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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- 6490

	Dreyfus Premier Investment 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)

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

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

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

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

DREYFUS PREMIER INVESTMENT FUNDS, INC.

- Dreyfus Diversified Global Fund

- Dreyfus Diversified International Fund

- Dreyfus Diversified Large Cap Fund

- Dreyfus Emerging Asia Fund

- Dreyfus Greater China Fund

- Dreyfus Satellite Alpha Fund

	Contents
	THE FUND
2	A Letter from the Chairman and CEO
3	Discussion of Fund Performance
6	Fund Performance
8	Understanding Your Fund’s Expenses
8	Comparing Your Fund’s Expenses With Those of Other Funds
9	Statement of Investments
10	Statement of Assets and Liabilities
11	Statement of Operations
12	Statement of Changes in Net Assets
14	Financial Highlights
17	Notes to Financial Statements
25	Report of Independent Registered Public Accounting Firm
26	Important Tax Information
27	Information About the Review and Approval of the Fund’s Management Agreement
30	Board Members Information
32	Officers of the Fund
	FOR MORE INFORMATION
	Back Cover

Dreyfus
Diversified Global Fund

The Fund

A LETTER FROM THE CHAIRMAN AND CEO

Dear Shareholder:

We are pleased to present this annual report for Dreyfus Diversified Global Fund, covering the 12-month period from November 1, 2009, through October 31, 2010.

Although a double-dip recession has recently become an increasingly unlikely scenario in our view, persistent uncertainty regarding the breadth and strength of the U.S. and global economic recoveries led to bouts of heightened volatility for U.S. stocks during most of 2010.The spending power of the U.S. consumer, long an important catalyst for economic growth, has been diminished by concerns over job security and an inability to generate cash from home equity.The second major driver of sustainable growth, corporate investment, has been stunted to a similar extent by tight credit conditions. However, the recent announcement of additional quantitative easing (QE2) measures by the Federal Reserve Board, as well as improved fundamentals across many developing nations, have helped support moderate global economic growth.

Uncertainty will probably remain in the broader financial markets until we see more evidence of robust economic growth, but we remain optimistic regarding the prospects for equities. Many stocks of quality companies with healthy balance sheets, higher credit ratings and strong cash flows appear to be currently priced at a discount.With that, we strongly suggest that you meet with your financial advisor to discuss the potential opportunities which may exist in the global markets, as well as to evaluate your portfolio to help meet your individual investment needs and your future goals relative to your risk-tolerance level.

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.

Jonathan R. Baum
Chairman and Chief Executive Officer
The Dreyfus Corporation
November 15, 2010

DISCUSSION OF FUND PERFORMANCE

For the period of November 1, 2009, through October 31, 2010, as provided by Richard B. Hoey, A. Paul Disdier, Christopher E. Sheldon, CFA, and Keith L. Stransky, CFA, Portfolio Managers

Market and Fund Performance Overview

For the 12-month period ended October 31, 2010, Dreyfus Diversified Global Fund’s Class A shares produced a total return of 12.46%, Class C shares returned 11.69% and Class I shares returned 12.71%.¹In comparison, the fund’s benchmark, the Morgan Stanley Capital International (MSCI) World Index (the “Index”), produced a total return of 12.74% for the same period.²

After rallying over the first half of the reporting period, global stock markets encountered heightened volatility over the second half, mainly due to intensifying economic concerns in Europe and the United States.The fund’s Class I shares produced returns that were roughly in line with its benchmark, as strong results from overweighted exposure to France and global consumer staples stocks were offset by weakness stemming from underweighted positions in U.S. stocks and the global materials sector.

The Fund’s Investment Approach

The fund seeks long-term capital appreciation.To pursue its goal, the fund normally allocates its assets among other mutual funds advised by The Dreyfus Corporation (Dreyfus), or its affiliates, that invest primarily in stocks issued by U.S. and foreign companies.The underlying funds are selected by the Dreyfus Investment Committee based on their investment objectives and management policies, portfolio holdings, risk/reward profiles, historical performance and other factors. The Dreyfus Investment Committee will rebalance the fund’s investments in the underlying funds at least annually, but may do so more often in response to market conditions. As of October 31, 2010, the fund’s assets were allocated as follows:


Underlying Funds	(%)
Global Stock Fund	34
Dreyfus Worldwide Growth Fund	31
Dreyfus Global Equity Income Fund	21
Dreyfus Global Sustainability Fund	15

TheFund 3

DISCUSSION OF FUND PERFORMANCE (continued)

Economic Concerns Sparked Heightened Market Volatility

From the beginning of the reporting period through April 2010, the U.S. and global economies continued to recover from recession, propelling stock prices higher throughout the world. However, in May 2010 investors faced new economic uncertainties when Europe was roiled by a sovereign debt crisis and inflation-fighting measures in China threatened to dampen a major engine of global growth. In the United States, mixed data regarding unemployment and housing markets suggested that stubborn economic headwinds might constrain already mild growth. As a result, the global stock market rally was derailed over the spring and summer, with some markets falling sharply. The effects of those losses generally proved temporary, however, as anticipation of reduced political uncertainty in the United States and new monetary stimulus from central banks, including the Federal Reserve Board, sparked a broad-based market rally in September and October.

Underlying Investments Produced Mixed Results

Although the fund participated to a substantial degree in the global equity markets’ gains over the reporting period, some of its underlying investments prevented it from outpacing the MSCI World Index. Most notably, while Dreyfus Global Sustainability Fund outperformed its own benchmark, it lagged broader global market averages due to shortfalls in the consumer staples and information technology sectors.

The fund achieved better relative performance from several of its other underlying investments, most notably Dreyfus Global Equity Income Fund and DreyfusWorldwide Growth Fund. In the aggregate, the fund benefited from overweighted exposure to France and the consumer staples sector. Generally underweighted exposure to the United States, Canada and the materials sector hampered the fund’s results compared to its benchmark.

We made several allocation changes during the reporting period. To reduce industry-specific risks, in December 2009 we eliminated the fund’s position in Dreyfus Global Real Estate Securities Fund, and we redeployed those assets to the more broadly invested Dreyfus Global Equity Income Fund. In March 2010, we shifted assets from Dreyfus Worldwide Growth Fund to Dreyfus Global Sustainability Fund to more closely approximate the benchmark’s sector allocation and volatility characteristics. In May, we reduced the fund’s exposure to Western Europe through a shift from Dreyfus Global Sustainability Fund to Global Stock Fund.We followed up in August by increasing the fund’s focus on high-

quality, multinational companies through a shift from Dreyfus Global Sustainability Fund to Dreyfus Worldwide Growth Fund. This move continued to reduce the fund’s exposure to Western Europe as well.

Positioned for Further Global Recovery

Although we remain concerned regarding several economic headwinds, we are optimistic about the prospects for global equities. In our judgment, rising corporate earnings could lead to an increase in mergers-and-acquisitions activity, potentially benefiting stocks as companies begin to deploy some of their massive cash reserves. In addition, persistently low yields from sovereign bonds and money market funds could motivate income-oriented investors to increase their participation in high-quality, dividend-paying stocks. Finally, we believe that the fund’s broadly diversified exposure to global stocks positions it to participate in areas of opportunity in today’s slow-growth environment.

