,232	997,079,041
Affiliated issuers	172,944,643	172,944,643
Cash		142,012
Receivable for investment securities sold		1,715,021
Dividends and securities lending income receivable		449,075
Receivable for shares of Common Stock subscribed		280,781
Prepaid expenses		36,329
		1,172,646,902
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(b)		793,047
Liability for securities on loan—Note 1(b)		161,197,475
Payable for investment securities purchased		818,106
Payable for shares of Common Stock redeemed		322,390
Accrued expenses		142,241
		163,273,259
Net Assets ($)		1,009,373,643
Composition of Net Assets ($):
Paid-in capital		736,206,329
Accumulated net realized gain (loss) on investments		96,894,505
Accumulated net unrealized appreciation (depreciation) on investments		176,272,809
Net Assets ($)		1,009,373,643


Net Asset Value Per Share	Investor Shares	Class I	Class Y
Net Assets ($)	488,506,933	53,193,951	467,672,759
Shares Outstanding	13,372,331	1,453,444	12,777,787
Net Asset Value Per Share ($)	36.53	36.60	36.60

See notes to financial statements.

STATEMENT OF OPERATIONS
Year Ended August 31, 2017




Investment Income ($):
Income:
Cash dividends (net of $124,550 foreign taxes withheld at source):
Unaffiliated issuers					5,983,322
Affiliated issuers					59,898
Income from securities lending—Note 1(b)					487,292
Total Income					6,530,512
Expenses:
Management fee—Note 3(a)					7,313,989
Shareholder servicing costs—Note 3(b)					2,496,063
Professional fees					113,448
Custodian fees—Note 3(b)					96,938
Registration fees					87,827
Directors’ fees and expenses—Note 3(c)					79,440
Prospectus and shareholders’ reports					38,503
Loan commitment fees—Note 2					19,878
Interest expense—Note 2					5,963
Miscellaneous					32,644
Total Expenses					10,284,693
Less—reduction in fees due to earnings credits—Note 3(b)					(8,529)
Net Expenses					10,276,164
Investment (Loss)—Net					(3,745,652)
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments					118,409,645
Net unrealized appreciation (depreciation) on investments					83,275,055
Net Realized and Unrealized Gain (Loss) on Investments					201,684,700
Net Increase in Net Assets Resulting from Operations					197,939,048

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended August 31,
	2017	^a	2016
Operations ($):
Investment (loss)—net	(3,745,652)		(1,341,271)
Net realized gain (loss) on investments	118,409,645		14,972,795
Net unrealized appreciation (depreciation) on investments	83,275,055		(8,400,423)
Net Increase (Decrease) in Net Assets Resulting from Operations	197,939,048		5,231,101
Distributions to Shareholders from ($):
Investment income—net:
Investor Shares	-		(2,920,964)
Net realized gain on investments:
Investor Shares	(3,999,748)		(30,554,710)
Class I	(665)		-
Class Y	(45)		-
Total Distributions	(4,000,458)		(33,475,674)
Capital Stock Transactions ($):
Net proceeds from shares sold:
Investor Shares	217,081,169		158,035,790
Class I	66,561,226		-
Class Y	455,884,195		-
Distributions reinvested:
Investor Shares	3,036,951		25,215,603
Class I	620		-
Cost of shares redeemed:
Investor Shares	(705,991,264)		(292,501,076)
Class I	(15,345,775)		-
Class Y	(8,533,201)		-
Increase (Decrease) in Net Assets from Capital Stock Transactions	12,693,921		(109,249,683)
Total Increase (Decrease) in Net Assets	206,632,511		(137,494,256)
Net Assets ($):
Beginning of Period	802,741,132		940,235,388
End of Period	1,009,373,643		802,741,132
Accumulated investment (loss)—net	-		(3,191,973)
Capital Share Transactions (Shares):
Investor Shares^b
Shares sold	6,575,414		5,626,484
Shares issued for distributions reinvested	90,709		867,410
Shares redeemed	(20,354,904)		(10,309,536)
Net Increase (Decrease) in Shares Outstanding	(13,688,781)		(3,815,642)
Class I^b
Shares sold	1,899,812		-
Shares issued for distributions reinvested	18		-
Shares redeemed	(446,386)		-
Net Increase (Decrease) in Shares Outstanding	1,453,444		-
Class Y^b
Shares sold	13,014,137		-
Shares redeemed	(236,350)		-
Net Increase (Decrease) in Shares Outstanding	12,777,787		-

^{a On September 30, 2016, the fund redesignated existing shares as Investor shares and commenced offering Class I and Class Y shares.}
^{b During the period ended August 31, 2017, 3,150 Investor shares representing $91,861 were exchanged for 3,149 Class I shares, 12,139,913 Investor shares representing $423,925,756 were exchanged for 12,126,023 Class Y shares and 41,076 Class Y shares representing $1,482,175 were exchanged for 41,067 Class I shares.}
See notes to financial statements.

