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:		10/31
Date of reporting period:		10/31/17

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 Global Dynamic Bond Fund

Dreyfus Global Real Return Fund

Dreyfus Total Emerging Markets Fund

Dynamic Total Return Fund

FORM N-CSR

Item 1. Reports to Stockholders.

Dreyfus Global Real Return Fund

ANNUAL REPORT

October 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	16
Statement of Futures	17
Statement of Forward Foreign
Currency Exchange Contracts	18
Statement of Assets and Liabilities	20
Statement of Operations	21
Statement of Changes in Net Assets	22
Financial Highlights	24
Notes to Financial Statements	28
Report of Independent Registered
Public Accounting Firm	42
Important Tax Information	43
Board Members Information	44
Officers of the Fund	47

FOR MORE INFORMATION

Back Cover


	Dreyfus Global Real Return Fund		The Fund

A LETTER FROM THE CEO OF DREYFUS

Dear Shareholder:

We are pleased to present this annual report for Dreyfus Global Real Return Fund, covering the 12-month period from November 1, 2016 through October 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 at the start of the reporting period were dominated by the election of a new U.S. presidential administration. Equities and corporate-backed bonds 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 their previous losses over the first 10 months of 2017 when it became clearer that pro-growth legislation would take time and political capital to enact. U.S. and international stocks continued to rally 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 markets. 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
November 15, 2017

DISCUSSION OF FUND PERFORMANCE

For the period from November 1, 2016 through October 31, 2017, as provided by portfolio managers Suzanne Hutchins (Lead) and Aron Pataki, of Newton Investment Management (North America) Limited, Sub-Investment Adviser

Market and Fund Performance Overview

For the 12-month period ended October 31, 2017, Dreyfus Global Real Return Fund’s Class A shares produced a total return of 0.47%, Class C shares returned -0.23%, Class I shares returned 0.82%, and Class Y shares returned 0.92%.¹ In comparison, the fund’s benchmark, the Citi One-Month U.S. Treasury Bill Index, and the fund’s performance baseline benchmark, the USD 1-Month LIBOR, produced total returns of 0.67% and 0.98%, respectively, for the same period.^2,3

Stocks rallied over the reporting period amid improving global economic growth, but bonds produced more modest returns. The fund’s Class A, Class I and Class Y shares achieved mildly positive absolute returns in this environment.

The Fund’s Investment Approach

The fund seeks total return (consisting of capital appreciation and income). To pursue its goal, the fund uses an actively managed multi-asset strategy, investing to produce positive absolute or real returns with less volatility than major equity markets over a complete market cycle. Although the fund is not managed to a benchmark, the fund seeks to provide a minimum average annual total return of USD 1-Month LIBOR plus 4% before fees and expenses over a rolling five-year period.

The fund allocates its investments among global equities, bonds and cash, and, generally to a lesser extent, other asset classes, including real estate, commodities, currencies and alternative or non-traditional asset classes and strategies, primarily those accessed through derivative instruments. The portfolio does not use leverage at a total fund level. The fund’s portfolio managers combine a top-down approach, emphasizing economic trends and current investment themes on a global basis, with bottom-up security selection based on fundamental research to allocate the fund’s investments among and within asset classes. In choosing investments, the portfolio managers consider key trends in global economic variables, such as gross domestic product, inflation and interest rates; investment themes, such as changing demographics, the impact of new technologies and the globalization of industries and brands; relative valuations of equity securities, bonds and other asset classes; long-term trends in currency movements; and company fundamentals.

The fund’s investments will be focused globally among the developed and emerging capital markets of the world. The portfolio managers have considerable latitude in allocating the fund’s investments and in selecting securities and derivative instruments to implement the fund’s investment approach. The fund may use to a significant degree derivative instruments, such as options, futures, options on futures, forward contracts, swap agreements and structured notes, as a substitute for investing directly in equities, bonds, currencies and other asset classes in connection with its investment strategy. The fund also may use derivatives as part of a hedging strategy related to the management of the fund.

Economic and Political Developments Drove Markets Higher

Global equity markets were reenergized after the U.S. presidential election in November 2016, when investors began to anticipate pro-business policies from a new presidential administration. In early 2017, better-than-expected corporate earnings and encouraging global economic developments drove global stocks to new highs. Investors also responded positively to encouraging economic data in Europe and Japan.

Bonds, gold, and other “safe-haven” assets fared less well in this environment, in part due to pronounced weakness during the pro-growth market rotation at the end of 2016. Bonds later recovered when moderating long-term interest rates and muted inflation offset earlier market weakness.

Fund Strategies Produced Mixed Results

The fund’s returns were undermined by declines in the price of government bonds, gold and other “safe-haven” investments during the final two months of 2016, when investors responded to expectations of greater global economic growth and rising inflationary pressures. In addition, the fund’s equity holdings

DISCUSSION OF FUND PERFORMANCE (continued)

trailed broad global indices at the time due to our emphasis on traditionally defensive market segments, such as the utilities, telecommunication services, and consumer staples sectors.

The fund’s performance improved in 2017. Equity holdings produced solid gains, most notably in consumer-related sectors, where Wolters Kluwer and Unilever were strong performers. The fund’s technology holdings also fared well, with Microsoft delivering robust returns as its profitability improved. Samsung SDI was also a notably positive contributor as it benefited from the rising popularity of electric vehicles.

The fund’s stabilizing assets and hedging positions, which are designed to dampen volatility, proved negative, largely owing to derivatives protection on the equity portion of the portfolio. Bond options, employed as a hedge against a significant rise in bond yields, weighed to a lesser degree on fund results.

Containing Risk in a Changing Economic Environment

Moderate economic growth and abundant liquidity have continued to support riskier assets. However, we believe that economic momentum is likely to have peaked in 2017 due to a structural backdrop of disruption by new technologies, overcapacity, adverse demographics, and heavy debt. Financial markets could be derailed as central banks adopt less accommodative monetary policies.

We have remained focused on maintaining risk at contained levels, and we have continued to emphasize companies with stable growth franchises, healthy levels of cash generation, and high returns on capital. Our recent decision to reduce the fund’s interest-rate sensitivity reflects our belief that real yields could rise amid tighter financial conditions.

November 15, 2017

¹Total return includes reinvestment of dividends and any capital gains paid, and does not take into consideration the maximum initial sales charge in the case of Class A shares, or the applicable contingent deferred sales charge imposed on redemptions in the case of Class C shares. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Return figures provided reflect the absorption of certain fund expenses by The Dreyfus Corporation pursuant to an agreement in effect through March 1, 2018, at which time it may be extended, modified, or terminated. Had these expenses not been absorbed, the fund’s returns would have been lower. Past performance is no guarantee of future results.

² Source: Bloomberg — The London Interbank Offered Rate (LIBOR) is the average interest rate at which leading banks borrow funds of a sizable amount from other banks in the London market. LIBOR is the most widely used “benchmark” or reference rate for short-term interest rates. Investors cannot invest directly in any index.

³Source: Lipper, Inc. — The Citi One-Month U.S. Treasury Bill Index consists of the last one-month Treasury bill month-end rates. The Citi One-Month U.S. Treasury Bill Index measures return equivalents of yield averages. The instruments are not marked to market. Investors cannot invest directly in any index.

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.

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

The fund’s performance will be influenced by political, social, and economic factors affecting investments in foreign companies. Special risks associated with such companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability, and differing auditing and legal standards.

Because the fund seeks to provide exposure to alternative or non-traditional (i.e., satellite) asset categories or investment strategies, the fund’s performance will be linked to the performance of these highly volatile asset categories and strategies. Accordingly, investors should consider purchasing shares of the fund only as part of an overall diversified portfolio and should be willing to assume the risks of potentially significant fluctuations in the value of fund shares.

The fund may, but is not required to, use derivative instruments, such as options, futures, options on futures, forward contracts, and other credit derivatives. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.

FUND PERFORMANCE

Comparison of change in value of $10,000 investment in Dreyfus Global Real Return Fund Class A shares, Class C shares, Class I shares and Class Y shares and the Citi One-Month U.S. Treasury Bill Index and USD 1-Month LIBOR

^† Source: Bloomberg L.P.

^†† Source: Lipper Inc.

^†††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 Global Real Return Fund on 5/12/10 (inception date) to a $10,000 investment made in the Citi One-Month U.S. Treasury Bill Index and USD 1-Month LIBOR 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 Citi One-Month U.S. Treasury Bill Index consists of the last one-month Treasury bill month-end rates. The Citi One-Month U.S. Treasury Bill Index measures returns equivalent of yield averages. The instruments are not marked to market. The London Interbank Offered Rate (LIBOR) is the average interest rate at which leading banks borrow funds of a sizable amount from other banks in the London market. LIBOR is the most widely used "benchmark" or reference rate for short-term interest rates. Unlike a mutual fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

FUND PERFORMANCE (continued)


Average Annual Total Returns *as of 10/31/17*
	Inception Date	1 Year	5 Years	From Inception
Class A shares
with maximum sales charge (5.75%)	5/12/10	-5.32%	1.89%	3.01%
without sales charge	5/12/10	0.47%	3.10%	3.83%
Class C shares
with applicable redemption charge^†	5/12/10	-1.21%	2.35%	3.08%
without redemption	5/12/10	-0.23%	2.35%	3.08%
Class I shares	5/12/10	0.82%	3.41%	4.13%
Class Y shares	7/1/13	0.92%	3.46%^††	4.07%^††
USD 1-Month LIBOR	4/30/10	0.98%	0.39%	0.35%^†††
Citi One-Month U.S. Treasury Bill Index	4/30/10	0.67%	0.18%	0.15%^†††

^† 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 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.

^†††For comparative purposes, the value of each Index as of 4/30/10 is used as the beginning value on 5/12/10.

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 Global Real Return Fund from May 1, 2017 to October 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 October 31, 2017

	Class A		Class C		Class I		Class Y
Expenses paid per $1,000^†		$5.83		$9.61		$4.56		$4.11
Ending value (after expenses)		$1,010.50		$1,007.20		$1,011.90		$1,012.60

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

Using the SEC’s method to compare expenses

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


Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended October 31, 2017

	Class A		Class C		Class I		Class Y
Expenses paid per $1,000^†		$5.85		$9.65		$4.58		$4.13
Ending value (after expenses)		$1,019.41		$1,015.63		$1,020.67		$1,021.12

^† Expenses are equal to the fund’s annualized expense ratio of 1.15% for Class A, 1.90% for Class C, .90% for Class I and .81% for Class Y, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

October 31, 2017



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)	^a	Value ($)
Bonds and Notes - 32.2%
Australia - 5.2%
Australian Government, Sr. Unscd. Bonds, Ser. 144	AUD	3.75	4/21/37	23,999,000		19,976,280
Australian Government, Sr. Unscd. Bonds, Ser. 147	AUD	3.25	6/21/39	11,738,000		8,979,441
Australian Government, Sr. Unscd. Bonds, Ser. 150	AUD	3.00	3/21/47	48,938,000		34,429,678
New South Wales Treasury, Govt. Gtd. Notes, Ser. CIB1	AUD	2.75	11/20/25	6,226,300	^b	6,849,364
Treasury Corp. of Victoria, Govt. Gtd. Notes	AUD	5.50	11/17/26	12,926,000		11,968,998
					82,203,761
Brazil - 1.9%
Brazilian Government, Sr. Unscd. Bonds		4.88	1/22/21	15,737,000		16,838,590
Brazilian Government, Sr. Unscd. Bonds		5.00	1/27/45	3,663,000		3,398,837
Petrobras Global Finance, Gtd. Notes		7.38	1/17/27	1,312,000		1,458,944
Petrobras Global Finance, Gtd. Notes		6.75	1/27/41	7,560,000		7,635,600
					29,331,971
Canada - 1.7%
Canada Housing Trust No 1, Govt. Gtd. Bonds	CAD	2.35	6/15/27	35,080,000		27,077,485
Ecuador - .1%
Ecuadorian Government, Sr. Unscd. Notes		8.88	10/23/27	1,190,000		1,218,262
France - .6%
SFR Group, Sr. Scd. Notes		7.38	5/1/26	8,434,000	^c	9,098,177
Germany - .3%
SIG Combibloc Holdings, Sr. Scd. Notes	EUR	7.75	2/15/23	3,388,000		4,177,957
India - .1%
National Highways Authority of India, Sr. Unscd. Bonds	INR	7.30	5/18/22	120,000,000		1,899,584
Indonesia - .5%
Indonesian Government, Sr. Unscd. Bonds, Ser. FR72	IDR	8.25	5/15/36	102,516,000,000		8,182,383
Japan - .3%
SoftBank Group, Sub. Notes, 3 Month LIBOR + 4.23%		6.00	12/31/49	5,284,000	^d	5,373,564



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)	^a	Value ($)
Bonds and Notes - 32.2% (continued)
Mexico - 1.7%
Mexican Government, Bonds, Ser. M 20	MXN	10.00	12/5/24	428,114,700		25,920,682
Netherlands - .0%
Dufry One, Gtd. Notes	EUR	2.50	10/15/24	304,000		363,943
New Zealand - 2.5%
New Zealand Government, Sr. Unscd. Bonds, Ser. 0427	NZD	4.50	4/15/27	17,724,000		13,706,358
New Zealand Government, Sr. Unscd. Bonds, Ser. 0437	NZD	2.75	4/15/37	13,529,000		8,338,959
New Zealand Government, Sr. Unscd. Bonds, Ser. 0521	NZD	6.00	5/15/21	16,563,000		12,813,065
New Zealand Government, Sr. Unscd. Bonds, Ser. 0940	NZD	2.50	9/20/40	5,000,000	^e	3,698,857
					38,557,239
Peru - .0%
Petroleos del Peru, Sr. Unscd. Notes		5.63	6/19/47	690,000		728,088
United Kingdom - 2.2%
Anglian Water Services Financing, Sr. Scd. Notes, Ser. A8	GBP	3.67	7/30/24	151,000	^f	402,963
Arqiva Broadcast Finance, Sr. Scd. Notes	GBP	9.50	3/31/20	4,722,000		6,632,111
British Telecommunications, Sr. Unscd. Notes	GBP	3.50	4/25/25	533,000	^f	1,495,584
CPUK Finance, Scd. Bonds	GBP	4.25	2/28/47	630,000		859,218
Dwr Cymru Financing, Scd. Notes	GBP	1.86	3/31/48	150,000	^f	417,691
High Speed Rail Finance 1, Sr. Scd. Notes	GBP	1.57	11/1/38	268,000	^f	549,425
National Grid Electricity Transmission, Insured Bonds	GBP	2.98	7/8/18	667,000	^f	1,422,826
Network Rail Infrastructure Finance, Govt. Gtd. Notes, Ser. RPI	GBP	1.75	11/22/27	865,000	^f	2,069,847
Sable International Finance, Gtd. Notes		6.88	8/1/22	2,029,000	^c	2,181,175
Scotland Gas Networks, Insured Notes, Ser. A2S	GBP	2.13	10/21/22	300,000	^f	660,910
Tesco, Sr. Unscd. Notes	GBP	6.13	2/24/22	882,000		1,358,281
Tesco, Sr. Unscd. Notes	GBP	3.32	11/5/25	3,960,000	^f	9,923,704
Tesco Property Finance 3, Scd. Bonds	GBP	5.74	4/13/40	3,720,715		5,886,471
					33,860,206