November 15, 2010


	Equity funds are subject generally to market, market sector, market liquidity, issuer and investment
	style risks, among other factors, to varying degrees, all of which are more fully described in the
	prospectus of the fund and that of each underlying fund.
	The ability of the fund to achieve its investment goal depends, in part, on the ability of the
	Dreyfus Investment Committee to allocate effectively the fund’s assets among the underlying
	funds.There can be no assurance that the actual allocations will be effective in achieving the fund’s
	investment goal.
	The fund’s international investments will be influenced by political, social and economic factors
	affecting investments in foreign companies, including 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 one of the fund’s investments is concentrated in the securities of companies principally
	engaged in the real estate sector, the value of the fund’s shares will be affected by factors particular
	to the real estate sector and may fluctuate more widely than that of a fund which invests in a
	broader range of industries.The securities of issuers that are principally engaged in the real estate
	sector may be subject to risks similar to those associated with the direct ownership of real estate.
1	Total return includes reinvestment of dividends and any capital gains paid, and does not take into
	consideration the maximum initial sales charge in the case of Class A shares, or the applicable
	contingent deferred sales charge imposed on redemptions in the case of Class C shares. Had these
	charges been reflected, returns would have been lower. Past performance is no guarantee of future
	results. Share price and investment return fluctuate such that upon redemption, fund shares may be
	worth more or less than their original cost. Return figures provided reflect the absorption of certain
	fund expenses by The Dreyfus Corporation pursuant to an agreement in effect until March 1,
	2012. Had these expenses not been absorbed, the fund’s returns would have been lower.
2	SOURCE: LIPPER INC. — Reflects reinvestment of net dividends and, where applicable,
	capital gain distributions.The Morgan Stanley Capital International (MSCI) World Index is an
	unmanaged index of global stock market performance, including the United States, Canada,
	Europe,Australia, New Zealand and the Far East.

TheFund 5

^†Source: Lipper Inc.

Past performance is not predictive of future performance.

The above graph compares a $10,000 investment made in Class A, Class C and Class I shares of Dreyfus Diversified Global Fund on 7/15/09 (inception date) to a $10,000 investment made in the Morgan Stanley Capital International World Index (the “Index”) on that date. For comparative purposes, the value of the Index on 6/30/09 is used as the beginning value on 7/15/09.All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph takes into account the maximum initial sales charge on Class A shares and all other applicable fees and expenses on all classes.The Index is an unmanaged index of global stock market performance, including the United States, Canada, Europe,Australia, New Zealand and the Far East. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.


Average Annual Total Returns as of 10/31/10

	Inception		From
	Date	1 Year	Inception
Class A shares
with maximum sales charge (5.75%)	7/15/09	5.98%	15.56%
without sales charge	7/15/09	12.46%	20.93%
Class C shares
with applicable redemption charge ^†	7/15/09	10.69%	19.71%
without redemption	7/15/09	11.69%	19.71%
Class I shares	7/15/09	12.71%	20.87%
Morgan Stanley Capital
International World Index^††	6/30/09	12.74%	21.79%


Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not
reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
†	The maximum contingent deferred sales charge for Class C shares is 1% for shares redeemed within one year of the
	date of purchase.
^††	For comparative purposes, the value of the Index as of 6/30/09 is used as the beginning value on 7/15/09.

TheFund 7

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

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

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Diversified Global Fund from May 1, 2010 to October 31, 2010. 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, 2010
	Class A	Class C	Class I
Expenses paid per $1,000^†	$ 3.95	$ 7.83	$ 2.65
Ending value (after expenses)	$1,061.40	$1,058.00	$1,062.90

COMPARING YOUR FUND’S EXPENSES

WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

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


Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended October 31, 2010
	Class A	Class C	Class I
Expenses paid per $1,000^†	$ 3.87	$ 7.68	$ 2.60
Ending value (after expenses)	$1,021.37	$1,017.59	$1,022.63

† Expenses are equal to the fund’s annualized expense ratio of .76% for Class A, 1.51% for Class C and .51% for Class I, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2010


		Cost	Value
Assets ($):
Investments in affiliated issuers—See Statement of
Investments—Note 1(c)		459,551	533,572
Cash			39,625
Deferred assets			24,767
			597,964
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 2(c)			25,710
Deferred assets			40,266
			65,976
Net Assets ($)			531,988
Composition of Net Assets ($):
Paid-in capital			455,593
Accumulated undistributed investment income—net			7,757
Accumulated net realized gain (loss) on investments			(5,383)
Accumulated net unrealized appreciation
(depreciation) on investments			74,021
Net Assets ($)			531,988


Net Asset Value Per Share
	Class A	Class C	Class I
Net Assets ($)	396,209	63,152	72,627
Shares Outstanding	24,920	4,026	4,570
Net Asset Value Per Share ($)	15.90	15.69	15.89
See notes to financial statements.

STATEMENT OF OPERATIONS

Year Ended October 31, 2010


Investment Income ($):
Income:
Cash dividends from affiliated issuers	8,793
Expenses:
Registration fees	47,242
Auditing fees	44,102
Legal fees	40,366
Prospectus and shareholders’ reports	6,732
Shareholder servicing costs—Note 2(c)	2,019
Custodian fees—Note 2(c)	1,788
Distribution fees—Note 2(b)	453
Directors’ fees and expenses—Note 2(d)	306
Miscellaneous	9,785
Total Expenses	152,793
Less—reduction in expenses due to undertaking—Note 2(a)	(148,731)
Less—reduction in fees due to earnings credits—Note 2(c)	(5)
Net Expenses	4,057
Investment Income—Net	4,736
Realized and Unrealized Gain (Loss) on Investments—Note 3 ($):
Net realized gain (loss) on investments in affiliated issuers	(8,160)
Capital gain distributions from affiliated issuers	5,432
Net Realized Gain (Loss)	(2,728)
Net unrealized appreciation (depreciation) on investments in affiliated issuers	53,294
Net Realized and Unrealized Gain (Loss) on Investments	50,566
Net Increase in Net Assets Resulting from Operations	55,302
See notes to financial statements.

TheFund 11

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2010	2009^a
Operations ($):
Investment income (loss)—net	4,736	(401)
Net realized gain (loss) on
investments in affiliated issuers	(2,728)	3,336
Net unrealized appreciation (depreciation)
on investments in affiliated issuers	53,294	20,727
Net Increase (Decrease) in Net Assets
Resulting from Operations	55,302	23,662
Dividends to Shareholders from ($):
Net realized gain on investments:
Class A Shares	(2,219)	—
Class C Shares	(505)	—
Class I Shares	(388)	—
Total Dividends	(3,112)	—
Capital Stock Transactions ($):
Net proceeds from shares sold:
Class A Shares	166,705	280,234
Class C Shares	18,018	50,000
Class I Shares	8,282	50,000
Dividends reinvested:
Class A Shares	2,219	—
Class C Shares	505	—
Class I Shares	388	—
Cost of shares redeemed:
Class A Shares	(101,727)	—
Class C Shares	(18,488)	—
Increase (Decrease) in Net Assets
from Capital Stock Transactions	75,902	380,234
Total Increase (Decrease) in Net Assets	128,092	403,896
Net Assets ($):
Beginning of Period	403,896	—
End of Period	531,988	403,896
Undistributed investment income—net	7,757	—

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	2010	2009^a
Per Share Data ($):
Net asset value, beginning of period	14.23	12.50
Investment Operations:
Investment income (loss)—net^b	.14	(.02)
Net realized and unrealized gain (loss) on investments	1.63	1.75
Total from Investment Operations	1.77	1.73
Distributions:
Dividends from net realized gain on investments	(.10)	—
Net asset value, end of period	15.90	14.23
Total Return (%)^c	12.46	13.84^d
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^e	30.87	89.42^f
Ratio of net expenses to average net assets^e	.76	.74^f
Ratio of net investment income (loss) to average net assets^e	.95	(.45)^f
Portfolio Turnover Rate	43.81	28.98^d
Net Assets, end of period ($ x 1,000)	396	291


a	From July 15, 2009 (commencement of operations) to October 31, 2009.
b	Based on average shares outstanding at each month end.
c	Exclusive of sales charge.
d	Not annualized.
e	Amounts do not include the activity of the underlying funds.
f	Annualized.
See notes to financial statements.