FINANCIAL HIGHLIGHTS




Investor Shares	Year Ended August 31,
	2017^a	2016	2015	2014	2013
Per Share Data ($):
Net asset value, beginning of period	29.66	30.45	35.87	34.70	26.02
Investment Operations:
Investment (loss)—net^b	(.15)	(.05)	(.13)	(.13)	(.09)
Net realized and unrealized gain (loss) on investments	7.16	.43	.17	5.70	8.77
Total from Investment Operations	7.01	.38	.04	5.57	8.68
Distributions:
Dividends from investment income—net	-	(.10)	-	-	-
Dividends from net realized gain on investments	(.14)	(1.07)	(5.46)	(4.40)	-
Total Distributions	(.14)	(1.17)	(5.46)	(4.40)	-
Net asset value, end of period	36.53	29.66	30.45	35.87	34.70
Total Return (%)	23.67	1.34	.18	16.95	33.36
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.10	1.11	1.09	1.10	1.13
Ratio of net expenses to average net assets	1.10	1.11	1.09	1.10	1.13
Ratio of net investment (loss) to average net assets	(.44)	(.17)	(.41)	(.35)	(.29)
Portfolio Turnover Rate	84.96	82.01	74.06	88.69	94.62
Net Assets, end of period ($ x 1,000)	488,507	802,741	940,235	1,162,516	850,685

^a On September 30, 2016, the fund redesignated existing shares as Investor shares.
^b Based on average shares outstanding.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)




Class I Shares	Period Ended
		August 31, 2017^a
Per Share Data ($):
Net asset value, beginning of period		30.62
Investment Operations:
Investment (loss)—net^b		(.07)
Net realized and unrealized gain (loss) on investments		6.19
Total from Investment Operations		6.12
Distributions:		��
Dividends from net realized gain on investments		(.14)
Net asset value, end of period		36.60
Total Return (%)^c		20.02
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^d		.95
Ratio of net expenses to average net assets^d		.95
Ratio of net investment (loss) to average net assets^d		(.23)
Portfolio Turnover Rate		84.96
Net Assets, end of period ($ x 1,000)		53,194

^a From September 30, 2016 (commencement of initial offering) to August 31, 2017.
^b Based on average shares outstanding.
^c Not annualized.
^d Annualized.
See notes to financial statements.




Class Y Shares	Period Ended
		August 31, 2017^a
Per Share Data ($):
Net asset value, beginning of period		30.62
Investment Operations:
Investment (loss)—net^b		(.01)
Net realized and unrealized gain (loss) on investments		6.13
Total from Investment Operations		6.12
Distributions:
Dividends from net realized gain on investments		(.14)
Net asset value, end of period		36.60
Total Return (%)^c		20.02
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^d		.81
Ratio of net expenses to average net assets^d		.81
Ratio of net investment (loss) to average net assets^d		(.03)
Portfolio Turnover Rate		84.96
Net Assets, end of period ($ x 1,000)		467,673

^a From September 30, 2016 (commencement of initial offering) to August 31, 2017.
^b Based on average shares outstanding.
^c Not annualized.
^d Annualized.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus Opportunistic Small Cap Fund (the “fund”) is a separate diversified series of Advantage 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 capital appreciation. The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser.

On September 30, 2016, the fund implemented a multiple class structure in which the fund commenced offering Class I and Class Y shares. The existing fund shares were redesignated as Investor shares. The fund authorized 100 million Class I and Class Y shares which resulted in the fund’s total authorized shares increasing from 200 million to 400 million.

MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of the fund’s shares, which are sold without a sales charge. The fund is authorized to issue 400 million shares of $.001 par value Common Stock. The fund currently has authorized three classes of shares: Investor (200 million shares authorized), Class I (100 million shares authorized) and Class Y shares (100 million shares authorized). Investor shares are sold primarily to retail investors through financial intermediaries and bear Shareholder Services Plan fees. Class I and Y shares are sold at net asset value per share 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.