STATEMENT OF INVESTMENTS (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)	^a	Value ($)
Bonds and Notes - 32.2% (continued)
United States - 15.1%
AT&T, Sr. Unscd. Notes		3.40	8/14/24	11,433,000		11,448,912
CCO Holdings, Sr. Unscd. Notes		5.50	5/1/26	2,422,000	^c	2,488,605
CCO Holdings, Sr. Unscd. Notes		5.88	5/1/27	1,610,000	^c	1,690,017
CEMEX Finance, Sr. Scd. Notes		6.00	4/1/24	4,520,000		4,791,200
EMC, Sr. Unscd. Notes		1.88	6/1/18	4,304,000		4,293,610
Post Holdings, Gtd. Notes		6.00	12/15/22	2,726,000	^c	2,865,707
Sprint, Gtd. Notes		7.88	9/15/23	3,180,000		3,561,600
Sprint, Gtd. Notes		7.13	6/15/24	3,548,000		3,844,045
Sprint Capital, Gtd. Notes		8.75	3/15/32	6,102,000		7,413,930
Sprint Communications, Sr. Scd. Debs.		9.25	4/15/22	404,000		497,930
T-Mobile USA, Gtd. Notes		6.00	3/1/23	2,563,000		2,707,169
T-Mobile USA, Gtd. Notes		6.00	4/15/24	3,236,000		3,470,610
U.S. Treasury Notes		1.75	11/30/21	32,294,000		32,089,640
U.S. Treasury Notes		1.63	8/31/22	46,829,400		46,007,141
U.S. Treasury Notes		2.13	7/31/24	61,424,100		61,086,986
U.S. Treasury Notes		2.13	9/30/24	45,245,200		44,956,232
Western Digital, Gtd. Notes		10.50	4/1/24	3,339,000		3,926,664
					237,139,998
Total Bonds and Notes (cost $505,392,612)				505,133,300
Description				Shares		Value ($)
Common Stocks - 60.1%
Australia - 1.6%
Dexus Property Group				2,547,591		19,049,559
Newcrest Mining				332,773		5,707,562
					24,757,121
Canada - 2.0%
Agnico Eagle Mines				85,247		3,806,083
Alacer Gold				1,314,536	^g	2,048,072
Alamos Gold, Cl. A				342,676		2,170,113
Barrick Gold				292,114		4,221,047
Detour Gold				294,625	^g	3,140,139



Description	Shares		Value ($)
Common Stocks - 60.1% (continued)
Canada - 2.0% (continued)
Eldorado Gold	1,017,224		1,277,345
Kinross Gold	469,416	^g	1,855,687
New Gold	781,824	^g	2,587,697
OceanaGold	909,639		2,439,618
Wheaton Precious Metals	390,755		8,108,295
		31,654,096
Denmark - 1.6%
Orsted	461,292	^c	25,850,982
France - 1.8%
Total	292,804		16,327,145
Vivendi	460,417		11,436,950
		27,764,095
Germany - 5.2%
Bayer	129,622		16,865,597
Deutsche Wohnen	341,981		14,565,902
Infineon Technologies	480,033		13,143,202
LEG Immobilien	147,078		14,939,430
SAP	53,537		6,090,326
Telefonica Deutschland Holding	2,392,704		12,160,292
Vonovia	73,442		3,230,326
		80,995,075
Hong Kong - 1.9%
AIA Group	1,863,800		14,023,773
Link REIT	1,886,500		15,851,011
		29,874,784
India - .7%
ITC	1,229,968		5,053,938
LIC Housing Finance, GDR	302,231		5,595,807
		10,649,745
Ireland - 1.2%
Allied Irish Banks	1,545,084		9,132,136
CRH	257,052		9,675,340
		18,807,476
Israel - .2%
Teva Pharmaceutical Industries, ADR	224,101		3,092,594
Japan - 3.2%
Japan Tobacco	842,600		27,766,784
Suntory Beverage & Food	151,200		6,901,438
Suzuki Motor	248,300		13,484,477
Yokogawa Electric	91,800		1,726,119
		49,878,818
Mexico - .6%
Fresnillo	153,174		2,648,753

STATEMENT OF INVESTMENTS (continued)



Description	Shares		Value ($)
Common Stocks - 60.1% (continued)
Mexico - .6% (continued)
Wal-Mart de Mexico	2,899,500		6,491,141
		9,139,894
Netherlands - 4.4%
RELX	982,486		22,190,853
Unilever	246,867		14,350,827
Wolters Kluwer	668,250		32,755,521
		69,297,201
New Zealand - .1%
Spark New Zealand	582,106		1,465,871
South Africa - .2%
Gold Fields	798,043		3,185,681
South Korea - 2.0%
Macquarie Korea Infrastructure Fund	1,334,655		10,149,739
Samsung SDI	116,588		21,437,165
		31,586,904
Switzerland - 4.5%
Novartis	427,562		35,228,383
Roche Holding	102,251		23,624,373
Zurich Insurance Group	35,918		10,962,794
		69,815,550
Taiwan - 1.3%
Taiwan Semiconductor Manufacturing, ADR	488,794		20,690,650
United Kingdom - 12.0%
Amedeo Air Four Plus	1,970,465		2,754,458
Associated British Foods	304,395		13,470,630
British American Tobacco	108,279		7,004,994
British American Tobacco, ADR	311,659		20,070,840
Centrica	8,911,064		20,096,140
Cobham	10,202,479		18,835,012
Diageo	501,761		17,140,097
Dixons Carphone	284,029		654,120
Informa	1,387,950		12,848,487
Johnson Matthey	95,983		4,310,076
Randgold Resources	23,943		2,351,593
Royal Dutch Shell, Cl. B	755,566		24,299,776
UBM	605,133		5,654,059
United Utilities Group	379,025		4,193,322
Vodafone Group	5,804,971		16,622,418
Wolseley	258,431		18,071,258
		188,377,280
United States - 15.6%
Abbott Laboratories	335,290			18,182,777



Description				Shares		Value ($)
Common Stocks - 60.1% (continued)
United States - 15.6% (continued)
Accenture, Cl. A				175,487				24,982,329
Albemarle				138,869				19,565,253
CA				700,036				22,667,166
Cisco Systems				462,319				15,788,194
CMS Energy				587,318				28,408,572
Cognizant Technology Solutions, Cl. A				29,374				3,871,429
Eversource Energy				545,307				34,158,030
Maxim Integrated Products				198,961				10,453,411
Microsoft				364,030				30,280,015
Newell Brands				227,306				9,269,539
Newmont Mining				51,093				1,847,523
PowerShares DB Gold Fund				509,414	^g,h			20,585,420
Walgreens Boots Alliance				75,914				5,030,821
					245,090,479
Total Common Stocks (cost $817,402,427)				941,974,296
Description /Number of Contracts/Counterparty	Exercise Price		Expiration Date	Notional Amount ($)			Value ($)
Options Purchased - .1%
Call Options - .1%
S&P 500 Index, Contracts 1,053 JP Morgan Chase Bank		2,600	12/2017	273,780,000			1,511,055
Put Options - .0%
S&P 500 Index, Contracts 642 Deutsche Bank		2,375	11/2017	152,475,000			73,830
Total Options Purchased (cost $1,601,000)				1,584,885

STATEMENT OF INVESTMENTS (continued)



Description	Shares		Value ($)
Other Investment - 4.8%
Registered Investment Company;
Dreyfus Institutional Preferred Government Plus Money Market Fund (cost $74,279,655)	74,279,655	ⁱ	74,279,655
Total Investments (cost $1,398,675,694)	97.2%	1,522,972,136
Cash and Receivables (Net)	2.8%	43,857,483
Net Assets	100.0%	1,566,829,619

ADR—American Depository Receipt

GDR—Global Depository Receipt

LIBOR—London Interbank Offered Rate

REIT—Real Estate Investment Trust

AUD—Australian Dollar

CAD—Canadian Dollar

EUR—Euro

GBP—British Pound

IDR—Indonesian Rupiah

INR—Indian Rupee

MXN—Mexican Peso

NZD—New Zealand Dollar

^a Amount stated in U.S. Dollars unless otherwise noted above.

^b Principal amount for accrual purposes is periodically adjusted based on changes in the Australian Consumer Price Index.

^c Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2017, these securities were valued at $44,174,663 or 2.82% of net assets.

^d Variable rate security—rate shown is the interest rate in effect at period end.

^e Principal amount for accrual purposes is periodically adjusted based on changes in the New Zealand Consumer Price Index.

^f Principal amount for accrual purposes is periodically adjusted based on changes in the British Consumer Price Index.

^g Non-income producing security.

^h Investment in non-controlled affiliates (cost $21,591,292).

ⁱ Investment in affiliated money market mutual fund.


Portfolio Summary (Unaudited) ^†	Value (%)
Foreign/Governmental	13.1
U.S. Government Securities	11.7
Consumer Goods	8.6
Technology	7.9
Financials	7.5
Corporate Bonds	7.4
Utilities	7.2
Industrials	6.2
Consumer Services	6.2
Basic Materials	5.6
Health Care	5.1
Money Market Investment	4.8
Oil & Gas	2.6
Telecommunication	1.9
Exchange-Traded Funds	1.3
Options Purchased	.1
	97.2

^†Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS IN AFFILIATED ISSUERS


Registered Investment Company	Value 10/31/16($)	Purchases($)	Sales($)	Value 10/31/17($)	Net Assets(%)	Dividends/ Distributions($)
Dreyfus Institutional Preferred Government Plus Money Market Fund	77,404,811	1,060,553,135	1,063,678,291	74,279,655	4.8	604,454

See notes to financial statements.

In addition, an affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Investments in affiliated companies during the period ended October 31, 2017 were as follows:


Affiliated Company	Value 10/31/16($)	Purchases($)	Sales($)	Net Realized Gain (Loss)($)
PowerShares DB Gold Fund	22,442,750	-	1,374,275	(589,668)


Affiliated Company	Change in Net Unrealized Appreciation (Depreciation)($)	Value 10/31/17($)	Net Assets(%)	Dividends/ Distributions($)
PowerShares DB Gold Fund	106,613	20,585,420	1.3	-

See notes to financial statements.

STATEMENT OF FUTURES

October 31, 2017


Description	Number of Contracts	Expiration	Notional Value ($)	Value ($)	Unrealized (Depreciation) ($)
Futures Short
DAX	76	12/2017	(27,626,592)^a	(29,263,116)	(1,636,524)
DJ Euro Stoxx 50	447	12/2017	(17,976,504)^a	(19,150,895)	(1,174,391)
Euro-Bond	414	12/2017	(78,349,987)^a	(78,485,812)	(135,825)
FTSE 100	234	12/2017	(22,993,873)^a	(23,207,934)	(214,061)
Standard & Poor's 500	411	12/2017	(266,336,273)	(275,922,075)	(9,585,802)
Gross Unrealized Depreciation				(12,746,603)

^a Notional amounts in foreign currency have been converted to USD using relevant foreign exchange rates.

See notes to financial statements.

STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS October 31, 2017


Counterparty/ Purchased Currency	Purchased Currency Amounts	Currency Sold	Sold Currency Amounts	Settlement Date	Unrealized Appreciation (Depreciation)($)
Citigroup
Australian Dollar	28,032,798	United States Dollar	22,143,445	12/15/17	(697,952)
British Pound	5,417,195	United States Dollar	7,153,607	1/17/18	59,723
New Zealand Dollar	25,029,000	United States Dollar	18,188,284	11/14/17	(1,065,549)
United States Dollar	130,415,718	Australian Dollar	162,933,089	12/15/17	5,769,563
United States Dollar	89,171,667	Canadian Dollar	112,879,470	11/14/17	1,664,604
United States Dollar	206,135,202	Euro	174,129,027	1/17/18	2,341,882
United States Dollar	4,163,394	Japanese Yen	470,975,318	1/17/18	3,969
United States Dollar	17,826,556	South Korean Won	20,257,793,267	11/14/17	(256,295)
State Street Bank and Trust Co
Canadian Dollar	11,974,163	United States Dollar	9,590,925	11/14/17	(308,246)
Euro	4,580,664	United States Dollar	5,424,560	1/17/18	(63,542)
British Pound	520,985	United States Dollar	688,308	11/1/17	3,635
British Pound	331,124	United States Dollar	438,671	1/17/18	2,241
Japanese Yen	1,470,369	United States Dollar	12,896	11/1/17	35
New Zealand Dollar	31,284,356	United States Dollar	22,604,395	11/14/17	(1,202,273)
United States Dollar	30,334,091	Australian Dollar	38,655,159	12/15/17	762,339
United States Dollar	1,538,000	Swiss Franc	1,476,562	11/14/17	56,662
United States Dollar	2,786,315	Euro	2,374,372	1/17/18	7,449
United States Dollar	235,863,181	British Pound	178,271,456	1/17/18	(1,516,272)
United States Dollar	42,310,910	Japanese Yen	4,743,809,533	1/17/18	415,894
United States Dollar	8,755,367	South Korean Won	9,947,410,734	11/14/17	(124,057)
United States Dollar	81,855,716	New Zealand Dollar	111,988,110	11/14/17	5,242,879
UBS
Euro	168,631	United States Dollar	196,126	11/1/17	303


Counterparty/ Purchased Currency	Purchased Currency Amounts	Currency Sold	Sold Currency Amounts	Settlement Date	Unrealized Appreciation (Depreciation)($)
UBS (continued)
Euro	238,243	United States Dollar	283,349	1/17/18	(4,520)
British Pound	739,909	United States Dollar	975,395	1/17/18	9,839
New Zealand Dollar	703,443	United States Dollar	500,712	11/14/17	(19,476)
United States Dollar	12,492,783	Canadian Dollar	15,484,288	11/14/17	488,965
United States Dollar	38,688,000	Swiss Franc	37,133,107	11/14/17	1,434,792
United States Dollar	487,839	Euro	413,688	1/17/18	3,675
United States Dollar	83,413	British Pound	63,180	11/1/17	(499)
United States Dollar	536,939	British Pound	406,636	1/17/18	(4,522)
United States Dollar	125,801	Japanese Yen	14,071,422	1/17/18	1,529
United States Dollar	2,320,141	New Zealand Dollar	3,375,045	11/14/17	11,219
Gross Unrealized Appreciation					18,281,197
Gross Unrealized Depreciation					(5,263,203)

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2017



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments:
Unaffiliated issuers	1,302,804,747	1,428,107,061
Affiliated issuers	95,870,947	94,865,075
Cash denominated in foreign currency	75,495	75,760
Unrealized appreciation on forward foreign currency exchange contracts—Note 4		18,281,197
Cash collateral held by broker—Note 4		16,099,995
Receivable for investment securities sold		14,324,826
Dividends and interest receivable		7,048,114
Receivable for shares of Common Stock subscribed		1,574,311
Prepaid expenses		42,763
		1,580,419,102
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(c)		1,101,687
Cash overdraft due to Custodian		1,933,158
Unrealized depreciation on forward foreign currency exchange contracts—Note 4		5,263,203
Payable for investment securities purchased		2,451,951
Payable for shares of Common Stock redeemed		1,864,307
Payable for futures variation margin—Note 4		771,051
Accrued expenses		204,126
		13,589,483
Net Assets ($)		1,566,829,619
Composition of Net Assets ($):
Paid-in capital		1,594,896,502
Accumulated distributions in excess of investment income—net		(17,991,058)
Accumulated net realized gain (loss) on investments		(134,565,227)
Accumulated net unrealized appreciation (depreciation) on investments, options transactions and foreign currency transactions [including ($12,746,603) net unrealized (depreciation) on futures]		124,489,402
Net Assets ($)		1,566,829,619


Net Asset Value Per Share	Class A	Class C	Class I	Class Y
Net Assets ($)	41,008,164	34,240,206	701,598,399	789,982,850
Shares Outstanding	2,849,049	2,447,569	48,481,113	54,526,045
Net Asset Value Per Share ($)	14.39	13.99	14.47	14.49

See notes to financial statements.