	Year Ended October 31,
Class C Shares	2010	2009^a
Per Share Data ($):
Net asset value, beginning of period	14.14	12.50
Investment Operations:
Investment income (loss)—net^b	.11	(.05)
Net realized and unrealized gain (loss) on investments	1.54	1.69
Total from Investment Operations	1.65	1.64
Distributions:
Dividends from net realized gain on investments	(.10)	—
Net asset value, end of period	15.69	14.14
Total Return (%)^c	11.69	13.12^d
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^e	31.49	95.60^f
Ratio of net expenses to average net assets^e	1.51	1.49^f
Ratio of net investment income (loss) to average net assets^e	.76	(1.17)^f
Portfolio Turnover Rate	43.81	28.98^d
Net Assets, end of period ($ x 1,000)	63	57


a	From July 15, 2009 (commencement of operations) to October 31, 2009.
b	Based on average shares outstanding at each month end.
c	Exclusive of sales charge.
d	Not annualized.
e	Amounts do not include the activity of the underlying funds.
f	Annualized.
See notes to financial statements.

TheFund 15

FINANCIAL HIGHLIGHTS (continued)


	Year Ended October 31,
Class I Shares	2010	2009^a
Per Share Data ($):
Net asset value, beginning of period	14.19	12.50
Investment Operations:
Investment income (loss)—net^b	.17	(.01)
Net realized and unrealized gain (loss) on investments	1.63	1.70
Total from Investment Operations	1.80	1.69
Distributions:
Dividends from net realized gain on investments	(.10)	—
Net asset value, end of period	15.89	14.19
Total Return (%)	12.71	13.52^c
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^d	29.92	94.61^e
Ratio of net expenses to average net assets^d	.51	.49^e
Ratio of net investment income (loss) to average net assets^d	1.18	(.17)^e
Portfolio Turnover Rate	43.81	28.98^c
Net Assets, end of period ($ x 1,000)	73	57


a	From July 15, 2009 (commencement of operations) to October 31, 2009.
b	Based on average shares outstanding at each month end.
c	Not annualized.
d	Amounts do not include the activity of the underlying funds.
e	Annualized.
See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus Diversified Global Fund (the “fund”) is a separate diversified series of Dreyfus Premier Investment 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 ten series, including the fund. The fund’s investment objective is to seek long-term capital appreciation.The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser.

MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Manager, is the distributor of the fund’s shares.The fund is authorized to issue 50 million shares of $.001 par value Common Stock in each of the following classes of shares: Class A, Class C, and Class I. Class A shares are subject to a sales charge imposed at the time of purchase. Class C shares are subject to a contingent deferred sales charge (“CDSC”) imposed on Class C shares redeemed within one year of purchase. Class I shares are sold at net asset value per share only to institutional investors. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

As of October 31, 2010, MBC Investments Corp., an indirect subsidiary of BNY Mellon, held 8,052 Class A, 4,026 Class C and 4,026 Class I shares of the fund.

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

TheFund 17

NOTES TO FINANCIAL STATEMENTS (continued)

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: Investments are valued at the net asset value of each underlying fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.

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.

The following is a summary of the inputs used as of October 31, 2010 in valuing the fund’s investments:


		Level 2—Other	Level 3—
	Level 1—	Significant	Significant
	Unadjusted	Observable	Unobservable
	Quoted Prices	Inputs	Inputs	Total
Assets ($)
Investments in Securities:
Mutual Funds	533,572	—	—	533,572

TheFund 19

NOTES TO FINANCIAL STATEMENTS (continued)

No significant transfers between Level 1 or Level 2 fair value measurements occurred at October 31, 2010.The remaining portion of ASU No. 2010-06 requires reporting entities to make new disclosures about information on purchases, sales, issuances and settlements on a gross basis in the reconciliation of activity in Level 3 fair value measurements. These new and revised disclosures are required to be implemented for fiscal years beginning after December 15, 2010. Management is currently evaluating the impact that the adoption of this remaining portion of ASU No. 2010-06 may have on the fund’s financial statement disclosures.

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

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

The fund may invest in shares of certain affiliated investment companies also advised or managed by Dreyfus. Investments in affiliated investment companies for the period ended October 31, 2010 were as follows:


Affiliated Investment	Value			Dividends/
Company	10/31/2009 ($)	Purchases ($)	Sales ($)	Distributions ($)
Dreyfus Global Equity
Income Fund, Cl. I	60,950	63,542	24,201	3,561
Dreyfus Global
Real Estate
Securities Fund, Cl. I	20,872	1,656	23,500	—
Dreyfus Global
Sustainability Fund, Cl. I 80,442		67,586	68,469	3,832
Dreyfus Worldwide
Growth Fund, Cl. I	122,512	82,645	57,285	5,860
Global Stock Fund, Cl. I	119,745	81,864	39,921	972
Total	404,521	297,293	213,376	14,225


		Change in Net
		Unrealized
Affiliated Investment	Net Realized	Appreciation	Value	Net
Company	Gain/(Loss) ($)	(Depreciation) ($)	10/31/2010 ($) Assets (%)
Dreyfus Global Equity
Income Fund, Cl. I	(851)	9,515	108,955	20.5
Dreyfus Global Real
Estate Securities
Fund, Cl. I	2,867	(1,895)	—	—
Dreyfus Global
Sustainability Fund, Cl. I	(7,668)	7,098	78,989	14.8
Dreyfus Worldwide
Growth Fund, Cl. I	(1,393)	17,639	164,118	30.9
Global Stock Fund, Cl. I	(1,115)	20,937	181,510	34.1
Total	(8,160)	53,294	533,572	100.3

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

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

As of and during the period ended October 31, 2010, 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, the fund did not incur any interest or penalties.

TheFund 21

NOTES TO FINANCIAL STATEMENTS (continued)

Each of the tax years in two-year period ended October 31, 2010 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At October 31, 2010, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $7,757, undistributed capital losses $2,013 and unrealized appreciation $70,651.

The accumulated capital loss carryover is available for federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to October 31, 2010. If not applied, the carryover expires in fiscal 2018.

The tax character of distributions paid to shareholders during the fiscal periods ended October 31, 2010 and October 31, 2009 were as follows: ordinary income $3,112 and $0, respectively.

During the period ended October 31, 2010, as a result of permanent book to tax differences, primarily due to the tax treatment for short-term capital gain distributions from regulated investment company holdings, the fund increased accumulated undistributed investment income-net by $3,021, decreased net realized gain (loss) on investments by $2,646 and decreased paid-in capital by $375. Net assets and net asset value per share were not affected by this reclassification.

NOTE 2—Management Fee and Other Transactions with Affiliates:

(a) Pursuant to a management agreement with the Manager, there is no management fee paid to the Manager. The fund invests in other mutual funds advised by the Manager. All fees and expenses of the underlying funds are reflected in the underlying funds’ net asset value.

The Manager has contractually agreed, until March 1, 2012, to assume the expenses of the fund so that the total annual fund and underlying funds operating expenses of none of the classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions and extraordinary expenses) exceed 1.50% of the value of the fund’s average daily net assets.The reduction in expenses, pursuant to the undertaking, amounted to $148,731 during the period ended October 31, 2010.

(b) Under the Distribution Plan (the “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 the average daily net assets of Class C shares. During the period ended October 31, 2010, Class C shares were charged $453 pursuant to the 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 Class A and Class C shares and providing reports and other information, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (a securities dealer, financial institution or other industry professional) in respect of these services.The Distributor determines the amounts to be paid to Service Agents. During the period ended October 31, 2010, Class A and Class C shares were charged $925 and $151, respectively, pursuant to the Shareholder Services Plan.