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:

NOTES TO FINANCIAL STATEMENTS (continued)

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

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

The following is a summary of the inputs used as of August 31, 2017 in valuing the fund’s investments:


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs	Level 3 -Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:
Equity Securities-Domestic Common Stocks^†		940,761,145	-	-	940,761,145
Equity Securities-Foreign Common Stocks^†		50,286,171	-	-	50,286,171
Exchange-Traded Funds		6,031,725	-	-	6,031,725
Registered Investment Companies		172,944,643	-	-	172,944,643

^† See Statement of Investments for additional detailed categorizations.

At August 31, 2017, there were no transfers between levels of the fair value hierarchy.

NOTES TO FINANCIAL STATEMENTS (continued)

During the period ended August 31, 2017, The Bank of New York Mellon earned $90,636 from lending portfolio securities, pursuant to the securities lending agreement.

(c) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” under the Act.

Each tax year in the four-year period ended August 31, 2017 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At August 31, 2017, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $13,570,839, undistributed capital gains $86,320,663 and unrealized appreciation $173,275,812.

The tax character of distributions paid to shareholders during the fiscal periods ended August 31, 2017 and August 31, 2016 were as follows: ordinary income $0 and $2,918,692, and long-term capital gains $4,000,458 and $30,556,982, respectively.

During the period ended August 31, 2017, as a result of permanent book to tax differences, primarily due to the tax treatment for net operating losses, passive foreign investment companies, real estate investment trusts

and capital loss carryover expiration, the fund increased accumulated undistributed investment income-net by $6,937,625, decreased accumulated net realized gain (loss) on investments by $4,673,029 and decreased paid-in capital by $2,264,596. Net assets and net asset value per share were not affected by this reclassification.

NOTE 2—Bank Lines of Credit:

The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2017 was approximately $308,800 with a related weighted average annualized interest rate of 1.93%.

NOTE 3—Management Fee and Other Transactions with Affiliates:

(a) Pursuant to a management agreement with Dreyfus, the management fee is computed at the annual rate of .75% of the value of the fund’s average daily net assets and is payable monthly.

(b) Under the Shareholder Services Plan, Investor shares pay the Distributor at an annual rate of .25% of the value of its 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, such as recordkeeping and sub-accounting services. 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 August 31, 2017, the fund was charged $2,054,393 pursuant to the Shareholder Services Plan.

NOTES TO FINANCIAL STATEMENTS (continued)

For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.

The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the fund. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended August 31, 2017, the fund was charged $91,354 for transfer agency services and $8,238 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 $8,139.

The fund compensates The Bank of New York Mellon under a custody agreement for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended August 31, 2017, the fund was charged $96,938 pursuant to the custody agreement. These fees were partially offset by earnings credits of $390.

During the period ended August 31, 2017, the fund was charged $11,281 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 $635,167, Shareholder Services Plan fees $102,957, custodian fees $32,658, Chief Compliance Officer fees $4,670 and transfer agency fees $17,595.

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

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended August 31, 2017, amounted to $815,412,486 and $814,038,203, respectively.

At August 31, 2017, the cost of investments for federal income tax purposes was $996,747,872; accordingly, accumulated net unrealized appreciation on investments was $173,275,812, consisting of $197,846,941 gross unrealized appreciation and $24,571,129 gross unrealized depreciation.

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

Shareholders and Board of Directors
Dreyfus Opportunistic Small Cap Fund

We have audited the accompanying statement of assets and liabilities, including the statements of investments and investments in affiliated issuers, of Dreyfus Opportunistic Small Cap Fund (one of the series comprising Advantage Funds, Inc.) as of August 31, 2017, 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.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus Opportunistic Small Cap Fund at August 31, 2017, 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.

New York, New York
October 26, 2017

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund hereby reports $.1368 per share as a long-term capital gain distribution paid on December 16, 2016.

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AGREEMENT (Unaudited)

Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), 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 January 31, 2017, 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 Broadridge as of the date of its analysis. Dreyfus previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AGREEMENT (Unaudited) (continued)

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. The Board discussed with representatives of Dreyfus and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was above the Performance Group (highest in the Performance Group in the one- and ten-year periods) and Performance Universe medians for all periods except for the three-year period when the fund’s performance was below the Performance Group and Performance Universe medians. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.

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 considered that the fund’s contractual management fee was below the Expense Group median and the fund’s actual management fee and total expenses were below the Expense Group and Expense Universe medians.

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 from acting as investment adviser and took into consideration soft dollar arrangements in effect for trading the fund’s investments.

· The Board concluded that the nature, extent and quality of the services provided by Dreyfus are adequate and appropriate.

· The Board was satisfied with the fund’s performance.