STATEMENT OF OPERATIONS

Year Ended October 31, 2017




Investment Income ($):
Income:
Dividends (net of $1,242,581 foreign taxes withheld at source):
Unaffiliated issuers		21,556,151
Affiliated issuers		604,454
Interest		13,320,700
Total Income		35,481,305
Expenses:
Management fee—Note 3(a)		10,716,496
Shareholder servicing costs—Note 3(c)		859,576
Custodian fees—Note 3(c)		339,460
Distribution fees—Note 3(b)		263,654
Registration fees		197,231
Professional fees		145,749
Directors’ fees and expenses—Note 3(d)		120,728
Prospectus and shareholders’ reports		63,051
Loan commitment fees—Note 2		36,931
Miscellaneous		63,561
Total Expenses		12,806,437
Less—reduction in expenses due to undertaking—Note 3(a)		(18,960)
Less—reduction in fees due to earnings credits—Note 3(c)		(4,709)
Net Expenses		12,782,768
Investment Income—Net		22,698,537
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments and foreign currency transactions:
Unaffiliated issuers		(8,924,160)
Affiliated issuers		(589,668)
Net realized gain (loss) on options transactions		(6,257,309)
Net realized gain (loss) on futures		(60,358,276)
Net realized gain (loss) on forward foreign currency exchange contracts		(26,676,313)
Net Realized Gain (Loss)		(102,805,726)
Net unrealized appreciation (depreciation) on investments and foreign currency transactions:
Unaffiliated issuers		110,653,827
Affiliated issuers		106,613
Net unrealized appreciation (depreciation) on options transactions		(16,115)
Net unrealized appreciation (depreciation) on futures		(20,356,461)
Net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	��	1,447,654
Net Unrealized Appreciation (Depreciation)		91,835,518
Net Realized and Unrealized Gain (Loss) on Investments		(10,970,208)
Net Increase in Net Assets Resulting from Operations		11,728,329

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2017	2016
Operations ($):
Investment income—net	22,698,537	12,012,796
Net realized gain (loss) on investments	(102,805,726)	(20,788,216)
Net unrealized appreciation (depreciation) on investments	91,835,518	35,382,347
Net Increase (Decrease) in Net Assets Resulting from Operations	11,728,329	26,606,927
Distributions to Shareholders from ($):
Investment income—net:
Class A	(4,042,893)	(1,985,751)
Class C	(793,954)	(565,274)
Class I	(15,224,045)	(4,536,404)
Class Y	(21,341,116)	(17,423,097)
Total Distributions	(41,402,008)	(24,510,526)
Capital Stock Transactions ($):
Net proceeds from shares sold:
Class A	46,710,000	135,924,150
Class C	10,975,522	22,230,757
Class I	627,749,307	468,457,613
Class Y	258,887,594	393,078,796
Distributions reinvested:
Class A	3,988,624	1,985,751
Class C	792,979	565,274
Class I	14,782,332	4,412,721
Class Y	10,697,251	10,077,228
Cost of shares redeemed:
Class A	(160,619,601)	(30,295,189)
Class C	(12,483,540)	(3,502,241)
Class I	(441,168,901)	(67,046,742)
Class Y	(174,731,954)	(104,900,705)
Increase (Decrease) in Net Assets from Capital Stock Transactions	185,579,613	830,987,413
Total Increase (Decrease) in Net Assets	155,905,934	833,083,814
Net Assets ($):
Beginning of Period	1,410,923,685	577,839,871
End of Period	1,566,829,619	1,410,923,685
Undistributed (distributions in excess of) investment income—net	(17,991,058)	24,651,403


	Year Ended October 31,
	2017	2016
Capital Share Transactions (Shares):
Class A^a
Shares sold	3,299,172	9,236,847
Shares issued for distributions reinvested	287,158	142,245
Shares redeemed	(11,443,331)	(2,072,271)
Net Increase (Decrease) in Shares Outstanding	(7,857,001)	7,306,821
Class C^a
Shares sold	789,435	1,550,131
Shares issued for distributions reinvested	58,393	41,321
Shares redeemed	(901,640)	(244,973)
Net Increase (Decrease) in Shares Outstanding	(53,812)	1,346,479
Class I^a
Shares sold	43,906,268	31,624,601
Shares issued for distributions reinvested	1,061,187	315,645
Shares redeemed	(30,962,659)	(4,550,565)
Net Increase (Decrease) in Shares Outstanding	14,004,796	27,389,681
Class Y^a
Shares sold	18,211,714	26,614,889
Shares issued for distributions reinvested	767,929	720,317
Shares redeemed	(12,290,862)	(7,250,679)
Net Increase (Decrease) in Shares Outstanding	6,688,781	20,084,527

^{a During the period ended October 31, 2017, 79,620 Class A shares representing $1,101,947 were exchanged for 79,391 Class I shares, 355 Class C shares representing $4,844 were exchanged for 346 Class I shares and 479,116 Class Y shares representing $6,867,173 were exchanged for 479,484 Class I shares and during the period ended October 31, 2016, 498 Class A shares representing $7,336 were exchanged for 496 Class I shares and 167,112 Class Y shares representing $2,457,452 were exchanged for 167,167 Class I shares.}
See notes to financial statements.

FINANCIAL HIGHLIGHTS

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



	Year Ended October 31,
Class A Shares	2017	2016	2015	2014	2013
Per Share Data ($):
Net asset value, beginning of period	14.72	14.61	15.11	14.75	14.07
Investment Operations:
Investment income—net^a	.15	.17	.17	.36	.21
Net realized and unrealized gain (loss) on investments	(.09)	.51	.01^b	.17	.54
Total from Investment Operations	.06	.68	.18	.53	.75
Distributions:
Dividends from investment income—net	(.39)	(.57)	(.68)	(.04)	(.07)
Dividends from net realized gain on investments	-	-	-	(.13)	-
Total Distributions	(.39)	(.57)	(.68)	(.17)	(.07)
Net asset value, end of period	14.39	14.72	14.61	15.11	14.75
Total Return (%)^c	.47	4.87	1.22	3.63	5.42
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.17	1.16	1.15	1.20	1.49
Ratio of net expenses to average net assets	1.15	1.15	1.15	1.15	1.47
Ratio of net investment income to average net assets	1.09	1.15	1.16	2.38	1.48
Portfolio Turnover Rate	79.00	57.17	68.92	47.01	44.96
Net Assets, end of period ($ x 1,000)	41,008	157,624	49,672	56,501	35,478

^aBased on average shares outstanding.

^bIn addition to net realized and unrealized losses on investments, this amount includes an increase in net asset value per share resulting from the timing of issuances and redemptions of shares in relation to fluctuating market values for the portfolio investments.

^cExclusive of sales charge.

See notes to financial statements.



	Year Ended October 31,
Class C Shares	2017	2016	2015	2014	2013
Per Share Data ($):
Net asset value, beginning of period	14.34	14.26	14.79	14.51	13.89
Investment Operations:
Investment income—net^a	.08	.06	.06	.21	.08
Net realized and unrealized gain (loss) on investments	(.12)	.50	.02^b	.20	.55
Total from Investment Operations	(.04)	.56	.08	.41	.63
Distributions:
Dividends from investment income—net	(.31)	(.48)	(.61)	-	(.01)
Dividends from net realized gain on investments	-	-	-	(.13)	-
Total Distributions	(.31)	(.48)	(.61)	(.13)	(.01)
Net asset value, end of period	13.99	14.34	14.26	14.79	14.51
Total Return (%)^c	(.23)	4.12	.49	2.87	4.58
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.92	1.90	1.91	1.96	2.21
Ratio of net expenses to average net assets	1.90	1.90	1.90	1.90	2.18
Ratio of net investment income to average net assets	.58	.44	.39	1.41	.58
Portfolio Turnover Rate	79.00	57.17	68.92	47.01	44.96
Net Assets, end of period ($ x 1,000)	34,240	35,861	16,470	11,969	5,671

^aBased on average shares outstanding.

^cExclusive of sales charge.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)



	Year Ended October 31,
Class I Shares	2017	2016	2015	2014	2013
Per Share Data ($):
Net asset value, beginning of period	14.78	14.68	15.18	14.81	14.10
Investment Operations:
Investment income—net^a	.23	.20	.21	.38	.26
Net realized and unrealized gain (loss) on investments	(.13)	.52	.01^b	.19	.54
Total from Investment Operations	.10	.72	.22	.57	.80
Distributions:
Dividends from investment income—net	(.41)	(.62)	(.72)	(.07)	(.09)
Dividends from net realized gain on investments	-	-	-	(.13)	-
Total Distributions	(.41)	(.62)	(.72)	(.20)	(.09)
Net asset value, end of period	14.47	14.78	14.68	15.18	14.81
Total Return (%)	.82	5.16	1.49	3.89	5.79
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.90	.88	.86	.90	1.11
Ratio of net expenses to average net assets	.90	.88	.86	.90	1.11
Ratio of net investment income to average net assets	1.61	1.36	1.40	2.51	1.84
Portfolio Turnover Rate	79.00	57.17	68.92	47.01	44.96
Net Assets, end of period ($ x 1,000)	701,598	509,712	104,057	74,438	60,482

^aBased on average shares outstanding.

See notes to financial statements.



	Year Ended October 31,
Class Y Shares	2017	2016	2015	2014	2013^a
Per Share Data ($):
Net asset value, beginning of period	14.79	14.69	15.18	14.81	14.16
Investment Operations:
Investment income—net^b	.24	.22	.22	.26	.05
Net realized and unrealized gain (loss) on investments	(.12)	.51	.02^c	.31	.60
Total from Investment Operations	.12	.73	.24	.57	.65
Distributions:
Dividends from investment income—net	(.42)	(.63)	(.73)	(.07)	-
Dividends from net realized gain on investments	-	-	-	(.13)	-
Total Distributions	(.42)	(.63)	(.73)	(.20)	-
Net asset value, end of period	14.49	14.79	14.69	15.18	14.81
Total Return (%)	.92	5.18	1.57	3.89	4.59^d
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.82	.81	.83	.88	1.09^e
Ratio of net expenses to average net assets	.82	.81	.83	.88	1.09^e
Ratio of net investment income to average net assets	1.67	1.53	1.45	1.77	1.10^e
Portfolio Turnover Rate	79.00	57.17	68.92	47.01	44.96
Net Assets, end of period ($ x 1,000)	789,983	707,727	407,642	243,251	41,381

^a From July 1, 2013 (commencement of initial offering) to October 31, 2013.

^b Based on average shares outstanding.

^cIn addition to net realized and unrealized losses on investments, this amount includes an increase in net asset value per share resulting from the timing of issuances and redemptions of shares in relation to fluctuating market values for the portfolio investments.

^d Not annualized.

^eAnnualized.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus Global Real Return 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 total return (consisting of capital appreciation and income). 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. Newton Investment Management (North America) Limited (“Newton”), a wholly-owned subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as the fund’s sub-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 400 million to 500 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 100 million shares of $.001 par value Common Stock in each of the following classes of shares: Class A, Class C, Class I, Class T and Class Y. 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.

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

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.

NOTES TO FINANCIAL STATEMENTS (continued)

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 debt securities, excluding short-term investments (other than U.S. Treasury Bills), futures, options and forward foreign currency exchange contracts (“forward contracts”), are valued each business day by an independent pricing service (the “Service”) approved by the Company’s Board of Directors (the “Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments are valued as determined by the Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. These securities are generally categorized within Level 2 of the fair value hierarchy.

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

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

The Service is engaged under the general supervision of the Board.

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

For 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.

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

The following is a summary of the inputs used as of October 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:
Corporate Bonds		-	115,696,478	-	115,696,478
Equity Securities –Domestic Common Stocks		228,726,106	-	-	228,726,106
Equity Securities –Foreign Common Stocks		692,662,770	-	-	692,662,770

NOTES TO FINANCIAL STATEMENTS (continued)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs	Level 3 -Significant Unobservable Inputs	Total
Exchange –Traded Fund		20,585,420	-	-	20,585,420
Foreign Government		-	205,296,823	-	205,296,823
Registered Investment Company		74,279,655	-	-	74,279,655
U.S. Treasury		-	184,139,999	-	184,139,999
Other Financial Instruments:
Forward Foreign Currency Exchange Contracts^†	-		18,281,197	-	18,281,197
Options Purchased	1,584,885		-	-	1,584,885
Liabilities ($)
Other Financial Instruments:
Futures^†	(12,746,603)		-	-	(12,746,603)
Forward Foreign Currency Exchange Contracts^†	-		(5,263,203)	-	(5,263,203)

^†Amount shown represents unrealized appreciation (depreciation) at period end.