The fund compensates DreyfusTransfer, Inc., a wholly-owned subsidiary of the Manager, under a transfer agency agreement for providing personnel and facilities to perform transfer agency services for the fund. During the period ended October 31, 2010, the fund was charged $589 pursuant to the transfer agency agreement, which is included in Shareholder servicing costs in the Statement of Operations.

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

TheFund 23

NOTES TO FINANCIAL STATEMENTS (continued)

the fund was charged $75 pursuant to the cash management agreement, which is included in Shareholder servicing costs in the Statement of Operations.These fees were partially offset by earnings credits of $5.

The fund also compensates The Bank of New York Mellon under a custody agreement for providing custodial services for the fund. During the period ended October 31, 2010, the fund was charged $1,788 pursuant to the custody agreement.

During the period ended October 31, 2010, the fund was charged $4,798 for services performed by the Chief Compliance Officer.

The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: Rule 12b-1 distribution plan fees $40, shareholder services plan fees $97, custodian fees $665, chief compliance officer fees $2,248, transfer agency per account fees $85 and other expenses $22,575.

(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 3—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended October 31, 2010, amounted to $297,293 and $213,376, respectively.

At October 31, 2010, the cost of investments for federal income tax purposes was $462,921; accordingly, accumulated net unrealized appreciation on investments was $70,651, consisting of gross unrealized appreciation.

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

Shareholders and Board of Directors
Dreyfus Diversified Global Fund

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of Dreyfus Diversified Global Fund (one of the series comprising Dreyfus Premier Investment Funds, Inc.) as of October 31, 2010, and the related statement of operations for the year then ended and the statement of changes in net assets and financial highlights for the year then ended and for the period from July 15, 2009 (commencement of operations) to October 31, 2009.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, 2010 by correspondence with the custodian and others.We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus Diversified Global Fund at October 31, 2010, the results of its operations for the year then ended and the changes in its net assets and the financial highlights for the year then ended and for the period from July 15, 2009 to October 31, 2009, in conformity with U.S. generally accepted accounting principles.

New York, New York
December 28, 2010

TheFund 25

INFORMATION ABOUT THE REVIEW AND APPROVAL

OF THE FUND’S MANAGEMENT AGREEMENT (Unaudited)

At a meeting of the fund’s Board held on July 13, 2010, the Board considered the re-approval of the fund’s Management Agreement with Dreyfus for a one-year term ending July 31, 2011. 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. In considering the re-approval of the Management Agreement, the Board considered all factors that it believed to be relevant, including, among other things, the factors discussed below.

Analysis of Nature, Extent and Quality of Services Provided to the Fund.The Board members received a presentation from representatives of Dreyfus regarding services provided to the fund and other funds in the Dreyfus fund complex, and discussed the nature, extent and quality of the services provided to the fund pursuant to its Management Agreement. Dreyfus’ representatives reviewed the fund’s distribution of accounts and the relationships Dreyfus has with various intermediaries and the different needs of each. Dreyfus’ representatives noted the various distribution channels for the fund as well as the diverse methods of distribution among other funds in the Dreyfus fund complex, and Dreyfus’ corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each distribution channel, including those of the fund. Dreyfus also provided the number of accounts investing in the fund, as well as the fund’s asset size.

The Board members also considered Dreyfus’ research and portfolio management capabilities and Dreyfus’ oversight of day-to-day fund operations, including fund accounting, administration and assistance in meeting legal and regulatory requirements. The Board members also considered Dreyfus’ extensive administrative, accounting and compliance infrastructure.

TheFund 27

INFORMATION ABOUT THE REVIEW AND APPROVAL OF THE

FUND’S MANAGEMENT AGREEMENT (Unaudited) (continued)

Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio.The Board members reviewed the fund’s performance for the ten-month period ended May 31, 2010, and compared the fund’s performance to the performance of a group of three other comparable retail front-end load global multi-cap growth funds that are passively managed affiliated funds of funds (the “Performance Group”) and to a larger universe of funds consisting of all retail and institutional global multi-cap growth funds (the “Performance Universe”), selected and provided by Lipper, Inc., an independent provider of investment company data. The Board was provided with a description of the methodology Lipper used to select the Performance Group and Performance Universe, as well as the Expense Group and Expense Universe (discussed below).The Board members discussed the results of the comparisons and noted that the fund’s total return performance for the ten-month period ended May 31, 2010 was the lowest of the Performance Group and below the Performance Universe median (in the fourth quartile). Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.

The Board members also discussed the fund’s management fee and expense ratio and reviewed the range of actual and contractual management fees and total expense ratios of three comparable funds (the “Expense Group”) and a broader group of funds (the “Expense Universe”), each selected and provided by Lipper.The Board members noted that, like two of the other funds in the Expense Group, the fund’s management fees are paid only at the underlying funds level and the fund’s total expense ratio was higher than the Expense Group and Expense Universe medians. In addition, the Board noted Dreyfus has contractually agreed, until March 1, 2011, to assume the expenses of the fund so that the total annual fund and underlying funds operating expenses of none of the classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 1.50% of the value of the fund’s average daily net assets.

Representatives of Dreyfus noted that Dreyfus or its affiliates do not manage other mutual funds or accounts with similar investment objectives, policies and strategies as the fund. It also was noted that there were no other accounts managed by Dreyfus or its affiliates with similar investment objectives, policies and strategies as the fund.

Analysis of Profitability and Economies of Scale. Dreyfus would not have direct profits from the fund’s management fee, since the fund would pay no direct management fee. Similarly, economies of scale were not relevant.The Board members considered potential benefits to Dreyfus from acting as investment adviser.

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 re-approving the Management Agreement. Based on the discussions and considerations as described above, the Board made the following conclusions and determinations.

The Board concluded that the nature, extent and quality of the services provided by Dreyfus are adequate and appropriate.
The Board was generally satisfied with the fund’s relative perfor- mance, noting the short period of the fund’s operations.
Since the fund would not pay a direct management fee, profitability and economies of scale were not relevant.

The Board members considered these conclusions and determinations, along with information received on a routine and regular basis throughout the year, and, without any one factor being dispositive, the Board determined that re-approval of the Management Agreement through July 31, 2011 was in the best interests of the fund and its shareholders.

TheFund 29

OFFICERS OF THE FUND (Unaudited)

BRADLEY J. SKAPYAK, President since January 2010.

Chief Operating Officer and a director of the Manager since June 2009. From April 2003 to June 2009, Mr. Skapyak was the head of the Investment Accounting and Support Department of the Manager. He is an officer of 76 investment companies (comprised of 170 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since February 1988.

PHILLIP N. MAISANO, Executive Vice President since July 2007.

Chief Investment Officer,Vice Chair and a director of the Manager, and an officer of 76 investment companies (comprised of 170 portfolios) managed by the Manager.

Mr. Maisano also is an officer and/or Board member of certain other investment management subsidiaries of The Bank of New York Mellon Corporation, each of which is an affiliate of the Manager. He is 63 years old and has been an employee of the Manager since November 2006. Prior to joining the Manager, Mr. Maisano served as Chairman and Chief Executive Officer of EACM Advisors, an affiliate of the Manager, since August 2004.

MICHAEL A. ROSENBERG, Vice President and Secretary since August 2005.

Assistant General Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since October 1991.

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

Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. She is 37 years old and has been an employee of the Manager since July 1995.

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

Senior Counsel of BNY Mellon and Secretary of the Manager, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since December 1996.

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

Senior Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. She is 54 years old and has been an employee of the Manager since October 1988.

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

Senior Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 48 years old and has been an employee of the Manager since June 2000.

KATHLEEN DENICHOLAS, Vice President and Assistant Secretary since January 2010.

Senior Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. She is 36 years old and has been an employee of the Manager since February 2001.

JANETTE E. FARRAGHER, Vice President and Assistant Secretary since August 2005.

Assistant General Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. She is 47 years old and has been an employee of the Manager since February 1984.

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

Managing Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 47 years old and has been an employee of the Manager since February 1991.

M. CRISTINA MEISER, Vice President and Assistant Secretary since January 2010.

Senior Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. She is 40 years old and has been an employee of the Manager since August 2001.

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

Managing Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 58 years old and has been an employee of the Manager since May 1986.

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

Managing Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 45 years old and has been an employee of the Manager since October 1990.

JAMES WINDELS, Treasurer since November 2001.

Director – Mutual Fund Accounting of the Manager, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 52 years old and has been an employee of the Manager since April 1985.

RICHARD CASSARO, Assistant Treasurer since January 2008.

Senior Accounting Manager – Money Market and Municipal Bond Funds of the Manager, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 51 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 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 42 years old and has been an employee of the Manager since April 1991.

ROBERT ROBOL, Assistant Treasurer since August 2005.

Senior Accounting Manager – Fixed Income Funds of the Manager, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 46 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 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 43 years old and has been an employee of the Manager since June 1989.

TheFund 33

OFFICERS OF THE FUND (Unaudited) (continued)

ROBERT SVAGNA, Assistant Treasurer since December 2002.

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

Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (77 investment companies, comprised of 195 portfolios). From November 2001 through March 2004, Mr. Connolly was first Vice-President, Mutual Fund Servicing for Mellon Global Securities Services. In that capacity, Mr. Connolly was responsible for managing Mellon’s Custody, Fund Accounting and Fund Administration services to third-party mutual fund clients.

He is 53 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.

NATALIA GRIBAS, Anti-Money Laundering Compliance Officer since July 2010.

Anti-Money Laundering Compliance Officer of the Distributor, and the Anti-Money Laundering Compliance Officer of 73 investment companies (comprised of 191 portfolios) managed by the Manager. She is 40 years old and has been an employee of the Distributor since September 2008.

	Contents
	THE FUND
2	A Letter from the Chairman and CEO
3	Discussion of Fund Performance
6	Fund Performance
8	Understanding Your Fund’s Expenses
8	Comparing Your Fund’s Expenses With Those of Other Funds
9	Statement of Investments
10	Statement of Assets and Liabilities
11	Statement of Operations
12	Statement of Changes in Net Assets
14	Financial Highlights
17	Notes to Financial Statements
26	Report of Independent Registered Public Accounting Firm
27	Important Tax Information
28	Information About the Review and Approval of the Fund’s Management Agreement
32	Board Members Information
34	Officers of the Fund
	FOR MORE INFORMATION
	Back Cover

Dreyfus
Diversified
International Fund

The Fund

A LETTER FROM THE CHAIRMAN AND CEO

Dear Shareholder:

We are pleased to present this annual report for Dreyfus Diversified International Fund, covering the 12-month period from November 1, 2009, through October 31, 2010.

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.

Jonathan R. Baum
Chairman and Chief Executive Officer
The Dreyfus Corporation
November 15, 2010

DISCUSSION OF FUND PERFORMANCE

For the period of November 1, 2009, through October 31, 2010, as provided by Richard B. Hoey, A. Paul Disdier, Christopher E. Sheldon, CFA, and Keith L. Stransky, CFA, Portfolio Managers

Market and Fund Performance Overview

For the 12-month period ended October 31, 2010, Dreyfus Diversified International Fund’s Class A shares produced a total return of 10.18%, Class C shares returned 9.21% and Class I shares returned 10.34%.¹In comparison, the fund’s benchmark, the Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index (the “Index”), produced a total return of 8.36% for the same period.²

After rallying over the first half of the reporting period, international stock markets encountered heightened volatility over the second half, mainly due to intensifying economic concerns in Europe. The fund produced returns that were higher than its benchmark, as six of the fund’s seven underlying investments produced above-average returns.

The Fund’s Investment Approach

The fund seeks long-term capital appreciation.To pursue its goal, the fund normally allocates its assets among other mutual funds advised by The Dreyfus Corporation (Dreyfus), or its affiliates, that invest primarily in stocks issued by foreign companies. The underlying funds are selected by the Dreyfus Investment Committee based on their investment objectives and management policies, portfolio holdings, risk/reward profiles, historical performance and other factors. The Dreyfus Investment Committee will rebalance the fund’s investments in the underlying funds at least annually, but may do so more often in response to market conditions. As of October 31, 2010, the fund’s assets were allocated as follows:


Underlying Funds	(%)
International Stock Fund	23
Dreyfus International Equity Fund	23
Dreyfus International Value Fund	23
Dreyfus/Newton International Equity Fund	20
Dreyfus Emerging Markets Fund	8
Dreyfus Emerging Asia Fund	3

TheFund 3

DISCUSSION OF FUND PERFORMANCE (continued)

Economic Concerns Sparked Heightened Market Volatility

From the beginning of the reporting period through April 2010, economies throughout the world continued to recover from recession, propelling stock prices higher. However, in May 2010 investors faced new economic uncertainties when Europe was roiled by a sovereign debt crisis and inflation-fighting measures in China threatened to dampen a major engine of global growth.As a result, the international stock market rally was derailed over the spring and summer, with some markets falling sharply.Those losses generally proved temporary, however, as economic worries eased and robust demand from the emerging markets helped drive market rallies in September and October.

Underlying Investments Produced Mixed Results

The fund benefited during the reporting period from overweighted exposure to the emerging markets of Asia and Latin America, which outperformed developed markets in Western Europe and Japan. Indeed, the fund derived some of its stronger returns from Dreyfus Emerging Asia Fund, Emerging Markets Opportunity Fund and Dreyfus Emerging Markets Fund. Also adding value to the fund’s relative performance were International Stock Fund, Dreyfus/Newton International Equity Fund and Dreyfus International Equity Fund. In the aggregate, the fund benefited from underweighted exposure to the struggling financials sector and favorable security selections in the telecommunications and utilities sectors. From a country allocation standpoint, the fund achieved especially robust results in China, which is not represented in the MSCI EAFE Index. Underweighted exposure to Spain and good stock picking in Japan and Denmark also bolstered the fund’s relative results.

Only Dreyfus International Value Fund lagged market averages during the reporting period. Generally, the fund’s performance was undermined by relatively light exposure to the materials sector and unfortunate stock selections in Italy and the health care sector.

We made several allocation changes during the reporting period. In November 2009, we shifted some assets from Dreyfus/Newton International Equity Fund to Dreyfus International Equity Fund. Throughout the fiscal year, we reduced and eventually eliminated the allocation to Emerging Markets Opportunity Fund in favor of Dreyfus Emerging Markets Fund, Dreyfus Emerging Asia Fund and

Dreyfus International Equity Fund. Our positive view of the markets was reflected in August, when we shifted our allocation from Dreyfus International Equity Fund to International Stock Fund and Dreyfus Emerging Markets Fund. Finally, in September we shifted additional assets from Dreyfus International Value Fund to Dreyfus Emerging Markets Fund.

Positioned for Further Global Recovery

Although we remain concerned regarding economic headwinds, we are optimistic about the prospects for international equities. In our judgment, rising corporate earnings could lead to an increase in mergers-and-acquisitions activity, potentially benefiting stocks as companies deploy some of their massive cash reserves. In addition, low yields from sovereign bonds could motivate income-oriented investors to increase their participation in high-quality, dividend-paying stocks. Finally, we believe that the fund’s broadly diversified exposure to international stocks through some of our company’s portfolio managers positions it to participate in areas of opportunity in today’s slow-growth environment.