At October 31, 2017, there were no transfers between levels of the fair value hierarchy. It is the fund’s policy to recognize transfers between levels at the end of the reporting period.

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

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

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

amortization of premium on investments, is recognized on the accrual basis.

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

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

(f) Dividends 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.

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

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

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

At October 31, 2017, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $8,895,888, accumulated capital losses $140,103,235 and unrealized appreciation $103,140,464.

NOTES TO FINANCIAL STATEMENTS (continued)

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

The accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to October 31, 2017. If not applied, the fund has $53,749,305 of short-term capital losses and $86,353,930 of long-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal periods ended October 31, 2017 and October 31, 2016 were as follows: ordinary income $41,402,008 and $24,510,526, respectively.

During the period ended October 31, 2017, as a result of permanent book to tax differences, primarily due to the tax treatment for foreign currency gains and losses, limited partnerships and passive foreign investment companies, the fund decreased accumulated undistributed investment income-net by $23,938,990 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 $830 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. Prior to October 4, 2017, the unsecured credit facility with Citibank, N.A. was $810 million. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended October 31, 2017, the fund did not borrow under the Facilities.

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

(a) Pursuant to a management agreement with Dreyfus, the management fee is computed at the annual rate of .75% of the value of the fund’s average daily net assets and is payable monthly. Dreyfus has contractually agreed, from November 1, 2016 through March 1, 2018, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the

expenses of Class A, C, I and Y shares (excluding Rule 12b-1 Distribution Plan fees, Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed .90% of the value of the fund’s average daily net assets. The reduction in expenses, pursuant to the undertaking, amounted to $18,960 during the period ended October 31, 2017.

Pursuant to a sub-investment advisory agreement between Dreyfus and Newton, Dreyfus pays Newton an annual fee of .36% of the value of the fund’s average daily net assets.

During the period ended October 31, 2017, the Distributor retained $3,248 from commissions earned on sales of the fund’s Class A shares and $10,512 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 October 31, 2017, Class C shares were charged $263,654 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 October 31, 2017, Class A and Class C shares were charged $186,214 and $87,885, 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.

NOTES TO FINANCIAL STATEMENTS (continued)

charged $15,657 for transfer agency services and $1,045 for cash management services. These fees are included in Shareholder servicing costs in the Statement of Operations. Cash management fees were offset by earnings credits of $1,045.

The fund compensates The Bank of New York Mellon under a custody agreement for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended October 31, 2017, the fund was charged $339,460 pursuant to the custody agreement. These fees were partially offset by earnings credits of $3,664.

During the period ended October 31, 2017, the fund was charged $11,224 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 $959,130, Distribution Plan fees $21,900, Shareholder Services Plan fees $16,059, custodian fees $91,775, Chief Compliance Officer fees $6,538 and transfer agency fees $6,285.

(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, futures, options transactions and forward contracts, during the period ended October 31, 2017, amounted to $1,138,966,896 and $1,023,634,096, respectively.

Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. The fund enters into International Swaps and Derivatives Association, Inc. Master Agreements or similar agreements (collectively, “Master Agreements”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under a Master Agreement, the fund may offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment in the event of default or termination.

Each type of derivative instrument that was held by the fund during the period ended October 31, 2017 is discussed below.

Futures: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including equity risk and interest risk, as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at October 31, 2017 are set forth in the Statement of Futures.

Options Transactions: The fund purchases and writes (sells) put and call options to hedge against changes in the values of equities, interest rates, foreign currencies or as a substitute for an investment. The fund is subject to market risk, interest rate risk and currency risk in the course of pursuing its investment objectives through its investments in options contracts. A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the writer to sell, the underlying financial instrument at the exercise price at any time during the option period, or at a specified date. Conversely, a put option gives the purchaser of the option the right (but not the obligation) to sell, and obligates the writer to buy the underlying financial instrument at the exercise price at any time during the option period, or at a specified date.

As a writer of call options, the fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the fund realizes a gain, to the extent of the premium, if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. Generally, the fund incurs a loss if the price of the financial instrument increases between those dates.

NOTES TO FINANCIAL STATEMENTS (continued)

which the option is terminated. Generally, the fund incurs a loss if the price of the financial instrument decreases between those dates. The maximum payout for those contracts is limited to the number of put option contracts written and the related strike prices, respectively.

As a writer of an option, the fund has no control over whether the underlying financial instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the financial instrument underlying the written option. There is a risk of loss from a change in value of such options which may exceed the related premiums received. This risk may be mitigated by Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund’s exposure to the counterparty. The Statement of Operations reflects any unrealized gains or losses which occurred during the period as well as any realized gains or losses which occurred upon the expiration or closing of the option transaction. At October 31, 2017, there were no options written outstanding.

Forward Foreign Currency Exchange Contracts: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy. When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, the fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, the fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract increases between those dates. Any realized or unrealized gains or losses which occurred during the period are reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is generally limited to the unrealized gain on each open contract. This risk may be mitigated by Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund’s exposure to the counterparty. Forward contracts open at October 31, 2017 are set forth in the Statement of Forward Foreign Currency Exchange Contracts.

The following tables show the fund’s exposure to different types of market risk as it relates to the Statement of Assets and Liabilities and the Statement of Operations, respectively.

Fair value of derivative instruments as of October 31, 2017 is shown below:


		Derivative Assets ($)			Derivative Liabilities ($)
Interest rate risk		-		Interest rate risk	(135,825)	¹
Equity risk		1,584,885	²	Equity risk	(12,610,778)	¹
Foreign exchange risk		18,281,197	³	Foreign exchange risk	(5,263,203)	³
Gross fair value of derivative contracts		19,866,082			(18,009,806)

	Statement of Assets and Liabilities location:
¹	Includes cumulative appreciation (depreciation) on futures as reported in the Statement of Futures, but only the unpaid variation margin is reported in the Statement of Assets and Liabilities.
²	Options purchased are included in Investments in securities—Unaffiliated issuers, at value.
³	Unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

The effect of derivative instruments in the Statement of Operations during the period ended October 31, 2017 is shown below:


Amount of realized gain (loss) on derivatives recognized in income ($)
Underlying risk		Futures	¹	Options Transactions	²	Forward Contracts	³	Total
Interest rate		(1,578,114)		(1,286,448)		-		(2,864,562)
Equity		(58,780,162)		(3,823,814)		-		(62,603,976)
Foreign exchange		-		(1,147,047)		(26,676,313)		(27,823,360)
Total		(60,358,276)		(6,257,309)		(26,676,313)		(93,291,898)

Change in unrealized appreciation (depreciation) on derivatives recognized in income ($)
Underlying risk		Futures	⁴	Options Transactions	⁵	Forward Contracts	⁶	Total
Interest rate		(135,825)		-		-		(135,825)
Equity		(20,220,636)		(16,115)		-		(20,236,751)
Foreign exchange		-		-		1,447,654		1,447,654
Total		(20,356,461)		(16,115)		1,447,654		(18,924,922)

	Statement of Operations location:
¹	Net realized gain (loss) on futures.
²	Net realized gain (loss) on options transactions.
³	Net realized gain (loss) on forward foreign currency exchange contracts.
⁴	Net unrealized appreciation (depreciation) on futures.
⁵	Net unrealized appreciation (depreciation) on options transactions.
⁶	Net unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

NOTES TO FINANCIAL STATEMENTS (continued)

The provisions of ASC Topic 210 “Disclosures about Offsetting Assets and Liabilities” require disclosure on the offsetting of financial assets and liabilities. These disclosures are required for certain investments, including derivative financial instruments subject to Master Agreements which are eligible for offsetting in the Statement of Assets and Liabilities and require the fund to disclose both gross and net information with respect to such investments. For financial reporting purposes, the fund does not offset derivative assets and derivative liabilities that are subject to Master Agreements in the Statement of Assets and Liabilities.

At October 31, 2017, derivative assets and liabilities (by type) on a gross basis are as follows:


Derivative Financial Instruments:	Assets ($)	Liabilities ($)
Futures	-	(12,746,603)
Options	1,584,885	-
Forward contracts	18,281,197	(5,263,203)
Total gross amount of derivative
assets and liabilities in the
Statement of Assets and Liabilities	19,866,082	(18,009,806)
Derivatives not subject to
Master Agreements	(1,584,885)	12,746,603
Total gross amount of assets
and liabilities subject to
Master Agreements	18,281,197	(5,263,203)

The following tables present derivative assets and liabilities net of amounts available for offsetting under Master Agreements and net of related collateral received or pledged, if any, as of October 31, 2017:


			Financial
			Instruments
			and Derivatives
	Gross Amount of		Available	Collateral		Net Amount of
Counterparty	Assets ($)	¹	for Offset ($)	Received ($)	²	Assets ($)
Citigroup	9,839,741		(2,019,796)	(3,240,000)		4,579,945
State Street Bank and Trust Company	6,491,134		(3,214,390)	(3,276,744)		-
UBS	1,950,322		(29,017)	(1,900,000)		21,305
Total	18,281,197		(5,263,203)	(8,416,744)		4,601,250



			Financial
			Instruments
			and Derivatives
	Gross Amount of		Available	Collateral		Net Amount of
Counterparty	Liabilities ($)	¹	for Offset ($)	Pledged ($)	²	Liabilities ($)
Citigroup	(2,019,796)		2,019,796	-		-
State Street Bank and Trust Company	(3,214,390)		3,214,390	-		-
UBS	(29,017)		29,017	-		-
Total	(5,263,203)		5,263,203	-		-

¹ Absent a default event or early termination, OTC derivative assets and liabilities are presented at gross amounts and are not offset in the Statement of Assets and Liabilities.
² In some instances, the actual collateral received and/or pledged may be more than the amount shown due to over collateralization.

The following summarizes the average market value of derivatives outstanding during the period ended October 31, 2017:


		Average Market Value ($)
Equity futures		377,575,889
Equity options contracts		348,016
Interest rate futures		22,894,010
Interest rate options contracts		646,627
Foreign currency options contracts		12,552
Forward contracts		777,172,295

At October 31, 2017, the cost of investments for federal income tax purposes was $1,419,757,245; accordingly, accumulated net unrealized appreciation on investments inclusive of derivative contracts was $103,218,895, consisting of $157,234,846 gross unrealized appreciation and $54,015,951 gross unrealized depreciation.

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

Shareholders and Board of Directors
Dreyfus Global Real Return Fund

We have audited the accompanying statement of assets and liabilities, including the statements of investments, investments in affiliated issuers, futures and forward foreign currency exchange contracts, of Dreyfus Global Real Return Fund (one of the series comprising Advantage Funds, Inc.) (the Fund) as of October 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 October 31, 2017 by correspondence with the custodian and others or by other appropriate auditing procedures where replies were not received. 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 Global Real Return Fund at October 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
December 28, 2017

IMPORTANT TAX INFORMATION (Unaudited)

In accordance with federal tax law, the fund elects to provide each shareholder with their portion of the fund’s foreign taxes paid and the income sourced from foreign countries. Accordingly, the fund hereby reports the following information regarding its fiscal year ended October 31, 2017:

- the total amount of taxes paid to foreign countries was $1,183,767

- the total amount of income sourced from foreign countries was $22,645,453

Where required by Federal tax law rules, shareholders will receive notification of their proportionate share of foreign taxes paid and foreign sourced income for the 2017 calendar year with Form 1099-DIV which will be mailed in early 2018. For the fiscal year ended October 31, 2017, 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, $14,534,370 represents the maximum amount that may be considered qualified dividend income.

BOARD MEMBERS INFORMATION (Unaudited)

INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (74)

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: 126

———————

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: 45

———————

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: 31

———————

Joan Gulley (70)

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: 52

———————

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: 52

———————

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: 31

———————

Robin A. Melvin (54)

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: 98

———————

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

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: 31

———————

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 62 investment companies (comprised of 126 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 63 investment companies (comprised of 151 portfolios) managed by the Manager. He is 46 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 63 investment companies (comprised of 151 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 63 investment companies (comprised of 151 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 63 investment companies (comprised of 151 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 63 investment companies (comprised of 151 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 63 investment companies (comprised of 151 portfolios) managed by the Manager. She is 42 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 63 investment companies (comprised of 151 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 63 investment companies (comprised of 151 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 63 investment companies (comprised of 151 portfolios) managed by the Manager. He is 59 years old and has been an employee of the Manager since April 1985.

OFFICERS OF THE FUND (Unaudited) (continued)

RICHARD CASSARO, Assistant Treasurer since January 2008.

Senior Accounting Manager – Money Market and Municipal Bond Funds of the Manager, and an officer of 63 investment companies (comprised of 151 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 63 investment companies (comprised of 151 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 December 2005.

Senior Accounting Manager – Dreyfus Financial Reporting of the Manager, and an officer of 63 investment companies (comprised of 151 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 63 investment companies (comprised of 151 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 63 investment companies (comprised of 151 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 (63 investment companies, comprised of 151 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 57 investment companies (comprised of 145 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 Global Real Return Fund
200 Park Avenue
New York, NY 10166

Manager

The Dreyfus Corporation
200 Park Avenue
New York, NY 10166

Sub-Investment Adviser

Newton Investment Management
(North America) Limited
160 Queen Victoria Street
London, EC4V, 4LA, UK

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: DRRAX Class C: DRRCX Class I: DRRIX Class Y: DRRYX

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 6278AR1017

Dreyfus Global Dynamic Bond Fund

ANNUAL REPORT

October 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	17
Statement of Futures	18
Statement of Forward Foreign
Currency Exchange Contracts	19
Statement of Assets and Liabilities	21
Statement of Operations	22
Statement of Changes in Net Assets	23
Financial Highlights	25
Notes to Financial Statements	29
Report of Independent Registered
Public Accounting Firm	44
Important Tax Information	45
Information About the Renewal
of the Fund’s Management and
Sub-Investment Advisory Agreements	46
Board Members Information	49
Officers of the Fund	52

FOR MORE INFORMATION

Back Cover


	Dreyfus Global Dynamic Bond Fund		The Fund

A LETTER FROM THE CEO OF DREYFUS

Dear Shareholder:

We are pleased to present this annual report for Dreyfus Global Dynamic Bond Fund, covering the 12-month period from November 1, 2016 through October 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
November 15, 2017

DISCUSSION OF FUND PERFORMANCE

For the period from November 1, 2016 through October 31, 2017, as provided by portfolio managers Paul Brain, Howard Cunningham, and Parmeshwar Chadha, of Newton Investment Management (North America) Limited,
Sub-Investment Adviser

Market and Fund Performance Overview

For the 12-month period ended October 31, 2017, Dreyfus Global Dynamic Bond Fund’s Class A shares produced a total return of 2.45%, Class C shares returned 1.59%, Class I shares returned 2.57%, and Class Y shares returned 2.67%.¹In comparison, the fund’s benchmark, the Citi One-Month U.S. Treasury Bill Index (the “Index”), produced a total return of 0.67% for the same period.²

Fixed-income securities across a variety of global markets produced positive total returns over the reporting period when moderating long-term interest rates and muted inflation offset earlier market weakness stemming from expectations of greater economic growth. The fund outperformed the Index, primarily due to its emphasis on higher-yielding bond market sectors.

The Fund’s Investment Approach

The fund seeks total return (consisting of income and capital appreciation). To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in bonds and other instruments that provide investment exposure to global bond markets, including developed and emerging capital markets. We employ a dynamic, benchmark-unconstrained approach in allocating the fund’s assets globally, among government bonds, emerging-market sovereign debt, investment-grade and high yield corporate instruments, and currencies. We combine a top-down approach, emphasizing global economic trends and current investment themes, with bottom-up security selection based on fundamental research to allocate the fund’s investments. In choosing investments, we consider key trends in global economic variables, investment themes, relative valuations of debt securities and cash, long-term trends in currency movements, and company fundamentals.

Riskier Assets Benefited From Global Economic Growth

Global bond markets proved volatile over the reporting period in response to several political and economic developments. Most notably, political risks increased in Europe and the United States at the start of the reporting period, when financial markets reacted with surprise to the unexpected outcome of the U.S. presidential election. Subsequently, the Federal Reserve Board (the “Fed”) raised short-term U.S. interest rates three times and committed to shrinking its balance sheet. Other major central banks left their accommodative monetary policies unchanged as inflationary pressures remained muted despite a recovery in commodity prices and stronger global economic growth in the Eurozone, China, and other markets.

Over much of the reporting period, a weaker U.S. dollar against most other currencies, stronger global economic growth, and stable inflation provided a favorable backdrop for risk assets, such as emerging-market government bonds and high yield securities. However, late in the reporting period, renewed dollar strength, softer Chinese growth, and tighter credit spreads helped to reduce investors’ risk appetites.

Higher-Yielding Market Sectors Bolstered Fund Results

The fund lost a degree of value early in the reporting period. Government bond holdings, particularly U.S. Treasury securities, were a significant drag on performance when yields rose sharply after the U.S. election. However, the fund’s bias towards Treasury Inflation Protected Securities (“TIPS”) helped limit losses, and the use of futures contracts also helped mitigate some of the bond market selloff. With underlying yields rising, investment-grade corporate-backed bonds and emerging-market sovereign

DISCUSSION OF FUND PERFORMANCE (continued)

bonds produced negative returns at the time. In contrast, high yield bonds performed strongly as yield differences narrowed along the market’s credit-quality spectrum.

The fund’s performance recovered over the first 10 months of 2017. Government bond yields stabilized, global growth expectations remained upbeat, and U.S. policy anxieties eased, allowing the fund’s holdings of government and corporate-backed bonds to generate positive absolute returns for the reporting period overall. Investment-grade credits made a particularly positive contribution to the fund’s relative performance. Developed and emerging-market sovereign bonds also boosted relative results.

The fund’s currency strategy made a negligible contribution to performance over the reporting period. Long U.S. dollar exposure in late 2016 enabled the fund to benefit from rising rate differentials versus other developed markets, while short positions in the Turkish lira and, later, the South African rand, proved effective. However, losses attributable to short Australian and Canadian dollar exposure in July, and short sterling positioning in September, largely eroded those gains.

A More Cautious Investment Posture

We have adopted a more cautious investment posture due to expectations of tighter monetary policy in the United States and continued economic growth in Europe and the emerging markets. The Fed’s current focus on balance-sheet reduction, prospects for fiscal stimulus through tax cuts, and tight yield spreads could create a more challenging environment for sovereign bonds and investment-grade corporate bonds. These factors also could limit U.S. dollar strength, which may support emerging-market government debt in some developing nations.

Therefore, we have modestly trimmed the fund’s duration positioning to reduce its interest-rate sensitivity, and we have reduced its holdings of investment-grade credits. While we have increased the fund’s exposure to high yield securities, leverage and structural concerns suggest that certain high yield market sectors, such as U.S. retailers, should be avoided.

November 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. Class I and Class Y shares are not subject to any initial or deferred sales charge. 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. Return figures reflect the absorption of certain fund expenses by The Dreyfus Corporation pursuant to an agreement in effect through March 1, 2018, at which time it may be extended, terminated, or modified. Had these expenses not been absorbed, the returns would have been lower.

² Source: Lipper Inc. — The Citi One-Month U.S. Treasury Bill Index consists of the last one-month Treasury bill month-end rates. The Citi One-Month U.S. Treasury Bill Index measures return equivalents of yield averages. The instruments are not marked to market. Investors cannot invest directly in any index.

High yield bonds are subject to increased credit risk and are considered speculative in terms of the issuer’s perceived ability to continue making interest payments on a timely basis and to repay principal upon maturity.

Foreign bonds are subject to special risks, including exposure to currency fluctuations, changing political and economic conditions, and potentially less liquidity.

Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. A decline in the value of foreign currencies relative to the U.S. dollar will reduce the value of securities held by the fund and denominated in those currencies. The use of leverage may magnify the fund’s gains or losses. For derivatives with a leveraging component, adverse changes in the value or level of the underlying asset can result in a loss that is much greater than the original investment in the derivative.

FUND PERFORMANCE

Comparison of change in value of $10,000 investment in Dreyfus Global Dynamic Bond Fund Class A shares, Class C shares, Class I shares and Class Y shares and the Citi One-Month U.S. Treasury Bill Index (the “Index”)

^† Source: Lipper Inc.

^†† 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 Global Dynamic Bond Fund on 3/25/11 (inception date) 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 consists of the last one-month Treasury bill month-end rates. The Citi One-Month U.S.Treasury Bill Index measures returns equivalent of yield averages. The instruments are not marked to 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 10/31/17
	Inception Date	1 Year	5 Years	From Inception
Class A shares
with maximum sales charge (4.5%)	3/25/11	-2.17%	1.00%	2.18%
without sales charge	3/25/11	2.45%	1.93%	2.89%
Class C shares
with applicable redemption charge ^†	3/25/11	0.61%	1.16%	2.11%
without redemption	3/25/11	1.59%	1.16%	2.11%
Class I shares	3/25/11	2.57%	2.15%	3.12%
Class Y shares	7/1/13	2.67%	2.17%^††	3.08%^††
Citi One-Month U.S. Treasury Bill Index	3/31/11	0.67%	0.18%	0.15%^†††

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

^††† For comparative purposes, the value of the Index as of 3/31/11 is used as the beginning value on 3/25/11.

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 Global Dynamic Bond Fund from May 1, 2017 to October 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 October 31, 2017
	Class A		Class C		Class I		Class Y
Expenses paid per $1,000^†		$4.26		$8.05		$3.00		$3.00
Ending value (after expenses)		$1,013.30		$1,009.20		$1,014.10		$1,014.10

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

Using the SEC’s method to compare expenses


Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended October 31, 2017
	Class A		Class C		Class I		Class Y
Expenses paid per $1,000^†		$4.28		$8.08		$3.01		$3.01
Ending value (after expenses)		$1,020.97		$1,017.19		$1,022.23		$1,022.23

^† Expenses are equal to the fund’s annualized expense ratio of .84% for Class A, 1.59% for Class C, .59% for Class I and .59% for Class Y, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

October 31, 2017



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)	^a	Value ($)
Bonds and Notes - 96.8%
Consumer Discretionary - 8.6%
Best Buy, Sr. Unscd. Bonds		5.50	3/15/21	95,000		103,402
CCO Holdings, Sr. Unscd. Notes		5.75	1/15/24	65,000		67,681
CCO Holdings, Sr. Unscd. Notes		5.50	5/1/26	70,000	^b	71,925
CCO Holdings, Sr. Unscd. Notes		5.88	5/1/27	50,000	^b	52,485
CPUK Finance, Sr. Scd. Bonds	GBP	4.25	2/28/47	100,000		136,384
CPUK Finance, Sr. Scd. Notes	GBP	2.67	2/28/42	200,000		272,858
Daimler Finance North America, Gtd. Notes		1.88	1/11/18	300,000		300,162
Discovery Communications, Gtd. Bonds	GBP	2.50	9/20/24	121,000		157,858
Dollar General, Sr. Unscd. Notes		3.25	4/15/23	99,000		101,687
Dollar General, Sr. Unscd. Notes		4.15	11/1/25	208,000		222,169
EI Group, First Mortgage Bonds	GBP	6.50	12/6/18	16,000		22,365
EI Group, First Mortgage Bonds	GBP	6.38	2/15/22	100,000		143,447
Hella Finance International, Gtd. Notes	EUR	1.00	5/17/24	194,000		230,274
John Lewis, Sr. Unscd. Notes	GBP	8.38	4/8/19	175,000		255,079
KFC & Pizza Hut Holdings, Gtd. Notes		5.00	6/1/24	257,000		271,778
Mitchells & Butlers Finance, Asset-Backed Bonds, Ser. B2	GBP	6.01	12/15/28	174,363		276,683
Motability Operations Group, Gtd. Notes	EUR	1.63	6/9/23	200,000		249,706
SFR Group, Sr. Scd. Bonds	EUR	5.38	5/15/22	180,000		219,538
Unitymedia Hessen, Sr. Scd. Bonds	EUR	6.25	1/15/29	200,000		266,088
Virgin Media Receivables Financing Notes I, Sr. Scd. Bonds	GBP	5.50	9/15/24	208,000		288,461
Volkswagen International Finance, Gtd. Bonds	EUR	1.13	10/2/23	100,000		119,245



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)	^a	Value ($)
Bonds and Notes - 96.8% (continued)
Consumer Discretionary - 8.6% (continued)
Wagamama Finance, Sr. Scd. Notes	GBP	4.13	7/1/22	100,000		133,338
					3,962,613
Consumer Staples - 3.3%
Anheuser-Busch InBev Finance, Gtd. Notes		1.90	2/1/19	130,000		130,170
DS Services of America, Scd. Notes		10.00	9/1/21	128,000	^b	135,146
Fomento Economico Mexicano, Sr. Unscd. Bonds	EUR	1.75	3/20/23	207,000		251,991
Iceland Bondco, Sr. Scd. Notes	GBP	4.63	3/15/25	100,000		129,145
Nova Austral, Sr. Scd. Bonds		8.25	5/26/21	150,000	^b	154,468
PepsiCo, Sr. Unscd. Notes		2.00	4/15/21	96,000		95,762
Post Holdings, Gtd. Notes		6.00	12/15/22	184,000	^b	193,430
Sigma Alimentos, Sr. Unscd. Notes		4.13	5/2/26	200,000		200,500
Spectrum Brands, Gtd. Notes		6.63	11/15/22	220,000		229,236
					1,519,848
Energy - 2.4%
BG Energy Capital, Gtd. Notes, 3 Month LIBOR + 5.34%	GBP	6.50	11/30/72	155,000	^c	206,812
BP Capital Markets, Gtd. Notes	GBP	4.33	12/10/18	100,000		137,840
BP Capital Markets, Gtd. Notes	EUR	1.12	1/25/24	200,000		241,725
Petrobras Global Finance, Gtd. Notes		6.75	1/27/41	230,000		232,300
Shell International Finance, Gtd. Notes, 3 Month LIBOR + .45%		1.76	5/11/20	287,000	^c	289,364
					1,108,041
Financials - 19.4%
Allied Irish Banks, Sub. Notes, 3 Month EURIBOR + 3.95%	EUR	4.13	11/26/25	181,000	^c	227,946
Amigo Luxembourg, Sr. Scd. Notes	GBP	7.63	1/15/24	100,000		140,582
Aquarius & Investments, Jr. Sub. Notes, 3 Month LIBOR + 6.38%		8.25	9/29/49	200,000	^c	209,658
Bank Nederlandse Gemeenten, Sr. Unscd. Notes, 3 Month LIBOR + .28%		1.60	5/15/18	200,000	^c	200,337
Bank of England, Sr. Unscd. Notes		1.25	3/14/19	410,000		407,585

STATEMENT OF INVESTMENTS (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)	^a	Value ($)
Bonds and Notes - 96.8% (continued)
Financials - 19.4% (continued)
Bank of Ireland Group, Sub. Notes, 3 Month LIBOR + 2.70%	GBP	3.13	9/19/27	100,000	^c	131,634
Citigroup, Sr. Unscd. Notes, 3 Month LIBOR + .93%		2.25	6/7/19	76,000	^c	76,749
Citigroup, Sub. Notes		5.50	9/13/25	240,000		271,285
Close Brothers Finance, Gtd. Notes	GBP	3.88	6/27/21	200,000		287,467
Close Brothers Finance, Gtd. Notes	GBP	2.75	10/19/26	141,000		193,842
Commonwealth Bank of Australia, Covered Bonds		2.13	7/22/20	250,000		250,165
Coventry Building Society, Covered Bonds, 3 Month LIBOR + .30%	GBP	0.63	3/17/20	100,000	^c	133,391
Coventry Building Society, Jr. Sub. Bonds, 3 Month LIBOR + 4.11%	GBP	6.38	12/31/49	200,000	^c	278,641
Coventry Building Society, Sr. Unscd. Notes	EUR	2.50	11/18/20	200,000		249,905
Danske Bank, Sub. Notes, 3 Month LIBOR + 1.94%	GBP	5.38	9/29/21	90,000	^c	123,854
Dexia Credit Local, Govt. Gtd. Notes		2.25	1/30/19	500,000		502,032
ECL Finance, Sr. Scd. Notes	INR	9.05	12/28/19	14,500,000		225,698
Housing Development Finance, Sr. Unscd. Notes	INR	7.88	8/21/19	10,000,000		156,440
HSBC Bank, Sub. Notes, 3 Month LIBOR + 1.50%	GBP	5.38	11/4/30	195,000	^c	313,011
JAB Holdings, Gtd. Bonds	EUR	1.25	5/22/24	100,000		119,720
JPMorgan Chase & Co., Sr. Unscd. Notes, 3 Month LIBOR + 1.21%		2.58	10/29/20	163,000	^c	167,116
Landwirtschaftliche Rentenbank, Govt. Gtd. Notes	NZD	4.00	1/30/20	250,000		176,869
Lloyds Bank, Jr. Sub. Notes	EUR	13.00	1/29/49	66,000		108,831
Lloyds Banking Group, Jr. Sub. Bonds, 3 Month LIBOR +5.06%	GBP	7.00	12/31/49	200,000	^c	283,227
Nationwide Building Society, Jr. Sub. Notes, 3 Month LIBOR + 4.88%	GBP	6.88	12/31/49	200,000	^c	281,241
New York Life Global Funding, Scd. Notes		1.70	9/14/21	280,000		273,800
Prudential, Sr. Unscd. Notes	GBP	1.38	1/19/18	190,000		252,930
Rabobank Nederland, Sr. Unscd. Notes	AUD	7.25	4/20/18	250,000		196,014