November 15, 2010


	Equity funds are subject generally to market, market sector, market liquidity, issuer and investment
	style risks, among other factors, to varying degrees, all of which are more fully described in the
	prospectus of the fund and that of each underlying fund.
	The ability of the fund to achieve its investment goal depends, in part, on the ability of the
	Dreyfus Investment Committee to allocate effectively the fund’s assets among the underlying
	funds.There can be no assurance that the actual allocations will be effective in achieving the fund’s
	investment goal.
	Each underlying 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.These risks are higher in emerging market countries.
1	Total return includes reinvestment of dividends and any capital gains paid, and does not take into
	consideration the maximum initial sales charge in the case of Class A shares, or the applicable
	contingent deferred sales charge imposed on redemptions in the case of Class C shares. Had these
	charges been reflected, returns would have been lower. Past performance is no guarantee of future
	results. Share price 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 through March 1, 2012, at which time it may be
	extended, terminated or modified. Had these expenses not been absorbed, the fund’s returns would
	have been lower.
2	SOURCE: LIPPER INC. — Reflects reinvestment of net dividends and, where applicable,
	capital gain distributions.The Morgan Stanley Capital International Europe,Australasia, Far
	East (MSCI EAFE) Index is an unmanaged index composed of a sample of companies
	representative of the market structure of European and Pacific Basin countries.

TheFund 5

^†Source: Lipper Inc.

Past performance is not predictive of future performance.

The above graph compares a $10,000 investment made in Class A, Class C and Class I shares of Dreyfus Diversified

International Fund on 12/18/07 (inception date) to a $10,000 investment made in the Morgan Stanley Capital

International Europe,Australasia, Far East Index (the “Index”) on that date.All dividends and capital gain

distributions are reinvested. For comparative purposes, the value of the Index on 12/31/07 is used as the beginning

value on 12/18/07.

The fund’s performance shown in the line graph takes into account the maximum initial sales charge on Class A shares

and all other applicable fees and expenses on all classes.The Index is an unmanaged index composed of a sample of

companies representative of the market structure of European and Pacific Basin countries. Unlike a mutual fund, the

Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information

relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights

section of the prospectus and elsewhere in this report.


Average Annual Total Returns as of 10/31/10

	Inception		From
	Date	1 Year	Inception
Class A shares
with maximum sales charge (5.75%)	12/18/07	3.81%	–6.99%
without sales charge	12/18/07	10.18%	–5.06%
Class C shares
with applicable redemption charge ^†	12/18/07	8.21%	–5.84%
without redemption	12/18/07	9.21%	–5.84%
Class I shares	12/18/07	10.34%	–4.90%
Morgan Stanley Capital International Europe,
Australasia, Far East Free Index^††	12/31/07	8.36%	–8.34%


Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not
reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
†	The maximum contingent deferred sales charge for Class C shares is 1% for shares redeemed within one year of the
	date of purchase.
^††	For comparative purposes, the value of the Index as of 12/31/07 is used as the beginning value on 12/18/07.

TheFund 7

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Diversified International Fund from May 1, 2010 to October 31, 2010. 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, 2010
	Class A	Class C	Class I
Expenses paid per $1,000^†	$ 1.55	$ 5.62	$ 0.16
Ending value (after expenses)	$1,050.70	$1,044.50	$1,050.60

COMPARING YOUR FUND’S EXPENSES

WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses


Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended October 31, 2010
	Class A	Class C	Class I
Expenses paid per $1,000^†	$ 1.53	$ 5.55	$ 0.15
Ending value (after expenses)	$1,023.69	$1,019.71	$1,025.05

† Expenses are equal to the fund’s annualized expense ratio of .30% for Class A, 1.09% for Class C and .03% for Class I, 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, 2010


Registered Investment Companies—99.9%	Shares		Value ($)
Dreyfus Emerging Asia Fund, Cl. I	734,119	^a,b	9,514,187
Dreyfus Emerging Markets Fund, Cl. I	2,228,922	^b	28,886,826
Dreyfus International Equity Fund, Cl. I	2,955,096	^b	81,590,207
Dreyfus International Value Fund, Cl. I	7,251,544	^b	84,625,520
Dreyfus/Newton International Equity Fund, Cl. I	4,043,841	^b	70,565,026
International Stock Fund, Cl. I	6,382,507	^b	84,312,923

Total Investments (cost $309,818,721)	99.9%		359,494,689
Cash and Receivables (Net)	.1%		406,145
Net Assets	100.0%		359,900,834


a	Non-income producing security.
b	Investment in affiliated mutual fund.


Portfolio Summary (Unaudited)^†
	Value (%)
Mutual Funds: International Equity	99.9

† Based on net assets.

See notes to financial statements.

TheFund 9

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2010


		Cost	Value
Assets ($):
Investments in affiliated issuers—
See Statement of Investments—Note 1(c)		309,818,721	359,494,689
Cash			610,296
Prepaid expenses			9,602
			360,114,587
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(c)			5,281
Payable for shares of Common Stock redeemed			122,696
Accrued expenses			85,776
			213,753
Net Assets ($)			359,900,834
Composition of Net Assets ($):
Paid-in capital			312,185,351
Accumulated undistributed investment income—net			1,620
Accumulated net realized gain (loss) on investments			(1,962,105)
Accumulated net unrealized appreciation
(depreciation) on investments			49,675,968
Net Assets ($)			359,900,834


Net Asset Value Per Share
	Class A	Class C	Class I
Net Assets ($)	7,700,756	68,770	352,131,308
Shares Outstanding	757,977	6,809	34,580,309
Net Asset Value Per Share ($)	10.16	10.10	10.18

See notes to financial statements.

STATEMENT OF OPERATIONS

Year Ended October 31, 2010


Investment Income ($):
Income:
Cash dividends from affiliated issuers	3,087,411
Expenses:
Registration fees	47,647
Audit fees	36,772
Shareholder servicing costs—Note 3(c)	25,386
Directors’ fees and expenses—Note 3(d)	9,250
Loan commitment fees—Note 2	3,830
Custodian fees—Note 3(c)	2,836
Prospectus and shareholders’ reports	2,386
Legal fees	1,100
Distribution fees—Note 3(b)	543
Interest expense—Note 2	45
Miscellaneous	16,977
Total Expenses	146,772
Less—reduction in expenses fee due to undertaking—Note 3(a)	(20,172)
Less—reduction in fees due to earnings credits—Note 3(c)	(20)
Net Expenses	126,580
Investment Income—Net	2,960,831
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments in affiliated issuers	(1,644,695)
Net unrealized appreciation (depreciation) on investments in affiliated issuers	28,289,798
Net Realized and Unrealized Gain (Loss) on Investments	26,645,103
Net Increase in Net Assets Resulting from Operations	29,605,934

See notes to financial statements.

TheFund 11

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2010	2009^a
Operations ($):
Investment income—net	2,960,831	154,048
Net realized gain (loss) on
investments in affiliated issuers	(1,644,695)	2,358,144
Net unrealized appreciation (depreciation)
on investments in affiliated issuers	28,289,798	22,231,206
Net Increase (Decrease) in Net Assets
Resulting from Operations	29,605,934	24,743,398
Dividends to Shareholders from ($):
Investment income—net:
Class A Shares	(72,453)	(61,678)
Class C Shares	(131)	(1,416)
Class I Shares	(2,978,422)	(1,060)
Class T Shares	—	(846)
Net realized gain on investments:
Class A Shares	(68,683)	—
Class C Shares	(729)	—
Class I Shares	(2,489,492)	—
Total Dividends	(5,609,910)	(65,000)
Capital Stock Transactions ($):
Net proceeds from shares sold:
Class A Shares	4,769,147	2,874,267
Class C Shares	47,254	27,700
Class I Shares	198,182,248	145,448,054
Dividends reinvested:
Class A Shares	140,848	60,263
Class C Shares	860	624
Class I Shares	1,815,986	—
Cost of shares redeemed:
Class A Shares	(2,224,129)	(761,609)
Class C Shares	(68,338)	(41)
Class I Shares	(35,031,521)	(5,773,572)
Class T Shares	—	(27,600)
Increase (Decrease) in Net Assets
from Capital Stock Transactions	167,632,355	141,848,086
Total Increase (Decrease) in Net Assets	191,628,379	166,526,484
Net Assets ($):
Beginning of Period	168,272,455	1,745,971
End of Period	359,900,834	168,272,455
Undistributed investment income—net	1,620	92,809


	Year Ended October 31,
	2010	2009^a
Capital Share Transactions:
Class A^b
Shares sold	496,078	355,715
Shares issued for dividends reinvested	14,566	8,144
Shares redeemed	(237,236)	(96,143)
Net Increase (Decrease) in Shares Outstanding	273,408	267,716
Class C
Shares sold	4,907	3,702
Shares issued for dividends reinvested	89	85
Shares redeemed	(7,123)	(3)
Net Increase (Decrease) in Shares Outstanding	(2,127)	3,784
Class I
Shares sold	20,789,401	17,954,860
Shares issued for dividends reinvested	187,602	—
Shares redeemed	(3,671,030)	(684,524)
Net Increase (Decrease) in Shares Outstanding	17,305,973	17,270,336
Class T^b
Shares redeemed	—	(4,000)


a	Effective as of the close of business on February 4, 2009, the fund no longer offers Class T shares.
b	On the close of business on February 4, 2009, 4,000 Class T shares representing $27,600 were converted to 4,012
	Class A shares.
See notes to financial statements.

TheFund 13

FINANCIAL HIGHLIGHTS


		Year Ended October 31,
Class A Shares	2010	2009	2008^a
Per Share Data ($):
Net asset value, beginning of period	9.45	7.59	12.50
Investment Operations:
Investment income (loss)—net^b	.09	.16	(.01)
Net realized and unrealized
gain (loss) on investments	.86	1.96	(4.90)
Total from Investment Operations	.95	2.12	(4.91)
Distributions:
Dividends from investment income—net	(.12)	(.26)	—
Dividends from net realized gain on investments	(.12)	—	—
Total Distributions	(.24)	(.26)	—
Net asset value, end of period	10.16	9.45	7.59
Total Return (%)^c	10.18	28.80	(39.28)^d
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^e	.40	1.89	14.57^f
Ratio of net expenses to average net assets^e	.30	.37	.31^f
Ratio of net investment income
(loss) to average net assets^e	.92	2.01	(.13)^f
Portfolio Turnover Rate	20.78	36.68	25.65^d
Net Assets, end of period ($ x 1,000)	7,701	4,578	1,646


a	From December 18, 2007 (commencement of operations) to October 31, 2008.
b	Based on average shares outstanding at each month end.
c	Exclusive of sales charge.
^d	Not annualized.
e	Amounts do not include the activity of the underlying funds.
f	Annualized.
See notes to financial statements.


		Year Ended October 31,
Class C Shares	2010	2009	2008^a
Per Share Data ($):
Net asset value, beginning of period	9.38	7.54	12.50
Investment Operations:
Investment income (loss)—net^b	.08	.14	(.05)
Net realized and unrealized
gain (loss) on investments	.78	1.90	(4.91)
Total from Investment Operations	.86	2.04	(4.96)
Distributions:
Dividends from investment income—net	(.02)	(.20)	—
Dividends from net realized gain on investments	(.12)	—	—
Total Distributions	(.14)	(.20)	—
Net asset value, end of period	10.10	9.38	7.54
Total Return (%)^c	9.21	27.73	(39.68)^d
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^e	1.63	3.33	15.79^f
Ratio of net expenses to average net assets^e	1.07	1.12	1.06^f
Ratio of net investment income
(loss) to average net assets^e	.85	1.76	(.51)^f
Portfolio Turnover Rate	20.78	36.68	25.65^d
Net Assets, end of period ($ x 1,000)	69	84	39


a	From December 18, 2007 (commencement of operations) to October 31, 2008.
b	Based on average shares outstanding at each month end.
c	Exclusive of sales charge.
d	Not annualized.
e	Amounts do not include the activity of the underlying funds.
f	Annualized.
See notes to financial statements.

TheFund 15

FINANCIAL HIGHLIGHTS (continued)


		Year Ended October 31,
Class I Shares	2010	2009	2008^a
Per Share Data ($):
Net asset value, beginning of period	9.47	7.61	12.50
Investment Operations:
Investment income—net^b	.11	.01	.05
Net realized and unrealized
gain (loss) on investments	.86	2.12	(4.94)
Total from Investment Operations	.97	2.13	(4.89)
Distributions:
Dividends from investment income—net	(.14)	(.27)	—
Dividends from net realized gain on investments	(.12)	—	—
Total Distributions	(.26)	(.27)	—
Net asset value, end of period	10.18	9.47	7.61
Total Return (%)	10.34	28.89	(39.12)^c
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^d	.05	.24	14.86^e
Ratio of net expenses to average net assets^d	.04	.08	.06^e
Ratio of net investment income
to average net assets^d	1.10	.16	.54^e
Portfolio Turnover Rate	20.78	36.68	25.65^c
Net Assets, end of period ($ x 1,000)	352,131	163,611	30


a	From December 18, 2007 (commencement of operations) to October 31, 2008.
b	Based on average shares outstanding at each month end.
c	Not annualized.
^d	Amounts do not include the activity of the underlying funds.
e	Annualized.
See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus Diversified International Fund (the “fund”) is a separate diversified series of Dreyfus Premier Investment 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 ten series, including the fund. The fund’s investment objective is to seek long-term capital appreciation.The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary ofThe Bank of NewYork Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser.

MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Manager, is the distributor of the fund’s shares.The fund is authorized to issue 400 million shares of $.001 par value Common Stock. The fund currently offers three classes of shares: Class A (200 million shares authorized), Class C (100 million shares authorized) and Class I (100 million shares authorized). Class A shares are subject to a sales charge imposed at the time of purchase. Class C shares are subject to a contingent deferred sales charge (“CDSC”) imposed on Class C shares redeemed within one year of purchase. Class I shares are sold at net asset value per share only 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.

TheFund 17

NOTES TO FINANCIAL STATEMENTS (continued)

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.

The following is a summary of the inputs used as of October 31, 2010 in valuing the fund’s investments:


		Level 2—Other	Level 3—
	Level 1—	Significant	Significant
	Unadjusted	Observable	Unobservable
	Quoted Prices	Inputs	Inputs	Total
Assets ($)
Investments in Securities:
Mutual Funds	359,494,689	—	—	359,494,689

TheFund 19

NOTES TO FINANCIAL STATEMENTS (continued)

at October 31, 2010. The remaining portion of ASU No. 2010-06 requires reporting entities to make new disclosures about information on purchases, sales, issuances and settlements on a gross basis in the reconciliation of activity in Level 3 fair value measurements. These new and revised disclosures are required to be implemented for fiscal years beginning after December 15, 2010. Management is currently evaluating the impact that the adoption of this remaining portion of ASU No. 2010-06 may have on the fund’s financial statement disclosures.