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)	^a	Value ($)
Bonds and Notes - 96.8% (continued)
Financials - 19.4% (continued)
Royal Bank of Canada, Covered Bonds		2.00	10/1/18	125,000		125,342
Royal Bank of Canada, Covered Bonds		1.88	2/5/20	280,000		279,344
Saga, Gtd. Bonds	GBP	3.38	5/12/24	100,000		131,623
Santander UK, Sub. Notes, 3 Month LIBOR + 6.56%	GBP	9.63	10/30/23	147,000	^c	211,443
Silverback Finance, Sr. Scd. Bonds	EUR	3.13	2/25/37	199,382		242,446
Societe Generale, Jr. Sub. Notes, 3 Month EURIBOR + 5.54%	EUR	6.75	12/31/49	200,000	^c	266,896
TP ICAP, Gtd. Notes	GBP	5.25	1/26/24	190,000		271,291
UBS, Sub. Notes, 3 Month EURIBOR + 3.40%	EUR	4.75	2/12/26	235,000	^c	305,729
UNITE USAF II, Sr. Scd. Notes	GBP	3.37	6/30/28	100,000		143,134
US Bancorp, Sr. Unscd. Notes, 3 Month LIBOR + .49%		1.81	11/15/18	100,000	^c	100,452
US Bank, Sr. Unscd. Notes, 3 Month LIBOR + .41%		1.78	4/26/19	280,000	^c	281,188
Westpac Banking, Covered Notes		1.38	5/30/18	330,000		329,519
					8,928,377
Foreign/Governmental - 31.2%
Asian Development Bank, Sr. Unscd. Notes, 3 Month LIBOR + .01%		1.36	7/10/19	165,000	^c	164,986
Australian Government, Govt. Gtd. Notes	AUD	4.00	4/20/23	475,000		392,504
Brazil Letras do Tesouro Nacional, Bills	BRL	0.00	7/1/21	2,000,000	^d	440,879
Brazilian Government, Sr. Unscd. Bonds		5.00	1/27/45	240,000		222,692
Brazilian Government, Sr. Unscd. Notes		4.63	1/13/28	230,000		228,908
Caisse des Depots et Consignations, Sr. Unscd. Notes		1.25	5/17/19	400,000		396,310
Canada Housing Trust No 1, Govt. Gtd. Bonds	CAD	2.00	12/15/19	1,140,000	^b	892,118
Council of Europe Development Bank, Sr. Unscd. Notes		1.13	5/31/18	280,000		279,389
Dominican Government, Sr. Unscd. Bonds		7.45	4/30/44	280,000		333,900
Ecuadorian Government, Sr. Unscd. Bonds		10.50	3/24/20	200,000		218,000

STATEMENT OF INVESTMENTS (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)	^a	Value ($)
Bonds and Notes - 96.8% (continued)
Foreign/Governmental - 31.2% (continued)
European Bank for Reconstruction & Development, Sr. Unscd. Notes, 3 Month LIBOR + 0%		1.33	3/23/20	620,000	^c	619,686
Export-Import Bank of Korea, Sr. Unscd. Notes, 3 Month LIBOR + .46%		1.82	10/21/19	401,000	^c	399,903
Export-Import Bank of Korea, Sr. Unscd. Notes, Ser. 5FRN, 3 Month LIBOR + .88%		2.24	1/25/22	309,000	^c	309,949
FMS Wertmanagement, Gtd. Notes, 3 Month LIBOR + .10%		1.42	11/27/19	600,000	^c	601,398
Indonesian Government, Sr. Unscd. Bonds, Ser. FR72	IDR	8.25	5/15/36	5,690,000,000		454,151
Instituto de Credito Oficial, Govt. Gtd. Notes		1.63	9/14/18	390,000		389,103
International Bank for Reconstruction & Development, Sr. Unscd. Bonds, 3 Month LIBOR + .28%		1.59	2/11/21	410,000	^c	413,107
International Bank for Reconstruction & Development, Sr. Unscd. Notes	NZD	4.63	2/26/19	350,000		246,918
Kommunalbanken, Sr. Unscd. Notes, 3 Month LIBOR + .13%		1.44	5/2/19	190,000	^c	190,315
Kommunekredit, Sr. Unscd. Notes		1.63	6/1/21	410,000		404,635
Kuwaiti Government, Sr. Unscd. Bonds		2.75	3/20/22	630,000		636,615
Malaysian Government, Sr. Unscd. Bonds, Ser. 217	MYR	4.06	9/30/24	2,890,000		687,301
Mexican Government, Bonds, Ser. M	MXN	5.75	3/5/26	16,500,000		782,409
Mexican Government, Sr. Unscd. Bonds, Ser. M 20	MXN	8.50	5/31/29	3,570,000		203,343
National Highways Authority of India, Sr. Unscd. Bonds	INR	7.30	5/18/22	20,000,000		316,597
Netherlands Development Finance, Govt. Gtd. Notes, 3 Month LIBOR + .14%		1.50	10/21/19	192,000	^c	192,397
New Zealand Government, Sr. Unscd. Bonds	NZD	4.50	4/15/27	620,000		448,274
New Zealand Government, Unscd. Bonds	NZD	5.00	3/15/19	660,000		468,804
Norwegian Government, Bonds, Ser. 474	NOK	3.75	5/25/21	3,220,000	^b	433,213
Peruvian Government, Sr. Unscd. Notes	PEN	8.20	8/12/26	550,000		207,730
Peruvian Government, Sr. Unscd. Notes	PEN	6.95	8/12/31	600,000		207,535



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)	^a	Value ($)
Bonds and Notes - 96.8% (continued)
Foreign/Governmental - 31.2% (continued)
Province of British Columbia Canada, Sr. Unscd. Notes	EUR	0.88	10/8/25	328,000		392,368
Queensland Treasury, Govt. Gtd. Bonds, Ser. 27	AUD	2.75	8/20/27	1,210,000	^b	894,731
Svensk Exportkredit, Sub. Notes, 3 Month LIBOR + 1.45%		2.88	11/14/23	200,000	^b,c	199,824
Turkish Government, Sr. Unscd. Bonds		6.75	4/3/18	220,000		223,894
Turkish Government, Sr. Unscd. Bonds		5.63	3/30/21	100,000		105,514
Vietnamese Government, Sr. Unscd. Bonds		6.75	1/29/20	300,000		327,278
					14,326,678
Health Care - .4%
BUPA Finance, Gtd. Bonds, 3 Month LIBOR + 2.60%	GBP	6.13	12/29/49	130,000	^c	191,297
Industrials - 3.8%
AA Bond, Scd. Notes	GBP	5.50	7/31/43	200,000		274,202
AA Bond, Sr. Scd. Notes	GBP	4.25	7/31/43	100,000		140,475
Belden, Gtd. Bonds	EUR	2.88	9/15/25	163,000		191,171
Firstgroup, Gtd. Bonds	GBP	8.13	9/19/18	160,000		225,339
General Electric, Sr. Unscd. Notes	GBP	6.44	11/15/22	30,157		44,384
GMR Hyderabad International Airport, Sr. Scd. Notes		4.25	10/27/27	200,000		197,377
Go-Ahead Group, Gtd. Bonds	GBP	2.50	7/6/24	130,000		171,296
Heathrow Finance, Sr. Scd. Bonds	GBP	3.88	3/1/27	175,000		231,025
Johnson Controls International, Sr. Unscd. Notes	EUR	1.00	9/15/23	222,000		263,797
					1,739,066
Information Technology - 2.6%
Dell International, Sr. Scd. Notes		6.02	6/15/26	100,000	^b	111,816
eBay, Sr. Unscd. Notes, 3 Month LIBOR + .48%		1.79	8/1/19	329,000	^c	330,137
EMC, Sr. Unscd. Notes		1.88	6/1/18	260,000		259,372
Microsoft, Sr. Unscd. Bonds		2.00	8/8/23	250,000		244,124

STATEMENT OF INVESTMENTS (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)	^a	Value ($)
Bonds and Notes - 96.8% (continued)
Information Technology - 2.6% (continued)
Western Digital, Sr. Unscd. Notes		7.38	4/1/23	210,000	^b	230,475
					1,175,924
Materials - 1.7%
Anglo American Capital, Gtd. Notes		9.38	4/8/19	200,000	^b	220,404
Freeport-McMoRan, Gtd. Notes		2.30	11/14/17	200,000		200,020
PSPC Escrow, Sr. Unscd. Notes	EUR	6.00	2/1/23	110,000		135,074
SIG Combibloc Holdings, Sr. Scd. Notes	EUR	7.75	2/15/23	100,000		123,316
Silgan Holdings, Sr. Unscd. Notes	EUR	3.25	3/15/25	100,000		121,458
					800,272
Real Estate - 1.7%
Iron Mountain, Gtd. Notes	EUR	3.00	1/15/25	100,000		118,570
Iron Mountain Europe, Gtd. Notes	GBP	6.13	9/15/22	170,000		236,227
SELP Finance Sarl, Gtd. Bonds	EUR	1.25	10/25/23	150,000		175,552
Tesco Property Finance 3, Mortgage Backed Bonds	GBP	5.74	4/13/40	146,293		231,447
					761,796
Telecommunication Services - 4.2%
Arqiva Broadcast Finance, Sr. Scd. Notes	GBP	9.50	3/31/20	120,000		168,542
AT&T, Sr. Unscd. Notes		3.40	8/14/24	203,000		203,283
Orange, Jr. Sub. Notes	EUR	4.00	12/31/49	100,000		129,119
Sable International Finance, Gtd. Notes		6.88	8/1/22	234,000	^b	251,550
Sprint Capital, Gtd. Notes		8.75	3/15/32	175,000		212,625
TDC, Jr. Sub. Bonds	EUR	3.50	2/26/15	100,000		122,091
T-Mobile USA, Gtd. Notes		6.00	3/1/23	170,000		179,563
T-Mobile USA, Gtd. Notes		6.00	4/15/24	90,000		96,525
Verizon Communications, Sr. Unscd. Notes, 3 Month LIBOR + 1.00%		2.32	3/16/22	103,000	^c	105,212



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)	^a	Value ($)
Bonds and Notes - 96.8% (continued)
Telecommunication Services - 4.2% (continued)
Vodefone Group, Sr. Unscd. Notes		1.50	2/19/18	280,000		279,890
Wind Acquisition Finance, Scd. Notes	EUR	7.00	4/23/21	160,000		193,463
					1,941,863
U.S. Government Securities - 15.7%
U.S. Treasury Inflation Protected Securities, Bonds		2.38	1/15/25	1,986,130	^e	2,264,146
U.S. Treasury Inflation Protected Securities, Notes		0.13	4/15/20	681,408	^e	683,923
U.S. Treasury Notes		3.50	5/15/20	290,000		303,158
U.S. Treasury Notes		1.63	8/15/22	3,275,000		3,220,822
U.S. Treasury Notes		2.13	7/31/24	725,000		721,021
					7,193,070
Utilities - 1.8%
Anglian Water Services Financing, Sr. Scd. Notes	GBP	1.63	8/10/25	115,000		149,791
Cadent Finance, Gtd. Notes	GBP	1.13	9/22/21	264,000		348,173
Severn Trent Utilities Finance, Gtd. Notes	GBP	6.00	1/22/18	150,000		201,530
Southern Gas Networks, Sr. Unscd. Notes	GBP	5.13	11/2/18	100,000		138,219
					837,713
Total Bonds and Notes (cost $44,138,930)				44,486,558
Description				Shares		Value ($)
Common Stocks - .4%
Exchange-Traded Funds - .4%
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (cost $160,736)				5,662		164,764
Description /Number of Contracts/Counterparty	Exercise Price		Expiration Date	Notional Amount ($)		Value ($)
Options Purchased - .1%
Put Options - .1%
U.S. 10 Year Treasury Notes, Contracts 62 UBS (cost $38,522)		125.50	12/2017	62,000		50,375

STATEMENT OF INVESTMENTS (continued)



Description	Shares		Value ($)
Other Investment - .2%
Registered Investment Company;
Dreyfus Institutional Preferred Government Plus Money Market Fund (cost $94,681)	94,681	^f	94,681
Total Investments (cost $44,432,869)	97.5%	44,796,378
Cash and Receivables (Net)	2.5%	1,144,543
Net Assets	100.0%	45,940,921

ETF—Exchange-Traded Fund

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

EUR—Euro

GBP—British Pound

IDR—Indonesian Rupiah

INR—Indian Rupee

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

^a Amount stated in U.S. Dollars unless otherwise noted above.

^b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2017, these securities were valued at $3,841,585 or 8.36% of net assets.

^c Variable rate security—rate shown is the interest rate in effect at period end.

^d Security issued with a zero coupon. Income is recognized through the accretion of discount.

^e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

^f Investment in affiliated money market mutual fund.


Portfolio Summary (Unaudited) ^†	Value (%)
Corporate Bonds	50.0
Foreign/Governmental	31.2
U.S. Government Securities	15.7
Exchange-Traded Funds	.3
Money Market Investment	.2
Options Purchased	.1
	97.5

^†Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS IN AFFILIATED ISSUERS


Registered Investment Company	Value 10/31/16 ($)	Purchases ($)	Sales ($)	Value 10/31/17 ($)	Net Assets (%)	Dividends/ Distributions ($)
Dreyfus Institutional Preferred Government Plus Money Market Fund	926,577	36,383,974	37,215,870	94,681	.2	11,133

See notes to financial statements.

STATEMENT OF FUTURES

October 31, 2017


Description	Number of Contracts	Expiration	Notional Value ($)	Value ($)	Unrealized (Depreciation) ($)
Futures Short
Euro BTP Italian Government Bond	4	12/2017	(629,284)	(650,405)	(21,121)
Euro-Bond	4	12/2017	(756,559)	(758,317)	(1,758)
Gross Unrealized Depreciation				(22,879)

See notes to financial statements.

STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS October 31, 2017


Counterparty/ Purchased Currency	Purchased Currency Amounts	Currency Sold	Sold Currency Amounts	Settlement Date	Unrealized Appreciation (Depreciation)($)
Citigroup
Polish Zloty	79,424	United States Dollar	21,840	11/16/17	(21)
United States Dollar	234,060	British Pound	174,447	11/16/17	2,261
United States Dollar	457,963	Norwegian Krone	3,630,607	11/16/17	13,301
State Street Bank and Trust Co
Swedish Krona	1,771,000	United States Dollar	224,118	11/16/17	(12,384)
United States Dollar	1,488,859	Australian Dollar	1,880,436	11/16/17	49,911
United States Dollar	475,147	Canadian Dollar	595,000	11/16/17	13,880
United States Dollar	6,123,729	Euro	5,147,795	11/16/17	122,117
United States Dollar	7,522,465	British Pound	5,742,966	11/16/17	(108,569)
United States Dollar	177,395	Indian Rupee	11,450,000	11/16/17	1,001
United States Dollar	981	Japanese Yen	108,000	11/16/17	31
United States Dollar	666,596	South Korean Won	749,920,000	11/16/17	(2,816)
United States Dollar	554,084	Mexican New Peso	10,539,797	11/16/17	5,924
United States Dollar	998,147	New Zealand Dollar	1,359,035	11/16/17	68,446
UBS
Euro	6,620	United States Dollar	7,700	11/1/17	11
Swedish Krona	3,626,000	United States Dollar	449,957	11/16/17	(16,446)
United States Dollar	49,874	Australian Dollar	62,951	11/16/17	1,703
United States Dollar	464,505	Canadian Dollar	562,711	11/16/17	28,270
United States Dollar	133,195	Euro	114,478	11/1/17	(155)
United States Dollar	445,982	Euro	379,000	11/16/17	4,121
United States Dollar	18,663	British Pound	14,149	11/1/17	(129)

STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (continued)


Counterparty/ Purchased Currency	Purchased Currency Amounts	Currency Sold	Sold Currency Amounts	Settlement Date	Unrealized Appreciation (Depreciation)($)
UBS (continued)
United States Dollar	1,745,674	British Pound	1,307,010	11/16/17	8,969
United States Dollar	110,488	Indian Rupee	7,132,000	11/16/17	615
Gross Unrealized Appreciation					320,561
Gross Unrealized Depreciation					(140,520)

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2017



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments:
Unaffiliated issuers	44,338,188	44,701,697
Affiliated issuers	94,681	94,681
Cash		64,676
Cash denominated in foreign currency	20,762	20,864
Receivable for investment securities sold		551,268
Interest receivable		411,336
Unrealized appreciation on forward foreign currency exchange contracts—Note 4		320,561
Receivable for shares of Common Stock subscribed		48,000
Cash collateral held by broker—Note 4		20,037
Prepaid expenses		15,863
		46,248,983
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(c)		9,316
Unrealized depreciation on forward foreign currency exchange contracts—Note 4		140,520
Payable for investment securities purchased		87,879
Payable for futures variation margin—Note 4		8,992
Payable for shares of Common Stock redeemed		3
Accrued expenses		61,352
		308,062
Net Assets ($)		45,940,921
Composition of Net Assets ($):
Paid-in capital		46,114,789
Accumulated distributions in excess of investment income—net		(187,563)
Accumulated net realized gain (loss) on investments		(509,190)
Accumulated net unrealized appreciation (depreciation) on investments, options transactions and foreign currency transactions [including ($22,879) net unrealized (depreciation) on futures]		522,885
Net Assets ($)		45,940,921


Net Asset Value Per Share	Class A	Class C	Class I	Class Y
Net Assets ($)	682,313	702,268	3,815,140	40,741,200
Shares Outstanding	55,768	58,234	310,951	3,320,004
Net Asset Value Per Share ($)	12.23	12.06	12.27	12.27

See notes to financial statements.

STATEMENT OF OPERATIONS

Year Ended October 31, 2017




Investment Income ($):
Income:
Interest					1,007,982
Dividends:
Unaffiliated issuers					49,976
Affiliated issuers					11,133
Total Income					1,069,091
Expenses:
Management fee—Note 3(a)					182,714
Professional fees					64,247
Registration fees					64,244
Custodian fees—Note 3(c)					19,870
Shareholder servicing costs—Note 3(c)					11,332
Prospectus and shareholders’ reports					11,002
Distribution fees—Note 3(b)					5,064
Directors’ fees and expenses—Note 3(d)					3,451
Loan commitment fees—Note 2					976
Miscellaneous					62,693
Total Expenses					425,593
Less—reduction in expenses due to undertaking—Note 3(a)					(146,566)
Less—reduction in fees due to earnings credits—Note 3(c)					(62)
Net Expenses					278,965
Investment Income—Net					790,126
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments and foreign currency transactions					(282,291)
Net realized gain (loss) on options transactions					40,493
Net realized gain (loss) on futures					(13,879)
Net realized gain (loss) on forward foreign currency exchange contracts					(264,409)
Net Realized Gain (Loss)					(520,086)
Net unrealized appreciation (depreciation) on investments and foreign currency transactions					1,220,927
Net unrealized appreciation (depreciation) on options transactions					10,284
Net unrealized appreciation (depreciation) on futures					(22,879)
Net unrealized appreciation (depreciation) on forward foreign currency exchange contracts					(355,757)
Net Unrealized Appreciation (Depreciation)					852,575
Net Realized and Unrealized Gain (Loss) on Investments					332,489
Net Increase in Net Assets Resulting from Operations					1,122,615

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2017	2016
Operations ($):
Investment income—net	790,126	333,298
Net realized gain (loss) on investments	(520,086)	360,267
Net unrealized appreciation (depreciation) on investments	852,575	121,247
Net Increase (Decrease) in Net Assets Resulting from Operations	1,122,615	814,812
Distributions to Shareholders from ($):
Investment income—net:
Class A	(50,770)	(23,340)
Class C	(16,808)	(9,412)
Class I	(40,162)	(42,083)
Class Y	(1,063,886)	(328,169)
Net realized gain on investments:
Class A	(608)	(2,110)
Class C	(230)	(1,205)
Class I	(471)	(2,610)
Class Y	(12,209)	(22,568)
Total Distributions	(1,185,144)	(431,497)
Capital Stock Transactions ($):
Net proceeds from shares sold:
Class A	180,404	866,305
Class C	99,777	79,202
Class I	3,285,341	825,349
Class Y	7,271,205	20,507,649
Distributions reinvested:
Class A	48,686	23,867
Class C	14,727	9,430
Class I	40,613	44,693
Class Y	870,213	307,758
Cost of shares redeemed:
Class A	(1,331,970)	(502,446)
Class C	(77,228)	(213,406)
Class I	(790,155)	(5,065,739)
Class Y	(2,293,351)	(859,355)
Increase (Decrease) in Net Assets from Capital Stock Transactions	7,318,262	16,023,307
Total Increase (Decrease) in Net Assets	7,255,733	16,406,622
Net Assets ($):
Beginning of Period	38,685,188	22,278,566
End of Period	45,940,921	38,685,188
Undistributed (distributions in excess of) investment income—net	(187,563)	521,046

STATEMENT OF CHANGES IN NET ASSETS (continued)


	Year Ended October 31,
	2017	2016
Capital Share Transactions (Shares):
Class A
Shares sold	14,906	71,290
Shares issued for distributions reinvested	4,071	1,982
Shares redeemed	(111,006)	(41,496)
Net Increase (Decrease) in Shares Outstanding	(92,029)	31,776
Class C
Shares sold	8,337	6,591
Shares issued for distributions reinvested	1,243	791
Shares redeemed	(6,430)	(17,686)
Net Increase (Decrease) in Shares Outstanding	3,150	(10,304)
Class I^a
Shares sold	271,560	67,292
Shares issued for distributions reinvested	3,393	3,711
Shares redeemed	(64,944)	(420,719)
Net Increase (Decrease) in Shares Outstanding	210,009	(349,716)
Class Y^a
Shares sold	601,724	1,676,600
Shares issued for distributions reinvested	72,624	25,465
Shares redeemed	(189,361)	(70,464)
Net Increase (Decrease) in Shares Outstanding	484,987	1,631,601

^{a During the period ended October 31, 2017, 2,080 Class Y shares representing $25,229 were exchanged for 2,080 Class I shares.}
See notes to financial statements.

FINANCIAL HIGHLIGHTS




Class A Shares	Year Ended October 31,
Class A Shares	2017	2016	2015	2014	2013
Per Share Data ($):
Net asset value, beginning of period	12.30	12.13	12.70	12.59	13.03
Investment Operations:
Investment income—net^a	.19	.13	.16	.26	.32
Net realized and unrealized gain (loss) on investments	.10	.25	(.18)	(.00)^b	(.04)
Total from Investment Operations	.29	.38	(.02)	.26	.28
Distributions:
Dividends from investment income—net	(.36)	(.19)	(.49)	(.15)	(.51)
Dividends from net realized gain on investments	(.00)^b	(.02)	(.06)	—	(.21)
Total Distributions	(.36)	(.21)	(.55)	(.15)	(.72)
Net asset value, end of period	12.23	12.30	12.13	12.70	12.59
Total Return (%)^c	2.45	3.20	(.15)	2.08	2.12
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.37	1.64	1.99	2.22	2.31
Ratio of net expenses to average net assets	.89	.95	.95	1.02	1.10
Ratio of net investment income to average net assets	1.65	1.10	1.29	2.04	2.49
Portfolio Turnover Rate	145.88	141.08	134.49	157.23	138.46
Net Assets, end of period ($ x 1,000)	682	1,818	1,407	1,466	1,912

^a Based on average shares outstanding.

^b Amount represents less than $.01 per share.

^c Exclusive of sales charge.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)




Class C Shares	Year Ended October 31,
	2017	2016	2015	2014	2013
Per Share Data ($):
Net asset value, beginning of period	12.18	12.05	12.62	12.54	12.98
Investment Operations:
Investment income—net^a	.11	.04	.07	.17	.23
Net realized and unrealized gain (loss) on investments	.08	.25	(.19)	(.00)^b	(.06)
Total from Investment Operations	.19	.29	(.12)	.17	.17
Distributions:
Dividends from investment income—net	(.31)	(.14)	(.39)	(.09)	(.40)
Dividends from net realized gain on investments	(.00)^b	(.02)	(.06)	—	(.21)
Total Distributions	(.31)	(.16)	(.45)	(.09)	(.61)
Net asset value, end of period	12.06	12.18	12.05	12.62	12.54
Total Return (%)^c	1.59	2.47	(.94)	1.30	1.41
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	2.09	2.39	2.74	2.95	3.03
Ratio of net expenses to average net assets	1.64	1.70	1.70	1.76	1.85
Ratio of net investment income to average net assets	.90	.35	.54	1.31	1.83
Portfolio Turnover Rate	145.88	141.08	134.49	157.23	138.46
Net Assets, end of period ($ x 1,000)	702	671	788	1,051	819

^a Based on average shares outstanding.

^b Amount represents less than $.01 per share.

^c Exclusive of sales charge.

See notes to financial statements.




Class I Shares	Year Ended October 31,
	2017	2016	2015	2014	2013
Per Share Data ($):
Net asset value, beginning of period	12.33	12.14	12.71	12.60	13.04
Investment Operations:
Investment income—net^a	.23	.15	.19	.29	.36
Net realized and unrealized gain (loss) on investments	.08	.27	(.18)	(.00)^b	(.06)
Total from Investment Operations	.31	.42	.01	.29	.30
Distributions:
Dividends from investment income—net	(.37)	(.21)	(.52)	(.18)	(.53)
Dividends from net realized gain on investments	(.00)^b	(.02)	(.06)	—	(.21)
Total Distributions	(.37)	(.23)	(.58)	(.18)	(.74)
Net asset value, end of period	12.27	12.33	12.14	12.71	12.60
Total Return (%)	2.57	3.52	.07	2.30	2.33
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.14	1.39	1.70	1.88	1.96
Ratio of net expenses to average net assets	.65	.70	.70	.77	.85
Ratio of net investment income to average net assets	1.91	1.35	1.54	2.29	2.86
Portfolio Turnover Rate	145.88	141.08	134.49	157.23	138.46
Net Assets, end of period ($ x 1,000)	3,815	1,244	5,472	10,292	9,391

^a Based on average shares outstanding.

^b Amount represents less than $.01 per share.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)




Class Y Shares	Year Ended October 31,
	2017	2016	2015	2014	2013	^a
Per Share Data ($):
Net asset value, beginning of period	12.33	12.14	12.71	12.60	12.50
Investment Operations:
Investment income—net^b	.23	.16	.19	.29	.10
Net realized and unrealized gain (loss) on investments	.08	.27	(.18)	(.00)^c	.11
Total from Investment Operations	.31	.43	.01	.29	.21
Distributions:
Dividends from investment income—net	(.37)	(.22)	(.52)	(.18)	(.11)
Dividends from net realized gain on investments	(.00)^c	(.02)	(.06)	—	—
Total Distributions	(.37)	(.24)	(.58)	(.18)	(.11)
Net asset value, end of period	12.27	12.33	12.14	12.71	12.60
Total Return (%)	2.67	3.54	.09	2.34	1.29	^d
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.98	1.23	1.31	1.88	2.09	^e
Ratio of net expenses to average net assets	.64	.70	.70	.75	.85	^e
Ratio of net investment income to average net assets	1.90	1.35	1.54	2.30	2.36	^e
Portfolio Turnover Rate	145.88	141.08	134.49	157.23	138.46
Net Assets, end of period ($ x 1,000)	40,741	34,952	14,611	1	1

^a From July 1, 2013 (commencement of initial offering) to October 31, 2013.

^b Based on average shares outstanding.

^c Amount represents less than $.01 per share.

^d Not annualized.

^e Annualized.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus Global Dynamic Bond Fund (the “fund”) is a separate non-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 total return (consisting of income and 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. Newton Investment Management (North America) Limited (“Newton”), a wholly-owned subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as the fund’s sub-investment adviser.

As of October 31, 2017, MBC Investments Corp., an indirect subsidiary of BNY Mellon, held 7,453 Class A and 7,267 Class C shares of the fund.

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

NOTES TO FINANCIAL STATEMENTS (continued)

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

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

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

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

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

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

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

Investments in debt securities, excluding short-term investments (other than U.S. Treasury Bills), futures, options and forward foreign currency exchange contracts (“forward contracts”) are valued each business day by an independent pricing service (the “Service”) approved by the Company’s Board of Directors (the “Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments are valued as determined by the Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. These securities are generally categorized within Level 2 of the fair value hierarchy.

The Service is engaged under the general supervision of the Board.

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

NOTES TO FINANCIAL STATEMENTS (continued)

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

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

The following is a summary of the inputs used as of October 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 ($)
Investments in Securities:
Corporate Bonds^†	-	22,966,810	-	22,966,810
Exchange-Traded Funds	164,764	-	-	164,764
Foreign Government	-	14,326,678	-	14,326,678
Registered Investment Company	94,681	-	-	94,681
U.S. Treasury	-	7,193,070	-	7,193,070
Other Financial Instruments:
Forward Foreign Currency Exchange Contracts^††	-	320,561	-	320,561
Options Purchased	50,375	-	-	50,375
Liabilities ($)
Other Financial Instruments:
Futures^††	(22,879)	-	-	(22,879)
Forward Foreign Currency Exchange Contracts^††	-	(140,520)	-	(140,520)

^† See Statement of Investments for additional detailed categorizations.

^†† Amount shown represents unrealized appreciation (depreciation) at period end.

At October 31, 2017, there were no transfers between levels of the fair value hierarchy. It is the fund’s policy to recognize transfers between levels at the end of the reporting period.

NOTES TO FINANCIAL STATEMENTS (continued)

(c) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when issued or delayed delivery basis may be settled a month or more after the trade date.

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

Certain affiliated investment companies may also invest in the fund. At October 31, 2017, Dreyfus Yield Enhancement Strategy Fund, an affiliate of the fund, held 2,237,703 Class Y shares representing approximately 60% of the fund’s net assets.

(f) Dividends and distributions to shareholders: Dividends and distributions are recorded on the ex-dividend date. Dividends from investment income-net are normally declared and paid quarterly. 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.

tax expense in the Statement of Operations. During the period ended October 31, 2017, the fund did not incur any interest or penalties.

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

At October 31, 2017, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $44,089, accumulated capital and other losses $297,798 and unrealized appreciation $79,841.

The accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to October 31, 2017. The fund has $223,682 of post-enactment short-term capital losses and $51,356 of post-enactment long-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal periods ended October 31, 2017 and October 31, 2016 were as follows: ordinary income $1,185,144 and $404,465, and long-term capital gains $0 and $27,032, respectively.

During the period ended October 31, 2017, as a result of permanent book to tax differences, primarily due to the tax treatment for amortization of premiums, foreign currency gains and losses and consent fees, the fund decreased accumulated undistributed investment income-net by $327,109 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:

NOTES TO FINANCIAL STATEMENTS (continued)

of borrowing. During the period ended October 31, 2017, the fund did not borrow under the Facilities.

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

(a) Pursuant to a management agreement with Dreyfus, the management fee is computed at the annual rate of .45% of the value of the fund’s average daily net assets and is payable monthly. Effective July 21, 2017, pursuant to a revised management agreement with Dreyfus, the fund has agreed to pay a management fee at an annual rate of .40% of the value the fund’s average daily net assets. Dreyfus had contractually agreed, from November 1, 2016 through July 20, 2017, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the expenses of Class A, C, I and Y shares (excluding Rule 12b-1 Distribution Plan fees, Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) did not exceed .70% of the value of the fund’s average daily net assets. Dreyfus has contractually agreed, from July 21, 2017 through March 1, 2018, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the expenses of Class A, C, I and Y shares (excluding expenses as described above) do not exceed .50% of the value of the fund’s average daily net assets. The reduction in expenses, pursuant to the undertaking, amounted to $146,566 during the period ended October 31, 2017.

Pursuant to a sub-investment advisory agreement between Dreyfus and Newton, Dreyfus pays Newton a monthly fee at an annual rate of .22% of the value of the fund’s average daily net assets. Effective July 21, 2017, pursuant to a revised sub-investment advisory agreement between Dreyfus and Newton, Dreyfus has agreed to pay Newton a monthly fee at an annual rate of .19% of the value of the fund’s average daily net assets.

During the period ended October 31, 2017, the Distributor retained $87 from commissions earned on sales of the fund’s Class A shares and $772 from CDSCs on redemptions of the fund’s Class C shares.

include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended October 31, 2017, Class A and Class C shares were charged $2,447 and $1,688, respectively, pursuant to the Shareholder Services Plan.

The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the fund. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended October 31, 2017, the fund was charged $1,776 for transfer agency services and $62 for cash management services. These fees are included in Shareholder servicing costs in the Statement of Operations. Cash management fees were offset by earnings credits of $62.

During the period ended October 31, 2017, the fund was charged $11,224 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 $15,582, Distribution Plan fees $449, Shareholder Services Plan fees $295, custodian fees $3,462, Chief Compliance Officer fees $6,538 and transfer agency fees $202, which are offset against an expense reimbursement currently in effect in the amount of $17,212.

(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.

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, forward contracts, futures and options transactions, during the period ended October 31, 2017, amounted to $66,360,478 and $59,098,629, respectively.

Each type of derivative instrument that was held by the fund during the period ended October 31, 2017 is discussed below.

Futures: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk, as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at October 31, 2017 are set forth in the Statement of Futures.

Options Transactions: The fund purchases and writes (sells) put and call options to hedge against changes in the values of interest rates and the value of foreign currency, or as a substitute for an investment. The fund is subject to market risk, interest rate risk and foreign currency risk in the course of pursuing its investment objectives through its investments in

options contracts. A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the writer to sell, the underlying financial instrument at the exercise price at any time during the option period, or at a specified date. Conversely, a put option gives the purchaser of the option the right (but not the obligation) to sell, and obligates the writer to buy the underlying financial instrument at the exercise price at any time during the option period, or at a specified date.

As a writer of put options, the fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the fund realizes a gain, to the extent of the premium, if the price of the underlying financial instrument increases between the date the option is written and the date on which the option is terminated. Generally, the fund incurs a loss if the price of the financial instrument decreases between those dates. The maximum payout for those contracts is limited to the number of put option contracts written and the related strike prices, respectively.

NOTES TO FINANCIAL STATEMENTS (continued)

currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, the fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, the fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract increases between those dates. Any realized or unrealized gains or losses which occurred during the period are reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is generally limited to the unrealized gain on each open contract. This risk may be mitigated by Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund’s exposure to the counterparty. Forward contracts open at October 31, 2017 are set forth in the Statement of Forward Foreign Currency Exchange Contracts.

The following tables show the fund’s exposure to different types of market risk as it relates to the Statement of Assets and Liabilities and the Statement of Operations, respectively.

Fair value of derivative instruments as of October 31, 2017 is shown below:


		Derivative Assets ($)			Derivative Liabilities ($)
Interest rate risk		50,375	¹	Interest rate risk	(22,879)	²
Foreign exchange risk		320,561	³	Foreign exchange risk	(140,520)	³
Gross fair value of derivative contracts		370,936			(163,399)

	Statement of Assets and Liabilities location:
¹	Options purchased are included in Investments in securities—Unaffiliated issuers, at value.
²	Includes cumulative appreciation (depreciation) on futures as reported in the Statement of Futures, but only the unpaid variation margin is reported in the Statement of Assets and Liabilities.
³	Unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

The effect of derivative instruments in the Statement of Operations during the period ended October 31, 2017 is shown below:


Amount of realized gain (loss) on derivatives recognized in income ($)
Underlying risk		Futures	¹	Options Transactions	²	Forward Contracts	³	Total
Interest rate		(13,879)		52,776		-		38,897
Foreign exchange		-		(12,283)		(264,409)		(276,692)
Total		(13,879)		40,493		(264,409)		(237,795)

Change in unrealized appreciation (depreciation) on derivatives recognized in income ($)
Underlying risk		Futures	⁴	Options Transactions	⁵	Forward Contracts	⁶	Total
Interest rate		(22,879)		10,284		-		(12,595)
Foreign exchange		-		-		(355,757)		(355,757)
Total		(22,879)		10,284		(355,757)		(368,352)

	Statement of Operations location:
¹	Net realized gain (loss) on futures.
²	Net realized gain (loss) on options transactions.
³	Net realized gain (loss) on forward foreign currency exchange contracts.
⁴	Net unrealized appreciation (depreciation) on futures.
⁵	Net unrealized appreciation (depreciation) on options transactions.
⁶	Net unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

At October 31, 2017, derivative assets and liabilities (by type) on a gross basis are as follows:

NOTES TO FINANCIAL STATEMENTS (continued)


Derivative Financial Instruments:	Assets ($)	Liabilities ($)
Futures	-	(22,879)
Options	50,375	-
Forward contracts	320,561	(140,520)
Total gross amount of derivative
assets and liabilities in the
Statement of Assets and Liabilities	370,936	(163,399)
Derivatives not subject to
Master Agreements	(50,375)	22,879
Total gross amount of assets
and liabilities subject to
Master Agreements	320,561	(140,520)


			Financial
			Instruments
			and Derivatives
	Gross Amount of		Available	Collateral		Net Amount of
Counterparty	Assets ($)	¹	for Offset ($)	Received ($)	²	Assets ($)
Citigroup	15,562		(21)	(15,541)		-
State Street Bank and Trust Company	261,310		(123,769)	-		137,541
UBS	43,689		(16,730)	-		26,959
Total	320,561		(140,520)	(15,541)		164,500



			Financial
			Instruments
			and Derivatives
	Gross Amount of		Available	Collateral		Net Amount of
Counterparty	Liabilities ($)	¹	for Offset ($)	Pledged ($)	²	Liabilities ($)
Citigroup	(21)		21	-		-
State Street Bank and Trust Company	(123,769)		123,769	-		-
UBS	(16,730)		16,730	-		-
Total	(140,520)		140,520	-		-

¹ Absent a default event or early termination, OTC derivative assets and liabilities are presented at gross amounts and are not offset in the Statement of Assets and Liabilities.
² In some instances, the actual collateral received and/or pledged may be more than the amount shown due to over collateralization.

The following summarizes the average market value of derivatives outstanding during the period ended October 31, 2017:


		Average Market Value ($)
Interest rate futures		1,151,234
Interest rate options contracts		23,173
Foreign currency options contracts		7
Forward contracts		22,452,115

At October 31, 2017, the cost of investments for federal income tax purposes was $44,718,757; accordingly, accumulated net unrealized appreciation on investments inclusive of derivative contracts was $77,627, consisting of $806,379 gross unrealized appreciation and $728,752 gross unrealized depreciation.

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

Shareholders and Board of Directors
Dreyfus Global Dynamic Bond Fund

We have audited the accompanying statement of assets and liabilities, including the statements of investments, investments in affiliated issuers, futures and forward foreign currency exchange contracts, of Dreyfus Global Dynamic Bond Fund (one of the series comprising Advantage Funds, Inc.) (the Fund) as of October 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 the 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 Global Dynamic Bond Fund at October 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
December 28, 2017

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund hereby reports $.0043 per share as a short-term capital gain distribution paid on December 29, 2016.

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AND SUB–INVESTMENT ADVISORY AGREEMENTS (Unaudited)

At a meeting of the fund’s Board of Directors held on July 18, 2017, the Board considered the approval of amendment of the fund’s Management Agreement, pursuant to which Dreyfus provides the fund with investment advisory and administrative services (the “Management Agreement”), and the Sub-Investment Advisory Agreement (the “Subadvisory Agreement” and together with the Management Agreement, the “Agreements”), pursuant to which Newton Investment Management (North America) Limited (the “Subadviser”) provides day-to-day management of the fund’s investments. Dreyfus proposed to amend the Management Agreement to reduce the management fee payable by the fund from 0.45% of the value of the fund’s average daily net assets to 0.40% of the value of the fund’s average daily net assets, and to amend the Subadvisory Agreement to reduce the subadvisory fee payable by Dreyfus to the Subadviser, effective July 21, 2017. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of Dreyfus and the Subadviser. Since the Board had renewed the Agreements at a meeting of the fund’s Board of Directors held on March 9-10, 2017 (the “March Meeting”), and, other than as discussed below, there had been no material changes in the information presented, the Board addressed certain of the relevant considerations by reference to their considerations and determinations at the March Meeting. In considering amendment of the Agreements, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The nature, extent and quality of services provided had been considered at the March Meeting, and there had been no material changes in this information. Dreyfus representatives stated, and the Board considered, that Dreyfus would continue to provide research and portfolio management and that Dreyfus would continue to provide 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, as well as Dreyfus’ supervisory activities over the Subadviser. The Board also considered that Dreyfus stated that the proposed amendment to the Management Agreement would not result in any diminution in the nature, extent or quality of the services provided to the fund pursuant to the Management Agreement, as proposed to be amended, by Dreyfus or Dreyfus’ affiliates.

Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. Dreyfus did not provide the Board with information comparing the fund’s performance with the performance of a group of comparable funds because that information had been reviewed at the March Meeting.

The Board reviewed the range of actual and contractual management fees and total expenses of a group of comparable funds (the “Expense Group”) in a report prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, for the March Meeting (giving effect to the proposed management fee reduction for the fund) and discussed the results of the comparisons. The Board noted that the fund’s proposed management fee was below the Expense Group median for both contractual and actual management fees and the fund’s total expenses (both the current actual expenses and the proposed expenses after giving effect to the expense limitation described below) were below the Expense Group median.

Dreyfus representatives stated that Dreyfus has contractually agreed, until March 1, 2018 for Class A, C, I and Y shares and until March 31, 2018 for Class T shares, to waive receipt of its fees and/or assume the direct expenses of the fund so that the expenses of none of the fund’s share classes (excluding, as applicable, Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 0.50% of the fund’s average daily net assets.

Dreyfus did not provide the Board with 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 Subadviser or its affiliates for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund because this information had been reviewed at the March Meeting.

Analysis of Profitability and Economies of Scale. The Board had considered profitability, economies of scale and the potential benefits to Dreyfus at the March Meeting. Dreyfus representatives noted that the amendment to the Management Agreement would result in a reduction in Dreyfus’ fee (and therefore negatively impact profitability and economies of scale) and that potential benefits would not change materially as a result of the amendment from those considered at the March Meeting.

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 amendment of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

· The Board concluded that the nature, extent and quality of the services to be provided by Dreyfus and the Subadviser continue to be adequate and appropriate.

· The Board concluded that the fees to be paid to Dreyfus and the Subadviser are appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.

In evaluating the Agreements, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AND SUB–INVESTMENT ADVISORY AGREEMENTS (Unaudited) (continued)

other interactions with Dreyfus and its affiliates and the Subadviser, of Dreyfus and the Subadviser and the services provided to the fund by Dreyfus and the Subadviser. 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 Agreements, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for this fund had the benefit of a number of years of reviews of the Agreements and of prior or similar agreements during which lengthy discussions took place between the Board and Dreyfus representatives. The Board determined to approve amendment of the Agreements.