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


Affiliated
Investment	Value			Dividends/
Company	10/31/2009 ($)	Purchases ($)	Sales ($)	Distributions ($)
Dreyfus Emerging
Asia Fund, Cl. I	—	8,696,959	111,862	—
Dreyfus Emerging
Markets Fund, Cl. I	—	26,918,703	567,089	122,194
Dreyfus International
Equity Fund, Cl. I	33,169,041	58,280,250	14,358,540	1,269,677
Dreyfus International
Value Fund, Cl. I	42,402,666	44,226,169	5,623,813	883,176
Dreyfus/Newton
International
Equity Fund, Cl. I	39,853,498	35,946,647	11,306,042	311,270
Emerging Markets
Opportunity
Fund, Cl. I	16,793,477	4,198,820	21,477,610	108,865
International
Stock Fund, Cl. I	32,760,767	44,864,265	1,816,720	392,229
Total	164,979,449	223,131,813	55,261,676	3,087,411


Affiliated		Net Unrealized
Investment	Net Realized	Appreciation	Value	Net
Company	Gain (Loss) ($)	(Depreciation) ($)	10/31/2010 ($)	Assets (%)
Dreyfus Emerging
Asia Fund, Cl. I	(7,710)	936,800	9,514,187	2.7
Dreyfus Emerging
Markets Fund, Cl. I	(14,236)	2,549,448	28,886,826	8.0
Dreyfus International
Equity Fund, Cl. I	(2,118,686)	6,618,142	81,590,207	22.7
Dreyfus International
Value Fund, Cl. I	(250,490)	3,870,988	84,625,520	23.5
Dreyfus/Newton
International Equity
Fund, Cl. I	(50,986)	6,121,909	70,565,026	19.6
Emerging Markets
Opportunity
Fund, Cl. I	836,612	(351,299)	—	—
International
Stock Fund, Cl. I	(39,199)	8,543,810	84,312,923	23.4
Total	(1,644,695)	28,289,798	359,494,689	99.9

(d) Dividends to shareholders: Dividends are recorded on the ex-dividend date. Dividends from investment income-net and dividends from net realized capital, if any, gains 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.

TheFund 21

NOTES TO FINANCIAL STATEMENTS (continued)

income tax expense in the Statement of Operations. During the period, the fund did not incur any interest or penalties.

Each of the tax years in the three-year period ended October 31, 2010 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At October 31, 2010, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $1,620, accumulated capital losses $415,833 and unrealized appreciation $48,129,696.

The tax character of distributions paid to shareholders during the fiscal periods ended October 31, 2010 and October 31, 2009, was as follows: ordinary income $5,609,910 and $65,000, respectively.

During the period ended October 31, 2010, as a result of permanent book to tax differences, primarily due to the tax treatment for dividend reclassification, the fund decreased accumulated undistributed investment income-net by $1,014 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 a $225 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of NewYork 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. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing.

The average amount of borrowings outstanding under the Facilities during the period ended October 31, 2010, was approximately $3,000 with a related weighted average annualized interest rate of 1.49%.

NOTE 3—Management Fee and Other Transactions with Affiliates:

The Manager has contractually agreed, until March 1, 2012, to assume the expenses of the fund so that the total annual fund and underlying funds operating expenses of none of the classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 1.20% of the value of the fund’s average daily net assets.The reduction in expenses, pursuant to the undertaking, amounted to $20,172 during the period ended October 31, 2010.

During the period ended October 31, 2010, the Distributor retained $967 from commissions earned on sales of the fund’s Class A shares.

TheFund 23

NOTES TO FINANCIAL STATEMENTS (continued)

Agents (a securities dealer, financial institution or other industry professional) in respect of these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended October 31, 2010, Class A and Class C shares were charged $16,681 and $181, respectively, pursuant to the Shareholder Services Plan.

The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the Manager, under a transfer agency agreement for providing personnel and facilities to perform transfer agency services for the fund. During the period ended October 31, 2010, the fund was charged $2,790 pursuant to the transfer agency agreement, which is included in Shareholder servicing costs in the Statement of Operations.

The fund compensates The Bank of New York Mellon under a cash management agreement for performing cash management services related to fund subscriptions and redemptions. During the period ended October 31, 2010, the fund was charged $330 pursuant to the cash management agreement, which is included in Shareholder servicing costs in the Statement of Operations.These fees were partially offset by earnings credits of $20.

During the period ended October 31, 2010, the fund was charged $6,114 for services performed by the Chief Compliance Officer.

The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: Rule 12b-1 distribution plan fees $46, shareholder services plan fees $1,642, custodian fees $999, chief compliance officer fees $2,248 and transfer agency per account fees $346.

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

(e) A 2% redemption fee is charged and retained by the fund on certain shares redeemed within sixty days following the date of issuance, subject to exceptions, including redemptions made through the use of the fund’s exchange privilege. During the period ended October 31, 2010, there were no redemption fees charged and retained by the fund.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended October 31, 2010, amounted to $223,131,813 and $55,261,676, respectively.

At October 31, 2010, the cost of investments for federal income tax purposes was $311,364,993; accordingly, accumulated net unrealized appreciation on investments was $48,129,696, consisting of gross unrealized appreciation.

TheFund 25

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

Shareholders and Board of Directors Dreyfus Diversified International Fund

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of Dreyfus Diversified International Fund (one of the series comprising Dreyfus Premier Investment Funds, Inc.) as of October 31, 2010, 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 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, 2010 by correspondence with the custodian and others. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus Diversified International Fund at October 31, 2010, 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, 2010

INFORMATION ABOUT THE REVIEW AND APPROVAL

OF THE FUND’S MANAGEMENT AGREEMENT (UNAUDITED)

Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board members reviewed the fund’s performance for the one- and two-year period ended May 31, 2010, and compared the fund’s performance to the performance of four other retail front-end load international multi-cap core funds that are passively managed affiliated funds of funds (the “Performance Group”) and to a larger universe of funds consisting of all retail and institutional international multi-cap core funds (the “Performance Universe”), selected and provided by Lipper, Inc., an independent provider of investment company data.The Board was provided with a description of the methodology Lipper used to select the Performance Group and Performance Universe, as well as the Expense Group and Expense Universe (discussed below).The Board members discussed the results of the comparisons and noted that the fund’s total return performance for the one-year period ended May 31, 2010 was below the Performance Group and Performance Universe medians and the fund’s total return performance for the two-year period ended May 31, 2010 was at the Performance Group median and above the Performance Universe median. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.

The Board members also discussed the fund’s management fee and expense ratio and reviewed the range of actual and contractual management fees and total expense ratios of four comparable funds (the “Expense Group”) and a broader group of funds (the “Expense Universe”), each selected and provided by Lipper.The Board members noted that, like three of the other funds in the Expense Group, the fund’s management fees are paid only at the underlying funds level and the fund’s total expense ratio was slightly higher than the Expense Group median, but lower than the Expense Universe median. In addi-

TheFund 29

INFORMATION ABOUT THE REVIEW AND APPROVAL OF THE

FUND’S MANAGEMENT AGREEMENT (Unaudited) (continued)

tion, the Board noted Dreyfus has contractually agreed, until March 1, 2011, to assume the expenses of the fund so that the total annual fund and underlying funds operating expenses of none of the classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 1.20% of the value of the fund’s average daily net assets.

The Board concluded that the nature, extent and quality of the services provided by Dreyfus are adequate and appropriate.
The Board was generally satisfied with the fund’s relative performance.
Since the fund would not pay a direct management fee, profitability and economies of scale were not relevant.

OFFICERS OF THE FUND (Unaudited)

BRADLEY J. SKAPYAK, President since January 2010.

PHILLIP N. MAISANO, Executive Vice President since July 2007.

Chief Investment Officer,Vice Chair and a director of the Manager, and an officer of 76 investment companies (comprised of 170 portfolios) managed by the Manager. Mr. Maisano also is an officer and/or Board member of certain other investment management subsidiaries of The Bank of New York Mellon Corporation, each of which is an affiliate of the Manager. He is 63 years old and has been an employee of the Manager since November 2006. Prior to joining the Manager, Mr. Maisano served as Chairman and Chief Executive Officer of EACM Advisors, an affiliate of the Manager, since August 2004.